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Q2 2020 resultsRevenue for the second quarter of 2020 was $210 million, compared to $145 million for the second quarter of 2019, an increase of 45%. Approximately $64 million of the year-over-year revenue increase was attributable to the acquisition of ECI Telecom Group, Ltd. (ECI), which closed on March 3, 2020. "We are pleased with our second quarter financial results during these challenging times. Demand for our industry leading voice-over-IP real-time communications solutions was strong as service providers and enterprises continue to increase capacity to support work-from-home communication and collaboration needs. We also began to see a recovery in our Packet Optical business compared to our first quarter 2020 as customers restarted delayed projects and initiated new deployments," said Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. Mr. McClelland added, "We were especially proud of the confidence that Bharti Airtel has demonstrated in Ribbon to support the upgrade of their packet optical network that will readily support deployment of 5G enabled services." Financial Highlights(1,2) The following table summarizes the consolidated financial highlights for the three and six months ended June 30, 2020 and 2019 (in millions, except per share amounts). Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 GAAP Revenue $ 210 $ 145 $ 368 $ 264 GAAP Net (loss) income $ (8) $ 49 $ (41) $ 19 Non-GAAP Net income $ 8 $ 16 $ 9 $ 7 GAAP (loss) per share or diluted earnings per share $ (0.06) $ 0.45 $(0.31) $ 0.17 Weighted average GAAP shares 144 111 133 110 Non-GAAP Diluted earnings per share $ 0.06 $ 0.14 $ 0.07 $ 0.06 Weighted average diluted shares 151 111 136 110 Non-GAAP Adjusted EBITDA $ 30 $ 22 $ 39 $ 20 Cash was $94 million at June 30, 2020, compared with $110 million at March 31, 2020 and $51 million at June 30, 2019. (1) Results for the three months ended June 30, 2020 represent three months of Ribbon and ECI. Results for the three months ended June 30, 2019 represent three months of Ribbon only. Results for the six months ended June 30, 2020 represent six months of Ribbon and the period March 3, 2020 to June 30, 2020 for ECI. (2) Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" |
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