RingCentral Announces Fourth Quarter and Fiscal Year 2024 Results
RNG
Q4 2024 revenue and operating margin above guidance range with record cash flow Exceeded $50 million ARR from new products Kira Makagon promoted to President and Chief Operating Officer
RingCentral, Inc. (NYSE:RNG), a global leader in AI-powered trusted business communications for companies of all sizes, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.
"We had a good fourth quarter, capping a strong year,” said Vlad Shmunis, RingCentral's founder and CEO. “Our new AI-powered products are gaining steam, and today we unveiled RingCentral AI Receptionist, or AIR, which we believe will deliver tremendous value to businesses everywhere. Building on our history of industry-leading innovations, AIR is a generative AI phone agent that is seamlessly integrated into the phone system. It acts as a true 'digital employee' that enables our customers to do more with less. AIR is another growth vector for RingCentral and further builds out our multi-product portfolio.”
"Driving growth while expanding profitability remains a top priority," said Abhey Lamba, RingCentral's CFO. "In 2024, we achieved GAAP operating profitability for the first time, as we remain disciplined on spend and significantly lowered stock based compensation. Looking forward, we are focused on delivering further operating efficiencies, and expect to generate almost $600 million of operating cash flow in 2025."
Financial Results for the Fourth Quarter 2024
Financial Results for the Full Year 2024
Management Update
Today we announced that Kira Makagon, Chief Innovation Officer and CMO, has been promoted to President and Chief Operating Officer, effective today. Makagon will now be responsible for the Company’s product and technology organization, direct and channel sales, customer success, marketing, and operations organizations.
Vlad Shmunis, RingCentral’s Founder, Chairman, and CEO, said, “Kira’s visionary leadership at RingCentral spans over a decade, spearheading our product innovation and establishing our brand as an industry leader. Kira’s proven track record of building high-performing teams and her deep understanding of our customers' evolving needs make her the ideal leader to accelerate our next phase of growth and product innovation. Her expanded role will be pivotal in strengthening our market leadership and creating lasting value for our customers, while scaling our organization and profitable growth.”
Please see our separate press release for additional information.
Business Highlights
Product Highlights
People Highlights
Financial Outlook
Full Year 2025 Guidance:
First Quarter 2025 Guidance:
For a reconciliation of our forecasted non-GAAP operating margin and free cash flow, see “Reconciliation of Forecasted Operating Margin GAAP Measures to Non-GAAP Measures.” We have not reconciled our forecasted non-GAAP EPS to its respective forecasted GAAP measure because we do not provide guidance on it. We do not provide guidance on forecasted GAAP EPS because of the inherent uncertainty and complexity involved in forecasting the intercompany remeasurement gain (loss), gain (loss) associated with investments, gain (loss) on early debt conversions, and provision (benefit) from income taxes, which could be significant reconciling items between the non-GAAP and respective GAAP measures. The intercompany remeasurement gain (loss) is affected by the movement in various exchange rates relative to the U.S. Dollar, which is difficult to predict and subject to constant change. We do not provide guidance on gain (loss) associated with investments as it is based on future share prices, which are difficult to predict and subject to inherent uncertainties. We do not provide guidance on gain (loss) on debt early conversions as it is based on future conversion requests, future share prices, and interest rates, which are difficult to predict and are subject to inherent uncertainties. We do not provide guidance on forecasted GAAP tax rates as we do not forecast discrete tax items as they are difficult to predict. The provision (benefit) from income taxes, excluding discrete items, is expected to have an immaterial impact to our GAAP EPS. We utilized a projected long-term tax rate in our computation of the non-GAAP income tax provision. For fiscal 2025, we have determined the projected non-GAAP tax rate to be 22.5%. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.
Conference Call Details:
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at http://ir.ringcentral.com/.
About RingCentral
RingCentral is a leading provider of AI-powered cloud business communications, contact center, video and hybrid event solutions. RingCentral empowers businesses with conversation intelligence, and unlocks rich customer and employee interactions to provide insights and improved business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.
© 2025 RingCentral, Inc. All rights reserved. RingCentral, RingCentral Contact Center and the RingCentral logo are trademarks of RingCentral, Inc.
Forward-Looking Statements
This press release contains “forward-looking statements,” including but not limited to, statements regarding our future financial results, our GAAP and non-GAAP guidance, the results of the pace of our innovation and our partner networks, our expectations regarding our profitability and our non-GAAP free cash flow, our expectations around the contribution of our new products, our estimates and expectations regarding third parties, and our ability to execute and lead in the UCaaS digital transformation market, our expectations around the demand for our products and the growth of the markets in which we compete. Forward-looking statements are subject to known and unknown risks and uncertainties, and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are: our ability to attract new customers and grow at our expected rate of growth; our ability to add and retain larger and enterprise customers and enter new geographies and markets; our ability to continue to release, and gain customer acceptance of, new and improved versions of our services; our ability to compete successfully against existing and new competitors; our ability to enter into and maintain relationships with channel partners and strategic partners; our ability to realize the anticipated benefits of our strategic relationships; our ability to successfully and timely integrate, and realize the benefits of any significant acquisition we may make; our ability to manage our expenses and growth; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and in other filings we make with the Securities and Exchange Commission from time to time.
All forward-looking statements in this press release are based on information available to RingCentral as of the date hereof, and we undertake no obligation to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.
Non-GAAP Financial Measures
Our reported financial results and financial outlook include certain Non-GAAP financial measures, including Non-GAAP subscriptions gross margin, Non-GAAP other gross margin, Non-GAAP operating margin, Non-GAAP income (loss) from operations, Non-GAAP adjusted EBITDA, Non-GAAP net income (loss), Non-GAAP net income (loss) per diluted share, Non-GAAP free cash flow, Non-GAAP free cash flow margin, and constant currency revenue. Non-GAAP subscriptions gross margin is defined as Non-GAAP subscriptions gross profit divided by GAAP subscriptions revenue. Non-GAAP other gross margin is defined as Non-GAAP other gross profit divided by GAAP other revenue. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations excluding share-based compensation which includes related employer payroll taxes, amortization of acquisition intangibles, third-party relocation costs tied to the conflict between Russia and Ukraine and other costs including acquisition-related transaction costs and retention payments, certain litigation-related costs, impairment charges related to abandoned internal-use software, change in fair-value of contingent consideration, net impact of amended agreements with strategic partners, and restructuring costs. Non-GAAP operating margin is defined as Non-GAAP income (loss) from operations divided by total GAAP revenue. Non-GAAP adjusted EBITDA is defined as Non-GAAP income (loss) from operations excluding depreciation and amortization. Non-GAAP net income (loss) is defined as GAAP net income (loss) excluding share-based compensation which includes related employer payroll taxes, amortization of acquisition intangibles, third-party relocation costs tied to the conflict between Russia and Ukraine and other costs including acquisition-related transaction costs and retention payments, certain litigation-related costs, impairment charges related to abandoned internal-use software, change in fair-value of contingent consideration, net impact of amended agreements with strategic partners, restructuring costs, non-cash interest expense associated with amortization of debt discount and issuance costs related to our long term debt, loss (gain) associated with investments, loss (gain) on early extinguishment of debt, intercompany remeasurement gains or losses, and the related income tax effect of these adjustments.
Non-GAAP free cash flow is defined as GAAP net cash provided by (used in) operating activities adjusted for capital expenditures including purchases of property and equipment and capitalized internal-use software. We believe information regarding Non-GAAP free cash flow provides useful information to investors in understanding and evaluating the strength of liquidity and available cash. Non-GAAP free cash flow margin is defined as Non-GAAP free cash flow divided by total GAAP revenues.
We have included Non-GAAP subscriptions gross margin, Non-GAAP other gross margin, Non-GAAP operating margin, Non-GAAP income (loss) from operations, Non-GAAP adjusted EBITDA, Non-GAAP net income (loss), Non-GAAP net income (loss) per diluted share, Non-GAAP free cash flow, Non-GAAP free cash flow margin, and constant currency revenue in this press release because they are key measures used by us to understand and evaluate our operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, the exclusion of certain expenses and cash flow items in calculating Non-GAAP subscriptions gross margin, Non-GAAP other gross margin, Non-GAAP operating margin, Non-GAAP income (loss) from operations, Non-GAAP adjusted EBITDA, Non-GAAP net income (loss), Non-GAAP net income (loss) per diluted share, Non-GAAP free cash flow, and Non-GAAP free cash flow margin provide useful measure for period-to-period comparisons of our business.
We have provided certain revenue-related information adjusted for constant currency to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. To present this information, current period results in currencies other than United States dollars are converted into United States dollars at the average exchange rate prevailing for the period being compared to for growth rate calculations presented, rather than the actual exchange rates in effect during that period.
Although Non-GAAP subscriptions gross margin, Non-GAAP other gross margin, Non-GAAP operating margin, Non-GAAP income (loss) from operations, Non-GAAP adjusted EBITDA, Non-GAAP net income (loss), Non-GAAP net income (loss) per diluted share, Non-GAAP free cash flow, Non-GAAP free cash flow margin, and constant currency revenue are frequently used by investors in their evaluations of companies, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered alongside other financial performance measures.
Reconciliations of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release.
Other Measures
Our reported results also include our annualized exit monthly recurring subscriptions (ARR), mid-market and enterprise ARR and enterprise ARR, including on a constant currency basis, as well as net monthly subscriptions dollar retention rate. To present ARR on a constant currency basis, ARR in currencies other than United States dollars are converted into United States dollars at the closing exchange rate prevailing for the period being compared to for growth rate calculations presented, rather than the closing exchange rates for the current period. We define our ARR as our monthly recurring subscriptions (MRR) multiplied by 12. Our MRR equals the monthly value of all customer recurring charges contracted at the end of a given month. We believe this metric is a leading indicator of our anticipated subscriptions revenue. We calculate mid-market and enterprise ARR in the same manner as we calculate our ARR, except that only customer subscriptions from customers generating $25,000 or more in annual recurring revenue are included. We calculate enterprise ARR in the same manner as we calculate our ARR, except that only customer subscriptions from customers generating $100,000 or more in annual recurring revenue are included. We define our Net Monthly Subscription Dollar Retention Rate as (i) one plus (ii) the quotient of Dollar Net Change divided by Average Monthly Recurring Subscriptions. We calculate dollar net change as the quotient of (i) the difference of our monthly recurring subscriptions at the end of a period minus our monthly recurring subscriptions at the beginning of a period minus our monthly recurring subscriptions at the end of the period from new customers we added during the period, (ii) all divided by the number of months in the period. We define our average monthly recurring subscriptions as the average of the monthly recurring subscriptions at the beginning and end of the measurement period.
TABLE 1
RINGCENTRAL, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
242,811
$
222,195
Accounts receivable, net
386,252
364,438
Deferred and prepaid sales commission costs
182,615
184,620
Prepaid expenses and other current assets
59,444
77,396
Total current assets
871,122
848,649
Property and equipment, net
180,650
184,390
Operating lease right-of-use assets
46,463
42,989
Deferred and prepaid sales commission costs, non-current
325,198
395,724
Goodwill
82,986
67,370
Acquired intangibles, net
258,526
393,767
Other assets
14,928
12,024
Total assets
$
1,779,873
$
1,944,913
Liabilities, Temporary Equity, and Stockholders’ Deficit
Current liabilities
Accounts payable
$
21,866
$
53,295
Accrued liabilities
283,799
325,632
Current portion of long-term debt, net
181,252
20,000
Deferred revenue
261,882
233,619
Total current liabilities
748,799
632,546
Long-term debt, net
1,347,881
1,525,482
Operating lease liabilities
29,733
28,178
Other long-term liabilities
4,930
61,827
Total liabilities
2,131,343
2,248,033
Temporary equity
Series A convertible preferred stock
199,449
199,449
Stockholders’ deficit
Common stock
9
9
Additional paid-in capital
1,215,377
1,204,781
Accumulated other comprehensive loss
(8,881
)
(8,223
)
Accumulated deficit
(1,757,424
)
(1,699,136
)
Total stockholders’ deficit
$
(550,919
)
$
(502,569
)
Total liabilities, temporary equity and stockholders’ deficit
$
1,779,873
$
1,944,913
TABLE 2
RINGCENTRAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2024
2023
2024
2023
Revenues
Subscriptions
$
589,677
$
547,373
$
2,297,192
$
2,100,329
Other
24,835
23,898
103,203
102,100
Total revenues
614,512
571,271
2,400,395
2,202,429
Cost of revenues
Subscriptions
150,673
143,386
593,294
557,050
Other
27,501
26,838
112,213
107,241
Total cost of revenues
178,174
170,224
705,507
664,291
Gross profit
436,338
401,047
1,694,888
1,538,138
Operating expenses
Research and development
84,901
84,886
329,323
335,851
Sales and marketing
277,255
272,628
1,096,448
1,068,050
General and administrative
58,545
88,576
266,447
333,048
Total operating expenses
420,701
446,090
1,692,218
1,736,949
Income (loss) from operations
15,637
(45,043
)
2,670
(198,811
)
Other income (expense), net
Interest expense
(16,327
)
(16,505
)
(64,995
)
(35,997
)
Other income (expense)
2,280
16,442
15,100
77,963
Other income (expense), net
(14,047
)
(63
)
(49,895
)
41,966
Loss before income taxes
1,590
(45,106
)
(47,225
)
(156,845
)
Provision for income taxes
8,778
2,137
11,063
8,395
Net loss
$
(7,188
)
$
(47,243
)
$
(58,288
)
$
(165,240
)
Net loss per common share
Basic and diluted
$
(0.08
)
$
(0.50
)
$
(0.63
)
$
(1.74
)
Weighted-average number of shares used in computing net loss per share
Basic and diluted
90,678
94,018
92,110
94,912
TABLE 3
RINGCENTRAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Year Ended December 31,
2024
2023
Cash flows from operating activities
Net loss
$
(58,288
)
$
(165,240
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
222,609
233,940
Share-based compensation
339,059
426,679
Unrealized loss on investments
—
1,506
Amortization of deferred and prepaid sales commission costs
162,552
138,134
Amortization of debt discount and issuance costs
4,272
4,566
Gain on early extinguishment of debt
—
(53,400
)
Reduction of operating lease right-of-use assets
20,723
20,469
Provision for bad debt
8,667
6,852
Other
(8,428
)
1,486
Changes in assets and liabilities:
Accounts receivable
(30,481
)
(57,819
)
Deferred and prepaid sales commission costs
(130,730
)
(156,734
)
Prepaid expenses and other assets
19,811
14,492
Accounts payable
(29,793
)
(21,213
)
Accrued and other liabilities
(37,433
)
9,101
Deferred revenue
19,592
17,681
Operating lease liabilities
(18,856
)
(20,838
)
Net cash provided by operating activities
483,276
399,662
Cash flows from investing activities
Purchases of property and equipment
(24,994
)
(23,513
)
Capitalized internal-use software
(55,534
)
(52,227
)
Cash paid for business combination, net of cash acquired
(26,291
)
(14,709
)
Purchases of intangible assets and long-term investments
(2,540
)
—
Net cash used in investing activities
(109,359
)
(90,449
)
Cash flows from financing activities
Proceeds from issuance of stock in connection with stock plans
16,693
16,687
Payments for taxes related to net share settlement of equity awards
(5,965
)
(9,062
)
Payments for repurchase of common stock, including excise tax
(322,356
)
(311,088
)
Proceeds from issuance of long-term debt, net of issuance costs
—
785,749
Payments for the repurchase of convertible notes
—
(820,960
)
Payments for fees on long-term debt
(4,851
)
—
Repayments of principal on term loan
(20,000
)
(10,000
)
Repayment of financing obligations
(4,257
)
(5,777
)
Payment for contingent consideration
(10,345
)
(3,567
)
Net cash used in financing activities
(351,081
)
(358,018
)
Effect of exchange rate changes
(2,220
)
1,016
Net increase (decrease) in cash, cash equivalents, and restricted cash
20,616
(47,789
)
Cash, cash equivalents, and restricted cash
Beginning of year
222,195
269,984
End of year
$
242,811
$
222,195
TABLE 4
RINGCENTRAL, INC.
RECONCILIATION OF OPERATING INCOME (LOSS)
GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited, in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Revenues
Subscriptions
$
589,677
$
547,373
$
2,297,192
$
2,100,329
Other
24,835
23,898
103,203
102,100
Total revenues
614,512
571,271
2,400,395
2,202,429
Cost of revenues reconciliation
GAAP Subscriptions cost of revenues
150,673
143,386
593,294
557,050
Share-based compensation
(5,619
)
(7,206
)
(23,647
)
(28,302
)
Amortization of acquired intangibles
(31,307
)
(37,136
)
(130,535
)
(147,460
)
Third-party relocation and other costs
(129
)
(31
)
(178
)
(136
)
Restructuring costs
(62
)
(181
)
(634
)
(818
)
Non-GAAP Subscriptions cost of revenues
113,556
98,832
438,300
380,334
GAAP Other cost of revenues
27,501
26,838
112,213
107,241
Share-based compensation
(1,796
)
(2,374
)
(7,791
)
(9,266
)
Amortization of acquired intangibles
(86
)
(22
)
(151
)
(88
)
Restructuring costs
48
—
(700
)
(58
)
Non-GAAP Other cost of revenues
25,667
24,442
103,571
97,829
Gross profit and gross margin reconciliation
Non-GAAP Subscriptions
80.7
%
81.9
%
80.9
%
81.9
%
Non-GAAP Other
(3.4
)%
(2.3
)%
(0.4
)%
4.2
%
Non-GAAP Gross profit
77.3
%
78.4
%
77.4
%
78.3
%
Operating expenses reconciliation
GAAP Research and development
84,901
84,886
329,323
335,851
Share-based compensation
(19,218
)
(23,869
)
(78,862
)
(95,673
)
Third-party relocation and other costs
(3,229
)
(899
)
(5,506
)
(5,863
)
Restructuring costs
(386
)
(176
)
(3,215
)
(4,457
)
Non-GAAP Research and development
62,068
59,942
241,740
229,858
As a % of total revenues non-GAAP
10.1
%
10.5
%
10.1
%
10.4
%
GAAP Sales and marketing
277,255
272,628
1,096,448
1,068,050
Share-based compensation
(33,322
)
(37,232
)
(137,350
)
(154,295
)
Amortization of acquired intangibles
(2,055
)
(995
)
(5,853
)
(3,524
)
Third-party relocation and other costs
—
(14
)
(332
)
(115
)
Restructuring costs
(1,246
)
(3,665
)
(5,885
)
(8,758
)
Non-GAAP Sales and marketing
240,632
230,722
947,028
901,358
As a % of total revenues non-GAAP
39.2
%
40.4
%
39.5
%
40.9
%
GAAP General and administrative
58,545
88,576
266,447
333,048
Share-based compensation
(21,624
)
(42,692
)
(98,998
)
(146,550
)
Third-party relocation and other costs
4,860
(2,094
)
169
(7,411
)
Restructuring costs
(363
)
(3,421
)
(2,201
)
(6,277
)
Non-GAAP General and administrative
41,418
40,369
165,417
172,810
As a % of total revenues non-GAAP
6.7
%
7.1
%
6.9
%
7.8
%
Income (loss) from operations reconciliation
GAAP income (loss) from operations
15,637
(45,043
)
2,670
(198,811
)
Share-based compensation
81,579
113,373
346,648
434,086
Amortization of acquired intangibles
33,448
38,153
136,539
151,072
Third-party relocation and other costs
(1,502
)
3,038
5,847
13,525
Restructuring costs
2,009
7,443
12,635
20,368
Non-GAAP Income from operations
131,171
116,964
504,339
420,240
Non-GAAP Operating margin
21.3
%
20.5
%
21.0
%
19.1
%
Depreciation and amortization
21,604
21,064
86,070
82,868
Non-GAAP Adjusted EBITDA
152,775
138,028
590,409
503,108
As a % of total revenues non-GAAP
24.9
%
24.2
%
24.6
%
22.8
%
TABLE 5
RINGCENTRAL, INC.
RECONCILIATION OF NET INCOME (LOSS)
GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data) (Unaudited)
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
Net income (loss) income reconciliation
GAAP net loss
$
(7,188
)
$
(47,243
)
$
(58,288
)
$
(165,240
)
Share-based compensation
81,579
113,373
346,648
434,086
Amortization of acquired intangibles
33,448
38,153
136,539
151,072
Third-party relocation and other costs, net
(4,806
)
3,038
(5,155
)
3,016
Restructuring costs
2,009
7,443
12,635
20,368
Amortization of debt discount and issuance costs
1,160
1,101
4,272
4,566
Loss associated with investments
—
—
458
1,745
Gain on early extinguishment of debt
—
(10,510
)
—
(53,401
)
Intercompany remeasurement loss (gain)
2,474
(428
)
3,294
(1,645
)
Income tax expense effects
(17,649
)
(21,952
)
(90,517
)
(82,271
)
Non-GAAP net income
$
91,027
$
82,975
$
349,886
$
312,296
Reconciliation between GAAP and non-GAAP weighted average shares used in computing basic and diluted net income (loss) per common share:
Weighted average number of shares used in
computing basic net loss per share
90,678
94,018
92,110
94,912
Effect of dilutive securities
2,567
1,989
2,373
1,714
Non-GAAP weighted average shares used in
computing non-GAAP diluted net income per share
93,245
96,007
94,483
96,626
Diluted net (loss) income per share
GAAP net loss per share
$
(0.08
)
$
(0.50
)
$
(0.63
)
$
(1.74
)
Non-GAAP net income per share
$
0.98
$
0.86
$
3.70
$
3.23
TABLE 6
RINGCENTRAL, INC.
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
GAAP MEASURES TO NON-GAAP FREE CASH FLOW MEASURES
(Unaudited, in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Net cash provided by operating activities
$
132,882
$
113,844
$
483,276
$
399,662
Capitalized expenditures
(21,053
)
(19,984
)
(80,528
)
(75,740
)
Non-GAAP free cash flow
$
111,829
$
93,860
$
402,748
$
323,922
Non-GAAP free cash flow margin
18.2
%
16.4
%
16.8
%
14.7
%
TABLE 7
RINGCENTRAL, INC.
RECONCILIATION OF FORECASTED OPERATING MARGIN AND FREE CASH FLOW
GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited, in millions)
Q1 2025
FY 2025
Low Range
High Range
Low Range
High Range
GAAP income from operations
3
10
112
133
GAAP operating margin
0.6
%
1.7
%
4.5
%
5.2
%
Share-based compensation
84
81
310
300
Amortization of acquired intangibles
35
35
135
135
Restructuring costs
6
6
6
6
Non-GAAP income from operations
127
131
562
573
Non-GAAP operating margin
21.0
%
21.5
%
22.5
%
22.5
%
FY 2025
Low Range
High Range
GAAP net cash provided by operating activities
$
585
$
595
Capitalized expenditures
(85
)
(85
)
Non-GAAP free cash flow
$
500
$
510
View source version on businesswire.com: https://www.businesswire.com/news/home/20250220397896/en/