Avaya Holdings Corp. (OTCQX: AVYA) has reported financial results for the fourth quarter and fiscal year ended September 30, 2017, the company said.
Total revenue for the fourth quarter was USD 790 million, down USD 13 million compared to the prior quarter and down USD 168 million year-over-year primarily as a result of the sale of the Networking business and lower demand for products and services primarily due to extended procurement cycles resulting from the chapter 11 filing.
Fourth quarter 2017 results include USD 5 million of revenue from the Networking business sold on July 14, 2017. Excluding the impact of the sale of the Networking business, revenue improved approximately 5% from the prior quarter and declined approximately 10% compared to the fourth quarter of fiscal 2016. GAAP gross margin was 62.7% for the fourth quarter.
Non-GAAP gross margin was 63.2%, which compares to 61.6% for the prior quarter and 61.8% for the fourth quarter of fiscal 2016. GAAP operating income was USD 64 million, which compares to a GAAP operating loss of USD 55 million for the prior quarter, and an operating loss of USD 425 million for the fourth quarter of fiscal 2016. Non-GAAP operating income was USD 178 million which compares to USD 157 million for the prior quarter and USD 232 million for the fourth quarter of fiscal 2016.
GAAP net income was USD 27 million, which compares to a net loss of USD 98 million for the prior quarter, and a net loss of USD 483 million for the fourth quarter of fiscal 2016. Non-GAAP net income was USD 162 million which compares to USD 149 million for the prior quarter and USD 174 million for the fourth quarter of fiscal 2016. For the fourth quarter, adjusted EBITDA(1) was USD 225 million or 28.5% of revenue, and compares to adjusted EBITDA of USD 204 million or 25.4% for the prior quarter and USD 284 million or 29.6% for the fourth quarter of fiscal 2016.
Avaya is a global business communications company, providing an expansive portfolio of software and services for contact center and unified communications — offered on premises, in the cloud, or as a hybrid solution. Today´s digital world requires communications enablement, and no other company is better positioned to do this than Avaya. For more information, visit www.avaya.com.