Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) today reported
financial results for the first quarter of 2024.
“I am pleased with our Q1 performance. SoHo and Corporate
revenues were ahead of expectations, which combined with our cost
saving measures, produced a strong EBITDA margin of 54.5%. Our free
cash flow was up more than 21% year over year, allowing us to end
the quarter with $61.5 million of cash following a spend of $63.5
million on our debt repurchase program. Since the program began in
November 2023, we have repurchased $126.0 million of debt and
lowered our net debt-to-EBITDA ratio to 3.2, continuing toward a
leverage ratio of less than 3x.” said Scott Turicchi, CEO of
Consensus.
FIRST QUARTER UNAUDITED 2024
HIGHLIGHTS
Q1 2024 quarterly revenues decreased by $3.3 million or 3.6% to
$88.1 million compared to $91.5 million for Q1 2023. This decline
was primarily due to an anticipated decrease of $5.3 million or
12.6% in our Small office home office (“SoHo”) business, partially
offset by an increase of $2.0 million or 4.0% in our Corporate
business.
GAAP net income (1) increased to $26.4 million in Q1 2024
compared to $15.5 million for Q1 2023. The increase is primarily
due to an increase of $3.7 million in income from operations, a
gain of $4.9 million on the extinguishment of debt, a gain of $4.7
million due to a foreign exchange revaluation, a decrease of $1.5
million in interest expense and an increase of $0.9 million in
interest income.
GAAP net income per diluted share (1) increased to $1.37 or
75.6% in Q1 2024 compared to $0.78 for Q1 2023. The increase is
related to the items discussed above and a lower share count as a
result of share repurchases.
Adjusted EBITDA (3)(4) for Q1 2024 of $48.1 million increased
compared to Q1 2023 of $44.2 million primarily driven by the
increase in income from operations. Q1 2024 Adjusted EBITDA
margin(3) of 54.5% is at the higher end of the range presented in
our annual 2024 guidance and an increase of approximately 6
percentage points over Q1 2023.
Adjusted non-GAAP net income (1)(2) in Q1 2024 increased to
$29.8 million from $22.0 million in Q1 2023 due to the items
discussed above, excluding the gain on the extinguishment of
debt.
Adjusted non-GAAP earnings per diluted share (1)(2)(3) for the
quarter increased to $1.55 or 40.9% compared to $1.10 for Q1 2023
primarily due to the items discussed above and a lower share count
as a result of share repurchases.
Key financial results from operations for Q1 2024 versus Q1 2023
are set forth in the following table. Reconciliations of non-GAAP
measures to comparable GAAP financial measures accompany this press
release.
(Unaudited, in thousands except per
share amounts and percentages)
Favorable /
(Unfavorable)
Q1 2024
Q1 2023
Change
Revenues
$
88,146
$
91,454
(3.6
)%
GAAP net income (1)
$
26,370
$
15,458
70.6
%
GAAP net income per diluted share
(1)
$
1.37
$
0.78
75.6
%
Adjusted non-GAAP net income
(1)(2)
$
29,826
$
21,993
35.6
%
Adjusted non-GAAP earnings per diluted
share (1)(2)(3)
$
1.55
$
1.10
40.9
%
Adjusted EBITDA (3)(4)
$
48,066
$
44,236
8.7
%
Adjusted EBITDA margin (3)
54.5
%
48.4
%
6.1
pts
Net cash provided by operating
activities
$
44,689
$
37,971
17.7
%
Free cash flows (5)
$
35,766
$
29,423
21.6
%
Notes:
(1)
The GAAP effective tax rates were
approximately 27.3% for Q1 2024 and 24.9% for Q1 2023. The non-GAAP
effective tax rates were approximately 21.3% for Q1 2024 and 20.0%
for Q1 2023.
(2)
Adjusted non-GAAP net income and Adjusted
non-GAAP earnings per diluted share exclude certain non-GAAP items,
which are presented on an after-tax basis, as defined in the
accompanying reconciliation of GAAP to Adjusted non-GAAP Financial
Measures. Such exclusions totaled $0.18 and $0.32 per diluted
share, respectively, for the three months ended March 31, 2024 and
2023. Adjusted non-GAAP net income and Adjusted non-GAAP earnings
per diluted share are not meant as a substitute for GAAP, but are
presented solely for informational purposes.
(3)
Adjusted EBITDA is defined as earnings
before interest expense; interest income; other income (expense),
net; income tax expense; depreciation and amortization; and other
items used to reconcile GAAP income per diluted share to Adjusted
non-GAAP earnings per diluted share, as presented in the
Reconciliation of GAAP to Adjusted non-GAAP Financial Measures.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by
revenues. Adjusted EBITDA amounts and Adjusted EBITDA margin are
not meant as a substitute for GAAP, but are presented solely for
informational purposes.
(4)
See Net Income to Adjusted EBITDA
Reconciliation for the components of Consensus Adjusted EBITDA.
(5)
Free cash flow is defined as net cash
provided by operating activities, less purchases of property and
equipment. Free cash flow amounts are not meant as a substitute for
GAAP, but are solely for informational purposes.
CAPITAL ALLOCATION STRATEGIC
INITIATIVES
Consensus ended the quarter with $61.5 million in cash and cash
equivalents after the cash outlays detailed below.
The following table consists of our material capital allocation
strategic initiatives (in thousands):
Capital Allocation:
Q1 2024
Cumulative Total
Remaining
Under the Plan
Debt repurchase program (6)
$
63,455
$
126,027
$
173,973
Common stock repurchase program (7)
$
707
$
31,790
$
68,210
Q1 2024
Q1 2023
Change
Purchases of property and equipment
$
(8,923
)
$
(8,548
)
4.4
%
Notes:
(6)
On November 9, 2023, the Company’s Board
of Directors approved a debt repurchase program, pursuant to which
Consensus may reduce, through redemptions, open market purchases,
tender offers, privately negotiated purchases or other retirements,
a combination of the outstanding principal balance of the 2026
Senior Notes and 2028 Senior Notes. The authorization permits an
aggregate principal amount reduction of up to $300 million and
expires on November 9, 2026.
(7)
On March 1, 2022, the Company’s Board of
Directors approved a share buyback program. Under this program, the
Company may purchase in the public market or in off-market
transactions up to $100.0 million worth of the Company’s common
stock through February 2025.
REAFFIRMS 2024 GUIDANCE
(i)
The following table presents ranges for the Company’s 2024 full
year guidance (in millions, except per share amounts):
Low
Midpoint
High
Revenue
$
338
$
345
$
353
Adjusted EBITDA
$
182
$
188
$
194
Adjusted non-GAAP earnings per diluted
share (ii)
$
5.08
$
5.20
$
5.31
Q2 2024 GUIDANCE (i)
The following table presents ranges for the Company’s Q2 2024
guidance (in millions, except per share amounts):
Low
Midpoint
High
Revenue
$
84.5
$
86.5
$
88.5
Adjusted EBITDA
$
46.0
$
47.5
$
49.0
Adjusted non-GAAP earnings per diluted
share (ii)
$
1.30
$
1.33
$
1.36
Notes:
(i)
Annual and quarterly guidance is provided
on a non-GAAP basis only because certain information necessary to
calculate the most comparable GAAP measures is unavailable due to
the uncertainty and inherent difficulty of predicting the
occurrence and the future financial statement impact of certain
items. Therefore, as a result of the uncertainty and variability of
the nature and amount of future adjustments, which could be
significant, we are unable to provide a reconciliation of these
measures without unreasonable effort.
(ii)
Annual and quarterly guidance for Adjusted
non-GAAP earnings per diluted share excludes share-based
compensation, amortization of acquired intangibles and certain
gains or costs related to non-routine and other matters that are
nonrecurring, in each case net of tax. The non-GAAP effective tax
rate for Q2 2024 is expected to be between 20.5% and 22.5%.
About Consensus Cloud Solutions
Consensus Cloud Solutions, Inc. (NASDAQ: CCSI) is one of the
world’s largest digital fax providers and a trusted global source
for the transformation, enhancement and secure exchange of digital
information. We leverage our 25-year history of success by
providing advanced data transformation solutions for regulated
industries such as healthcare, finance, insurance, real estate and
manufacturing, as well as technology for state and the federal
government. Our solutions consist of: cloud faxing; digital
signature; intelligent data extraction using natural language
processing and artificial intelligence; robotic process automation;
interoperability; workflow enhancement, and a powerful connectivity
and integration engine for healthcare providers. Our solutions can
be combined with managed services for optimal outcomes. For more
information about Consensus, visit consensus.com and follow
@ConsensusCS on X, formerly Twitter, to learn more.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995: Certain statements in this press
release are “forward-looking statements” within the meaning of The
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations or beliefs and are subject to numerous assumptions,
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These factors and uncertainties include, among other items: the
Company’s ability to grow fax revenues, profitability and cash
flows; the Company’s ability to identify, close and successfully
transition acquisitions; subscriber growth and retention;
variability of the Company’s revenue based on changing conditions
in particular industries and the economy generally; protection of
the Company’s proprietary technology or infringement by the Company
of intellectual property of others; the risk of adverse changes in
the U.S. or international regulatory environments, including but
not limited to the imposition or increase of taxes or
regulatory-related fees; general economic and political conditions,
including political tensions and war (such as the ongoing conflict
in Ukraine and the Middle East); and the numerous other factors set
forth in Consensus’ filings with the Securities and Exchange
Commission (“SEC”). For a more detailed description of the risk
factors and uncertainties affecting Consensus, refer to the 2023
Annual Report on Form 10-K filed by Consensus on February 28, 2024,
and the other reports filed by Consensus from time-to-time with the
SEC, each of which is available at www.sec.gov. The forward-looking
statements provided in this press release are subject to change.
Although management’s expectations may change after the date of
this press release, the Company undertakes no obligation to revise
or update these statements.
About non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with GAAP, we use
the following Adjusted non-GAAP financial measures: Adjusted
non-GAAP net income, Adjusted non-GAAP earnings per diluted share,
Adjusted EBITDA, Adjusted EBITDA margin and free cash flow. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP.
We use these Adjusted non-GAAP financial measures for financial
and operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
Adjusted non-GAAP financial measures provide meaningful
supplemental information regarding our performance and liquidity by
excluding certain expenses and expenditures that may not be
indicative of our recurring core business operating results. We
believe that both management and investors benefit from referring
to these Adjusted non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These Adjusted non-GAAP financial measures also facilitate
management’s internal comparisons to our historical performance and
liquidity. We believe these Adjusted non-GAAP financial measures
are useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
our institutional investors and the analyst community to help them
analyze the health of our business.
For more information on these Adjusted non-GAAP financial
measures, please see the appropriate GAAP to Adjusted non-GAAP
reconciliation tables included within the attached Exhibit to this
Release.
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED, IN THOUSANDS
EXCEPT SHARE AND PER SHARE DATA)
March 31, 2024
December 31, 2023
ASSETS
Cash and cash equivalents
$
61,511
$
88,715
Accounts receivable, net of allowances of
$6,088 and $6,271, respectively
27,421
26,342
Prepaid expenses and other current
assets
9,772
10,191
Total current assets
98,704
125,248
Property and equipment, net
86,743
81,196
Operating lease right-of-use assets
6,391
6,766
Intangibles, net
43,998
44,990
Goodwill
347,219
348,822
Deferred income taxes
32,783
34,869
Other assets
4,953
5,364
TOTAL ASSETS
$
620,791
$
647,255
LIABILITIES AND STOCKHOLDERS’
DEFICIT
Accounts payable and accrued expenses
$
45,215
$
36,506
Income taxes payable, current
4,514
2,224
Deferred revenue, current
22,452
22,041
Operating lease liabilities, current
2,003
2,038
Current portion of long-term debt
—
8,575
Total current liabilities
74,184
71,384
Long-term debt, net of current portion
671,697
725,405
Deferred revenue, noncurrent
2,186
2,270
Operating lease liabilities,
noncurrent
12,737
13,212
Liability for uncertain tax positions
10,464
9,740
Deferred income taxes
1,085
1,098
Other long-term liabilities
262
268
TOTAL LIABILITIES
772,615
823,377
Commitments and contingencies
Common stock, $0.01 par value. Authorized
120,000,000; total issued is 20,291,793 and 20,273,686 shares and
total outstanding is 19,220,169 and 19,245,024 shares as of March
31, 2024 and December 31, 2023, respectively
203
203
Treasury stock, at cost (1,071,624 and
1,028,662 shares as of March 31, 2024 and December 31, 2023,
respectively)
(31,994
)
(31,282
)
Additional paid-in capital
46,201
41,247
Accumulated deficit
(146,743
)
(173,113
)
Accumulated other comprehensive loss
(19,491
)
(13,177
)
TOTAL STOCKHOLDERS’ DEFICIT
(151,824
)
(176,122
)
TOTAL LIABILITIES AND STOCKHOLDERS’
DEFICIT
$
620,791
$
647,255
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(UNAUDITED, IN THOUSANDS
EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended March
31,
2024
2023
Revenues
$
88,146
$
91,454
Cost of revenues (1)
17,048
17,508
Gross profit
71,098
73,946
Operating expenses:
Sales and marketing (1)
12,558
16,893
Research, development and engineering
(1)
1,905
1,904
General and administrative (1)
18,968
21,152
Total operating expenses
33,431
39,949
Income from operations
37,667
33,997
Interest expense
(6,199
)
(12,566
)
Interest income
923
—
Other income (expense), net
3,902
(844
)
Income before income taxes
36,293
20,587
Income tax expense
9,923
5,129
Net income
$
26,370
$
15,458
Net income per common share:
Basic
$
1.37
$
0.78
Diluted
$
1.37
$
0.78
Weighted average shares outstanding:
Basic
19,220,340
19,847,280
Diluted
19,233,736
19,884,657
(1) Includes share-based compensation
expense as follows:
Cost of revenues
$
503
$
296
Sales and marketing
679
372
Research, development and engineering
95
40
General and administrative
3,173
4,432
Total
$
4,450
$
5,140
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED, IN
THOUSANDS)
Three Months Ended March
31,
2024
2023
Cash flows from operating activities:
Net income
$
26,370
$
15,458
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
4,767
4,347
Amortization of financing costs and
discounts
479
495
Non-cash operating lease costs
370
416
Share-based compensation
4,450
5,140
Provision for doubtful accounts
875
1,831
Deferred income taxes, net
1,361
(66
)
Gain on extinguishment of debt
(4,865
)
—
Changes in operating assets and
liabilities:
Decrease (increase) in:
Accounts receivable
(2,008
)
(3,429
)
Prepaid expenses and other current
assets
378
(266
)
Other assets
411
424
Increase (decrease) in:
Accounts payable and accrued expenses
9,111
12,400
Income taxes payable
2,373
206
Deferred revenue
430
735
Operating lease liabilities
(531
)
(423
)
Liability for uncertain tax positions
724
713
Other liabilities
(6
)
(10
)
Net cash provided by operating
activities
44,689
37,971
Cash flows from investing activities:
Purchases of property and equipment
(8,923
)
(8,548
)
Purchase of investments
—
(4,000
)
Net cash used in investing activities
(8,923
)
(12,548
)
Cash flows from financing activities:
Repurchase of common stock
(712
)
(9,195
)
Taxes paid related to net share
settlement
(233
)
(451
)
Repurchase of debt
(57,884
)
—
Net cash used in financing activities
(58,829
)
(9,646
)
Effect of exchange rate changes on cash
and cash equivalents
(4,141
)
1,324
Net change in cash and cash
equivalents
(27,204
)
17,101
Cash and cash equivalents at beginning of
period
88,715
94,164
Cash and cash equivalents at end of
period
$
61,511
$
111,265
CONSENSUS CLOUD SOLUTIONS, INC. AND
SUBSIDIARIES RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP
FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS, EXCEPT SHARE
AND PER SHARE AMOUNTS)
The following table sets forth the reconciliation of net income
to Adjusted non-GAAP net income for the three months ended March
31, 2024 and 2023 with adjustments presented on an after-tax
basis:
Three Months Ended March
31,
2024
Per Diluted Share
2023 *
Per Diluted Share *
Net income
$
26,370
$
1.37
$
15,458
$
0.78
Plus:
Share-based compensation (1)
3,733
0.19
4,332
0.22
Amortization (2)
622
0.03
756
0.04
Severance and related charges (3)
893
0.05
130
0.01
Intra-entity transfer (4)
942
0.05
882
0.04
Debt extinguishment gain (5)
(3,636
)
(0.19
)
—
—
Other (6)
902
0.05
435
0.02
Adjusted non-GAAP net income
$
29,826
$
1.55
$
21,993
$
1.10
* The prior year amounts have been reclassified for consistency
with the current year presentation. These reclassifications had no
effect on the reported Adjusted non-GAAP net income or Adjusted
non-GAAP earnings per diluted share. The reconciliation of net
income per share from GAAP to Adjusted non-GAAP may not foot since
each is calculated independently.
Non-GAAP Financial Measures
To supplement its unaudited condensed consolidated financial
statements, the Company uses the following non-GAAP financial
measures: Adjusted EBITDA, Adjusted non-GAAP Net Income and
Adjusted non-GAAP Diluted EPS (collectively the “non-GAAP financial
measures”). The presentation of this financial information is not
intended to be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with U.S. GAAP. The Company uses these non-GAAP
financial measures for financial and operational decision making
and as a means to evaluate period-to-period comparisons. The
Company believes that they provide useful information about core
operating results, enhance the overall understanding of past
financial performance and future prospects, and allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision making.
(1) Share-based compensation. The Company excludes share-based
compensation because it is non-cash in nature and because the
Company believes that the non-GAAP financial measures excluding
this item provides meaningful supplemental information regarding
the operational performance of the business. In addition, excluding
this item from the non-GAAP measures facilitates comparisons to
historical operating results and comparisons to peers, many of
which similarly exclude this item.
(2) Amortization. The Company excludes amortization of patents
and acquired intangible assets because it is non-cash in nature and
because the Company believes that the non-GAAP financial measures
excluding this item provides meaningful supplemental information
regarding the operational performance of the business. In addition,
excluding this item from the non-GAAP measures facilitates
comparisons to historical operating results and comparisons to
peers, many of which similarly exclude this item.
(3) Severance and related charges. The Company excludes certain
business realignment costs such as severance. The Company believes
that the non-GAAP financial measures excluding this item provide
meaningful supplemental information regarding operational
performance. In addition, excluding this item from the non-GAAP
measures facilitates comparisons to historical operating results
and comparisons to peers, many of which similarly exclude this
item.
(4) Intra-entity transfers. The Company excludes certain effects
of intra-entity transfers to the extent the related tax asset or
liability in the financial statement is not recovered or settled,
respectively during the year. During December 2019, the Company
entered into an intra-entity asset transfer that resulted in the
recording of a tax benefit and related tax asset representing tax
deductible amounts to be realized in future years which is expected
to be recovered over a period of up to 20 years. The Company
believes that the non-GAAP financial measures excluding the
cumulative future unrealized benefit of the assets transferred and
including the tax benefit in the year of realization provides
meaningful supplemental information regarding operational
performance. In addition, excluding this item from the non-GAAP
measures facilitates comparisons to historical operating
results.
(5) Debt extinguishment gain. The Company excludes certain gains
associated with the retirement of our debt. The Company believes
that the non-GAAP financial measures excluding this item provides
meaningful supplemental information regarding the operational
performance of the business. In addition, excluding this item from
the non-GAAP measures facilitates comparisons to historical
operating results and comparisons to peers, many of which similarly
exclude this item.
(6) Other. The Company excludes certain costs related to
non-routine and other matters. The Company believes that the
non-GAAP financial measures excluding this item provides meaningful
supplemental information regarding the operational performance of
the business. In addition, excluding this item from the non-GAAP
measures facilitates comparisons to historical operating
results.
CONSENSUS CLOUD SOLUTIONS, INC. AND
SUBSIDIARIES NET INCOME TO ADJUSTED EBITDA
RECONCILIATION (UNAUDITED, IN THOUSANDS)
The following table sets forth a reconciliation of Adjusted
EBITDA to net income, the most directly comparable GAAP financial
measure.
Three Months Ended March
31,
2024
2023 *
Net income
$
26,370
$
15,458
Plus:
Interest expense
6,199
12,566
Interest income
(923
)
—
Other income (expense), net
(3,902
)
844
Income tax expense
9,923
5,129
Depreciation and amortization
4,767
4,347
EBITDA:
Plus:
Share-based compensation
4,450
5,140
Severance and related charges
1,194
173
Other
(12
)
579
Adjusted EBITDA
$
48,066
$
44,236
* The prior year amounts have been reclassified for consistency
with the current year presentation. These reclassifications had no
effect on Adjusted EBITDA.
Adjusted EBITDA as calculated above represents earnings before
interest expense, interest income, other income (expense), net,
income tax expense, depreciation and amortization and the items
used to reconcile GAAP to Adjusted non-GAAP financial measures,
including (1) share-based compensation; (2) severance and related
charges; and (3) other costs related to non-routine and other
matters. The Company discloses Adjusted EBITDA as a supplemental
non-GAAP financial performance measure, as it believes it is a
useful metric by which to compare the performance of its business
from period to period. The Company also understands that measures
similar to Adjusted EBITDA are broadly used by analysts, rating
agencies and investors in assessing our performance. Accordingly,
the Company believes that the presentation of Adjusted EBITDA
provides useful information to investors.
Adjusted EBITDA is not in accordance with, or an alternative to,
net income, and may be different from non-GAAP measures used by
other companies. In addition, Adjusted EBITDA is not based on any
comprehensive set of accounting rules or principles. This Adjusted
non-GAAP measure has limitations in that it does not reflect all of
the amounts associated with the Company’s results of operations
determined in accordance with GAAP.
CONSENSUS CLOUD SOLUTIONS,
INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL
MEASURES
(UNAUDITED, IN
THOUSANDS)
Three Months Ended March
31,
2024
2023
Net cash provided by operating
activities
$
44,689
$
37,971
Less: Purchases of property and
equipment
(8,923
)
(8,548
)
Free cash flows
$
35,766
$
29,423
The Company discloses free cash flows as a supplemental non-GAAP
financial performance measure, as it believes it is a useful metric
by which to compare the performance of its business from period to
period. The Company also understands that this non-GAAP measure is
broadly used by analysts, rating agencies and investors in
assessing the Company’s performance. Accordingly, the Company
believes that the presentation of this non-GAAP financial measure
provides useful information to investors.
Free cash flows is not in accordance with, or an alternative to,
Cash Flows from Operating Activities, and may be different from
non-GAAP measures with similar or even identical names used by
other companies. In addition, the non-GAAP measure is not based on
any comprehensive set of accounting rules or principles. This
non-GAAP measure has limitations in that it does not reflect all of
the amounts associated with the Company’s results of operations
determined in accordance with GAAP.
Key Performance Metrics (Unaudited)
The following table sets forth certain key performance metrics
for Consensus for the three months ended March 31, 2024 and 2023
(in thousands, except for percentages and Average Revenue per
Customer Account):
Three Months Ended March
31,
2024
2023
Corporate revenue
$
51,390
$
49,407
Corporate customer accounts (1)
55
53
Corporate Average Revenue per Customer
Account (“ARPA”) (2)
$
316.07
$
315.76
Corporate paid adds (3)
4
3
Corporate monthly account churn (4)
1.92
%
1.37
%
SoHo revenue
$
36,754
$
42,030
SoHo customer accounts (1)
808
914
SoHo ARPA (2)
$
14.95
$
15.10
SoHo paid adds (3)
64
78
SoHo monthly account churn (4)
3.42
%
3.76
%
(1) Consensus customers are defined as paying Corporate and SoHo
customer accounts.
(2) Represents a monthly ARPA for the quarter and is calculated
as follows: Monthly ARPA on a quarterly basis is calculated using
our standard convention of dividing revenue for the quarter by the
average of the quarter’s beginning and ending customer base and
dividing that amount by 3 months. Consensus believes ARPA provides
investors an understanding of the average monthly revenues we
recognize per account associated within Consensus’ customer base.
As ARPA varies based on fixed subscription fee and variable usage
components, Consensus believes it can serve as a measure by which
investors can evaluate trends in the types of services, levels of
services and the usage levels of those services across Consensus’
customers.
(3) Paid Adds represents paying new Consensus customer accounts
added during the periods presented.
(4) Monthly churn is defined as a Consensus paying customer
accounts that cancelled services during the period divided by the
average number customers over the period. This measure is
calculated monthly and expressed as an average over the applicable
period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508684974/en/
Laura Hinson Consensus Cloud Solutions, Inc 844-211-1711
investor@consensus.com
Concensus Cloud Solutions (NASDAQ:CCSI)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Concensus Cloud Solutions (NASDAQ:CCSI)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024