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Avaya Reports Fourth Fiscal Quarter and Fiscal Year 2007 Results- Q4 Revenues increase to $1.429 Billion, the Highest Level in Six Years; 4.8% increase compared to Prior Year
BASKING RIDGE, N.J., Oct. 18 /PRNewswire-FirstCall/ -- Avaya Inc., (NYSE: AV) a leading global provider of business communications applications, systems and services, today announced net income of $35 million and earnings per share of 8 cents for the fourth fiscal quarter of 2007 on a U.S. generally accepted accounting principles (GAAP) basis. This compares with net income of $48 million and earnings per share of 10 cents for the fourth fiscal quarter of 2006. Non-GAAP net income(1) was $87 million or 19 cents per share compared with non-GAAP net income(1) for the fourth fiscal quarter of 2006 of $80 million or 17 cents per share. Avaya's fourth fiscal quarter 2007 revenues increased 4.8 percent to $1.429 billion compared to $1.364 billion in the same period last year. The company shipped a record number of IP lines and over one million IP lines for the sixth consecutive quarter. Sales of products increased 7.8 percent, including a 9.5 percent increase in converged voice applications revenues. Services revenues increased 5.4 percent and rental and managed services revenues declined 10.6 percent. U.S. revenues declined by 1.6 percent. The weaker U.S. dollar favorably impacted international regions, and accounted for a $39 million year-over-year revenue increase. EMEA and APAC revenues grew by 10.7 percent and 15.5 percent, respectively. Revenues in the Americas, non- U.S., grew by 25.3 percent. The company's gross margin increased to 47.4 percent for the fourth fiscal quarter of 2007 compared to 46.6 percent for the same period last year. Selling, general and administrative expenses were $39 million higher, and research and development expenses were relatively flat when compared to the same period last year. The company reported operating income for the fourth fiscal quarter of 2007 of $35 million and non-GAAP operating income(1) of $139 million. In the fourth fiscal quarter of 2006, the company reported operating income of $75 million and non-GAAP operating income(1) of $137 million. Operating income for the fourth quarter of fiscal 2007 includes $7 million of business restructuring charges and $97 million of merger-related costs, of which $90 million relates to the accelerated vesting of stock options and restricted stock units in connection with the acquisition of Avaya by affiliates of Silver Lake Partners and TPG Capital, two private equity firms. These amounts have been excluded in calculating non-GAAP operating income(1) and non-GAAP net income(1) for the fourth quarter of fiscal 2007. Avaya's effective tax rate was 32.7% for the fourth quarter of fiscal 2007. The provision for income taxes includes $21 million of favorable tax items which have been excluded in calculating non-GAAP net income(1). Avaya generated $228 million in operating cash flow during the fourth fiscal quarter of 2007 compared to $191 million in the fourth fiscal quarter of 2006. Avaya's cash balance at the end of the fourth quarter of fiscal 2007 was $1.270 billion, compared with $899 million as of September 30, 2006.
(1) Avaya defines non-GAAP operating income, non-GAAP net income and non-
GAAP earnings per share as excluding the impact of restructuring
charges, acquisition and merger-related charges and certain income tax
items. See ''Reconciliation of Non-GAAP Financial Measures"
accompanying this release.
Fiscal Year 2007 Results Revenues for fiscal 2007 were $5.279 billion compared to $5.148 billion last year. The weaker U.S. dollar favorably impacted international regions, and accounted for the revenue increase. The company earned GAAP net income of $218 million and earnings per share of 47 cents for fiscal 2007, compared to net income of $201 million and earnings per share of 43 cents for fiscal 2006. Non-GAAP net income(1) was $281 million, or 61 cents per share for fiscal 2007 compared with $241 million, or 49 cents per share for fiscal 2006. Fiscal 2007 GAAP operating income was $276 million compared to $263 million for fiscal 2006. Non-GAAP operating income(1) for fiscal 2007 was $417 million compared to $367 million for fiscal 2006. Operating cash flow for fiscal 2007 was $637 million compared to $647 million for fiscal 2006. Update on Closing of Acquisition of Avaya Avaya also confirmed today that the acquisition of the company by affiliates of Silver Lake Partners and TPG Capital is scheduled to close by the end of October. Fourth Quarter Highlights Since the end of the last quarter, Avaya has announced several customer wins, new offers and awards including: Bell Canada announced an agreement to standardize on the full portfolio of Avaya IP Telephony solutions. This is the first time Bell Canada has standardized a full product line in over 13 years. Black & Decker selected Avaya to power the company's communications. Avaya will help Black & Decker build an IP Telephony-based network for nearly 200 locations with highly diverse needs around the globe. The implementation will help the company improve productivity and customer service, control costs, and support new ways of doing business. Avaya delivered an IP telephony system to Telemarketing Japan, Inc. (TMJ), one of the major telemarketing outsourcers in Japan. The system allows TMJ to centralize operations and management of their data center, enabling TMJ to increase the overall availability of the system, reduce equipment cost and to develop an infrastructure flexible to business expansion. As Villanova University, the most wired college in the U.S. (PC Magazine, Dec. 2006), plots its technology future, new intelligent communications networking and applications give it a powerful, flexible foundation to further its vision and provide a wealth of new capabilities today. The new Avaya and Extreme Networks IP telephony network now links 60 buildings on Villanova's Philadelphia campus. With new intelligent communications capabilities -- including converged networking, unified communications and contact center applications -- the university now is extending its technology leadership and improving campus safety. Avaya announced a new solution that provides users of Nokia "E Series" business devices with one number access and advanced enterprise telephony capabilities as they travel across private Wi-Fi and public cellular networks. With a single Voice over IP-enabled mobile device, workers can "handoff" phone calls using dual mode communications, as they travel from inside a company building (Wi-Fi) to the outside environment (cellular) -- and vice versa. This provides mobile workers a more convenient and productive way to manage their communications, while giving organizations a more cost-effective way to manage enterprise mobility. The solution -- Avaya one-X Mobile Dual Mode -- combines Avaya's IP-based applications with Nokia E series business devices (Nokia E60, Nokia E61 and Nokia E70 models) to deliver the full benefits of fixed mobile convergence. Calls made to a worker's deskphone can be received on a Nokia E series business device, ensuring mobile workers remain accessible to customers and colleagues wherever they go. Avaya debuted new versions of its industry-leading self-service software. The enhancements make it easier and more cost-effective to improve customer service with speech automation, and provide a foundation for using self- service to create faster, more productive business processes. The new products include Avaya Voice Portal 4.0, the company's flagship self-service software, and Interactive Response 3.0, one of the industry's most widely- deployed self-service platforms. Also unveiled was the new version of Avaya Dialog Designer 4.0, a tool for developing next-generation speech self-service applications. Avaya received Frost & Sullivan's 2007 North American Market Leadership Award for Interactive Voice Response (IVR) based on its leading market share and strategy in IVR solutions. According to Frost & Sullivan's latest research, Avaya leads the North American IVR market with a 22.7 percent share. The company's success is led by sales of the Avaya Voice Portal, a software platform that uses Web Services to provide companies with a faster, easier way to deliver speech-enabled self-service across highly distributed enterprises. Avaya widened its lead in worldwide enterprise IP telephony revenues, according to Synergy Research Group's 2Q 2007 Enterprise Voice Market Shares Report. With this report, Avaya marks another quarter of leadership in this market, as more businesses around the globe evolve their voice networks to IP telephony. Avaya is a global provider of business communications applications, systems and services. The report shows Avaya as the #1 vendor in IP telephony revenues as defined by Synergy with 25.4 percent of the global market for the second quarter of 2007. In addition, the report shows that Avaya retained its leadership position in the worldwide overall enterprise telephony market in revenue, with nearly 19 percent of the market in the second quarter of 2007, more than 2 percentage points over its nearest competitor. Forward-Looking Statements Certain statements made in this press release are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements regarding Avaya's expected performance and outlook for operating results are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to:
-- price and product competition, including from competitors who may offer
products and applications similar to those we offer as part of another
offering, and from current leaders in information technology which
benefit from the convergence of enterprise voice and data networks;
-- rapid or disruptive technological development, including the effects of
the technology shift from traditional TDM to IP telephony;
-- dependence on new product development;
-- customer demand for our products and services, including risks
specifically associated with the services business and, in particular,
the maintenance and rental and managed services lines of business,
primarily due to renegotiations of customer contracts and changes in
scope, pricing erosion and cancellations;
-- supply issues related to our outsourced manufacturing operations,
logistics, distribution or components;
-- risks related to inventory, including warranty costs, obsolescence
charges, excess capacity, material and labor costs, and our
distributors' decisions regarding their own inventory levels;
-- general industry and market conditions and growth rates and general
domestic and international economic conditions including interest rate
and currency exchange rate fluctuations;
-- the economic, political and other risks associated with international
sales and operations, including increased exposure to currency
fluctuations and to European economies as a result of a large
percentage of our business being conducted in Europe;
-- the ability to successfully integrate acquired companies, which may
require significant management time and attention;
-- the ability to attract and retain qualified employees;
-- control of costs and expenses, including difficulties in completing
restructuring actions in a timely and efficient manner due to labor
laws and required approvals;
-- U.S. and non-U.S. government regulation; and
-- the ability to form and implement alliances.
In addition, we may not be able to complete the proposed sale of the company on the terms summarized in Avaya's filings with the SEC or on other acceptable terms, or at all, due to a number of factors, including the failure to satisfy customary closing conditions. For a further list and description of such risks and uncertainties, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Avaya's filings with the SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, which are available at www.sec.gov. Avaya disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Measures In an effort to provide investors with additional information regarding the company's results as determined by GAAP, the company has also disclosed non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share in this press release. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States and they have limitations in that they do not reflect all amounts associated with Avaya's results of operations as determined in accordance with GAAP. These measures should only be used in evaluating Avaya's results of operations together with the corresponding GAAP measures. Avaya believes that the presentation of non-GAAP operating income, non- GAAP net income and non-GAAP earnings per share, which exclude the impact of restructuring charges, acquisition and merger-related charges and certain income tax items, provides meaningful supplemental information regarding Avaya's performance. These non-GAAP financial measures also help investors compare Avaya's financial results for the current quarter to its financial results for prior quarters and the prior fiscal year. In addition, Avaya's management uses these measures when reviewing the company's financial results and to further understand the company's operating performance. The reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures is included at the end of this press release. About Avaya Avaya delivers Intelligent Communications solutions that help companies transform their businesses to achieve marketplace advantage. More than 1 million businesses worldwide, including more than 90 percent of the FORTUNE 500 (R), use Avaya solutions for IP Telephony, Unified Communications, Contact Centers and Communications Enabled Business Processes. Avaya Global Services provides comprehensive service and support for companies, small to large. For more information visit the Avaya Web site: http://www.avaya.com.
Avaya Inc.
Consolidated Statements of Income
(Unaudited; Dollars and Shares in Millions, except per share amounts)
For the three For the twelve
months ended months ended
September 30, September 30,
2007 2006 2007 2006
REVENUE
Sales of products $744 $690 $2,628 $2,510
Services 542 514 2,067 2,017
Rental and managed services 143 160 584 621
1,429 1,364 5,279 5,148
COST
Sales of products 349 312 1,241 1,168
Services 334 349 1,294 1,325
Rental and managed services 68 68 272 265
751 729 2,807 2,758
GROSS MARGIN 678 635 2,472 2,390
OPERATING EXPENSES
Selling, general and
administrative 427 388 1,611 1,595
Research and development 112 110 444 428
Restructuring charges, net 7 62 36 104
Merger-related costs 97 - 105 -
TOTAL OPERATING EXPENSES 643 560 2,196 2,127
OPERATING INCOME 35 75 276 263
Other income, net 17 8 40 24
Interest expense - - (1) (3)
INCOME BEFORE INCOME TAXES 52 83 315 284
Provision for income taxes 17 35 97 83
NET INCOME $35 $48 $218 $201
EARNINGS PER SHARE - BASIC $0.08 $0.11 $0.48 $0.43
EARNINGS PER SHARE - DILUTED $0.08 $0.10 $0.47 $0.43
Weighted Average Shares Outstanding
- Basic 457 454 454 463
Weighted Average Shares Outstanding
- Diluted 467 459 461 469
Avaya Inc.
Operating Segments
Revenue and Operating Income
Quarterly Trend
(Unaudited; Dollars in Millions)
REVENUE
For the Fiscal Year Ended
September 30, 2006
Q1 Q2 Q3 Q4 YTD
Global Communications
Solutions $661 $661 $704 $760 $2,786
Avaya Global Services 588 577 593 604 2,362
Corporate - - - - -
Total Avaya $1,249 $1,238 $1,297 $1,364 $5,148
OPERATING INCOME
For the Fiscal Year Ended
September 30, 2006
Q1 Q2 Q3 Q4 YTD
Global Communications
Solutions $43 $32 $36 $86 $197
Avaya Global Services 60 41 34 36 171
Corporate: (A) 4 (20) (42) (47) (105)
Total Avaya $107 $53 $28 $75 $263
REVENUE
For the Fiscal Year Ended
September 30, 2007
Q1 Q2 Q3 Q4 YTD
Global Communications
Solutions $682 $698 $686 $804 $2,870
Avaya Global Services 598 596 590 625 2,409
Corporate - - - - -
Total Avaya $1,280 $1,294 $1,276 $1,429 $5,279
OPERATING INCOME
For the Fiscal Year Ended
September 30, 2007
Q1 Q2 Q3 Q4 YTD
Global Communications
Solutions $22 $38 $25 $90 $175
Avaya Global Services 53 56 63 75 247
Corporate: (A) 15 (13) (18) (130) (146)
Total Avaya $90 $81 $70 $35 $276
(A) The segments are managed as two individual businesses and, as a
result, include certain allocated costs and expenses of shared
services, such as information technology, human resources, legal
and finance. At the beginning of each fiscal year, the amount of
certain corporate overhead expenses, including targeted annual
incentive awards, to be charged to operating segments is
determined and fixed for the entire year in the annual plan. The
annual incentive award accrual is adjusted quarterly based on
actual year to date results and those estimated for the remainder
of the year. This adjustment of the annual incentive award
accrual, as well as any other over/under absorption of corporate
overheads against plan is recorded and reported within the
Corporate caption. In addition, certain items such as charges
related to restructuring actions, as well as merger-related costs,
are not allocated to the operating segments and remain
in Corporate. Included in merger-related costs for the fourth
quarter of fiscal 2007 is $90 million related to the accelerated
vesting of stock options and restricted stock units in connection
with the acquisition of Avaya by affiliates of Silver Lake
Partners and TPG Capital, two private equity firms.
Avaya Inc.
Condensed Statements of Cash Flows
For the Twelve Months Ended September 30, 2007 and 2006
(Unaudited; Dollars in Millions)
For the twelve For the twelve
months ended months ended
September 30, 2007 September 30, 2006
Net cash provided by operating
activities $637 $647
Net cash (used for) investing
activities (360)(a) (189)(a)
Net cash provided by (used for)
financing activities 54 (b) (315)(b)
Effect of exchange rate changes
on cash and cash equivalents 40 6
Net increase in cash and cash
equivalents 371 149
Cash and cash equivalents at
beginning of the period 899 750
Cash and cash equivalents at end
of the period $1,270 $899
(a) Includes capital expenditures of $120 and $117 and capitalized
software development costs of $93 and $71 for the twelve months
ended September 30, 2007 and 2006, respectively.
The twelve months ended September 30, 2007 also include $147 used for
the acquisition of Ubiquity and $15 used for the acquisition of
Traverse Networks.
(b) The net cash provided by financing activities as of September 30,
2007 includes $115 received from the exercise of stock options.
The twelve months ended September 30, 2007 and 2006 include $94 and
$328, respectively, related to the repurchase of Avaya common stock.
Avaya Inc.
Supplemental Revenue Tables
(Unaudited, Dollars in Millions)
Revenue by Geography
Fourth Fiscal Quarter
Dollars Mix
4Q06 1Q07 2Q07 3Q07 in millions 2007 2006 2007 2006 Change
$788 $732 $746 $694 U.S. $775 $788 54% 58% $(13) -2%
Outside
the U.S.:
183 186 178 172 Germany 192 183 13% 13% 9 5%
EMEA -
Europe/
Middle East/
Africa
(Excluding
208 203 190 216 Germany) 241 208 17% 15% 33 16%
391 389 368 388 Total EMEA 433 391 30% 28% 42 11%
APAC - Asia
110 88 111 116 Pacific 127 110 9% 8% 17 15%
Americas,
75 71 69 78 non-U.S. 94 75 7% 6% 19 25%
Total
outside
576 548 548 582 the U.S. 654 576 46% 42% 78 14%
Total
$1,364 $1,280 $1,294 $1,276 revenue $1,429 $1,364 100% 100% $65 5%
Revenue by Type
Fourth Fiscal Quarter
Dollars Mix
4Q06 1Q07 2Q07 3Q07 in millions 2007 2006 2007 2006 Change
Sales of
$690 $619 $639 $626 products $ 744 $690 52% 50% $54 8%
514 509 509 507 Services(b) 542 514 38% 38 28 5%
Rental and
managed
services
160 152 146 143 (a),(b) 143 160 10% 12 (17) -11%
Total
$1,364 $1,280 $1,294 $1,276 revenue $1,429 $1,364 100% 100% $65 5%
Sales of Products by Channel
Fourth Fiscal Quarter
Dollars Mix
4Q06 1Q07 2Q07 3Q07 in millions 2007 2006 2007 2006 Change
$302 $259 $277 $258 Direct $332 $302 45% 44% $30 10%
388 360 362 368 Indirect 412 388 55% 56% 24 6%
Total sales
$690 $619 $639 $626 of products $744 $690 100% 100% $54 8%
GCS Revenue by Class
Fourth Fiscal Quarter
Dollars Mix
4Q06 1Q07 2Q07 3Q07 in millions 2007 2006 2007 2006 Change
Large
Communications
$483 $435 $440 $437 Systems $519 $483 64% 64% $36 7%
Small
Communications
96 85 84 74 Systems 85 96 11% 13 (11) -11%
Converged
Voice
169 151 162 153 Applications 185 169 23% 22% 16 9%
12 11 12 22 Other 15 12 2% 1% 3 25%
Total
revenue
$760 $682 $698 $686 - GCS $804 $760 100% 100% $44 6%
AGS Revenue by Class
Fourth Fiscal Quarter
Dollars Mix
4Q06 1Q07 2Q07 3Q07 in millions 2007 2006 2007 2006 Change
Product
Support
$404 $411 $412 $408 Services(b) $416 $404 67% 67% $12 3%
Consulting and
Systems
Integ-
111 98 97 99 ration(b) 126 111 20% 18% 15 14%
Global Managed
89 89 87 83 Services(b) 83 89 13% 15% (6) -7%
Total revenue
$604 $598 $596 $590 - AGS $625 $604 100% 100% $21 3%
(a) The services portion falls within the global managed services line in
the AGS Revenue by Class chart and the product portion is spread among
the applicable line items in the GCS Revenue by Class chart.
(b) Prior year revenue amounts have been reclassified to conform to
current period presentation.
Avaya Inc.
Supplemental Revenue Tables
(Unaudited, Dollars in Millions)
Revenue by Geography
Twelve Months Ended September 30,
Mix
Dollars in millions 2007 2006 2007 2006 Change
U.S. $2,947 $2,994 56% 58% $(47) -2%
Outside the U.S:
Germany 728 733 14% 14% (5) -1%
EMEA - Europe/Middle
East/Africa
(Excluding Germany) 850 765 16% 15% 85 11%
Total EMEA 1,578 1,498 30% 29% 80 5%
APAC - Asia Pacific 442 383 8% 8% 59 15%
Americas, non-U.S. 312 273 6% 5% 39 14%
Total outside the U.S. 2,332 2,154 44% 42% 178 8%
Total revenue $5,279 $5,148 100% 100% $131 3%
Revenue by Type
Twelve Months Ended September 30,
Mix
Dollars in millions 2007 2006 2007 2006 Change
Sales of products $2,628 $2,510 50% 49% $118 5%
Services (b) 2,067 2,017 39% 39% 50 2%
Rental and managed
services (a),(b) 584 621 11% 12% (37) -6%
Total revenue $5,279 $5,148 100% 100% $131 3%
Sales of Products by Channel
Twelve Months Ended September 30,
Mix
Dollars in millions 2007 2006 2007 2006 Change
Direct $1,126 $1,097 43% 44% $29 3%
Indirect 1,502 1,413 57% 56% 89 6%
Total sales of products $2,628 $2,510 100% 100% $118 5%
GCS Revenue by Class
Twelve Months Ended September 30,
Mix
Dollars in millions 2007 2006 2007 2006 Change
Large Communications Systems $1,831 $1,765 64% 63% $66 4%
Small Communications Systems 328 370 11% 13% (42) -11%
Converged Voice Applications 651 605 23% 22% 46 8%
Other 60 46 2% 2% 14 30%
Total revenue - GCS $2,870 $2,786 100% 100% $84 3%
AGS Revenue by Class
Twelve Months Ended September 30,
Mix
Dollars in millions 2007 2006 2007 2006 Change
Product Support Services (b) $1,647 $1,621 68% 69% $26 2%
Consulting and Systems
Integration (b) 420 401 18% 17% 19 5%
Global Managed Services (b) 342 340 14% 14% 2 1%
Total revenue - AGS $2,409 $2,362 100% 100% $47 2%
(a) The services portion falls within the managed services line in the AGS
Revenue by Class chart and the product portion is spread among the
applicable line items in the GCS Revenue by Class chart.
(b) Prior year revenue amounts have been reclassified to conform to
current period presentation.
Avaya Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited; Dollars and Shares in Millions, except per share amounts)
For the three For the three
Operating Income: months ended months ended
September 30, September 30,
2007 2006
GAAP Operating Income $35 $75
Items Included in Operating
Income:
Restructuring charges, net (7) (62)
Merger-related costs (97) -
Total Items Included in
Operating Income (104) (62)
Non-GAAP Operating Income $139 $137
For the three For the three
Net Income: months ended months ended
September 30, September 30,
2007 2006
GAAP Net Income $35 $48
Items Included in Net Income:
Restructuring charges, net,
after tax (4) (43)
Merger-related costs, after tax (69) -
Net favorable tax items included
in provision for income taxes 21 11
Total Items Included in Net Income (52) (32)
Non-GAAP Net Income $87 $80
Diluted Shares 467 459
Non-GAAP EPS (Non-GAAP Net Income
/ Diluted Shares) $0.19 $0.17
GAAP EPS $0.08 $0.10
Avaya defines non-GAAP operating income, non-GAAP net income and non-
GAAP earnings per share as excluding the impact of restructuring
charges, acquisition and merger-related charges and certain income tax
items.
Avaya Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited; Dollars and Shares in Millions, except per share amounts)
For the twelve For the twelve
Operating Income: months ended months ended
September 30, September 30,
2007 2006
GAAP Operating Income $276 $263
Items Included in Operating Income:
Restructuring charges, net (36) (104)
Merger-related costs (105) -
Total Items Included in
Operating Income (141) (104)
Non-GAAP Operating Income $417 $367
For the twelve For the twelve
Net Income: months ended months ended
September 30, September 30,
2007 2006
GAAP Net Income $218 $201
Items Included in Net Income:
Restructuring charges, net,
after tax (23) (72)
Merger-related costs, after tax (74) -
Net favorable tax items included
in provision for income taxes 34 32
Total Items Included in Net Income (63) (40)
Non-GAAP Net Income $281 $241
Diluted Shares 461 469
Non-GAAP EPS (Non-GAAP Net Income
/ Diluted Shares) $0.61 $0.49
GAAP EPS $0.47 $0.43
Avaya defines non-GAAP operating income, non-GAAP net income and non-
GAAP earnings per share as excluding the impact of restructuring
charges, acquisition and merger-related charges and certain income tax
items.
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