Q2 2024 Ribbon Communications Inc Earnings Call Transcript
Key Points
- Ribbon Communications Inc (RBBN) has successfully integrated the ECR acquisition, capturing significant savings and improving operational efficiency.
- The company has seen an increase in revenue in India by 30% last year due to investments in new products.
- Ribbon Communications Inc (RBBN) has secured significant multiyear voice modernization projects with US federal defense agencies.
- The IP Optical business has shown eight straight quarters of year-over-year higher earnings, contributing to a trailing 12-month adjusted EBITDA above $100 million.
- The company has a strong financial foundation after refinancing its credit facility, providing the flexibility to support growth initiatives.
- Revenue for Q2 came in below guidance at $193 million, primarily due to lower shipments to Eastern Europe and a delayed US federal deal.
- The ongoing war in Ukraine has created challenges in operating in Russia, leading to the suspension of new shipments and a more conservative outlook for the region.
- IP Optical revenue in Q2 was down $3 million year-over-year, marking the first year-over-year decline in eight quarters.
- Sales to India in the first half of 2024 were down approximately 20% year-over-year.
- The company has revised its full-year guidance towards the bottom of the range due to reduced sales to Eastern Europe.
Greetings, and welcome to the Ribbon Communications Second Quarter 2024 financial results conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Johnny Roberts. Thank you. You may begin.
Good afternoon, and welcome to Revlon's Second Quarter 2024 financial results conference call. I'm Jonae Roberts Chief Marketing Officer at Ribbon Communications. On the call today are Bruce McClelland, Ribbon's Chief Executive Officer, and Mick Lopez, Ribbon's Chief Financial Officer. Today's call is being webcast live and will be archived on the Investor Relations section of our website. Our VBN.com, for both our press release and supplemental slides are currently available. Certain matters
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