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RingCentral, Inc. Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $608,765,000 from $558,164,000 in the same quarter the previous year. The increase is attributed to the acquisition of new customers and upselling existing customers.
Cost of revenues for the quarter was $180,184,000, representing 30% of sales, consistent with the same quarter of the previous year.
The company reported a gross profit of $428,581,000 for the quarter, compared to $389,190,000 in the previous year.
Research and development expenses decreased slightly to $84,144,000 from $85,444,000, while sales and marketing expenses increased to $276,976,000 from $270,767,000.
General and administrative expenses decreased significantly to $64,170,000 from $87,154,000, primarily due to a reduction in personnel and contractor costs.
Net loss for the quarter was $7,853,000, compared to a net loss of $45,896,000 in the previous year.
Cash provided by operating activities was $350,394,000, while cash used in investing and financing activities was $88,306,000 and $273,067,000, respectively.
RingCentral had a working capital of $1,818,382,000 as of September 30, 2024. The company continues to focus on expanding its customer base and product offerings.
The filing also details various financial agreements, including amendments to its Credit Agreement and the issuance of Senior Notes.
RingCentral does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on marketing its cloud business communications solutions and highlights its strategic partnerships with global service providers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RingCentral Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.