Avaya Holdings Corp (NYSE:AVYA) Q3 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 08:30 am ET


Avaya Holdings Corp (NYSE:AVYA) Q3 2020 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Avaya Quarterly Earning Call, Third Quarter Fiscal 2020 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I'd now like to turn the conference over to your host, Michael McCarthy, Vice President of Investor Relations. Thank you may begin.

Michael McCarthy

Thank you and good morning. Welcome to Avaya's Fiscal Year 2020 Q3 Investor Call. Jim Chirico, our President and CEO; and Kieran McGrath, our Executive Vice President and CFO will lead this morning's call and share with you some prepared remarks before taking your questions. Joining them this morning will be Anthony Bartolo, EVP and Chief Product Officer and Dennis Kozak, Senior Vice President of Business Transformation.

Consistent with our social distancing mandates each of us are on this morning's call are assembled from our remote locations.

The earnings release and investor slides referenced on this morning's call are accessible on the Investor page of our website, as well as in the 8-K being filed today with the SEC, which should aid in your understanding of Avaya's financial results. We will reference our non-GAAP financial measures and specifically note that all sequential and year-over-year comparisons reference non-GAAP numbers, except where otherwise noted. We have included a reconciliation of such measures to GAAP in the earnings release and in our investor slides.

We may make forward-looking statements that are based on current expectations, forecasts and assumptions, which remain subject to risks and uncertainties that could cause actual results to differ materially. In particular our business is currently being impacted by COVID-19 and its effect on the global economy. The extent of its continued impact on our business will depend on a number of factors that include, but may not be limited to duration, as well as actions taken or not taken by governments, business and consumers in response to the pandemic, all of which continue to evolve and remain uncertain at this time.

Information about risks, uncertainties may be found in our most recent filings with the SEC including our Form 10-K and subsequent 10-Q reports. It is Avaya's policy not to reiterate guidance and we undertake no obligation to update or revise forward-looking statements in the event, facts or circumstances change except otherwise required by law.

I'll now turn the call over to Jim.

Jim Chirico

Thank you, Mike. And thanks to everyone for joining the Avaya Q3 conference call. A little over 2.5 years ago, we laid out a very deliberate three-step strategy. One, execute on our plans for growth; two, leverage the strength of our business model; and three, rapidly grow our Cloud, Alliance Partner and Subscription revenue or CAPS. Thanks to the team's execution, we were able to deliver outstanding results. For the first time, Avaya achieved year-over-year and quarter-over-quarter revenue growth. And it's these results that give me confidence we're on the right path. More importantly, the guidance that Kieran will share for the fourth quarter reflects