Press Release Archive

PGi Announces Record UC&C SaaS Results in the Second Quarter 2015: UC&C SaaS Non-GAAP Revenue Up 72% Year-over-year to $83M* Annual Run-Rate; Over 14% of Q2 Net Revenue; Record ACV Bookings of Over $7M

2Q15 Final Results: Non-GAAP Revenue $144.6M*, Non-GAAP Diluted EPS from Continuing Ops $0.26*; Highest Gross Margin Percent in Over Five Years

Company Raises 2015 Financial Outlook

Jul 30, 2015

ATLANTA, July 30, 2015 /PRNewswire/ -- Premiere Global Services, Inc. (NYSE: PGI), the world's largest dedicated provider of collaboration software and services, today announced results for the second quarter ended June 30, 2015.

In the second quarter of 2015, net revenue totaled $144.3 million, including an estimated negative impact of $6 million from year-over-year changes in foreign currency exchange rates. Non-GAAP revenue totaled $144.6 million* in the second quarter of 2015. Unified communications and collaboration (UC&C) SaaS non-GAAP revenue grew 72%, totaling $20.7 million* in the second quarter of 2015, compared to $12.0 million* in the second quarter of 2014. Diluted EPS from continuing operations was $0.11 in the second quarter of 2015, compared to $0.13 in the second quarter of 2014. Non-GAAP diluted EPS from continuing operations was $0.26* in the second quarter of 2015, compared to non-GAAP diluted EPS from continuing operations of $0.23* in the second quarter of 2014. 

 

Second Quarter 2015 Results*

($ in millions, except per share data)

2Q14

2Q15

Constant

Currency **

Adjusted

Growth **

Non-GAAP revenue

$144.3

$144.6

$150.6

4.4%

UC&C SaaS non-GAAP revenue

$12.0

$20.7

$21.4

78.3%

Non-GAAP gross margin

59.1%

60.7%

60.6%

150 BPs

Adjusted EBITDA

$26.7

$27.9

$28.5

6.7%

Non-GAAP diluted EPS from continuing operations

$0.23

$0.26

$0.27

17.4%

 

"We are thrilled to report another quarter of record performance, as we further accelerated the transition of our business to a SaaS model, while continuing to drive meaningful increases in our profitability," said Boland T. Jones, PGi founder, chairman and CEO. "It is clear to us that our strategy is working, with record incremental annual contract value (ACV) bookings of over $7 million sold in the second quarter and our highest gross margin percent in over five years. With sales pipelines at a record high and continuing overall momentum in our global business, we remain optimistic in our outlook for the remainder of the year."

Six Month Results
In the first six months of 2015, net revenue totaled $286.6 million, including an estimated negative impact of $11 million from year-over-year changes in foreign currency exchange rates. Non-GAAP revenue totaled $287.4 million* in the first six months of 2015. UC&C SaaS non-GAAP revenue grew 75%, totaling $39.7 million* in the first six months of 2015, compared to $22.7 million* in the first six months of 2014. Diluted EPS from continuing operations was $0.14 in the first six months of 2015, compared to $0.24 in the first six months of 2014. Non-GAAP diluted EPS from continuing operations was $0.49* in the first six months of 2015, compared to non-GAAP diluted EPS from continuing operations of $0.46* in the first six months of 2014.

Financial Outlook
The following statements are based on PGi's current expectations. These statements contain forward-looking statements and company estimates, and actual results may differ materially. PGi assumes no duty to update any forward-looking statements made in this press release.

Based on current business trends and prevailing foreign currency exchange rates, and assuming no additional acquisitions, PGi has raised its financial outlook for 2015 from the range it previously provided on April 23, 2015. PGi now anticipates that 2015 results will be within the following financial outlook ranges: non-GAAP revenue is projected to be in the range of $568-$575 million* and non-GAAP diluted EPS from continuing operations are projected to be in the range of $0.94-$0.96*.  These ranges include an estimated negative year-over-year impact from changes in foreign currency exchange rates of approximately $21 million and $0.02* to non-GAAP revenue and non-GAAP diluted EPS from continuing operations, respectively. PGi continues to anticipate that its UC&C SaaS revenue will increase over 50% in 2015 compared to 2014.

PGi will host a conference call today at 5:00 p.m., Eastern Time to discuss these results. To participate in the call, please dial-in to the appropriate number 5-10 minutes prior to the scheduled start time: (800) 756-4697 (U.S. and Canada) or (913) 981-5549 (International), participant passcode 7301652. The conference call will simultaneously be webcast in iMeetLive®. Please visit pgi.com for webcast details and conference call replay information, as well as the webcast archive and the text of the earnings release, including the financial and statistical information to be presented during the call.

* Non-GAAP Financial Measures

The company's non-GAAP revenue, UC&C SaaS non-GAAP revenue and non-GAAP gross margin include the deferred revenue from software licenses and related support contracts from recent acquisitions and excludes the impact of purchase accounting adjustments related to deferred revenue. Adjusted EBITDA and non-GAAP diluted earnings per share (EPS) from continuing operations and projections of these items also exclude equity-based compensation, amortization expenses, non-recurring tax adjustments and related interest, restructuring costs, excise and sales tax expense and related interest, asset impairments, net legal settlements and related expenses, acquisition-related costs, foreign exchange transaction gains and losses and the impact of purchase accounting adjustments related to deferred revenue. Management uses these measures internally as a means of analyzing the company's current and future financial performance and identifying trends in our financial condition and results of operations. We have provided this information to investors to assist in meaningful comparisons of past, present and future operating results and to assist in highlighting the results of ongoing core operations. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the attached financial tables. These non-GAAP financial measures may differ materially from comparable or similarly titled measures provided by other companies and should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.

** Constant Currency

These constant currency adjustments convert current period results using prior period (Q2-14) average exchange rates calculated in the same manner as in footnote 5 to the Reconciliation of Non-GAAP Financial Measures table.

About Premiere Global Services, Inc. │ PGi
PGi is the world's largest dedicated provider of collaboration software and services. We created iMeet®, an expanding portfolio of purpose-built applications designed to meet the daily collaboration and communications needs of business professionals, with solutions for web, video and audio conferencing, smart calendar management, webcasting, project management and sales acceleration. PGi's award-winning UC&C solutions help nearly 50,000 businesses grow faster and operate more efficiently. To learn more, visit us at pgi.com.

Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties, many of which are beyond our control. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in PGi's forward-looking statements, including, but not limited to, the following factors: competitive pressures, including pricing pressures; technological changes and the development of alternatives to our services; market acceptance of PGi's UC&C SaaS solutions, including our iMeet® and GlobalMeet® solutions; our ability to attract, retain and expand the products and services we provide to existing customers; our ability to establish and maintain strategic reseller and distribution relationships; risks associated with global economic or market conditions; price increases from our telecommunications service providers; service interruptions and network downtime, including undetected errors or defects in our software; technological obsolescence and our ability to upgrade our equipment or increase our network capacity; concerns regarding the security and privacy of our customers' confidential information; future write-downs of goodwill or other intangible assets; greater than anticipated tax and regulatory liabilities; restructuring and cost reduction initiatives and the market reaction thereto; our level of indebtedness; risks associated with acquisitions and divestitures; indemnification claims from the sale of our PGiSend business; our ability to protect our intellectual property rights, including possible adverse results of litigation or infringement claims; regulatory or legislative changes, including further government regulations applicable to traditional telecommunications service providers and data privacy; risks associated with international operations and market expansion, including fluctuations in foreign currency exchange rates; and other factors described from time to time in our press releases, reports and other filings made with the Securities and Exchange Commission, including but not limited to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2014. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise these forward looking statements for any reason.

 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)





























Three Months Ended


Six Months Ended






June 30,


June 30,






2015


2014


2015


2014


























Net revenue

$   144,304


$ 144,287


$     286,626


$ 287,526


Operating expenses: 










Cost of revenue (exclusive of depreciation and amortization shown










separately below)

56,885


59,001


114,041


118,543



Selling and marketing

37,070


37,593


74,125


75,429



General and administrative (exclusive of expenses

21,021


19,070


41,173


37,005



shown separately below)










Research and development

4,842


4,616


10,592


9,121



Depreciation

8,892


8,885


17,464


17,551



Amortization

4,387


2,484


8,437


4,967



Restructuring costs

(37)


-


4,146


-



Asset impairments

127


-


150


-



Net legal settlements and related expenses

(11)


-


(11)


-



Acquisition-related costs

3,027


1,786


3,600


3,691



Total operating expenses

136,203


133,435


273,717


266,307














Operating income

8,101


10,852


12,909


21,219














Other (expense) income:










Interest expense

(2,882)


(2,385)


(5,503)


(4,485)



Interest income

6


11


14


20



Other, net

649


(36)


402


255



Total other expense, net

(2,227)


(2,410)


(5,087)


(4,210)














Income from continuing operations before income taxes

5,874


8,442


7,822


17,009


Income tax expense

994


2,309


1,555


5,606


Net income from continuing operations

4,880


6,133


6,267


11,403














Loss from discontinued operations, net of taxes

(108)


(118)


(334)


(183)














Net income

$       4,772


$    6,015


$         5,933


$   11,220














BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING

44,029


45,859


44,479


46,121














Basic net income (loss) per share (1)










Continuing operations

$         0.11


$      0.13


$           0.14


$      0.25



Discontinued operations

-


-


(0.01)


-



Net income per share

$         0.11


$      0.13


$           0.13


$      0.24














DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING

44,585


46,550


45,037


46,784














Diluted net income (loss) per share (1)










Continuing operations

$         0.11


$      0.13


$           0.14


$      0.24



Discontinued operations

-


-


(0.01)


-



Net income per share

$         0.11


$      0.13


$           0.13


$      0.24














(1)

Column totals may not sum due to the effect of rounding on EPS.


 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except per share data)
















June 30,


December 31,




2015


2014







ASSETS




CURRENT ASSETS





Cash and equivalents

$           20,707


$           40,220


Accounts receivable (less allowances of $746 and $557, respectively)

89,977


77,334


Prepaid expenses and other current assets

16,528


13,536


Income taxes receivable

662


1,897


Deferred income taxes, net

8,658


10,447



Total current assets

136,532


143,434







PROPERTY AND EQUIPMENT, NET

101,595


100,954







OTHER ASSETS





Goodwill

417,699


386,416


Intangibles, net of amortization

103,073


102,350


Deferred income taxes, net

2,225


2,342


Other assets

14,982


20,734



TOTAL ASSETS

$         776,106


$         756,230







LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES





Accounts payable

$           52,702


$           57,211


Income taxes payable

1,957


2,217


Accrued taxes, other than income taxes

10,386


17,562


Accrued expenses

60,062


37,807


Current maturities of long-term debt and capital lease obligations 

2,079


1,971


Accrued restructuring costs

1,384


958


Deferred income taxes, net

3


17



Total current liabilities

128,573


117,743







LONG-TERM LIABILITIES





Long-term debt and capital lease obligations 

339,775


332,825


Accrued expenses

33,261


23,219


Deferred income taxes, net

28,247


27,453



Total long-term liabilities

401,283


383,497







SHAREHOLDERS' EQUITY





Common stock, $0.01 par value; 150,000,000 shares authorized,





46,808,447 and 47,378,794 shares issued and outstanding, respectively

485


475


Additional paid-in capital

432,838


442,585


Accumulated other comprehensive loss

(11,481)


(6,545)


Accumulated deficit

(175,592)


(181,525)



Total shareholders' equity

246,250


254,990



TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$         776,106


$         756,230







 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (Unaudited, in thousands)

























Six Months Ended







June 30,







2015


2014










CASH FLOWS FROM OPERATING ACTIVITIES







Net income 


$         5,933


$       11,220



Loss from discontinued operations, net of taxes


334


183




 Net income from continuing operations 


6,267


11,403


Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation


17,464


17,551



Amortization


8,437


4,967



Amortization of debt issuance costs 


364


322



Net legal settlements and related expenses


(11)


-



Payments for legal settlements and related expenses


(110)


-



Deferred income taxes


(601)


908



Restructuring costs


4,146


-



Payments for restructuring costs 


(3,583)


(1,659)



Asset impairments


150


-



Equity-based compensation


6,065


4,884



Excess tax benefits from share-based payment arrangements


(92)


(395)



Provision for doubtful accounts


447


362



Acquisition-related costs


3,600


3,691



Cash paid for acquisition-related costs


(3,067)


(3,779)



Changes in working capital, net of business acquisitions


(10,218)


812





Net cash provided by operating activities from continuing operations


29,258


39,067





Net cash used in operating activities from discontinued operations


(391)


(165)





Net cash provided by operating activities


28,867


38,902










CASH FLOWS FROM INVESTING ACTIVITIES







Capital expenditures


(19,782)


(15,520)



Business acquisitions, net of cash acquired 


(16,284)


66



Other investing activities, net


(301)


2,052





Net cash used in investing activities from continuing operations


(36,367)


(13,402)





Net cash used in investing activities from discontinued operations


-


-





Net cash used in investing activities


(36,367)


(13,402)



















CASH FLOWS FROM FINANCING ACTIVITIES







Principal payments under borrowing arrangements


(55,291)


(83,447)



Proceeds from borrowing arrangements


61,500


62,000



Payment of earn-out liability


(1,841)


-



Excess tax benefits of share-based payment arrangements


92


395



Purchases and retirement of treasury stock, at cost


(15,293)


(18,988)



Exercise of stock options


-


963





Net cash used in financing activities from continuing operations


(10,833)


(39,077)





Net cash used in financing activities from discontinued operations


-


-





Net cash used in financing activities


(10,833)


(39,077)










Effect of exchange rate changes on cash and equivalents


(1,180)


548










NET DECREASE IN CASH AND EQUIVALENTS


(19,513)


(13,029)

CASH AND EQUIVALENTS, beginning of period


40,220


44,955

CASH AND EQUIVALENTS, end of period


$       20,707


$       31,926










 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands, except per share data)


















Three Months Ended


Six Months Ended






June 30,


June 30,






2015


2014


2015


2014

Non-GAAP Revenue (1)










Net revenue, as reported


$     144,304


$   144,287


$  286,626


$  287,526


Impact of purchase accounting adjustments related to deferred revenue (2)


331


-


748


-


Non-GAAP revenue


$     144,635


$   144,287


$  287,374


$  287,526













Non-GAAP Gross Margin (1)










Gross margin, as calculated


$      87,419


$     85,286


$  172,585


$  168,983


Impact of purchase accounting adjustments related to deferred revenue (2)


331


-


748


-


Non-GAAP gross margin


$      87,750


$     85,286


$  173,333


$  168,983


As a percentage of Non-GAAP revenue


60.7%


59.1%


60.3%


58.8%













Non-GAAP Operating Income & Adjusted EBITDA (1)










Operating income, as reported 


$        8,101


$     10,852


$    12,909


$   21,219


Impact of purchase accounting adjustments related to deferred revenue (2)


331


-


748


-


Equity-based compensation


3,093


2,657


6,065


4,884


Amortization


4,387


2,484


8,437


4,967


Restructuring costs 


(37)


-


4,146


-


Asset impairments


127


-


150


-


Net legal settlements and related expenses


(11)


-


(11)


-


Acquisition-related costs


3,027


1,786


3,600


3,691


Non-GAAP operating income


$      19,018


$     17,779


$    36,044


$   34,761


Depreciation


8,892


8,885


17,464


17,551


Adjusted EBITDA


$      27,910


$     26,664


$    53,508


$   52,312













Non-GAAP Net Income from Continuing Operations (1)










Net income from continuing operations, as reported


$        4,880


$       6,133


$     6,267


$   11,403


Impact of purchase accounting adjustments related to deferred revenue (2)


239


-


539


-


Elimination of non-recurring tax adjustments and related interest


(594)


(167)


(548)


474


Equity-based compensation


2,227


1,833


4,367


3,370


Amortization


3,159


1,714


6,075


3,427


Restructuring costs


(27)


-


2,985


-


Asset impairments


91


-


108


-


Net legal settlements and related expenses


(8)


-


(8)


-


Acquisition-related costs


2,179


1,232


2,592


2,547


Foreign exchange transaction (gain) loss (3)


(455)


24


(271)


145


Non-GAAP net income from continuing operations


$      11,691


$     10,769


$    22,106


$   21,366













Non-GAAP Diluted EPS from Continuing Operations (1) (4)










Diluted net income per share from continuing operations, as reported


$          0.11


$         0.13


$       0.14


$       0.24


Impact of purchase accounting adjustments related to deferred revenue (2)


0.01


-


0.01


-


Elimination of non-recurring tax adjustments and related interest


(0.01)


-


(0.01)


0.01


Equity-based compensation


0.05


0.04


0.10


0.07


Amortization


0.07


0.04


0.13


0.07


Restructuring costs


-


-


0.07


-


Asset impairments


-


-


-


-


Net legal settlements and related expenses


-


-


-


-


Acquisition-related costs


0.05


0.03


0.06


0.05


Foreign exchange transaction gain (3)


(0.01)


-


(0.01)


-


Non-GAAP diluted EPS from continuing operations


$          0.26


$         0.23


$       0.49


$       0.46













(1)

Management believes that presenting non-GAAP revenue, non-GAAP gross margin, non-GAAP operating income, adjusted EBITDA, non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations provide useful information regarding underlying trends in the company's continuing operations.  Management expects  equity-based compensation and amortization expenses to be recurring costs and presents non-GAAP operating income, adjusted EBITDA, non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations to exclude these non-cash items, as well as non-recurring items that are unrelated to the company's ongoing operations, including the impact of purchase accounting adjustments related to deferred revenue, non-recurring tax adjustments and related interest, excise and sales tax expense, excise and sales tax interest, restructuring costs, asset impairments, net legal settlements and related expenses, acquisition-related costs and foreign exchange transaction gains and losses. These non-cash and non-recurring items are presented net of taxes for non-GAAP net income from continuing operations and non-GAAP diluted EPS from continuing operations. 










(2)

Business combination accounting principles require us to write-down the deferred revenue associated with software licenses and related support contracts assumed in our acquisitions. The revenue for these support contracts is deferred and typically recognized over a one-year period, so our GAAP revenue for the one-year period after an acquisition does not reflect the full amount of revenue that would have been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP adjustment eliminates the effect of the deferred revenue write-down.  We believe this adjustment to the revenue from these contracts is useful to investors as an additional means to reflect revenue trends of our business.






(3)

Represents the impact of foreign exchange transaction gains and losses included in the Statements of Operations in "Other, net."













(4)

Column totals may not sum due to the effect of rounding on EPS.

 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands, except per share data)

(continued)


















Prior Year Quarter Constant Currency Adjustments (5)

















Quarter-to-date



Year-to-date








Impact of







Impact of








Q2 - 15 (Constant currency)


fluctuations in

foreign currency

exchange rates


Q2 - 15 (Actual)



Q2 - 15 (Constant currency)


fluctuations in

foreign currency

exchange rates


Q2 - 15 (Actual)






(Unaudited, in thousands, except per share data)



(Unaudited, in thousands, except per share data)






















Net Revenue

$       150,291


$                 (5,987)


$       144,304



$       298,072


$           (11,446)


$       286,626





North America Net Revenue

$         92,065


$                    (414)


$         91,651



$       183,229


$                (833)


$       182,396





Europe Net Revenue

$         41,406


$                 (4,107)


$         37,299



$         82,530


$             (7,971)


$         74,559





Asia Pacific Net Revenue

$         16,820


$                 (1,466)


$         15,354



$         32,313


$             (2,642)


$         29,671





Non-GAAP Operating Income

$         19,328


$                    (310)


$         19,018



$         36,921


$                (877)


$         36,044





Adjusted EBITDA

$         28,514


$                    (604)


$         27,910



$         54,941


$             (1,433)


$         53,508





Non-GAAP Net Income from Continuing Operations

$         11,911


$                    (220)


$         11,691



$         22,734


$                (628)


$         22,106





Non-GAAP Diluted EPS from Continuing Operations

$             0.27


$                   (0.01)


$             0.26



$             0.50


$               (0.01)


$             0.49



















(5)

Management also presents the non-GAAP financial measures described under note 1 above, as well as net revenue and segment net revenue, on a constant currency basis 


compared to the same period in the previous year (Q2-14 QTD or YTD) to exclude the effects of foreign currency exchange rates, which are not completely within management's 


control, in order to facilitate period-to-period comparison of the company's financial results without the distortion of these fluctuations. These constant currency adjustments 


convert current QTD and YTD results using prior period (Q2-14 QTD and YTD) average exchange rates. 


























Sequential Quarter Constant Currency Adjustments (6)




































Impact of 















Q2 - 15 (Constant currency)


fluctuations in

foreign currency

exchange rates


Q2 - 15 (Actual)













(Unaudited, in thousands)




























Net Revenue

$       144,345


$                      (41)


$       144,304


























(6)

Management also presents net revenue on a constant currency basis compared to the prior quarter (Q1-15) to exclude the effects of foreign currency



exchange rates, which are not completely within management's control, in order to facilitate period-to-period comparison of the company's financial



results without the distortion of these fluctuations.  These constant currency adjustments convert current quarter results using prior period (Q1-15)




average exchange rates.
















































Organic Growth (7)






















































Impact of















June 30,
2014


fluctuations in

foreign currency

exchange rates


Acquisitions



Organic net revenue growth


June 30,
2015


Organic net revenue growth rate






(Unaudited, in thousands, except percentages)























Net Revenue, Three Months Ended

$       144,287


$                (5,717)


$         10,552



$          (4,818)


$          144,304


-3.3%




Net Revenue, Six Months Ended

$       287,526


$              (10,953)


$         19,486



$          (9,433)


$          286,626


-3.3%



















(7)

Management defines "organic growth" as revenue changes excluding the impact of foreign currency exchange rate fluctuations and acquisitions made during the periods presented and presents this non-GAAP financial measure to exclude the effect of these items that are not completely within management's control, such as foreign currency exchange rate fluctuations, or do not reflect the company's ongoing core operations or underlying growth, such as acquisitions. 






 

PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited, in thousands, except per share data)

(continued)

































UC&C SaaS and Resold Services Revenue (8)































Q1-13

Q2-13

Q3-13

Q4-13

FY 2013


Q1-14

Q2-14

Q3-14

Q4-14

FY 2014


Q1-15

Q2-15


















UC&C SaaS revenue, as reported

$  7,149

$  7,827

$  8,901

$  9,706

$33,583


$10,733

$11,996

$13,029

$16,977

$52,735


$18,746

$20,469


Adjustment (8)

-

-

-

-

-


-

-

-

435

435


276

201


UC&C SaaS non-GAAP revenue

7,149

7,827

8,901

9,706

33,583


10,733

11,996

13,029

17,412

53,170


19,022

20,670


















Resold services revenue

$16,775

$16,650

$16,053

$15,618

$65,096


$16,118

$15,356

$15,234

$14,313

$61,021


$13,036

$12,495

















(8)

Adjusted for the impact of purchase accounting related to deferred revenue. See footnote 2. 

 

Media and Investor Contact:
Sean O'Brien
(404) 262-8462
sean.obrien@pgi.com

PGi has been a global leader in collaboration and virtual meetings for over 20 years. PGi's cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice, mobile, web streaming and file sharing technologies.

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SOURCE Premiere Global Services, Inc.