Benzinga | May 4, 2021 04:11PM EDT

RingCentral Raises FY21 Adj. EPS Guidance From $1.20-$1.24 To $1.24-$1.27 vs $1.23 Est., Raises Sales Guidance From $1.475B-$1.49B To $1.5B-$1.51B vs $1.49B Est.

Financial Outlook

Full Year 2021 Guidance:

* Raising subscriptions revenue range to $1.388 to $1.396 billion, representing annual growth of 28% to 29%. This is up from our prior range of $1.365 to $1.375 billion and annual growth of 26% to 27%.

* Raising total revenue range to $1.500 to $1.510 billion, representing annual growth of 27% to 28%. This is up from our prior range of $1.475 to $1.490 billion and annual growth of 25% to 26%.

* GAAP operating margin range of (21.3%) to (20.1%).

* Non-GAAP operating margin range of 10.0% to 10.1%.

* Non-GAAP tax rate assumed to be 22.5%. No material cash taxes expected given net operating loss carryforwards.

* Raising non-GAAP EPS range to $1.24 to $1.27 based on 93.5 to 94.0 million fully diluted shares. This is up from our prior range of $1.20 to $1.24 based on 94.0 to 94.5 million fully diluted shares.

* Share-based compensation range of $410 to $420 million, amortization of debt discount and issuance costs of $64 million, amortization of acquisition intangibles range of $46 to $49 million, and acquisition related matters of approximately $0.4 million. Second Quarter 2021 Guidance: Subscriptions revenue range of $332 to $334 million, representing annual growth of 29% to 30%. Total revenue range of $356.5 to $359.5 million, representing annual growth of 28% to 29%. GAAP operating margin range of (23.2%) to (21.6%). Non-GAAP operating margin of 9.3%. Non-GAAP tax rate assumed to be 22.5%. No material cash taxes expected given net operating loss carryforwards. Non-GAAP EPS range of $0.27 to $0.28 based on 93.0 million fully diluted shares. Share-based compensation range of $99 to $104 million, amortization of debt discount and issuance costs of $16 million, and amortization of acquisition intangibles of $12 million.