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Exam Code: 31860X Practice test 2022 by Killexams.com team
Avaya IX Calling Design
Avaya Calling information source
Killexams : Avaya Calling information source - BingNews https://killexams.com/pass4sure/exam-detail/31860X Search results Killexams : Avaya Calling information source - BingNews https://killexams.com/pass4sure/exam-detail/31860X https://killexams.com/exam_list/Avaya Killexams : 911inform, Avaya Launch Emergency Call Upgrade Tool
As police and fire agencies across the country Boost their communication systems, two government technology firms have teamed up to make sure the new equipment works with the old gear.

911inform, a company that sells a notification and security management platform, and which has offices in New Jersey and Colorado, has launched a product called Multifunctional LTE Gateway (the Gateway) with North Carolina-based Avaya, which sells communication tools to governments.

The new product connects premise-based 911 call handling with Avaya’s OneCloud unified-communications-as-a-service (UCaaS) platform, according to the statement announcing the deal.


“Many police departments, municipalities, schools and other large-scale organizations are switching to cloud-hosted phone systems,” Ivo Allen, CEO of 911inform, told Government Technology via an email interview. “However, most of these organizations have legacy on-premise technology that is simply too expensive and complex to overhaul. Our integration with Avaya OneCloud bridges that gap to help these organizations.”

Much more specifically, the Gateway comes as an appliance with integrated LTE for automatic connection redundancy and the preservation of calls — always an important task for first responders. Other features of the product include connecting hosted phone systems with call recording gear and fax servers. According to 911inform, the tool is vendor agnostic and does not require APIs or direct Session Initiation Protocol trunk connectivity.

As Allen explained, the new product might prove attractive to local governments that, for instance, are upgrading departments or locations one at a time, efforts that result in a mix of old and new technology still in use.


“The Gateway allows the hosted phone system to drop in and communicate with any legacy system, making it simpler to upgrade and easier to communicate,” he said. “In terms of public safety, some police departments have a mixed hosted versus on-premise system. The Gateway will allow the dispatcher to connect to officers and other municipal departments and vice versa seamlessly, no matter what phone calling system they have on site.”

This new product launch reflects a larger trend around communications in the public safety world — a trend that is helping to drive new gov tech business and deployments. Police and fire and emergency communication departments are upgrading their 911 call center technology, often via such work as text-to-911 capabilities and better call-tracking tools.

Thad Rueter writes about the business of government technology. He covered local and state governments for newspapers in the Chicago area and Florida, as well as e-commerce, digital payments and related subjects for various publications. He lives in New Orleans.

Fri, 29 Jul 2022 08:31:00 -0500 en text/html https://www.govtech.com/biz/911inform-avaya-launch-emergency-call-upgrade-tool
Killexams : Avaya Announces Certain Preliminary Third Quarter Fiscal 2022 Financial Results

Avaya Announces Certain Preliminary Third Quarter Fiscal 2022 Financial Results

Avaya Holdings Corp. (NYSE: AVYA) today announced certain preliminary financial results for the third quarter ended June 30, 2022 and expects to release full results for the third quarter on August 9, 2022.

Based on the information currently available for the third quarter ended June 30, 2022, the company expects revenue to be between $575 million and $580 million, compared to guidance of $685 million to $700 million, and Adjusted EBITDA to be between $50 million and $55 million, compared to guidance of $140 million to $150 million.1 The company is also finalizing testing of its goodwill and intangible assets that is expected to result in significant non-cash impairment charges as of June 30, 2022.

Avaya also announced it has initiated cost-cutting measures that are expected to primarily impact the company’s overall selling, general and administrative expenses, as well as discretionary spending. These actions are expected to generate between $225 million and $250 million in annual cost reductions beginning in the first quarter of fiscal 2023. The company expects to minimize any impact to customers with respect to sales and support, and remains committed to Avaya’s long-range innovation and product development roadmaps.

The company’s prior financial guidance should no longer be relied upon. Management will provide additional information in conjunction with the upcoming release of its full third quarter 2022 financial results.

The financial results for the three months ended June 30, 2022 included in this release are preliminary, have not been reviewed or audited, are based upon Avaya’s estimates, and were prepared prior to the completion of the company's financial statement close process. The preliminary financial results should not be viewed as a substitute for the company’s full third quarter results and do not present all information necessary for an understanding of Avaya’s financial performance as of June 30, 2022. Accordingly, undue reliance should not be placed on this preliminary data.

Conference Call and Webcast

Avaya expects to report financial results for the third quarter of fiscal 2022 ended June 30, 2022 on Tuesday, August 9, 2022 before the market open. Avaya will host a live webcast and conference call to discuss its financial results at 8:30 a.m. Eastern Time.

To access the conference call by phone, listeners should dial +1-877-858-7671 in the U.S. or Canada and +1-201-389-0939 for international callers. A replay of the conference call will be available for one week by dialing +1-877-660-6853 in the U.S. or Canada and +1-201-612-7415 for international callers, using the access code: 13731758. To join the live webcast, listeners should access the investor page of Avaya’s website https://investors.avaya.com/. Following the live webcast, a replay will be available for a period of one year.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Risks and uncertainties that may cause these forward-looking statements to be inaccurate include, among others, finalization of the company’s third quarter financial statements (including finalization of the company’s impairment tests), completion of standard quarter-close processes, and the impact and timing of any cost-savings measures, as well as other factors discussed in the company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties may cause the company’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the company’s filings with the SEC that are available at www.sec.gov. The company cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Use of non-GAAP (Adjusted) Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”). EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings and the tables below. We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation and it is used as a basis for calculating covenants in our credit agreements. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. Adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, such as our pricing strategies, volume, costs and expenses of the organization, and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years. EBITDA and adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we do not consider indicative of our ongoing operations but that still affect our net income. In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict. In addition, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation.

The company presents constant currency information to provide a framework to assess how the company’s underlying businesses performance excluding the effect of foreign currency rate fluctuations.

Avaya Holdings Corp.

Supplemental Schedule of non-GAAP Adjusted EBITDA

(Unaudited; in millions)

Three months ended June 30, 2022

(In millions)

Low

High

Loss before income taxes

 

$

(1,930)

 

$

(771)

Interest expense

 

54

 

54

Interest income

 

 

(1)

 

 

(1)

Depreciation and amortization

 

103

 

103

EBITDA

 

 

(1,774)

 

 

(615)

Impact of fresh start accounting adjustments(a)

 

1

 

1

Restructuring charges, net(b)

 

 

11

 

 

11

Advisory fees(c)

 

8

 

8

Share-based compensation

 

 

6

 

 

6

Impairment charges(d)

 

1,804

 

650

Pension and post-retirement benefit costs

 

 

(1)

 

 

(1)

Change in fair value of Emergence Date Warrants

 

(1)

 

 

(1)

Gain on foreign currency transactions

 

 

(4)

 

 

(4)

Adjusted EBITDA

$

50

$

55

 

(a)

The impact of fresh start accounting adjustments in connection with the company's emergence from bankruptcy.

(b)

Restructuring charges represent employee separation costs and facility exit costs (excluding the impact of accelerated depreciation expense) related to the company's restructuring programs, net of sublease income.

(c)

Advisory fees represent costs incurred to assist in the assessment of strategic and financial alternatives to Boost the company's capital structure.

(d)

The company has concluded that a triggering event has occurred during the third quarter of fiscal 2022 primarily due to the sustained decrease in the company’s stock price, which requires the company to perform interim impairment tests of its goodwill and indefinite-lived intangible assets as of June 30, 2022. The impairment testing for goodwill and indefinite-lived intangible assets has not yet been finalized but the company expects non-cash impairment charges as of June 30, 2022 of at least $650 million reflected under the "High" column above. The "Low" column above reflects the maximum potential impairment charge representing the total book value of goodwill and indefinite-lived intangible assets as of June 30, 2022. While the company does not expect that the impairment charge will reflect the total book value of goodwill and indefinite-lived intangible assets, because of the difficulty in estimating the upper bound of the impairment charge and the fact that the impairment testing has not been finalized, the company has chosen to represent the total book value as the upper bound of the potential impairment charge in the "Low" column.

1 Guidance was presented using April 30, 2022 FX rates. Preliminary results presented using June 30, 2022 FX rates.

Media Inquiries:
Alex Alias
alalias@avaya.com

Investor Inquiries:
Tyler Chambers
investors@avaya.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728006000/en/

Thu, 28 Jul 2022 15:26:00 -0500 en text/html https://www.morningstar.com/news/business-wire/20220728006000/avaya-announces-certain-preliminary-third-quarter-fiscal-2022-financial-results
Killexams : Avaya Appoints Alan Masarek as President and CEO

RALEIGH-DURHAM, N.C.--(BUSINESS WIRE)--Jul 28, 2022--

Avaya Holdings Corp. (NYSE: AVYA) today announced that Alan Masarek has been appointed as its President and CEO and as a member of Avaya’s Board of Directors, effective August 1, 2022. Mr. Masarek will succeed Jim Chirico, who will be removed from his positions as President and CEO of Avaya, effective August 1, 2022, and is resigning as a member of Avaya’s Board. Mr. Chirico will remain employed with Avaya through August 16, 2022 and will work with Mr. Masarek to ensure a smooth transition for all stakeholders.

Mr. Masarek is an industry innovator with deep domain expertise in Enterprise Communications and transformational operational experience bringing together UCaaS, CCaaS and CPaaS capabilities, which are key elements of the Avaya OneCloud™ Experience platform. He most recently served as CEO of Vonage Holdings Corp., where he led the company through an era of transformation from a VoIP-based residential phone provider into a global enterprise cloud communications company. Prior to his time at Vonage, Mr. Masarek was Director, Chrome & Apps at Google, Inc., following Google’s acquisition of his prior company, Quickoffice, Inc., where he served as Co-founder and CEO.

Bill Watkins, Chairman of Avaya’s Board, said, “We are thrilled to welcome Alan as President and CEO. Alan is a proven transformational leader, and after a rigorous search process, the Board is confident that Alan is the ideal choice to lead the company into the future. We look forward to benefiting from his decades of industry expertise as we take the next steps to position the company for long-term success.”

Mr. Masarek commented, “Avaya benefits from an industry-leading brand, world-class customer base and global reach, a rich history of innovation and strong partner ecosystem. I look forward to leveraging my background and years of cloud communications experience to propel Avaya to renewed growth and profitability as we build on the company’s strong fundamentals. At the same time, I intend to undertake a comprehensive strategic and operating review of all facets of the business with the goal of delivering industry-leading solutions to our global customers and enhancing value for all stakeholders.”

Mr. Watkins continued, “The Board and I thank Jim for his nearly 15 years of service to Avaya and wish him all the best in his future endeavors.”

About Alan Masarek

Alan Masarek has over 30 years of experience leading communications, information technology and business services companies. Most recently, he was CEO of Vonage Holdings Corp. and a member of its Board of Directors from November 2014 to June 2020. As CEO, Mr. Masarek ushered in an era of transformation for Vonage, transforming the company from a VoIP-based residential phone provider into a global enterprise cloud communications company. During his tenure, Vonage completed eight acquisitions, and market capitalization increased severalfold. As importantly, Mr. Masarek led a revitalization of Vonage’s culture, creating a talent-driven organization with a culture of agility, technology innovation and customer centricity.

Prior to Vonage. Mr. Masarek served as Director, Chrome & Apps Google, Inc. from June 2012 until October 2014, following the acquisition of his prior company, Quickoffice, Inc. Mr. Masarek was Co-founder and CEO of Quickoffice, Inc. Under his leadership, Quickoffice became one of the world’s most embedded mobile productivity software solutions, engaging more than 26 million registered users at the time of Google’s purchase.

Mr. Masarek earned his M.B.A., with Distinction, from Harvard Business School and his B.B.A., magna cum laude, from the University of Georgia.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what’s next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Avaya believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in Avaya’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) available at www.sec.gov, and may cause Avaya’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Avaya cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. Avaya undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220728006008/en/

CONTACT: Tyler Chambers

Avaya Investor Relations

tmchambers@avaya.com

+1-669-242-8161

Alex Alias

Corporate Communications, North America

alalias@avaya.com

+1-669-242-8034

KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA

INDUSTRY KEYWORD: TECHNOLOGY NETWORKS OTHER TECHNOLOGY VOIP

SOURCE: Avaya Holdings Corp.

Copyright Business Wire 2022.

PUB: 07/28/2022 05:05 PM/DISC: 07/28/2022 05:06 PM

http://www.businesswire.com/news/home/20220728006008/en

Thu, 28 Jul 2022 09:06:00 -0500 en text/html https://apnews.com/press-release/business-wire/durham-board-of-directors-vonage-holdings-corp-avaya-ea498c1a97ec4cb0bdf2721000a0aa7a
Killexams : Alan Masarek Takes Helm as Avaya’s New President, CEO

Alan Masarek, a three-decade software and cloud technology industry veteran, has assumed the dual role of president and CEO at Avaya (NYSE: AVYA).

He succeeds Jim Chirico, who departed the company after nearly 15 years of service, and will also serve as a member of the board of directors, Avaya said Thursday.

Masarek joins the North Carolina-based cloud communications company from Vonage Holdings, where he most recently served as CEO and a board member.

He previously worked at Google as a former director of Chrome and Apps following the search engine provider’s acquisition of his productivity software company Quickoffice.

Masarek also serves on the boards at contact data management firm SalesIntel, additive manufacturing company Markforged and connected vehicle data start-up Wejo, according to his LinkedIn profile.

Sun, 31 Jul 2022 22:07:00 -0500 en-US text/html https://www.govconwire.com/2022/08/alan-masarek-takes-helm-as-avayas-new-president-ceo/
Killexams : Avaya Announces Certain Preliminary Third Quarter Fiscal 2022 Financial Results

RALEIGH-DURHAM, N.C.--(BUSINESS WIRE)--Jul 28, 2022--

Avaya Holdings Corp. (NYSE: AVYA) today announced certain preliminary financial results for the third quarter ended June 30, 2022 and expects to release full results for the third quarter on August 9, 2022.

Based on the information currently available for the third quarter ended June 30, 2022, the company expects revenue to be between $575 million and $580 million, compared to guidance of $685 million to $700 million, and Adjusted EBITDA to be between $50 million and $55 million, compared to guidance of $140 million to $150 million. 1 The company is also finalizing testing of its goodwill and intangible assets that is expected to result in significant non-cash impairment charges as of June 30, 2022.

Avaya also announced it has initiated cost-cutting measures that are expected to primarily impact the company’s overall selling, general and administrative expenses, as well as discretionary spending. These actions are expected to generate between $225 million and $250 million in annual cost reductions beginning in the first quarter of fiscal 2023. The company expects to minimize any impact to customers with respect to sales and support, and remains committed to Avaya’s long-range innovation and product development roadmaps.

The company’s prior financial guidance should no longer be relied upon. Management will provide additional information in conjunction with the upcoming release of its full third quarter 2022 financial results.

The financial results for the three months ended June 30, 2022 included in this release are preliminary, have not been reviewed or audited, are based upon Avaya’s estimates, and were prepared prior to the completion of the company's financial statement close process. The preliminary financial results should not be viewed as a substitute for the company’s full third quarter results and do not present all information necessary for an understanding of Avaya’s financial performance as of June 30, 2022. Accordingly, undue reliance should not be placed on this preliminary data.

Conference Call and Webcast

Avaya expects to report financial results for the third quarter of fiscal 2022 ended June 30, 2022 on Tuesday, August 9, 2022 before the market open. Avaya will host a live webcast and conference call to discuss its financial results at 8:30 a.m. Eastern Time.

To access the conference call by phone, listeners should dial +1-877-858-7671 in the U.S. or Canada and +1-201-389-0939 for international callers. A replay of the conference call will be available for one week by dialing +1-877-660-6853 in the U.S. or Canada and +1-201-612-7415 for international callers, using the access code: 13731758. To join the live webcast, listeners should access the investor page of Avaya’s website https://investors.avaya.com/. Following the live webcast, a replay will be available for a period of one year.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Risks and uncertainties that may cause these forward-looking statements to be inaccurate include, among others, finalization of the company’s third quarter financial statements(including finalization of the company’s impairment tests), completion of standard quarter-close processes, andthe impact and timing of any cost-savings measures,as well as other factors discussed in the company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties may cause the company’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the company’s filings with the SEC that are available atwww.sec.gov. The company cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Use of non-GAAP (Adjusted) Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”). EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings and the tables below. We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation and it is used as a basis for calculating covenants in our credit agreements. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. Adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, such as our pricing strategies, volume, costs and expenses of the organization, and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years. EBITDA and adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we do not consider indicative of our ongoing operations but that still affect our net income. In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict. In addition, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation.

The company presents constant currency information to provide a framework to assess how the company’s underlying businesses performance excluding the effect of foreign currency rate fluctuations.

Avaya Holdings Corp.

Supplemental Schedule of non-GAAP Adjusted EBITDA

(Unaudited; in millions)

Three months ended June 30, 2022

(In millions)

Low

High

Loss before income taxes

$

(1,930)

$

(771)

Interest expense

54

54

Interest income

(1)

(1)

Depreciation and amortization

103

103

EBITDA

(1,774)

(615)

Impact of fresh start accounting adjustments (a)

1

1

Restructuring charges, net (b)

11

11

Advisory fees (c)

8

8

Share-based compensation

6

6

Impairment charges (d)

1,804

650

Pension and post-retirement benefit costs

(1)

(1)

Change in fair value of Emergence Date Warrants

(1)

(1)

Gain on foreign currency transactions

(4)

(4)

Adjusted EBITDA

$

50

$

55

 

(a)

The impact of fresh start accounting adjustments in connection with the company's emergence from bankruptcy.

(b)

Restructuring charges represent employee separation costs and facility exit costs (excluding the impact of accelerated depreciation expense) related to the company's restructuring programs, net of sublease income.

(c)

Advisory fees represent costs incurred to assist in the assessment of strategic and financial alternatives to Boost the company's capital structure.

(d)

The company has concluded that a triggering event has occurred during the third quarter of fiscal 2022 primarily due to the sustained decrease in the company’s stock price, which requires the company to perform interim impairment tests of its goodwill and indefinite-lived intangible assets as of June 30, 2022. The impairment testing for goodwill and indefinite-lived intangible assets has not yet been finalized but the company expects non-cash impairment charges as of June 30, 2022 of at least $650 million reflected under the "High" column above. The "Low" column above reflects the maximum potential impairment charge representing the total book value of goodwill and indefinite-lived intangible assets as of June 30, 2022. While the company does not expect that the impairment charge will reflect the total book value of goodwill and indefinite-lived intangible assets, because of the difficulty in estimating the upper bound of the impairment charge and the fact that the impairment testing has not been finalized, the company has chosen to represent the total book value as the upper bound of the potential impairment charge in the "Low" column.

1 Guidance was presented using April 30, 2022 FX rates. Preliminary results presented using June 30, 2022 FX rates.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220728006000/en/

CONTACT: Media Inquiries:

Alex Alias

alalias@avaya.com

Investor Inquiries:

Tyler Chambers

investors@avaya.com

KEYWORD: NORTH CAROLINA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY TELECOMMUNICATIONS ARTIFICIAL INTELLIGENCE SOFTWARE

SOURCE: Avaya Holdings Corp.

Copyright Business Wire 2022.

PUB: 07/28/2022 05:00 PM/DISC: 07/28/2022 05:02 PM

http://www.businesswire.com/news/home/20220728006000/en

Thu, 28 Jul 2022 10:02:00 -0500 en text/html https://www.eagletribune.com/region/avaya-announces-certain-preliminary-third-quarter-fiscal-2022-financial-results/article_1f92a5b2-5123-588a-8a29-9c5de83ae600.html
Killexams : Avaya Appoints Alan Masarek as President and CEO

RALEIGH-DURHAM, N.C.--(BUSINESS WIRE)--Jul 28, 2022--

Avaya Holdings Corp. (NYSE: AVYA) today announced that Alan Masarek has been appointed as its President and CEO and as a member of Avaya’s Board of Directors, effective August 1, 2022. Mr. Masarek will succeed Jim Chirico, who will be removed from his positions as President and CEO of Avaya, effective August 1, 2022, and is resigning as a member of Avaya’s Board. Mr. Chirico will remain employed with Avaya through August 16, 2022 and will work with Mr. Masarek to ensure a smooth transition for all stakeholders.

Mr. Masarek is an industry innovator with deep domain expertise in Enterprise Communications and transformational operational experience bringing together UCaaS, CCaaS and CPaaS capabilities, which are key elements of the Avaya OneCloud™ Experience platform. He most recently served as CEO of Vonage Holdings Corp., where he led the company through an era of transformation from a VoIP-based residential phone provider into a global enterprise cloud communications company. Prior to his time at Vonage, Mr. Masarek was Director, Chrome & Apps at Google, Inc., following Google’s acquisition of his prior company, Quickoffice, Inc., where he served as Co-founder and CEO.

Bill Watkins, Chairman of Avaya’s Board, said, “We are thrilled to welcome Alan as President and CEO. Alan is a proven transformational leader, and after a rigorous search process, the Board is confident that Alan is the ideal choice to lead the company into the future. We look forward to benefiting from his decades of industry expertise as we take the next steps to position the company for long-term success.”

Mr. Masarek commented, “Avaya benefits from an industry-leading brand, world-class customer base and global reach, a rich history of innovation and strong partner ecosystem. I look forward to leveraging my background and years of cloud communications experience to propel Avaya to renewed growth and profitability as we build on the company’s strong fundamentals. At the same time, I intend to undertake a comprehensive strategic and operating review of all facets of the business with the goal of delivering industry-leading solutions to our global customers and enhancing value for all stakeholders.”

Mr. Watkins continued, “The Board and I thank Jim for his nearly 15 years of service to Avaya and wish him all the best in his future endeavors.”

About Alan Masarek

Alan Masarek has over 30 years of experience leading communications, information technology and business services companies. Most recently, he was CEO of Vonage Holdings Corp. and a member of its Board of Directors from November 2014 to June 2020. As CEO, Mr. Masarek ushered in an era of transformation for Vonage, transforming the company from a VoIP-based residential phone provider into a global enterprise cloud communications company. During his tenure, Vonage completed eight acquisitions, and market capitalization increased severalfold. As importantly, Mr. Masarek led a revitalization of Vonage’s culture, creating a talent-driven organization with a culture of agility, technology innovation and customer centricity.

Prior to Vonage. Mr. Masarek served as Director, Chrome & Apps Google, Inc. from June 2012 until October 2014, following the acquisition of his prior company, Quickoffice, Inc. Mr. Masarek was Co-founder and CEO of Quickoffice, Inc. Under his leadership, Quickoffice became one of the world’s most embedded mobile productivity software solutions, engaging more than 26 million registered users at the time of Google’s purchase.

Mr. Masarek earned his M.B.A., with Distinction, from Harvard Business School and his B.B.A., magna cum laude, from the University of Georgia.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," “our vision,” "plan," "potential," "preliminary," "predict," "should," "will," or “would” or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Avaya believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in Avaya’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) available at www.sec.gov, and may cause Avaya’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Avaya cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. Avaya undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220728006008/en/

CONTACT: Tyler Chambers

Avaya Investor Relations

tmchambers@avaya.com

+1-669-242-8161

Alex Alias

Corporate Communications, North America

alalias@avaya.com

+1-669-242-8034

KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA

INDUSTRY KEYWORD: TECHNOLOGY NETWORKS OTHER TECHNOLOGY VOIP

SOURCE: Avaya Holdings Corp.

Copyright Business Wire 2022.

PUB: 07/28/2022 05:05 PM/DISC: 07/28/2022 05:06 PM

http://www.businesswire.com/news/home/20220728006008/en

Thu, 28 Jul 2022 09:10:00 -0500 en text/html https://www.joplinglobe.com/region/national_business/avaya-appoints-alan-masarek-as-president-and-ceo/article_25bc5370-d927-5954-856d-05d182c5172e.html
Killexams : Avaya Announces Certain Preliminary Third Quarter Fiscal 2022 Financial Results

RALEIGH-DURHAM, N.C., July 28, 2022--(BUSINESS WIRE)--Avaya Holdings Corp. (NYSE: AVYA) today announced certain preliminary financial results for the third quarter ended June 30, 2022 and expects to release full results for the third quarter on August 9, 2022.

Based on the information currently available for the third quarter ended June 30, 2022, the company expects revenue to be between $575 million and $580 million, compared to guidance of $685 million to $700 million, and Adjusted EBITDA to be between $50 million and $55 million, compared to guidance of $140 million to $150 million.1 The company is also finalizing testing of its goodwill and intangible assets that is expected to result in significant non-cash impairment charges as of June 30, 2022.

Avaya also announced it has initiated cost-cutting measures that are expected to primarily impact the company’s overall selling, general and administrative expenses, as well as discretionary spending. These actions are expected to generate between $225 million and $250 million in annual cost reductions beginning in the first quarter of fiscal 2023. The company expects to minimize any impact to customers with respect to sales and support, and remains committed to Avaya’s long-range innovation and product development roadmaps.

The company’s prior financial guidance should no longer be relied upon. Management will provide additional information in conjunction with the upcoming release of its full third quarter 2022 financial results.

The financial results for the three months ended June 30, 2022 included in this release are preliminary, have not been reviewed or audited, are based upon Avaya’s estimates, and were prepared prior to the completion of the company's financial statement close process. The preliminary financial results should not be viewed as a substitute for the company’s full third quarter results and do not present all information necessary for an understanding of Avaya’s financial performance as of June 30, 2022. Accordingly, undue reliance should not be placed on this preliminary data.

Conference Call and Webcast

Avaya expects to report financial results for the third quarter of fiscal 2022 ended June 30, 2022 on Tuesday, August 9, 2022 before the market open. Avaya will host a live webcast and conference call to discuss its financial results at 8:30 a.m. Eastern Time.

To access the conference call by phone, listeners should dial +1-877-858-7671 in the U.S. or Canada and +1-201-389-0939 for international callers. A replay of the conference call will be available for one week by dialing +1-877-660-6853 in the U.S. or Canada and +1-201-612-7415 for international callers, using the access code: 13731758. To join the live webcast, listeners should access the investor page of Avaya’s website https://investors.avaya.com/. Following the live webcast, a replay will be available for a period of one year.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements." All statements other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Risks and uncertainties that may cause these forward-looking statements to be inaccurate include, among others, finalization of the company’s third quarter financial statements (including finalization of the company’s impairment tests), completion of standard quarter-close processes, and the impact and timing of any cost-savings measures, as well as other factors discussed in the company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties may cause the company’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the company’s filings with the SEC that are available at www.sec.gov. The company cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Use of non-GAAP (Adjusted) Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America ("GAAP"). EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings and the tables below. We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation and it is used as a basis for calculating covenants in our credit agreements. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. Adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, such as our pricing strategies, volume, costs and expenses of the organization, and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years. EBITDA and adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we do not consider indicative of our ongoing operations but that still affect our net income. In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict. In addition, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation.

The company presents constant currency information to provide a framework to assess how the company’s underlying businesses performance excluding the effect of foreign currency rate fluctuations.

Avaya Holdings Corp.

Supplemental Schedule of non-GAAP Adjusted EBITDA

(Unaudited; in millions)

Three months ended June 30, 2022

(In millions)

Low

High

Loss before income taxes

$

(1,930)

$

(771)

Interest expense

54

54

Interest income

(1)

(1)

Depreciation and amortization

103

103

EBITDA

(1,774)

(615)

Impact of fresh start accounting adjustments(a)

1

1

Restructuring charges, net(b)

11

11

Advisory fees(c)

8

8

Share-based compensation

6

6

Impairment charges(d)

1,804

650

Pension and post-retirement benefit costs

(1)

(1)

Change in fair value of Emergence Date Warrants

(1)

(1)

Gain on foreign currency transactions

(4)

(4)

Adjusted EBITDA

$

50

$

55

(a)

The impact of fresh start accounting adjustments in connection with the company's emergence from bankruptcy.

(b)

Restructuring charges represent employee separation costs and facility exit costs (excluding the impact of accelerated depreciation expense) related to the company's restructuring programs, net of sublease income.

(c)

Advisory fees represent costs incurred to assist in the assessment of strategic and financial alternatives to Boost the company's capital structure.

(d)

The company has concluded that a triggering event has occurred during the third quarter of fiscal 2022 primarily due to the sustained decrease in the company’s stock price, which requires the company to perform interim impairment tests of its goodwill and indefinite-lived intangible assets as of June 30, 2022. The impairment testing for goodwill and indefinite-lived intangible assets has not yet been finalized but the company expects non-cash impairment charges as of June 30, 2022 of at least $650 million reflected under the "High" column above. The "Low" column above reflects the maximum potential impairment charge representing the total book value of goodwill and indefinite-lived intangible assets as of June 30, 2022. While the company does not expect that the impairment charge will reflect the total book value of goodwill and indefinite-lived intangible assets, because of the difficulty in estimating the upper bound of the impairment charge and the fact that the impairment testing has not been finalized, the company has chosen to represent the total book value as the upper bound of the potential impairment charge in the "Low" column.

1 Guidance was presented using April 30, 2022 FX rates. Preliminary results presented using June 30, 2022 FX rates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728006000/en/

Contacts

Media Inquiries:
Alex Alias
alalias@avaya.com

Investor Inquiries:
Tyler Chambers
investors@avaya.com

Thu, 28 Jul 2022 15:59:00 -0500 en-US text/html https://finance.yahoo.com/news/avaya-announces-certain-preliminary-third-210000528.html
Killexams : Avaya Appoints Alan Masarek as President and CEO

Industry Veteran Brings Over 30 Years of Software and Cloud-Based Business Experience to Lead Avaya’s Business Model Transformation

RALEIGH-DURHAM, N.C., July 28, 2022--(BUSINESS WIRE)--Avaya Holdings Corp. (NYSE: AVYA) today announced that Alan Masarek has been appointed as its President and CEO and as a member of Avaya’s Board of Directors, effective August 1, 2022. Mr. Masarek will succeed Jim Chirico, who will be removed from his positions as President and CEO of Avaya, effective August 1, 2022, and is resigning as a member of Avaya’s Board. Mr. Chirico will remain employed with Avaya through August 16, 2022 and will work with Mr. Masarek to ensure a smooth transition for all stakeholders.

Mr. Masarek is an industry innovator with deep domain expertise in Enterprise Communications and transformational operational experience bringing together UCaaS, CCaaS and CPaaS capabilities, which are key elements of the Avaya OneCloud™ Experience platform. He most recently served as CEO of Vonage Holdings Corp., where he led the company through an era of transformation from a VoIP-based residential phone provider into a global enterprise cloud communications company. Prior to his time at Vonage, Mr. Masarek was Director, Chrome & Apps at Google, Inc., following Google’s acquisition of his prior company, Quickoffice, Inc., where he served as Co-founder and CEO.

Bill Watkins, Chairman of Avaya’s Board, said, "We are thrilled to welcome Alan as President and CEO. Alan is a proven transformational leader, and after a rigorous search process, the Board is confident that Alan is the ideal choice to lead the company into the future. We look forward to benefiting from his decades of industry expertise as we take the next steps to position the company for long-term success."

Mr. Masarek commented, "Avaya benefits from an industry-leading brand, world-class customer base and global reach, a rich history of innovation and strong partner ecosystem. I look forward to leveraging my background and years of cloud communications experience to propel Avaya to renewed growth and profitability as we build on the company’s strong fundamentals. At the same time, I intend to undertake a comprehensive strategic and operating review of all facets of the business with the goal of delivering industry-leading solutions to our global customers and enhancing value for all stakeholders."

Mr. Watkins continued, "The Board and I thank Jim for his nearly 15 years of service to Avaya and wish him all the best in his future endeavors."

About Alan Masarek

Alan Masarek has over 30 years of experience leading communications, information technology and business services companies. Most recently, he was CEO of Vonage Holdings Corp. and a member of its Board of Directors from November 2014 to June 2020. As CEO, Mr. Masarek ushered in an era of transformation for Vonage, transforming the company from a VoIP-based residential phone provider into a global enterprise cloud communications company. During his tenure, Vonage completed eight acquisitions, and market capitalization increased severalfold. As importantly, Mr. Masarek led a revitalization of Vonage’s culture, creating a talent-driven organization with a culture of agility, technology innovation and customer centricity.

Prior to Vonage. Mr. Masarek served as Director, Chrome & Apps Google, Inc. from June 2012 until October 2014, following the acquisition of his prior company, Quickoffice, Inc. Mr. Masarek was Co-founder and CEO of Quickoffice, Inc. Under his leadership, Quickoffice became one of the world’s most embedded mobile productivity software solutions, engaging more than 26 million registered users at the time of Google’s purchase.

Mr. Masarek earned his M.B.A., with Distinction, from Harvard Business School and his B.B.A., magna cum laude, from the University of Georgia.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain "forward-looking statements." All statements other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Avaya believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in Avaya’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") available at www.sec.gov, and may cause Avaya’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Avaya cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. Avaya undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728006008/en/

Contacts

Tyler Chambers
Avaya Investor Relations
tmchambers@avaya.com
+1-669-242-8161

Alex Alias
Corporate Communications, North America
alalias@avaya.com
+1-669-242-8034

Thu, 28 Jul 2022 16:05:00 -0500 en-US text/html https://finance.yahoo.com/news/avaya-appoints-alan-masarek-president-210500119.html
Killexams : Avaya Announces Certain Preliminary Third Quarter Fiscal 2022 Financial Results

RALEIGH-DURHAM, N.C., July 28, 2022--(BUSINESS WIRE)--Avaya Holdings Corp. (NYSE: AVYA) today announced certain preliminary financial results for the third quarter ended June 30, 2022 and expects to release full results for the third quarter on August 9, 2022.

Based on the information currently available for the third quarter ended June 30, 2022, the company expects revenue to be between $575 million and $580 million, compared to guidance of $685 million to $700 million, and Adjusted EBITDA to be between $50 million and $55 million, compared to guidance of $140 million to $150 million.1 The company is also finalizing testing of its goodwill and intangible assets that is expected to result in significant non-cash impairment charges as of June 30, 2022.

Avaya also announced it has initiated cost-cutting measures that are expected to primarily impact the company’s overall selling, general and administrative expenses, as well as discretionary spending. These actions are expected to generate between $225 million and $250 million in annual cost reductions beginning in the first quarter of fiscal 2023. The company expects to minimize any impact to customers with respect to sales and support, and remains committed to Avaya’s long-range innovation and product development roadmaps.

The company’s prior financial guidance should no longer be relied upon. Management will provide additional information in conjunction with the upcoming release of its full third quarter 2022 financial results.

The financial results for the three months ended June 30, 2022 included in this release are preliminary, have not been reviewed or audited, are based upon Avaya’s estimates, and were prepared prior to the completion of the company's financial statement close process. The preliminary financial results should not be viewed as a substitute for the company’s full third quarter results and do not present all information necessary for an understanding of Avaya’s financial performance as of June 30, 2022. Accordingly, undue reliance should not be placed on this preliminary data.

Conference Call and Webcast

Avaya expects to report financial results for the third quarter of fiscal 2022 ended June 30, 2022 on Tuesday, August 9, 2022 before the market open. Avaya will host a live webcast and conference call to discuss its financial results at 8:30 a.m. Eastern Time.

To access the conference call by phone, listeners should dial +1-877-858-7671 in the U.S. or Canada and +1-201-389-0939 for international callers. A replay of the conference call will be available for one week by dialing +1-877-660-6853 in the U.S. or Canada and +1-201-612-7415 for international callers, using the access code: 13731758. To join the live webcast, listeners should access the investor page of Avaya’s website https://investors.avaya.com/. Following the live webcast, a replay will be available for a period of one year.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements." All statements other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Risks and uncertainties that may cause these forward-looking statements to be inaccurate include, among others, finalization of the company’s third quarter financial statements (including finalization of the company’s impairment tests), completion of standard quarter-close processes, and the impact and timing of any cost-savings measures, as well as other factors discussed in the company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties may cause the company’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the company’s filings with the SEC that are available at www.sec.gov. The company cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Use of non-GAAP (Adjusted) Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America ("GAAP"). EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings and the tables below. We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation and it is used as a basis for calculating covenants in our credit agreements. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. Adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short-term, such as our pricing strategies, volume, costs and expenses of the organization, and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years. EBITDA and adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we do not consider indicative of our ongoing operations but that still affect our net income. In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict. In addition, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation.

The company presents constant currency information to provide a framework to assess how the company’s underlying businesses performance excluding the effect of foreign currency rate fluctuations.

Avaya Holdings Corp.

Supplemental Schedule of non-GAAP Adjusted EBITDA

(Unaudited; in millions)

Three months ended June 30, 2022

(In millions)

Low

High

Loss before income taxes

$

(1,930)

$

(771)

Interest expense

54

54

Interest income

(1)

(1)

Depreciation and amortization

103

103

EBITDA

(1,774)

(615)

Impact of fresh start accounting adjustments(a)

1

1

Restructuring charges, net(b)

11

11

Advisory fees(c)

8

8

Share-based compensation

6

6

Impairment charges(d)

1,804

650

Pension and post-retirement benefit costs

(1)

(1)

Change in fair value of Emergence Date Warrants

(1)

(1)

Gain on foreign currency transactions

(4)

(4)

Adjusted EBITDA

$

50

$

55

(a)

The impact of fresh start accounting adjustments in connection with the company's emergence from bankruptcy.

(b)

Restructuring charges represent employee separation costs and facility exit costs (excluding the impact of accelerated depreciation expense) related to the company's restructuring programs, net of sublease income.

(c)

Advisory fees represent costs incurred to assist in the assessment of strategic and financial alternatives to Boost the company's capital structure.

(d)

The company has concluded that a triggering event has occurred during the third quarter of fiscal 2022 primarily due to the sustained decrease in the company’s stock price, which requires the company to perform interim impairment tests of its goodwill and indefinite-lived intangible assets as of June 30, 2022. The impairment testing for goodwill and indefinite-lived intangible assets has not yet been finalized but the company expects non-cash impairment charges as of June 30, 2022 of at least $650 million reflected under the "High" column above. The "Low" column above reflects the maximum potential impairment charge representing the total book value of goodwill and indefinite-lived intangible assets as of June 30, 2022. While the company does not expect that the impairment charge will reflect the total book value of goodwill and indefinite-lived intangible assets, because of the difficulty in estimating the upper bound of the impairment charge and the fact that the impairment testing has not been finalized, the company has chosen to represent the total book value as the upper bound of the potential impairment charge in the "Low" column.

1 Guidance was presented using April 30, 2022 FX rates. Preliminary results presented using June 30, 2022 FX rates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728006000/en/

Contacts

Media Inquiries:
Alex Alias
alalias@avaya.com

Investor Inquiries:
Tyler Chambers
investors@avaya.com

Thu, 28 Jul 2022 15:59:00 -0500 en-GB text/html https://uk.news.yahoo.com/avaya-announces-certain-preliminary-third-210000528.html
Killexams : Avaya Appoints Alan Masarek as President and CEO

Industry Veteran Brings Over 30 Years of Software and Cloud-Based Business Experience to Lead Avaya’s Business Model Transformation

RALEIGH-DURHAM, N.C., July 28, 2022--(BUSINESS WIRE)--Avaya Holdings Corp. (NYSE: AVYA) today announced that Alan Masarek has been appointed as its President and CEO and as a member of Avaya’s Board of Directors, effective August 1, 2022. Mr. Masarek will succeed Jim Chirico, who will be removed from his positions as President and CEO of Avaya, effective August 1, 2022, and is resigning as a member of Avaya’s Board. Mr. Chirico will remain employed with Avaya through August 16, 2022 and will work with Mr. Masarek to ensure a smooth transition for all stakeholders.

Mr. Masarek is an industry innovator with deep domain expertise in Enterprise Communications and transformational operational experience bringing together UCaaS, CCaaS and CPaaS capabilities, which are key elements of the Avaya OneCloud™ Experience platform. He most recently served as CEO of Vonage Holdings Corp., where he led the company through an era of transformation from a VoIP-based residential phone provider into a global enterprise cloud communications company. Prior to his time at Vonage, Mr. Masarek was Director, Chrome & Apps at Google, Inc., following Google’s acquisition of his prior company, Quickoffice, Inc., where he served as Co-founder and CEO.

Bill Watkins, Chairman of Avaya’s Board, said, "We are thrilled to welcome Alan as President and CEO. Alan is a proven transformational leader, and after a rigorous search process, the Board is confident that Alan is the ideal choice to lead the company into the future. We look forward to benefiting from his decades of industry expertise as we take the next steps to position the company for long-term success."

Mr. Masarek commented, "Avaya benefits from an industry-leading brand, world-class customer base and global reach, a rich history of innovation and strong partner ecosystem. I look forward to leveraging my background and years of cloud communications experience to propel Avaya to renewed growth and profitability as we build on the company’s strong fundamentals. At the same time, I intend to undertake a comprehensive strategic and operating review of all facets of the business with the goal of delivering industry-leading solutions to our global customers and enhancing value for all stakeholders."

Mr. Watkins continued, "The Board and I thank Jim for his nearly 15 years of service to Avaya and wish him all the best in his future endeavors."

About Alan Masarek

Alan Masarek has over 30 years of experience leading communications, information technology and business services companies. Most recently, he was CEO of Vonage Holdings Corp. and a member of its Board of Directors from November 2014 to June 2020. As CEO, Mr. Masarek ushered in an era of transformation for Vonage, transforming the company from a VoIP-based residential phone provider into a global enterprise cloud communications company. During his tenure, Vonage completed eight acquisitions, and market capitalization increased severalfold. As importantly, Mr. Masarek led a revitalization of Vonage’s culture, creating a talent-driven organization with a culture of agility, technology innovation and customer centricity.

Prior to Vonage. Mr. Masarek served as Director, Chrome & Apps Google, Inc. from June 2012 until October 2014, following the acquisition of his prior company, Quickoffice, Inc. Mr. Masarek was Co-founder and CEO of Quickoffice, Inc. Under his leadership, Quickoffice became one of the world’s most embedded mobile productivity software solutions, engaging more than 26 million registered users at the time of Google’s purchase.

Mr. Masarek earned his M.B.A., with Distinction, from Harvard Business School and his B.B.A., magna cum laude, from the University of Georgia.

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what's next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain "forward-looking statements." All statements other than statements of historical fact are "forward-looking" statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. Avaya has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Avaya believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in Avaya’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") available at www.sec.gov, and may cause Avaya’s real results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Avaya cautions you that the list of important factors included in the company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. Avaya undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728006008/en/

Contacts

Tyler Chambers
Avaya Investor Relations
tmchambers@avaya.com
+1-669-242-8161

Alex Alias
Corporate Communications, North America
alalias@avaya.com
+1-669-242-8034

Thu, 28 Jul 2022 16:05:00 -0500 en-GB text/html https://uk.news.yahoo.com/avaya-appoints-alan-masarek-president-210500119.html
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