Avaya Holdings Corp. (NYSE: AVYA) has reported financial results for the second quarter and first six months of fiscal 2018 ended March 31, 2018, the company said.
Due to the company´s emergence from Chapter 11 proceedings during the first quarter of fiscal 2018, and adoption of fresh start accounting effective on December 15, 2017, the results for the first quarter and first six-months of fiscal 2018 are required by GAAP to be presented separately as the predecessor period from October 1, 2017 through December 15, 2017 (inclusive of results prior to October 1, 2017, the “Predecessor” period) and the successor period from December 16, 2017 through December 31, 2017 or March 31, 2018, as applicable (each, a “Successor” period).
The application of fresh start accounting results in a new basis of accounting making the results of the Predecessor period not comparable to the results of the Successor period. Where applicable we have, however, combined results of the Predecessor and Successor periods for discussion purposes as we believe it provides the most meaningful basis to analyze our results.(1)
Revenue for the second quarter of fiscal 2018 was USD 672 million, including USD 1 million related to Avaya´s former Networking business, which was sold on July 14, 2017. Revenue for the combined period from October 1, 2017 through December 31, 2017 (the “Combined First Quarter Fiscal 2018” (1)), was USD 752 million, including USD 3 million related to the Networking business. Revenue for the second quarter of fiscal 2017 ending March 31, 2017 was USD 804 million, including USD 51 million related to the Networking business.
Avaya is a global provider of digital communications software, services and devices for businesses of all sizes. For more information, visit www.avaya.com.