Ribbon Communications Inc. (NASDAQ:RBBN) Q4 2022 Earnings Conference Call February 15, 2023 4:30 PM ET

Company Participants

Bita Milanian - Senior Vice President, Global Marketing

Bruce McClelland - Chief Executive Officer

Mick Lopez - Chief Financial Officer

Conference Call Participants

Tim Savageaux - Northland Capital Markets

Greg Mesniaeff - WestPark Capital

Dave Kang - B. Riley

Erik Suppiger - JMP Securities

Operator

Greetings, and welcome to the Ribbon Communications Fourth Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Bita Milanian, Senior Vice President, Global Marketing. Thank you, Bita. You may begin.

Bita Milanian

Good afternoon, and welcome to Ribbon's Fourth Quarter 2022 Financial Results Conference Call. I am Bita Milanian, SVP of Marketing at Ribbon Communications. Also on the call today are Bruce McClelland, Ribbon's Chief Executive Officer; and Mick Lopez, Ribbon's Chief Financial Officer.

Today's call is being webcast live and will be archived on the Investor Relations section of our website at rbbn.com where both our press release and supplemental slides are currently available. Certain matters we will be discussing today, including the business outlook and financial projections for the first quarter of 2023 and beyond are forward-looking statements. Such statements are subject to the risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. These risks and uncertainties are discussed in our documents filed with the SEC, including our most recent Form 10-K.

I refer you to our Safe Harbor statement included on slide 2 of the supplemental slides for this conference call. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the earnings press release we issued earlier today, as well as the supplemental slides we prepared for this conference call, which again are both available on the Investor Relations section of our website.

And now, I would like to turn the call over to Bruce. Bruce?

Bruce McClelland

Thanks, Bita, and thanks to everyone for joining us today to discuss our fourth quarter results and our outlook for 2023. I'm very pleased to report solid financial results for the fourth quarter, the strongest quarter of the year, with year-over-year growth in revenue and earnings. Overall, sales were above the midpoint of guidance, growing 13% sequentially and 1% year-over-year. Adjusted EBITDA increased 25% versus the third quarter and 11% versus the fourth quarter of 2021. And bookings momentum continued with book-to-revenue of 1.1 times, even with higher sales levels in the quarter.