RingCentral, Inc. (NYSE:RNG) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Will Wong - Vice President, Investor Relations
Vlad Shmunis - Founder, Chairman and CEO
Sonalee Parekh - Chief Financial Officer

Conference Call Participants

Kash Rangan - Goldman Sachs
Samad Samana - Jefferies
Ryan MacWilliams - Barclays
Siti Panigrahi - Mizuho
Tim Horan - Oppenheimer
Brian Peterson - Raymond James
Bobby Dee - Truist

Operator

Thank you for standing by. This is the conference operator. Welcome to the RingCentral First Quarter 2024 Earnings Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After your presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Will Wong, Vice President, Investor Relations. Please go ahead.

Will Wong

Good afternoon. And welcome to RingCentral’s first quarter 2024 earnings conference call. Joining me today are Vlad Shmunis, Founder, Chairman and CEO; and Sonalee Parekh, CFO. Our format today will include prepared remarks by Vlad and Sonalee, followed by Q&A. We also have a slide presentation available on our Investor Relations website that will coincide with today’s call, which you can find under the Financial Results section at ir.ringcentral.com.

Some of our discussion and responses to your questions will contain forward-looking statements regarding the company’s business operations, financial performance and outlook. These statements are subject to risks and uncertainties, some of which are beyond our control and are not guarantees of future performance.

Actual results may differ materially from our forward-looking statements and we undertake no obligation to update these statements after this call. For a complete discussion of the risks and uncertainties related to our business, please refer to the information contained in our filings with the Securities and Exchange Commission, as well as today’s earnings release.

Unless otherwise indicated, all measures that follow are non-GAAP with year-over-year comparisons. A reconciliation of all GAAP to non-GAAP results is provided with our earnings release and in the slide deck.

For certain forward-looking guidance, a reconciliation of the non-GAAP financial guidance to the corresponding GAAP measure is not available as discussed in detail in the slide deck posted on our Investor Relations website.

With that, I’ll turn the call over to Vlad.

Vlad Shmunis

Good afternoon and welcome to our first quarter conference call. We had a solid start to the year. In Q1, total revenue rose 9% to $584 million, above the high end of our outlook. ARR rose 10% to $2.4 billion, with Enterprise up 13% for the fourth consecutive quarter.