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RingCentral Exhibit 99.1 RingCentral Announces First Quarter 2021 Results RingCentral Office® ARR up 40 % to $ 1.3 billion Enterprise ARR up 62 % to over $ 500 million Global 2000 and Fortune 1000 Enterprise Business now surpasses $ 100 million ARR Belmont , Calif . – May 4 , 2021 – RingCentral , Inc. ( NYSE : RNG ) , a leading provider of global enterprise cloud communications , video meetings , collaboration , and contact center solutions , today announced financial results for the first quarter ended March 31 , 2021 . First Quarter Financial Highlights • Total revenue increased 32 % year over year to $ 352 million . • Subscriptions revenue increased 34 % year over year to $ 325 million . • Total Annualized Exit Monthly Recurring Subscriptions ( ARR ) increased 37 % year over year to $ 1.4 billion . RingCentral Office® ARR ( UCaaS + CCaaS ) increased 40 % year over year to $ 1.3 billion . " Direct and Partners Office ARR ( ¹ ) increased 33 % year over year to $ 817 million , an acceleration of 8 points year over year . Channel Office ARR increased 53 % year over year to $ 505 million . " First quarter results were exceptional , with meaningful contributions from key partners including Avaya , Atos , AT & T , BT , and Telus , ” said Vlad Shmunis , RingCentral's founder , chairman and CEO . " We believe we are witnessing the intersection of two megatrends of digital transformation and hybrid workforce adoption , which is creating a structural shift in awareness and demand for cloud communications solutions . RingCentral has always been about work from anywhere . With our proven UCaaS platform and a comprehensive CCaaS portfolio , RingCentral continues to win as a trusted communications partner of choice for businesses of all sizes in their digital transformation journeys . " ( 1 ) Direct and Partners Office ARR is defined to include direct , Avaya , Atos , Alcatel - Lucent Enterprise , AT & T , BT , Telus , and other non- channel partners . Financial Results for the First Quarter 2021 • • • Revenue : Subscriptions revenue of $ 325 million increased 34 % year over year and accounted for 92 % of total revenue . Total revenue was $ 352 million for the first quarter of 2021 , up from $ 268 million in the first quarter of 2020 , representing 32 % growth . Operating Income ( Loss ) : GAAP operating loss was ( $ 42 ) million , compared to a GAAP operating loss of ( $ 25 ) million in the same period last year , primarily driven by higher share - based compensation and amortization of acquisition intangibles . Non - GAAP operating income was $ 33 million , compared to a non - GAAP operating income of $ 22 million in the same period last year . Net Income ( Loss ) Per Share : GAAP net loss per share was ( $ 0.00 ) , compared to ( $ 0.70 ) in the same period last year . The lower loss was primarily driven by mark - to - market gains associated with investments and strategic partnerships . Non - GAAP net income per diluted share was $ 0.27 , compared to $ 0.19 per diluted share in the same period last year . The first quarters of 2021 and 2020 reflected a 22.5 % non - GAAP tax rate . There were no material cash taxes given our net operating loss carryforwards . Cash and Cash Equivalents : Total cash and cash equivalents at the end of the first quarter of 2021 was $ 463 million . This compares to $ 640 million at the end of the fourth quarter of 2020. Our cash balance reflects $ 183 million cash paid for partial repurchase of our 2023 convertible senior notes .