Avaya Holdings Corp. (NYSE: AVYA) reported financial results for the first quarter of fiscal 2021 ended December 31, 2020.
CAPS revenue growth of ~$300 million, which will represent between 35% and 40% of Avaya’s total revenue in FY21.
CAPS (Cloud, Alliance Partner and Subscription) revenue was 34%, up from 18% a year ago.
As Avaya’s CAPS metric reflects revenue that is already recognized, management believes it would be helpful to provide investors with a better view into the performance of the company’s broader-based OneCloud software solutions that are driving the company’s recurring revenue growth by also providing a forward-looking metric, Annualized Recurring Revenue, or OneCloud ARR.
