Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B+ | B |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | GSPs to start deploying AI products to their customer base Beyond AT&T and TELUS, added Cox Communications and Spectrum Business deploying AI portfolio. | exceeded |
| Q1'26 | ✅ | AIR and other AI products to drive higher ARPU and retention Confirmed AI customers have 'significantly better ARPU' and 'net retention well above 100%' | delivered |
| Q1'26 | ✅ | SBC to be approximately 9% of revenue in 2026 Q1 achieved 9% and maintained full year guidance of ~9%, down from 11% in 2025. | delivered |
| Q1'26 | ✅ | GAAP operating margin to approximately double in 2026 Q4 guidance was ~9% GAAP margin vs 4.8% in 2025. Q1 delivered 7.8% and raised full year to 8.9%-9.6%. | exceeded |
| Q1'26 | ✅ | First quarterly dividend of $0.075 per share Paid inaugural dividend as announced in Q4. Continuing quarterly payments. | delivered |
| Q1'26 | ✅ | Report on RCAI utilizing customers periodically instead of cohort-based metrics They shifted entirely away from SMB/Mid-market/Enterprise breakdowns to AI-centric customer view as promised. | delivered |
| Q1'26 | ✅ | Achieve $100 million ARR from new products in 2025 Vlad confirmed they achieved this target exactly. New products include AI (AIR, AVA, ACE) plus RingCX contact center. | delivered |
| Q4'25 | ✅ | GSP partners beginning to sell AI offerings AT&T now offering AIR, TELUS taking products to market as promised | delivered |
| Q4'25 | ✅ | Double-digit sequential growth for RingCX RingCX momentum continued with 1,500+ customers, revenue more than doubled | delivered |
| Q4'25 | ✅ | Continue paying down debt and strengthening balance sheet Reduced debt $275M, net leverage now 1.7x as committed | delivered |
| Q4'25 | ✅ | SBC reduction to 11% of revenue for 2025 Achieved better than 11%, guided to 9% for 2026 | exceeded |
| Q4'25 | ✅ | Free cash flow of $525-530M for full year 2025 Hit $530M at high end of range, up 32% YoY as promised | delivered |
| Q4'25 | ✅ | Exceed $100 million in ARR from new products by end of 2025 Achieved this target with AI products contributing meaningfully to the total | delivered |
| Q3'25 | ✅ | Share count reduction to 92.5M-93M shares for 2025 Now projecting 92M shares, returning to 2020 levels faster than expected | exceeded |
| Q3'25 | ✅ | Continue to expand operating margins Achieved 22.8% operating margin, up 180bp YoY and above guidance | delivered |
| Q3'25 | ✅ | Reducing SBC to trend towards 6% of revenue levels over time 2025 new grants expected at 6% of revenue, with total SBC now 11% vs 14.5% guidance | delivered |
| Q3'25 | ✅ | Free cash flow guidance of $515-520 million for 2025 Raised to $525-530 million, beating prior guidance | exceeded |
| Q3'25 | ⏳ | Expect these new products to comprise a meaningful portion of our overall revenues in a few years Still qualitative, no specific timeline or percentage provided | pending |
| Q3'25 | ⏳ | Well on our way to meeting the $100 million ARR new products goal for this year Upgraded language to 'exceed $100 million' but still pending Q4 delivery | pending |
| Q2'25 | ✅ | Strong double-digit growth in small business cohort Continued momentum with double-digit ARR growth | delivered |
| Q2'25 | ⏳ | Further debt reduction below $1 billion by end 2026 On track with net debt now at $1.1B from $1.27B | pending |
| Q2'25 | ✅ | Continue reducing stock-based compensation Down 450bps as percent of revenue, lowered annual guide | delivered |
| Q2'25 | ✅ | Approximately $500-510 million free cash flow for 2025 Raised to $515-520M on strong Q2 performance | exceeded |
| Q2'25 | ✅ | Maintain GAAP operating profitability going forward Fourth consecutive quarter of GAAP operating profit achieved | delivered |
| Q2'25 | ⏳ | Over $100 million ARR from new products by end 2025 Reconfirmed but language softened from 'deliver' to 'meeting' target | pending |
| Q1'25 | ⏳ | Gross debt below $1B by end-2026 Paid down $166M in Q1, net leverage improved to 2.0x | pending |
| Q1'25 | ⏳ | RingCX revenue to more than double in 2025 On track with 700 to 1,000+ customers in Q1 | pending |
| Q1'25 | ✅ | Continue to hold ~20% UCaaS market share Vlad emphasized they're maintaining steady 20% share | delivered |
| Q1'25 | ✅ | Maintain GAAP operating profitability going forward Third consecutive quarter achieved | delivered |
| Q1'25 | ⏳ | $500-510M free cash flow for 2025 Reiterated with Q1 at $130M putting them on track | pending |
| Q1'25 | ⏳ | At least $100M new products ARR by end-2025 Raised to 'over $100M' - increased confidence with over $50M already achieved | pending |
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