On the 9th of February, Avaya reported financial results for the first quarter of fiscal 2021 ended December 31, 2020. The first quarter financial highlights: Revenues of $743 million; OneCloud ARR was $262 million, up 38% sequentially; CAPS (Cloud, Alliance Partner and Subscription) revenue was 34%, up from 18% a year ago; Software and services were 88% of revenue, up from 86% a year ago; GAAP Operating income was $62 million; Non-GAAP Operating income was $163 million; GAAP Net loss was $4 million; Non-GAAP Net income was $85 million; Adjusted EBITDA was $190 million, 25.6% of revenue. Jim Chirico, President and CEO of Avaya commented that results exceeded predictions and reflected exceptional 2020 strategy: “The investments we have made in the business are generating strong traction across all segments in which we operate and, as a result, we are increasing our guidance for revenue, ARR, profitability and CFFO for the fiscal year.”