RingCentral Q2 FY2024 Earnings Call
With Vlad Shmunis (CEO) and Sonalee Parekh (CFO).
RingCentral, Inc. (NYSE: RNG) is a global leader in AI–powered customer engagement, delivering an integrated platform for business phone, SMS, contact center, workforce engagement management, video collaboration, and messaging.
More about RingCentral
Powered by advanced AI capabilities, RingCentral delivers intelligence at every phase of the conversation journey — before, during, and after each human interaction. With RingCentral, businesses can work smarter, respond faster, and connect more meaningfully with their customers. Visit ringcentral.com to learn more. Our decades-long leadership in reliable and secure cloud communications has earned us the trust of nearly 600,000 customers and millions of users worldwide. RingCentral is headquartered in Belmont, California, and has offices around the world.
1Prepared remarks3 speakers
Thank you. Good afternoon and welcome to RingCentral's second 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 responses to your questions…
Good afternoon and welcome to our second quarter earnings conference call. We had a solid second quarter, as results were above the high end of guidance on all key metrics again this quarter. Total revenue rose 10% to $593 million, $7 million above the midpoint of our guidance. We saw good traction with our new products, in particular with RingCX, our native AI-first cloud contact center product. RingCX traction was solidly above our expectations. Importantly, we also delivered another quarter of expanding…
Thanks, Vlad. I'll provide highlights from the second quarter and then discuss our business outlook for the third quarter and full year. In Q2, subscription revenue of $567 million was up 10% year-over-year, solidly above the high end of our guidance range. ARR of $2.43 billion was up 9% year-over-year. Adjusted for constant currency, ARR was up 10% versus last year. CCaaS ARR was $390 million, up 19% versus last year, with good early traction from RingCX. As Vlad noted, the number of large TCV deals was roughly…