MobileIron Announces Fiscal Fourth Quarter and Full Year 2015 Financial Results

MOUNTAIN VIEW, Calif., Feb. 4, 2016 /PRNewswire/ -- MobileIron (NASDAQ: MOBL), the leader in mobile enterprise security, today announced results for its fourth fiscal quarter ended December 31, 2015.

Fourth Quarter 2015 Financial Highlights

  • Gross billings were $48.6 million, up 15% year-over-year
  • Recurring billings, which represented 65% of gross billings, were $31.5 million, up 30% year-over-year
  • GAAP revenue was $43.0 million, up 14% year-over-year
  • Non-GAAP revenue was $42.9 million, up 17% year-over-year
  • Recurring revenue was $26.0 million, up 45% year-over-year
  • GAAP net loss per share was $0.18; non-GAAP net loss per share was $0.07
  • Cash and equivalents, plus short and long term investments stood at $98.9 million
  • Surpassed 10,500 cumulative customers who have purchased our platform since 2009 and over 500 of the 2015 Forbes Global 2000

Full Year 2015 Financial Highlights

  • Gross billings were $165.0 million, up 13% year-over-year
  • Recurring billings, which represented 65% of gross billings, were $107.5 million, up 37% year-over-year
  • GAAP revenue was $149.3 million, up 13% year-over-year
  • Non-GAAP revenue was $147.5 million, up 16% year-over-year
  • Recurring revenue was $90.6 million, up 49% year-over-year
  • GAAP net loss per share was $1.07; non-GAAP net loss per share was $0.71

"We have a great opportunity in front of us. I joined MobileIron for two reasons: there's a huge market and, having been a MobileIron customer, I believe we have the best product," said Barry Mainz, CEO, MobileIron. "It was a strong end to the year with record billings and revenues. We achieved our financial targets while reducing expenses and demonstrated improved operating leverage. I am committed to the goal of exiting 2016 cash flow positive."

Fourth Quarter 2015 Business Highlights

Platform

  • Released software enhancements to MobileIron Core, Cloud, Sentry, Docs@Work, Email+, including increased iOS 9 features, enhancements to Android for Work, and general release of Windows 10.   
  • As of end of 2015, MobileIron ecosystem boasted 470 active technology partners, which have already released over 180 technology integrations.

Channels

  • Added Dimension Data as a global channel partner.
  • Our largest reseller, AT&T, represented approximately 16% of GAAP revenue for the quarter.

Milestones and Recognition

  • Granted four additional US patents bringing the total to 26 issued.  
  • Recognized as a leader by Forrester Research, Inc. in its report The Forrester Wave(tm): Enterprise Mobile Management, Q4 2015.
  • Reported new data on the State of App Security and showed that one in 10 enterprises has at least one compromised mobile device.
  • Settled outstanding lawsuits with Good Technology.

Financial Outlook

The company is providing the following outlook for its fiscal first quarter 2016 (ending March 31, 2016):

  • Gross billings are expected to be between $40 million and $43 million, growth of 10% to 18% year-over-year.
  • Revenue is expected to be between $38 million and $40 million, growth between 16% and 22% year-over-year.
  • Non-GAAP gross margin is expected to be between 82 and 83%, and non-GAAP operating expenses are expected to be between $42 million and $44 million.

The company is providing the following outlook for its fiscal 2016 (ending December 31, 2016):

  • Gross billings are expected to be between $180 million and $200 million.
  • Revenue is expected to be between $160 million and $180 million.
  • Non-GAAP operating margin is expected to be between -8% and -12% for the fourth quarter 2016.
  • Cash from operations is expected to be positive for the fiscal fourth quarter 2016.

All forward-looking non-GAAP financial measures contained in this section "Financial Outlook" exclude estimates for stock-based compensation expenses and amortization of intangible assets. Beginning the first quarter of 2016, we will stop reporting non-GAAP revenue on either an actual or forward-looking basis as reconciling items for GAAP to non-GAAP revenue become immaterial. While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis, the company has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables included in this press release for its fiscal fourth quarter of 2014 and 2015 and for fiscal year 2014 and 2015.

Conference Call and Webcast

MobileIron will host a conference call and live webcast at 1:30 p.m. Pacific Daylight Time (4:30 p.m. EDT) to discuss the company's financial results and business highlights. Interested parties may access the call by dialing 1-855-327-6837 in the U.S. or 1-631-891-4304 from international locations. The live webcast will be available on the MobileIron Investor Relations website at http://investors.mobileiron.com/. A replay will be available through the same link or by dialing (877) 870-5176 and referencing conference ID#117239 through March 4, 2016.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding MobileIron's revenue,  operating expenses, cost structure, GAAP and non-GAAP financial metrics, projected financial results and trends in MobileIron's business. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, our limited operating history, quarterly fluctuations in our operating results, our need to develop new solutions and enhancements to compete in rapidly evolving markets, product defects, customer adoption, competitive pressures, billings type mix shift, our ability to scale, our ability to recruit and retain key personnel, and the quality of our support services.   

Additional information on potential factors that could affect MobileIron's financial results is included in our SEC filings, including our reports on Forms 10-K, 10-Q and 8-K and other filings that we make with the SEC from time to time. MobileIron does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.    

*  The Forrester Wave™: Enterprise Mobile Management, Q4 2015

About MobileIron

MobileIron provides the secure foundation for companies around the world to transform into Mobile First organizations. For more information, please visit www.mobileiron.com.

"MobileIron" and the MobileIron Planet M logo are registered trademarks of MobileIron, Inc. in the United States and other countries. Trade names, trademarks, and service marks of other companies that are used in this press release belong to their respective owners.

Financial Results

             

MOBILEIRON, INC.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2014 AND DECEMBER 31, 2015

(Amounts in thousands)

(Unaudited)

             
     

December 31, 2014

   

December 31, 2015

Assets

           

Current Assets:

           

  Cash and cash equivalents (1)

 

$

104,287

 

$

47,234

  Short-term investments  (1)

   

13,869

   

49,576

  Accounts receivable - net

   

34,676

   

42,674

  Prepaid expenses and other current assets

   

4,018

   

4,809

           Total current assets

   

156,850

   

144,293

Long-term investments  (1)

   

22,220

   

2,094

Property and equipment - net

   

3,978

   

6,572

Intangible assets - net

   

2,132

   

1,261

Goodwill

   

5,475

   

5,475

Other assets

   

1,187

   

1,419

Total Assets

 

$

191,842

 

$

161,114

             

Liabilities and Stockholders' Equity

           

Current Liabilities:

           

  Accounts payable

 

$

1,137

 

$

2,551

  Accrued expenses

   

21,169

   

19,196

  Deferred revenue - current

   

44,096

   

55,978

           Total current liabilities

   

66,402

   

77,725

Deferred revenue - noncurrent

   

10,078

   

13,897

Other long-term liabilities

   

268

   

1,353

           Total liabilities

   

76,748

   

92,975

Stockholders' Equity:

           

  Common stock

   

8

   

8

  Additional paid-in capital

   

305,809

   

343,336

  Accumulated deficit

   

(190,723)

   

(275,205)

           Total stockholders' equity

   

115,094

   

68,139

             

Total Liabilities and Stockholders' Equity

 

$

191,842

 

$

161,114

             
             

(1) Total cash and cash equivalents, short-term and long-term investments

 

$

140,376

 

$

98,904

             
 
 

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2014 AND 2015

(Amounts in thousands, except for per share data)

(Unaudited)

   

Three Months Ended

   

December 31, 2014

 

December 31, 2015

Revenue:

           

Perpetual license

 

$

18,658

 

$

15,462

Subscription

   

9,126

   

14,413

Software support and services

   

9,914

   

13,171

Total revenue

   

37,698

   

43,046

Cost of revenue:

           

Perpetual license (2)

   

1,056

   

910

Subscription (1)

   

1,574

   

1,815

Software support and services (1)

   

3,811

   

4,815

Total cost of revenue

   

6,441

   

7,540

Gross profit

   

31,257

   

35,506

Operating expenses:

           

  Research and development (1)

   

12,495

   

16,503

  Sales and marketing (1)

   

27,426

   

24,822

  General and administrative (1)

   

6,442

   

8,065

  Restructuring charge

   

-

   

-

           Total operating expenses

   

46,363

   

49,390

Operating loss

   

(15,106)

   

(13,884)

Other (income) expense - net

   

44

   

138

Loss before income taxes

   

(15,150)

   

(14,022)

Income tax expense

   

153

   

392

Net loss

 

$

(15,303)

 

$

(14,414)

Net loss per share, basic and diluted

 

$

(0.20)

 

$

(0.18)

Weighted-average shares used to compute net loss per share, basic and diluted

   

76,034

   

80,748

             
             

(1)  Includes stock-based compensation expense as follows:

           

Cost of revenue

           

Subscription

   

46

   

158

Software support and services

   

410

   

688

Research and development

   

1,606

   

2,898

Sales and marketing

   

1,859

   

2,894

General and administrative

   

1,017

   

1,780

   

$

4,938

 

$

8,418

             

Stock-based compensation expense in the three months ended December 31, 2015 includes $1,563 related to a stock settled bonus

           
             

(2)  Includes amortization of intangible assets as follows:

           

Cost of revenue

           

Perpetual license

 

$

241

 

$

200

   

$

241

 

$

200

             
 
 

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014 AND 2015

(Amounts in thousands, except for per share data)

(Unaudited)

   

Twelve Months Ended

   

December 31, 2014

 

December 31, 2015

Revenue:

           

Perpetual license

 

$

66,816

 

$

53,512

Subscription

   

30,227

   

48,080

Software support and services

   

35,252

   

47,706

Total revenue (1)

   

132,295

   

149,298

Cost of revenue:

           

Perpetual license (2)

   

4,448

   

2,881

Subscription (1)

   

5,719

   

 

PRESS ENQUIRY