MobileIron Announces Solid First Quarter 2017 Results

Apr 27, 2017

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MOUNTAIN VIEW, Calif., April 27, 2017 /PRNewswire/ -- MobileIron (NASDAQ:MOBL), the security backbone for the digital enterprise, today announced results for its first quarter ended March 31, 2017.

First Quarter 2017 Financial Highlights

  • Revenue was $42.3 million, up 11% year-over-year.
  • Recurring revenue was $31.2 million, up 17% year-over-year.
  • Gross billings were $45.4 million, up 19% year-over-year.
  • Recurring billings, which represented 75% of gross billings, were $34.0 million, up 27% year-over-year.
  • GAAP net loss per share was $0.14; non-GAAP net loss per share was $0.06.
  • Cash flow generated from operations was $0.7 million.
  • Cash and cash equivalents plus short term investments ended the quarter at $90.5 million.
  • Surpassed 14,500 cumulative customers.

"I am very proud of our performance in the first quarter with year-over-year gross billings growth of 19%. We achieved results within our guidance range, continued to gain momentum in the market, and we delivered results consistent with prior guidance," said Barry Mainz, President and CEO, MobileIron. "MobileIron is leading the transition from enterprise mobility management (EMM) to Mobile Cloud Security. We're starting the year off strongly and I believe that products like MobileIron Access will continue to accelerate our business through 2017."

First Quarter 2017 Business Highlights

Platform

  • Delivered day zero compatibility support for devices that upgrade to iOS 10.3.
  • Added integrations with cloud apps Concur, Tableau, Workday, and Facebook Workplace to MobileIron Access.
  • Launched new Internet of Things division led by IoT expert Santhosh Nair.

Channels

  • Formed global partnership with Lenovo to deliver security and management for modern operating systems such as Windows 10.
  • Our largest reseller, AT&T, represented approximately 16% of revenue for the quarter.

Milestones and Recognition

  • MobileIron Access named a Global Mobile Awards Finalist for Best Mobile Cloud Service.
  • MobileIron Access named a National Technology Awards Finalist for Security Product of the Year.
  • MobileIron Access shortlisted for Best Mobile Security Solution by SC Awards Europe.
  • Awarded six additional US patents for mobile security, bringing the total to 46.

Financial Outlook
The company is providing the following outlook for its second quarter 2017 (ending June 30, 2017):

  • Revenue is expected to be between $42.5 million and $44.5 million, which represents growth of 9% to 14% year-over-year.
  • Gross billings are expected to be between $47 million and $49 million, growth between 15% and 20% over last year.
  • Non-GAAP gross margin is expected to be between 82% and 84%.
  • Non-GAAP operating expenses are expected to be between $43 million and $45 million driven by some seasonal factors.

The company is making no changes to its previously provided outlook for 2017 (ending December 31, 2017):

  • Revenue is expected to be between $175 million and $190 million, growth between 7% and 16% year-over-year.
  • Gross billings are expected to be between $195 million and $210 million, growth between 7% and 15% over last year.
  • Exit the year with a fourth quarter non-GAAP operating margin between -2% to 2%.
  • Generate positive cash flow from operations for the full year 2017.

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. 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 first quarter of 2016 and 2017.

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 results. Interested parties may access the call by dialing (855) 327-6837 in the U.S. or (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 (844) 512-2921 and referencing conference ID#10002821 through May 27, 2017.

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, seasonality, 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 and as available on our website, as applicable. 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.    

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, 2016 AND MARCH 31, 2017

(Amounts in thousands)

(Unaudited)

             
     

December 31, 2016

   

March 31, 2017

Assets

           

Current Assets:

           

  Cash and cash equivalents (1)

 

$

54,043

 

$

79,262

  Short-term investments  (1)

   

36,184

   

11,249

  Accounts receivable - net

   

43,755

   

38,073

  Prepaid expenses and other current assets

   

6,131

   

13,016

           Total current assets

   

140,113

   

141,600

Property and equipment - net

   

5,503

   

5,189

Intangible assets - net

   

645

   

490

Goodwill

   

5,475

   

5,475

Other assets

   

1,370

   

1,604

Total Assets

 

$

153,106

 

$

154,358

             

Liabilities and Stockholders' Equity

           

Current Liabilities:

           

  Accounts payable

 

$

701

 

$

2,556

  Accrued expenses

   

21,674

   

17,707

  Deferred revenue - current

   

68,153

   

69,942

           Total current liabilities

   

90,528

   

90,205

Deferred revenue - noncurrent

   

19,923

   

21,220

Other long-term liabilities

   

1,838

   

1,822

           Total liabilities

   

112,289

   

113,247

Stockholders' Equity:

           

  Common stock

   

9

   

9

  Additional paid-in capital

   

383,193

   

396,320

  Accumulated deficit

   

(342,385)

   

(355,218)

           Total stockholders' equity

   

40,817

   

41,111

             

Total Liabilities and Stockholders' Equity

 

$

153,106

 

$

154,358

             
             

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

 

$

90,227

 

$

90,511

 

             

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2017

(Amounts in thousands, except for per share data)

(Unaudited)

   

Three Months Ended

   

March 31, 2016

 

March 31, 2017

Revenue:

           

Perpetual license

 

$

10,368

 

$

9,882

Subscription

   

14,623

   

16,907

Software support and services

   

13,016

   

15,499

Total revenue

   

38,007

   

42,288

Cost of revenue:

           

Perpetual license (2)

   

859

   

399

Subscription (1)

   

1,783

   

1,893

Software support and services (1)

   

4,628

   

4,978

Total cost of revenue

   

7,270

   

7,270

Gross profit

   

30,737

   

35,018

Operating expenses:

           

  Research and development (1)

   

16,927

   

17,193

  Sales and marketing (1)

   

25,668

   

23,302

  General and administrative (1)

   

7,548

   

6,188

  Litigation settlement charge

   

-

   

1,143

           Total operating expenses

   

50,143

   

47,826

Operating loss

   

(19,406)

   

(12,808)

Other income (expense) - net

   

135

   

174

Loss before income taxes

   

(19,271)

   

(12,634)

Income tax expense

   

176

   

199

Net loss

 

$

(19,447)

 

$

(12,833)

Net loss per share, basic and diluted

 

$

(0.23)

 

$

(0.14)

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

   

82,977

   

90,439

             
             

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

           

Cost of revenue

           

Subscription

   

90

   

65

Software support and services

   

300

   

636

Research and development

   

2,601

   

2,766

Sales and marketing

   

3,119

   

1,772

General and administrative

   

2,139

   

1,308

   

$

8,249

 

$

6,547

             

(2)  Includes amortization of intangible assets as follows:

           

Cost of revenue

           

Perpetual license

 

$

154

 

$

154

   

$

154

 

$

154

 

             

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2017

(Amounts in thousands)

(Unaudited)

   

Three Months Ended

   

March 31, 2016

 

March 31, 2017

             

Cash flows from operating activities:

           

Net loss

 

$

(19,447)

 

$

(12,833)

Adjustments to reconcile net loss to net cash used in operating activities:

           

Stock-based compensation expense

   

8,249

   

6,547

Depreciation

   

868

   

788

Amortization of intangible assets

   

154

   

154

Amortization of premium (accretion) of investment securities

   

52

   

(30)

Changes in operating assets and liabilities:

           

Accounts receivable

   

11,020

   

5,682

Other current and noncurrent assets

   

(3,220)

   

(7,923)

Accounts payable

   

(424)

   

1,855

Accrued expenses and other long-term liabilities

   

(1,080)

   

3,398

Deferred revenue

   

282

   

3,086

Net cash provided by (used in) operating activities

   

(3,546)

   

724

             

Cash flows from investing activities:

           

Purchase of property and equipment

   

(1,589)

   

(393)

Maturities of investment securities

   

29,012

   

24,965

Purchases of investment securities

   

(23,933)

   

-

Net cash provided by investing activities

   

3,490

   

24,572

             

Cash flows from financing activities:

           

Proceeds from employee stock purchase plan

   

1,075

   

1,130

Taxes paid for net settlement of stock-settled bonus

   

-

   

(3,024)

Proceeds from exercise of stock options

   

299

   

1,817

Net cash provided by (used in) financing activities

   

1,374

   

(77)

             

Net change in cash and cash equivalents

   

1,318

   

25,219

Cash and cash equivalents at beginning of period

   

47,234

   

54,043

Cash and cash equivalents at end of period

 

$

48,552

 

$

79,262

Non-GAAP financial measures and reconciliations

To supplement our financial results presented on a U.S. GAAP basis, we provide investors with certain non-GAAP financial measures, including gross billings, recurring billings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share. These non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets and the litigation settlement charge.

Stock-based compensation expenses: In our non-GAAP financial measures, we have excluded the effect of stock-based compensation expenses. We exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance. In particular, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe that providing non-GAAP financial measures that exclude this expense allows investors the ability to make more meaningful comparisons between MobileIron operating results and those of other companies. Stock-based compensation expenses will recur in future periods.

Amortization of intangible assets: In our non-GAAP financial measures, we have excluded the effect of the amortization of intangible assets. Amortization of intangible assets is significantly affected by the timing and size of our acquisitions. Amortization of intangible assets will recur in future periods.

Litigation settlement charge: In our non-GAAP financial measures, we have excluded the charge for the estimated cost of the expected settlement of our shareholder litigation. While it is possible that we will have material litigation-related charges in the future, we do not expect it to be a consistently recurring expense.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, and non-GAAP net loss per share: We believe that the exclusion of stock-based compensation expense, the amortization of intangible assets, and the litigation settlement charge from various non-GAAP financial metrics such as gross profit, gross margin, operating loss, operating margin, net loss, and net loss per share provides useful measures for management and investors. Stock-based compensation and the amortization of intangible assets have been and can continue to be inconsistent in amount from period to period. We have not historically had a material litigation-related settlement charge. While it is possible that we will have material litigation settlement charges in the future, we do not expect it to be a consistently recurring expense. We believe the inclusion of these items makes it difficult to compare periods and understand the growth and performance of our business. In addition, we evaluate our business performance and compensate management based in part on these non-GAAP measures. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by our competitors and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in our business and an important part of the compensation provided to our employees. Similarly, amortization of intangible assets has been and will continue to be a recurring expense.

Gross and recurring billings, recurring revenue and free cash flow: Our non-GAAP financial measures also include: gross billings, which we define as total revenue plus the change in deferred revenue in a period; recurring billings, which we define as total revenue less perpetual license, hardware, and professional services revenue plus the change in deferred revenue for subscription and software support arrangements in a period, adjusted for nonrecurring perpetual license billings; recurring revenue, which we define as total revenue less perpetual license, hardware, professional services and perpetual amounts recorded as subscription or software support revenue in multiple elements arrangements; and free cash flow, which we define as cash used in operating activities less the amount of property and equipment purchased. We consider gross billings to be a useful metric for management and investors because subscription billings, excluding MRC, and software support and services billings drive deferred revenue, which is an important indicator of future revenue. Similarly, we consider recurring billings and recurring revenue to be useful metrics because they are important indicators of the portion of our business that we would expect to recur each year. There are a number of limitations related to the use of gross, recurring billings and recurring revenue. First, gross and recurring billings include amounts that have not yet been recognized as revenue. Second, our calculation of gross and recurring billings may be different from other companies that report similar financial measures. Third, recurring revenue excludes perpetual license amounts recognized from multiple elements arrangements that we record as subscription or software support revenue in our GAAP statements of operations, and these perpetual license amounts are based on invoice value, not fair value, although we believe invoice value approximates the fair value of the element. Fourth, in the MRC model, revenue and billings are based on active devices or users of the service provider's customer and are billed to us by the service provider on a monthly basis over time and one month in arrears. Thus, under the MRC model, we receive no billings or revenue for MRC at the time the deal is booked, but instead the MRC is billed and revenue is recognized each month based on active usage. Unlike term subscriptions, MRC is not reflected in deferred revenue. This important difference between MRC billings and perpetual and term subscription billings can lead to significant variability of billings in a given quarter depending on the type of billing model that the customer chooses and the overall mix of billing types for all customers within a quarter. We compensate for these limitations by providing specific information regarding revenue and evaluating gross and recurring billings and recurring revenue together with revenue calculated in accordance with GAAP. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations. However, our calculation of free cash flow may not be comparable to similar measures used by other companies.

We believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business using certain of these non-GAAP measures.

               

MOBILEIRON, INC.

 

Reconciliation of GAAP to Non-GAAP Financial Measures

 

(Amounts in thousands, except for per share data and percentages)

 

(Unaudited)

 
   

Three Months Ended

 
   

March 31, 2016

 

March 31, 2017

 
               

Non-GAAP gross profit reconciliation:

             

GAAP gross profit

 

$

30,737

 

$

35,018

 

Stock-based compensation expenses

   

390

   

701

 

Amortization of intangible assets

   

154

   

154

 

Non-GAAP gross profit

 

$

31,281

 

$

35,873

 
               

Non-GAAP gross margin reconciliation:

             

GAAP gross margin: GAAP gross profit over GAAP total revenue

   

80.9

%

 

82.8

%

GAAP to non-GAAP gross margin adjustments

   

1.4

%

 

2.0

%

Non-GAAP gross margin: non-GAAP gross profit over non-GAAP total revenue

   

82.3

%

 

84.8

%

               

Non-GAAP operating loss reconciliation:

             

GAAP operating loss

 

$

(19,406)

 

$

(12,808)

 

Stock-based compensation expenses

   

8,249

   

6,547

 

Amortization of intangible assets

   

154

   

154

 

Litigation settlement charge

   

-

   

1,143

 

Non-GAAP operating loss

 

$

(11,003)

 

$

(4,964)

 
               

Non-GAAP operating margin reconciliation:

             

GAAP operating margin: GAAP operating loss over GAAP total revenue

   

(51.1)

%

 

(30.3)

%

GAAP to non-GAAP operating margin adjustments

   

22.2

%

 

18.6

%

Non-GAAP operating margin: non-GAAP operating loss over non-GAAP total revenue

   

(28.9)

%

 

(11.7)

%

               

Non-GAAP net loss reconciliation:

             

GAAP net loss

 

$

(19,447)

 

$

(12,833)

 

Stock-based compensation expenses

   

8,249

   

6,547

 

Amortization of intangible assets

   

154

   

154

 

Litigation settlement charge

   

-

   

1,143

 

Non-GAAP net loss

 

$

(11,044)

 

$

(4,989)

 
             

MOBILEIRON, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Amounts in thousands, except for per share data and percentages)

(Unaudited)

     

Three Months Ended

     

March 31, 2016

   

March 31, 2017

Non-GAAP net loss per share reconciliation:

           

GAAP net loss per share

 

$

(0.23)

 

$

(0.14)

Stock-based compensation expenses per share

   

0.10

   

0.07

Amortization of intangible assets

   

-

   

-

Litigation settlement charge

   

-

   

0.01

Non-GAAP net loss per share

 

$

(0.13)

 

$

(0.06)

             

Gross billings reconciliation:

           

Total revenue

 

$

38,007

 

$

42,288

Total deferred revenue, end of period

   

70,156

   

91,162

Less: Total deferred revenue, beginning of period

   

(69,875)

   

(88,076)

Total change in deferred revenue

   

281

   

3,086

Gross billings

 

$

38,288

 

$

45,374

             

Recurring billings reconciliation:

           

Total revenue

 

$

38,007

 

$

42,288

Less: Perpetual license revenue

   

(10,368)

   

(9,882)

Less: Professional services revenue

   

(570)

   

(699)

Subscription and software support deferred revenue, end of period

   

67,579

   

88,617

Less: Subscription and software support deferred revenue, beginning of period

   

(67,267)

   

(85,612)

Total change in subscription and software support deferred revenue

   

312

   

3,005

Less: Adjustments

   

(611)

   

(728)

Recurring billings

 

$

26,770

 

$

33,984

             

Recurring revenue reconciliation

           

Total revenue

 

$

38,007

 

$

42,288

Less: Perpetual license revenue

   

(10,368)

   

(9,882)

Less: Professional services revenue

   

(570)

   

(699)

Less: Perpetual license amount recorded over the term of subscription or software support (1)

   

(431)

   

(483)

Recurring revenue

 

$

26,638

 

$

31,224

             

Free cash flow reconciliation:

           

Cash (used in) provided by operating activities

 

$

(3,546)

 

$

724

Purchase of property and equipment

   

(1,589)

   

(393)

Free cash flow

 

$

(5,135)

 

$

331

             

(1) Perpetual amounts recorded as subscription or software support revenue in multiple elements arrangements, where undelivered elements do not have VSOE

 

                             

MOBILEIRON, INC.

SUPPLEMENTAL INFORMATION

(Amounts in thousands)

(Unaudited)

                             
                             
 

31-Mar-16

 

30-Jun-16

 

30-Sep-16

   

31-Dec-16

 

31-Mar-17

GAAP Revenue

                           

United States

$

18,405

 

$

18,890

 

$

20,292

 

$

19,452

 

$

20,091

International

 

19,602

   

19,991

   

21,274

   

26,020

   

22,197

Total

 

38,007

   

38,881

   

41,566

   

45,472

   

42,288

                             
                             

Gross billings

$

38,288

 

$

41,212

 

$

47,251

 

$

55,376

 

$

45,374

Recurring billings

 

26,770

   

30,439

   

34,915

   

39,652

   

33,984

Recurring revenue

 

26,638

   

27,609

   

28,957

   

30,210

   

31,224

Non-GAAP gross profit

 

31,281

   

31,973

   

34,839

   

39,125

   

35,873

Non-GAAP operating loss

 

(11,003)

   

(12,067)

   

(5,236)

   

(1,980)

   

(4,964)

Free cash flow

 

(5,135)

   

(10,589)

   

(6,822)

   

7,887

   

331

                             

Components of Deferred Revenue

                           

Software support

$

41,904

 

$

42,762

 

$

43,635

 

$

50,117

 

$

50,840

Subscription

 

25,675

   

27,524

   

32,321

   

35,496

   

37,777

Other deferred revenue

 

2,577

   

2,201

   

2,216

   

2,463

   

2,545

Total

$

70,156

 

$

72,487

 

$

78,172

 

$

88,076

 

$

91,162

 

 

SOURCE MobileIron

PRESS ENQUIRY