MobileIron Announces Strong Fiscal Third Quarter 2016 Results

Oct 27, 2016

MOUNTAIN VIEW, Calif., Oct. 27, 2016 /PRNewswire/ -- MobileIron (NASDAQ: MOBL), the stand-alone enterprise mobility management (EMM) leader, today announced results for its third fiscal quarter ended September 30, 2016.

Third Quarter 2016 Financial Highlights

  • GAAP revenue was $41.6 million, up 9% year-over-year
  • Recurring revenue was $29.0 million, up 24% year-over-year
  • Gross billings were $47.3 million, up 15% year-over-year
  • Recurring billings, which represented 74% of gross billings, were $34.9 million, up 28% year-over-year
  • GAAP net loss per share was $0.17; non-GAAP net loss per share was $0.07
  • Cash and equivalents, plus short and long term investments stood at $80.4 million
  • Surpassed 12,500 cumulative customers

"Our performance was above expectations for the quarter, driven by strong execution across the company," said Barry Mainz, CEO, MobileIron. "CIOs are selecting MobileIron as the security backbone for their business transformation. Our best-of-breed solution wins when mobility becomes strategic. In mobile security 'just good enough' is never good enough. We continue to be chosen by companies with very high security requirements and the most complex environments."

Third Quarter 2016 Business Highlights

Platform

  • Introduced MobileIron Bridge, the first solution to unify mobile and desktop operations for Windows 10 using a single console and communications channel. With MobileIron Bridge, companies can start using EMM to modernize their Windows operations now, without sacrificing the sophisticated security policies and actions of traditional client management tools.
  • Released a TCO Toolkit showing the total cost of ownership of Windows 10 using EMM is up to 80% less than using traditional software like Microsoft's System Center Configuration Manager, LANDESK, and Symantec IT Management Suite.
  • At the end of 3Q 2016, the MobileIron ecosystem had 598 active technology partners, who have released over 255 technology integrations.*

Channels

  • United Overseas Bank in Singapore launched BizSmart – a turnkey "retail-in-a-box" integrated offering of iOS apps, security by MobileIron, Apple iPads, and banking services.
  • Increased our global presence by expanding our relationships with Orange Slovensko and Rainmaker Labs in Singapore.
  • Our largest reseller, AT&T, represented approximately 17% of revenue for the quarter.

Milestones and Recognition

  • MobileIron received Security Technical Implementation Guide approval from the Defense Information Systems Agency. This approval allows U.S. Department of Defense agencies to deploy MobileIron on both Android and iOS devices within certain DoD networks.
  • Granted four additional US patents bringing the total to 38.

Financial Outlook

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

  • GAAP revenue is expected to be between $44 million and $46 million, growth between 2% and 7% year-over-year.
  • Gross billings are expected to be between $52 million and $54 million, growth between 7% and 9% over last year.
  • Non-GAAP gross margin is expected to be between 83% and 85%.
  • Non-GAAP operating expenses are expected to be between $41 million and $43 million and Non-GAAP operating margin is expected to be between -8% and -10% for the fourth quarter 2016.
  • Cash from operations is expected to be positive.

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 fiscal third quarter of 2015 and 2016 and the nine months ended September 30, 2015 and 2016.

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 (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 (877) 870-­5176 and referencing conference ID#117242 through November 27, 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 10­K, 10­Q 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.    

* MobileIron will stop reporting ecosystem metrics after the fourth quarter 2016.  

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, 2015 AND SEPTEMBER 30, 2016

(Amounts in thousands)

(Unaudited)

             
   

 

December 31, 2015

 

 

September 30, 2016

Assets

           

Current Assets:

           

  Cash and cash equivalents (1)

 

$

47,234

 

$

38,083

  Short-term investments  (1)

   

49,576

   

41,612

  Accounts receivable - net

   

42,674

   

41,660

  Prepaid expenses and other current assets

   

4,809

   

6,254

           Total current assets

   

144,293

   

127,609

Long-term investments  (1)

   

2,094

   

700

Property and equipment - net

   

6,572

   

5,829

Intangible assets - net

   

1,261

   

799

Goodwill

   

5,475

   

5,475

Other assets

   

1,419

   

1,382

Total Assets

 

$

161,114

 

$

141,794

             

Liabilities and Stockholders' Equity

           

Current Liabilities:

           

  Accounts payable

 

$

2,551

 

$

1,054

  Accrued expenses

   

19,196

   

17,428

  Deferred revenue - current

   

55,978

   

59,327

           Total current liabilities

   

77,725

   

77,809

Deferred revenue - noncurrent

   

13,897

   

18,845

Other long-term liabilities

   

1,353

   

1,959

           Total liabilities

   

92,975

   

98,613

Stockholders' Equity:

           

  Common stock

   

8

   

9

  Additional paid-in capital

   

343,336

   

375,351

  Accumulated deficit

   

(275,205)

   

(332,179)

           Total stockholders' equity

   

68,139

   

43,181

             

Total Liabilities and Stockholders' Equity

 

$

161,114

 

$

141,794

             
             

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

 

$

98,904

 

$

80,395

             

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 AND 2016

(Amounts in thousands, except for per share data)

(Unaudited)

   

Three Months Ended

   

September 30, 2015

 

September 30, 2016

Revenue:

           

Perpetual license

 

$

13,644

 

$

11,311

Subscription

   

12,253

   

15,570

Software support and services

   

12,104

   

14,685

Total revenue

   

38,001

   

41,566

Cost of revenue:

           

Perpetual license (2)

   

745

   

652

Subscription (1)

   

1,939

   

2,202

Software support and services (1)

   

4,889

   

4,774

  Restructuring charge

   

   

181

Total cost of revenue

   

7,573

   

7,809

Gross profit

   

30,428

   

33,757

Operating expenses:

           

  Research and development (1)

   

16,968

   

16,238

  Sales and marketing (1)

   

25,856

   

24,001

  General and administrative (1)

   

10,469

   

6,961

  Restructuring charge

   

1,049

   

871

           Total operating expenses

   

54,342

   

48,071

Operating loss

   

(23,914)

   

(14,314)

Other (income) expense - net

   

(2)

   

(19)

Loss before income taxes

   

(23,912)

   

(14,295)

Income tax expense

   

183

   

298

Net loss

 

$

(24,095)

 

$

(14,593)

Net loss per share, basic and diluted

 

$

(0.30)

 

$

(0.17)

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

   

79,373

   

86,713

             
             

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

           

Cost of revenue

           

Subscription

   

190

   

176

Software support and services

   

865

   

571

Research and development

   

3,832

   

2,709

Sales and marketing

   

2,586

   

2,307

General and administrative

   

1,812

   

2,109

   

$

9,285

 

$

7,872

             

(2)  Includes amortization of intangible assets as follows:

           

Cost of revenue

           

Perpetual license

 

$

223

 

$

154

   

$

223

 

$

154

             

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2016

(Amounts in thousands, except for per share data)

(Unaudited)

   

Nine Months Ended

   

September 30, 2015

 

September 30, 2016

Revenue:

           

Perpetual license

 

$

38,050

 

$

31,462

Subscription

   

33,667

   

44,996

Software support and services

   

34,535

   

41,996

Total revenue

   

106,252

   

118,454

Cost of revenue:

           

Perpetual license (2)

   

1,971

   

2,140

Subscription (1)

   

5,366

   

6,184

Software support and services (1)

   

13,300

   

14,691

  Restructuring charge

   

   

181

Total cost of revenue

   

20,637

   

23,196

Gross profit

   

85,615

   

95,258

Operating expenses:

           

  Research and development (1)

   

45,368

   

51,185

  Sales and marketing (1)

   

80,698

   

76,914

  General and administrative (1)

   

27,972

   

22,774

  Restructuring charge

   

1,049

   

871

           Total operating expenses

   

155,087

   

151,744

Operating loss

   

(69,472)

   

(56,486)

Other (income) expense - net

   

136

   

(184)

Loss before income taxes

   

(69,608)

   

(56,302)

Income tax expense

   

460

   

672

Net loss

 

$

(70,068)

 

$

(56,974)

Net loss per share, basic and diluted

 

$

(0.90)

 

$

(0.67)

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

   

78,196

   

85,008

             
             

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

           

Cost of revenue

           

Subscription

   

361

   

499

Software support and services

   

1,567

   

1,693

Research and development

   

7,709

   

9,122

Sales and marketing

   

6,614

   

8,418

General and administrative

   

4,122

   

6,934

   

$

20,373

 

$

26,666

             

(2)  Includes amortization of intangible assets as follows:

           

Cost of revenue

           

Perpetual license

 

$

670

 

$

462

   

$

670

 

$

462

             

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2016

(Amounts in thousands)

(Unaudited)

   

Nine Months Ended

   

September 30, 2015

 

September 30, 2016

             

Cash flows from operating activities:

           

Net loss

 

$

(70,068)

 

$

(56,974)

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

           

Stock-based compensation expense

   

20,373

   

26,666

Depreciation

   

1,938

   

2,540

Amortization of intangible assets

   

670

   

462

Amortization of premium on investment securities

   

282

   

24

Provision for doubtful accounts

   

150

   

44

Changes in operating assets and liabilities:

           

Accounts receivable

   

443

   

970

Other current and noncurrent assets

   

(1,894)

   

(1,401)

Accounts payable

   

1,870

   

(944)

Accrued expenses and other long-term liabilities

   

(4,707)

   

119

Deferred revenue

   

10,158

   

8,297

Net cash used in operating activities

   

(40,785)

   

(20,197)

             

Cash flows from investing activities:

           

Purchase of property and equipment

   

(2,447)

   

(2,349)

Maturities of investment securities

   

21,895

   

70,717

Purchases of investment securities

   

(46,694)

   

(61,383)

Net cash provided by (used in) investing activities

   

(27,246)

   

6,985

             

Cash flows from financing activities:

           

Proceeds from employee stock purchase plan

   

3,969

   

3,247

Proceeds from exercise of stock options

   

4,391

   

814

Net cash provided by financing activities

   

8,360

   

4,061

             

Net change in cash and cash equivalents

   

(59,671)

   

(9,151)

Cash and cash equivalents at beginning of period

   

104,287

   

47,234

Cash and cash equivalents at end of period

 

$

44,616

 

$

38,083

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, restructuring charges, and the amortization of intangible assets.

Beginning the first quarter of 2016, we stopped reporting non-GAAP revenue as reconciling items between GAAP and non-GAAP revenue became immaterial.

Stock-based compensation expenses: In our non-GAAP financial measures, we have excluded the effect of stock-based compensation expenses. 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.

Restructuring Charges: In our non-GAAP financial measures, we have excluded the effect of the severance and other expenses related to our reduction in workforce. Restructuring charges may recur in the future; however, the timing and amounts are difficult to predict.

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, amortization of intangible assets, and restructuring charges from revenue, non-GAAP 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, amortization of intangible assets, and restructuring charges have been and can continue to be inconsistent in amount from period to period. 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

 
   

September 30, 2015

 

September 30, 2016

 
               

Non-GAAP gross profit reconciliation:

             

GAAP gross profit

 

$

30,428

 

$

33,757

 

Stock-based compensation expenses

   

1,055

   

747

 

Amortization of intangible assets

   

223

   

154

 

Restructuring charge

   

-

   

181

 

Non-GAAP gross profit

 

$

31,706

 

$

34,839

 
               

Non-GAAP gross margin reconciliation:

             

GAAP gross margin: GAAP gross profit over GAAP total revenue

   

80.1

%

 

81.2

%

GAAP to non-GAAP gross margin adjustments

   

3.3

%

 

2.6

%

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

   

83.4

%

 

83.8

%

               

Non-GAAP operating loss reconciliation:

             

GAAP operating loss

 

$

(23,914)

 

$

(14,314)

 

Stock-based compensation expenses

   

9,285

   

7,872

 

Amortization of intangible assets

   

223

   

154

 

Restructuring charge

   

1,049

   

1,052

 

Non-GAAP operating loss

 

$

(13,357)

 

$

(5,236)

 
               

Non-GAAP operating margin reconciliation:

             

GAAP operating margin: GAAP operating loss over GAAP total revenue

   

(62.9)

%

 

(34.4)

%

GAAP to non-GAAP operating margin adjustments

   

27.8

%

 

21.8

%

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

   

(35.1)

%

 

(12.6)

%

               

Non-GAAP net loss reconciliation:

             

GAAP net loss

 

$

(24,095)

 

$

(14,593)

 

Stock-based compensation expenses

   

9,285

   

7,872

 

Amortization of intangible assets

   

223

   

154

 

Restructuring charge

   

1,049

   

1,052

 

Non-GAAP net loss

 

$

(13,538)

 

$

(5,515)

 
             

MOBILEIRON, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

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

(Unaudited)

     

Three Months Ended

   

 

September 30, 2015

 

 

September 30, 2016

Non-GAAP net loss per share reconciliation:

           

GAAP net loss per share

 

$

(0.30)

 

$

(0.17)

Stock-based compensation expenses per share

   

0.12

   

0.09

Amortization of intangible assets

   

-

   

-

Restructuring charge

   

0.01

   

0.01

Non-GAAP net loss per share

 

$

(0.17)

 

$

(0.07)

             

Gross billings reconciliation:

           

Total revenue

 

$

38,001

 

$

41,566

Total deferred revenue, end of period

   

64,332

   

78,172

Less: Total deferred revenue, beginning of period

   

(61,241)

   

(72,487)

Total change in deferred revenue

   

3,091

   

5,685

Gross billings

 

$

41,092

 

$

47,251

             

Recurring billings reconciliation:

           

Total revenue

 

$

38,001

 

$

41,566

Less: Perpetual license revenue

   

(13,644)

   

(11,311)

Less: Professional services revenue

   

(515)

   

(780)

Subscription and software support deferred revenue, end of period

   

61,120

   

75,956

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

   

(57,529)

   

(70,286)

Total change in subscription and software support deferred revenue

   

3,591

   

5,670

Less: Adjustments

   

(174)

   

(230)

Recurring billings

 

$

27,259

 

$

34,915

             

Recurring revenue reconciliation

           

Total revenue

 

$

38,001

 

$

41,566

Less: Perpetual license revenue

   

(13,644)

   

(11,311)

Less: Professional services revenue

   

(515)

   

(780)

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

   

(526)

   

(518)

Recurring revenue

 

$

23,316

 

$

28,957

             

Free cash flow reconciliation:

           

Cash used in operating activities

 

$

(13,182)

 

$

(6,525)

Purchase of property and equipment

   

(420)

   

(297)

Free cash flow

 

$

(13,602)

 

$

(6,822)

             

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

               

MOBILEIRON, INC.

 

Reconciliation of GAAP to Non-GAAP Financial Measures

 

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

 

(Unaudited)

 
   

Nine Months Ended

 
   

September 30, 2015

 

September 30, 2016

 
               

Non-GAAP gross profit reconciliation:

             

GAAP gross profit

 

$

85,615

 

$

95,258

 

Stock-based compensation expenses

   

1,928

   

2,192

 

Amortization of intangible assets

   

670

   

462

 

Restructuring charge

   

-

   

181

 

Non-GAAP gross profit

 

$

88,213

 

$

98,093

 
               

Non-GAAP gross margin reconciliation:

             

GAAP gross margin: GAAP gross profit over GAAP total revenue

   

80.6

%

 

80.4

%

GAAP to non-GAAP gross margin adjustments

   

2.4

%

 

2.4

%

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

   

83.0

%

 

82.8

%

               

Non-GAAP operating loss reconciliation:

             

GAAP operating loss

 

$

(69,472)

 

$

(56,486)

 

Stock-based compensation expenses

   

20,373

   

26,666

 

Amortization of intangible assets

   

670

   

462

 

Restructuring charge

   

1,049

   

1,052

 

Non-GAAP operating loss

 

$

(47,380)

 

$

(28,306)

 
               

Non-GAAP operating margin reconciliation:

             

GAAP operating margin: GAAP operating loss over GAAP total revenue

   

(65.4)

%

 

(47.7)

%

GAAP to non-GAAP operating margin adjustments

   

20.8

%

 

23.8

%

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

   

(44.6)

%

 

(23.9)

%

               

Non-GAAP net loss reconciliation:

             

GAAP net loss

 

$

(70,068)

 

$

(56,974)

 

Amortization of intangible assets

   

670

   

462

 

Stock-based compensation expenses

   

20,373

   

26,666

 

Restructuring charge

   

1,049

   

1,052

 

Non-GAAP net loss

 

$

(47,976)

 

$

(28,794)

 
             

MOBILEIRON, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

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

(Unaudited)

     

Nine Months Ended

   

 

September 30, 2015

 

 

September 30, 2016

Non-GAAP net loss per share reconciliation:

           

GAAP net loss per share

 

$

(0.90)

 

$

(0.67)

Stock-based compensation expenses per share

   

0.26

   

0.31

Amortization of intangible assets

   

0.01

   

0.01

Restructuring charge

   

0.01

   

0.01

Non-GAAP net loss per share

 

$

(0.61)

 

$

(0.34)

             

Gross billings reconciliation:

           

Total revenue

 

$

106,252

 

$

118,454

Total deferred revenue, end of period

   

64,332

   

78,172

Less: Total deferred revenue, beginning of period

   

(54,174)

   

(69,875)

Total change in deferred revenue

   

10,158

   

8,297

Gross billings

 

$

116,410

 

$

126,751

             

Recurring billings reconciliation:

           

Total revenue

 

$

106,252

 

$

118,454

Less: Perpetual license revenue

   

(38,050)

   

(31,462)

Less: Professional services revenue

   

(2,218)

   

(2,373)

Subscription and software support deferred revenue, end of period

   

61,120

   

75,956

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

   

(49,194)

   

(67,267)

Total change in subscription and software support deferred revenue

   

11,926

   

8,689

Less: Adjustments

   

(1,912)

   

(1,185)

Recurring billings

 

$

75,998

 

$

92,123

             

Recurring revenue reconciliation

           

Total revenue

 

$

106,252

 

$

118,454

Less: Perpetual license revenue

   

(38,050)

   

(31,462)

Less: Professional services revenue

   

(2,218)

   

(2,373)

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

   

(1,442)

   

(1,415)

Recurring revenue

 

$

64,542

 

$

83,204

             

Free cash flow reconciliation:

           

Cash used in operating activities

 

$

(40,785)

 

$

(20,197)

Purchase of property and equipment

   

(2,447)

   

(2,349)

Free cash flow

 

$

(43,232)

 

$

(22,546)

             

(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)

                             
                             
 

30-Sep-15

 

31-Dec-15

 

31-Mar-16

 

30-Jun-16

 

30-Sep-16

GAAP Revenue

                           

United States

$

18,774

 

$

20,580

 

$

18,405

 

$

18,890

 

$

20,292

International

 

19,227

   

22,466

   

19,602

   

19,991

   

21,274

Total

 

38,001

   

43,046

   

38,007

   

38,881

   

41,566

                             
                             

Gross billings

$

41,092

 

$

48,589

 

$

38,288

 

$

41,212

 

$

47,251

Recurring billings

 

27,259

   

31,487

   

26,770

   

30,439

   

34,915

Recurring revenue

 

23,316

   

26,021

   

26,638

   

27,609

   

28,957

Non-GAAP gross profit

 

31,706

   

36,552

   

31,281

   

31,973

   

34,839

Non-GAAP operating loss

 

(13,357)

   

(5,266)

   

(11,003)

   

(12,067)

   

(5,236)

Free cash flow

 

(13,602)

   

(9,032)

   

(5,135)

   

(10,589)

   

(6,822)

                             

Components of Deferred Revenue

                           

Software support

$

36,564

 

$

42,254

 

$

41,904

 

$

42,762

 

$

43,635

Subscription

 

24,556

   

25,013

   

25,675

   

27,524

   

32,321

Other deferred revenue

 

3,212

   

2,608

   

2,577

   

2,201

   

2,216

Total

$

64,332

 

$

69,875

 

$

70,156

 

$

72,487

 

$

78,172

Logo - http://photos.prnewswire.com/prnh/20140923/147891

 

SOURCE MobileIron

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