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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mobileiron-announces-solid-first-quarter-2017-results-300447565.html
SOURCE MobileIron