MOUNTAIN VIEW, Calif., Feb. 12, 2015 (GLOBE NEWSWIRE) -- MobileIron (Nasdaq:MOBL), the leader in Mobile IT, today announced results for its fourth fiscal quarter and year ended December 31, 2014.
Fourth Quarter 2014 Financial Highlights
- Gross billings were $42.2 million, up 32% year-over-year
- GAAP revenue was $37.7 million, up 34% year-over-year
- Non-GAAP revenue was $36.7 million, up 47% year-over-year
- GAAP net loss per share was $0.20; non-GAAP net loss per share was $0.15
- Surpassed 8,000 cumulative customers who have purchased our platform since 2009
- Over 450 of the Forbes Global 2000 companies have purchased our solutions
Full Year 2014 Financial Highlights
- Gross billings were $145.7 million, up 45% year-over-year
- GAAP revenue was $132.3 million, up 25% year-over-year
- Non-GAAP revenue was $127.1 million, up 50% year-over-year
- GAAP net loss per share was $1.30; non-GAAP net loss per share was $1.03
"2014 was a banner year for MobileIron. We achieved our goal of becoming a public company, won a record number of new customers and Forbes Global 2000 companies, generated strong billings and revenue, and exited the year with solid business momentum," said Bob Tinker, CEO, MobileIron. "In the fourth quarter, we had our highest international billings; had more customers buy MobileIron Cloud than ever before; and closed a record number of large deals. We thank our global customers for their business and our employees for their exceptional dedication."
Fourth Quarter 2014 Business Highlights
Platform
- Released software enhancements to MobileIron Core, Cloud, Sentry, Tunnel, and AppConnect, including same-day support for Android 5.0 and expanded support for iOS and Windows Phone
- Launched Docs@Work as an innovative standalone application, enabling global access, search, and editing for internal and cloud-based content solutions
- Integrated with Google to enable secure mobile access to Google Apps
- Expanded ecosystem with new AppConnect and Technology Alliance partners including Amazon Web Services, Dell, Hitachi Data Systems, and Lookout. Finished 2014 with 246 AppConnect enabled applications that were launched or in development and 71 Technology Alliance integrations completed or in development*
Channels
- Grew channel with new partners: China Telecom (China), MobileMentor (New Zealand), and Optus (Australia)
- First Enterprise Mobility Management vendor to announce partnership with Samsung 360 Services for Business
- Drove global growth through worldwide network of VAR and operator channels, with our largest reseller AT&T representing approximately 18% of GAAP revenue for the quarter
Milestones and Recognition
- Surpassed 4,000 MobileIron University accreditations, up over 250% year-over-year
-
Granted seven additional patents:
- Patent 8,862,105: Management of mobile applications
- Patent 8,863,297; Patent 8,863,298; Patent 8,863,299: Secure virtual file management system
- Patent 8,869,307: Mobile posture-based policy, remediation and access control for enterprise resources
- Patent 8,898,748: Remote Verification for Configuration
- Patent 8,918,529: Messaging gateway
Financial Outlook
The company is providing the following outlook for its fiscal first quarter 2015 (ending March 31, 2015):
- Total billings are expected to be between $40 million and $42 million
- Total non-GAAP revenue is expected to be between $34 million and $37 million, and GAAP revenue is expected to be between $34.8 million and $37.8 million
- Non-GAAP operating expenses are expected to be between $43.5 million and $44.5 million
The company is providing the following outlook for its fiscal year 2015 (ending December 31, 2015):
- Total billings are expected to be between $190 million and $200 million
- Total non-GAAP revenue is expected to be between $165 million and $175 million, and GAAP revenue is expected to be between $167 million and $177 million
Additionally, the company is providing the following outlook for its fiscal fourth quarter 2015 (ending December 31, 2015) and fiscal fourth quarter 2016 (ending December 31, 2016):
- Non-GAAP Operating Margin is expected to be between -18% and -22% for the fiscal fourth quarter of 2015
- Non-GAAP Operating Margin is expected to be between -8% and -12% for the fiscal fourth quarter of 2016
- Cash from Operations is expected to be positive for the fiscal fourth quarter of 2016.
All forward-looking non-GAAP financial measures contained in this section "Financial Outlook" exclude estimates for stock-based compensation expenses, amortization of intangible assets, and perpetual license revenue recognized from licenses delivered prior to 2013.
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 for its fiscal fourth quarter 2013 and 2014, and full year, and non-GAAP results included in this press release.
Conference Call and Webcast
MobileIron will host a conference call and live webcast at 1:30 p.m. Pacific Standard Time (4:30 p.m. EST) 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 1-778-327-3988 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 (858) 384-5517 and referencing conference ID#110072 through March 31, 2015.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding MobileIron's revenue and other GAAP and non-GAAP financial metrics and other statements regarding trends in the company's business, including statements regarding MobileIron's GAAP and non-GAAP revenue and operating expense targets, operating margin targets, operating cash flow, growth in our customer base, increasing customer adoption, and expected benefits from new product offerings. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including MobileIron's limited operating history, quarterly fluctuations in MobileIron's operating results, MobileIron's need to develop new solutions and enhancements to compete in rapidly evolving markets, product defects, competitive pressures, customer adoption, changes by operating system providers and mobile device manufacturers, MobileIron's inability to manage growth, the quality of MobileIron support, and MobileIron's reliance on channel partners.
Additional information on potential factors that could affect MobileIron's financial results is included in our SEC filings, including our reports on Forms 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.
* This is a change from the past when we reported number of partnership companies. There are cases where one company is doing multiple apps or integrations.
About MobileIron
MobileIron provides the 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. © 2014 MobileIron, Inc. All rights reserved.
Financial Results
| MOBILEIRON, INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| AS OF DECEMBER 31, 2013 AND 2014 | ||
| (Amounts in thousands) | ||
| (Unaudited) | ||
| December 31, 2013 | December 31, 2014 | |
| Assets | ||
| Current Assets: | ||
| Cash and cash equivalents | $ 73,573 | $ 104,287 |
| Short-term investments | — | 13,869 |
| Accounts receivable - net | 24,125 | 34,676 |
| Prepaid expenses and other current assets | 3,712 | 4,018 |
| Total current assets | 101,410 | 156,850 |
| Long-term investments | — | 22,220 |
| Property and equipment - net | 3,095 | 3,978 |
| Intangible assets - net | 1,311 | 2,132 |
| Goodwill | 4,799 | 5,475 |
| Other assets | 644 | 1,187 |
| Total Assets | $ 111,259 | $ 191,842 |
| Liabilities, Convertible Preferred Stock and Stockholders' (Deficit) Equity | ||
| Current Liabilities: | ||
| Accounts payable | $ 836 | $ 1,137 |
| Accrued expenses | 14,798 | 21,169 |
| Short-term borrowings | 4,300 | — |
| Deferred revenue - current | 32,422 | 44,096 |
| Total current liabilities | 52,356 | 66,402 |
| Deferred revenue - noncurrent | 8,329 | 10,078 |
| Other long-term liabilities | 140 | 268 |
| Total liabilities | 60,825 | 76,748 |
| Convertible Preferred Stock | 160,259 | — |
| Stockholders' (Deficit) Equity: | ||
| Common stock | 2 | 8 |
| Additional paid-in capital | 19,007 | 305,809 |
| Accumulated deficit | (128,834) | (190,723) |
| Total stockholders' (deficit) equity | (109,825) | 115,094 |
| Total Liabilities, Convertible Preferred Stock and Stockholders' (Deficit) Equity | $ 111,259 | $ 191,842 |
| MOBILEIRON, INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 AND 2014 | ||
| (Amounts in thousands, except for per share data) | ||
| (Unaudited) | ||
| Three Months Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Revenue: | ||
| Perpetual license | $ 16,441 | $ 18,658 |
| Subscription | 5,017 | 9,126 |
| Software support and services | 6,666 | 9,914 |
| Total revenue (1) | 28,124 | 37,698 |
| Cost of revenue: | ||
| Perpetual license (2) | 930 | 1,056 |
| Subscription (1) | 1,040 | 1,574 |
| Software support and services (1) | 2,744 | 3,811 |
| Total cost of revenue | 4,714 | 6,441 |
| Gross profit | 23,410 | 31,257 |
| Operating expenses: | ||
| Research and development (1) | 9,775 | 12,495 |
| Sales and marketing (1) | 21,336 | 27,426 |
| General and administrative (1) | 3,167 | 6,442 |
| Amortization of intangible assets (2) | 52 | — |
| Total operating expenses | 34,330 | 46,363 |
| Operating loss | (10,920) | (15,106) |
| Other expense - net | 96 | 44 |
| Loss before income taxes | (11,016) | (15,150) |
| Income tax expense | 82 | 153 |
| Net loss | $ (11,098) | $ (15,303) |
| Net loss per share, basic and diluted | $ (1.03) | $ (0.20) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 10,735 | 76,034 |
| ________________________ | ||
| (1) Includes stock-based compensation expense as follows: | ||
| Contra-revenue | $ 28 | $ — |
| Cost of revenue | ||
| Subscription | 13 | 46 |
| Software support and services | 77 | 410 |
| Research and development | 1,140 | 1,606 |
| Sales and marketing | 490 | 1,859 |
| General and administrative | 279 | 1,017 |
| $ 2,027 | $ 4,938 | |
| (2) Includes amortization of intangible assets as follows: | ||
| Cost of revenue | ||
| Perpetual license | $ 69 | $ 241 |
| Operating expenses | 52 | — |
| $ 121 | $ 241 | |
| MOBILEIRON, INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| FOR THE YEAR ENDED DECEMBER 31, 2013 and 2014 | ||
| (Amounts in thousands, except for per share data) | ||
| (Unaudited) | ||
| Year Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Revenue: | ||
| Perpetual license | $ 69,810 | $ 66,816 |
| Subscription | 15,085 | 30,227 |
| Software support and services | 20,679 | 35,252 |
| Total revenue (1) | 105,574 | 132,295 |
| Cost of revenue: | ||
| Perpetual license (2) | 3,327 | 4,448 |
| Subscription (1) | 3,684 | 5,719 |
| Software support and services (1) | 9,489 | 13,868 |
| Total cost of revenue | 16,500 | 24,035 |
| Gross profit | 89,074 | 108,260 |
| Operating expenses: | ||
| Research and development (1) | 36,400 | 46,278 |
| Sales and marketing (1) | 68,309 | 99,870 |
| General and administrative (1) | 12,081 | 22,400 |
| Amortization of intangible assets (2) | 208 | 782 |
| Impairment of in-process research and development (2) | 3,925 | — |
| Total operating expenses | 120,923 | 169,330 |
| Operating loss | (31,849) | (61,070) |
| Other expense - net | 396 | 302 |
| Loss before income taxes | (32,245) | (61,372) |
| Income tax expense | 252 | 517 |
| Net loss | $ (32,497) | $ (61,889) |
| Net loss per share, basic and diluted | $ (3.27) | $ (1.30) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 9,953 | 47,517 |
| ________________________ | ||
| (1) Includes stock-based compensation expense as follows: | ||
| Contra-revenue | $ 78 | $ 123 |
| Cost of revenue | ||
| Subscription | 47 | 131 |
| Software support and services | 280 | 1,222 |
| Research and development | 5,238 | 5,980 |
| Sales and marketing | 1,893 | 5,930 |
| General and administrative | 931 | 3,363 |
| $ 8,467 | $ 16,749 | |
| (2) Includes amortization of intangible assets and impairment of IPR&D as follows: | ||
| Cost of revenue | ||
| Perpetual license | $ 277 | $ 648 |
| Operating expenses | 4,133 | 782 |
| $ 4,410 | $ 1,430 | |
| MOBILEIRON, INC. | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| FOR THE YEAR ENDED DECEMBER 31, 2013 and 2014 | ||
| (Amounts in thousands) | ||
| (Unaudited) | ||
| Year Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Cash flows from operating activities: | ||
| Net loss | $ (32,497) | $ (61,889) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 8,467 | 16,749 |
| Depreciation | 1,563 | 2,215 |
| Amortization of intangible assets | 485 | 1,430 |
| Provision for doubtful accounts | (67) | 54 |
| Impairment of in-process research and development | 3,925 | — |
| Loss on disposal of equipment | — | 21 |
| Changes in current assets and liabilities: | ||
| Accounts receivable | (5,996) | (10,605) |
| Other current and noncurrent assets | (2,713) | (835) |
| Accounts payable | 147 | (12) |
| Accrued expenses and other long-term liabilities | 5,884 | 2,881 |
| Deferred revenue | (4,748) | 13,422 |
| Net cash used in operating activities | (25,550) | (36,569) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (2,244) | (3,119) |
| Purchases of investment securities | — | (36,104) |
| Purchase of Push Computing, Inc.—net of cash acquired | (333) | — |
| Purchase of intellectual property | (30) | (650) |
| Net cash used in investing activities | (2,607) | (39,873) |
| Cash flows from financing activities: | ||
| Amount drawn from revolving line of credit | 4,300 | 3,300 |
| Repayments of revolving line of credit | — | (7,600) |
| Proceeds from initial public offering | — | 106,950 |
| Payments of offering costs related to initial public offering | — | (4,076) |
| Proceeds from employee stock purchase plan | 4,280 | |
| Net proceeds from issuance of preferred stock | 57,707 | 1,994 |
| Proceeds from exercise of stock options | 1,031 | 2,308 |
| Net cash provided by financing activities | 63,038 | 107,156 |
| Net increase in cash and cash equivalents | 34,881 | 30,714 |
| Cash and cash equivalents at beginning of period | 38,692 | 73,573 |
| Cash and cash equivalents at end of period | $ 73,573 | $ 104,287 |
Non-GAAP financial measures and reconciliations
To supplement our financial results presented on a GAAP basis, we provide investors with certain non-GAAP financial measures, including gross billings, recurring billings, non-GAAP revenue, 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, the amortization of intangible assets, the impairment of in-process research and development, and perpetual license revenue recognized from licenses delivered prior to 2013:
Perpetual license revenue recognized from licenses delivered prior to 2013: We have excluded the effect of perpetual license revenue recognized from licenses delivered prior to 2013 from revenue, gross profit, gross margin, operating loss, operating margin, net loss, and net loss per share. Because we had not established vendor specific objective evidence, or VSOE, of fair value of software support and services prior to January 1, 2013, we recognized perpetual license revenue ratably over the term of the related software support agreement. Upon establishing VSOE on January 1, 2013, we began to recognize perpetual license revenue upon delivery assuming all other revenue recognition criteria are met. As a result, our perpetual license revenue includes amounts related to licenses delivered prior to 2013. Revenue from these perpetual licenses delivered prior to 2013 has declined over each quarter since the quarter ended March 31, 2013 and will continue to decline sequentially until it is fully amortized.
Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our gross profit, gross margin, operating loss, operating margin, net loss, and net loss per share. Stock-based compensation expenses will recur in future periods.
Amortization of intangible assets: We have excluded the effect of amortization of intangible assets from our gross profit, gross margin, operating loss, operating margin, net loss, and net loss per share. Amortization of intangible assets is significantly affected by the timing and size of our acquisitions. Amortization of intangible assets will recur in future periods.
Impairment of in-process research and development: We have excluded the effect of the impairment of in-process research and development from our operating loss, operating margin, net loss, and net loss per share. This impairment expense is not expected to recur.
Non-GAAP revenue, 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 perpetual license revenue recognized from licenses delivered prior to 2013, stock-based compensation expense, amortization of intangible assets and the impairment of in-process research and development, as relevant, from revenue, gross profit, gross margin, operating loss, operating margin, net loss, and net loss per share provides useful measures for management and investors because revenue recognized from licenses delivered prior to 2013 has and will continue to significantly decline over time until it is fully amortized and stock-based compensation, the amortization of intangible assets and the impairment of in-process research and development 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 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 upon 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 and has and will continue to contribute to our revenue earned.
Gross and recurring billings 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; and free cash flow, which we define as cash used in operating activities less the amount of the purchase of property and equipment. We consider gross billings to be a useful metric for management and investors because gross billings drive deferred revenue, which is an important indicator of the health and visibility of our business. Similarly, we consider recurring billings to be a useful metric because recurring billings drive software support and subscription deferred revenue, which is an important indicator 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 and recurring billings versus revenue calculated in accordance with GAAP. 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. We compensate for these limitations by providing specific information regarding GAAP revenue and evaluating gross and recurring billings 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 based on certain of these non-GAAP measures.
| MOBILEIRON, INC. | ||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||
| (Amounts in thousands except per share data and percentages) | ||
| (Unaudited) | ||
| Three Months Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Non-GAAP total revenue reconciliation: | ||
| GAAP total revenue | $ 28,124 | $ 37,698 |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (3,094) | (1,016) |
| Non-GAAP total revenue | $ 25,030 | $ 36,682 |
| Non-GAAP gross profit reconciliation: | ||
| GAAP gross profit | $ 23,410 | $ 31,257 |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (3,094) | (1,016) |
| Stock-based compensation expenses | 90 | 456 |
| Amortization of intangible assets | 69 | 241 |
| Non-GAAP gross profit | $ 20,475 | $ 30,938 |
| Non-GAAP gross margin reconciliation: | ||
| GAAP gross margin: GAAP gross profit over GAAP total revenue | 83.2% | 82.9% |
| GAAP to non-GAAP gross margin adjustments | (1.4%) | 1.4% |
| Non-GAAP gross margin: non-GAAP gross profit over non-GAAP total revenue | 81.8% | 84.3% |
| Non-GAAP operating loss reconciliation: | ||
| GAAP operating loss | $ (10,920) | $ (15,106) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (3,094) | (1,016) |
| Stock-based compensation expenses | 1,999 | 4,938 |
| Amortization of intangible assets and impairment of IPR&D | 121 | 241 |
| Non-GAAP operating loss | $ (11,894) | $ (10,943) |
| Non-GAAP operating margin reconciliation: | ||
| GAAP operating margin: GAAP operating loss over GAAP total revenue | (38.8%) | (40.1%) |
| GAAP to non-GAAP operating margin adjustments | (8.7%) | 10.3% |
| Non-GAAP operating margin: non-GAAP operating loss over non-GAAP total revenue | (47.5%) | (29.8%) |
| Non-GAAP net loss reconciliation: | ||
| GAAP net loss | $ (11,098) | $ (15,303) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (3,094) | (1,016) |
| Stock-based compensation expenses | 1,999 | 4,938 |
| Amortization of intangible assets and impairment of IPR&D | 121 | 241 |
| Non-GAAP net loss | $ (12,072) | $ (11,140) |
| MOBILEIRON, INC. | ||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||
| (Amounts in thousands except per share data and percentages) | ||
| (Unaudited) | ||
| Three Months Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Non-GAAP net loss per share reconciliation: | ||
| GAAP net loss per share | $ (1.03) | $ (0.20) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (0.29) | (0.01) |
| Stock-based compensation expenses | 0.19 | 0.06 |
| Amortization of intangible assets and impairment of IPR&D | 0.01 | 0.00 |
| Non-GAAP net loss per share | $ (1.12) | $ (0.15) |
| Gross billings reconciliation: | ||
| Total revenue | $ 28,124 | $ 37,698 |
| Total deferred revenue, end of period | 40,751 | 54,174 |
| Less: Total deferred revenue, beginning of period | (36,808) | (49,633) |
| Total change in deferred revenue | 3,943 | 4,541 |
| Gross billings | $ 32,067 | $ 42,239 |
| Recurring billings reconciliation: | ||
| Total revenue | $ 28,124 | $ 37,698 |
| Less: Perpetual license revenue | (16,441) | (18,658) |
| Less: Professional services revenue | (431) | (394) |
| Subscription and software support deferred revenue, end of period | 30,468 | 49,354 |
| Less: Subscription and software support deferred revenue, beginning of period | (23,204) | (42,535) |
| Total change in subscription and software support deferred revenue | 7,264 | 6,819 |
| Less: Adjustments | (2,859) | (1,301) |
| Recurring billings | $ 15,657 | $ 24,164 |
| Free cash flow reconciliation: | ||
| Cash used in operating activities | $ (8,579) | $ (7,155) |
| Purchase of property and equipment | (634) | (1,194) |
| Free cash flow | $ (9,213) | $ (8,349) |
| MOBILEIRON, INC. | ||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||
| (Amounts in thousands except per share data and percentages) | ||
| (Unaudited) | ||
| Year Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Non-GAAP total revenue reconciliation: | ||
| GAAP total revenue | $ 105,574 | $ 132,295 |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (21,049) | (5,214) |
| Non-GAAP total revenue | $ 84,525 | $ 127,081 |
| Non-GAAP gross profit reconciliation: | ||
| GAAP gross profit | $ 89,074 | $ 108,260 |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (21,049) | (5,214) |
| Stock-based compensation expenses | 327 | 1,353 |
| Amortization of intangible assets | 277 | 648 |
| Non-GAAP gross profit | $ 68,629 | $ 105,047 |
| Non-GAAP gross margin reconciliation: | ||
| GAAP gross margin: GAAP gross profit over GAAP total revenue | 84.4% | 81.8% |
| GAAP to non-GAAP gross margin adjustments | (3.2%) | 0.9% |
| Non-GAAP gross margin: non-GAAP gross profit over non-GAAP total revenue | 81.2% | 82.7% |
| Non-GAAP operating loss reconciliation: | ||
| GAAP operating loss | $ (31,849) | $ (61,070) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (21,049) | (5,214) |
| Stock-based compensation expenses | 8,389 | 16,626 |
| Amortization of intangible assets and impairment of IPR&D | 4,410 | 1,430 |
| Non-GAAP operating loss | $ (40,099) | $ (48,228) |
| Non-GAAP operating margin reconciliation: | ||
| GAAP operating margin: GAAP operating loss over GAAP total revenue | (30.2%) | (46.2%) |
| GAAP to non-GAAP operating margin adjustments | (17.2%) | 8.2% |
| Non-GAAP operating margin: non-GAAP operating loss over non-GAAP total revenue | (47.4%) | (38.0%) |
| Non-GAAP net loss reconciliation: | ||
| GAAP net loss | $ (32,497) | $ (61,889) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (21,049) | (5,214) |
| Stock-based compensation expenses | 8,389 | 16,626 |
| Amortization of intangible assets and impairment of IPR&D | 4,410 | 1,430 |
| Non-GAAP net loss | $ (40,747) | $ (49,047) |
| MOBILEIRON, INC. | ||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||
| (Amounts in thousands except per share data and percentages) | ||
| (Unaudited) | ||
| Year Ended | ||
| December 31, 2013 | December 31, 2014 | |
| Non-GAAP net loss per share reconciliation: | ||
| GAAP net loss per share | $ (3.27) | $ (1.30) |
| Perpetual license revenue recognized from licenses delivered prior to 2013 | (2.11) | (0.11) |
| Stock-based compensation expenses | 0.85 | 0.35 |
| Amortization of intangible assets and impairment of IPR&D | 0.44 | 0.03 |
| Non-GAAP net loss per share | $ (4.09) | $ (1.03) |
| Gross billings reconciliation: | ||
| Total revenue | $ 105,574 | $ 132,295 |
| Total deferred revenue, end of period | 40,751 | 54,174 |
| Less: Total deferred revenue, beginning of period | (45,500) | (40,751) |
| Total change in deferred revenue | (4,749) | 13,423 |
| Gross billings | $ 100,825 | $ 145,718 |
| Recurring billings reconciliation: | ||
| Total revenue | $ 105,574 | $ 132,295 |
| Less: Perpetual license revenue | (69,810) | (66,816) |
| Less: Professional services revenue | (1,483) | (2,404) |
| Subscription and software support deferred revenue, end of period | 30,468 | 49,194 |
| Less: Subscription and software support deferred revenue, beginning of period | (14,712) | (30,468) |
| Total change in subscription and software support deferred revenue | 15,756 | 18,726 |
| Less: Adjustments | (4,642) | (3,200) |
| Recurring billings | $ 45,395 | $ 78,601 |
| Free cash flow reconciliation: | ||
| Cash used in operating activities | $ (25,550) | $ (36,569) |
| Purchase of property and equipment | (2,244) | (3,119) |
| Free cash flow | $ (27,794) | $ (39,688) |
| MOBILEIRON, INC. | |||||
| SUPPLEMENTAL INFORMATION | |||||
| (Amounts in thousands) | |||||
| (Unaudited) | |||||
| 31-Dec-13 | 31-Mar-14 | 30-Jun-14 | 30-Sep-14 | 31-Dec-14 | |
| GAAP Revenue | |||||
| United States | $ 16,398 | $ 16,363 | $ 17,621 | $ 20,457 | $ 17,683 |
| International | 11,726 | 11,850 | 13,846 | 14,460 | 20,015 |
| Total | 28,124 | 28,213 | 31,467 | 34,917 | 37,698 |
| Gross billings | $ 32,067 | $ 30,298 | $ 34,941 | $ 38,240 | $ 42,239 |
| Recurring billings | 15,657 | 15,758 | 18,509 | 20,170 | 24,164 |
| Non-GAAP gross profit | 20,475 | 21,588 | 24,628 | 27,893 | 30,938 |
| Non-GAAP operating loss | (11,894) | (12,783) | (13,391) | (11,111) | (10,943) |
| Free cash flow | (9,213) | (10,833) | (10,678) | (9,828) | (8,349) |
| Components of Deferred Revenue | |||||
| Software support | $ 19,868 | $ 21,571 | $ 23,544 | $ 25,322 | $ 29,213 |
| Subscription | 10,600 | 12,376 | 14,682 | 17,213 | 19,981 |
| Other deferred revenue | 10,283 | 8,889 | 8,084 | 7,098 | 4,980 |
| Total | $ 40,751 | $ 42,836 | $ 46,310 | $ 49,633 | $ 54,174 |