TMCnet News
Mavenir Systems® Reports 2014 Second Quarter Financial ResultsRICHARDSON, Texas --(Business Wire)-- Mavenir Systems (NYSE: MVNR) today reported financial results for the second quarter 2014, provided its outlook for the third quarter and updated its outlook for the full year of 2014. Total revenue for the second quarter of 2014 was $33.3 million, an increase of 29% year-over-year and 16% quarter-over-quarter. GAAP operating loss for the second quarter of 2014 was $(2.2) million, compared with $(0.9) million in the second quarter of 2013 and $(2.2) million in the first quarter of 2014. Non-GAAP operating income, which excludes stock-based compensation, foreign exchange gains or losses, depreciation and amortization, was $0.1 million for the second quarter of 2014, compared to $0.2 million for the second quarter of 2013 and a loss of $(0.2) million for the first quarter of 2014. GAAP net loss for the second quarter of 2014 was $(3.9) million, compared to $(3.6) million in the second quarter of 2013 and $(4.0) million for the first quarter of 2014. Non-GAAP net loss for the second quarter of 2014 was $(1.0) million, compared to $(1.6) million for the second quarter of 2013 and $(1.1) million for the first quarter of 2014. GAAP gross profit margin was 55% in the quarter, compared to 52% in the second quarter of 2013 and 56% in the first quarter of 2014. Non-GAAP gross profit margin was 57% in the quarter, above the high end of the guidance range provided in our earnings release for the first quarter of 2014, compared to 53% in the second quarter of 2013 and 57% in the first quarter of 2014. Net loss per share was $(0.16) for the second quarter of 2014 compared with $(2.72) for the second quarter of 2013 and $(0.17) for the first quarter of 2014. As outlined in the accompanying table entitled "Non-GAAP Net Loss Per Share" included in this press release, the non-GAAP net loss per share was $(0.04) for the second quarter of 2014 compared to $(0.09) for the second quarter of 2013 and $(0.05) for the first quarter of 2014. A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying table entitled "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures." "We achieved a number of financial and business milestones again this quarter. The company delivered a strong quarter with strong financial results, again setting a new quarterly revenue record with Gross Margin above the high end of our guidance range," said Pardeep Kohli, president and chief executive officer, Mavenir Systems. "Mavenir is seeing momentum in our two major areas of focus that are driving mobile network transformation - the adoption of all-IP technology and the build out of next generation networks using software-based solutions. LTE network transformation has begun in key markets with several VoLTE launches and announcements in the second quarter indicating that 2014 is the year of VoLTE." Mavenir Second Quarter 2014 Business and Financial Highlights
Guidance Mavenir is providing the following third quarter and updated full year 2014 guidance with respect to anticipated total revenue, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. Third quarter of 2014
Full year 2014
Conference Call Mavenir will discuss its second quarter 2014 results and its business outlook via teleconference today at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). To access this call, investors can dial the toll free number 1-855-302-8830 (domestic) or 1-330-871-6073 with the ID#64789401, or access a live webcast of the conference call at Mavenir's website http://investor.mavenir.com. A replay will be available following the call on Mavenir Systems' Investor Relations website and for one week at the following numbers: 855-859-2056 (domestic) or 404-537-3406 (international) with ID# 64789401. Non-GAAP Financial Measures & Definitions In addition to disclosing financial results that are determined in accordance with U.S. GAAP, Mavenir discloses non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share, which are non-GAAP financial measures, as supplemental measures. Non-GAAP operating loss represents operating loss before depreciation, amortization and stock-based compensation. Non-GAAP net loss represents non-GAAP operating loss after interest and taxes, as adjusted for uncertain tax positions component. Non-GAAP net loss per share represents non-GAAP net loss divided by our adjusted weighted average common shares outstanding, which assumes the conversion of preferred shares as of the beginning of the period. These measures are used by management to evaluate our business and management believes these measures may help investors evaluate the Company's fundamental operational performance. Management believes these non-GAAP measures facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization, stock-based compensation expense and certain other expenses. These measures are not measures of our financial performance under U.S. GAAP and should not be considered in isolation or a substitute for net loss, operating loss or other performance measures as determined in accordance with U.S. GAAP. These measures should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. Please refer to the accompanying tables entitled "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures" and "Non-GAAP Net Loss Per Share" for a reconciliation of consolidated GAAP operating loss to non-GAAP operating loss, consolidated GAAP net loss to non-GAAP net loss. In determining our guidance for the second quarter and full year of 2014 set forth in "Guidance," we have chosen to use non-GAAP measures for all metrics other than revenue. The non-GAAP metrics exclude the effects of depreciation, amortization, foreign exchange gains or losses, and stock-based compensation. The effects of these two items are difficult to forecast in advance as they relate to future foreign exchange rates and future stock prices, which are subject to external factors that are difficult to predict. As a result, Mavenir does not give guidance on GAAP metrics other than revenue. Forward-Looking Statements Statements in this press release that are not purely historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the statements under "Guidance" above, statements regarding Mavenir's expectations with respect to revenue, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share, as well as statements about transformation of mobile networks by mobile service providers, their transition to all-IP technology and software-based solutions and Mavenir's views about its ability to deliver solutions that enable this transformation and transition. Forward-looking statements can generally be identified by words such as "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "target," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects, although not all forward-looking statements contain these identifying words. These forward-looking statements represent management's current expectations and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mavenir to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, investors should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from those indicated by the forward-looking statements include risks regarding the timing of the adoption of 4G by mobile service providers around the world; mobile service providers' investment in next-generation communications technology; our ability to sell solutions to mobile service providers, particularly those serving large numbers of customers; the length and variability of the sales cycles for our solutions; actions taken by our competitors; our ability to negotiate acceptable financial terms with our mobile service provider customers; the performance of our solutions when implemented in mobile service provider networks; management's ability to accurately forecast Mavenir's financial results; the timing of revenues and the application of complex revenue recognition rules to such revenues; prolonged negative economic conditions in domestic and global markets; and other factors described in our filings with the Securities and Exchange Commission ("the SEC"), including under the caption "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2013 and in Mavenir's other SEC filings. There is no assurance that Mavenir's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Mavenir's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. The statements in this press release are made as of the date of this press release, even though this press release is made available on Mavenir's website or otherwise. Mavenir does not assume any obligation to update the forward-looking statements provided herein to reflect events that occur or circumstances that exist after the date on which the forward-looking statements were made, except as required by law. About Mavenir Systems: Mavenir Systems (NYSE: MVNR) provides software-based networking solutions that enable mobile service providers to deliver next generation services over 4G LTE networks. Mavenir™ has a fully virtualized end to end portfolio of Voice/Video, Messaging and Mobile Core products that include IP Multimedia Subsystem (IMS), Evolved Packet Core (EPC) and Session Border Controller (SBC). Mavenir's solutions, based on the award-winning mOne® software platform, leverage NFV and SDN technologies for deployments on cloud-based infrastructure. © 2014 Mavenir Systems, Inc. All rights reserved. Mavenir Systems®, mOne®, AirMessenger®, Mavenir™, mStore™, mCloud™, and Transforming Mobile Networks™ are trademarks of Mavenir Systems, Inc.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
