[May 06, 2015] |
|
Aerohive Networks Reports First Quarter 2015 Financial Results
Aerohive Networks® (NYSE:HIVE), a leader in controller-less Wi-Fi and
cloud-managed mobile networking for the enterprise market, today
announced financial results for its first quarter of 2015, ended March
31, 2015.
Financial Summary
Total revenue for the first quarter of 2015 was $25.8 million, a
decrease of 9%, compared with $28.2 million for the first quarter of
2014. Software subscription and services revenue was $5.3 million, or
21% of total revenue for the quarter, compared with $3.4 million, or 12%
of total revenue for the first quarter of 2014.
For the first quarter of 2015, GAAP net loss was $16.1 million, compared
with $8.9 million in the first quarter of 2014. GAAP gross margin was
66.5%, compared with 67.2% in the year-ago period. Non-GAAP net loss for
the first quarter of 2015 was $12.2 million, compared with $7.4 million
in the first quarter of 2014. Non-GAAP gross margin was 67.2%, compared
with 67.5% in the year-ago period.
A description of the non-GAAP calculations and a reconciliation to
comparable GAAP financial measures are provided in the accompanying
table entitled "Reconciliation of GAAP to Non-GAAP Financial Measures."
"Our first quarter results were in-line with the revised guidance range
we provided on April 13. We remain committed to improving our execution
and taking advantage of the large and growing market opportunity in
cloud-managed mobile networking," stated David Flynn, President and
Chief Executive Officer. "We are optimistic about the potential for
growth from the E-rate program, our new product offerings and new sales
leadership. We are confident in our long-term strategy and are focused
on clearly differentiating ourselves with scalable, flexible, and
cost-effective solutions that enable our customers to succeed."
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts
and investors to discuss its first quarter 2015 results and outlook for
its second quarter of 2015 at 2:00 pm Pacific Time today, May 6, 2015.
The call may be accessed by dialing 1-888-329-8893 (toll free) or
1-719-325-2491 (international) and providing the passcode 5587582. A
live audio webcast of the conference call will be accessible from the
"Investor Relations" section of the Company's website at http://ir.aerohive.com.
An audio replay of the call may be accessed via dial-in at
1-888-203-1112 with the passcode 5587582 or by webcast on the Investor
Relations section of Aerohive's website at http://ir.aerohive.com.
Safe Harbor Statement
This press release contains forward-looking statements, including
statements regarding Aerohive Networks' financial expectations and
operating performance and expectations for continued growth in 2015,
including statements regarding progress on our sales execution, our
efforts and investments to increase capacity and revenue
diversification, our expectations regarding growth in the Wi-Fi market
and our ability to capitalize on that growth and specifically from
expanding education opportunities, our new product offerings and new
sales leadership. These forward-looking statements are based on current
expectations and are subject to inherent uncertainties, risks and
changes in circumstances that are difficult or impossible to predict.
The actual outcomes and results may differ materially from those
contemplated by these forward-looking statements as a result of these
uncertainties, risk and changes in circumstances, including, but not
limited to, risks and uncertainties related to: our ability to continue
to attract, integrate, retain and train skilled personnel, especially
skilled R&D and sales personnel, in general and in specific regions, our
ability to develop and expand our sales capacity and improve the
effectiveness of our channel, our ability to improve our operating and
sales execution, general demand for wireless networking in the industry
verticals targeted or demand for Aerohive products in particular, our
ability to benefit from our participation in the E-Rate program,
unpredictable and changing market conditions, risks associated with the
deployment, performance and adoption of new products and services, risks
associated with our growth, competitive pressures from existing and new
companies, including pricing pressures, changes in the mix and selling
prices of Aerohive products, technological change, product development
delays, reliance on third parties to manufacture, warehouse and timely
deliver Aerohive products or international operations, our inability to
protect Aerohive intellectual property or to predict or limit exposure
to third party claims relating to its or Aerohive's intellectual
property, Aerohive's limited operating history, particularly as a public
company, and general market, political, regulatory, economic and
business conditions in the United States and internationally.
Additional risks and uncertainties that could affect Aerohive's
financial and operating results are included under the captions "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations," in the Company's recent annual
report on Form 10-K. Aerohive's SEC filings are available on the
Investor Relations section of the Company's website at http://ir.aerohive.com
and on the SEC's website at www.sec.gov.
All forward-looking statements in this press release are based on
information available to the Company as of the date hereof, and Aerohive
Networks disclaims 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, except as required by law.
Non-GAAP Financial Measures
Aerohive's reported results include certain non-GAAP financial measures,
including:
-
non-GAAP gross profit and non-GAAP gross margin
-
non-GAAP product gross margin and non-GAAP software subscription and
services gross margin
-
non-GAAP operating expenses and non-GAAP functional expenses
-
non-GAAP operating expenses percentage and non-GAAP functional
expenses percentage
-
non-GAAP operating loss and non-GAAP operating loss percentage
-
non-GAAP net loss and non-GAAP net loss per share
The Company defines non-GAAP financial measures to exclude share-based
compensation, amortization of acquired intangibles and the periodic fair
value re-measurements related to convertible preferred stock warrants.
The Company has included non-GAAP financial measures in this press
release because they are key measures used to evaluate the business,
measure performance, identify trends affecting the business, formulate
financial projections and make strategic decisions. In particular, the
exclusion of certain non-cash expenses in calculating these non-GAAP
financial measures can provide a useful measure for period-to-period
comparisons of the Company's core business.
Although non-GAAP financial measures are frequently used by investors in
their evaluations of companies, these non-GAAP financial measures have
limitations in that they do not reflect all of the amounts associated
with the Company's results of operations as determined in accordance
with GAAP. Some of these limitations are:
-
the non-GAAP measures do not consider the dilutive impact of
stock-based compensation, which is an ongoing expense for the Company;
-
although amortization is a non-cash charge, the assets being amortized
often will have to be replaced in the future, and non-GAAP gross
profit percentage, non-GAAP operating loss, non-GAAP operating loss
percentage, non-GAAP net loss, and non-GAAP loss per share do not
reflect any cash requirement for such replacements;
-
non-GAAP net loss and non-GAAP net loss per share do not reflect the
periodic fair value re-measurements related to convertible preferred
stock warrants; and
-
other companies, including companies in this industry, may calculate
these non-GAAP financial measures differently, which reduces their
usefulness as a comparative measure.
Because of these limitations, you should consider non-GAAP financial
measures only together with other financial performance measures,
including various cash flow metrics, net loss and other GAAP results.
About Aerohive Networks
Aerohive (NYSE: HIVE) enables our customers to simply and confidently
connect to the information, applications, and insights they need to
thrive. Our simple, scalable, and secure platform delivers mobility
without limitations. For our over 20,000 end customers worldwide, every
access point is a starting point. Aerohive was founded in 2006 and is
headquartered in Sunnyvale, CA. For more information, please visit http://www.aerohive.com,
call us at 408-510-6100, follow us on Twitter @Aerohive,
subscribe to our blog,
join our community or
become a fan on our Facebook
page.
"Aerohive" is a registered trademark of Aerohive Networks, Inc. All
product and company names used herein are trademarks or registered
trademarks of their respective owners. All rights reserved.
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AEROHIVE NETWORKS, INC.
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
December 31, 2014
|
ASSETS
|
|
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(unaudited)
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
92,660
|
|
|
$
|
98,044
|
|
Accounts receivable, net of allowance for doubtful accounts of $88
and $106 as of March 31, 2015 and December 31, 2014, respectively
|
|
|
|
17,613
|
|
|
|
24,695
|
|
Inventory
|
|
|
|
11,389
|
|
|
|
8,360
|
|
Prepaid expenses and other current assets
|
|
|
|
2,106
|
|
|
|
2,610
|
|
Deferred cost of goods sold
|
|
|
|
913
|
|
|
|
1,001
|
|
Total current assets
|
|
|
|
124,681
|
|
|
|
134,710
|
|
Property and equipment, net
|
|
|
|
10,415
|
|
|
|
8,862
|
|
Goodwill
|
|
|
|
513
|
|
|
|
513
|
|
Other assets
|
|
|
|
185
|
|
|
|
169
|
|
TOTAL ASSETS
|
|
|
$
|
135,794
|
|
|
$
|
144,254
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
12,666
|
|
|
$
|
10,154
|
|
Accrued liabilities
|
|
|
|
8,539
|
|
|
|
9,181
|
|
Long-term debt, current portion
|
|
|
|
-
|
|
|
|
12,451
|
|
Deferred revenue, current portion
|
|
|
|
22,704
|
|
|
|
22,014
|
|
Total current liabilities
|
|
|
|
43,909
|
|
|
|
53,800
|
|
Long-term debt, non-current
|
|
|
|
20,000
|
|
|
|
7,301
|
|
Deferred revenue, non-current
|
|
|
|
25,101
|
|
|
|
24,141
|
|
Other liabilities
|
|
|
|
760
|
|
|
|
857
|
|
TOTAL LIABILITIES
|
|
|
|
89,770
|
|
|
|
86,099
|
|
|
|
|
|
|
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STOCKHOLDERS' EQUITY:
|
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|
|
|
|
Preferred stock, par value of $0.001 per share - 25,000,000 and
25,000,000 shares authorized as of March 31, 2015 and December 31,
2014, respectively; no shares issued and outstanding as of March 31,
2015 and December 31, 2014
|
|
|
|
-
|
|
|
|
-
|
|
Common stock, par value of $0.001 per share - 500,000,000 and
500,000,000 shares authorized as of March 31, 2015 and December 31,
2014, respectively; 46,521,382 and 46,028,908 shares issued and
outstanding as of March 31, 2015 and December 31, 2014, respectively
|
|
|
|
46
|
|
|
|
46
|
|
Additional paid-in capital
|
|
|
|
212,926
|
|
|
|
208,998
|
|
Accumulated deficit
|
|
|
|
(166,948
|
)
|
|
|
(150,889
|
)
|
Total stockholders' equity
|
|
|
|
46,024
|
|
|
|
58,155
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
$
|
135,794
|
|
|
$
|
144,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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AEROHIVE NETWORKS, INC.
|
|
|
|
|
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Condensed Consolidated Statements of Operations
|
|
|
(unaudited; in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
Product
|
|
|
$
|
20,480
|
|
|
$
|
24,861
|
|
Software subscription and services
|
|
|
|
5,337
|
|
|
|
3,371
|
|
Total revenue
|
|
|
|
25,817
|
|
|
|
28,232
|
|
Cost of revenue (1):
|
|
|
|
|
|
Product
|
|
|
|
6,808
|
|
|
|
7,882
|
|
Software subscription and services
|
|
|
|
1,828
|
|
|
|
1,366
|
|
Total cost of revenue
|
|
|
|
8,636
|
|
|
|
9,248
|
|
Gross profit
|
|
|
|
17,181
|
|
|
|
18,984
|
|
Operating expenses:
|
|
|
|
|
|
Research and development (1)
|
|
|
|
7,510
|
|
|
|
6,138
|
|
Sales and marketing (1)
|
|
|
|
18,770
|
|
|
|
16,569
|
|
General and administrative (1)
|
|
|
|
6,247
|
|
|
|
4,837
|
|
Total operating expenses
|
|
|
|
32,527
|
|
|
|
27,544
|
|
Operating loss
|
|
|
|
(15,346
|
)
|
|
|
(8,560
|
)
|
Interest income
|
|
|
|
14
|
|
|
|
1
|
|
Interest expense
|
|
|
|
(754
|
)
|
|
|
(465
|
)
|
Other income
|
|
|
|
135
|
|
|
|
117
|
|
Loss before income taxes
|
|
|
|
(15,951
|
)
|
|
|
(8,907
|
)
|
Income tax provision
|
|
|
|
(108
|
)
|
|
|
(20
|
)
|
Net loss
|
|
|
$
|
(16,059
|
)
|
|
$
|
(8,927
|
)
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
|
$
|
(0.35
|
)
|
|
$
|
(1.17
|
)
|
Weighted-average shares used in computing net loss per share, basic
and diluted
|
|
|
|
46,298,850
|
|
|
|
7,635,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
Cost of revenue
|
|
|
$
|
165
|
|
|
$
|
45
|
|
Research and development
|
|
|
|
986
|
|
|
|
351
|
|
Sales and marketing
|
|
|
|
1,497
|
|
|
|
621
|
|
General and administrative
|
|
|
|
1,174
|
|
|
|
549
|
|
Total stock-based compensation expense
|
|
|
$
|
3,822
|
|
|
$
|
1,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
AEROHIVE NETWORKS, INC.
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
(unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net loss
|
|
|
$
|
(16,059
|
)
|
|
$
|
(8,927
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
619
|
|
|
|
497
|
|
Stock-based compensation
|
|
|
|
3,822
|
|
|
|
1,566
|
|
Amortization and write-off of debt discount and debt issuance cost
|
|
|
|
296
|
|
|
|
43
|
|
Re-measurement of convertible preferred stock warrant liability
|
|
|
|
-
|
|
|
|
(90
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
7,082
|
|
|
|
1,734
|
|
Inventory
|
|
|
|
(3,028
|
)
|
|
|
487
|
|
Prepaid expenses and other current assets
|
|
|
|
592
|
|
|
|
(12
|
)
|
Other assets
|
|
|
|
(17
|
)
|
|
|
(73
|
)
|
Accounts payable
|
|
|
|
2,543
|
|
|
|
1,762
|
|
Accrued liabilities
|
|
|
|
(343
|
)
|
|
|
(324
|
)
|
Other liabilities
|
|
|
|
(97
|
)
|
|
|
(147
|
)
|
Deferred revenue
|
|
|
|
1,650
|
|
|
|
1,768
|
|
Net cash used in operating activities
|
|
|
|
(2,940
|
)
|
|
|
(1,716
|
)
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Purchases of property, equipment and intangible assets
|
|
|
|
(452
|
)
|
|
|
(363
|
)
|
Capitalized software development costs
|
|
|
|
(1,789
|
)
|
|
|
(1070
|
)
|
Net cash used in investing activities
|
|
|
|
(2,241
|
)
|
|
|
(1,433
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Payment for deferred offering costs
|
|
|
|
-
|
|
|
|
(456
|
)
|
Proceeds from exercise of convertible preferred stock warrants
|
|
|
|
-
|
|
|
|
907
|
|
Proceeds from exercise of vested stock options
|
|
|
|
342
|
|
|
|
978
|
|
Shares repurchased for tax withholdings on vesting of restricted
stock units
|
|
|
|
(545
|
)
|
|
|
-
|
|
Proceeds from debt borrowings
|
|
|
|
10,000
|
|
|
|
-
|
|
Repayments of debt
|
|
|
|
(10,000
|
)
|
|
|
-
|
|
Net cash used in (provided by) financing activities
|
|
|
|
(203
|
)
|
|
|
1,429
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(5,384
|
)
|
|
|
(1,720
|
)
|
Cash and cash equivalents-beginning of period
|
|
|
|
98,044
|
|
|
|
35,023
|
|
Cash and cash equivalents-end of period
|
|
|
$
|
92,660
|
|
|
$
|
33,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AEROHIVE NETWORKS, INC.
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
|
|
(unaudited; in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
Gross Profit Reconciliations:
|
|
|
|
GAAP gross profit
|
|
|
$
|
17,181
|
|
|
$
|
18,984
|
|
Stock-based compensation
|
|
|
|
165
|
|
|
|
45
|
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
41
|
|
Non-GAAP gross profit
|
|
|
$
|
17,346
|
|
|
$
|
19,070
|
|
|
|
|
|
|
|
Gross Margin Reconciliations:
|
|
|
|
|
|
GAAP gross margin
|
|
|
|
66.5
|
%
|
|
|
67.2
|
%
|
Stock-based compensation
|
|
|
|
0.7
|
%
|
|
|
0.2
|
%
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
0.1
|
%
|
Non-GAAP gross margin
|
|
|
|
67.2
|
%
|
|
|
67.5
|
%
|
|
|
|
|
|
|
Product Gross Margin Reconciliations:
|
|
|
|
|
|
GAAP product gross margin
|
|
|
|
66.8
|
%
|
|
|
68.3
|
%
|
Stock-based compensation
|
|
|
|
0.1
|
%
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
0.2
|
%
|
Non-GAAP product gross margin
|
|
|
|
66.9
|
%
|
|
|
68.5
|
%
|
|
|
|
|
|
|
Software Subscription and Services Gross
Margin Reconciliations:
|
|
|
|
|
|
GAAP software subscription and services gross margin
|
|
|
|
65.7
|
%
|
|
|
59.5
|
%
|
Stock-based compensation
|
|
|
|
2.5
|
%
|
|
|
1.0
|
%
|
Non-GAAP software subscription and services gross margin
|
|
|
|
68.2
|
%
|
|
|
60.5
|
%
|
|
|
|
|
|
|
Operating Expenses Reconciliations:
|
|
|
|
|
|
GAAP research and development
|
|
|
$
|
7,510
|
|
|
$
|
6,138
|
|
Stock-based compensation
|
|
|
|
(986
|
)
|
|
|
(351
|
)
|
Non-GAAP research and development
|
|
|
$
|
6,524
|
|
|
$
|
5,787
|
|
|
|
|
|
|
|
GAAP sales and marketing
|
|
|
$
|
18,770
|
|
|
$
|
16,569
|
|
Stock-based compensation
|
|
|
|
(1,497
|
)
|
|
|
(621
|
)
|
Non-GAAP sales and marketing
|
|
|
$
|
17,273
|
|
|
$
|
15,948
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
|
$
|
6,247
|
|
|
$
|
4,837
|
|
Stock-based compensation
|
|
|
|
(1,174
|
)
|
|
|
(549
|
)
|
Non-GAAP general and administrative
|
|
|
$
|
5,073
|
|
|
$
|
4,288
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
|
$
|
32,527
|
|
|
$
|
27,544
|
|
Stock-based compensation
|
|
|
|
(3,657
|
)
|
|
|
(1,521
|
)
|
Non-GAAP operating expenses
|
|
|
$
|
28,870
|
|
|
$
|
26,023
|
|
|
|
|
|
|
|
Operating Expenses Percentage
Reconciliations:
|
|
|
|
|
|
GAAP research and development percentage
|
|
|
|
29.1
|
%
|
|
|
21.7
|
%
|
Stock-based compensation
|
|
|
|
(3.8
|
)%
|
|
|
(1.2
|
)%
|
Non-GAAP research and development percentage
|
|
|
|
25.3
|
%
|
|
|
20.5
|
%
|
|
|
|
|
|
|
GAAP sales and marketing percentage
|
|
|
|
72.7
|
%
|
|
|
58.7
|
%
|
Stock-based compensation
|
|
|
|
(5.8
|
)%
|
|
|
(2.2
|
)%
|
Non-GAAP sales and marketing percentage
|
|
|
|
66.9
|
%
|
|
|
56.5
|
%
|
|
|
|
|
|
|
GAAP general and administrative percentage
|
|
|
|
24.2
|
%
|
|
|
17.1
|
%
|
Stock-based compensation
|
|
|
|
(4.6
|
)%
|
|
|
(1.9
|
)%
|
Non-GAAP general and administrative percentage
|
|
|
|
19.6
|
%
|
|
|
15.2
|
%
|
|
|
|
|
|
|
GAAP operating expenses percentage
|
|
|
|
126.0
|
%
|
|
|
97.6
|
%
|
Stock-based compensation
|
|
|
|
(14.2
|
)%
|
|
|
(5.4
|
)%
|
Non-GAAP operating expenses percentage
|
|
|
|
111.8
|
%
|
|
|
92.2
|
%
|
|
|
|
|
|
|
Operating Loss Reconciliations:
|
|
|
|
GAAP operating loss
|
|
|
$
|
(15,346
|
)
|
|
$
|
(8,560
|
)
|
Stock-based compensation
|
|
|
|
3,822
|
|
|
|
1,566
|
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
41
|
|
Non-GAAP operating loss
|
|
|
$
|
(11,524
|
)
|
|
$
|
(6,953
|
)
|
|
|
|
|
|
|
Operating Loss Percentage Reconciliations:
|
|
|
|
|
|
GAAP operating loss percentage
|
|
|
|
(59.4
|
)%
|
|
|
(30.3
|
)%
|
Stock-based compensation
|
|
|
|
14.8
|
%
|
|
|
5.5
|
%
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
0.1
|
%
|
Non-GAAP operating loss percentage
|
|
|
|
(44.6
|
)%
|
|
|
(24.7
|
)%
|
|
|
|
|
|
|
Net Loss Reconciliations:
|
|
|
|
|
|
GAAP net loss
|
|
|
$
|
(16,059
|
)
|
|
$
|
(8,927
|
)
|
Stock-based compensation
|
|
|
|
3,822
|
|
|
|
1,566
|
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
41
|
|
Periodic re-measurement of convertible preferred stock warrants
|
|
|
|
-
|
|
|
|
(90
|
)
|
Non-GAAP net loss
|
|
|
$
|
(12,237
|
)
|
|
$
|
(7,410
|
)
|
|
|
|
|
|
|
Shares Used in Computing non-GAAP Basic
and Diluted Net Loss per Share
|
|
|
|
|
|
Weighted average shares used in computing non-GAAP basic and diluted
net loss per share
|
|
|
|
46,298,850
|
|
|
|
7,635,120
|
|
|
|
|
|
|
|
Earnings Per Share Reconciliations:
|
|
|
|
|
|
Basic and diluted net loss per share on a GAAP basis
|
|
|
$
|
(0.35
|
)
|
|
$
|
(1.17
|
)
|
Stock-based compensation
|
|
|
|
0.09
|
|
|
|
0.205
|
|
Amortization of acquired intangible assets
|
|
|
|
-
|
|
|
|
0.005
|
|
Periodic re-measurement of convertible preferred stock warrants
|
|
|
|
-
|
|
|
|
(0.012
|
)
|
Basic and diluted net loss per share on a Non-GAAP basis
|
|
|
$
|
(0.26
|
)
|
|
$
|
(0.97
|
)
|
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