[February 03, 2016] |
|
Aerohive Networks Reports Record Fourth Quarter 2015 Revenue of $46.2 Million, up 28% year-over-year
Aerohive Networks® (NYSE: HIVE), a leader in cloud networking and
enterprise Wi-Fi, today announced financial results for its fourth
quarter and fiscal year ended December 31, 2015.
Financial Summary
Total revenue for the fourth quarter of 2015 was $46.2 million, an
increase of 8% compared with $42.8 million for the third quarter of 2015
and an increase of 28% compared with $36.2 million for the fourth
quarter of 2014. Software subscription and services revenue was $7.3
million, or 16% of total revenue for the quarter, compared with $5.0
million, or 14% of total revenue, for the fourth quarter of 2014.
For the fourth quarter of 2015, GAAP net loss was $7.4 million, compared
with $8.0 million in the fourth quarter of 2014. GAAP gross margin was
67.1%, compared with 67.2% in the year-ago period. Non-GAAP net loss for
the fourth quarter of 2015 was $2.0 million, compared with $4.0 million
in the fourth quarter of 2014. Non-GAAP gross margin was 67.7%, compared
with 67.8% in the year-ago period.
Total revenue for fiscal year 2015 was $151.7 million, an increase of
10.5%, compared with $137.3 million for fiscal year 2014. Software
subscription and services revenue was $25.4 million, or 16.7% of total
revenue for the year, compared with $16.8 million, or 12.2% of total
revenue, for fiscal year 2014.
For fiscal year 2015, GAAP net loss was $46.2 million, compared with
$30.6 million in fiscal year 2014. GAAP gross margin was 66.8%, compared
with 67.4% in the year-ago period. Non-GAAP net loss for fiscal year
2015 was $26.9 million, compared with $20.2 million in fiscal year 2014.
Non-GAAP gross margin was 67.4%, compared with 67.8% 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 fourth quarter results demonstrate the progress we've made to
improve our sales execution and bring us closer to our goal of quarterly
non-GAAP profitability in 2016. We delivered a record quarter in our
enterprise and retail verticals with strong performance in education,
and these diversified results reflect the global appeal of our
products," stated David Flynn, President and Chief Executive Officer.
"2015 was a transformative year for Aerohive, and the company is well
positioned to continue its momentum into fiscal year 2016."
The Company also announced that its board of directors has authorized a
$10 million share repurchase program, with stock purchases made from
time to time in compliance with applicable securities laws in the open
market or in privately negotiated transactions. The timing and amounts
of any purchases will be based on market conditions and other factors
including price, regulatory requirements and capital availability. The
authorization does not require the purchase of any minimum number of
shares, and may be suspended, modified or discontinued at any time
without prior notice. Unless modified, or earlier suspended or
discontinued, the authorization will expire as of June 30, 2017, without
further action of the Company's board of directors.
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts
and investors to discuss its fourth quarter and fiscal year 2015 results
and outlook for its first quarter of 2016 at 2:00 pm Pacific Time today,
February 3, 2016. The call may be accessed by dialing 1-888-417-8516
(toll free) or 1-719-325-2432 (international) and providing the passcode
162499. 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 162499 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 momentum in 2016,
including statements regarding progress on our sales execution,
expectations regarding reaching our goal of profitability in 2016 and
our intention to repurchase shares of common stock in the future. 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,
Aerohive's ability to make appropriate, timely and beneficial decisions
as to when, how, and whether to purchase shares under the stock
repurchase program, alternative uses of Aerohive's capital 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 and quarterly report on Form 10-Q. 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 Q4 and fiscal year 2015 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; and
-
non-GAAP net loss and non-GAAP net loss per share.
The Company defines non-GAAP financial measures to exclude share-based
compensation, adjustment to internal-use software amortization,
amortization of acquired intangibles, payroll taxes on certain
stock-based compensation expense, one-time charges related to pending
securities litigation, 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 the Company believes 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 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, non-GAAP gross margin, 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;
-
pending securities litigation may continue for an extended duration
and excluding the associated expense does not reflect the impact on
our ongoing operations over this period of the cash requirement to
defend such litigation; and
-
other companies, including companies in our 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 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.
|
|
|
|
|
|
|
|
|
AEROHIVE NETWORKS, INC.
|
Condensed Consolidated Statements of Operations
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
38,920
|
|
|
$
|
31,149
|
|
|
$
|
126,281
|
|
|
$
|
120,507
|
|
Software subscription and services
|
|
|
7,306
|
|
|
|
5,031
|
|
|
|
25,378
|
|
|
|
16,785
|
|
Total revenue
|
|
|
46,226
|
|
|
|
36,180
|
|
|
|
151,659
|
|
|
|
137,292
|
|
Cost of revenue (1):
|
|
|
|
|
|
|
|
|
Product
|
|
|
12,362
|
|
|
|
10,159
|
|
|
|
40,496
|
|
|
|
38,365
|
|
Software subscription and services
|
|
|
2,857
|
|
|
|
1,717
|
|
|
|
9,897
|
|
|
|
6,400
|
|
Total cost of revenue
|
|
|
15,219
|
|
|
|
11,876
|
|
|
|
50,393
|
|
|
|
44,765
|
|
Gross profit
|
|
|
31,007
|
|
|
|
24,304
|
|
|
|
101,266
|
|
|
|
92,527
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development (1)
|
|
|
10,433
|
|
|
|
7,031
|
|
|
|
36,924
|
|
|
|
27,546
|
|
Sales and marketing (1)
|
|
|
21,409
|
|
|
|
18,728
|
|
|
|
83,066
|
|
|
|
72,364
|
|
General and administrative (1)
|
|
|
6,638
|
|
|
|
5,984
|
|
|
|
26,303
|
|
|
|
21,180
|
|
Total operating expenses
|
|
|
38,480
|
|
|
|
31,743
|
|
|
|
146,293
|
|
|
|
121,090
|
|
Operating loss
|
|
|
(7,473
|
)
|
|
|
(7,439
|
)
|
|
|
(45,027
|
)
|
|
|
(28,563
|
)
|
Interest income (expense), net
|
|
|
(88
|
)
|
|
|
(443
|
)
|
|
|
(1,101
|
)
|
|
|
(1,806
|
)
|
Other income (expense), net
|
|
|
72
|
|
|
|
101
|
|
|
|
285
|
|
|
|
255
|
|
Loss before income taxes
|
|
|
(7,489
|
)
|
|
|
(7,781
|
)
|
|
|
(45,843
|
)
|
|
|
(30,114
|
)
|
Income tax provision
|
|
|
70
|
|
|
|
(205
|
)
|
|
|
(352
|
)
|
|
|
(441
|
)
|
Net loss
|
|
$
|
(7,419
|
)
|
|
$
|
(7,986
|
)
|
|
$
|
(46,195
|
)
|
|
$
|
(30,555
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
$
|
(0.15
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.98
|
)
|
|
$
|
(0.85
|
)
|
Weighted-average shares used in computing net loss per share, basic
and diluted
|
|
|
48,354,732
|
|
|
|
45,871,875
|
|
|
|
47,323,253
|
|
|
|
36,097,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
271
|
|
|
$
|
186
|
|
|
$
|
902
|
|
|
$
|
411
|
|
Research and development
|
|
|
1,326
|
|
|
|
842
|
|
|
|
4,651
|
|
|
|
2,419
|
|
Sales and marketing
|
|
|
1,923
|
|
|
|
1,637
|
|
|
|
7,112
|
|
|
|
4,121
|
|
General and administrative
|
|
|
1,480
|
|
|
|
1,280
|
|
|
|
5,706
|
|
|
|
3,301
|
|
Total stock-based compensation expense
|
|
$
|
5,000
|
|
|
$
|
3,945
|
|
|
$
|
18,371
|
|
|
$
|
10,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AEROHIVE NETWORKS, INC.
|
Condensed Consolidated Balance Sheets
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
ASSETS
|
|
(unaudited)
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
45,741
|
|
|
$
|
98,044
|
|
Short-term investments
|
|
|
46,593
|
|
|
|
-
|
|
Accounts receivable, net of allowance for doubtful accounts of $15
and $106 as of December 31, 2015 and December 31, 2014, respectively
|
|
|
22,824
|
|
|
|
24,695
|
|
Inventory
|
|
|
10,775
|
|
|
|
8,360
|
|
Prepaid expenses and other current assets
|
|
|
4,129
|
|
|
|
2,610
|
|
Deferred cost of goods sold
|
|
|
757
|
|
|
|
1,001
|
|
Total current assets
|
|
|
130,819
|
|
|
|
134,710
|
|
Property and equipment, net
|
|
|
9,156
|
|
|
|
8,862
|
|
Goodwill
|
|
|
513
|
|
|
|
513
|
|
Other assets
|
|
|
426
|
|
|
|
169
|
|
TOTAL ASSETS
|
|
|
140,914
|
|
|
$
|
144,254
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
15,140
|
|
|
$
|
10,154
|
|
Accrued liabilities
|
|
|
11,856
|
|
|
|
9,181
|
|
Debt, current portion
|
|
|
-
|
|
|
|
12,451
|
|
Deferred revenue, current portion
|
|
|
27,893
|
|
|
|
22,014
|
|
Total current liabilities
|
|
|
54,889
|
|
|
|
53,800
|
|
Debt, long-term portion
|
|
|
20,000
|
|
|
|
7,301
|
|
Deferred revenue, non-current
|
|
|
31,369
|
|
|
|
24,141
|
|
Other liabilities
|
|
|
463
|
|
|
|
857
|
|
TOTAL LIABILITIES
|
|
|
106,721
|
|
|
|
86,099
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Preferred stock, par value of $0.001 per share - 25,000,000 and no
shares authorized as of December 31, 2015 and December 31, 2014,
respectively; no shares issued and outstanding as of December 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 December 31, 2015 and December
31, 2014, respectively; 49,017,293 and 46,028,908 shares issued and
outstanding as of December 31, 2015 and December 31, 2014,
respectively
|
|
|
49
|
|
|
|
46
|
|
Additional paid-in capital
|
|
|
231,289
|
|
|
|
208,998
|
|
Accumulated other comprehensive loss
|
|
|
(61
|
)
|
|
|
-
|
|
Accumulated deficit
|
|
|
(197,084
|
)
|
|
|
(150,889
|
)
|
Total stockholders' equity
|
|
|
34,193
|
|
|
|
58,155
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
140,914
|
|
|
$
|
144,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AEROHIVE NETWORKS, INC.
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$
|
(46,195
|
)
|
|
$
|
(30,555
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
3,548
|
|
|
|
2,349
|
|
Stock-based compensation
|
|
|
18,371
|
|
|
|
10,252
|
|
Re-measurement of convertible preferred stock warrant liability
|
|
|
-
|
|
|
|
(90
|
)
|
Other
|
|
|
378
|
|
|
|
178
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net
|
|
|
1,871
|
|
|
|
(7,115
|
)
|
Inventory
|
|
|
(2,415
|
)
|
|
|
(1,544
|
)
|
Prepaid expenses and other current assets
|
|
|
(1,275
|
)
|
|
|
(733
|
)
|
Other assets
|
|
|
(257
|
)
|
|
|
(98
|
)
|
Accounts payable
|
|
|
5,237
|
|
|
|
1,295
|
|
Accrued liabilities
|
|
|
3,067
|
|
|
|
1,563
|
|
Other liabilities
|
|
|
(394
|
)
|
|
|
165
|
|
Deferred revenue
|
|
|
13,107
|
|
|
|
15,585
|
|
Net cash used in operating activities
|
|
|
(4,957
|
)
|
|
|
(8,748
|
)
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Purchases of property, equipment and intangible assets
|
|
|
(2,270
|
)
|
|
|
(2,385
|
)
|
Capitalized software development costs
|
|
|
(1,913
|
)
|
|
|
(4,364
|
)
|
Maturities and sales of short-term investments
|
|
|
2,498
|
|
|
|
-
|
|
Purchases of short-term investments
|
|
|
(49,223
|
)
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
(50,908
|
)
|
|
|
(6,749
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from initial public offering, net of underwriting discount
|
|
|
-
|
|
|
|
80,213
|
|
Payment of offering costs
|
|
|
-
|
|
|
|
(4,007
|
)
|
Proceeds from exercise of convertible preferred stock warrants
|
|
|
-
|
|
|
|
907
|
|
Proceeds from exercise of vested stock options
|
|
|
1,524
|
|
|
|
1,721
|
|
Shares repurchased for tax withholdings on vesting of restricted
stock units
|
|
|
(3,158
|
)
|
|
|
(316
|
)
|
Proceeds from employee stock purchase plan
|
|
|
5,196
|
|
|
|
-
|
|
Proceeds from issuance of debt
|
|
|
10,000
|
|
|
|
-
|
|
Repayments of debt
|
|
|
(10,000
|
)
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
3,562
|
|
|
|
78,518
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(52,303
|
)
|
|
|
63,021
|
|
Cash and cash equivalents-beginning of period
|
|
|
98,044
|
|
|
|
35,023
|
|
Cash and cash equivalents-end of period
|
|
$
|
45,741
|
|
|
$
|
98,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AEROHIVE NETWORKS, INC.
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(unaudited; in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Gross Profit Reconciliations:
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
31,007
|
|
|
$
|
24,304
|
|
|
$
|
101,266
|
|
|
$
|
92,527
|
|
Stock-based compensation
|
|
|
271
|
|
|
|
186
|
|
|
|
902
|
|
|
|
411
|
|
Adjustment to internal-use software amortization
|
|
|
35
|
|
|
|
-
|
|
|
|
105
|
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
28
|
|
|
|
-
|
|
|
|
149
|
|
Non-GAAP gross profit
|
|
$
|
31,313
|
|
|
$
|
24,518
|
|
|
$
|
102,273
|
|
|
$
|
93,087
|
|
|
|
|
|
|
|
|
|
|
Gross Margin Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP gross margin
|
|
|
67.1
|
%
|
|
|
67.2
|
%
|
|
|
66.8
|
%
|
|
|
67.4
|
%
|
Stock-based compensation
|
|
|
0.6
|
%
|
|
|
0.5
|
%
|
|
|
0.5
|
%
|
|
|
0.3
|
%
|
Adjustment to internal-use software amortization
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
%
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
0.1
|
%
|
Non-GAAP gross margin
|
|
|
67.7
|
%
|
|
|
67.8
|
%
|
|
|
67.4
|
%
|
|
|
67.8
|
%
|
|
|
|
|
|
|
|
|
|
Product Gross Margin Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP product gross margin
|
|
|
68.2
|
%
|
|
|
67.4
|
%
|
|
|
67.9
|
%
|
|
|
68.2
|
%
|
Stock-based compensation
|
|
|
0.2
|
%
|
|
|
0.1
|
%
|
|
|
0.2
|
%
|
|
|
0.1
|
%
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
0.1
|
%
|
Non-GAAP product gross margin
|
|
|
68.4
|
%
|
|
|
67.6
|
%
|
|
|
68.1
|
%
|
|
|
68.4
|
%
|
|
|
|
|
|
|
|
|
|
Software Subscription and Services Gross Margin Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP software subscription and services gross margin
|
|
|
60.9
|
%
|
|
|
65.9
|
%
|
|
|
61.0
|
%
|
|
|
61.9
|
%
|
Stock-based compensation
|
|
|
2.9
|
%
|
|
|
2.8
|
%
|
|
|
2.9
|
%
|
|
|
1.9
|
%
|
Adjustment to internal-use software amortization
|
|
|
0.5
|
%
|
|
|
-
|
|
|
|
0.4
|
%
|
|
|
-
|
|
Non-GAAP software subscription and services gross margin
|
|
|
64.3
|
%
|
|
|
68.7
|
%
|
|
|
64.3
|
%
|
|
|
63.8
|
%
|
|
|
|
|
|
|
|
|
|
Operating Expenses Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
38,480
|
|
|
$
|
31,743
|
|
|
$
|
146,293
|
|
|
$
|
121,090
|
|
Stock-based compensation
|
|
|
(4,729
|
)
|
|
|
(3,759
|
)
|
|
|
(17,469
|
)
|
|
|
(9,841
|
)
|
Payroll taxes on certain stock-based compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(29
|
)
|
|
|
-
|
|
One-time charges related to pending securities litigation
|
|
|
(353
|
)
|
|
|
-
|
|
|
|
(784
|
)
|
|
|
-
|
|
Non-GAAP operating expenses
|
|
$
|
33,398
|
|
|
$
|
27,984
|
|
|
$
|
128,011
|
|
|
$
|
111,249
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
10,433
|
|
|
$
|
7,031
|
|
|
$
|
36,924
|
|
|
$
|
27,546
|
|
Stock-based compensation
|
|
|
(1,326
|
)
|
|
|
(842
|
)
|
|
|
(4,651
|
)
|
|
|
(2,419
|
)
|
Non-GAAP research and development
|
|
$
|
9,107
|
|
|
$
|
6,189
|
|
|
$
|
32,273
|
|
|
$
|
25,127
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing
|
|
$
|
21,409
|
|
|
$
|
18,728
|
|
|
$
|
83,066
|
|
|
$
|
72,364
|
|
Stock-based compensation
|
|
|
(1,923
|
)
|
|
|
(1,637
|
)
|
|
|
(7,112
|
)
|
|
|
(4,121
|
)
|
Payroll taxes on certain stock-based compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(29
|
)
|
|
|
-
|
|
Non-GAAP sales and marketing
|
|
$
|
19,486
|
|
|
$
|
17,091
|
|
|
$
|
75,925
|
|
|
$
|
68,243
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
6,638
|
|
|
$
|
5,984
|
|
|
$
|
26,303
|
|
|
$
|
21,180
|
|
Stock-based compensation
|
|
|
(1,480
|
)
|
|
|
(1,280
|
)
|
|
|
(5,706
|
)
|
|
|
(3,301
|
)
|
One-time charges related to pending securities litigation actions
|
|
|
(353
|
)
|
|
|
-
|
|
|
|
(784
|
)
|
|
|
-
|
|
Non-GAAP general and administrative
|
|
$
|
4,805
|
|
|
$
|
4,704
|
|
|
$
|
19,813
|
|
|
$
|
17,879
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses Percentage
Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP operating expenses percentage
|
|
|
83.2
|
%
|
|
|
87.7
|
%
|
|
|
96.5
|
%
|
|
|
88.2
|
%
|
Stock-based compensation
|
|
|
(10.2
|
)%
|
|
|
(10.4
|
)%
|
|
|
(11.6
|
)%
|
|
|
(7.2
|
)%
|
One-time charges related to pending securities litigation
|
|
|
(0.8
|
)%
|
|
|
-
|
|
|
|
(0.5
|
)%
|
|
|
-
|
|
Non-GAAP operating expenses percentage
|
|
|
72.2
|
%
|
|
|
77.3
|
%
|
|
|
84.4
|
%
|
|
|
81.0
|
%
|
|
|
|
|
|
|
|
|
|
GAAP research and development percentage
|
|
|
22.6
|
%
|
|
|
19.4
|
%
|
|
|
24.3
|
%
|
|
|
20.1
|
%
|
Stock-based compensation
|
|
|
(2.9
|
)%
|
|
|
(2.3
|
)%
|
|
|
(3.0
|
)%
|
|
|
(1.8
|
)%
|
Non-GAAP research and development percentage
|
|
|
19.7
|
%
|
|
|
17.1
|
%
|
|
|
21.3
|
%
|
|
|
18.3
|
%
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing percentage
|
|
|
46.3
|
%
|
|
|
51.8
|
%
|
|
|
54.8
|
%
|
|
|
52.7
|
%
|
Stock-based compensation
|
|
|
(4.1
|
)%
|
|
|
(4.6
|
)%
|
|
|
(4.7
|
)%
|
|
|
(3.0
|
)%
|
Non-GAAP sales and marketing percentage
|
|
|
42.2
|
%
|
|
|
47.2
|
%
|
|
|
50.1
|
%
|
|
|
49.7
|
%
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative percentage
|
|
|
14.4
|
%
|
|
|
16.5
|
%
|
|
|
17.3
|
%
|
|
|
15.4
|
%
|
Stock-based compensation
|
|
|
(3.2
|
)%
|
|
|
(3.5
|
)%
|
|
|
(3.7
|
)%
|
|
|
(2.4
|
)%
|
One-time charges related to pending securities litigation
|
|
|
(0.8
|
)%
|
|
|
-
|
|
|
|
(0.5
|
)%
|
|
|
-
|
|
Non-GAAP general and administrative percentage
|
|
|
10.4
|
%
|
|
|
13.0
|
%
|
|
|
13.1
|
%
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
Operating Loss Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP operating loss
|
|
$
|
(7,473
|
)
|
|
$
|
(7,439
|
)
|
|
$
|
(45,027
|
)
|
|
$
|
(28,563
|
)
|
Stock-based compensation
|
|
|
5,000
|
|
|
|
3,945
|
|
|
|
18,371
|
|
|
|
10,252
|
|
Adjustment to internal-use software amortization
|
|
|
35
|
|
|
|
-
|
|
|
|
105
|
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
28
|
|
|
|
-
|
|
|
|
149
|
|
Payroll taxes on certain stock-based compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
29
|
|
|
|
-
|
|
One-time charges related to pending securities litigation
|
|
|
353
|
|
|
|
-
|
|
|
|
784
|
|
|
|
-
|
|
Non-GAAP operating loss
|
|
$
|
(2,085
|
)
|
|
$
|
(3,466
|
)
|
|
$
|
(25,738
|
)
|
|
$
|
(18,162
|
)
|
|
|
|
|
|
|
|
|
|
Operating Loss Percentage Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP operating loss percentage
|
|
|
(16.2
|
)%
|
|
|
(20.6
|
)%
|
|
|
(29.7
|
)%
|
|
|
(20.8
|
)%
|
Stock-based compensation
|
|
|
10.8
|
%
|
|
|
10.9
|
%
|
|
|
12.1
|
%
|
|
|
7.5
|
%
|
Adjustment to internal-use software amortization
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
0.1
|
%
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
0.1
|
%
|
One-time charges related to pending securities litigation
|
|
|
0.8
|
%
|
|
|
-
|
|
|
|
0.5
|
%
|
|
|
-
|
|
Non-GAAP operating loss percentage
|
|
|
(4.5
|
)%
|
|
|
(9.6
|
)%
|
|
|
(17.0
|
)%
|
|
|
(13.2
|
)%
|
|
|
|
|
|
|
|
|
|
Net Loss Reconciliations:
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(7,419
|
)
|
|
$
|
(7,986
|
)
|
|
$
|
(46,195
|
)
|
|
$
|
(30,555
|
)
|
Stock-based compensation
|
|
|
5,000
|
|
|
|
3,945
|
|
|
|
18,371
|
|
|
|
10,252
|
|
Adjustment to internal-use software amortization
|
|
|
35
|
|
|
|
-
|
|
|
|
105
|
|
|
|
-
|
|
Amortization of acquired intangible assets
|
|
|
-
|
|
|
|
28
|
|
|
|
-
|
|
|
|
149
|
|
Payroll taxes on certain stock-based compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
29
|
|
|
|
-
|
|
One-time charges related to pending securities litigation
|
|
|
353
|
|
|
|
-
|
|
|
|
784
|
|
|
|
-
|
|
Periodic re-measurement of convertible preferred stock warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(90
|
)
|
Non-GAAP net loss
|
|
$
|
(2,031
|
)
|
|
$
|
(4,013
|
)
|
|
$
|
(26,906
|
)
|
|
$
|
(20,244
|
)
|
|
|
|
|
|
|
|
|
|
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
|
|
|
48,354,732
|
|
|
|
45,871,875
|
|
|
|
47,323,253
|
|
|
|
36,097,405
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share Reconciliations:
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share on a GAAP basis
|
|
$
|
(0.15
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.98
|
)
|
|
$
|
(0.85
|
)
|
Stock-based compensation
|
|
|
0.10
|
|
|
|
0.08
|
|
|
|
0.39
|
|
|
|
0.29
|
|
One-time charges related to pending securities litigation
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
-
|
|
Basic and diluted net loss per share on a Non-GAAP basis
|
|
$
|
(0.04
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(0.57
|
)
|
|
$
|
(0.56
|
)
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160203006479/en/
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