Aerohive Networks® Reports Q2 2019 Results

MILPITAS, Calif.--()--Aerohive Networks (NYSE: HIVE), a leader in cloud-managed networking, today announced financial results for its second quarter ended June 30, 2019.

"We delivered a solid second quarter with revenue, gross margin, and non-GAAP EPS all within or better than our guidance ranges. Aerohive’s Subscription and Support revenue was up 19% year-over-year, reflecting continued improvements in our operating leverage,” stated David Flynn, president and chief executive officer, Aerohive Networks. “As announced in June, we signed a definitive agreement to be acquired by Extreme Networks in an all cash transaction for $4.45 per share. We are very excited about the combination of Extreme Networks and Aerohive Networks and expect the acquisition to close approximately August 9th.”

Second Quarter 2019 Financial Summary

Total revenue for the second quarter of fiscal year 2019 was $38.0 million, compared with $40.5 million for the second quarter of 2018. Subscription and support revenue was $13.3 million, or 35% of total revenue, for the second quarter of fiscal year 2019, compared with $11.2 million, or 28% of total revenue, for the second quarter of 2018.

On a GAAP basis, net loss was $6.1 million for the second quarter of fiscal year 2019, compared with a net loss of $2.8 million for the second quarter of 2018. GAAP gross margin was 64.2% for the second quarter of fiscal year 2019, compared with 66.0% for the second quarter of 2018. GAAP net loss per share was $0.11 for the second quarter of fiscal year 2019, compared with a net loss per share of $0.05 for the second quarter of 2018.

On a non-GAAP basis, net income was $1.6 million for the second quarter of fiscal year 2019, compared with a net income of $0.9 million for the second quarter of 2018. Non-GAAP gross margin was 65.0% for the second quarter of fiscal year 2019, compared with 66.7% for the second quarter of 2018. Non-GAAP net income per share was $0.03 for the second quarter of fiscal year 2019, compared with a net income per share of $0.02 for the second quarter of 2018.

Commentary regarding Aerohive Acquisition by Extreme Networks

On June 26, 2019, Aerohive Networks announced that it had entered into a definitive agreement to be acquired by Extreme Networks, Inc. Due to the pending acquisition, Aerohive will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.

Safe Harbor Statement

This press release may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to any statements regarding or relating to the transaction between Aerohive Networks, Extreme Networks, and Clover Merger Sub, Inc., a wholly-owned subsidiary of Extreme Networks (“Purchaser”); any statements of expectation or belief; any statement regarding the future financial performance of Aerohive Networks; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on information currently available to Aerohive Networks and are subject to a number of risks, uncertainties and other factors that could cause results to differ from expectations include, but are not limited to: (i) uncertainties as to the timing of the tender offer and the merger; (ii) uncertainties as to how many of the holders of shares will tender their shares into the tender offer; (iii) the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived; (iv) legal proceedings that may be instituted against Aerohive Networks and others following announcement of the definitive agreement entered into with Extreme Networks and Purchaser; (v) other business effects, including the effects of industrial, economic or political conditions outside of Aerohive Networks’ control; (vi) transaction costs and/or actual or contingent liabilities; and (vii) other risks and uncertainties. Although Aerohive Networks believes that the expectations reflected in the forward-looking statements are reasonable, Aerohive Networks cannot guarantee future results, performance or achievements and no assurance can be given that the actual results will be consistent with these forward-looking statements. Aerohive Networks does not intend to update any of the forward-looking statements after the date of this communication to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.

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 https://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 results for its second quarter of fiscal year 2019 reported in this press release include certain non-GAAP financial measures, including:

  • non-GAAP gross profit and non-GAAP gross margin;
  • non-GAAP product gross profit and non-GAAP product gross margin;
  • non-GAAP subscription and support gross profit and non-GAAP subscription and support gross margin;
  • non-GAAP operating income (loss) and non-GAAP operating margin;
  • non-GAAP net income (loss) and non-GAAP net income (loss) per share;
  • non-GAAP operating expenses and non-GAAP functional expenses; and
  • non-GAAP operating expense percentage and non-GAAP functional expense percentage.

The Company defines non-GAAP financial measures to exclude share-based compensation, adjustments to internal-use software amortization, and certain charges related to litigation and restructuring.

The Company has included certain non-GAAP financial measures in this press release because the Company believes they are key measures which can be 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 investors frequently use non-GAAP financial measures 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 expense related to stock-based compensation, which is an ongoing expense for the Company;
  • although amortization of internal-use software is a non-cash charge, the assets being amortized often will have to be replaced in the future, and the non-GAAP measures do not reflect any future cash requirement for such replacements;
  • excluding certain expenses associated with litigation in the quarter or fiscal year does not reflect the impact on our ongoing operations over these periods of the cash requirement to defend such or other litigation;
  • restructuring charges excluded in the quarter or fiscal year primarily relate to employee termination costs and benefits and do not reflect the cash requirement relating to the costs associated with such restructuring;
  • legal and other fees related to the proposed acquisition are items that are non-recurring and excluding these charges provide better comparative measure; and
  • other companies, including companies in our industry, may not exclude these as non-GAAP financial measures or may include them but calculate them differently, which reduces their usefulness as a comparative measure.

Because of these and other 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.

We have provided a description of these non-GAAP financial measures and a reconciliation of the Company’s historical non-GAAP financial measures to their most-directly comparable GAAP measures in the financial statement tables included in this press release, and we encourage investors to review the reconciliation.

New Accounting Standard

The Company adopted, effective January 1, 2019, ASC 842, the new accounting standard related to leases. The Company elected not to restate prior-period financial information to reflect this standard.

About Aerohive Networks

Aerohive uses Cloud Management, Machine Learning, and Artificial Intelligence to radically simplify and secure the Access Network. Our Cloud-Managed Wireless, Switching, Routing, and Security technologies provide unrivalled flexibility in deployment, management, and licensing. Credited with pioneering Controller-less Wi-Fi and Cloud Management, Aerohive delivers continuous innovation at Cloud-speed that constantly challenges the industry norm, allowing customers to rethink what’s possible. Our innovations and global cloud footprint radically simplify Access Network operation for 30,000+ customers and 10+ million daily users. See how at https://www.aerohive.com/customers.

Aerohive was founded in 2006 and is headquartered in Milpitas, CA. For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog, or become a fan on our Facebook page.

“Aerohive” and “Aerohive Networks” are registered trademarks 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

(unaudited) (in thousands, except share and per share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

Revenue:

 

 

 

 

 

 

 

Product

$

24,746

 

 

$

29,268

 

 

$

45,232

 

 

$

54,334

 

Subscription and support

13,291

 

 

11,207

 

 

25,822

 

 

21,908

 

Total revenue

38,037

 

 

40,475

 

 

71,054

 

 

76,242

 

Cost of revenue (1):

 

 

 

 

 

 

 

Product

9,888

 

 

10,379

 

 

18,885

 

 

19,050

 

Subscription and support

3,719

 

 

3,383

 

 

7,360

 

 

6,787

 

Total cost of revenue

13,607

 

 

13,762

 

 

26,245

 

 

25,837

 

Gross profit

24,430

 

 

26,713

 

 

44,809

 

 

50,405

 

Operating expenses:

 

 

 

 

 

 

 

Research and development (1)

9,668

 

 

8,581

 

 

18,431

 

 

17,860

 

Sales and marketing (1)

13,170

 

 

15,731

 

 

27,667

 

 

31,401

 

General and administrative (1)

7,711

 

 

5,272

 

 

13,722

 

 

11,226

 

Total operating expenses

30,549

 

 

29,584

 

 

59,820

 

 

60,487

 

Operating loss

(6,119

)

 

(2,871

)

 

(15,011

)

 

(10,082

)

Interest income

475

 

 

337

 

 

971

 

 

626

 

Interest expense

(200

)

 

(183

)

 

(407

)

 

(347

)

Other income (expense), net

(80

)

 

(31

)

 

(77

)

 

(204

)

Loss before income taxes

(5,924

)

 

(2,748

)

 

(14,524

)

 

(10,007

)

Provision for income taxes

158

 

 

84

 

 

210

 

 

142

 

Net loss

$

(6,082

)

 

$

(2,832

)

 

$

(14,734

)

 

$

(10,149

)

Net loss per share, basic and diluted

$

(0.11

)

 

$

(0.05

)

 

$

(0.26

)

 

$

(0.19

)

Weighted-average shares used in computing net loss per share, basic and diluted

56,676,019

 

 

54,828,749

 

 

56,354,579

 

 

54,582,129

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

Cost of revenue

$

240

 

 

$

256

 

 

$

466

 

 

$

502

 

Research and development

867

 

 

968

 

 

1,953

 

 

2,014

 

Sales and marketing

913

 

 

1,110

 

 

1,839

 

 

2,107

 

General and administrative

1,133

 

 

1,250

 

 

2,480

 

 

2,632

 

Total stock-based compensation

$

3,153

 

 

$

3,584

 

 

$

6,738

 

 

$

7,255

 

 

 

 

 

 

 

 

 

 

AEROHIVE NETWORKS, INC.

Condensed Consolidated Balance Sheets

(unaudited) (in thousands)

 

 

June 30,

 

December 31,

 

2019

 

2018

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

36,379

 

 

$

26,049

 

Short-term investments

57,571

 

 

66,052

 

Accounts receivable, net

11,915

 

 

16,185

 

Inventories

14,303

 

 

16,117

 

Prepaid expenses and other current assets

6,763

 

 

6,399

 

Total current assets

126,931

 

 

130,802

 

Property and equipment, net

4,552

 

 

5,947

 

Operating lease right-of-use assets

4,066

 

 

 

Goodwill

513

 

 

513

 

Other assets

4,276

 

 

4,255

 

Total assets

$

140,338

 

 

$

141,517

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

14,061

 

 

$

16,129

 

Accrued liabilities

7,707

 

 

8,937

 

Operating lease liabilities, current

1,024

 

 

 

Debt, current

 

 

20,000

 

Deferred revenue, current

41,532

 

 

38,786

 

Total current liabilities

64,324

 

 

83,852

 

Debt, non-current

20,000

 

 

 

Deferred revenue, non-current

40,877

 

 

38,475

 

Operating lease liabilities, non-current

3,211

 

 

 

Other liabilities

1,179

 

 

1,582

 

Total liabilities

129,591

 

 

123,909

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

Common stock

57

 

 

56

 

Additional paid–in capital

301,722

 

 

293,910

 

Treasury stock

(10,584

)

 

(10,584

)

Accumulated other comprehensive income (loss)

46

 

 

(14

)

Accumulated deficit

(280,494

)

 

(265,760

)

Total stockholders’ equity

10,747

 

 

17,608

 

Total liabilities and stockholders’ equity

$

140,338

 

 

$

141,517

 

 

 

 

 

AEROHIVE NETWORKS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited) (in thousands)

 

 

Six Months Ended June 30,

 

2019

 

2018

Cash flows from operating activities

 

 

 

Net loss

$

(14,734

)

 

$

(10,149

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

1,492

 

 

1,493

 

Stock-based compensation

6,738

 

 

7,255

 

Other

(346

)

 

(274

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

4,270

 

 

475

 

Inventories

1,814

 

 

2,261

 

Prepaid expenses and other current assets

(524

)

 

(293

)

Operating lease right-of-use assets and other assets

754

 

 

(370

)

Accounts payable

(1,950

)

 

(105

)

Accrued liabilities and other current liabilities

(1,647

)

 

478

 

Operating lease liabilities, non-current and other liabilities

(335

)

 

12

 

Deferred revenue

5,148

 

 

4,267

 

Net cash provided by operating activities

680

 

 

5,050

 

Cash flows from investing activities

 

 

 

Purchases of property and equipment

(436

)

 

(1,439

)

Maturities of short-term investments

57,482

 

 

38,651

 

Purchases of short-term investments

(48,374

)

 

(33,360

)

Net cash provided by investing activities

8,672

 

 

3,852

 

Cash flows from financing activities

 

 

 

Proceeds from exercise of vested stock options and employee stock purchase plan

1,462

 

 

1,612

 

Payment for shares withheld for tax withholdings on vesting of restricted stock units

(387

)

 

(1,673

)

Payment to repurchase common stock

 

 

(1,023

)

Payment on finance lease (capital lease prior to adoption of ASC 842)

(97

)

 

(94

)

Net cash provided by (used in) financing activities

978

 

 

(1,178

)

Net increase in cash and cash equivalents

10,330

 

 

7,724

 

Cash and cash equivalents at beginning of period

26,049

 

 

27,249

 

Cash and cash equivalents at end of period

$

36,379

 

 

$

34,973

 

 

 

 

 

 

AEROHIVE NETWORKS, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited) (in thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

Margin

 

Amount

Margin

 

Amount

Margin

 

Amount

Margin

Gross Profit and Gross Margin Reconciliations:

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

24,430

 

64.2

%

 

$

26,713

 

66.0

%

 

$

44,809

 

63.1

%

 

$

50,405

 

66.1

%

Stock-based compensation

 

240

 

0.6

%

 

256

 

0.6

%

 

466

 

0.7

%

 

502

 

0.7

%

Amortization of internal-use software

 

35

 

0.1

%

 

35

 

0.1

%

 

70

 

0.1

%

 

70

 

0.1

%

Restructuring charges

 

27

 

0.1

%

 

 

%

 

27

 

%

 

 

%

Non-GAAP gross profit

 

$

24,732

 

65.0

%

 

$

27,004

 

66.7

%

 

$

45,372

 

63.9

%

 

$

50,977

 

66.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Gross Profit and Product Gross Margin Reconciliations:

 

 

 

 

 

 

 

 

 

GAAP product gross margin

 

$

14,858

 

60.0

%

 

$

18,889

 

64.5

%

 

$

26,347

 

58.2

%

 

$

35,284

 

64.9

%

Stock-based compensation

 

32

 

0.1

%

 

32

 

0.1

%

 

61

 

0.2

%

 

62

 

0.2

%

Restructuring charges

 

1

 

%

 

 

%

 

1

 

%

 

 

%

Non-GAAP product gross margin

 

$

14,891

 

60.1

%

 

$

18,921

 

64.6

%

 

$

26,409

 

58.4

%

 

$

35,346

 

65.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription and Support Gross Profit and Subscription and Support Gross Margin Reconciliations:

 

 

 

GAAP subscription and support gross margin

 

$

9,572

 

72.0

%

 

$

7,824

 

69.8

%

 

$

18,462

 

71.5

%

 

$

15,121

 

69.0

%

Stock-based compensation

 

208

 

1.5

%

 

224

 

2.0

%

 

405

 

1.5

%

 

440

 

2.0

%

Amortization of internal-use software

 

35

 

0.3

%

 

35

 

0.3

%

 

70

 

0.3

%

 

70

 

0.3

%

Restructuring charges

 

26

 

0.2

%

 

$

 

%

 

26

 

0.1

%

 

 

%

Non-GAAP subscription and support gross margin

 

$

9,841

 

74.0

%

 

$

8,083

 

72.1

%

 

$

18,963

 

73.4

%

 

$

15,631

 

71.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss) and Operating Margin Reconciliations:

 

 

 

 

 

 

GAAP operating loss

 

$

(6,119

)

(16.1

)%

 

$

(2,871

)

(7.1

)%

 

$

(15,011

)

(21.1

)%

 

$

(10,082

)

(13.2

)%

Stock-based compensation

 

3,153

 

8.3

%

 

3,584

 

8.9

%

 

6,738

 

9.5

%

 

7,255

 

9.5

%

Amortization of internal-use software

 

35

 

0.1

%

 

35

 

0.1

%

 

70

 

0.1

%

 

70

 

0.1

%

Restructuring charges

 

2,284

 

6.0

%

 

 

%

 

2,284

 

3.2

%

 

 

%

Charges related to securities litigation

 

95

 

0.2

%

 

64

 

0.1

%

 

290

 

0.4

%

 

153

 

0.2

%

Legal and other fees related to proposed acquisition

 

2,100

 

5.6

%

 

 

%

 

2,100

 

2.9

%

 

 

%

Non-GAAP operating income (loss)

 

$

1,548

 

4.1

%

 

$

812

 

2.0

%

 

$

(3,529

)

(5.0

)%

 

$

(2,604

)

(3.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

Per share

 

Amount

Per share

 

Amount

Per share

 

Amount

Per share

Net Income (Loss) and Net Income (Loss) per Share Reconciliations:

 

 

 

 

 

 

 

GAAP net loss

 

$

(6,082

)

$

(0.11

)

 

$

(2,832

)

$

(0.05

)

 

$

(14,734

)

$

(0.26

)

 

$

(10,149

)

$

(0.19

)

Stock-based compensation

 

3,153

 

0.06

 

 

3,584

 

0.07

 

 

6,738

 

0.12

 

 

7,255

 

0.14

 

Amortization of internal-use software

 

35

 

 

 

35

 

 

 

70

 

 

 

70

 

 

Restructuring charges

 

2,284

 

0.04

 

 

 

 

 

2,284

 

0.04

 

 

 

 

Charges related to securities litigation

 

95

 

 

 

64

 

 

 

290

 

 

 

153

 

 

Legal and other fees related to proposed acquisition

 

2,100

 

$

0.04

 

 

 

 

 

2,100

 

0.04

 

 

 

 

Non-GAAP net income (loss)

 

$

1,585

 

$

0.03

 

 

$

851

 

$

0.02

 

 

$

(3,252

)

$

(0.06

)

 

$

(2,671

)

$

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Used in Computing non-GAAP Basic and Diluted Net Income (Loss) per Share:

 

 

 

 

 

 

Weighted average shares used in computing net loss per share, basic

 

56,676,019

 

 

 

54,828,749

 

 

 

56,354,579

 

 

 

54,582,129

 

 

Weighted average shares used in computing net income (loss) per share, diluted

 

57,277,330

 

 

 

56,002,902

 

 

 

56,354,579

 

 

 

54,582,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AEROHIVE NETWORKS, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited) (in thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

 

Amount

% of
Revenue

Operating and Functional Expenses and Expenses Percentages Reconciliations:

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

9,668

 

25.4

%

 

$

8,581

 

21.2

%

 

$

18,431

 

25.9

%

 

17,860

 

23.4

%

Stock-based compensation

 

(867

)

(2.3

)%

 

(968

)

(2.4

)%

 

(1,953

)

(2.7

)%

 

(2,014

)

(2.6

)%

Restructuring charges

 

(2,048

)

(5.3

)%

 

 

%

 

(2,048

)

(2.9

)%

 

 

%

Non-GAAP research and development

 

$

6,753

 

17.8

%

 

$

7,613

 

18.8

%

 

$

14,430

 

20.3

%

 

$

15,846

 

20.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

13,170

 

34.6

%

 

$

15,731

 

38.9

%

 

$

27,667

 

38.9

%

 

$

31,401

 

41.2

%

Stock-based compensation

 

(913

)

(2.4

)%

 

(1,110

)

(2.8

)%

 

(1,839

)

(2.6

)%

 

(2,107

)

(2.8

)%

Restructuring charges

 

(166

)

(0.4

)%

 

 

%

 

(166

)

(0.2

)%

 

 

%

Non-GAAP sales and marketing

 

$

12,091

 

31.8

%

 

$

14,621

 

36.1

%

 

$

25,662

 

36.1

%

 

$

29,294

 

38.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

7,711

 

20.3

%

 

$

5,272

 

13.0

%

 

$

13,722

 

19.3

%

 

$

11,226

 

14.7

%

Stock-based compensation

 

(1,133

)

(3.0

)%

 

(1,250

)

(3.1

)%

 

(2,480

)

(3.5

)%

 

(2,632

)

(3.4

)%

Restructuring charges

 

(43

)

(0.1

)%

 

 

%

 

(43

)

(0.1

)%

 

 

%

Charges related to securities litigation

 

(95

)

(0.2

)%

 

(64

)

(0.2

)%

 

(290

)

(0.4

)%

 

(153

)

(0.2

)%

Legal and other fees related to proposed acquisition

 

(2,100

)

(5.6

)%

 

 

%

 

(2,100

)

(2.9

)%

 

 

%

Non-GAAP general and administrative

 

$

4,340

 

11.4

%

 

$

3,958

 

9.8

%

 

$

8,809

 

12.4

%

 

$

8,441

 

11.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

30,549

 

80.3

%

 

$

29,584

 

73.1

%

 

$

59,820

 

84.2

%

 

$

60,487

 

79.3

%

Stock-based compensation

 

(2,913

)

(7.7

)%

 

(3,328

)

(8.2

)%

 

(6,272

)

(8.8

)%

 

(6,753

)

(8.8

)%

Restructuring charges

 

(2,257

)

(5.9

)%

 

 

%

 

(2,257

)

(3.2

)%

 

 

%

Charges related to securities litigation

 

(95

)

(0.2

)%

 

(64

)

(0.2

)%

 

(290

)

(0.4

)%

 

(153

)

(0.2

)%

Legal and other fees related to proposed acquisition

 

(2,100

)

(5.5

)%

 

 

%

 

(2,100

)

(3.0

)%

 

 

%

Non-GAAP operating expenses

 

$

23,184

 

61.0

%

 

$

26,192

 

64.7

%

 

$

48,901

 

68.8

%

 

$

53,581

 

70.3

%

 

Contacts

Investor Relations Contact:
The Blueshirt Group
Melanie Solomon
(408) 769-6720
ir@aerohive.com

Contacts

Investor Relations Contact:
The Blueshirt Group
Melanie Solomon
(408) 769-6720
ir@aerohive.com