MobileIron Announces Second Quarter 2019 Results

Total ARR Growth of 19% with Subscription ARR up 31%

Double-digit revenue growth for third quarter in a row

MOUNTAIN VIEW, Calif.--()--MobileIron (NASDAQ: MOBL), the industry’s first mobile-centric, zero trust security platform, today announced results for its second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights

  • Revenue was $50.9 million, up 10% year-over-year.
  • ARR was $172.0 million, up 19% year-over-year.
  • Cumulative customer count surpassed 19,000.

“Our focus on delivering a robust, mobile-centric security architecture again showed in our results. We produced another quarter of double-digit revenue growth including 19% growth in ARR, spurred by a 31% increase in Subscription ARR,” said Simon Biddiscombe, CEO, MobileIron. “Armed with our UEM, Threat Defense and Access products, MobileIron entered 2019 with an unparalleled solution to address the threat landscape in a zero trust world. In Q2, we extended this technology advantage with the introduction of our Zero Sign-On solution to become the only security provider with the ability to eliminate passwords from the enterprise using a secured and trusted mobile device as their identity. While lowering the burden placed on employees and IT alike, our Zero Sign-On solution completely removes the #1 source of corporate breaches, passwords – the culprit in more than 80% of hacks.”

 

 

 

 

 

 

 

 

ARR Composition

 

 

 

Three Months Ended

 

 

 

June 30,

 

(in millions, except percentages)

 

2018

 

2019

 

Total ARR

 

$

145.1

 

$

172.0

 

Year-over-year percentage increase

 

 

15

%

 

19

%

Subscription ARR

 

$

80.8

 

$

106.1

 

Year-over-year percentage increase

 

 

25

%

 

31

%

Perpetual license support ARR

 

$

64.2

 

$

65.9

 

Year-over-year percentage increase

 

 

5

%

 

3

%

Financial Outlook

The company is providing the following outlook for its third quarter 2019 (ending September 30, 2019):

  • Revenue is expected to be between $51 million and $54 million, for growth of 4% to 10% year-over-year.
  • Non-GAAP gross margin is expected to be between 81% and 82%.
  • Non-GAAP operating expenses are expected to be between $41 million and $42 million.

The company is reaffirming the following outlook for 2019 (ending December 31, 2019):

  • Revenue is expected to be between $205 million and $215 million, for growth of 6% to 11%.
  • We expect ARR to grow by approximately 20% for the full year.
  • We expect to generate non-GAAP operating profit.

Second Quarter 2019 Business Highlights

Milestones and Recognition

  • Announced Zero Sign-On platform technology to eliminate the need for passwords from the enterprise.
  • Named by Forbes as a Top Ten Cybersecurity Company to Watch in 2019.
  • Hosted the MobileIron Live! 2019 Conference customer events in Berlin and Brooklyn with nearly 1,000 registrants.
  • Launched a total brand identity overhaul and were awarded four Muse Creative awards, including Platinum, the top award granted.
  • Awarded five additional US patents for mobile security, bringing MobileIron’s total number of awarded patents to 89.

Platform

  • Launched a new partner marketplace with a newly redesigned portal.
  • Released new capabilities to enhance workforce productivity, including Mobile Application Management (MAM) for unmanaged devices and Frontline worker enablement, optimized security with mobile threat detection, and expanded OS support for macOS, Android, and Windows 10 endpoints.
  • Obtained the automotive industry’s TISAX compliance to meet the uniform standard for information security assessments within the European automotive industry.
  • Released new versions of MobileIron Cloud, Access, AppConnect, AppStation, Core, Docs@Work, Email+, FilePass, MobileIron Go, Tunnel, Sentry, and Web@Work.

All forward-looking non-GAAP financial measures contained in this section exclude estimates for stock-based compensation expense, amortization of intangible assets and restructuring expense. We do not provide a reconciliation of forward-looking non-GAAP financial measures to corresponding GAAP measures due to our inability to project certain charges and expenses. The company has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables included in this press release for its three and six months ended June 30, 2018 and 2019.

Conference Call and Webcast

MobileIron will report final results for the second quarter of fiscal year 2019 on Thursday, August 1, 2019 after the close of the market and host a conference call and live webcast at 1:30 p.m. Pacific Time (4:30 p.m. ET) to discuss the company's financial results, product announcements and business highlights. Interested parties may access the call by dialing 1-866-602-7050 in the U.S. or 1-409-216-6455 from international locations (passcode 1969157). 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.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding our expectations, goals or intentions regarding future performance. Forward-looking statements in this press release include, but are not limited to, statements regarding MobileIron's revenue, operating expenses, cost structure, GAAP and non-GAAP financial metrics, as well as statements that we expect to continue to see progress through 2019 on executing on our objective of growing our recurring revenue base through subscription solutions with our best in class cloud products, that we believe we are ideally poised to capitalize on the market of IT departments shifting to address the threats of a Zero Trust world, that we will continue to deliver a roadmap of innovation to strengthen our security framework while enhancing the user’s experience, that our continued focus on market-leading innovation and customer satisfaction will continue to propel us on our upward growth trajectory, and all statements under the heading “Financial Outlook.” Forward-looking statements involve certain risks and uncertainties, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, our limited operating history, quarterly fluctuations in our operating results, one-time expenses, including restructuring charges, seasonality, our need to develop new solutions and enhancements to compete in rapidly evolving markets, product defects, strength of our intellectual property portfolio, litigation, customer adoption, competitive pressures, billings type mix shift, our ability to scale, our ability to recruit and retain key personnel, and the quality of our support services.

Additional information on potential factors that could affect MobileIron's financial results is included in our SEC filings, including our reports on Forms 10-K, 10-Q and 8-K and other filings that we make with the SEC from time to time. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and 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.

Disclosure Information

MobileIron uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors should monitor MobileIron’s investor relations website in addition to following MobileIron’s press releases, SEC filings, and public conference calls and webcasts.

About MobileIron

MobileIron is redefining enterprise security with the industry’s first mobile-centric, zero trust platform built on the foundation of unified endpoint management (UEM) to secure access and protect data across the perimeter-less enterprise. Zero trust assumes that bad actors are already in the network and secure access is determined by a “never trust, always verify” approach. MobileIron goes beyond identity management and gateway approaches by utilizing a more comprehensive set of attributes before granting access. A mobile-centric, zero trust approach validates the device, establishes user context, checks app authorization, verifies the network, and detects and remediates threats before granting secure access to a device or user.

The MobileIron security platform is built on the foundation of award-winning and industry-leading unified endpoint management (UEM) capabilities with additional zero trust-enabling technologies, including zero sign-on (ZSO), multi-factor authentication (MFA), and mobile threat defense (MTD). Over 19,000 customers, including the world’s largest financial institutions, intelligence agencies, and other highly regulated companies rely on MobileIron to enable a seamless and secure user experience by ensuring only authorized users, devices, apps, and services can access business resources.

"MobileIron" is a registered trademark 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.

Financial Results

 

 

 

 

 

 

 

MOBILEIRON, INC.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2018 AND JUNE 30, 2019

(Amounts in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

June 30, 2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents (1)

 

$

104,613

 

 

$

98,877

 

Short-term investments (1)

 

 

1,000

 

 

 

1,699

 

Accounts receivable - net

 

 

60,994

 

 

 

39,312

 

Deferred commissions - current

 

 

8,265

 

 

 

9,480

 

Prepaid expenses and other current assets

 

 

8,367

 

 

 

12,333

 

Total current assets

 

 

183,239

 

 

 

161,701

 

Property and equipment - net

 

 

7,046

 

 

 

5,859

 

Operating lease right-of-use assets

 

 

-

 

 

 

14,127

 

Deferred commissions - noncurrent

 

 

9,066

 

 

 

8,247

 

Goodwill

 

 

5,475

 

 

 

5,475

 

Other assets

 

 

5,561

 

 

 

6,186

 

Total assets

 

$

210,387

 

 

$

201,595

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,154

 

 

$

2,937

 

Accrued expenses

 

 

27,347

 

 

 

20,590

 

Lease liabilities - current

 

 

-

 

 

 

6,276

 

Unearned revenue - current

 

 

74,177

 

 

 

76,664

 

Customer arrangements with termination rights

 

 

19,367

 

 

 

16,978

 

Total current liabilities

 

 

123,045

 

 

 

123,445

 

Lease liabilities - noncurrent

 

 

-

 

 

 

10,833

 

Unearned revenue - noncurrent

 

 

31,660

 

 

 

29,736

 

Other long-term liabilities

 

 

1,565

 

 

 

155

 

Total liabilities

 

 

156,270

 

 

 

164,169

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock

 

 

11

 

 

 

11

 

Additional paid-in capital

 

 

462,004

 

 

 

484,593

 

Treasury stock

 

 

(3,831

)

 

 

(10,422

)

Accumulated deficit

 

 

(404,067

)

 

 

(436,756

)

Total stockholders’ equity

 

 

54,117

 

 

 

37,426

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

210,387

 

 

$

201,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Total cash and cash equivalents and short-term investments

 

$

105,613

 

 

$

100,576

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND 2019

(Amounts in thousands, except for per share data)

(Unaudited)

 

 

Three Months Ended

 

 

June 30, 2018

 

June 30, 2019

Revenue:

 

 

 

 

 

 

Cloud services

 

$

11,832

 

 

$

16,311

 

License

 

 

13,880

 

 

 

12,227

 

Software support and services

 

 

20,417

 

 

 

22,327

 

Total revenue

 

 

46,129

 

 

 

50,865

 

Cost of revenue:

 

 

 

 

 

 

Cloud services (1)

 

 

2,722

 

 

 

5,146

 

License

 

 

515

 

 

 

433

 

Software support and services (1)

 

 

4,672

 

 

 

4,844

 

Restructuring expense

 

 

-

 

 

 

224

 

Total cost of revenue

 

 

7,909

 

 

 

10,647

 

Gross profit

 

 

38,220

 

 

 

40,218

 

Operating expenses:

 

 

 

 

 

 

Research and development (1)

 

 

18,272

 

 

 

19,988

 

Sales and marketing (1)

 

 

24,321

 

 

 

26,035

 

General and administrative (1)

 

 

7,052

 

 

 

7,626

 

Restructuring expense

 

 

-

 

 

 

2,219

 

Total operating expenses

 

 

49,645

 

 

 

55,868

 

Operating loss

 

 

(11,425

)

 

 

(15,650

)

Other income (expense) - net

 

 

(205

)

 

 

540

 

Loss before income taxes

 

 

(11,630

)

 

 

(15,110

)

Income tax expense

 

 

377

 

 

 

479

 

Net loss

 

$

(12,007

)

 

$

(15,589

)

Net loss per share, basic and diluted

 

$

(0.12

)

 

$

(0.14

)

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

101,313

 

 

 

109,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

License

 

$

-

 

 

$

-

 

Cloud services

 

 

294

 

 

 

424

 

Software support and services

 

 

773

 

 

 

842

 

Research and development

 

 

3,343

 

 

 

3,625

 

Sales and marketing

 

 

2,159

 

 

 

2,064

 

General and administrative

 

 

1,851

 

 

 

1,902

 

 

 

$

8,420

 

 

$

8,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2019

(Amounts in thousands, except for per share data)

(Unaudited)

 

 

Six Months Ended

 

 

June 30, 2018

 

June 30, 2019

Revenue:

 

 

 

 

 

 

Cloud services

 

$

22,982

 

 

$

31,572

 

License

 

 

26,321

 

 

 

23,598

 

Software support and services

 

 

40,515

 

 

 

43,777

 

Total revenue

 

 

89,818

 

 

 

98,947

 

Cost of revenue:

 

 

 

 

 

 

Cloud services (1)

 

 

5,293

 

 

 

9,856

 

License (2)

 

 

946

 

 

 

987

 

Software support and services (1)

 

 

9,647

 

 

 

9,867

 

Restructuring charge

 

 

-

 

 

 

300

 

Total cost of revenue

 

 

15,886

 

 

 

21,010

 

Gross profit

 

 

73,932

 

 

 

77,937

 

Operating expenses:

 

 

 

 

 

 

Research and development (1)

 

 

39,607

 

 

 

41,817

 

Sales and marketing (1)

 

 

48,002

 

 

 

50,522

 

General and administrative (1)

 

 

14,274

 

 

 

15,545

 

Restructuring charge

 

 

-

 

 

 

2,758

 

Total operating expenses

 

 

101,883

 

 

 

110,642

 

Operating loss

 

 

(27,951

)

 

 

(32,705

)

Other income (expense) - net

 

 

298

 

 

 

952

 

Loss before income taxes

 

 

(27,653

)

 

 

(31,753

)

Income tax expense

 

 

724

 

 

 

936

 

Net loss

 

$

(28,377

)

 

$

(32,689

)

Net loss per share, basic and diluted

 

$

(0.28

)

 

$

(0.30

)

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

100,003

 

 

 

108,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

License

 

 

-

 

 

 

-

 

Cloud services

 

 

638

 

 

 

1,036

 

Software support and services

 

 

1,811

 

 

 

1,771

 

Research and development

 

 

8,110

 

 

 

7,736

 

Sales and marketing

 

 

4,688

 

 

 

4,338

 

General and administrative

 

 

3,866

 

 

 

4,266

 

 

 

$

19,113

 

 

$

19,147

 

 

 

 

 

 

 

 

(2) Includes amortization of intangible assets as follows:

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

Perpetual license

 

$

100

 

 

$

-

 

 

 

$

100

 

 

$

-

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2019

(Amounts in thousands)

(Unaudited)

 

 

Six Months Ended

 

 

June 30, 2018

 

June 30, 2019

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(28,377

)

 

$

(32,689

)

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

 

 

 

 

 

 

Stock-based compensation expense

 

 

19,113

 

 

 

19,147

 

Depreciation

 

 

1,794

 

 

 

1,757

 

Amortization of intangible assets

 

 

100

 

 

 

-

 

Accretion of premium on investment securities

 

 

(29

)

 

 

(13

)

Impairment of right-of-use assets

 

 

 

 

 

1,328

 

Loss on disposal of fixed assets

 

 

41

 

 

 

170

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

7,751

 

 

 

21,683

 

Deferred commissions

 

 

1,481

 

 

 

(397

)

Other current and noncurrent assets

 

 

(1,036

)

 

 

(2,217

)

Accounts payable

 

 

43

 

 

 

772

 

Unearned revenue

 

 

5,912

 

 

 

562

 

Customer arrangements with termination rights

 

 

(34

)

 

 

(2,389

)

Accrued expenses and other long-term liabilities

 

 

(524

)

 

 

(4,384

)

Net cash provided by operating activities

 

 

6,235

 

 

 

3,330

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(765

)

 

 

(782

)

Proceeds from maturities of investment securities

 

 

9,800

 

 

 

1,550

 

Purchases of investment securities

 

 

(5,970

)

 

 

(2,236

)

Net cash provided by (used in) investing activities

 

 

3,065

 

 

 

(1,468

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from employee stock purchase plan

 

 

2,249

 

 

 

2,057

 

Taxes paid for net settlement of equity awards

 

 

(3,724

)

 

 

(4,784

)

Proceeds from exercise of stock options

 

 

1,409

 

 

 

1,720

 

Repurchase of common stock

 

 

-

 

 

 

(6,591

)

Net cash used in financing activities

 

 

(66

)

 

 

(7,598

)

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

9,234

 

 

 

(5,736

)

Cash and cash equivalents at beginning of period

 

 

85,833

 

 

 

104,613

 

Cash and cash equivalents at end of period

 

$

95,067

 

 

$

98,877

 

Non-GAAP Financial Measures and Reconciliations and Other Metrics

Non-GAAP Financial Measures

To supplement our financial results presented on a U.S. GAAP basis, we provide investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow. These non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets, and restructuring expense.

Stock-based compensation expenses: In our non-GAAP financial measures, we have excluded the effect of stock-based compensation expenses. We exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance. In particular, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe that providing non-GAAP financial measures that exclude this expense allows investors the ability to make more meaningful comparisons between MobileIron operating results and those of other companies. Stock-based compensation expenses will recur in future periods.

Amortization of intangible assets: In our non-GAAP financial measures, we have excluded the effect of the amortization of intangible assets. Amortization of intangible assets can be significantly affected by the timing and size of our acquisitions. Beginning our second quarter ended June 30, 2018, we no longer have amortizing intangible assets.

Restructuring expense: In our non-GAAP financial measures, we have excluded the effect of severance and other expenses related to a reduction in our workforce and the exit of an office facility. Restructuring expense may recur in the future; however, the timing and amounts are difficult to predict.

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 stock-based compensation expense, the amortization of intangible assets, and restructuring expense from various non-GAAP financial metrics such as gross profit, gross margin, operating income (loss), operating margin, net income (loss), and net income (loss) per share provides useful measures for management and investors. Stock-based compensation, restructuring expense, and the amortization of intangible assets 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 in part 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 on 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.

Free cash flow: Our non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. 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 relative to certain of these non-GAAP measures.

Other Metrics

Annual Recurring Revenue (ARR). Beginning with the fourth quarter of 2018, we began monitoring a new operating metric, Total ARR, which is defined as the annualized value of all recurring revenue contracts active at the end of a reporting period. Total ARR includes the annualized value of subscriptions (“Subscription ARR”) and the annualized value of software support contracts related to perpetual licenses (“Perpetual license support ARR”) active at the end of a reporting period and does not include revenue reported as perpetual license or professional services in our consolidated statement of operations. We are monitoring these metrics because they align with how our customers are increasingly purchasing our solutions and how we are managing our business. These ARR measures should be viewed independently of revenue, unearned revenue, and customer arrangements with termination rights as ARR is an operating metric and is not intended to be combined with or replace those items. ARR is not an indicator of future revenue and can be impacted by contract start and end dates and renewal rates.

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

 

(Amounts in thousands, except for per share data and percentages)

 

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30, 2018

 

June 30, 2019

 

 

 

 

 

 

 

 

 

Non-GAAP gross profit reconciliation:

 

 

 

 

 

 

 

GAAP gross profit

 

$

38,220

 

 

$

40,218

 

 

Stock-based compensation expenses

 

 

1,067

 

 

 

1,266

 

 

Restructuring expense

 

 

-

 

 

 

224

 

 

Non-GAAP gross profit

 

$

39,287

 

 

$

41,708

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross margin reconciliation:

 

 

 

 

 

 

 

GAAP gross margin: GAAP gross profit over total revenue

 

 

82.9

 

%

 

79.1

 

%

GAAP to non-GAAP gross margin adjustments

 

 

2.3

 

%

 

2.9

 

%

Non-GAAP gross margin: Non-GAAP gross profit over total revenue

 

 

85.2

 

%

 

82.0

 

%

 

 

 

 

 

 

 

 

Non-GAAP operating loss reconciliation:

 

 

 

 

 

 

 

GAAP operating loss

 

$

(11,425

)

 

$

(15,650

)

 

Stock-based compensation expenses

 

 

8,420

 

 

 

8,857

 

 

Restructuring expense

 

 

-

 

 

 

2,443

 

 

Non-GAAP operating loss

 

$

(3,005

)

 

$

(4,350

)

 

 

 

 

 

 

 

 

 

Non-GAAP operating margin reconciliation:

 

 

 

 

 

 

 

GAAP operating margin: GAAP operating loss over total revenue

 

 

(24.8

)

%

 

(30.8

)

%

GAAP to non-GAAP operating margin adjustments

 

 

18.3

 

%

 

22.2

 

%

Non-GAAP operating margin: Non-GAAP operating loss over total revenue

 

 

(6.5

)

%

 

(8.6

)

%

 

 

 

 

 

 

 

 

Non-GAAP net loss reconciliation:

 

 

 

 

 

 

 

GAAP net loss

 

$

(12,007

)

 

$

(15,589

)

 

Stock-based compensation expenses

 

 

8,420

 

 

 

8,857

 

 

Restructuring expense

 

 

-

 

 

 

2,443

 

 

Non-GAAP net loss

 

$

(3,587

)

 

$

(4,289

)

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except for per share data and percentages)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30, 2018

 

 

June 30, 2019

Non-GAAP net loss per share reconciliation:

 

 

 

 

 

 

GAAP net loss per share

 

$

(0.12

)

 

$

(0.14

)

Stock-based compensation expenses

 

 

0.08

 

 

 

0.08

 

Restructuring expense

 

 

-

 

 

 

0.02

 

Non-GAAP net loss per share

 

$

(0.04

)

 

$

(0.04

)

 

 

 

 

 

 

 

Free cash flow reconciliation:

 

 

 

 

 

 

Cash used in operating activities

 

$

(2,945

)

 

$

(4,486

)

Purchase of property and equipment

 

 

(249

)

 

 

(605

)

Free cash flow

 

$

(3,194

)

 

$

(5,091

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

 

(Amounts in thousands, except for per share data and percentages)

 

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30, 2018

 

June 30, 2019

 

 

 

 

 

 

 

 

 

Non-GAAP gross profit reconciliation:

 

 

 

 

 

 

 

GAAP gross profit

 

$

73,932

 

 

$

77,937

 

 

Stock-based compensation expenses

 

 

2,449

 

 

 

2,807

 

 

Amortization of intangible assets

 

 

100

 

 

 

-

 

 

Restructuring expense

 

 

-

 

 

 

300

 

 

Non-GAAP gross profit

 

$

76,481

 

 

$

81,044

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross margin reconciliation:

 

 

 

 

 

 

 

GAAP gross margin: GAAP gross profit over GAAP total revenue

 

 

82.3

 

%

 

78.8

 

%

GAAP to non-GAAP gross margin adjustments

 

 

2.9

 

%

 

3.1

 

%

Non-GAAP gross margin: Non-GAAP gross profit over non-GAAP total revenue

 

 

85.2

 

%

 

81.9

 

%

 

 

 

 

 

 

 

 

Non-GAAP operating loss reconciliation:

 

 

 

 

 

 

 

GAAP operating loss

 

$

(27,951

)

 

$

(32,705

)

 

Stock-based compensation expenses

 

 

19,113

 

 

 

19,147

 

 

Amortization of intangible assets

 

 

100

 

 

 

-

 

 

Restructuring expense

 

 

-

 

 

 

3,058

 

 

Non-GAAP operating loss

 

$

(8,738

)

 

$

(10,500

)

 

 

 

 

 

 

 

 

 

Non-GAAP operating margin reconciliation:

 

 

 

 

 

 

 

GAAP operating margin: GAAP operating loss over GAAP total revenue

 

 

(31.1

)

%

 

(33.1

)

%

GAAP to non-GAAP operating margin adjustments

 

 

21.4

 

%

 

22.5

 

%

Non-GAAP operating margin: Non-GAAP operating loss over non-GAAP total revenue

 

 

(9.7

)

%

 

(10.6

)

%

 

 

 

 

 

 

 

 

Non-GAAP net loss reconciliation:

 

 

 

 

 

 

 

GAAP net loss

 

$

(28,377

)

 

$

(32,689

)

 

Amortization of intangible assets

 

 

100

 

 

 

-

 

 

Stock-based compensation expenses

 

 

19,113

 

 

 

19,147

 

 

Restructuring expense

 

 

-

 

 

 

3,058

 

 

Non-GAAP net loss

 

$

(9,164

)

 

$

(10,484

)

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except for per share data and percentages)

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30, 2018

 

 

June 30, 2019

Non-GAAP net loss per share reconciliation:

 

 

 

 

 

 

GAAP net loss per share

 

$

(0.28

)

 

$

(0.30

)

Stock-based compensation expenses per share

 

 

0.19

 

 

 

0.17

 

Amortization of intangible assets

 

 

-

 

 

 

-

 

Restructuring expense

 

 

-

 

 

 

0.03

 

Non-GAAP net loss per share

 

$

(0.09

)

 

$

(0.10

)

 

 

 

 

 

 

 

Free cash flow reconciliation:

 

 

 

 

 

 

Cash provided by operating activities

 

$

6,235

 

 

$

3,330

 

Purchase of property and equipment

 

 

(765

)

 

 

(782

)

Free cash flow

 

$

5,470

 

 

$

2,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MOBILEIRON, INC.

 

SUPPLEMENTAL INFORMATION

 

(Amounts in thousands)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

30-Jun-18

 

30-Sep-18

 

31-Dec-18

 

31-Mar-19

 

30-Jun-19

 

 

 

 

 

 

 

 

 

 

 

Annual Recurring Revenue:

 

 

 

 

 

 

 

 

 

 

Subscription ARR

$

80,844

$

88,121

$

95,858

$

100,421

$

106,115

Perpetual license support ARR

 

64,237

 

64,851

 

66,722

 

66,764

 

65,850

Total ARR

$

145,081

$

152,972

$

162,580

$

167,185

$

171,965

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

United States

$

20,640

$

21,654

$

20,972

$

19,612

$

21,861

International

 

25,489

 

27,597

 

33,151

 

28,470

 

29,004

Total revenue

$

46,129

$

49,251

$

54,123

$

48,082

$

50,865

 

 

 

 

 

 

 

 

 

 

 

Disaggregation of Revenue:

 

 

 

 

 

 

 

 

 

 

Cloud services

$

11,832

$

13,199

$

14,533

$

15,261

$

16,311

Upfront on-premise subscription

 

5,458

 

6,337

 

5,616

 

3,952

 

7,478

Ratable on-premise subscription

 

3,949

 

4,121

 

4,319

 

4,458

 

4,512

Software support on perpetual licenses

 

15,652

 

16,013

 

16,299

 

16,110

 

16,196

Recurring revenue

 

36,891

 

39,670

 

40,767

 

39,781

 

44,497

Perpetual license

 

8,422

 

8,669

 

12,395

 

7,419

 

4,749

Professional services

 

816

 

912

 

961

 

882

 

1,619

Non-recurring revenue

 

9,238

 

9,581

 

13,356

 

8,301

 

6,368

Total revenue

$

46,129

$

49,251

$

54,123

$

48,082

$

50,865

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Metrics:

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross profit

$

39,287

$

42,001

$

44,894

$

39,336

$

41,708

Non-GAAP operating income (loss)

$

(3,005)

$

2,020

$

2,393

$

(6,150)

$

(4,350)

Free cash flow

$

(3,194)

$

245

$

6,486

$

7,639

$

(5,091)

 

Contacts

Erik Bylin
MobileIron
ir@mobileiron.com
650-282-7555

Contacts

Erik Bylin
MobileIron
ir@mobileiron.com
650-282-7555