MobileIron Announces Strong Second Quarter 2018 Results
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jul 31, 2018--MobileIron (NASDAQ:MOBL), the secure foundation for modern work, today announced results for its second quarter ended June 30, 2018.
Second Quarter 2018 Financial HighlightsRevenue was $46.1 million, up 7% year-over-year. Recurring revenue was $36.9 million, up 17% year-over-year. Billings were $50.6 million, up 13% year-over-year. GAAP net loss per share was $0.12; non-GAAP net loss per share was $0.04. Cash used in operating activities was $2.9 million.
“MobileIron delivered a strong second quarter, beating guidance on revenue, billings and operating expenses. We had solid traction with our new products, Access and Threat Defense, and drove recurring revenue growth of 17% over last year,” said Simon Biddiscombe, CEO, MobileIron. “With improving new product performance and strengthening sales execution, MobileIron clearly gained momentum in the second quarter and I am looking forward to continuing that in the second half of 2018.”
PlatformAdded MobileIron Authenticator to the comprehensive MobileIron Access cloud security solution. Authenticator allows organizations to verify a user’s identity using the phone as a second factor of authentication and can be tailored to endpoint type, app type, network, and user location. Integrated with McAfee ePolicy Orchestrator (ePO), a centralized management platform on which enterprises rely to define and monitor their endpoint security policies. The integration enables common customers to extend existing security policies to mobile endpoints for the first time. Released 38 major and 35 minor product releases in the first half of 2018 across our client, cloud, and server solutions.
Milestones and RecognitionAppointed Scott Hill Chief Financial Officer. Mr. Hill brings nearly 20 years of experience leading finance teams at global companies. Surpassed 17,000 customers. Named by Gartner as a Leader in its inaugural Magic Quadrant for Unified Endpoint Management Tools.* Named the top Mobile Device Management and Enterprise Mobility Management solution in the 6th annual Compass Intelligence awards. Appointed Frédéric Gillant Vice President of Sales for Asia Pacific. Mr. Gillant brings 28 years of IT industry experience and 18 years in Asia Pacific leadership. Awarded 7 additional US patents for mobile security, bringing the total to 74.
The company is providing the following outlook for its third quarter 2018 (ending September 30, 2018):Revenue is expected to be between $47 million and $50 million, growth of 3% to 10% year-over-year. Billings are expected to be between $52 million and $55 million, growth of 3% to 9% year-over-year. Non-GAAP gross margin is expected to be approximately 85%. Non-GAAP operating expenses are expected to be between $42 million and $43 million.
The company is reaffirming its outlook for 2018 (ending December 31, 2018):Revenue is expected to be between $190 million and $200 million, growth of 6% to 11% over 2017. Billings are expected to be between $210 million and $220 million, growth of 5% to 10% over 2017. Non-GAAP operating margin is expected to be between -5% and breakeven for 2018.
All forward-looking non-GAAP financial measures contained in this section exclude estimates for stock-based compensation expenses. While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis, 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, 2017 and 2018.
Conference Call and Webcast
MobileIron will report final results for the second quarter of fiscal year 2018 on Tuesday, July 31, 2018 after the close of the market and host a conference call and live webcast at 1:30 p.m. Pacific Daylight Time (4:30 p.m. EDT) to discuss the company’s financial results and business highlights. Interested parties may access the call by dialing 1-855-327-6837 in the U.S. or 1-631-891-4304 from international locations. 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 that involve risks and uncertainties, including, but not limited to, statements regarding MobileIron’s revenue, operating expenses, cost structure, GAAP and non-GAAP financial metrics, projected financial results and trends in MobileIron’s business. 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, seasonality, our need to develop new solutions and enhancements to compete in rapidly evolving markets, product defects, strength of intellectual property portfolio, 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. 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.
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.
* Gartner “Magic Quadrant for Unified Endpoint Management Tools” by Chris Silva, Rich Doheny, Bryan Taylor, Rob Smith, Manjunath Bhat, 23 July 2018.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
MobileIron provides the secure foundation for modern work. For more information, please visit www.mobileiron.com.
“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.
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