MobileIron, the secure foundation for modern work, announced results for its fourth quarter and full year ended December 31, 2018.
Fourth Quarter 2018 Financial Highlights
Recurring revenue was $40.8 million, up 21% year-over-year.
Revenue was $54.1 million, up 10% year-over-year.
Billings were $69.5 million, up 15% year-over-year.
GAAP net loss per share was $0.07; non-GAAP net income per share was $0.03.
Cash generated in operating activities was $7.1 million.
Full Year 2018 Financial Highlights
Recurring revenue was $151.1 million, up 18% year-over-year.
Revenue was $193.2 million, up 7% year-over-year.
Billings were $223.3 million, up 11% year-over-year.
GAAP operating margin was -22.2%; non-GAAP operating margin was -2.2%
GAAP net loss per share was $0.42; non-GAAP net loss per share was $0.04.
Cash generated in operating activities was $14.2 million.
“In 2018 the team at MobileIron did an exceptional job driving improved performance. Our steady execution and commitment to reinvigorate growth has clearly paid off as we steadily increased our growth rate through the year and achieved record non-GAAP operating income in each of the last two quarters,” said Simon Biddiscombe, CEO, MobileIron. “The Zero Trust threat landscape requires security that starts at the endpoint and stretches seamlessly to the cloud services modern work relies on. MobileIron delivers the most comprehensive security suite to ensure valuable company data is not compromised. With a strong and cohesive team and best-in-class products, I am confident that MobileIron has resumed an upward trajectory and will continue our progress in 2019.”
The company is providing the following outlook for its first quarter 2019 (ending March 31, 2019):
Revenue is expected to be between $46 million and $49 million, growth of 5% to 12% year-over-year.
Non-GAAP gross margin is expected to be approximately 82%.
Non-GAAP operating expenses are expected to be between $45 million and $46 million.
The company is providing the following outlook for 2019 (ending December 31, 2019):
Revenue is expected to be between $205 million and $215 million, growth between 6% and 11% over 2018.
We expect ending ARR1 to grow by approximately 20% by year end.
We expect to generate non-GAAP operating profit in 2019.
Fourth Quarter 2018 Business Highlights
Milestones and Recognition
Named a Leader by Forrester Research in the Forrester Wave™: Unified Endpoint Management, Q4 2018 report. MobileIron garnered the highest possible score across 16 criteria in application security, product vision, and roadmap execution.
Appointed Rhonda Shantz as Chief Marketing Officer. Ms. Shantz brings over 25 years of experience driving revenue growth at cybersecurity and enterprise businesses including Centrify, Symantec and Rocketfuel.
Recognized by Google™ as a partner in its Android Enterprise Recommended program for Enterprise Mobility Management (EMM) providers.
Awarded 5 additional US patents for mobile security, bringing MobileIron’s total number of awarded patents to 82.
Released 42 major and 85 minor product releases for the full year 2018, across our suite of solutions.
Integrated with Aruba (HPE) and Cisco Security Connector to control network access.
Integrated with Cortado Workplace and DRACOON for file syncing and sharing.
Integrated with Fluid Mobility and Inpixon for location-based services.
All forward-looking non-GAAP financial measures contained in this section exclude estimates for stock-based compensation expenses and amortization of intangible assets. 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 fourth quarter of 2017 and 2018 and for fiscal year 2017 and 2018.
Annual Recurring Revenue (ARR).
MobileIron will transition from reporting Annualized Recurring Revenue, which was defined as the recurring revenue recognized during a quarter multiplied by four, to reporting Annual Recurring Revenue per the definition and detail that follows. ARR is a financial measure that we define as the annualized value of all recurring revenue contracts active at the end of a reporting period. ARR includes the annualized value of subscriptions and the annualized value software support contracts related to perpetual licenses 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. ARR 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 these items. ARR is not a forecast of future revenue and can be impacted by contract start and end dates and renewal rates.