MobileIron (NASDAQ: MOBL), the mobile-centric security platform
for the Everywhere Enterprise, today announced results for its
third quarter ended September 30, 2020.
Third Quarter 2020 Financial
Highlights
- Revenue was $50.0 million, down 4% year-over-year.
- ARR was $191.5 million, up 10% year-over-year.
- Operating loss was $15.9 million; non-GAAP operating loss was
$3.9 million or 7.7% of revenue.
- Net cash generated by operating activities was $3.2
million.
“In Q3, MobileIron completed its transition to a
subscription-led business and posted solid results, with 10% ARR
growth year-over-year and operating cash flow of over $3 million.
Our license model transition went smoothly with our customer base
and our revenue was 95% recurring in Q3. In addition, we continued
to see strong reception for our security solutions.” said Simon
Biddiscombe, CEO, MobileIron. “As remote work drives our customers
into the age of the Everywhere Enterprise, MobileIron will be an
important part of their security solutions going forward and this
could be seen in our 19% cloud revenue growth. We are confident our
value proposition will continue to resonate as companies
increasingly solve for remote work as the new normal.”
ARR Composition
September 30,
(in millions, except percentages)
2019
2020
Total ARR
$
174.3
$
191.5
Year-over-year percentage increase
14
%
10
%
Subscription ARR
$
108.6
$
126.1
Year-over-year percentage increase
23
%
16
%
Perpetual license support ARR
$
65.7
$
65.4
Year-over-year percentage increase
1
%
(0
)%
Proposed Acquisition of MobileIron by
Ivanti
As announced on September 28, 2020, MobileIron has entered into
a merger agreement with Ivanti, Inc. Under the terms of the
agreement, Ivanti will acquire all outstanding shares of MobileIron
common stock for a total value of approximately $872 million in
cash. MobileIron stockholders will receive $7.05 in cash per share,
representing a 27% premium to the unaffected closing price as of
September 24, 2020. MobileIron’s Board of Directors unanimously
approved the transaction on September 26, 2020. MobileIron filed
definitive proxy materials with the SEC on October 26, 2020 and has
mailed these materials to its stockholders for a special meeting of
stockholders to vote on the merger. The special meeting is
scheduled for November 24, 2020. The consummation of the merger is
subject to MobileIron stockholder approval and the satisfaction of
other conditions. Subject to the satisfaction of the closing
conditions to the merger, we currently expect to complete the
transaction later in the current quarter or early in the first
quarter of 2021.
In light of the pending transaction, MobileIron will not host an
earnings conference call and will not provide guidance relating to
its expected financial results for future periods.
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 and the anticipated transaction with
Ivanti. Forward-looking statements in this press release include,
but are not limited to, statements regarding MobileIron's revenue,
operating expenses, ARR, the timing for moving to a
subscription-led business and ceasing perpetual licenses, cost
structure, GAAP and non-GAAP financial metrics, as well as
statements that we expect to continue to see progress migrating
customers to the cloud, 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, that the MobileIron
team will emerge from the pandemic with an even more strategic role
in securing the global workforce, 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, risks related to our pending acquisition by Ivanti,
COVID-19 and the duration of orders around the globe requiring
people to work from home, our limited operating history, the
adoption by our customers of our subscription-led model, 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 security platform for the Everywhere
Enterprise. In the Everywhere Enterprise, corporate data flows
freely across devices and servers in the cloud, empowering workers
to be productive anywhere they need to work. To secure access and
protect data across this perimeter-less enterprise, MobileIron
leverages a zero trust approach, which assumes bad actors are
already in the network and secure access is determined by a “never
trust, always verify” model.
MobileIron’s platform combines award-winning and
industry-leading unified endpoint management (UEM) capabilities
with passwordless multi-factor authentication (Zero Sign-on) and
mobile threat defense (MTD) to validate the device, establish user
context, verify the network, and detect and remediate threats to
ensure that only authorized users, devices, apps, and services can
access business resources in a “work from everywhere” world. Over
20,000 organizations, including the world’s largest financial
institutions, intelligence agencies, and other highly regulated
companies, have chosen MobileIron to enable a seamless and secure
user experience in the Everywhere Enterprise.
"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, 2019 AND
SEPTEMBER 30, 2020
(Amounts in thousands)
(Unaudited)
December 31, 2019
September 30, 2020
Assets
Current assets:
Cash and cash equivalents
$
94,415
$
89,824
Accounts receivable - net
58,815
39,120
Deferred commissions - current
9,825
8,019
Prepaid expenses and other current
assets
11,965
13,686
Total current assets
175,020
150,649
Property and equipment - net
4,804
3,346
Operating lease right-of-use assets
13,683
10,346
Deferred commissions - noncurrent
8,077
7,964
Intangible assets
-
2,822
Goodwill
5,475
8,407
Other assets
5,371
4,110
Total assets
$
212,430
$
187,644
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
1,310
$
2,002
Accrued expenses
24,792
26,836
Lease liabilities - current
5,664
4,753
Unearned revenue - current
85,153
82,017
Customer arrangements with termination
rights
16,130
11,268
Total current liabilities
133,049
126,876
Lease liabilities - noncurrent
10,088
6,680
Unearned revenue - noncurrent
33,058
25,874
Other long-term liabilities
237
122
Total liabilities
176,432
159,552
Stockholders’ equity:
Common stock
11
12
Additional paid-in capital
504,041
534,259
Treasury stock
(15,141
)
(15,825
)
Accumulated deficit
(452,913
)
(490,354
)
Total stockholders’ equity
35,998
28,092
Total liabilities and stockholders'
equity
$
212,430
$
187,644
MOBILEIRON, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2020
(Amounts in thousands, except
for per share data)
(Unaudited)
Three Months Ended
September 30, 2019
September 30, 2020
Revenue:
Cloud services
$
17,591
$
20,890
License
12,216
6,465
Software support and services
22,394
22,644
Total revenue
52,201
49,999
Cost of revenue:
Cloud services (1)
5,557
6,792
License (2)
436
415
Software support and services (1)
4,466
4,914
Restructuring expense
-
-
Total cost of revenue
10,459
12,121
Gross profit
41,742
37,878
Operating expenses:
Research and development (1)
19,072
20,259
Sales and marketing (1, 2)
23,577
23,597
General and administrative (1)
6,932
9,949
Restructuring expense
-
-
Total operating expenses
49,581
53,805
Operating loss
(7,839
)
(15,927
)
Other income (expense) - net
35
263
Loss before income taxes
(7,804
)
(15,664
)
Income tax expense
399
608
Net loss
$
(8,203
)
$
(16,272
)
Net loss per share, basic and diluted
$
(0.07
)
$
(0.14
)
Weighted-average shares used to compute
net loss per share, basic and diluted
110,831
117,703
(1) Includes stock-based compensation
expense as follows:
Cost of revenue
Cloud services
$
452
$
(6
)
License
-
-
Software support and services
600
(51
)
Research and development
3,279
367
Sales and marketing
2,029
1,208
General and administrative
1,652
1,126
$
8,012
$
2,644
(2) Includes amortization of intangible
assets as follows:
Cost of revenue
License
$
-
$
95
Sales and marketing
-
83
$
-
$
178
MOBILEIRON, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2020
(Amounts in thousands, except
for per share data)
(Unaudited)
Nine Months Ended
September 30, 2019
September 30, 2020
Revenue:
Cloud services
$
49,163
$
59,073
License
35,814
32,553
Software support and services
66,171
66,996
Total revenue
151,148
158,622
Cost of revenue:
Cloud services (1)
15,413
19,673
License (2)
1,423
1,461
Software support and services (1)
14,333
14,263
Restructuring charge
300
-
Total cost of revenue
31,469
35,397
Gross profit
119,679
123,225
Operating expenses:
Research and development (1)
60,889
60,115
Sales and marketing (1, 2)
74,099
72,575
General and administrative (1)
22,477
26,069
Restructuring charge
2,758
579
Total operating expenses
160,223
159,338
Operating loss
(40,544
)
(36,113
)
Other income (expense) - net
987
183
Loss before income taxes
(39,557
)
(35,930
)
Income tax expense
1,335
1,511
Net loss
$
(40,892
)
$
(37,441
)
Net loss per share, basic and diluted
$
(0.37
)
$
(0.32
)
Weighted-average shares used to compute
net loss per share, basic and diluted
109,147
116,192
(1) Includes stock-based compensation
expense as follows:
Cost of revenue
Cloud services
$
1,488
$
1,125
License
-
-
Software support and services
2,371
1,614
Research and development
11,015
8,710
Sales and marketing
6,367
6,670
General and administrative
5,918
5,604
$
27,159
$
23,723
(2) Includes amortization of intangible
assets as follows:
Cost of revenue
License
$
-
$
161
Sales and marketing
-
141
$
-
$
302
MOBILEIRON, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2020
(Amounts in thousands)
(Unaudited)
Nine Months Ended
September 30, 2019
September 30, 2020
Cash flows from operating
activities:
Net loss
$
(40,892
)
$
(37,441
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Stock-based compensation expense
27,159
23,723
Depreciation
2,587
2,275
Amortization of intangible assets
-
302
Provision for doubtful accounts
-
119
Accretion of premium on investment
securities
(21
)
-
Impairment of right-of-use assets
1,328
-
Loss on disposal of fixed assets
170
-
Changes in operating assets and
liabilities:
Accounts receivable
16,429
19,578
Deferred commissions
220
1,919
Other current and noncurrent assets
(2,372
)
3,249
Accounts payable
637
615
Unearned revenue
964
(10,595
)
Customer arrangements with termination
rights
(3,121
)
(4,862
)
Accrued expenses and other long-term
liabilities
(5,504
)
5,702
Net cash provided by (used in) operating
activities
(2,416
)
4,584
Cash flows from investing
activities:
Purchase of property and equipment
(1,233
)
(796
)
Purchase of incapptic, net of cash
acquired
-
(5,668
)
Proceeds from maturities of investment
securities
3,250
-
Purchases of investment securities
(4,126
)
-
Net cash used in investing activities
(2,109
)
(6,464
)
Cash flows from financing
activities:
Proceeds from employee stock purchase
plan
3,100
2,977
Taxes paid for net settlement of equity
awards
(5,492
)
(6,485
)
Proceeds from exercise of stock
options
5,481
1,829
Repurchase of common stock
(8,624
)
(684
)
Net cash used in financing activities
(5,535
)
(2,363
)
Net change in cash, cash equivalents and
restricted cash
(10,060
)
(4,243
)
Cash, cash equivalents and restricted cash
at beginning of period
104,613
94,415
Cash, cash equivalents and restricted cash
at end of period
$
94,553
$
90,172
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, expense from 2020 Bonus Plans, intangible
asset amortization, 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.
2020 Bonus Plan expense: In our
non-GAAP financial measures, we have excluded the effect of expense
associated with our 2020 Bonus Plans. The merger agreement signed
with Ivanti on September 26, 2020 imposes certain pre-closing
restrictions on our activities, one of which precludes settlement
of our 2020 Bonus Plans in unrestricted common stock. Consequently,
we have classified expense from the 2020 Bonus Plans as bonus
expense rather than stock-based compensation expense in the three
and nine months ended September 30, 2020. We believe that excluding
this expense from our non-GAAP financial measures makes the 2020
periods presented more comparable since the 2019 periods presented
classify expense from our Bonus Plans as stock-based compensation
expense.
Restructuring expense: In our
non-GAAP financial measures, we have excluded the effect of
severance and other expenses related to reductions in our workforce
and building exit costs. Restructuring expense may recur in the
future; however, the timing and amounts are difficult to
predict.
Intangible asset amortization: In
our non-GAAP financial measures, we have excluded the effect of
intangible asset amortization. Amortization of intangible assets
can be significantly affected by the timing and size of
acquisitions of companies or technology.
Non-GAAP gross profit, non-GAAP gross
margin, non-GAAP operating income (loss), non-GAAP operating
margin, non-GAAP net income (loss), and non-GAAP net income (loss)
per share: We believe that the exclusion of stock-based
compensation expense, expense from 2020 Bonus Plans, restructuring
expense, and intangible asset amortization from various GAAP
financial metrics such as gross profit, gross margin, operating
loss, operating margin, net loss, and net loss per share provides
useful measures for management and investors. Stock-based
compensation, restructuring expense and intangible asset
amortization have been and can continue to be inconsistent in
amount from period to period. The Ivanti merger agreement contains
a pre-closing restriction from settling our Bonus Plans in
unrestricted common stock which caused us to change the
classification of expense from our 2020 Bonus Plans from
stock-based compensation expense to bonus expense. Because bonus
plans were historically settled in unrestricted common stock, we
classified the associated expense as stock-based compensation
expense in the comparable periods of 2019. 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 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). We monitor 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
September 30, 2019
September 30, 2020
Non-GAAP gross
profit reconciliation:
GAAP gross profit
$
41,742
$
37,878
Stock-based compensation expenses
1,052
(57
)
Expense from 2020 Bonus Plans
-
1,657
Amortization of intangible assets
-
95
Non-GAAP gross profit
$
42,794
$
39,573
Non-GAAP gross
margin reconciliation:
GAAP gross margin: GAAP gross profit over
total revenue
80.0
%
75.8
%
GAAP to non-GAAP gross margin
adjustments
2.0
%
3.3
%
Non-GAAP gross margin: Non-GAAP gross
profit over total revenue
82.0
%
79.1
%
Non-GAAP
operating income (loss) reconciliation:
GAAP operating loss
$
(7,839
)
$
(15,927
)
Stock-based compensation expenses
8,012
2,644
Expense from 2020 Bonus Plans
-
9,248
Amortization of intangible assets
-
178
Non-GAAP operating income (loss)
$
173
$
(3,857
)
Non-GAAP
operating margin reconciliation:
GAAP operating margin: GAAP operating loss
over total revenue
(15.0
)%
(31.9
)%
GAAP to non-GAAP operating margin
adjustments
15.3
%
24.2
%
Non-GAAP operating margin: Non-GAAP
operating income (loss) over total revenue
0.3
%
(7.7
)%
Non-GAAP net loss
reconciliation:
GAAP net loss
$
(8,203
)
$
(16,272
)
Stock-based compensation expenses
8,012
2,644
Expense from 2020 Bonus Plans
-
9,248
Amortization of intangible assets
-
178
Non-GAAP net loss
$
(191
)
$
(4,202
)
MOBILEIRON, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
for per share data and percentages)
(Unaudited)
Three Months Ended
September 30, 2019
September 30, 2020
Non-GAAP net loss
per share reconciliation:
GAAP net loss per share
$
(0.07
)
$
(0.14
)
Stock-based compensation expenses
0.07
0.02
Expense from 2020 Bonus Plans
-
0.08
Amortization of intangible assets
-
-
Non-GAAP net loss per share
$
(0.00
)
$
(0.04
)
Free cash flow
reconciliation:
Cash provided by (used in) operating
activities
$
(5,746
)
$
3,181
Purchase of property and equipment
(451
)
(112
)
Free cash flow
$
(6,197
)
$
3,069
MOBILEIRON, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
for per share data and percentages)
(Unaudited)
Nine Months Ended
September 30, 2019
September 30, 2020
Non-GAAP gross
profit reconciliation:
GAAP gross profit
$
119,679
$
123,225
Stock-based compensation expenses
3,859
2,739
Expense from 2020 Bonus Plans
-
1,657
Amortization of intangible assets
-
161
Restructuring expense
300
-
Non-GAAP gross profit
$
123,838
$
127,782
Non-GAAP gross
margin reconciliation:
GAAP gross margin: GAAP gross profit over
GAAP total revenue
79.2
%
77.7
%
GAAP to non-GAAP gross margin
adjustments
2.7
%
2.9
%
Non-GAAP gross margin: Non-GAAP gross
profit over non-GAAP total revenue
81.9
%
80.6
%
Non-GAAP
operating loss reconciliation:
GAAP operating loss
$
(40,544
)
$
(36,113
)
Stock-based compensation expenses
27,159
23,723
Expense from 2020 Bonus Plans
-
9,248
Amortization of intangible assets
-
302
Restructuring expense
3,058
579
Non-GAAP operating loss
$
(10,327
)
$
(2,261
)
Non-GAAP
operating margin reconciliation:
GAAP operating margin: GAAP operating loss
over GAAP total revenue
(26.8
)%
(22.8
)%
GAAP to non-GAAP operating margin
adjustments
20.0
%
21.4
%
Non-GAAP operating margin: Non-GAAP
operating loss over non-GAAP total revenue
(6.8
)%
(1.4
)%
Non-GAAP net loss
reconciliation:
GAAP net loss
$
(40,892
)
$
(37,441
)
Amortization of intangible assets
-
302
Stock-based compensation expenses
27,159
23,723
Expense from 2020 Bonus Plans
-
9,248
Restructuring expense
3,058
579
Non-GAAP net loss
$
(10,675
)
$
(3,589
)
MOBILEIRON, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
for per share data and percentages)
(Unaudited)
Nine Months Ended
September 30, 2019
September 30, 2020
Non-GAAP net loss
per share reconciliation:
GAAP net loss per share
$
(0.37
)
$
(0.32
)
Stock-based compensation expenses per
share
0.24
0.20
Expense from 2020 Bonus Plans
-
0.08
Amortization of intangible assets
-
-
Restructuring expense
0.03
0.01
Non-GAAP net loss per share
$
(0.10
)
$
(0.03
)
Free cash flow
reconciliation:
Cash provided by (used in) operating
activities
$
(2,416
)
$
4,584
Purchase of property and equipment
(1,233
)
(796
)
Free cash flow
$
(3,649
)
$
3,788
MOBILEIRON, INC.
SUPPLEMENTAL
INFORMATION
(Amounts in thousands)
(Unaudited)
30-Sep-19
31-Dec-19
31-Mar-20
30-Jun-20
30-Sep-20
Annual Recurring Revenue:
Subscription ARR
$
108,559
$
113,895
$
115,326
$
120,100
$
126,113
Perpetual license support ARR
65,737
65,645
65,495
66,996
65,416
Total ARR
$
174,296
$
179,540
$
180,821
$
187,096
$
191,529
Revenue:
United States
$
23,376
$
21,866
$
21,133
$
24,165
$
22,448
International
28,825
32,222
28,565
34,760
27,551
Total revenue
$
52,201
$
54,088
$
49,698
$
58,925
$
49,999
Disaggregation of Revenue:
Cloud services
$
17,591
$
17,871
$
18,634
$
19,549
$
20,890
Upfront on-premise subscription
5,964
4,628
3,378
5,723
5,139
Ratable on-premise subscription
4,902
5,037
4,922
5,043
5,267
Software support on perpetual licenses
16,363
16,314
15,986
16,187
16,132
Recurring revenue
44,820
43,850
42,920
46,502
47,428
Perpetual license
6,252
9,027
5,633
11,355
1,326
Professional services
1,129
1,211
1,145
1,068
1,245
Non-recurring revenue
7,381
10,238
6,778
12,423
2,571
Total revenue
$
52,201
$
54,088
$
49,698
$
58,925
$
49,999
Non-GAAP Metrics:
Non-GAAP gross profit
$
42,794
$
44,404
$
39,724
$
48,485
$
39,573
Non-GAAP operating income (loss)
$
173
$
1,638
$
(3,960
)
$
5,556
$
(3,857
)
Free cash flow
$
(6,197
)
$
(275
)
$
7,074
$
(6,355
)
$
3,069
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201028006132/en/
Erik Bylin MobileIron ir@mobileiron.com 650-282-7555
MobileIron (NASDAQ:MOBL)
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