iHub's news alert is incorrect. Financials were reported last week:
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Aerohive Networks Reports Third Quarter 2014 Financial Results
Sunnyvale, Calif. — November 5, 2014 — Aerohive Networks® (NYSE:HIVE), a leader in controller-less Wi-Fi and cloud-managed mobile networking for the enterprise market, today announced financial results for its third quarter of 2014 ended September 30, 2014.
Financial Summary
Total revenue for the third quarter of 2014 was $35.3 million, an increase of 22%, compared with $29.0 million for the third quarter of 2013. Software subscriptions and service revenue was $4.6 million, or 13% of total revenue for the quarter, compared with $2.6 million, or 9% of total revenue for the third quarter of 2013.
For the third quarter of 2014, GAAP net loss was $7.4 million, compared with $8.1 million in the third quarter of 2013. GAAP gross margin was 67.6%, compared with 66.3% in the year-ago period. Non-GAAP net loss for the third quarter of 2014 was $4.5 million, compared with $5.9 million in the third quarter of 2013. Non-GAAP gross margin was 68.0%, compared with 66.5% in the year-ago period. A description of the non-GAAP calculations and a reconciliation to comparable GAAP financial measures are provided in the accompanying table entitled “Reconciliation of GAAP to Non-GAAP Financial Measures.”
“We are disappointed with our revenue for the third quarter, which was below our original expectation due to sales capacity and performance, particularly in our less-developed territories,” stated David Flynn, President and Chief Executive Officer. “We realize we need to improve our execution, and we are actively working to more consistently grow capacity with increased investments in hiring additional sales people, ramping our recently hired sales people, and developing our channel. We remain confident in our competitive differentiation and the potential to address a large and growing market opportunity.”
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts and investors to discuss its third quarter 2014 results and outlook for its fourth quarter of 2014 at 2:00 pm Pacific Time today, November 5, 2014. The call may be accessed by dialing 1-888-461-2024 (toll free) or 1-719-325-2308 (international) and providing the passcode 6230678. A live audio webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at http://ir.aerohive.com. An audio replay of the call may be accessed via dial-in at 1-888-203-1112 with the passcode 6230678 or by webcast on the Investor Relations section of Aerohive’s website at http://ir.aerohive.com.
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding Aerohive Networks’ financial expectations and operating performance and expectations for continued growth in 2014, including statements regarding our efforts and investments to increase capacity, hire and ramp additional sales personnel, develop our channel, and our expectations with respect to our competitive differentiation, potential to address our market opportunity, size of market opportunity and ability to improve our execution. These forward-looking statements are based on current expectations and are subject to inherent uncertainties, risks and changes in circumstances that are difficult or impossible to predict. The actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of these uncertainties, risk and changes in circumstances, including, but not limited to, risks and uncertainties related to: our ability to continue to attract, integrate, retain and train skilled personnel, especially skilled sales personnel, in general and in specific regions, our ability to develop and expand our sales capacity and improve the effectiveness of our channel, our ability to improve our operating and sales execution, general demand for wireless networking in the industry verticals targeted or demand for Aerohive products in particular, unpredictable and changing market conditions, risks associated with the deployment, performance and adoption of new products and services, risks associated with our growth, competitive pressures from existing and new companies, technological change, product development delays, reliance on third parties to manufacture, warehouse and timely deliver Aerohive products or international operations, our inability to protect Aerohive intellectual property or to predict or limit exposure to third party claims relating to its or Aerohive’s intellectual property, Aerohive’s limited operating history, particularly as a newly public company; and general market, political, regulatory, economic and business conditions in the United States and internationally.
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 quarterly report on Form 10-Q. Aerohive’s SEC filings are available on the Investor Relations section of the Company’s website at http://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 reported results include certain non-GAAP financial measures, including:
non-GAAP gross profit and non-GAAP gross margin
non-GAAP operating expense and non-GAAP operating expense percentage
non-GAAP operating loss and non-GAAP operating loss percentage
non-GAAP net loss and non-GAAP net loss per share
The Company defines non-GAAP financial measures to exclude share-based compensation, amortization of acquired intangibles and the periodic fair value re-measurements related to convertible preferred stock warrants.
The Company has included non-GAAP financial measures in this press release because they are key measures 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 non-cash 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 non-GAAP financial measures are frequently used by investors 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 dilutive impact of stock-based compensation, which is an ongoing expense for the Company;
although amortization is a non-cash charge, the assets being amortized often will have to be replaced in the future, and non-GAAP gross profit percentage, non-GAAP operating loss, non-GAAP operating loss percentage, non-GAAP net loss, and non-GAAP loss per share do not reflect any cash requirement for such replacements;
non-GAAP net loss and non-GAAP net loss per share do not reflect the periodic fair value re-measurements related to convertible preferred stock warrants; and
other companies, including companies in this industry, may calculate these non-GAAP financial measures differently, which reduces their usefulness as a comparative measure.
Because of these 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.
About Aerohive Networks
Aerohive (NYSE: HIVE) unleashes the power of enterprise mobility. Aerohive’s technology enables organizations of all sizes to use mobility to increase productivity, engage customers, and grow their business. Deployed in over 17,000 enterprises worldwide, Aerohive's proprietary mobility platform takes advantage of the cloud and a distributed architecture to deliver unified, intelligent, simplified and cost-effective networks. Aerohive was founded in 2006 and is headquartered in Sunnyvale, Calif. For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog, join our community or become a fan on our Facebook page.
“Aerohive” is a registered trademark of Aerohive Networks, Inc. All product and company names used herein are trademarks or registered trademarks of their respective owners. All rights reserved.
Investor Relations Contract:
The Blueshirt Group
Suzanne Schmidt or Melanie Solomon
(408) 769-6720
ir@aerohive.com
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http://www.aerohive.com/company/press-releases/aerohive-networks-reports-third-quarter-2014-financial-results
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