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Section 1: 8-K (8-K)

Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
 
 
 
 
 
 
Form 8-K
 
 
 
 
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
November 1, 2017  
Aerohive Networks, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-36355
 
20-4524700
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
1011 McCarthy Boulevard
Milpitas, California 95035
(Address of Principal Executive Offices including Zip Code)
(408) 510-6100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒





Item 2.02
Results of Operations and Financial Condition.
On November 1, 2017, Aerohive Networks, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter of 2017. In the press release, the Company also announced that it would be holding a conference call on November 1, 2017 to discuss its financial results for the third quarter of 2017. A copy of the press release is furnished as Exhibit 99.1 to this report.
This information furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition,” including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits.
 
 
 
Exhibit No.
  
Description
 
 
99.1

  
Press release issued by Aerohive Networks, Inc. dated November 1, 2017.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
AEROHIVE NETWORKS, INC.
 
 
 
 
 
 
By:
 
/s/ Steve Debenham
 
 
 
 
Steve Debenham
 
 
 
 
Vice President, General Counsel & Secretary
 
Date: November 1, 2017

EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description
 
 
  



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1
Aerohive Networks Reports Q3 2017 Results
MILPITAS, CA — November 1, 2017 — Aerohive Networks® (NYSE: HIVE), a Cloud Networking Leader, today announced financial results for its third quarter ended September 30, 2017.
"Our third quarter was highlighted by margin performance and EPS at the high end of our guidance ranges, along with strong increases in cash and short-term investments," stated David Flynn, President and Chief Executive Officer. "We're also pleased with the continued progress we have made on our product roadmap and that Dell EMC had the confidence in us to invest in moving to a full OEM relationship, which we announced today."
Financial Summary
Total revenue for the third quarter of fiscal year 2017 was $37.1 million, compared with $40.4 million for the third quarter of 2016. Subscription and support revenue was $10.3 million, or 28% of total revenue for the quarter, compared with $8.7 million, or 21% of total revenue, for the third quarter of 2016.
On a GAAP basis, net loss was $6.6 million for the third quarter of fiscal year 2017, compared with a net loss of $9.7 million for the third quarter of 2016. GAAP gross margin was 65.9% for the third quarter of fiscal year 2017, compared with 67.4% for the third quarter of 2016.
On a non-GAAP basis, net loss was $1.6 million for the third quarter of fiscal year 2017, compared with a net loss of $3.3 million for the third quarter of 2016. Non-GAAP gross margin was 66.8% for the third quarter of fiscal year 2017, compared with 68.5% for the third quarter of 2016.
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts and investors to discuss its third quarter 2017 results and outlook for its fourth quarter of 2017 at 2:00 pm Pacific Time today, November 1, 2017. The call may be accessed by dialing 719-325-2499 and providing the passcode 1075652. A live and archived audio webcast of the conference call will be accessible from the “Investor Relations” section of the Company’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 momentum, including statements regarding the progress we are making to address challenges in our business, including to strengthen our channels and product offerings, diversify our market opportunities and our ability to achieve and maintain non-GAAP operating profitability and resume revenue growth. 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 R&D and sales personnel, in general and in specific regions, our ability to develop and expand our revenue opportunities and 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 we target or demand for Aerohive products in particular, our ability to benefit from our participation in the E-Rate program, unpredictable and changing market conditions, risks associated with the deployment, performance and adoption of our new products and services, risks associated with our growth, competitive pressures from existing and new companies, including pricing pressures, changes in the mix and selling prices of Aerohive products, technological change, product development delays, reliance on third parties to manufacture, warehouse and timely deliver Aerohive products, 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 public company, use of Aerohive's capital 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 annual report on Form 10-K and 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 results for its third quarter of fiscal year 2017 reported in this press release and the related earnings conference call include certain non-GAAP financial measures, including:
 
non-GAAP gross profit and non-GAAP gross margin;
non-GAAP product gross profit and non-GAAP product gross margin;
non-GAAP subscription and support gross profit and non-GAAP subscription and support gross margin;
non-GAAP operating loss and non-GAAP operating margin;
non-GAAP net loss and non-GAAP net loss per share;
non-GAAP operating expenses and non-GAAP functional expenses; and
non-GAAP operating expense percentage and non-GAAP functional expense percentage;
The Company defines non-GAAP financial measures to exclude share-based compensation, adjustment to internal-use software amortization, and certain charges related to litigation, headquarter relocation and restructuring.
The Company has included non-GAAP financial measures in this press release because the Company believes they are key measures which can be 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 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 expense related to stock-based compensation, which is an ongoing expense for the Company;
although amortization of internal-use software is a non-cash charge, the assets being amortized often will have to be replaced in the future, and non-GAAP net loss, and non-GAAP loss per share do not reflect any cash requirement for such replacements;
excluding certain expenses associated with litigation in the quarter does not reflect the impact on our ongoing operations over this period of the cash requirement to defend such or other litigation;
excluding headquarter relocation expense in the quarter does not reflect the cash requirement relating to the one-time charges related to the lease abandonment costs incurred upon vacating buildings of our prior headquarters and double rent and utilities expense during the transition to our new headquarters facility;
excluding restructuring charges in the quarter does not reflect the cash requirement relating to the costs associated with restructuring and primarily relates to employee termination costs and benefits; and
other companies, including companies in our industry, may calculate these non-GAAP financial measures differently, which reduces their usefulness as a comparative measure.
Because of these and other 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.
A reconciliation of non-GAAP guidance measures to corresponding guidance measures is not available on a forward-looking basis due to the high variability and low visibility with respect to the charges that are excluded from these non-GAAP measures.
About Aerohive Networks
Aerohive (NYSE: HIVE) enables our customers to simply and confidently connect to the information, applications, and insights they need to thrive. Our simple, scalable, and secure platform delivers mobility without limitations. For our customers worldwide, every access point is a starting point. Aerohive was founded in 2006 and is headquartered in Milpitas, CA. For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog, 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 Contact:
Melanie Solomon
The Blueshirt Group
(408) 769-6720
ir@aerohive.com





AEROHIVE NETWORKS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except share and per share amounts)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Revenue:
 
 
 
 
 
 
 
Product
$
26,750

 
$
31,691

 
$
85,666

 
$
103,683

Subscription and support
10,318

 
8,678

 
30,053

 
24,445

Total revenue
37,068

 
40,369

 
115,719

 
128,128

Cost of revenue (1):
 
 
 
 
 
 
 
Product
9,408

 
10,070

 
28,760

 
32,922

Subscription and support
3,244

 
3,095

 
9,573

 
9,048

Total cost of revenue
12,652

 
13,165

 
38,333

 
41,970

Gross profit
24,416

 
27,204

 
77,386

 
86,158

Operating expenses:
 
 
 
 
 
 
 
Research and development (1)
9,260

 
10,685

 
28,032

 
31,457

Sales and marketing (1)
15,948

 
19,647

 
50,807

 
62,037

General and administrative (1)
5,700

 
6,515

 
17,486

 
22,135

Total operating expenses
30,908

 
36,847

 
96,325

 
115,629

Operating loss
(6,492
)
 
(9,643
)
 
(18,939
)
 
(29,471
)
Interest income
180

 
109

 
484

 
345

Interest expense
(135
)
 
(115
)
 
(412
)
 
(351
)
Other income (expense), net
(90
)
 
22

 
(268
)
 
128

Loss before income taxes
(6,537
)
 
(9,627
)
 
(19,135
)
 
(29,349
)
Provision for income taxes
75

 
85

 
369

 
298

Net loss
$
(6,612
)
 
$
(9,712
)
 
$
(19,504
)
 
$
(29,647
)
Net loss per share, basic and diluted
$
(0.12
)
 
$
(0.19
)
 
$
(0.37
)
 
$
(0.59
)
Weighted-average shares used in computing net loss per share, basic and diluted
53,683,727

 
50,818,710

 
53,070,863

 
49,920,630

 
 
 
 
 
 
 
 
(1) Includes stock-based compensation as follows:
 
 
 
 
 
 
 
Cost of revenue
$
313

 
$
431

 
$
860

 
$
1,024

Research and development
1,329

 
1,576

 
3,082

 
4,287

Sales and marketing
1,566

 
2,505

 
4,361

 
6,336

General and administrative
1,756

 
1,903

 
4,658

 
5,118

Total stock-based compensation
$
4,964

 
$
6,415

 
$
12,961

 
$
16,765








AEROHIVE NETWORKS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share amounts)
 
September 30,
 
December 31,
 
2017
 
2016
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
33,949

 
$
34,346

Short-term investments
49,064

 
42,408

Accounts receivable, net
17,186

 
26,190

Inventories
13,206

 
12,629

Prepaid expenses and other current assets
7,864

 
6,289

Total current assets
121,269

 
121,862

Property and equipment, net
7,005

 
9,008

Goodwill
513

 
513

Other assets
5,362

 
5,100

Total assets
$
134,149

 
$
136,483

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable
$
9,709

 
$
10,762

Accrued liabilities
8,976

 
9,300

Debt, current

 
20,000

Deferred revenue, current
36,761

 
31,727

Total current liabilities
55,446

 
71,789

Debt, non-current
20,000

 

Deferred revenue, non-current
35,732

 
34,177

Other liabilities
1,791

 
1,829

Total liabilities
112,969

 
107,795

Stockholders’ equity:
 
 
 
Preferred stock

 

Common stock
55

 
52

Additional paid–in capital
273,287

 
258,063

Treasury stock
(5,169
)
 
(2,139
)
Accumulated other comprehensive loss
(9
)
 
(31
)
Accumulated deficit
(246,984
)
 
(227,257
)
Total stockholders’ equity
21,180

 
28,688

Total liabilities and stockholders’ equity
$
134,149

 
$
136,483






AEROHIVE NETWORKS, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)

 
Nine Months Ended September 30,
 
2017
 
2016
Cash flows from operating activities
 
 
 
Net loss
$
(19,504
)
 
$
(29,647
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
2,371

 
2,665

Stock-based compensation
12,961

 
16,765

Other
(45
)
 
280

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net
9,004

 
352

Inventories
(577
)
 
(4,916
)
Prepaid expenses and other current assets
(1,575
)
 
901

Other assets
(262
)
 
(93
)
Accounts payable
(911
)
 
(1,956
)
Accrued liabilities
(329
)
 
(1,239
)
Other liabilities
93

 
400

Deferred revenue
6,589

 
6,147

Net cash provided by (used in) operating activities
7,815

 
(10,341
)
Cash flows from investing activities
 
 
 
Purchases of property and equipment
(510
)
 
(1,737
)
Maturities of short-term investments
29,600

 
25,600

Purchases of short-term investments
(36,189
)
 
(14,488
)
Investment in privately held company

 
(1,500
)
Net cash provided by (used in) investing activities
(7,099
)
 
7,875

Cash flows from financing activities
 
 
 
Proceeds from exercise of vested stock options
723

 
815

Proceeds from employee stock purchase plan
2,390

 
2,890

Payment for shares withheld for tax withholdings on vesting of restricted stock units
(1,070
)
 
(941
)
Payment to repurchase common stock
(3,030
)
 
(2,139
)
Payment on capital lease obligations
(126
)
 

Net cash provided by (used in) financing activities
(1,113
)
 
625

Net decrease in cash and cash equivalents
(397
)
 
(1,841
)
Cash and cash equivalents at beginning of period
34,346

 
45,741

Cash and cash equivalents at end of period
$
33,949

 
$
43,900

 
 
 
 






AEROHIVE NETWORKS, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited, in thousands, except share and per share amounts)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
Amount
Margin
 
Amount
Margin
 
Amount
Margin
 
Amount
Margin
Gross Profit and Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
 
$
24,416

65.9
 %
 
$
27,204

67.4
 %
 
$
77,386

66.9
 %
 
$
86,158

67.2
 %
Stock-based compensation
 
313

0.8
 %
 
431

1.0
 %
 
860

0.8
 %
 
1,024

0.8
 %
Amortization of internal-use software
 
35

0.1
 %
 
35

0.1
 %
 
105

0.1
 %
 
105

0.1
 %
Restructuring charges
 

 %
 

 %
 
51

 %
 

 %
Non-GAAP gross profit
 
$
24,764

66.8
 %
 
$
27,670

68.5
 %
 
$
78,402

67.8
 %
 
$
87,287

68.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Product Gross Profit and Product Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP product gross margin
 
$
17,342

64.8
 %
 
$
21,621

68.2
 %
 
$
56,906

66.4
 %
 
$
70,761

68.2
 %
Stock-based compensation
 
62

0.3
 %
 
127

0.4
 %
 
165

0.2
 %
 
241

0.3
 %
Restructuring charges
 

 %
 

 %
 
51

0.1
 %
 

 %
Non-GAAP product gross margin
 
$
17,404

65.1
 %
 
$
21,748

68.6
 %
 
$
57,122

66.7
 %
 
$
71,002

68.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscription and Support Gross Profit and Subscription and Support Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP subscription and support gross margin
 
$
7,074

68.6
 %
 
$
5,583

64.3
 %
 
$
20,480

68.1
 %
 
$
15,397

63.0
 %
Stock-based compensation
 
251

2.4
 %
 
304

3.5
 %
 
695

2.4
 %
 
783

3.2
 %
Amortization of internal-use software
 
35

0.3
 %
 
35

0.4
 %
 
105

0.3
 %
 
105

0.4
 %
Non-GAAP software subscription and support gross margin
 
$
7,360

71.3
 %
 
$
5,922

68.2
 %
 
$
21,280

70.8
 %
 
$
16,285

66.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Loss and Operating Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating loss
 
$
(6,492
)
(17.5
)%
 
$
(9,643
)
(23.9
)%
 
$
(18,939
)
(16.4
)%
 
$
(29,471
)
(23.0
)%
Stock-based compensation
 
4,964

13.4
 %
 
6,415

15.9
 %
 
12,961

11.2
 %
 
16,765

13.1
 %
Amortization of internal-use software
 
35

0.1
 %
 
35

0.1
 %
 
105

0.1
 %
 
105

0.1
 %
Restructuring charges
 

 %
 

 %
 
1,327

1.2
 %
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
1,446

1.1
 %
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
890

0.7
 %
Non-GAAP operating loss
 
$
(1,493
)
(4.0
)%
 
$
(3,193
)
(7.9
)%
 
$
(4,546
)
(3.9
)%
 
$
(10,265
)
(8.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount
Per share
 
Amount
Per share
 
Amount
Per share
 
Amount
Per share
Net Loss and Net Loss per Share Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP net loss
 
$
(6,612
)
$
(0.12
)
 
$
(9,712
)
$
(0.19
)
 
$
(19,504
)
$
(0.37
)
 
$
(29,647
)
$
(0.59
)
Stock-based compensation
 
4,964

0.09

 
6,415

0.13

 
12,961

0.24

 
16,765

0.33

Amortization of internal-use software
 
35


 
35


 
105


 
105


Restructuring charges
 


 


 
1,327

0.03

 


Charges related to securities litigation
 


 


 


 
1,446

0.03

Charges related to headquarter relocation
 


 


 


 
890

0.02

Non-GAAP net loss, basic and diluted
 
$
(1,613
)
$
(0.03
)
 
$
(3,262
)
$
(0.06
)
 
$
(5,111
)
$
(0.10
)
 
$
(10,441
)
$
(0.21
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares Used in Computing non-GAAP Basic and Diluted Net Loss per Share:
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares used in computing net loss per share, basic and diluted
 
53,683,727

 
 
50,818,710

 
 
53,070,863

 
 
49,920,630

 






 
 
Amount
% of Revenue
 
Amount
% of Revenue
 
Amount
% of Revenue
 
Amount
% of Revenue
Operating and Functional Expenses and Expenses Percentages Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP research and development
 
$
9,260

25.0
 %
 
$
10,685

26.5
 %
 
$
28,032

24.2
 %
 
$
31,457

24.6
 %
Stock-based compensation
 
(1,329
)
(3.6
)%
 
(1,576
)
(3.9
)%
 
(3,082
)
(2.7
)%
 
(4,287
)
(3.4
)%
Restructuring charges
 

 %
 

 %
 
(838
)
(0.7
)%
 

 %
Non-GAAP research and development
 
$
7,931

21.4
 %
 
$
9,109

22.6
 %
 
$
24,112

20.8
 %
 
$
27,170

21.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP sales and marketing
 
$
15,948

43.0
 %
 
$
19,647

48.7
 %
 
$
50,807

43.9
 %
 
$
62,037

48.4
 %
Stock-based compensation
 
(1,566
)
(4.2
)%
 
(2,505
)
(6.2
)%
 
(4,361
)
(3.8
)%
 
(6,336
)
(4.9
)%
Restructuring charges
 
 
 %
 
 
 %
 
(243
)
(0.2
)%
 

 %
Non-GAAP sales and marketing
 
$
14,382

38.8
 %
 
$
17,142

42.5
 %
 
$
46,203

39.9
 %
 
$
55,701

43.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP general and administrative
 
$
5,700

15.4
 %
 
$
6,515

16.1
 %
 
$
17,486

15.1
 %
 
$
22,135

17.3
 %
Stock-based compensation
 
(1,756
)
(4.8
)%
 
(1,903
)
(4.7
)%
 
(4,658
)
(4.0
)%
 
(5,118
)
(4.0
)%
Restructuring charges
 

 %
 

 %
 
(195
)
(0.2
)%
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
(1,446
)
(1.1
)%
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
(890
)
(0.7
)%
Non-GAAP general and administrative
 
$
3,944

10.6
 %
 
$
4,612

11.4
 %
 
$
12,633

10.9
 %
 
$
14,681

11.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating expenses
 
$
30,908

83.4
 %
 
$
36,847

91.3
 %
 
$
96,325

83.2
 %
 
$
115,629

90.2
 %
Stock-based compensation
 
(4,651
)
(12.6
)%
 
(5,984
)
(14.8
)%
 
(12,101
)
(10.5
)%
 
(15,741
)
(12.3
)%
Restructuring charges
 

 %
 

 %
 
(1,276
)
(1.0
)%
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
(1,446
)
(1.1
)%
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
(890
)
(0.7
)%
Non-GAAP operating expenses
 
$
26,257

70.8
 %
 
$
30,863

76.5
 %
 
$
82,948

71.7
 %
 
$
97,552

76.1
 %













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