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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)
February 8, 2018  
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 February 8, 2018, Aerohive Networks, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year of 2017. In the press release, the Company also announced that it would be holding a conference call on February 8, 2018 to discuss its financial results for the fourth quarter and full year 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 February 8, 2018.

EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description
 
 
  

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: February 8, 2018



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


Exhibit 99.1
Aerohive Networks Reports Q4 and Fiscal Year 2017 Results
MILPITAS, CA — February 8, 2018 — Aerohive NetworksTM (NYSE: HIVE), a Cloud Networking Leader, today announced financial results for its fourth quarter and fiscal year ended December 31, 2017.
"We delivered fourth quarter results consistent with our preannouncement and believe we have taken appropriate actions to resolve recent sales execution issues,” stated David Flynn, President and Chief Executive Officer. “Despite revenue challenges in 2017, we improved our product offering and are now a full-stack cloud networking company poised to deliver innovative, new solutions. We also strengthened our financial foundation with increased recurring revenue, gross margins, and cash flow."
Financial Summary
Total revenue for the fourth quarter of fiscal year 2017 was $37.2 million, compared with $41.7 million for the fourth quarter of 2016. Subscription and support revenue was $11.0 million, or 30% of total revenue for the quarter, compared with $8.8 million, or 21% of total revenue, for the fourth quarter of 2016.
On a GAAP basis, net loss was $3.4 million for the fourth quarter of fiscal year 2017, compared with a net loss of $7.3 million for the fourth quarter of 2016. GAAP gross margin was 68.0% for the fourth quarter of fiscal year 2017, compared with 68.0% for the fourth quarter of 2016.
On a non-GAAP basis, net income was $0.3 million for the fourth quarter of fiscal year 2017, compared with a net loss of $2.3 million for the fourth quarter of 2016. Non-GAAP gross margin was 68.8% for the fourth quarter of fiscal year 2017, compared with 68.8% for the fourth quarter of 2016.
Total revenue for fiscal year 2017 was $152.9 million, compared with $169.8 million for fiscal year 2016. Subscription and support revenue was $41.1 million, or 27% of total revenue for the year, compared with $33.3 million, or 20% of total revenue, for fiscal year 2016.
On a GAAP basis, net loss for fiscal year 2017 was $22.9 million, compared with $36.9 million in fiscal year 2016. GAAP gross margin was 67.1% for fiscal year 2017, compared with 67.4% in the year-ago period.
On a non-GAAP basis, net loss for fiscal year 2017 was $4.8 million, compared with $12.7 million in fiscal year 2016. Non-GAAP gross margin was 68.0% for fiscal year 2017, compared with 68.3% in the year-ago period.
Conference Call Information
Aerohive Networks will host a conference call and webcast for analysts and investors to discuss its fourth quarter and fiscal year 2017 results and outlook for its first quarter of fiscal year 2018 at 2:00 pm Pacific Time today, February 8, 2018. The call may be accessed by dialing 719-325-2170 and providing the passcode 1825507. 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 sales execution issues, our ability to deliver innovative solutions as a full stack cloud networking company, and our ability to strengthen our financial position. 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 resolve challenges related to sales execution and 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, uses 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 fourth 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 income (loss) and non-GAAP operating margin;
non-GAAP net income (loss) and non-GAAP net income (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, adjustments to internal-use software amortization, and certain charges related to litigation, headquarter relocation and restructuring.
The Company has included certain 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 income (loss), and non-GAAP income (loss) per share do not reflect any cash requirement for such replacements;
excluding certain expenses associated with litigation in the quarter or fiscal year 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 or fiscal year 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 or fiscal year 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 description of these non-GAAP financial measures and a reconciliation of the Company's historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.





A reconciliation of non-GAAP guidance measures to corresponding GAAP 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 and "Aerohive Networks" is a 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 December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Revenue:
 
 
 
 
 
 
 
Product
$
26,173

 
$
32,887

 
$
111,839

 
$
136,570

Subscription and support
11,007

 
8,810

 
41,060

 
33,255

Total revenue
37,180

 
41,697

 
152,899

 
169,825

Cost of revenue (1):
 
 
 
 
 
 
 
Product
8,577

 
10,309

 
37,337

 
43,231

Subscription and support
3,320

 
3,018

 
12,893

 
12,066

Total cost of revenue
11,897

 
13,327

 
50,230

 
55,297

Gross profit
25,283

 
28,370

 
102,669

 
114,528

Operating expenses:
 
 
 
 
 
 
 
Research and development (1)
8,386

 
10,047

 
36,418

 
41,504

Sales and marketing (1)
14,518

 
18,961

 
65,325

 
80,998

General and administrative (1)
5,608

 
6,704

 
23,094

 
28,839

Total operating expenses
28,512

 
35,712

 
124,837

 
151,341

Operating loss
(3,229
)
 
(7,342
)
 
(22,168
)
 
(36,813
)
Interest income
236

 
123

 
720

 
468

Interest expense
(155
)
 
(123
)
 
(567
)
 
(474
)
Other income (expense), net
(40
)
 
49

 
(308
)
 
177

Loss before income taxes
(3,188
)
 
(7,293
)
 
(22,323
)
 
(36,642
)
Provision for (benefit from) income taxes
234

 
(29
)
 
603

 
269

Net loss
$
(3,422
)
 
$
(7,264
)
 
$
(22,926
)
 
$
(36,911
)
Net loss per share, basic and diluted
$
(0.06
)
 
$
(0.14
)
 
$
(0.43
)
 
$
(0.73
)
Weighted-average shares used in computing net loss per share, basic and diluted
53,782,676

 
51,561,897

 
53,227,342

 
50,332,872

 
 
 
 
 
 
 
 
(1) Includes stock-based compensation as follows:
 
 
 
 
 
 
 
Cost of revenue
$
272

 
$
281

 
$
1,132

 
$
1,305

Research and development
1,089

 
1,106

 
4,171

 
5,393

Sales and marketing
742

 
1,933

 
5,103

 
8,269

General and administrative
1,611

 
1,617

 
6,269

 
6,735

Total stock-based compensation
$
3,714

 
$
4,937

 
$
16,675

 
$
21,702








AEROHIVE NETWORKS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share and per share amounts)
 
December 31,
 
December 31,
 
2017
 
2016
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
27,249

 
$
34,346

Short-term investments
57,675

 
42,408

Accounts receivable, net
17,662

 
26,190

Inventories
13,495

 
12,629

Prepaid expenses and other current assets
6,513

 
6,289

Total current assets
122,594

 
121,862

Property and equipment, net
6,381

 
9,008

Goodwill
513

 
513

Other assets
5,124

 
5,100

Total assets
$
134,612

 
$
136,483

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Accounts payable
$
11,946

 
$
10,762

Accrued liabilities
8,602

 
9,300

Debt, current

 
20,000

Deferred revenue, current
34,281

 
31,727

Total current liabilities
54,829

 
71,789

Debt, non-current
20,000

 

Deferred revenue, non-current
36,083

 
34,177

Other liabilities
1,769

 
1,829

Total liabilities
112,681

 
107,795

Stockholders’ equity:
 
 
 
Preferred stock

 

Common stock
55

 
52

Additional paid–in capital
278,528

 
258,063

Treasury stock
(6,216
)
 
(2,139
)
Accumulated other comprehensive loss
(30
)
 
(31
)
Accumulated deficit
(250,406
)
 
(227,257
)
Total stockholders’ equity
21,931

 
28,688

Total liabilities and stockholders’ equity
$
134,612

 
$
136,483






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

 
Year Ended December 31,
 
2017
 
2016
Cash flows from operating activities
 
 
 
Net loss
$
(22,926
)
 
$
(36,911
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
3,083

 
3,534

Stock-based compensation
16,675

 
21,702

Other
(134
)
 
278

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net
8,528

 
(3,366
)
Inventories
(866
)
 
(1,854
)
Prepaid expenses and other current assets
(224
)
 
2,081

Other assets
(24
)
 
80

Accounts payable
1,322

 
(4,522
)
Accrued liabilities
(701
)
 
(2,643
)
Other liabilities
126

 
425

Deferred revenue
4,460

 
6,642

Net cash provided by (used in) operating activities
9,319

 
(14,554
)
Cash flows from investing activities
 
 
 
Purchases of property and equipment
(595
)
 
(2,161
)
Maturities of short-term investments
60,150

 
50,761

Purchases of short-term investments
(75,282
)
 
(46,824
)
Investment in privately held company

 
(1,500
)
Net cash provided by (used in) investing activities
(15,727
)
 
276

Cash flows from financing activities
 
 
 
Proceeds from exercise of vested stock options
759

 
870

Proceeds from employee stock purchase plan
4,001

 
5,326

Payment for shares withheld for tax withholdings on vesting of restricted stock units
(1,190
)
 
(1,121
)
Payment to repurchase common stock
(4,077
)
 
(2,139
)
Payment on capital lease obligations
(182
)
 
(53
)
Net cash provided by (used in) financing activities
(689
)
 
2,883

Net decrease in cash and cash equivalents
(7,097
)
 
(11,395
)
Cash and cash equivalents at beginning of period
34,346

 
45,741

Cash and cash equivalents at end of period
$
27,249

 
$
34,346

 
 
 
 






AEROHIVE NETWORKS, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited, in thousands, except share and per share amounts)
 
 
Three Months Ended December 31,
 
Year Ended December 31,
 
 
2017
 
2016
 
2017
 
2016
 
 
Amount
Margin
 
Amount
Margin
 
Amount
Margin
 
Amount
Margin
Gross Profit and Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
 
$
25,283

68.0
 %
 
$
28,370

68.0
 %
 
$
102,669

67.1
 %
 
$
114,528

67.4
 %
Stock-based compensation
 
272

0.7
 %
 
281

0.7
 %
 
1,132

0.8
 %
 
1,305

0.8
 %
Amortization of internal-use software
 
35

0.1
 %
 
35

0.1
 %
 
140

0.1
 %
 
140

0.1
 %
Restructuring charges
 

 %
 

 %
 
51

 %
 

 %
Non-GAAP gross profit
 
$
25,590

68.8
 %
 
$
28,686

68.8
 %
 
$
103,992

68.0
 %
 
$
115,973

68.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Product Gross Profit and Product Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
GAAP product gross margin
 
$
17,596

67.2
 %
 
$
22,578

68.7
 %
 
$
74,502

66.6
 %
 
$
93,339

68.3
 %
Stock-based compensation
 
25

0.1
 %
 
57

0.1
 %
 
190

0.2
 %
 
298

0.3
 %
Restructuring charges
 

 %
 

 %
 
51

 %
 

 %
Non-GAAP product gross margin
 
$
17,621

67.3
 %
 
$
22,635

68.8
 %
 
$
74,743

66.8
 %
 
$
93,637

68.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscription and Support Gross Profit and Subscription and Support Gross Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
GAAP subscription and support gross margin
 
$
7,687

69.8
 %
 
$
5,792

65.7
 %
 
$
28,167

68.6
 %
 
$
21,189

63.7
 %
Stock-based compensation
 
247

2.3
 %
 
224

2.6
 %
 
942

2.3
 %
 
1,007

3.1
 %
Amortization of internal-use software
 
35

0.3
 %
 
35

0.4
 %
 
140

0.3
 %
 
140

0.4
 %
Non-GAAP software subscription and support gross margin
 
$
7,969

72.4
 %
 
$
6,051

68.7
 %
 
$
29,249

71.2
 %
 
$
22,336

67.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income (Loss) and Operating Margin Reconciliations:
 
 
 
 
 
 
 
 
 
 
GAAP operating loss
 
$
(3,229
)
(8.7
)%
 
$
(7,342
)
(17.6
)%
 
$
(22,168
)
(14.5
)%
 
$
(36,813
)
(21.7
)%
Stock-based compensation
 
3,714

10.0
 %
 
4,937

11.8
 %
 
16,675

10.9
 %
 
21,702

12.8
 %
Amortization of internal-use software
 
35

0.1
 %
 
35

0.1
 %
 
140

0.1
 %
 
140

0.1
 %
Restructuring charges
 

 %
 

 %
 
1,327

0.9
 %
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
1,446

0.9
 %
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
890

0.5
 %
Non-GAAP operating income (loss)
 
$
520

1.4
 %
 
$
(2,370
)
(5.7
)%
 
$
(4,026
)
(2.6
)%
 
$
(12,635
)
(7.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount
Per share
 
Amount
Per share
 
Amount
Per share
 
Amount
Per share
Net Income (Loss) and Net Income (Loss) per Share Reconciliations:
 
 
 
 
 
 
 
 
 
 
GAAP net loss
 
$
(3,422
)
$
(0.06
)
 
$
(7,264
)
$
(0.14
)
 
$
(22,926
)
$
(0.43
)
 
$
(36,911
)
$
(0.73
)
Stock-based compensation
 
3,714

0.07

 
4,937

0.10

 
16,675

0.32

 
21,702

0.43

Amortization of internal-use software
 
35


 
35


 
140


 
140


Restructuring charges
 


 


 
1,327

0.02

 


Charges related to securities litigation
 


 


 


 
1,446

0.03

Charges related to headquarter relocation
 


 


 


 
890

0.02

Non-GAAP net income (loss), basic and diluted
 
$
327

$
0.01

 
$
(2,292
)
$
(0.04
)
 
$
(4,784
)
$
(0.09
)
 
$
(12,733
)
$
(0.25
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares Used in Computing non-GAAP Basic and Diluted Net Income (Loss) per Share:
 
 
 
 
 
 
 
 
 
 
Weighted average shares used in computing net income (loss) per share, basic
 
53,782,676

 
 
51,561,897

 
 
53,227,342

 
 
50,332,872

 
Weighted average shares used in computing net income (loss) per share, diluted

 
55,349,918

 
 
51,561,897

 
 
53,227,342

 
 
50,332,872

 






 
 
Amount
% of Revenue
 
Amount
% of Revenue
 
Amount
% of Revenue
 
Amount
% of Revenue
Operating and Functional Expenses and Expenses Percentages Reconciliations:
 
 
 
 
 
 
 
 
 
 
 
 
GAAP research and development
 
$
8,386

22.6
 %
 
$
10,047

24.1
 %
 
$
36,418

23.8
 %
 
41,504

24.4
 %
Stock-based compensation
 
(1,089
)
(3.0
)%
 
(1,106
)
(2.7
)%
 
(4,171
)
(2.7
)%
 
(5,393
)
(3.1
)%
Restructuring charges
 

 %
 

 %
 
(838
)
(0.6
)%
 

 %
Non-GAAP research and development
 
$
7,297

19.6
 %
 
$
8,941

21.4
 %
 
$
31,409

20.5
 %
 
$
36,111

21.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP sales and marketing
 
$
14,518

39.0
 %
 
$
18,961

45.5
 %
 
$
65,325

42.7
 %
 
$
80,998

47.7
 %
Stock-based compensation
 
(742
)
(1.9
)%
 
(1,933
)
(4.7
)%
 
(5,103
)
(3.3
)%
 
(8,269
)
(4.9
)%
Restructuring charges
 

 %
 

 %
 
(243
)
(0.2
)%
 

 %
Non-GAAP sales and marketing
 
$
13,776

37.1
 %
 
$
17,028

40.8
 %
 
$
59,979

39.2
 %
 
$
72,729

42.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP general and administrative
 
$
5,608

15.1
 %
 
$
6,704

16.1
 %
 
$
23,094

15.1
 %
 
$
28,839

17.0
 %
Stock-based compensation
 
(1,611
)
(4.3
)%
 
(1,617
)
(3.9
)%
 
(6,269
)
(4.1
)%
 
(6,735
)
(4.0
)%
Restructuring charges
 

 %
 

 %
 
(195
)
(0.1
)%
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
(1,446
)
(0.9
)%
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
(890
)
(0.5
)%
Non-GAAP general and administrative
 
$
3,997

10.8
 %
 
$
5,087

12.2
 %
 
$
16,630

10.9
 %
 
$
19,768

11.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating expenses
 
$
28,512

76.7
 %
 
$
35,712

85.6
 %
 
$
124,837

81.6
 %
 
$
151,341

89.1
 %
Stock-based compensation
 
(3,442
)
(9.3
)%
 
(4,656
)
(11.1
)%
 
(15,543
)
(10.2
)%
 
(20,397
)
(12.0
)%
Restructuring charges
 

 %
 

 %
 
(1,276
)
(0.8
)%
 

 %
Charges related to securities litigation
 

 %
 

 %
 

 %
 
(1,446
)
(0.9
)%
Charges related to headquarter relocation
 

 %
 

 %
 

 %
 
(890
)
(0.5
)%
Non-GAAP operating expenses
 
$
25,070

67.4
 %
 
$
31,056

74.5
 %
 
$
108,018

70.6
 %
 
$
128,608

75.7
 %













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