iPass Reports Fourth Quarter and Full-Year 2011 Results
(firmenpresse) - REDWOOD SHORES, CA -- (Marketwire) -- 02/16/12 -- iPass Inc. (NASDAQ: IPAS), a leading provider of mobility services for enterprises and service providers, reported financial results for the fourth quarter of 2011 and the year ended December 31, 2011.
"We delivered significant progress with our Open Mobile Platform in Q4, driving solid results and strengthening our position going into 2012," said Evan Kaplan, president and CEO of iPass. "We exited 2011 with more than 300 enterprise customers and more than 230,000 paying users on our Open Mobile Platform. In addition, we expanded our market-leading position in Wi-Fi, adding several strategic carrier partners to our Open Mobile Exchange. We're continuing to enhance our strategic value by leveraging our unique set of mobility assets as we head into 2012."
"Strong Open Mobile user traction drove a fourth consecutive quarter of high-margin platform revenue growth and returned our Wi-Fi network revenue to growth again in Q4," said Steven Gatoff, senior vice president and CFO of iPass. "With our continued operations discipline, we delivered adjusted EBITDA profitability in Q4 and a full-year 2011 adjusted EBITDA that was several million dollars better than expected. We're entering 2012 with revenue growth in our strategically core OME and OMX platform offerings and with our strong Wi-Fi network and MNS businesses, we're positioned for both sequential quarterly revenue growth in the second half of 2012 and overall adjusted EBITDA profitability for the full-year 2012."
iPass reported revenues of $34.4 million for Q4 2011, compared to $34.4 million in Q3 2011 and $38.6 million in Q4 2010. Revenues for the full-year 2011 were $140.8 million compared to $156.1 million in 2010.
iPass reported a net loss of ten thousand dollars for Q4 2011, compared to a net loss of $0.8 million in Q3 2011 and net income of $0.8 million in Q4 2010. Net loss for the full-year 2011 was $3.3 million compared to $3.1 million in 2010. Adjusted EBITDA was positive $0.8 million for Q4 2011, compared to an adjusted EBITDA loss of $0.3 million in Q3 2011 and positive adjusted EBITDA of $0.1 million in Q4 2010. Adjusted EBITDA loss was $0.5 million for the full-year 2011 compared to a positive adjusted EBITDA of $0.8 million in 2010.
Signed more than 80 large enterprise customers to the Open Mobile Platform during Q4 2011, including Lockheed Martin, Adobe Systems, Michelin, Abbott Laboratories, Aetna, 3M, Jabil Circuit, Applied Materials, Yahoo!, IKEA, NetApp, NVIDIA, CBS News and Swiss National Bank, bringing the current total to more than 320 contracted enterprise customers.
Added more than 30,000 active Open Mobile monetized users growing the total to 54,000 in December 2011, more than doubling the count from September 2011.
Increased the number of gross Open Mobile monetized users by more than 94,000 users, or 69% since September 2011 to a total of more than 230,000 gross monetized users on the Open Mobile platform as of December 2011.
Integrated iPass Open Mobile with Juniper Networks® Junos® Pulse in Q4 2011 to enable enterprises to deploy a single unified client.
Selected by T-Mobile USA to power the white-label technology foundation of its new T-Mobile® Global Corporate Access solution for multinational corporations, U.S. enterprises and government agencies using the iPass Open Mobile Platform and the iPass Mobile Network in Q4 2011.
Continued product advancement with the release of Open Mobile 2.0 for smartphone and tablet clients (Android & iOS) and Open Mobile 2.0 for Windows.
Expanded our partnership with iBAHN to add Wi-Fi hotspot coverage at important European hotel conference centers in London, Paris, Munich and Amsterdam.
Grew to more than 680,000 Wi-Fi hotspots in 117 countries, including more than 2,900 airport hotspots, more than 59,000 hotels and convention centers, and over 562,000 retail and small business locations with the iPass Mobile Network footprint in countries and major cities throughout Europe and Asia further bolstering the largest global commercial Wi-Fi network.
Signed several key telecom carrier partners across Europe and Asia to the iPass OMX Wi-Fi exchange, including China Telecom, that enable them to offer their subscribers new Wi-Fi based mobility services and further positions iPass as the key strategic exchange in the Wi-Fi space with the ability to capitalize on the growing consumer demand for Wi-Fi.
Strong continued traction building-out the iPass OMX ecosystem with new platform relationships with key partners including mobile operators, telecommunication service providers and mobile virtual network operators.
Grew MNS revenue approximately 10% year-over-year, reflecting a successful transition from the legacy teleworker (i.e., home office) business to more compelling opportunities focused around a fully-managed high bandwidth VPN branch office service to retail and financial markets.
Launched a new managed Wi-Fi offering that expands the iPass MNS platform and leverages iPass' mobility expertise to enable enterprises and retailers to deliver in-store/in-office Wi-Fi to their employees and customers. Already added a large national retailer of office products to the iPass MNS Managed Wi-Fi services.
iPass uses certain key metrics to evaluate the operating performance of its Enterprise Mobility Services, as follows:
iPass management also tracks users on its new Open Mobile offering in order to provide additional visibility into the overall adoption of the Open Mobile platform and the monetization of users on the new platform.
The following table reflects the average number of Open Mobile (OM) monetized users for the three broad categories of monetized users on our OM platform, (i) Active OM monetized users, (ii) Paying, Undeployed OM monetized users, and (iii) Gross OM monetized users, which is the sum of (i) and (ii), for the months presented, as follows:
For the first quarter of 2012 ending March 31, 2012 iPass anticipates total revenue and adjusted EBITDA income (loss) to be in the following ranges:
iPass anticipates delivering sequential quarterly revenue growth in the second half of 2012, positive Adjusted EBITDA for the full year 2012 and free cash flow generation in 2012.
iPass will host a live conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time). The conference call phone number is (888) 504-7953 toll-free and (719) 457-2662 direct-dial with a confirmation code of 4148977. The conference call will also be available live via webcast on the company's web site at .
A telephone replay of the conference call will be available until March 31, 2012. The replay number is (888) 203-1112 and (719) 457-0820. The confirmation code for the replay is 4148977. The webcast will be available for replay until iPass reports its first quarter 2012 results.
The statements in this press release regarding iPass Open Mobile Platform delivering significant progress and strengthening the company position going into 2012; iPass continuing to enhance its strategic value by leveraging its unique set of mobility assets as it heads into 2012; iPass being positioned for sequential quarterly revenue growth in the second half of 2012 and overall adjusted EBITDA profitability in 2012; iPass' projections of its first quarter fiscal 2012 financial results under the caption "Q1 2012 Guidance"; and iPass' perspectives on 2012 under the caption "Perspectives on 2012" are forward-looking statements. Actual results may differ materially from the expectations contained in these statements due to a number of risks and uncertainties, including the following: the risk that the Open Mobile platform and Open Mobile Exchange will not achieve market acceptance; the risk that iPass customers and partners may not be willing to agree to minimum purchase and resale commitments at the rate iPass expects; the risk of material reductions in iPass customers' existing minimum commitments; the risk that iPass carrier and channel partners do not successfully market iPass services to their customers; the risk that iPass does not accurately predict usage for its Enterprise Flat Rate price plan which could result in iPass expenses exceeding revenues for these plans; the risk that iPass does not deliver valuable services for smartphones, tablets and other mobile handheld devices; the risk that demand for mobility services does not grow; the risk of facing strong competition in the market for mobility services and managed network services; the risk that iPass fails to address market requirements, evolving standards and technological changes in the mobility services industry; and the risk that a meaningful portion of iPass business is international which subjects iPass business to additional risks. Detailed information about these and other risk factors that could potentially affect iPass' business, financial condition and results of operations are included in iPass' 2010 Annual Report on Form 10-K filed and quarterly reports on Form 10-Q filed with SEC and available at the SEC's Web site at and the company's website at . iPass undertakes no responsibility to update the information in this press release if any forward-looking statement later turns out to be an inaccurate prediction of the actual results.
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). In addition to iPass' GAAP results, the company also considers Adjusted EBITDA as a supplemental measure of the company's performance that is not required by, nor presented in accordance with GAAP. This non-GAAP financial measure should not be considered in isolation, or construed as an alternative to net income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity.
The company defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, stock compensation expense, restructuring charges, certain state sales and federal tax charges, and one-time non-recurring/discrete items. The company believes Adjusted EBITDA provides a meaningful comparison between its core operating results, on a consistent basis, over different periods of time. Accordingly, management uses this financial measure for evaluating and making operating decisions and for purposes of comparison with its strategic plan, operating budgets and allocation of resources. Adjusted EBITDA is also a component of the company's incentive compensation plan.
Furthermore, the company believes the use of Adjusted EBITDA is useful to investors for several reasons, including;
iPass helps enterprises and service providers ensure their employees and customers will be well connected. Founded in 1996, iPass (NASDAQ: IPAS) delivers the world's largest commercial-grade Wi-Fi network and most trusted connectivity platform. With over 680,000 connection venues, iPass gives its customers always-on, frictionless connectivity anywhere in the world -- easily, quickly, securely and cost effectively. Additional information is available at or on Smarter Connections, the iPass blog.
NOTE: iPass® is a registered trademark and Open Mobile, Open Mobile Exchange and OMX are trademarks of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. Other company names and product or service names mentioned herein are the trademarks of their respective owners.
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Datum: 16.02.2012 - 15:15 Uhr
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