iPass Reports Third Quarter 2012 Financial Results
(firmenpresse) - REDWOOD SHORES, CA -- (Marketwire) -- 11/07/12 -- (NASDAQ: IPAS), the global roaming leader for enterprises and telecom service providers, today announced financial results for the third quarter ended September 30, 2012.
"We're pleased to see things moving in the right direction across a number of fronts with our core and global Wi-Fi businesses as we delivered another quarter of strong user growth and customer wins. We've reached an important milestone where more than 60% of the iPass platform revenue and more than one-third of our Wi-Fi network revenue are now driven by Open Mobile with visibility for Wi-Fi revenue to grow again in total," said Evan Kaplan, president and CEO of iPass. "The global demand for Wi-Fi roaming continues to gain momentum and importance with carriers and subscribers worldwide and we're seeing solid adoption of our unique Wi-Fi roaming platform."
"We delivered a solid quarter of positive adjusted EBITDA and positive free cash flow as the economic flywheel of Open Mobile begins to take hold," said Steven Gatoff, senior vice president and CFO of iPass. "As we head into the fourth quarter, we continue to focus on driving value for our stockholders and are on track to deliver on our commitment of positive adjusted EBITDA and free cash flow generation for the full-year 2012."
iPass reported revenues of $30.8 million for Q3 2012 compared to $32.2 million for Q2 2012.
iPass reported a GAAP net loss of $0.8 million for Q3 2012 compared to a GAAP net loss of $0.9 million for Q2 2012. Adjusted EBITDA was $0.7 million for Q3 2012 compared to $0.4 million for Q2 2012.
Grew Open Mobile Wi-Fi Network users by approximately 21% sequentially despite the seasonally lower summer quarter, to end Q3 with 32,000 Open Mobile Wi-Fi network users which comprised approximately 36% of total Wi-Fi Network users.
Grew Active monetized users on the Open Mobile platform to 293,000 at September 30, 2012, a growth of more than 38% sequentially from June 30, 2012. This represents approximately 50% of the total number of Active monetized platform users at September 30, 2012, compared to 5% in the prior year.
Grew Gross Open Mobile Enterprise monetized platform users to approximately 758,000 at September 30, 2012, an increase of 54% or 267,000 users from June 2012.
Delivered sixth sequential quarter of growth in Open Mobile-driven Wi-Fi Network revenue and achieved greater visibility to near-term growth in total company Wi-Fi Network revenue. Open Mobile-driven Wi-Fi Network revenue represented approximately 34% of total Wi-Fi Network revenue in Q3 2012.
Signed more than 80 enterprise customers onto Open Mobile during the quarter, including Fujitsu, Nestle, Abeam Consulting, Laureate Education, Sumitomo Electric, Forrester, BMC, Sabic, Xilinx, Verimetrix, Thermo Fisher, Cisco, Kraft Foods, Affymetrix, Harmonic, Australia Post, Enel, John Holland, Mellanox, and BoConcept.
Recently partnered with Singapore Telecommunications Limited (), a leading Asia-Pac communications provider, to offer Wi-Fi roaming services to enterprises in Singapore and across Asia using iPass Open Mobile.
Expanded our Open Mobile enterprise offerings by launching end-user billing and payment capabilities which enables enterprise customers to offer a compelling IT-sponsored global Wi-Fi service to their mobile workforce. This new service offering pioneers a simple way for enterprise IT departments with Bring Your Own Device () programs to offer employees a direct credit card billing option for seamless global Wi-Fi access on smartphones and tablets.
Continued to deliver version upgrades to our Open Mobile client, with features including International Inflight Support on select transcontinental flights and Connection Quality Advisor and Speed Test allowing users visibility to the quality and capability of their Internet connection. Recent client version launches also include support for devices running Windows 8 or Windows RT, further expanding our coverage of the BYOD market under our connectivity management portfolio.
Continued to build-out the iPass OMX Wi-Fi ecosystem by signing new platform relationships with large global carrier and network partners including mobile operators and telecommunication service providers; iPass continues to play a central role in defining the role of global Wi-Fi and the business model with leading industry players, further positioning the company to capitalize on the highly attractive and fast-growing global Wi-Fi mobility market opportunities.
Added 4 large new carriers to iPass OMX during the quarter, including providers in the Middle East, China and Greater Asia, as well as , South Africa's largest Wi-Fi provider, to provide their subscribers with global Wi-Fi data roaming and zero click access to the world's largest commercial Wi-Fi network.
Recently announced that , the Middle East's largest telecom operator with over 167 million subscribers in its markets, joined iPass OMX to offer their consumer customers global Wi-Fi data roaming services.
OMX partners and China Telecom launched their first global Wi-Fi data roaming solutions based on iPass OMX, to their subscriber base.
Nearly doubled the iPass global network footprint since the beginning of 2012. iPass has the largest global commercial Wi-Fi hotspot network with more than 1.1 million hotspots in over 110 countries globally; this unique asset includes leading strategic Wi-Fi venues covering over 90% of world's top 100 airports, convention centers, commercial airlines, hotels, restaurants, retail and small business locations with infrastructure that is integrated with more than 140 leading global Wi-Fi operators.
Focused key resources on driving end-user Wi-Fi experience through new footprint monitoring and hotspot quality control where guiding user experience to reliable, fast, and secure networks improves the iPass value proposition, especially around intelligent connectivity.
Grew revenue by approximately 13% year-over-year through continued customer growth with iPass' high bandwidth, highly available WAN Connect VPN, managed Broadband and managed Wi-Fi solutions in the financial, insurance, retail and healthcare markets.
Continued traction with MNS' managed Wi-Fi service offering including support for an in-store Wi-Fi network for a large nationwide clothier with over 700 locations.
Recently signed a long-term renewal with Sterling Jewelers for value-add MNS services across their 1,300 nation-wide retail footprint.
Ended Q3 2012 with more than 23,600 endpoints at Branch/Retail customers in North America, an increase of 6% since the end of Q3 2011.
For the fourth quarter of 2012 ending December 31, 2012, iPass anticipates total revenue and adjusted EBITDA income (loss) to be in the following ranges:
iPass will host a live conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time).
The conference call will be accessible by telephone, toll-free at 888-417-8533 or direct dial at 719-325-2329 with a participant confirmation code of 5453220. The conference call will also be available live via webcast on the Company's web site at . The webcast will be available for replay until iPass reports its fourth quarter 2012 results.
The dial-in number for a telephone replay of the conference call is 888-203-1112 and 719-457-0820 and will be available until December 31, 2012. The confirmation code for the replay is 5453220.
iPass management will be presenting at the IDEAS Investor Conference on November 14, 2012 in Dallas, at the LD Micro Conference on December 5, 2012 in Los Angeles, and at the Needham Growth Conference in January 2013 in New York. , president and CEO and Steven Gatoff, senior vice president and CFO of iPass, will provide an overview of the company's business, growth strategy and financial fundamentals.
iPass management will also be presenting at the Wireless Broadband Alliance Wi-Fi Global Conference, the world's largest carrier grade Wi-Fi event that brings together over 300 industry leaders, on November 7 and 8, 2012 in San Francisco. , president and CEO, Steve Livingston, Senior Vice President of Carrier Development and Marcio Avillez, Vice President of Network Services, will be providing insights on the growing role of Wi-Fi and participating in defining operator strategies.
iPass management will also be present at the Mobile Roaming World Summit November 13-14, 2012 in London along with leading service provider operators providing insights and contributing to the emerging Wi-Fi roaming business models through the strong and continued growth in mobile data usage, Wi-Fi roaming, LTE, roaming in M2M, and multi-IMSI solutions bundling.
The statements in this press release regarding iPass' expectations and belief that it has achieved greater visibility to near-term growth in total company Wi-Fi network revenue, that global demand for Wi-Fi continues to gain momentum and importance with carriers and subscribers, that it is on track to deliver on its commitments for positive Adjusted EBITDA and positive free cash flow, that it is further positioned to capitalize on the highly attractive and fast-growing global Wi-Fi mobility market opportunities and iPass' projections of its fourth quarter 2012 financial results under the caption "Q4 2012 Guidance" 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 "End of Life" of the legacy Mobile Office product may negatively impact customer retention and mobility revenues; the risk that the Open Mobile platform and Open Mobile Exchange will not achieve the market acceptance iPass expects; 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 more than iPass currently expects; 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 customers do not widely deploy iPass Open Mobile on smartphones, tablets and other mobile handheld devices; the risk that demand for mobility services does not grow as iPass expects; 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' Annual Report on Form 10-K filed with the SEC on March 7, 2012, 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 also contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). The company considers Adjusted EBITDA as a supplemental measure of the company's performance that is not required by, nor presented in accordance with GAAP.
The company defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges, and certain state sales and federal tax charges. 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.
Furthermore, the company believes the use of Adjusted EBITDA is useful to investors:
1) To provide an additional analytical tool for understanding the company's financial performance by excluding the impact of items which may obscure trends in the core operating performance of the business;
2) To provide consistency and enhance investors' ability to compare the company's performance across financial reporting periods; and
3) To facilitate comparisons to the operating results of other companies in the company's industry, which use similar financial measures to supplement their GAAP results.
Adjusted EBITDA 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.
iPass helps and ensure their employees and subscribers stay well connected. Founded in 1996, iPass delivers the world's largest commercial-grade and trusted . With more than 1.1 million Wi-Fi hotspots across 113 countries and territories, iPass gives its customers always-on, frictionless connectivity anywhere in the world -- simply, securely and cost effectively. Additional information is available at or on , the iPass blog.
NOTE: iPass® is a registered trademark of iPass Inc. Open Mobile, OME, Open Mobile Express, Open Mobile Exchange and OMX are trademarks of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. Other company names, logos and product or service names mentioned herein are the trademarks owned by their respective owners.
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Datum: 07.11.2012 - 21:15 Uhr
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