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 20, 2014
MAVENIR SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001- 36171 | 61-1489105 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
1700 International Place, Suite 200
Richardson, Texas 75081
(Address of principal executive offices, including zip code)
(469) 916-4393
(Registrants telephone number, including area code)
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:
¨ | 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)) |
Item 2.02 Results of Operations and Financial Condition.
On February 20, 2014, Mavenir Systems, Inc. issued a press release announcing its results for its fiscal fourth quarter and full year ended December 31, 2013. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this current report on Form 8-K and the exhibit attached hereto 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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description | |
99.1 | Press Release, dated February 20, 2014 |
SIGNATURE
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.
MAVENIR SYSTEMS, INC. | ||||||
Date: February 20, 2014 | By: | /s/ Terry Hungle | ||||
Name: Terry Hungle | ||||||
Title: Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Press Release, dated February 20, 2014 |
Exhibit 99.1
Mavenir Systems Reports 2013 Fourth Quarter and Full Year Financial Results
| Record quarterly revenue of $27.1 million, an increase of 62% year-over-year, and record annual revenue of $101.3 million, an increase of 37% year-over-year |
| Fifteen customer wins for next generation products, and four major expansions, including VoLTE and RCS, in 2013 |
| Increased software-based product portfolio, including virtualized Session Border Controller |
Richardson, TX February 20, 2014 Mavenir Systems (NYSE: MVNR), today reported financial results for the fourth quarter and full year of 2013 and provided its outlook for the first quarter and full year of 2014.
Total revenue for the fourth quarter of 2013 was $27.1 million, an increase of 62% year-over-year. GAAP operating loss for the fourth quarter of 2013 was $(1.7) million, compared with $(5.6) million in the fourth quarter of 2012. Non-GAAP operating loss, which excludes stock-based compensation, foreign exchange gains or losses, depreciation and amortization, was $(0.1) million for the fourth quarter of 2013 versus $(3.4) million for the fourth quarter of 2012. GAAP net loss for the fourth quarter of 2013 was $(2.8) million, compared to $(6.5) million in the fourth quarter of 2012. Non-GAAP net loss for the fourth quarter of 2013 was $(1.6) million, compared with a loss of $(4.6) million in the fourth quarter of 2012.
GAAP gross profit margin was 58% in the quarter, compared to 56% in the fourth quarter of 2012. Non-GAAP gross profit margin was above the high end of the companys guidance range, at 59% in the quarter, compared to 61% in the fourth quarter of 2012.
Net loss per share was $(0.22) for the fourth quarter of 2013 compared with $(4.87) for the fourth quarter of 2012. As outlined in the accompanying table entitled Non-GAAP Net Loss Per Share included in this press release, the non-GAAP net loss per share was $(0.08) for the fourth quarter of 2013 compared to $(0.26) for the fourth quarter of 2012.
Total revenue for the full year 2013 was $101.3 million, an increase of 37% year-over-year. GAAP operating loss was $(7.7) million in 2013, compared to $(14.6) million in 2012. Non-GAAP operating loss, which excludes stock-based compensation, depreciation and amortization, was $(2.1) million in 2013 compared to $(10.2) million in 2012. GAAP net loss for 2013 was $(15.3) million, compared to $(15.6) million in 2012. Non-GAAP net loss for 2013 was $(7.8) million, compared to a loss of $(11.8) million in 2012.
GAAP gross profit margin was 55% in 2013, compared to 59% in 2012. Non-GAAP gross profit margin was 56% in 2013, compared to 60% in 2012.
Net loss per share was $(3.57) in 2013 compared with $(12.09) in 2012. As outlined in the accompanying table entitled Reconciliation of Non-GAAP Earnings Per Share included in this press release, the non-GAAP net loss per share was $(0.42) in 2013 compared with $(0.66) in 2012.
A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying table entitled Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures.
Mavenir delivered a strong year with solid financial results, setting new quarterly and annual revenue records attributed in part, to the adoption of 4G LTE becoming more broad-based in 2013, said Pardeep Kohli, president and chief executive officer, Mavenir Systems. We are well positioned to capitalize on 4G LTE adoption and virtualization, two trends which will be key growth drivers for our business in 2014.
Mavenir 2013 Business and Financial Highlights
| We achieved record quarterly and annual revenues of $27.1 million and $101.3 million respectively; |
| Our 2013 revenue in the Europe, Middle East and Africa region grew 87% year-over-year and our 2013 revenue in the Americas region grew 29% year-over-year; |
| We won 15 customers in 2013 for our next generation products, including VoLTE and RCS, and were awarded 4 major expansions; |
| We extended our software-based core network portfolio with the addition of our own virtualized Session Border Controller, as well as our recently announced virtualized Evolved Packet Core; |
| We received industry awards for our virtualized IMS platform, as well as for Voice over LTE and RCS5 solutions and launches; |
| We completed our IPO and our common stock began trading on the New York Stock Exchange on November 7, 2013. |
Guidance
Mavenir is providing the following first quarter and full year 2014 guidance with respect to anticipated total revenue, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share.
First quarter 2014
| Revenue to range from $26.0 million to $27.5 million, reflecting growth of 18% to 23% over the first quarter of 2013 |
| Non-GAAP gross margin to range from 48% to 51% |
| Non-GAAP operating loss to range from $(5.0) million to $(3.5) million |
| Non-GAAP net loss to range from $(8.0) million to $(6.5) million |
| Non-GAAP net loss per share ranging from $(0.34) to $(0.28) (based on a forecasted weighted average number of shares outstanding of 23,420,759) |
Full year 2014
| Revenue to range from $123 million to $125 million, reflecting growth of 21% to 24% year-over-year |
| Non-GAAP gross margin to range from 57% to 59% |
| Non-GAAP operating profit is expected to be at a break-even level. |
Conference Call
Mavenir will discuss its fourth quarter 2013 results and its business outlook via teleconference today at 5:00 p.m. Eastern Time. To access this call, investors can dial the toll free number 1-855-302-8830 (domestic) or 1-330-871-6073 with the ID#53668165, or access a live webcast of the conference call at Mavenirs website http://investor.mavenir.com.
A replay will be available following the call on Mavenir Systems Investor Relations website and for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 53668165.
Non-GAAP Financial Measures & Definitions
In addition to disclosing financial results that are determined in accordance with U.S. GAAP, Mavenir discloses non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share, which are non-GAAP financial measures, as supplemental measures. Non-GAAP operating loss represents operating loss before depreciation, amortization and stock-based compensation, which metric our prospectus dated November 6, 2013 referred to as adjusted EBITDA. Non-GAAP net loss represents non-GAAP operating loss after interest and taxes. Non-GAAP net loss per share represents non-GAAP net loss divided by our adjusted weighted average common shares outstanding, which assumes the conversion of preferred shares as of the beginning of the period. These measures are used by management to evaluate our business and management believes these measures may help investors evaluate the Companys fundamental operational performance. Management believes these non-GAAP measures facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization, stock-based compensation expense and certain other expenses. These measures are not measures of our financial performance under U.S. GAAP and should not be considered in isolation or a substitute for net loss, operating loss or other performance measures as determined in accordance with U.S. GAAP. These measures should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. Please refer to the accompanying tables entitled Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures and Non-GAAP Net Loss Per Share for a reconciliation of consolidated GAAP operating loss to non-GAAP operating loss, consolidated GAAP net loss to non-GAAP net loss.
In determining our guidance for the first quarter and full year of 2014 set forth in Guidance, we have chosen to use non-GAAP measures for all metrics other than revenue. The non-GAAP metrics exclude the effects of depreciation, amortization, foreign exchange gains or losses, and stock-based compensation. The effects of these two items are difficult to forecast in advance as they relate to future foreign exchange rates and future stock prices, which are subject to external factors that are difficult to predict. As a result, Mavenir does not give guidance on GAAP metrics other than revenue.
Forward-Looking Statements
Statements in this press release that are not purely historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the statements under 2014 Outlook above as well as statements regarding Mavenirs expectations with respect to revenue, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share, as well as statements about the migration to 4G technology and the adoption of virtualization technology by mobile service providers and Mavenirs views about its market opportunity and key drivers of growth. Forward-looking statements can generally be identified by words such as anticipates, may, can, believes, expects, projects, intends, likely, target, will, to be and other expressions that are predictions or indicate future events, trends or prospects, although not all forward-looking statements contain these identifying words. These forward-looking statements
represent managements current expectations and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mavenir to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, investors should not place undue reliance on these forward-looking statements.
Factors that could cause actual results to differ materially from those indicated by the forward-looking statements include risks regarding the timing of the adoption of 4G by mobile service providers around the world; mobile service providers investment in next-generation communications technology; our ability to sell solutions to mobile service providers, particularly those serving large numbers of customers; the length and variability of the sales cycles for our solutions; actions taken by our competitors; our ability to negotiate acceptable financial terms with our mobile service provider customers; the performance of our solutions when implemented in mobile service provider networks; managements ability to accurately forecast Mavenirs financial results; the timing of revenues and the application of complex revenue recognition rules to such revenues; prolonged negative economic conditions in domestic and global markets; and other factors described in our filings with the Securities and Exchange Commission (the SEC), including under the caption Risk Factors and elsewhere in our prospectus filed with the SEC on November 7, 2013 as well as in Mavenirs annual report to be filed on Form 10-K for the year ended December 31, 2013, and in Mavenirs other SEC filings. There is no assurance that Mavenirs expectations will be realized. If one or more of these risks or uncertainties materialize, or if Mavenirs underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. The statements in this press release are made as of the date of this press release, even though this press release is made available on Mavenirs website or otherwise. Mavenir does not assume any obligation to update the forward-looking statements provided herein to reflect events that occur or circumstances that exist after the date on which the forward-looking statements were made, except as required by law.
About Mavenir:
Mavenir (NYSE: MVNR) is a leading provider of software-based networking solutions that enable mobile service providers to deliver high-quality internet protocol (IP)-based voice, video, rich communication and enhanced messaging services to their subscribers globally. Mavenirs mOne® software platform has enabled leading mobile service providers to introduce the industrys first live network deployment of Voice over LTE (VoLTE) and the industrys first live deployment of next-generation Rich Communication Services 5.0 (RCS). Our solutions deliver next-generation services such as RCS, VoLTE and Voice over Wi-Fi (VoWi-Fi) over existing 2G and 3G networks and next-generation 4G LTE networks. www.mavenir.com
© 2014 Mavenir Systems, Inc. All rights reserved.
Mavenir Systems®, mOne®, AirMessenger®, Mavenir, mStore and mCloud, Transforming Mobile Networks, are trademarks of Mavenir Systems, Inc.
Mavenir Systems, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended December 31, |
Year ended December 31, |
|||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues |
||||||||||||||||
Software products |
$ | 21,290 | $ | 11,228 | $ | 79,342 | $ | 52,409 | ||||||||
Maintenance |
5,857 | 5,554 | 21,966 | 21,431 | ||||||||||||
|
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27,147 | 16,782 | 101,308 | 73,840 | |||||||||||||
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|
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Cost of revenues |
||||||||||||||||
Software products |
7,751 | 6,577 | 35,971 | 23,891 | ||||||||||||
Maintenance |
3,659 | 824 | 9,202 | 6,568 | ||||||||||||
|
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|
|||||||||
11,410 | 7,401 | 45,173 | 30,459 | |||||||||||||
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|
|||||||||
Gross profit |
15,737 | 9,381 | 56,135 | 43,381 | ||||||||||||
Gross profit margin % |
58.0 | % | 55.9 | % | 55.4 | % | 58.8 | % | ||||||||
Operating expenses: |
||||||||||||||||
Research and development |
5,841 | 4,911 | 22,775 | 23,312 | ||||||||||||
Sales and marketing |
6,154 | 7,947 | 20,485 | 20,580 | ||||||||||||
General and administrative |
5,477 | 2,110 | 20,583 | 14,052 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
17,472 | 14,968 | 63,843 | 57,944 | ||||||||||||
|
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|
|
|
|
|||||||||
Operating loss |
(1,735 | ) | (5,587 | ) | (7,708 | ) | (14,563 | ) | ||||||||
Other expense (income): |
||||||||||||||||
Interest income |
(6 | ) | | (18 | ) | (10 | ) | |||||||||
Interest expense |
1,016 | 320 | 3,203 | 393 | ||||||||||||
Foreign exchange loss (gain) |
(427 | ) | (304 | ) | 1,901 | (529 | ) | |||||||||
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|
|||||||||
Total other expense (income), net |
583 | 16 | 5,086 | (146 | ) | |||||||||||
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|
|||||||||
Loss before income tax |
(2,318 | ) | (5,603 | ) | (12,794 | ) | (14,417 | ) | ||||||||
Income tax expense |
524 | 898 | 2,496 | 1,152 | ||||||||||||
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Net loss |
(2,842 | ) | (6,501 | ) | (15,290 | ) | (15,569 | ) | ||||||||
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Net loss per common share: |
||||||||||||||||
Basic |
$ | (0.22 | ) | $ | (4.87 | ) | $ | (3.57 | ) | $ | (12.09 | ) | ||||
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Diluted |
$ | (0.22 | ) | $ | (4.87 | ) | $ | (3.57 | ) | $ | (12.09 | ) | ||||
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Weighted average common shares outstanding: |
||||||||||||||||
Basic and diluted |
13,084 | 1,336 | 4,278 | 1,288 | ||||||||||||
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Mavenir Systems, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
December 31, | ||||||||
2013 | 2012 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 38,930 | $ | 7,402 | ||||
Accounts receivable, net of allowance of $587 and $382 at December 31, 2013, and December 31, 2012 respectively |
23,641 | 15,159 | ||||||
Unbilled revenue |
11,213 | 9,782 | ||||||
Inventories |
7,109 | 2,255 | ||||||
Prepaid expenses and other current assets |
3,614 | 6,484 | ||||||
Deferred contract costs |
9,313 | 5,288 | ||||||
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|
|||||
Total current assets |
93,820 | 46,370 | ||||||
Non-current assets: |
||||||||
Property and equipment, net |
5,054 | 5,919 | ||||||
Intangible assets, net |
5,202 | 5,714 | ||||||
Deposits and other assets |
1,657 | 1,555 | ||||||
Goodwill |
866 | 923 | ||||||
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|
|||||
Total assets |
$ | 106,599 | $ | 60,481 | ||||
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Liabilities and shareholders deficit: |
||||||||
Current liabilities: |
||||||||
Trade accounts payable |
$ | 7,152 | $ | 6,087 | ||||
Accrued liabilities |
11,939 | 11,014 | ||||||
Deferred revenue |
15,785 | 12,927 | ||||||
Income tax payable |
765 | 27 | ||||||
Deferred income tax |
| 34 | ||||||
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|
|||||
Total current liabilities |
35,641 | 30,089 | ||||||
Non-current liabilities: |
||||||||
Other long-term liabilities |
3,504 | 3,929 | ||||||
Long-term debt |
23,423 | 14,700 | ||||||
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Total liabilities |
62,568 | 48,718 | ||||||
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Series A redeemable convertible preferred stock, $0.001 par value. 0 and 3,733,963 shares authorized at December 31, 2013 and 2012, respectively; 0 and 3,733,963 shares issued and outstanding at December 31, 2013 and 2012, respectively. |
| 13,005 | ||||||
Series B redeemable convertible preferred stock, $0.001 par value. 0 and 3,818,210 shares authorized at December 2013 and 2012, respectively; 0 and 3,818,210 shares issued and outstanding at December 31, 2013 and 2012, respectively. |
| 20,500 | ||||||
Series C redeemable convertible preferred stock, $0.001 par value. 0 and 3,526,218 shares authorized at December 2013 and 2012, respectively; 0 and 2,616,704 shares issued and outstanding at December 31, 2013 and 2012, respectively. |
| 17,478 | ||||||
Series D redeemable convertible preferred stock, $0.001 par value. 0 and 1,728,569 shares authorized at December 2013 and 2012, respectively; 0 and 1,728,569 shares issued and outstanding at December 31, 2013 and 2012, respectively. |
| 13,575 | ||||||
Series E redeemable convertible preferred stock, $0.001 par value. 0 and 4,590,744 shares authorized at December 2013 and 2012, respectively; 0 and 4,555,021 shares issued and outstanding at December 31, 2013 and 2012, respectively. |
| 40,000 | ||||||
Commitments and contingencies |
||||||||
Shareholders deficit: |
||||||||
Common stock, $0.001 par value. 300,000,000 shares authorized; 23,420,759 shares issued and outstanding at December 31, 2013, respectively; and 2,087,281 and 1,337,906 shares issued and outstanding at December 31, 2012, respectively. |
23 | 1 | ||||||
Additional paid-in capital |
153,878 | 1,215 | ||||||
Accumulated deficit |
(110,867 | ) | (95,577 | ) | ||||
Accumulated other comprehensive income |
997 | 1,566 | ||||||
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Total shareholders equity (deficit) |
44,031 | (92,795 | ) | |||||
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|||||
Total liabilities and shareholders equity (deficit) |
$ | 106,599 | $ | 60,481 | ||||
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Mavenir Systems, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Operating activities: |
||||||||
Net loss |
$ | (15,290 | ) | $ | (15,569 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation of property and equipment |
2,472 | 1,527 | ||||||
Amortization of intangible assets |
1,534 | 2,521 | ||||||
Amortization of debt discount |
357 | 25 | ||||||
Provision for bad debts and doubtful accounts |
537 | 199 | ||||||
Stock-based compensation expense |
1,630 | 291 | ||||||
Unrealized foreign currency loss |
74 | (1,194 | ) | |||||
Loss on sale of assets |
2 | 281 | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(8,565 | ) | (103 | ) | ||||
Unbilled revenue |
(1,480 | ) | (2,735 | ) | ||||
Deposits and other current assets |
(377 | ) | 1,126 | |||||
Inventories |
(4,854 | ) | (20 | ) | ||||
Prepaid expenses |
2,290 | (3,556 | ) | |||||
Deferred contract costs |
(3,821 | ) | (1,770 | ) | ||||
Deferred revenue |
3,151 | (9,734 | ) | |||||
Accounts payable and accrued liabilities |
1,842 | 6,324 | ||||||
|
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|
|||||
Net cash used in operating activities |
(20,498 | ) | (22,387 | ) | ||||
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|
|||||
Investing activities: |
||||||||
Purchases of property and equipment |
(2,798 | ) | (5,217 | ) | ||||
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|
|||||
Net cash used in investing activities |
(2,798 | ) | (5,217 | ) | ||||
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|
|||||
Financing activities: |
||||||||
Proceeds from initial public offering, net of offering costs |
45,348 | | ||||||
Borrowing from long-term debt |
27,000 | 5,000 | ||||||
Borrowing from line of credit |
| 13,000 | ||||||
Repayments of long-term debt |
(17,000 | ) | | |||||
Repayments of line of credit borrowing |
| (3,814 | ) | |||||
Exercise of options to purchase common stock |
91 | 73 | ||||||
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|
|||||
Net cash provided by financing activities |
55,439 | 14,259 | ||||||
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|
|||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
(615 | ) | 1,281 | |||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents |
31,528 | (12,064 | ) | |||||
Cash and cash equivalents at beginning of year |
7,402 | 19,466 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of year |
$ | 38,930 | $ | 7,402 | ||||
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Mavenir Systems, Inc. and Subsidiaries
Revenue Metrics
(in thousands)
(unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue by type: |
||||||||||||||||
Software products |
$ | 21,290 | $ | 11,228 | $ | 79,342 | $ | 52,409 | ||||||||
Maintenance |
5,857 | 5,554 | 21,966 | 21,431 | ||||||||||||
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Total |
$ | 27,147 | $ | 16,782 | $ | 101,308 | $ | 73,840 | ||||||||
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Revenue by Product Group: |
||||||||||||||||
Video/Voice |
$ | 9,257 | $ | 4,886 | $ | 33,960 | $ | 23,158 | ||||||||
Enhanced Messaging |
17,890 | 11,896 | 67,348 | 50,682 | ||||||||||||
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Total |
$ | 27,147 | $ | 16,782 | $ | 101,308 | $ | 73,840 | ||||||||
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Revenue by Geographic Area: |
||||||||||||||||
Americas |
$ | 11,088 | $ | 8,362 | $ | 48,130 | $ | 37,314 | ||||||||
EMEA |
13,476 | 3,886 | 38,469 | 20,547 | ||||||||||||
APAC |
2,583 | 4,534 | 14,709 | 15,979 | ||||||||||||
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Total |
$ | 27,147 | $ | 16,782 | $ | 101,308 | $ | 73,840 | ||||||||
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Mavenir Systems, Inc. and Subsidiaries
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Software Products |
||||||||||||||||
Revenue |
$ | 21,290 | $ | 11,228 | $ | 79,342 | $ | 52,409 | ||||||||
Cost of Revenue |
7,751 | 6,577 | 35,971 | 23,891 | ||||||||||||
Amortization and Depreciation |
217 | 811 | 592 | 1,067 | ||||||||||||
Stock Based Compensation |
56 | | 187 | | ||||||||||||
Gross Profit (GAAP) |
13,539 | 4,651 | 43,371 | 28,518 | ||||||||||||
Gross Profit (Non-GAAP) |
13,812 | 5,462 | 44,150 | 29,585 | ||||||||||||
Maintenance |
||||||||||||||||
Revenue |
5,857 | 5,554 | 21,966 | 21,431 | ||||||||||||
Cost of Revenue |
3,659 | 824 | 9,202 | 6,568 | ||||||||||||
Gross Profit (GAAP) |
2,198 | 4,730 | 12,764 | 14,863 | ||||||||||||
Gross Profit (Non-GAAP) |
2,198 | 4,730 | 12,764 | 14,863 | ||||||||||||
Total Revenue |
27,147 | 16,782 | 101,308 | 73,840 | ||||||||||||
Total Gross Profit (GAAP) |
15,737 | 9,381 | 56,135 | 43,381 | ||||||||||||
Gross Profit Margin % (GAAP) |
58.0 | % | 55.9 | % | 55.4 | % | 58.8 | % | ||||||||
Gross Profit (Non-GAAP) |
16,010 | 10,192 | 56,914 | 44,448 | ||||||||||||
Gross Profit Margin % (Non-GAAP) |
59.0 | % | 60.7 | % | 56.2 | % | 60.2 | % | ||||||||
Operations Expenses |
||||||||||||||||
R&D (GAAP) |
5,841 | 4,911 | 22,775 | 23,312 | ||||||||||||
Amortization and Depreciation |
372 | 259 | 1,150 | 792 | ||||||||||||
Stock Based Compensation |
112 | | 321 | | ||||||||||||
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|
|
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R&D (Non-GAAP) |
5,357 | 4,652 | 21,304 | 22,520 | ||||||||||||
S&M (GAAP) |
6,154 | 7,947 | 20,485 | 20,580 | ||||||||||||
Amortization and Depreciation |
| | | | ||||||||||||
Stock Based Compensation |
82 | | 482 | | ||||||||||||
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|
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|
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S&M (Non-GAAP) |
6,072 | 7,947 | 20,003 | 20,580 | ||||||||||||
G&A (GAAP) |
5,477 | 2,110 | 20,583 | 14,052 | ||||||||||||
Amortization and Depreciation |
568 | 1,006 | 2,264 | 2,189 | ||||||||||||
Stock Based Compensation |
219 | 88 | 640 | 291 | ||||||||||||
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|
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|
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G&A (Non-GAAP) |
4,690 | 1,016 | 17,679 | 11,572 | ||||||||||||
Total Operating Expenses (GAAP) |
17,472 | 14,968 | 63,843 | 57,944 | ||||||||||||
Operating Expenses (Non-GAAP) |
16,119 | 13,615 | 58,986 | 54,672 | ||||||||||||
Operating Loss (GAAP) |
$ | (1,735 | ) | $ | (5,587 | ) | $ | (7,708 | ) | $ | (14,563 | ) | ||||
Net Interest |
1,010 | 320 | 3,185 | 383 | ||||||||||||
Foreign exchange (gain)/loss |
(427 | ) | (304 | ) | 1,901 | (529 | ) | |||||||||
Taxes |
524 | 898 | 2,496 | 1,152 | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
Net Loss (GAAP) |
$ | (2,842 | ) | $ | (6,501 | ) | $ | (15,290 | ) | $ | (15,569 | ) | ||||
Operating Loss (Non-GAAP)* |
$ | (109 | ) | $ | (3,423 | ) | $ | (2,072 | ) | $ | (10,224 | ) | ||||
Net Interest |
1,010 | 320 | 3,185 | 383 | ||||||||||||
Taxes |
524 | 898 | 2,496 | 1,152 | ||||||||||||
|
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|
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|
|
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|
|||||||||
Net Loss (Non-GAAP) |
$ | (1,643 | ) | $ | (4,641 | ) | $ | (7,753 | ) | $ | (11,759 | ) |
Mavenir Systems, Inc. and Subsidiaries
Non-GAAP Net Loss Per Share
(all shares are weighted average outstanding for period presented)
( in thousands, except share and per share data)
(unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
GAAP weighted average common shares outstanding |
13,084,452 | 1,335,533 | 4,278,468 | 1,287,986 | ||||||||||||
Conversion of preferred shares * |
7,677,818 | 16,452,467 | 14,258,805 | 16,452,467 | ||||||||||||
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|
|
|
|
|
|||||||||
Adjusted weighted average common shares outstanding |
20,762,270 | 17,788,000 | 18,537,273 | 17,740,453 | ||||||||||||
Non-GAAP net loss |
$ | (1,643 | ) | $ | (4,641 | ) | $ | (7,753 | ) | $ | (11,759 | ) | ||||
Non-GAAP net loss per share |
$ | (0.08 | ) | $ | (0.26 | ) | $ | (0.42 | ) | $ | (0.66 | ) |
* | Assumes conversion of preferred shares at beginning of period |
CONTACT: | ||
Investor Contact: | ||
Terry Hungle | ||
Mavenir Systems, Inc. | ||
ir@mavenir.com | ||
469-916-4393 x 5010 | ||
Press Contact: | ||
Maryvonne Tubb | ||
Mavenir Systems, Inc. | ||
pr@mavenir.com | ||
469-916-4393 x 5080 |
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