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Aruba Networks Reports Fourth Quarter and Fiscal Year 2014 Financial Results

Aruba Networks, Inc., (NASDAQ:ARUN) a leading provider of next-generation network access solutions for the mobile enterprise, today announced financial results for its fourth quarter and fiscal year ended July 31, 2014.

Record revenue of $202.9 million in Q4’14 grew 33 percent from $153.1 million reported in Q4’13. GAAP net loss in Q4’14 was $4.1 million, or $0.04 per share, compared with a GAAP net loss of $15.6 million, or $0.14 per share, in Q4’13.

Non-GAAP net income for Q4’14 was $27.6 million, or $0.24 per diluted share, compared with Q4’13 non-GAAP net income of $15.8 million, or $0.13 per diluted share. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

Fiscal year 2014 revenue was $728.9 million, an increase of 21 percent from $600.0 million reported in fiscal year 2013. GAAP net loss for fiscal year 2014 was $29.0 million, or $0.27 per share, compared with a net loss of $31.6 million, or $0.28 per share, in fiscal year 2013. Non-GAAP net income for fiscal year 2014 was $90.6 million, or $0.77 per diluted share, compared with non-GAAP net income of $79.2 million, or $0.64 per diluted share, in fiscal year 2013.

“We are pleased to report strong fourth quarter results, capping a year of significant progress across our key strategic and operational initiatives,” said Dominic Orr, Aruba’s president and chief executive officer. “We achieved significant market share gains, supported by the continued ramp up of our full line of 802.11ac access points as well as strong Instant and Clear Pass sales. The focused execution of our product roadmap underscores the merits of our first-to-market strategy and further strengthens our leadership position. Additionally, the investments we have made in enhancing our sales and channel capacity are driving additional operating leverage and provide us with a strong platform for future growth.”

Michael Galvin, Aruba’s chief financial officer, added, “We delivered record revenues both in Q4 and fiscal 2014 and improved our non-GAAP operating margin by 530 basis points over the last four quarters. From this position of strength, we are announcing a cost optimization plan that will reduce certain positions, and shift other positions to lower-cost, talent-rich locations, providing the foundation for efficiently scaling the company with a global infrastructure. Based on these actions and our expectation of continued growth, we are raising our fiscal 2015 non-GAAP operating margin target to 21 to 22 percent.”

Recent Highlights

  • Announced a strategic agreement with Juniper Networks to deliver open, converged wired and wireless network solutions based on best-of-breed technologies. The partnership is expected to provide innovative solutions for the toughest problems facing enterprise IT departments and include both joint development efforts and go-to-market collaboration.
  • Ranked in the leader’s quadrant for the third consecutive year in Gartner Inc.’s latest “Magic Quadrant for Wired and Wireless LAN Infrastructure” report. Gartner combines wireless and wired LAN infrastructure into one report. In the new Magic Quadrant report, Gartner continued to evaluate vendors based on two criteria: completeness of vision and ability to execute.
  • Began shipments of the 802.11ac AP-205, designed for cost-sensitive, medium density environments. To further round out its 802.11ac portfolio, the company today announced the availability of its AP-215, a 3x3 access point for medium density, high performance environments. With the launch of these new products, Aruba now offers the most complete .11ac product family in the industry.

Conference Call Information

Aruba will host a conference call for analysts and investors to discuss its fourth quarter and fiscal year 2014 results today at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). Open to the public, interested parties may access the call by dialing +1-844-858-9856. A live webcast of the conference call will also be accessible from the “Investor Relations” section of the company’s website at http://ir.arubanetworks.com. Following the webcast, an archived version will be available on the website for twelve months. To hear the replay, parties in the United States and Canada should dial 1-855-859-2056 and enter passcode 82872020. International parties may access the replay by dialing +1-404-537-3406 and entering the passcode 82872020.

Forward-Looking Statements

This press release may be deemed to contain forward-looking statements regarding Aruba’s non-GAAP operating margin target for fiscal 2015, product strategy, market opportunity, market share and investments, including expectations regarding Aruba’s strategic agreement with Juniper.

These forward-looking statements involve risks and uncertainties, as well as assumptions, which if they do not fully materialize or prove incorrect, could cause Aruba’s results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause Aruba’s results to differ materially from those expressed or implied by such forward-looking statements include, among others: business and economic conditions and growth trends in the networking industry, Aruba’s vertical markets and various geographic regions; changes in overall information technology spending; the Company’s ability to efficiently and effectively relocate personnel to lower cost operation centers; its ability to retain key personnel and recruit new hires in light of cost reductions; the ability of its IT and Finance teams to support mission-critical systems through the Company’s transition to lower cost operation centers; and the potential disruption or perception of disruption to its business due to cost reductions; as well as those risks and uncertainties included under the captions “Risk Factors" and “Management’s Discussion and Analysis” in Aruba’s most recent Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission, or SEC, and available on the investor relations portion of our website at ir.arubanetworks.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 Aruba as of the date of this release, and Aruba does not assume any obligation to update these forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.

The financial statements that follow should be read in conjunction with the notes set forth in Aruba’s Annual Report on Form 10-K when filed with the SEC.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per share (EPS). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to Aruba’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future.

Non-GAAP net income, operating margin and EPS. Aruba defines non-GAAP net income as net income plus stock-based compensation expenses and related payroll taxes, amortization expense of acquired intangible assets and other acquisition related expenses, non-recurring patent-infringement settlements, and the change in the valuation of the contingent rights liability, less the related tax effects. Aruba defines non-GAAP operating income as operating income (loss) plus stock-based compensation expenses and related payroll taxes, amortization expense of acquired intangible assets and other acquisition related expenses, and non-recurring patent-infringement settlements. Aruba defines non-GAAP operating margin as non-GAAP operating income divided by total revenue. Aruba defines non-GAAP EPS as non-GAAP net income divided by the weighted average diluted shares outstanding. Aruba’s management regularly uses these non-GAAP financial measures to understand and manage its business and believes that these non-GAAP financial measures provide meaningful supplemental information regarding the company’s performance by excluding certain expenses that may not be indicative of Aruba’s “recurring operating results,” meaning its operating performance excluding not only stock-based compensation expenses and related payroll taxes but also discrete charges that are infrequent in nature. Further, Aruba’s management excludes from non-GAAP net income the tax effects of these non-GAAP financial measures, as without excluding these tax effects, investors would only see the gross effect that excluding these expenses had on the company’s operating results. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Aruba’s management believes that providing non-GAAP financial measures that exclude stock-based compensation expenses allows investors to compare these results with those of other companies, as well as providing management with an important tool for financial and operational decision making and for evaluating the company’s operating results over different periods of time. Similarly, by excluding amortization expense of acquired intangible assets and other acquisition related expenses, non-recurring patent-infringement settlements and the change in the valuation of the contingent rights liability, less the related tax effects, Aruba’s management believes that investors can better understand and measure the company’s recurring operating results.

There are a number of limitations related to the use of non-GAAP, net income, operating margin and EPS versus net income, operating margin and EPS calculated in accordance with GAAP. First, these non-GAAP financial measures exclude some costs, namely stock-based compensation expenses and related payroll taxes that are recurring. Stock-based compensation expenses and related payroll taxes have been and will continue to be for the foreseeable future a significant recurring expense in Aruba’s business. Second, stock-based awards are an important part of Aruba’s employees’ compensation and impact their performance. Third, the components of the costs that Aruba excludes in its calculation of non-GAAP net income may differ from the components that its peer companies exclude when they report their results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluates these non-GAAP financial measures together with their most directly comparable financial measures calculated in accordance with GAAP. The accompanying tables provide reconciliations between these financial measures and their most directly comparable GAAP equivalents.

A copy of this press release can be found in the news releases section of Aruba Networks’ website at www.arubanetworks.com.

About Aruba Networks, Inc.

Aruba Networks is a leading provider of next-generation network access solutions for the mobile enterprise. The company designs and delivers Mobility-Defined Networks that empower IT departments and #GenMobile, a new generation of tech-savvy users who rely on their mobile devices for every aspect of work and personal communication. To create a mobility experience that #GenMobile and IT can rely upon, Aruba Mobility-Defined Networks™ automate infrastructure-wide performance optimization and trigger security actions that used to require manual IT intervention. The results are dramatically improved productivity and lower operational costs.

Listed on the NASDAQ and Russell 2000® Index, Aruba is based in Sunnyvale, California, and has operations throughout the Americas, Europe, Middle East, Africa and Asia Pacific regions. To learn more, visit Aruba at http://www.arubanetworks.com. For real-time news updates follow Aruba on Twitter and Facebook, and for the latest technical discussions on mobility and Aruba products visit Airheads Social at http://community.arubanetworks.com.

© 2014 Aruba Networks, Inc. Aruba Networks’ trademarks include Aruba Networks®, Aruba The Mobile Edge Company® (stylized), Aruba Mobility-Defined Networks™, Aruba Mobility Management System®, People Move Networks Must Follow®, Mobile Edge Architecture®, RFProtect®, Green Island®, ETips®, ClientMatchTM, Virtual Intranet AccessTM, ClearPass Access Management SystemsTM, Aruba InstantTM, ArubaOSTM, xSecTM, ServiceEdgeTM, Aruba ClearPass Access Management SystemTM, AirmeshTM, AirWaveTM, Aruba CentralTM, and “[email protected]TM. All rights reserved. All other trademarks are the property of their respective owners.

 
Aruba Networks, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
 
  July 31,   July 31,
  2014     2013  
Assets
Current assets
Cash and cash equivalents $ 118,594 $ 144,919
Short-term investments 166,359 269,882
Accounts receivable, net 102,256 93,191
Inventory 39,836 28,895
Deferred cost of revenue 12,721 12,657
Prepaids and other current assets 18,063 20,090
Deferred income tax assets, current   25,676     29,076  
 
Total current assets 483,505 598,710
 
Property and equipment, net 27,261 27,536
Goodwill 67,242 67,242
Intangible assets, net 19,505 26,937
Deferred income tax assets, non-current 23,962 19,788
Other non-current assets   8,185     6,530  
 
Total non-current assets   146,155     148,033  
 
Total assets $ 629,660   $ 746,743  
 
Liabilities and Stockholders' Equity
 
Current liabilities
Accounts payable and accrued liabilities $ 103,254 $ 119,523
Income taxes payable, current 1,087 662
Deferred revenue, current   135,160     109,765  
 
Total current liabilities 239,501 229,950
 
Deferred revenue, non-current 44,977 31,578
Other non-current liabilities   12,686     8,990  
 
Total non-current liabilities   57,663     40,568  
 
Total liabilities   297,164     270,518  
 
Stockholders' equity
 
Common stock 11 11
Additional paid-in capital 508,374 623,155
Accumulated other comprehensive loss (1,523 ) (1,540 )
Accumulated deficit   (174,366 )   (145,401 )
 
Total stockholders' equity   332,496     476,225  
 
Total liabilities and stockholders' equity $ 629,660   $ 746,743  

 
Aruba Networks, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amount)
(Unaudited)
       
 
Three Months Ended Years Ended
July 31, July 31, July 31, July, 31
  2014     2013     2014     2013  
 
Revenue
Product $ 167,588 $ 125,025 $ 595,375 $ 496,343
Support and professional services   35,274     28,039     133,558     103,701  
 
Total revenue 202,862 153,064 728,933 600,044
 
Cost of revenue
Product 53,127 38,505 186,976 149,113
Support and professional services   9,856     7,228     37,805     27,366  
 
Total cost of revenue   62,983     45,733     224,781     176,479  
 
Gross profit   139,879     107,331     504,152     423,565  
 
Operating expenses
Research and development 43,376 38,112 169,328 139,746
Sales and marketing 72,071 62,289 274,835 230,805
General and administrative 15,719 13,275 60,004 51,030
Legal settlements   250     14,000     250     14,000  
 
Total operating expenses   131,416     127,676     504,417     435,581  
 
Operating income (loss) 8,463 (20,345 ) (265 ) (12,016 )
 
Other income (expense), net
Interest income 182 263 843 1,138
Other income (expense), net   (165 )   (487 )   (173 )   653  
 
Total other income (expense), net   17     (224 )   670     1,791  
 
Income (loss) before income taxes 8,480 (20,569 ) 405 (10,225 )
 
Provision for (benefit from) income taxes   12,566     (4,988 )   29,370     21,383  
 
Net loss $ (4,086 ) $ (15,581 ) $ (28,965 ) $ (31,608 )
 
Shares used in computing net loss per common share, basic 107,339 114,202 108,443 113,284
 
Net loss per common share, basic $ (0.04 ) $ (0.14 ) $ (0.27 ) $ (0.28 )
 
Shares used in computing net loss per common share, diluted 107,339 114,202 108,443 113,284
 
Net loss per common share, diluted $ (0.04 ) $ (0.14 ) $ (0.27 ) $ (0.28 )

 
Aruba Networks, Inc.
Reconciliation between GAAP and Non-GAAP Measures
Non-GAAP Net Income and Non-GAAP Earnings per Share
(In thousands, except per share amounts)
(Unaudited)
       
 
Three Months Ended Years Ended
July 31, July 31, July 31, July 31,
  2014     2013     2014     2013  
 
GAAP net loss $ (4,086 ) $ (15,581 ) $ (28,965 ) $ (31,608 )
 
Plus:
a) Stock-based compensation expense 27,284 25,231 111,181 96,226
b) Payroll taxes on stock-based compensation expense 567 342 3,076 2,596

c) Amortization expense of acquired intangible assets and other acquisition-related expenses

4,001 3,230 14,155 10,843
d) Legal settlements 250 14,000 250 14,000
e) Change in valuation of contingent rights liability - - - (1,665 )
f) Non-GAAP income tax effects   (436 )   (11,448 )   (9,060 )   (11,172 )
 
Non-GAAP net income $ 27,580   $ 15,774   $ 90,637   $ 79,220  
 
GAAP net loss per common share $ (0.04 ) $ (0.14 ) $ (0.27 ) $ (0.28 )
 
Plus:
a) Stock-based compensation expense 0.24 0.21 0.94

0.78

b) Payroll taxes on stock-based compensation expense - - 0.03 0.02

c) Amortization expense of acquired intangible assets and other acquisition-related expenses

0.03 0.03 0.12

0.09

d) Legal settlements - 0.11 - 0.11
e) Change in valuation of contingent rights liability - - - (0.01 )
f) Non-GAAP income tax effects   -     (0.09 )   (0.08 )   (0.09 )
 
Non-GAAP net income per common share (*) $ 0.24   $ 0.13   $ 0.77   $ 0.64  
 
Shares used in computing diluted GAAP net loss per common share   107,339     114,202     108,443     113,284  
 
Shares used in computing diluted non-GAAP net income per common share   114,671     122,880     117,677     124,102  
(*) The sum of the EPS impacts may not total to Non-GAAP net income per common share due to different share counts used in calculating GAAP net loss per common share and Non-GAAP net income per common share. The GAAP net loss per common share calculation may use a lower share count as it may exclude potentially dilutive shares which are included in calculating Non-GAAP net income per common share.

 
Aruba Networks, Inc.
Reconciliation between GAAP and Non-GAAP Measures
Non-GAAP Operating Margin

(In thousands, except percentages)

(Unaudited)
       
 
Three Months Ended Years Ended
July 31, July 31, July 31, July 31,
  2014     2013     2014     2013  
 
Revenue $ 202,862 $ 153,064 $ 728,933 $ 600,044
 
GAAP operating income (loss) 8,463 (20,345 ) (265 ) (12,016 )
 
Plus:
a) Stock-based compensation expense 27,284 25,231 111,181 96,226
b) Payroll taxes on stock-based compensation expense 567 342 3,076 2,596

c) Amortization expense of acquired intangible assets and other acquisition-related expenses

4,001 3,230 14,155 10,843
d) Legal settlements 250 14,000 250 14,000
       
Non-GAAP operating income $ 40,565   $ 22,458   $ 128,397   $ 111,649  
 
GAAP operating margin 4.2 % -13.3 % 0.0 % -2.0 %
 
Plus:
a) Stock-based compensation expense 13.4 % 16.5 % 15.3 % 16.0 %
b) Payroll taxes on stock-based compensation expense 0.3 % 0.3 % 0.4 % 0.4 %

c) Amortization expense of acquired intangible assets and other acquisition-related expenses

2.0 % 2.1 % 1.9 % 1.8 %
d) Legal settlements 0.1 % 9.1 % 0.0 % 2.4 %
       
Non-GAAP operating margin   20.0 %   14.7 %   17.6 %   18.6 %

 
Aruba Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
   
 
Years Ended
July 31, July 31,
  2014     2013  
 

Cash flows from operating activities

Net loss

$ (28,965 ) $ (31,608 )
 

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 29,495 23,701
Provision for doubtful accounts (101 ) 797
Write downs for excess and obsolete inventory 4,289 5,597
Stock-based compensation expense 111,181 96,226
Amortization of discounts and premiums on short-term investments 1,931 1,413
Loss on disposal of fixed assets 244 269
Change in carrying value of contingent rights liability - (1,665 )
Deferred income taxes (3,774 ) (237 )
Excess tax benefit associated with stock-based compensation (18,822 ) (9,906 )
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (8,964 ) (13,524 )
Inventory (15,230 ) (15,970 )

Prepaids and other current assets

4,054 (356 )
Deferred cost of revenue (64 ) (1,417 )
Other non-current assets (1,655 ) 6,119
Accounts payable and other current and non-current liabilities (20,545 ) 43,856
Deferred revenue 38,794 38,282
Income taxes payable   20,824     11,636  

 

Net cash provided by operating activities

  112,692     153,213  
 
Cash flows from investing activities
Purchases of short-term investments (159,231 ) (287,183 )
Proceeds from sales of short-term investments 89,238 75,806
Proceeds from maturities of short-term investments 171,613 151,718
Purchases of property and equipment (19,417 ) (20,655 )
Purchases of intangible assets (2,750 ) -
Investments in privately-held companies - (1,750 )

Cash paid in an acquisition, net of cash acquired

  -     (16,767 )
 

Net cash provided by (used in) investing activities

  79,453     (98,831 )
 
Cash flows from financing activities
Proceeds from issuance of common stock 25,737 33,194
Repurchases of common stock under stock repurchase program (263,029 ) (86,211 )
Excess tax benefit associated with stock-based compensation   18,822     9,906  
 

Net cash used in financing activities

  (218,470 )   (43,111 )

 

Effect of exchange rate changes on cash and cash equivalents

 

-

    19  
 

Net increase (decrease) in cash and cash equivalents

(26,325 ) 11,290
 
Cash and cash equivalents, beginning of period   144,919     133,629  
 
Cash and cash equivalents, end of period $ 118,594   $ 144,919  

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