Aerohive Networks, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for Fiscal First Quarter 2018
For the full year, the company reported total revenue of $152,899,000 compared with $169,825,000 for the same period a year ago. Operating loss was $22,168,000 compared with $36,813,000 for the same period a year ago. Loss before income taxes was $22,323,000 compared with $36,642,000 for the same period a year ago. Net loss was $22,926,000 compared with $36,911,000 for the same period a year ago. Net loss per basic and diluted share was $0.43 compared with $0.73 for the same period a year ago. Non-GAAP operating loss was $4,026,000 compared with $12,635,000 for the same period a year ago. Non-GAAP net loss was $4,784,000 compared with $12,733,000 for the same period a year ago. Non-GAAP basic and diluted net loss per share was $0.09 compared with $0.25 for the same period a year ago. Net cash provided by operating activities was $9,319,000 compared with net cash used in operating activities of $14,554,000 for the same period a year ago. Purchases of property and equipment were $595,000 compared with $2,161,000 for the same period a year ago.
For the company provided earnings guidance for fiscal first quarter 2018. The company currently anticipates first quarter revenues in the range of $34 million to $36 million, and view it as seasonal decline compared to normal first quarter seasonality. On a non-GAAP basis, the company expects gross margins to be in the range of 66% to 67%, driven by the anticipated growth in lower-margin Dell business, impacting product margins, offset by continued strong margins from subscription and support business. The company expecting non-GAAP EPS results between $0.08 and $0.06 per share based on a share count of approximately 54 million shares outstanding.