Aerohive Networks™ Reports Q4 2018 Results, with Third Consecutive Quarter of Non-GAAP Profitability
Summary
The actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of these uncertainties, risk and changes in circumstances, including, but not limited to, risks and uncertainties related to: our ability to continue to attract, integrate, retain and train skilled personnel, especially skilled R&D and sales personnel, in general and in specific regions, our ability to develop and expand our revenue opportunities and sales capacity and improve the effectiveness of our channel, our ability to resolve challenges related to sales execution and improve our operating and sales execution, general demand for wireless networking in the industry verticals we target or demand for Aerohive® products in particular, the unpredictability in any period of our ability to benefit from our participation in the E-Rate program, the impact to the revenue we recognize in any period pursuant to ASC 606 due to the level of inventory we deliver during the period to our channel partners, unpredictable and changing market conditions, risks associated with the deployment, performance and adoption of our new products and services, risks associated with our growth, competitive pressures from existing and new companies, including pricing pressures, changes in the mix and selling prices of Aerohive products, technological change, product development delays, reliance on third parties to manufacture, warehouse and timely deliver Aerohive products, our inability to protect Aerohive intellectual property or to predict or limit exposure to third-party claims relating to its or Aerohive’s intellectual property, Aerohive’s limited operating history, particularly as a public company, uses of Aerohive’s capital and general market, political, regulatory, economic and business conditions in the United States and internationally. Aerohive’s results for its fourth quarter of fiscal year 2018 reported in this press release and the related earnings conference call include certain non-GAAP financial measures, including: The Company defines non-GAAP financial measures to exclude share-based compensation, adjustments to internal-use software amortization, impairment of certain investments and certain charges related to litigation and restructuring. the non-GAAP measures do not consider the expense related to stock-based compensation, which is an ongoing expense for the Company; although amortization of internal-use software is a non-cash charge, the assets being amortized often will have to be replaced in the future, and the non-GAAP measures do not reflect any future cash requirement for such replacements; impairment of investment is a non-cash charge which does not directly impact the Companys current cash position; however, the charge which we exclude represents the declining value of our investment; excluding certain expenses associated with litigation in the quarter or fiscal year does not reflect the impact on our ongoing operations over these periods of the cash requirement to defend such or other litigation; restructuring charges excluded in the quarter or fiscal year primarily relate to employee termination costs and benefits and do not reflect the cash requirement relating to the costs associated with such restructuring; and other companies, including companies in our industry, may not exclude these as non-GAAP financial measures or may include them but calculate them differently, which reduces their usefulness as a comparative measure. Credited with pioneering Controller-less Wi-Fi and Cloud Management, Aerohive delivers continuous innovation at Cloud-speed that constantly challenges the industry norm, allowing customers to rethink what’s possible.