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Aruba Networks, Inc. (NASDAQ: ARUN) today released financial results for
its first quarter of fiscal year 2013 ended October 31, 2012.
Revenue for Q1’13 of $144.5 million grew 21 percent from the $119.4
million reported in Q1’12. GAAP net loss for Q1’13 was $0.8 million, or
a loss of $0.01 per share, compared with GAAP net loss of $0.5 million,
or $0.00 per share, in Q1’12.
Non-GAAP net income for Q1’13 was $22.1 million, or $0.18 per share,
compared with non-GAAP net income of $16.7 million, or $0.14 per share,
in Q1’12. A reconciliation between GAAP and non-GAAP information is
contained in the tables below.
“We delivered a strong first quarter with 21 percent revenue growth
year-over-year and our fourteenth consecutive quarter of record
revenue,” said Dominic Orr, Aruba’s president and chief executive
officer. “During the quarter, we saw healthy growth across our major
products and core verticals.”
“The proliferation of mobile devices, BYOD and new applications such as
Unified Communications continue to drive demand for our solutions and
make mobility a clear priority for CIOs around the world. We believe
that with our industry leading technology and strong momentum in the
marketplace, we are well positioned to capitalize on these trends and
expand our market share.”
Commenting on the company’s financial results, Michael Galvin, Aruba’s
chief financial officer, added, “In addition to achieving record
revenue, we delivered strong gross margin and operating margin results.
Due to solid working capital management, we generated $36.9 million in
cash flow from operations and ended the quarter with $377.5 million in
cash, cash equivalents and short-term investments.”
Introduced Controller-Less WLAN Solutions with Leading Enterprise
Grade Performance. Aruba Instant Enterprise is a major new
software release that delivers the first controller-less Wi-Fi
solution for best-in-class security, resiliency and scale for
distributed enterprises. Also as part of Aruba Instant Enterprise,
Aruba unveiled Aruba Activate, a cloud-based, zero-touch provisioning
service that enables enterprise IT, managed service providers and
resellers to dramatically reduce the operational expenses associated
with large scale, distributed Wi-Fi deployments.
Introduced a New Software Release to Deliver New Levels of High
Availability, Resilient Connectivity, for Mobile Devices and
Applications. The new Aruba OS software release for its mobility
controllers will help enterprises ensure consistent, predictable
performance and fast recovery for today’s challenging mobile
Regional Medical Center at Memphis (The MED) Selected Aruba to
Replace its Cisco Wireless Network with an Aruba WLAN. The
existing Cisco 802.11/b/g wireless network will be replaced with an
Aruba 802.11n wireless network and will expand coverage across its
main hospital and four clinics. The MED also will deploy the AirWave
network management system, Aruba ClearPass Policy Manager and
Conference Call Information
Aruba will host a conference call for analysts and investors to discuss
its first quarter of fiscal year 2013 results today at 4:30 p.m. Eastern
time (1:30 p.m. Pacific time). Open to the public, investors may access
the call by dialing +1-480-629-9808. A live webcast of the conference
call will also be accessible from the “Investor Relations” section of
the company’s website at www.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 call 1-800-406-7325 and enter passcode 4573529.
International parties can access the replay at +1-303-590-3030 and
should enter passcode 4573529.
This press release contains forward-looking statements, including
statements about our expectation that the proliferation of mobile
devices, BYOD and new applications will continue to drive demand for our
solutions and that with our industry leading technology and strong
momentum in the marketplace, we are well positioned to capitalize on
these trends and expand our market share.
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 our results to differ materially from
those expressed or implied by such forward-looking statements include:
(1) business and economic conditions and growth trends in the networking
industry, our vertical markets and various geographic regions; and (2)
changes in overall information technology spending; as well as those
risks and uncertainties included under the captions “Risk Factors" and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” in Aruba’s Annual Report on Form 10-K for the fiscal
year ended July 31, 2012, which was filed with the SEC on October 11,
2012, and is available on Aruba’s investor relations website at www.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 us as of the date hereof, and we assume no
obligation to update these forward-looking statements to reflect events
that occur or circumstances that exist after the date on which they were
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP), this press release and
the accompanying tables contain the following non-GAAP financial
measures: 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.
Non-GAAP net income and EPS. Aruba defines non-GAAP net income as
net income plus stock-based expenses and related payroll taxes,
amortization of acquired intangible assets and other acquisition related
expenses, and the change in the valuation of the contingent rights
liability, less the related tax effects. 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 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 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, 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 and EPS versus net income and EPS calculated in accordance with
GAAP. First, these non-GAAP financial measures exclude some costs,
namely stock-based expenses and related payroll taxes, that are
recurring. Stock-based 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 impacts 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 on the investor relations page
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’s Mobile Virtual
Enterprise (MOVE) architecture unifies wired and wireless network
infrastructures into one seamless access solution for corporate
headquarters, mobile business professionals, remote workers and guests.
This unified approach to access networks enables IT organizations and
users to securely address the Bring Your Own Device (BYOD) phenomenon,
dramatically improving productivity and lowering capital and operational
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. For real-time news
updates, follow Aruba on Twitter and Facebook or
read our corporate blog, Aruba
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