Aerohive Networks, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Financial Guidance for the Fourth Quarter of 2017
For the nine months, the company announced total revenue of $115,719,000 against $128,128,000 a year ago. Operating loss was $18,939,000 against $29,471,000 a year ago. Interest income was $484,000 against $345,000 a year ago. Loss before income taxes was $19,135,000 against $29,349,000 a year ago. Net loss was $19,504,000 or $0.37 per basic and diluted share against $29,647,000 or $0.59 per basic and diluted share a year ago. Net cash provided by operating activities was $7,815,000 against net cash used in operating activities of $10,341,000 a year ago. Purchases of property and equipment were $510,000 against $1,737,000 a year ago. Non-GAAP operating loss was $4,546,000 against $10,265,000 a year ago. Non-GAAP net loss was $5,111,000 or $0.10 per basic and diluted share against $10,441,000 or $0.21 per basic and diluted share a year ago.
The company is currently expecting the 2017's fourth quarter revenue to be in the range of $40 million to $42 million. On a non-GAAP basis, expects gross margins to be in the range of 66% to 67% driven by the impact of connect-to-select product offerings partially offset by continued strong margins from the subscription and support business. On a GAAP basis, the company expects fourth quarter net loss per share to be between $0.08 and $0.10. Expects other expenses including tax expense to be approximately $200,000 for the quarter.