MobileIron (MOBL) saw its loss narrow to $12.83 million, or $0.14 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.45 million, or $0.23 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.99 million, or $0.06 a share from a loss of $11.04 million or $0.13 a share, a year ago. Revenue during the quarter grew 11.26 percent to $42.29 million from $38.01 million in the previous year period. Gross margin for the quarter expanded 194 basis points over the previous year period to 82.81 percent. Operating margin for the quarter stood at negative 30.29 percent as compared to a negative 51.06 percent for the previous year period.
Operating loss for the quarter was $12.81 million, compared with an operating loss of $19.41 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $4.96 million compared to operating loss of $11 million in prior year period.
"I am very proud of our performance in the first quarter with year-over-year gross billings growth of 19%. We achieved results within our guidance range, continued to gain momentum in the market, and we delivered results consistent with prior guidance," said Barry Mainz, president and chief executive officer, MobileIron. "MobileIron is leading the transition from enterprise mobility management (EMM) to Mobile Cloud Security. We’re starting the year off strongly and I believe that products like MobileIron Access will continue to accelerate our business through 2017."
For fiscal year 2017, MobileIron forecasts revenue to be in the range of $175 million to $190 million.
For the second-quarter 2017, MobileIron forecasts revenue to be in the range of $42.50 million to $44.50 million.
Operating cash flow turns positive
MobileIron has generated cash of $0.72 million from operating activities during the quarter as against cash outgo of $3.55 million in the last year period. Cash flow from investing activities was $24.57 million for the quarter, up 604.07 percent or $21.08 million, when compared with the last year period.
The company has spent $0.08 million cash to carry out financing activities during the quarter as against cash inflow of $1.37 million in the last year period.
Cash and cash equivalents stood at $79.26 million as on Mar. 31, 2017, up 63.25 percent or $30.71 million from $48.55 million on Mar. 31, 2016.
Working capital declines
MobileIron has witnessed a decline in the working capital over the last year. It stood at $51.39 million as at Mar. 31, 2017, down 20.38 percent or $13.15 million from $64.55 million on Mar. 31, 2016. Current ratio was at 1.57 as on Mar. 31, 2017, down from 1.94 on Mar. 31, 2016.
Days sales outstanding went down to 86 days for the quarter compared with 89 days for the same period last year.
At the same time, days payable outstanding went up to 32 days for the quarter from 26 for the same period last year.
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