Today - Thursday, February 26, 2015
- NTELOS Holdings (NASDAQ:NTLS) moved 3.2% higher today after indicating its Western refocus (West Virginia and western Virginia) is taking root.
- The company's exit from eastern Virginia caused a December selloff, down 45%. Shares are trading about 8% higher since their close Dec. 2 of $4.46.
- Pro forma results for the Western markets in Q4: Revenues up 9% to $96.7M; EBITDA of $30.2M, up 10%. Churn in Western markets was slightly higher, 2.2% vs. the prior 2.1%.
- "Revenue and EBITDA numbers came in higher than expected, with NTLS's strategic refocus on its western markets showing signs of improvements (7.8K postpay net adds in its western footprint)," said Wells Fargo's Jennifer Fritzsche.
- The company expects to complete winding down Eastern operations by Nov. 15 and cut the subscriber base roughly in half; last week it closed a first installment of a tower sale that made up much of the company's planned tower divestment.
- Press release; Q4 earnings
- In addition to beating FQ2 estimates, Infoblox (NYSE:BLOX) is guiding for FQ3 revenue of $74M-$76M and EPS of $0.06-$0.08, almost entirely above a consensus of $70.9M and $0.06.
- The domain name/IP address appliance vendor added ~250 customers in FQ1. DDI, secure DNS, and cloud products were its main growth drivers - Deutsche talked up Infoblox's private cloud exposure in January.
- Gross margin rose 20 bps Y/Y to 80.1%. GAAP operating expenses rose 6% to $64.6M (compares with 22% revenue growth).
- Shares are up to $23.65 AH. The 52-week high is $24.69.
- FQ2 results, PR
- Aruba Networks (NASDAQ:ARUN) guided on its FQ2 CC (webcast) for FQ3 revenue of $208M-$218M and EPS of $0.26-$0.30 vs. a consensus of $215.7M and $0.27.
- In its earnings release, Aruba expressed optimism it would benefit from higher funding for the FCC's E-Rate broadband program for schools/libraries later this year, but also cautioned "the impact of E-Rate is uncertain" for FQ3.
- Before soaring yesterday on a Bloomberg report stating HP is in talks to buy the company, Aruba had been pressured by reports of salesforce turmoil that were believed to be affecting near-term sales. Also: Many enterprise tech peers have offered light guidance due to forex pressures.
- Shares now +32% since the Bloomberg report broke.
- FQ2 results, PR
- UniPixel (NASDAQ:UNXL) states in its Q4 report the company and Kodak (NYSE:KODK) have "achieved integration yields in the high 80 percentile" with a previously-disclosed for an InTouch Sensor solution meant for a tablet OEM partner. "Our tablet customer understands the touchless plating line modifications we’re undertaking and remains patient with the process. We are currently working with the customer in planning follow-on integration trials."
- UniPixel also states a previously-disclosed all-in-one PC OEM partner "recently approved UniPixel’s all-in-one product design, and UniPixel is now working with two module integrators approved by the customer." Using Kodak's manufacturing facility, UniPixel plans "initial commercial shipments" to the OEM in Q2.
- Also planned for Q2: Commercial production of UniPixel's Diamond Guard hard-coat resin, and the modifying of an operational InTouch Sensor plating line to make its web handling touchless.
- UniPixel had no revenue in Q4, or in any other quarter within 2014. Q4 SG&A expenses fell 6% Y/Y to $2.88M, and R&D expenses fell 14% to $2.65M. The company's cash balance fell by $2.9M Q/Q to $23.7M.
- Shares have risen to $5.45 AH.
- UniPixel's Q4 results, PR
- Nielsen's (NYSE:NLSN) board has unanimously OK'd a plan to move headquarters to the UK from its current home in the Netherlands, in an effort to broaden its investor base -- though it's not expecting a significant change to its taxation.
- The company says its U.S.-Netherlands tax treatment limits investment by those residing outside the two countries.
- The change is set to go before shareholders at Nielsen's annual meeting, and wouldn't change its NYSE listing. It's set to close in Q3.
- Autodesk (NASDAQ:ADSK) added 100K PC software, maintenance, and cloud software subscriptions in FQ4, bringing its total subscriber base to 2.23M; the Shotgun Software acquisition boosted sub adds by 17K.
- For the whole of FY15, Autodesk added 385K subs, topping prior guidance of 325K-375K. The company expects to add 375K-425K in FY16 (ends Jan. '16).
- FQ1 revenue guidance of $625M-$645M is mostly above a $627.5M consensus, and FY16 revenue growth guidance 3%-5% is in-line with a 4% consensus. With near-term EPS affected by aggressive spending and the shift towards subscription revenue from licenses, FQ1 and FY16 EPS guidance of $0.25-$0.30 and $1.05-$1.20 is below consensus estimates of $0.32 and $1.32. FY16 billings growth guidance is also at 3%-5%.
- Subscription revenue rose 17% Y/Y in FQ4 to $310.3M, and license/other revenue 10% to $310.3M. Subscription growth led the deferred revenue balance to rise 28% to $1.16B.
- Segment performance: Architecture, Engineering, & Construction revenue +24% to $242M; manufacturing +23% to $190M; platform solutions/emerging businesses -4% to $189M; media/entertainment +5% to $43M.
- Geographic performance: Americas revenue +15% to $238M. EMEA +19% to $273M. Asia-Pac +2% to $154M. Not surprisingly, EMEA and Asia-Pac sales were hurt by forex.
- Operating expenses rose 22% Y/Y to $505.5M. 1.1M shares were repurchased in FQ4, and 6.9M over the whole of FY15.
- ADSK +4% AH to $63.45, making new highs along the way.
- FQ4 results, PR
- MoSys (NASDAQ:MOSY) plans a stock offering to raise funds for "working capital and general corporate purposes." No word yet on the offering's size or pricing.
- The networking SRAM developer had $25.8M in cash/investments at the end of Q4, down from $33.7M at the end of Q3. Its market cap stands at $100.6M.
- Shares haven't moved yet in AH trading. They rose 5.2% in regular trading.
- Though it beat Q4 revenue estimates (while missing on EPS), Universal Display (NASDAQ:OLED) is setting a 2015 "base revenue forecast" of $200M, below a $211.4M consensus. The company believes the forecast has a "downside range" of 5%, and "upside potential" of 15%.
- The outlook is attributed to uncertain timing for OLED TV and flexible OLED production ramps, as well as for new mobile products featuring OLED displays. It assumes $60M in Samsung license revenue, and a one-quarter lag in LG Display royalty payments.
- CFO Sidney Rosenblatt: "The key takeaway is that we believe this transitional year of strategic capacity investment and product expansion in the OLED industry will set the framework for the next wave of market growth, which we anticipate to more fully materialize in 2016 and beyond."
- Materials sales rose 10% Y/Y in Q4 to $28.1M, after declining 9% in Q3 (believed to be due to a lack of host materials sales for the Galaxy Note 4). Royalty/license fees rose 21% to $28M, with Samsung making a $25M payment (up from $20M a year ago).
- Hurting EPS: Materials gross margin fell to 57% from 73% in Q3 and 70% a year ago; Universal notes materials costs rose thanks to a $3.9M inventory write-down, as well as mix changes and higher shipments. Operating expenses (including materials costs) rose 30% Y/Y to $39.1M.
- Shares have fallen to $35.25 AH.
- Q4 results, PR
- TubeMogul (NASDAQ:TUBE) beat expectations in a Q4 where they grew sales more than 60% (and gross profits 77%), but sank 25.3% in late trading as it guided lower than expected for 2015 earnings.
- Revenue breakout: Platform Direct, $16.3M (up 94%); Platform Services, $19.8M (up 45%).
- Total Spend was $82.6M, up 85% Y/Y (Platform Direct Spend, $62.8M; Platform Services Spend, $19.8M). Gross margin of 71%, up from 2013's 66%.
- While gross profit was up by $11M, the company doubled R&D expenses and almost doubled sales and marketing expense, pushing them to an operating loss.
- The company guided to Q1 revenue of $28M-$30M in revenue -- light of expectations of $31.6M -- and for Q1 adjusted EBITDA of -$5M to -$3M.
- For full 2015, the compay issued guidance of $142M-$152M in revenue against expectations of $154.2M, and EBITDA of -$19M to -$9M vs. expectations of -$11M.
- Conference call at 5 p.m. ET.
- Press release
- Tableau (NYSE:DATA) is up 1.5% AH to $98.85 after machine data/IT operational intelligence analytics leader Splunk soundly beat FQ4 estimates and offered above-consensus FQ1 and FY16 sales guidance.
- The shoe was on the other foot three weeks ago, with Splunk rallying in response to Tableau's results and guidance. Tableau's 52-week high is $102.37.
- SBA Communications (NASDAQ:SBAC) pointed to organic growth in a fourth quarter that saw revenues beat expectations, though it guided slightly lower than analysts for the coming year.
- Revenues were up 20.7%; by segment: Site leasing, $361.4M (up 23.5%); Site development, $43.3M (up 1%). Operating income was up significantly (+62.5%), but so was interest expense (up 21.1%), which brought net income close to breakeven.
- In Q4, SBA bought 1,703 communications sites for $520.5M in cash, including 1,641 from Oi SA in Brazil, and built 175 towers.
- Total cash capex in Q4 was $616.4M, mainly for discretionary spending (new towers and augmentations, acquisitions and land).
- The company guided to $403M-$413M in revenues and adjusted EBITDA of $265.5M-$270.5M, both in line with expectations. For the full 2015, the company is expecting total revenue of $1.626B-$1.671B, light of expectations of $1.675B, and EBITDA of $1.088B-$1.108B vs. an expected $1.111B.
- Conference call at 10 a.m. ET tomorrow.
- Shares -0.6% after hours.
- Press release
- While beating FQ4 estimates, Nimble Storage (NYSE:NMBL) is guiding for FQ1 EPS of -$0.13 to -$0.14, below a -$0.12 consensus. Also, revenue guidance of $68M-$70M is only in-line with a $68.7M consensus; Nimble had been providing above-consensus sales guidance until now.
- Product revenue rose 58% Y/Y in FQ4 to $58.6M, and support/service revenue 111% to $9.6M. Gross margin was 67.2% (+10 bps Q/Q and flat Y/Y), and GAAP operating expenses rose 68% Y/Y to $68.2M - sales/marketing spend totaled $40.7M, R&D $19M, and G&A $8.5M.
- The hybrid storage array vendor says it produced positive free cash flow for the first time in its history in FQ4, and remains on track to be profitable on a non-GAAP basis by the end of FY16 (ends Jan. '16).
- Shares have fallen to $25.88 AH. The numbers come six weeks after shares tumbled on news of sales chief Eric Mann's departure.
- FQ4 results, PR
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