Ixia (NASDAQ:XXIA) Q1 2015 Earnings Conference Call - Final Transcript

May 05, 2015 • 09:00 am ET

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Ixia (NASDAQ:XXIA) Q1 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. I will be your conference operator today. At this time, I would like to welcome everyone to Ixia's First Quarter Financial Results Conference Call. [Operator Instructions] Please note that this call is being recorded.

I will now turn the call over to Maria Riley of The Blueshirt Group, which handles Investor Relations for Ixia. Ms. Riley, you may begin.

Executive
Maria Riley

Good afternoon, and thank you for joining us. This call is also being broadcast live over the web and can be accessed on the Investor Relations section of Ixia's website at www.ixiacom.com, and this will be posted for at least 90 days.

Members of Ixia's management team that are with me on today's call are Bethany Mayer, President and CEO; Alex Pepe, Chief Operating Officer; Brent Novak, Chief Financial Officer; and Errol Ginsberg, Chairman and Chief Innovation Officer. After the market closed today, Ixia issued a press release reporting their financial results for the first quarter ended March 31, 2015.

We would like to remind you that during the course of this conference call, Ixia management may make forward-looking statements including, without limitation, statements regarding financial projections, statements as to the plans and objectives of management for future operations and statements as to the Company's future economic performance, financial condition or results of operation.

These forward-looking statements are not historical facts, but rather are based on the Company's current expectations and beliefs. Words such as may, will, could, should, would, expects, intends, plans, projects, believes, seeks, estimates and variations of these words are intended to identify forward-looking statements. The Company's future results may differ materially from those projected in these forward-looking statements. Ixia undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Note, that unless specifically noted otherwise we are discussing all numbers on a non-GAAP or pro forma basis, prior to non-cash or non-recurring items. A full reconciliation of the non-GAAP financial measures covered in this call to the most directly comparable GAAP measures is available in the Investor Relations section of our website.

I would also like to remind -- to mention that our revenue mix information, such as revenue percentages by product, is based primarily on amounts invoiced to our customers during the specified period.

With that, I would like to turn the call over to Ixia's President and CEO, Bethany Mayer. Bethany?

Executive
Bethany Mayer

Thank you, Maria, and thank you all for joining us.

I'm pleased to announce that we delivered a strong first quarter revenue of $121 million, above the high end of our guidance of $115 million to $120 million. This marks our third quarter reporting year-over-year growth and demonstrates the compelling value we provide customers with our application performance and security resilience solutions.

Our first quarter performance was driven by 47% growth in revenue for our visibility products, including a strong quarter from AT&T. We delivered non-GAAP EPS of $0.12, also above the high end of our guidance. We strengthened our balance sheet by generating