Control4 Corporation (NASDAQ:CTRL) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 03, 2018 • 05:00 pm ET

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Control4 Corporation (NASDAQ:CTRL) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Control4 First Quarter Fiscal Year 2018 Earnings Conference Call. Today's call is being recorded.

At this time, I would like to turn the conference over to Mark Novakovich, Chief Financial Officer. Please go ahead sir.

Executive
Mark Novakovich

Thank you, Operator. Good afternoon, everyone, and thank you for joining Control4's earnings conference call for the first quarter of 2018. My name is Mark Novakovich, and I'm the Chief Financial Officer for Control4. With me on the call today is Martin Plaehn, our Chairman and Chief Executive Officer.

Prior to this call, we distributed our Q1, 2018 earnings release over the wire services, and we have it posted on our website at investor.control4.com, as well as furnished it to the SEC on Form 8-K.

Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements regarding future events and financial performance, including providing revenue and non-GAAP net income and EPS guidance for the second quarter and full year 2018. We caution that such statements reflect our best judgment as of today, May 3, based on factors that are currently known to us and that actual future events or results could differ materially due to a number of factors, many of which are beyond our control.

For a more detailed discussion of the risks and uncertainties affecting our future results, we refer you to our filings with the SEC, including the 8-K we filed earlier today, which contains our Q1, 2018 earnings release. Control4 disclaims any obligation to update or revise these forward-looking statements to reflect future events or circumstances.

During the call, we will discuss non-GAAP financial measures. We do not provide full guidance on GAAP net income because of the variable and unpredictable nature of certain items excluded from non-GAAP net income such as certain acquisition-related expenses, stock-based compensation, and certain litigation settlement expenses. Unless we specifically state otherwise, the non revenue financial measures that we discuss today were not prepared in accordance with generally accepted accounting principles, in that they exclude these types of expenses that are detailed in the reconciliation of GAAP and non-GAAP results provided in today's press release and posted on the Investor Relations section of our website.

Now I will turn the call over to Martin.

Executive
Martin Plaehn

Thanks Mark. Welcome everyone and thank you for joining us on the Control4 earnings call for the first quarter of 2018. On the call today, we will share with you the highlights of another strong financial quarter. An update on recent product and program announcements, and areas of continued strategic focus, which we believe will help drive our leadership forward in a professionally installed connected home market.

Here are the high level business results for Q1. Revenue for the quarter was $59.1 million, representing year-over-year growth of 18%. Our strong Q1 revenue combined with non-GAAP gross margins of 53.6% and continued expense discipline enabled us to deliver non-GAAP net income for the quarter of $5.8 million, or $0.21 per