Aerohive Networks, Inc. (NYSE:HIVE) Q4 2018 Earnings Conference Call Transcript

Feb 06, 2019 • 05:00 pm ET


Aerohive Networks, Inc. (NYSE:HIVE) Q4 2018 Earnings Conference Call Transcript


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Good day, and welcome to the Aerohive Fourth Quarter and Fiscal Year 2018 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Melanie Solomon, Investor Relations. Please go ahead, ma'am.

Melanie Solomon

Thank you, Melissa. Welcome to Aerohive Networks' fourth quarter and year-end 2018 financial results conference call. After the market closed today, Aerohive issued a press release through Business Wire. The release is also available on our website at This call is being webcast live on the Investor Relations section of the Aerohive website and will be available for 30 days.

Today's call is being hosted by David Flynn, President and Chief Executive Officer; and John Ritchie, Chief Financial Officer and Chief Operating Officer. During the course of today's call, management will make forward-looking statements, including statements regarding our projections, operating results, expectations for future revenue growth, operating discipline, profitability and margin, plans for future investments, productive development, deployment, adoption of performance and expectations of customer buying patterns and the growth of the market for our products and business generally.

These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, and the actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of these uncertainties, risks and changes and circumstances that could affect our financial and operating results, including risks and uncertainties included under the captions risk factors and management's discussion and analysis of financial condition and results of operations in our recent annual report on Form 10-K and quarterly report on Form 10-Q.

Aerohive's SEC filings are available on the Investor Relations section of our website at ir.aerohive. com and on the SEC's website at All forward-looking statements in this presentation and the referenced press release are based on information available to us as of the date hereof, and we disclaim any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the day on which they were made, except as required by law.

Today, we'll be discussing both GAAP and non-GAAP financial measures. The non-GAAP financial measures have been adjusted to exclude certain charges and are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures and a discussion of why we present non-GAAP financial measures, please see press release available on our website.

And now I'll turn the call over to David Flynn, President and CEO of Aerohive.

David K. Flynn

Thank you, Melanie, and thank you all for joining us today. While we did return to growth in 2018, it was less than the growth rates we aspire to going forward. However, 2018 was a year of improved operational execution and a reassertion of our position as an innovation leader on the space. We released a number of major new products, including A3, our standalone security