MobileIron, Inc. (NASDAQ:MOBL) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 04:30 pm ET

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MobileIron, Inc. (NASDAQ:MOBL) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the MobileIron Fourth Quarter and Fiscal Year 2018 Financial Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation there will be an opportunity to ask questions. (Operator Instructions)

I would now like to turn the conference over to Erik Bylin. Please go ahead.

Executive
Erik Bylin

Thank you, operator. Good afternoon and welcome to MobileIron's Fourth Quarter 2018 Financial Results Conference Call. Joining us from the Company are Simon Biddiscombe, CEO and Scott Hill, CFO. The format of the call will be remarks by Simon then Scott will provide details on the financials. We'll then have time for questions. If you have not received a copy of today's press release, please go to MobileIron's Investor Relations website at investors.mobileiron.com. Today's conference call contains forward-looking statements that involve risks and uncertainties, including statements regarding MobileIron's revenue, operating expenses, GAAP and non-GAAP financial metrics, product releases, projections and trends.

All of these forward-looking statements are subject to a number of significant risks, uncertainties and assumptions. Actual results could differ materially from the statements made on this call. Please see the Risk Factors section of our SEC filings. All statements made on this call are made as of today, we assume no obligation and do not currently intend to update any such forward-looking statements. If this call is reviewed after today, the information presented during this call may not be current or accurate with regard to non-GAAP financial metrics, while we believe them to be helpful in understanding MobileIron's financial performance. They are not meant to be considered in isolation or as a substitute for comparable GAAP metrics. They should be only read in conjunction with MobileIron's consolidated financial statements prepared in accordance with GAAP. Reconciliation of the non-GAAP financial metrics to the GAAP metrics can be found in our press release and on the Investor Relations page of our website. Unless, otherwise stated, results shared today will be non-GAAP. At this time, I would now like to turn the call over to Simon. Please go ahead.

Executive
Simon Biddiscombe

Thank you, Eric, and good afternoon. In my remarks today, I will provide a brief commentary on our fourth quarter financial performance, look back on our 2018 accomplishments and share some highlights on what to expect for MobileIron in 2019. Starting with our financial performance. In Q4, we grew recurring revenue by 21% year-over-year, a testament to our progress toward a cloud and subscription model. We outperformed on billings once again delivering $69.5 million which is growth of more than 15% well above guidance with particularly strong execution in our European business.

Our new products Access and Threat Defense continued their consistent upwards trajectory and contributed $7.5 million in billings. We also set another operating profit record to finish the year. As we close out 2018, I'd like to look back on my first full year as CEO. A year ago, I spoke about our strategy to reignite growth at MobileIron. We came into 2018