- Revenue Increased 45% Year-over-Year and 12% Quarter-over-Quarter to a Record $77.3 Million in Q4‘10
- Company Added Over 900 New Customers in Q4‘10 to Surpass 11,000 Cumulative Customers
- Ending Cash and Short Term Investments Totaled $155.4 Million With No Debt
SUNNYVALE, Calif.--(BUSINESS WIRE)--Aruba Networks, Inc. (NASDAQ:ARUN), a global leader in distributed enterprise network solutions, today released financial results for its fiscal fourth quarter and full year ended July 31, 2010.
Revenues for Q4’10 were $77.3 million, an increase of 45% from the $53.3 million reported in Q4’09. GAAP net income for Q4’10 was $0.4 million, or $0.00 per share, compared to a net loss of $4.5 million, or $0.05 per share, in Q4’09.
Non-GAAP net income for Q4’10 was $11.1 million, or $0.10 per share. This compares to net income of $3.2 million or $0.03 per share in Q4'09. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
Revenues for the fiscal year ended July 31, 2010 were approximately $266.5 million, an increase of 34% from $199.3 million reported in the prior fiscal year. GAAP net loss for FY 2010 was $34.0 million, or $0.38 per share, compared to a net loss of $23.4 million, or $0.28 per share in FY 2009. Non-GAAP net income for FY 2010 was $30.0 million, or $0.29 per share, compared to non-GAAP net income of $7.6 million, or $0.08 per share in FY 2009.
“Robust demand from a broad cross section of industries and verticals drove sharp revenue growth in the quarter,” said Dominic Orr, President and Chief Executive Officer of Aruba. "The rapid growth in our revenues and customer base has been enabled by investments in our field sales organizations and R&D infrastructure, which have greatly increased our geographic reach and new market opportunities. We will continue to make these investments in the future, while demonstrating operating leverage in our model. The proliferation of wireless-enabled laptops, smart phones, and other mobile devices in the enterprise is transforming networks, and customers are increasingly adopting a ‘wireless where you can, wired where you must’ stance in their network infrastructure. Building on the rapidly growing customer demand for 802.11n, traction with our rightsizing and VBN (Virtual Branch Networking) initiatives is accelerating, helping us to add a record 900+ new customers during the quarter.”
“Profitability in the fourth quarter was driven by strong revenue growth, product mix, and prudent investments, as operating profit more than tripled over the fiscal fourth quarter in the prior year,” said Steffan Tomlinson, Aruba’s Chief Financial Officer. “We intend to further leverage our distribution channel to capitalize on these positive trends and sales momentum. As part of this effort, we announced an OEM agreement with Dell last week which we believe will complement our existing OEM and distribution partnerships to further expand our global sales footprint. Our balance sheet remains strong, as we generated cash flow from operations of $10.4 million and $25.8 million in the fiscal fourth quarter and fiscal 2010, respectively. We ended the quarter with $155.4 million in cash and short term investments, an increase of $32.3 million compared to the end of the fiscal fourth quarter in fiscal 2009, and no debt.”
Recent Highlights
Recent highlights include:
- OEM Agreement with Dell – Aruba announced an OEM agreement with Dell to deliver its secure mobility solutions to large enterprises, mid-market, healthcare, education and government markets under Dell’s “PowerConnect W-Series Powered by Aruba Networks” brand.
- Single-Radio 802.11n Access Points - Aruba introduced two compact, single-radio 802.11n access points, the entry-level AP-92 and AP-93. Priced lower than many legacy 802.11abg access points, the new access points are covered by Aruba’s limited lifetime warranty and can be configured to provide 802.11n Wi-Fi access, spectrum analysis, remote networking, indoor mesh, or wireless intrusion prevention over the 2.4GHz and 5GHz RF spectrum.
- New Customers - New customers for the quarter were spread across a wide range of industries and included: healthcare-related institutions such as LRGHealthcare, Milford Regional Medical Center, and Westminster Canterbury Richmond; educational institutions such as Indus International Schools, Khon Kaen University Faculty of Medicine, and Acharya Institutes; retailer Zander Group; and Xiamen Airlines.
Conference Call Information
Aruba will host a conference call for analysts and investors to discuss its fiscal fourth quarter and full fiscal year 2010 financial results today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). A live Web cast of the conference call will also be accessible from the “Investor Relations” section of the Company’s Web site at www.arubanetworks.com. Following the Web cast, an archived version will be available on the Web site for twelve months. To hear the replay, parties in the United States and Canada should call 1-800-406-7325 and enter passcode 4340343. International parties can access the replay at +1-303-590-3030 and should enter passcode 4340343.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that we will continue to invest in our field sales organization and R&D infrastructure while demonstrating operating leverage, wireless will continue to gain momentum in the enterprise as the primary network connection, the traction of our rightsizing and VBN initiatives will continue to accelerate, we intend to further leverage our distribution channel to capitalize on our positive financial trends and sales momentum, and that our OEM partnership with Dell will further expand our global sales footprint.
These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause Aruba’s results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: (1) our ability to react to trends and challenges in our business and the markets in which we operate; (2) business and economic conditions and growth trends in the networking industry, our vertical markets and various geographic regions; (3) changes in overall information technology spending; (4) our ability to establish and maintain successful relationships with our distribution partners including Dell; (5) our ability to compete in our industry; as well as those risks and uncertainties included under the captions “Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Aruba’s report on Form 10-Q for the third quarter of 2010 ended April 30, 2010, which was filed with the SEC on June 4, 2010, and is available on Aruba’s investor relations Web site at www.arubanetworks.com and on the SEC Web site at www.sec.gov. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP net income and non-GAAP earnings per share (EPS). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Non-GAAP net income and EPS. Aruba defines non-GAAP net income as net income plus stock-based expenses and related payroll taxes, amortization expense of acquired intangible assets and, for the fiscal first, second and third quarters of 2010, litigation reserves and, for the fiscal second quarter of 2009, restructuring expenses. Aruba defines non-GAAP EPS as non-GAAP net income divided by the weighted average diluted shares outstanding. Aruba’s management regularly uses these non-GAAP financial measures to understand and manage its business and believes that these non-GAAP financial measures provide meaningful supplemental information regarding the company’s performance by excluding certain expenses that may not be indicative of Aruba’s “recurring operating results,” meaning its operating performance excluding not only stock-based expenses and related payroll taxes, but also discrete charges that are infrequent in nature, such as restructuring and litigation expenses. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Aruba’s management believes that providing non-GAAP financial measures that exclude stock-based expenses allows investors to compare these results with those of other companies, as well as providing management with an important tool for financial and operational decision making and for evaluating the company’s operating results over different periods of time. Similarly, by excluding amortization expense of acquired intangible assets, restructuring and litigation expenses, Aruba’s management believes that investors can better understand and measure the company’s recurring operating results.
There are a number of limitations related to the use of non-GAAP net income and EPS versus net income and EPS calculated in accordance with GAAP. First, these non-GAAP financial measures exclude some costs, namely stock-based expenses and related payroll taxes, that are recurring. Stock-based expenses and related payroll taxes have been and will continue to be for the foreseeable future a significant recurring expense in Aruba’s business. Second, stock-based awards are an important part of Aruba’s employees’ compensation and impacts their performance. Third, the components of the costs that Aruba excludes in its calculation of non-GAAP net income may differ from the components that its peer companies exclude when they report their results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their most directly comparable financial measures calculated in accordance with GAAP. The accompanying tables have more details on these non-GAAP financial measures, including reconciliations between these financial measures and their most directly comparable GAAP equivalents.
A copy of this press release can be found on the investor relations page of Aruba Networks’ Web site at www.arubanetworks.com.
About Aruba Networks
Aruba is a global leader in distributed enterprise networks. Its award-winning portfolio of campus, branch/teleworker, and mobile solutions simplify operations and secure access to all corporate applications and services - regardless of the user's device, location, or network. This dramatically improves productivity and lowers capital and operational costs.
Listed on the NASDAQ and Russell 2000(R) Index, Aruba is based in Sunnyvale, California, and has operations throughout the Americas, Europe, Middle East, and Asia Pacific regions. To learn more, visit Aruba at http://www.arubanetworks.com. For real-time news updates follow Aruba on Twitter, Facebook, or the Green Island News Blog.
© 2010 Aruba Networks, Inc. AirWave®, Aruba Networks®, Aruba Mobility Management System®, Bluescanner, For Wireless That Works®, Mobile Edge Architecture®, People Move. Networks Must Follow®, The All-Wireless Workplace Is Now Open For Business, RFprotect®, Green Island, and The Mobile Edge Company® are trademarks of Aruba Networks, Inc. All rights reserved. All other trademarks are the property of their respective owners.
| Aruba Networks, Inc. |
| Consolidated Balance Sheets |
| (In thousands, except per share data) |
| (Unaudited) |
| | | July 31,
2010 | | July 31,
2009 |
| Assets | | | | | | | | |
| | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 31,254 | | | $ | 41,298 | |
| Short-term investments | | | 124,167 | | | | 81,839 | |
| Accounts receivable, net | | | 41,269 | | | | 33,466 | |
| Inventory | | | 15,159 | | | | 8,450 | |
| Deferred costs | | | 5,451 | | | | 5,152 | |
| Prepaids and other | | | 5,108 | | | | 2,350 | |
| | | | | | | | | |
| Total current assets | | | 222,408 | | | | 172,555 | |
| | | | | | | | | |
| Property and equipment, net | | | 9,919 | | | | 7,426 | |
| Goodwill | | | 7,656 | | | | 7,656 | |
| Intangible assets, net | | | 9,287 | | | | 14,091 | |
| Other assets | | | 1,437 | | | | 1,326 | |
| | | | | | | | | |
| Total other assets | | | 28,299 | | | | 30,499 | |
| | | | | | | | | |
| Total assets | | $ | 250,707 | | | $ | 203,054 | |
| | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | |
| | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 8,082 | | | $ | 930 | |
| Accrued liabilities | | | 36,458 | | | | 20,722 | |
| Income taxes payable | | | 519 | | | | 610 | |
| Deferred revenue | | | 43,422 | | | | 34,654 | |
| | | | | | | | | |
| Total current liabilities | | | 88,481 | | | | 56,916 | |
| | | | | | | | | |
| Deferred revenue | | | 10,976 | | | | 8,524 | |
| Other long-term liabilities | | | 595 | | | | 29 | |
| | | | | | | | | |
| Total other liabilities | | | 11,571 | | | | 8,553 | |
| | | | | | | | | |
| Total liabilities | | | 100,052 | | | | 65,469 | |
| | | | | | | | | |
| Stockholders' equity | | | | | | | | |
| Common Stock: $0.0001 par value; 350,000 shares authorized at July 31, 2010 and 2009; 93,606 and 86,744 shares issued and outstanding at July 31, 2010 and 2009, respectively | | | 9 | | | | 9 | |
| Additional paid-in capital | | | 326,178 | | | | 279,026 | |
| Accumulated other comprehensive income | | | 98 | | | | 182 | |
| Accumulated deficit | | | (175,630 | ) | | | (141,632 | ) |
| | | | | | | | | |
| Total stockholders' equity | | | 150,655 | | | | 137,585 | |
| | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 250,707 | | | $ | 203,054 | |
| | | | | | | | | |
| Aruba Networks, Inc. |
| Consolidated Statements of Operations |
| (On a GAAP basis) |
| (In thousands, except per share data) |
| (Unaudited) |
| | | | | | | | | |
| | | | | | | | | |
| | | Three months ended
July 31, | | Years ended
July 31, |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| Revenues: | | | | | | | | |
| Product | | $ | 65,564 | | | $ | 43,366 | | | $ | 221,474 | | | $ | 161,927 | |
| Professional services and support | | | 11,651 | | | | 9,675 | | | | 44,323 | | | | 35,946 | |
| Ratable product and related professional services and support | | | 111 | | | | 285 | | | | 737 | | | | 1,386 | |
| | | | | | | | | |
| Total revenues | | | 77,326 | | | | 53,326 | | | | 266,534 | | | | 199,259 | |
| | | | | | | | | |
| Cost of revenues: | | | | | | | | |
| Product | | | 22,624 | | | | 15,939 | | | | 77,070 | | | | 59,917 | |
| Professional services and support | | | 2,338 | | | | 1,852 | | | | 8,775 | | | | 7,437 | |
| Ratable product and related professional services and support | | | 29 | | | | 98 | | | | 229 | | | | 483 | |
| | | | | | | | | |
| Total cost of revenues | | | 24,991 | | | | 17,889 | | | | 86,074 | | | | 67,837 | |
| | | | | | | | | |
| Gross profit | | | 52,335 | | | | 35,437 | | | | 180,460 | | | | 131,422 | |
| | | | | | | | | |
| Operating expenses: | | | | | | | | |
| Research and development | | | 13,907 | | | | 9,886 | | | | 51,619 | | | | 40,293 | |
| Sales and marketing | | | 30,380 | | | | 23,722 | | | | 109,393 | | | | 90,241 | |
| General and administrative | | | 7,353 | | | | 6,044 | | | | 30,953 | | | | 23,198 | |
| Restructuring expenses | | | - | | | | - | | | | - | | | | 1,447 | |
| Litigation reserves | | | - | | | | - | | | | 21,900 | | | | - | |
| | | | | | | | | |
| Total operating expenses | | | 51,640 | | | | 39,652 | | | | 213,865 | | | | 155,179 | |
| | | | | | | | | |
| Operating income (loss) | | | 695 | | | | (4,215 | ) | | | (33,405 | ) | | | (23,757 | ) |
| | | | | | | | | |
| Other income (expense), net | | | | | | | | |
| Interest income | | | 218 | | | | 265 | | | | 834 | | | | 1,837 | |
| Other income (expense), net | | | (266 | ) | | | (267 | ) | | | (699 | ) | | | (705 | ) |
| | | | | | | | | |
| Total other income (expense), net | | | (48 | ) | | | (2 | ) | | | 135 | | | | 1,132 | |
| | | | | | | | | |
| Income (loss) before income tax provision | | | 647 | | | | (4,217 | ) | | | (33,270 | ) | | | (22,625 | ) |
| | | | | | | | | |
| Income tax provision | | | 224 | | | | 281 | | | | 728 | | | | 788 | |
| | | | | | | | | |
| Net income (loss) | | $ | 423 | | | $ | (4,498 | ) | | $ | (33,998 | ) | | $ | (23,413 | ) |
| | | | | | | | | |
| Shares used in computing net income (loss) per common share, basic | | | 92,977 | | | | 86,315 | | | | 89,978 | | | | 84,612 | |
| | | | | | | | | |
| Net income (loss) per common share, basic | | $ | 0.00 | | | $ | (0.05 | ) | | $ | (0.38 | ) | | $ | (0.28 | ) |
| | | | | | | | | |
| Shares used in computing net income (loss) per common share, diluted | | | 108,814 | | | | 86,315 | | | | 89,978 | | | | 84,612 | |
| | | | | | | | | |
| Net income (loss) per common share, diluted | | $ | 0.00 | | | $ | (0.05 | ) | | $ | (0.38 | ) | | $ | (0.28 | ) |
| | | | | | | | | | | | | | | | | |
| Aruba Networks, Inc. |
| Consolidated Statements of Operations |
| (GAAP to Non-GAAP Reconciliation) |
| (In thousands, except per share data) |
| (Unaudited) |
| |
| | | Three months ended
July 31, | | Years ended
July 31, |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | | | | |
| GAAP net income (loss) | | $ | 423 | | $ | (4,498 | ) | | $ | (33,998 | ) | | $ | (23,413 | ) |
| | | | | | | | | | |
| Plus: | | | | | | | | | |
| a) Stock-based expenses | | | 9,528 | | | 6,425 | | | | 37,298 | | | | 24,579 | |
| b) Amortization expense of acquired intangible assets | | | 1,145 | | | 1,234 | | | | 4,804 | | | | 4,937 | |
| c) Restructuring expenses | | | - | | | - | | | | - | | | | 1,447 | |
| d) Litigation reserves | | | - | | | - | | | | 21,900 | | | | - | |
| | | | | | | | | | |
| | | | | | | | | | |
| Non-GAAP net income | | $ | 11,096 | | $ | 3,161 | | | $ | 30,004 | | | $ | 7,550 | |
| | | | | | | | | | |
| | | | | | | | | | |
| GAAP net income (loss) per common share | | $ | 0.00 | | $ | (0.05 | ) | | $ | (0.38 | ) | | $ | (0.28 | ) |
| | | | | | | | | | |
| Plus: | | | | | | | | | |
| a) Stock-based expenses | | | 0.09 | | | 0.07 | | | | 0.39 | | | | 0.29 | |
| b) Amortization expense of acquired intangible assets | | | 0.01 | | | 0.01 | | | | 0.05 | | | | 0.06 | |
| c) Restructuring expenses | | | - | | | - | | | | - | | | | 0.01 | |
| d) Litigation reserves | | | - | | | - | | | | 0.23 | | | | - | |
| | | | | | | | | | |
| | | | | | | | | | |
| Non-GAAP net income per common share | | $ | 0.10 | | $ | 0.03 | | | $ | 0.29 | | | $ | 0.08 | |
| | | | | | | | | | |
| Shares used in computing diluted GAAP net income (loss) per common share | | | 108,814 | | | 86,315 | | | | 89,978 | | | | 84,612 | |
| | | | | | | | | | |
| Shares used in computing diluted Non-GAAP net income per common share | | | 108,814 | | | 98,424 | | | | 104,413 | | | | 90,173 | |
| | | | | | | | | | | | | | | | |
| Aruba Networks, Inc. |
| Consolidated Statements of Operations |
| As a Percentage of Total Revenues |
| (On a GAAP Basis) |
| (Unaudited) |
| | | | | | | | | |
| | | Three months ended
July 31, | | Years ended
July 31, |
| | | 2010 | | 2009 | | 2010 | | 2009 |
| Revenues: | | | | | | | | |
| Product | | 84.8 | % | | 81.3 | % | | 83.1 | % | | 81.3 | % |
| Professional services and support | | 15.1 | % | | 18.2 | % | | 16.6 | % | | 18.0 | % |
| Ratable product and related professional services and support | | 0.1 | % | | 0.5 | % | | 0.3 | % | | 0.7 | % |
| | | | | | | | | |
| Total revenues | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | |
| Cost of revenues: | | | | | | | | |
| Product | | 29.3 | % | | 29.9 | % | | 28.9 | % | | 30.1 | % |
| Professional services and support | | 3.0 | % | | 3.4 | % | | 3.3 | % | | 3.7 | % |
| Ratable product and related professional services and support | | 0.0 | % | | 0.2 | % | | 0.1 | % | | 0.2 | % |
| | | | | | | | | |
| Total cost of revenues | | 32.3 | % | | 33.5 | % | | 32.3 | % | | 34.0 | % |
| | | | | | | | | |
| Gross profit | | 67.7 | % | | 66.5 | % | | 67.7 | % | | 66.0 | % |
| | | | | | | | | |
| Operating expenses: | | | | | | | | |
| Research and development | | 18.0 | % | | 18.6 | % | | 19.4 | % | | 20.3 | % |
| Sales and marketing | | 39.3 | % | | 44.5 | % | | 41.0 | % | | 45.3 | % |
| General and administrative | | 9.5 | % | | 11.3 | % | | 11.6 | % | | 11.6 | % |
| Restructuring expenses | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.7 | % |
| Litigation reserves | | 0.0 | % | | 0.0 | % | | 8.2 | % | | 0.0 | % |
| | | | | | | | | |
| Total operating expenses | | 66.8 | % | | 74.4 | % | | 80.2 | % | | 77.9 | % |
| | | | | | | | | |
| Operating income (loss) | | 0.9 | % | | (7.9 | %) | | (12.5 | %) | | (11.9 | %) |
| | | | | | | | | |
| Other income (expense), net | | | | | | | | |
| Interest income | | 0.2 | % | | 0.5 | % | | 0.3 | % | | 0.9 | % |
| Other income (expense), net | | (0.3 | )% | | (0.5 | )% | | (0.3 | )% | | (0.4 | )% |
| | | | | | | | | |
| Total other income (expense), net | | (0.1 | %) | | 0.0 | % | | 0.0 | % | | 0.5 | % |
| | | | | | | | | |
| Income (loss) before income tax provision | | 0.8 | % | | (7.9 | %) | | (12.5 | %) | | (11.4 | %) |
| | | | | | | | | |
| Income tax provision | | 0.3 | % | | 0.5 | % | | 0.3 | % | | 0.4 | % |
| | | | | | | | | |
| Net income (loss) | | 0.5 | % | | (8.4 | %) | | (12.8 | %) | | (11.8 | %) |
| | | | | | | | | | | | | |
| Aruba Networks, Inc. |
| Consolidated Statements of Cash Flows |
| (In thousands) |
| (Unaudited) |
| | | | | | | | |
| | | | | | Years ended
July 31, |
| | | | | | 2010 | | 2009 |
| Cash flows from operating activities | | | | |
| Net loss | | $ | (33,998 | ) | | $ | (23,413 | ) |
| | | | | | | | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | | 10,091 | | | | 9,686 | |
| Provision for doubtful accounts | | | 265 | | | | 138 | |
| Write downs for excess and obsolete inventory | | | 2,949 | | | | 3,397 | |
| Compensation related to stock options and share awards | | | 36,081 | | | | 24,579 | |
| Accretion (amortization) of purchase discounts on short-term investments | | | 837 | | | | (271 | ) |
| Gain on disposal of fixed assets | | | (3 | ) | | | (15 | ) |
| Excess tax benefit associated with stock-based compensation | | | (107 | ) | | | (88 | ) |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable | | | (8,069 | ) | | | (924 | ) |
| Inventory | | | (10,653 | ) | | | (766 | ) |
| Prepaids and other | | | (2,757 | ) | | | 847 | |
| Deferred costs | | | (290 | ) | | | (606 | ) |
| Other assets | | | 50 | | | | (50 | ) |
| Accounts payable | | | 5,937 | | | | (4,926 | ) |
| Deferred revenue | | | 11,220 | | | | 8,698 | |
| Other current and noncurrent liabilities | | | 14,360 | | | | 4,184 | |
| Income taxes payable | | | (79 | ) | | | 122 | |
| | | | | | | | |
| Net cash provided by operating activities | | | 25,834 | | | | 20,592 | |
| | | | | | | | |
| Cash flows from investing activities | | | | |
| Purchases of short-term investments | | | (122,750 | ) | | | (101,088 | ) |
| Proceeds from sales and maturities of short-term investments | | | 79,279 | | | | 83,746 | |
| Net realized gain (loss) on short-term investments | | | 147 | | | | (7 | ) |
| Purchases of property and equipment | | | (5,299 | ) | | | (4,405 | ) |
| Proceeds from sales of property and equipment | | | 42 | | | | - | |
| | | | | | | | |
| Net cash used in investing activities | | | (48,581 | ) | | | (21,754 | ) |
| | | | | | | | |
| Cash flows from financing activities | | | | |
| Proceeds from issuance of common stock | | | 12,631 | | | | 5,761 | |
| Repurchases of unvested common stock | | | (36 | ) | | | - | |
| Repurchase of common stock under stock repurchase program | | | - | | | | (991 | ) |
| Excess tax benefit associated with stock-based compensation | | | 107 | | | | 88 | |
| | | | | | | | |
| Net cash provided by financing activities | | | 12,702 | | | | 4,858 | |
| | | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | | 1 | | | | - | |
| | | | | | | | |
| Net (decrease) increase in cash and cash equivalents | | | (10,044 | ) | | | 3,696 | |
| | | | | | | | |
| Cash and cash equivalents, beginning of period | | | 41,298 | | | | 37,602 | |
| | | | | | | | |
| Cash and cash equivalents, end of period | | $ | 31,254 | | | $ | 41,298 | |
| | | | | | | | |
| Supplemental disclosure of cash flow information | | | | |
| Income taxes paid | | $ | 899 | | | $ | 673 | |
| | | | | | | | | |
IR Contacts
Aruba Networks, Inc.
Steffan Tomlinson, +1-408-754-3058
Chief Financial Officer
ir@arubanetworks.com
or
The Blueshirt Group, Investor Relations
Chris Danne or Jill Isenstadt, +1-415-217-7722
ir@arubanetworks.com