IPAS

iPass Inc. (IPAS)

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iPass Inc. (IPAS)

Q4 2009 Earnings Call

February 11, 2010 5:00 pm ET

Executives

Evan Kaplan – President, Chief Executive Officer

Steven Gatoff – Chief Financial Officer

Analysts

Frederick Ziegal – Blue Water Capital Markets

Neil Weiner – Foxhill Capital Partners

Edward Einboden – William Smith & Co.

[Xavier Arnold – Permanent Capital]

Justin Orlando – Dolphin Management

Presentation

Operator

Welcome to the iPass Inc. Q4 2009 earnings conference call. (Operator Instructions) I will now turn the call over to Steven Gatoff.

Steven Gatoff

Good afternoon. Thank you for joining us to discuss our financial and operation results for the fourth quarter and fiscal 2009. I’m Steven Gatoff, Chief Financial Officer at iPass and I’m here today with Even Kaplan, President and CEO.

Before I turn the call over to Evan I’d like to bring the following to your attention. The date of this call is February 11, 2010. Our presentation today contains forward-looking statements about events and circumstances that have not yet occurred. Statements regarding our projected results for the first quarter of 2010, statements regarding achieving growth and profitability, statements containing words such as will, expect, believe, plan, intend and should, and other statements in the future tense are forward-looking statements.

Actual outcomes and results may differ materially from expectations contained in these statements due to a number of risks and uncertainties. The risks and uncertainties that could cause these statements not to come true are set forth in today’s press release as well as in our most recent quarterly report on Form 10-Q and annual report on 10-K under the section, Risk Factors, that are filed with the Securities and Exchange Commission. These reports are available on our website and at www.sec.gov. Please not that iPass undertakes no responsibility to update the information in this conference call.

On this call we will provide and talk about our results using non-GAAP financial measures. The press release and our website includes text and tables to explain how we define and calculate non-GAAP metrics and a reconciliation of non-GAAP results to GAAP results. The press release and Form 8-K announcing our financial results are available on our website at www.ipass.com. This earnings call is being recorded for replay. It is being webcast and will also be available on our website for one quarter until the next quarter’s earnings call.

Please note that this webcast is the property of iPass and any copy or rebroadcast of this webcast without the express prior written consent of iPass is strictly prohibited.

With that, I’d like to turn the call over to Evan.

Evan Kaplan

Thanks Steven. Good afternoon every one. Thanks for joining us. There’s a lot that we’d like to talk with you today so I’m going to jump right in.

On last quarter’s call we aimed to give you sense of the opportunity as well as paint a realistic picture of the work ahead of us. We feel we’ve moved forward significantly on the initiatives that we talked about and Steve and I will both go into more details about these throughout today’s call.

Most importantly as we report on Q4 and the full year 2009, I want to start things by taking a set back and level setting where we are, what 2009 was all about, how we’re thinking about the future.

I think that the messages and discussion around today’s calls are really important to understand and so after our prepared remarks, Steve and I look forward to answering any and all questions that might provide additional clarity.

Having said that, we’ll talk today about what we’ve accomplished so far, the nature of the migration of the iPass business model, the time horizon and the commensurate risks and rewards of this kind of investment. To that end, there are three things I’d like you to take away from this call.

First, to state it clearly, we believe we’ve done heavy lifting around righting the ship in 2009. We’ve established a solid foundation and we’ve positioned the company’s operations on solid ground.

Second, we have a lot of clarity about the value proposition for our new open Mobile platform and some real excitement about its position at the intersection of some very high growth markets; and even more specifically, conviction that this new platform is a foundation for creating meaningful value going forward.

And third, we think it’s important that all stakeholders understand there would be a line around this nature of opportunity, transformation at hand and the risks and the timeframe in which this may realistically be accomplished.

So let’s start with righting the ship and specifically what’s happened this past year. It’s always instructive to provide some context of what we’re talking about and where we are and I’d like to do that by simply retracing a bit where iPass came from over 2009.

When the year started, I had been here for 45 days and things were just not in good shape. While I knew there were significant issues, it took me some time to understand just how significant those issues were and co-incidentally for a clear picture of the opportunities to develop.

There certainly were meaningful needs at iPass; people, systems, processes all needed to be re-factored; but most importantly, the fundamental value proposition had been in decline for some time and the strategic direction of the company needed dramatic revamping.

What I did know at that point was we still had a great customer base, a fantastic under utilized cloud based infrastructure and authentication fabric, and most importantly, a core group of people within the company that had terrific domain knowledge and history within the enterprise Mobility space and a real passion to succeed.

Having said that, even before real strategic changes were initiated, I focused immediately on the longest lead items and that was; a, fixing our product development engine so we could deliver on our commitment and regain the confidence of our customers and b, digging deep on the fundamental value proposition and how it could be transformed.

That’s where I spent my first few months. At that point I had some good front line people but I need a force multiplier team. That took a few months more and by this past August; a completely new and executive team was in place.

It wasn’t really until then that I had the feedback and collaboration of deep subject matter experts who were digging in, uncovering what needed to be uncovered and laying out the details of where the various pieces of story needed to go and how it would all come together.

Read the rest of this transcript for free on seekingalpha.com