IPAS

iPass Inc. (IPAS)

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iPass Inc. (IPAS)

Q1 2010 Earnings Call

May 6, 2010 5:00 PM ET

Executives

Steven Gatoff – Chief Financial Officer

Evan Kaplan – President and CEO

Analysts

Presentation

Operator

Good day, ladies and gentlemen. And welcome to the Q1 2010 iPass Incorporated Earnings Conference Call. My name is Katrina, and I’ll be your operator for today. At this time, all participants are in listen-only mode. Later we’ll conduct a question-and-answer session. (Operator Instructions).

I would now like to turn the conference over to your host for today, Steven Gatoff. Please proceed, sir.

Steven Gatoff

Thank you, Operator. Good afternoon. Thank you for joining us to discuss our financial and operating results for the first quarter of 2010. I’m Steven Gatoff, Chief Financial Officer of iPass and I’m here today with Evan 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 May 6, 2010, and our presentation today contains forward-looking statements about events and circumstances that have not yet occurred, statements regarding our projected financial results for the first quarter of 2010 and the second 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 the 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 Form 10-K under the section Risk Factors that are filed with the SEC. These reports are available on our website and at www.sec.gov.

Please note that iPass undertakes no responsibility to update the information on this conference call under any circumstances. On the call, we’ll provide and talk about our results using non-GAAP financial measures. The press release on our website includes texts and tables that explain how we define and calculate non-GAAP metrics and the reconciliation of non-GAAP results to GAAP results.

The press release and Form 8-K announcing our financial results is 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 copying or rebroadcast of this webcast without the expressed 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, everyone. Thanks for joining us on today’s call. I have three things I want to cover in my opening comments. First, I want to give you a clear picture of the state of our business today. Second, I’d like to update you on the progress that we’re making with our Open Mobile Platform that we announced in January. And third, I want through the changes we made to how we’ll be reporting our revenue model and our iPass user metrics going forward.

So let’s start with the state of the business. I’m excited to share with you the progress that we made in the first quarter across several important fronts, specifically, team, technology and product.

As you know, we executed on a major milestone delivery of our Open Mobile Platform in January. And while we’re still in the early stages, we saw strong progress in the platform throughout the quarter. I’ll go into more detail on that in a few minutes.

From a financial perspective, as projected, we came in squarely on guidance with our revenue and profitability targets. We continue to run the business responsibly while investing in our expanded offer portfolio and our growth initiatives.

This was evident in the dynamic where Q1 revenue declined apples-to-apples from Q4, primarily on the back of lower dial-up and minimum commitment revenues. But I’m pleased to say that we managed our operations to accommodate this and maintain our commitment.

Taking a look at the team. Over the course of the quarter we also continued to build our bench strength by adding new entrepreneurial talent in key leadership positions throughout the company with a special emphasis on sales and marketing.

On the network front, in partnership with Aircell we launched the new inflight Wi-Fi service as part of the iPass Global Network. Our customers can now sign up to have the inflight service added to their iPass contract and their employees can seamlessly access inflight internet on Aircell’s Gogo service throughout North America.

So far, we’re very pleased with the usage we’re seeing and the general acceptance among our customer base of that service. We’re also excited to be the first roaming partner to get to market with this new capability and we��re looking forward to expanding our coverage to flights in Europe in the coming months.

On the terrestrial side, we’ve broadened our overall network footprint with some nice expansion in Europe in the quarter and now cover more than 143,000 venues in 93 countries.

We also broadened the range of devices that we support with the addition of Apple’s new iPad as well as adding support for a new embedded 3G platform. So, solid progress.

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