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Envivio, Inc. (ENVI)

F4Q 2014 Earnings Conference Call

March 20, 2014 5:00 PM ET


Alice Kousoum – IR, The Blueshirt Group

Julien Signès – President, CEO and co-Founder

Erik Miller – CFO


Scott Butler – Catalyst Research

Michael Lin – Stifel, Nicolaus & Co., Inc.

William D. Morrison – Oppenheimer & Co., Inc.



Ladies and gentlemen, thank you for standing by. Welcome to the Envivio Fourth Quarter 2014 Earnings Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. (Operator Instructions) This conference is being recorded today, March 20, 2014.

I would now like to turn the conference over to Alice Kousoum with Investor Relations. Please go ahead.

Alice Kousoum

Thank you, Douglas. Good afternoon and welcome to Envivio’s fourth quarter and fiscal year 2014 financial results conference call. Joining the call today are Julien Signès, President and CEO; and Erik Miller, CFO. The agenda for today’s call includes commentary from Julien, followed by discussion of the financial results from Erik.

This afternoon, Envivio issued a press release announcing its fourth quarter and fiscal year 2014 financial results, which is available on the Company’s website at The call is being broadcast live over the Internet and the audio of this call will be available on the Investor Relations page of the Company’s website for at least three months following this call.

During the course of today’s call, Julien and Erik will make projections, estimates and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements about Envivio’s overall business outlook, anticipated future financial and operating results such as revenue, gross margin and operating expense and operational and strategic plans. We caution you that such statements are predictions based on management’s current expectations or beliefs and that actual events or results may differ materially.

In addition to the risks and uncertainties described on today’s call, other factors that may affect our business are described from time to time on Envivio’s annual report on Form 10-K, quarterly reports on Form 10-Q and other periodic filings with the Securities and Exchange Commission, which can be found on the SEC’s website at Envivio undertakes no obligation to confirm, update or revise the financial forecasts for next quarter or any other forward-looking information contained in this call.

In addition, today’s discussion includes non-GAAP financial measures that Envivio believes may be important to investors as a metric to assess the operating performance of its business. Reconciliations to the most directly comparable GAAP financial measures are included in a table attached to the earnings release on Envivio’s website.

And now, I’d like to introduce Julien Signès.

Julien Signès

Thank you. Joining me on today’s call is Erik Miller, Envivio’s Chief Financial Officer. We are pleased with our fourth quarter performance with revenue of $12.5 million, up 7% sequentially and 62% year-over-year.

For our full fiscal year 2014 revenue of $43.2 million, was up 10% year-over-year. The solid year-over-year revenue growth, particularly strong for the fourth quarter, was due in part to the performance of our sales organization and their focus on Tier 1 engagement.

Comcast, an existing Tier 1 U.S. cable customer contributed 22% of revenue in the fourth quarter and 18% of revenue in fiscal 2014. This is a good example of a Tier 1 customer win, with initial deployment beginning in the second quarter in fiscal 2014 followed by expansions throughout the year.

During the fourth quarter, we continued to strengthen our sales effort in North America by hiring a salesperson focused on the opportunities with the Tier 1 satellite and telco service provider market.

We believe there are many potential Tier 1 opportunities for Envivio and we are encouraged by the level of engagement we are involved in. Also, contributing to our fourth quarter result was strong performance from our international sales region.

In Q4, EMEA and APAC comprised 68% of total revenue, up from 61% in the prior quarter. We won several projects internationally, which I will discuss in more detail shortly.

Our technology leadership and continued investment in our multi-screen encoding solution drove Q4 revenue for our Muse and 4Caster products to $7.1 million in the fourth quarter, up 60% year-over-year. We also saw growth in our Halo product sales revenue, up over 300% from the year ago quarter. We continue to invest in enhancing compression performance and driving density improvement for Muse, while adding advanced features on the Halo platform.

Now, turning to some of our partner and customer highlights for the fourth quarter. In APAC, our Muse and Halo products were deployed by Omni for live streaming and premium content as part of the new blink TV service in the Philippines. The recently launched service is the first nation-wide OTT video service in the Philippines, providing premium content for viewing on PCs, tablets and mobile phones.

In Europe, Irdeto, a leading provider of multiscreen, media protection and revenue assurance solutions announced a new partnership with Envivio and Microsoft designed to better enable operators to stream live channels over-the-top to multi-screen platforms and devices. The joint solution is being deployed in the market with a Tier 1 European cable operator.

In Q4, we won our first software-only project for deployment in the data center in Europe at a Tier 1 cable operator with presence in multiple countries. This end-to-end multi-screen video processing solution, including Muse encoders, Halo network media processors and Guru network management system.

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