IPAS

iPass Inc. (IPAS)

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iPass, Inc. (IPAS)

Q4 2011 Earnings Call

February 16, 2012 05:00 p.m. ET

Executives

Steven Gatoff – SVP and CFO

Evan Kaplan – President and CEO

Analysts

Fred Ziegel – Topeka Capital Markets

Kevin Hanrahan – KMH Investment Advisors

Presentation

Operator

Good day ladies and gentlemen, and welcome to the iPass Fourth Quarter 2011 Earnings Conference Call. Just a reminder, today’s call is being recorded. At this time, I would like to turn the call over to the company.

Steven Gatoff

Thank you, operator. Good afternoon, everyone. Thank you for joining us to discuss our financial and operating results for the fourth quarter and full-year 2011. I’m Steven Gatoff, Chief Financial Officer of iPass, and I’m here today with Evan Kaplan, President and CEO.

I’d like to bring the following to your attention. The date of this call is February 16, 2012. Our discussion today contains forward-looking statements about events and circumstances that have not yet occurred. Statements regarding our projected operating and financial results for the first quarter of 2012 and the full-year 2012. Statements containing words, such as will, expect, anticipate, 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, including those set forth in today’s press release, our quarterly reports on Form 10-Q and Annual Report on 10-K that are filed with the Securities and Exchange Commission. These reports are available on our website and at www.sec.gov.

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

The press release in Form 8-K announcing our financial results are available on our website. 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 earnings call. Please note that this webcast is the property of iPass and any copying or rebroadcast without expressed prior written consent of iPass is prohibited.

Before I turn the call over to Evan, we’d like to note for you that we will be meeting with investors and analysts in Dallas, New York, and Boston next week and we will be presenting and Wedbush Tech Conference in New York on March 7th, the ROTH Growth Stock Conference in LA on March 14th, and at the B. Riley Investor Conference in LA on May 22nd. If you’re interested in connecting with us, please feel free to shoot us an email at ir@ipass.com.

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

Evan Kaplan

Thanks, Steven. Good after noon, everyone, great to be here with you today and thanks for joining us.

I’m eager to jump into our Q4 results, state of our business and our view forward. But let me start toady’s discussion with a few summary comments. First, let me say that we will stop using the words ‘transformation’ or ‘turnaround’ to describe the iPass business going forward. In a very real way, we see iPass as having turned the corner, and we are very excited about the foundation we have built and the breakout opportunity in front of the company.

We now have our core enterprise business, OME, on solid footing and geared for growth. We believe we have a tremendously valuable Wi-Fi exchange opportunity evidencing traction and starting to take shape and our managed network service business is growing again. In our view, all of these businesses are being booed by a compelling market tailwind fueled by the dramatic resurgence in the build-out of Wi-Fi.

To get a sense of our assets and scale in the Wi-Fi domain, let me shed some light on iPass by the numbers.

To start, iPass has the world’s largest commercial Wi-Fi network footprint with nearly 700,000 hotspots across a 117 countries, and we anticipate doubling that number this year. In 2011, iPass had nearly 2 million unique users initiating almost 20 million payable authentications, generating more than 72 million Wi-Fi sessions across a global technology infrastructure that’s physically integrated more than a 140 plus, and growing, Wi-Fi operators around the world.

The network, the global supply chain that supports it, and the open mobile platform that we have built, nurtured and grown are unique and valuable set of strategic assets in this increasingly global mobile world. Put simply, we view iPass as running the world’s largest carrier-independent Wi-Fi network.

With these technology assets and our deep experience of authenticating clearing and billing wireless connections, we are able to tie together a fragmented but increasingly strategic group of Wi-Fi providers and drive meaningful value across the entire mobile ecosystem. We believe this positions iPass as the natural market maker in the global Wi-Fi space. This commanding position that’s evolving in an emerging market, we believe will deliver increasing value for our stockholders.

On a broad basis, there are two messages I’d like you to leave with today. First, we continue to perform well. We like our results and we like our growth profile in our core businesses. And second, we view 2012 as the year for growth and the metrics that we are most focused on specifically, driving scale with users, revenue in our core offerings, profitability and cash flow.

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