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    IPAS wird das neue Geschäftsmodell tragen - 500 Beiträge pro Seite

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     Ja Nein
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      schrieb am 08.05.09 22:43:51
      Beitrag Nr. 1 ()
      Seit der IPO hat iPass keine Freude gemacht. Wer hat noch Vertrauen in das Geschätsmodell ?
      so long
      only


      iPass Inc (IPAS)

      F1Q09 Earnings Call

      May 5, 2009, 5:00 pm ET

      Executives

      Frank E. Verdecanna – Chief Financial Officer & Vice President

      Evan L. Kaplan – President, Chief Executive Officer & Director

      Analysts

      Edward Einboden – William Smith & Company

      Neil Weiner - Foxhill Capital Partners

      Justin Orlando – Dolphin Management

      Presentation

      Operator

      Good day, ladies and gentlemen, and welcome to the iPass Incorporated first quarter of fiscal year 2009 earnings conference call. My name is Denisia and I’ll be your conference coordinator for today. (Operator Instructions) As a reminder, today’s call is being recorded for replay purposes. I would now like to turn the call over to Mr. Frank Verdecanna, Chief Financial Officer.

      Frank Verdecanna

      Good afternoon. Thank you for joining us to discuss our financial and operating results for the first quarter of 2009. I’m Frank Verdecanna, Chief Financial Officer of iPass, and I’m joined by Evan Kaplan, President and CEO.

      Before I turn the call over to Evan I would like to bring the following to your attention. The date of this call is May 5, 2009. Our presentation today contains forward-looking statements about events and circumstances that have not yet occurred.

      Statements regarding our projected financial results for the second quarter 2009, statements regarding our expectation of achieving full year 2009 non-GAAP profitability, and full year 2009 positive operating cash flows, statements containing words such as will, expect, believe, plan, and can 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.

      Risks and uncertainties that could cause these statements not to come true are set forth in our press release of today as well as in our quarterly report on Form 10-K under the section factors filed with the Securities & Exchange Commission on March 16, 2009 and available at www.sec.gov. iPass undertakes no responsibility to update the information in this conference call under any circumstances.

      The press release announcing our financial results is available on our website at www.ipass.com in the press room section under press releases. The current report on Form 8-K furnished with respect to our press release is available on our website in the investor relations section under SEC filings.

      In addition, on this call we will provide non-GAAP financial results. The press release on our website includes texts and tables that explain how we calculate non-GAAP and our reconciliation of these non-GAAP results to GAAP results.

      This earnings call is also being recorded for replay and is being webcast and will be available on our website for one quarter until the next quarter’s call. This webcast is the property of iPass and any copying or rebroadcast of this webcast without the express written consent of iPass is strictly prohibited.

      I’ll now turn the call over to President and CEO, Evan Kaplan.

      Evan Kaplan

      Thanks, Frank. Good afternoon, everyone. Thanks for joining us today.

      Let me apologize in advance if my voice is even raspier than it normally is. Obviously due to a cold, it will be a little bit rougher, so bear with me.

      So I’d like to start the discussion of the results from my first full quarter at iPass by passing along the following news.

      Based on what we’re seeing now in our business, and barring any dramatic changes in external conditions, our expectation for the full year of 2009 is to deliver positive operating cash flows and profitability on a non-GAAP basis.

      I will discuss the basis for these projections in more detail a bit later, but for now let me say that we can achieve these results while still making the investments necessary to return us to top line growth.

      Now let me quickly recap the call we had in February. On that call, I discussed my views of the company after 100 days. I outlined the restructuring we had just announced and I described the three key business objectives around which the company would align and focus for the remainder of 2009.

      As a reminder, first I said we’d drive increased penetration within our customer base. Second, I said we’d lead the enterprise market in our customers to 3G. And third, that we’d develop and launch our new service delivery platform to service a base for new value-added service and expanded market presence.

      During that February call and in conversations with investors afterwards, I heard very clearly your expectations and your concerns as shareholders. I want to assure you it’s my intent to serve as a respective partner with our shareholders ensuring that our mutual investment at iPass delivered solid and strong returns.

      In that vain, I’d like to focus today’s call on three simple themes. Results, transparency, and change. Let’s start by discussing the quarter’s results.

      I’m pleased to report that we returned to non-GAAP profitability. If it hadn’t been for the restructuring charges of $3.3 million in the quarter, the business would have achieved GAAP profitability also. That hasn’t happened since Q405. We accomplished this feat by improving our gross margins and by making excellent progress on our efforts to engineer costs out of the business.

      These cost reductions were above and beyond those identified in our February restructuring. These initial results are promising and give us confidence that we can attain non-GAAP profitability for the year.

      Looking forward, we continue to view cost engineering as an ongoing exercise, necessary to give us an increasingly low profile and maximize our operating leverage.

      From a revenue and bookings perspective, as expected Q1 was a tough quarter. We saw many projected deals push out beyond the end of the quarter and this led to a substantial drop in new monthly order value from Q4 to Q1.

      In addition, we saw decline in revenues and user counts largely attributable to continual dial erosion as well as lower Wi-Fi usage, specifically related to the decline in business travel.

      In total, first quarter revenues were $44.6 million, a 4% decline from Q4. These results came in at the high end of the projections we had provided.

      A particular bright spot in the revenue pictures continues to be our 3G mobile data business. On a quarterly basis, 3G delivered double-digit revenue growth and 7% net subscriber growth.

      In the quarter, gross margin improved by more than 2% compared to Q4, primarily due to continued renegotiations and lower usage from business travelers on our flat rate pricing plans.

      The improvement in product specific gross margins gives us some confidence that gross margins are stabilizing within a range.

      We also were able to reduce our operating expenses by $2.4 million from Q4 as a result of our Q1 restructuring and continue to apply renegotiations for all aspects of the business.

      Overall, we’re pleased with our ability to manage down cost, but we believe there is room for continued improvement in this area.

      Now let’s move to the theme of transparency. Starting today, we’ll deliver three additional metrics to give increasing visibility on our performance. These KPI’s or key performance indicators for the business are information we intend to provide you for the foreseeable future to help you assess the company’s progress.

      We intend to cover these new metrics without fail in each of our future earnings calls. We will also look for opportunities to create additional metrics that help our shareholders track our progress in transforming the business.

      To ensure internal alignment, management’s objectives in compensation are tied to deliver on these metrics as well as to our cost engineering efforts.

      The first two metrics, 3G subscriptions, new subscribers, and 3G mobile data revenues can be used to measure our progress against the key strategic objective of leading our customers to 3G.

      The third metric, monthly order value or MOV – MOV measures the amount of new committed monthly revenue booked in a quarter. This metric includes order value for new customers and for customer re-signs. Although for re-signs, we only include the portion of the new contractual commitment that exceeds the customer’s previous monthly commitment.

      We believe monthly order value, MOV, is a key indicator of sales advocacy and a measure of our overall traction in the market.

      Frank will walk you through the Q1 results for these metrics in more detail as part of his update.

      Finally, on the topic of change, we have a number of key areas of transformation beyond the Q1 restructuring I would like to highlight. These include the addition of a new product development executive to our senior management team, proposal for a new board member, and delivery of the market’s first enterprise own Wi-Fi solution. I will discuss each of these topics in more detail as well as performance against our key business objects after Frank takes you through financial results.

      With that, I’ll turn the call back over to Frank. Frank?

      Frank Verdecanna

      Thanks, Evan.

      Our total revenues for the first quarter ended March 31, 2009 were $44.6 million versus $46.3 million last quarter, a decrease in the quarter of 4%. The revenue decline was a result of continued dial erosion and the impact of large scale travel restrictions and layoffs in our enterprise customer base.

      Our total broadband revenues in Q1 were $26.7 million down slightly from $27.1 million in Q4. Wi-Fi and hotel Ethernet revenues came in at $15.7 million in Q1 compared with $16.6 million in Q4. The decrease was related to a full quarter impact of the slowdown in business travel.

      Fixed broadband revenue were $7 million in Q1 which was up slightly from $6.9 million in Q4.

      Two new metrics we are reporting on – 3G revenues and 3G active subscriptions. 3G mobile data revenues were $4 million in Q1, which is up over 10% from $3.6 million in Q4.

      Our 3G end of quarter subscriptions grew from $27,000 to $29,000 during Q1. As Even mentioned earlier, growth in 3G was positive, but constrained by sale cycles that extended past the end of the quarter.

      The subscriber numbers when compared with our overall user counts of over a million users point to a strong opportunity we have for growing revenues within the base.

      Software and service fee revenues in Q1 were $11.9 million versus $11.8 million last quarter. Our revenues in Q1 were $6 million versus $7.4 million in Q4, an 18% quarter-over-quarter reduction.

      Our combined broadband software and service fee revenues in Q1 were $38.6 million or 87% of our total revenues with dial representing the remaining 13%. In the first quarter, US revenues accounted for 60% of our total revenues with international revenues accounting for the remaining 40%. In the first quarter, we closed $395,000 of new monthly order value, or MOV, versus $475,000 closed in Q4.

      A drop-off in MOV, we believe is a result of purchasing delays we are seeing as a result of the uncertain economic environment.

      Network access costs were $18.7 million in the first quarter or 42% of our total revenues versus $20.5 million or 44% of total revenues last quarter.

      Our gross margin was 58% in the first quarter compared with 56% in Q4.

      The primary driver of the increase in gross margin was the improvement in all product specific gross margins due to provided renegotiations and less usage on some of the flat rate pricing plans as a result of less business travel.

      Now let’s review our operating income and operating expenses. During Q1, our combined non-stock compensation expenses for network operations, research and development, sales and marketing, and general and administrative expenses was $24.7 million which was down $2.4 million from Q4.

      The reduction from Q4 was related to half of quarter of benefit from the Q1 restructuring, additional cost savings achieved from a company-wide focus on reducing overall spend, and lower compensation expenses resulting from the fact that bookings were significantly under-planned.

      Included in our GAAP results was a restructuring charge of $3.3 million.

      We had a non-GAAP operating loss of $3million in the first quarter compared to a loss of $87.2 million last quarter, which included an $84.5 million impairment charge for goodwill and long lived assets.

      We had non-GAAP operating income of $1.3 million in the first quarter versus a non-GAAP operating loss of $1.3 million last quarter.

      Now I’d like to review our net income and earnings per share on a GAAP and non-GAAP basis. We had a GAAP net loss of $3 million or $0.05 per share versus a net loss of $87.1 million or $1.42 per share in Q4.

      We had a non-GAAP net loss of $1.3 million or $0.02 per diluted share compared to non-GAAP loss of $1.1 million at quarter or $0.02 per share. We ended the first quarter with $68 million in cash and investments. Once again, we had no debt.

      During the quarter we had positive operating cash flows of $900,000 despite the headwind of having to pay over a million dollars in severance payments relating to the Q1 restructuring.

      Now I’d like to review our projections for the second quarter of 2009. The following statements are based on information available to iPass today. These statements are forward-looking and actual results may differ materially.

      On the quarter ended June 30, 2009 we anticipate revenues to be between approximately $42 and $45 million. We anticipate a GAAP loss per share to be between $0.03 loss per share and breakeven.


      We expect a fully diluted non-GAAP income and loss per share to be between $0.01 loss per share and income of $0.02 per share.

      The difference between projected fully diluted GAAP loss per share and the projected fully diluted non-GAAP income and loss per share of approximately $0.02 is based on expected FAS 123R stock-based compensation of $700,000 and the expected amortization of intangibles of $300,000 in the second quarter.

      Now, I’d like to turn the call back over to Evan.

      Evan Kaplan

      Thanks, Frank. Just a small correction just to be clear. We had a GAAP operating loss of $3 million for the first quarter, not a non-GAAP operating loss. So just to clarify miswording.

      Thank you, Frank. Taking a step back from the numbers, I want to remind you of our strategic focus. iPass is a business that wins or loses based on how well it delivers on the mobility needs of the enterprise. A go-forward strategy is focused solely on the enterprise customer and the opportunity exists around addressing their mobility needs. As we move forward, we will combine our deep customer knowledge with the continued investment in software-based innovation to create solutions and value add services that address these enterprise customer needs.

      While continual attention and commitment to engineering our cost is critical and I’m pleased with the reductions we’ve already delivered, cost savings alone are not enough to create the recurring profitability we all desire. We must return to top line growth to realize the full potential of the company.

      Now let me get back to discussing some of the changes we’ve made this quarter and close with an update on our three key objectives.

      In terms of change, first we have brought in Jay Patel to lead our product development efforts. Jay has a deep industry background and at VeriSign helped pioneer some of the earliest infrastructure and service initiatives in the industry. He’s also a seasoned practitioner of the agile development methodology, one that we have embraced to drive the product delivery of our next generation platform and services.

      Second, we have proposed Rob Midal, Treehouse Capitals in addition to the board of directors. Rob has been a successful investor, board member, and CEO of a number of public and private technology companies, some of which were in turnaround situations comparable to our own. In all cases, Rob has a great record of serving as an independent director focused on helping executive teams create value for their shareholders.

      Going forward, we are continuing to search for additional talented directors and I’ve been honored by the candidates that have stepped forward with relevant domain expertise and critical industry relationship to help us maximize shareholder value.

      At this time, I’d also like to thank board member, Olaf P. for his contributions to the business over the last three years. Olaf is not standing for re-election at the upcoming annual meeting.

      Thirdly, I’m pleased to tell you today that I passed and announced an interesting milestone, the market’s first enterprise grade iPhone Wi-Fi solution. As I discussed in my March 4th open letter, consumerization is drastically changing IT’s role in managing mobility and the iPhone is at the vanguard of this trend. By adding the iPhone to a line that already includes S60 and the windows mobile operating system, we now have the broadest product device support in the industry, bar none. Uniquely deliver enterprise customers a single solution for their corporate issued laptops, their net books, and their employee purchased smart phones.

      To close the call, I’ll discuss our progress on the three key strategic objectives we have set for 2009.

      To remind you again, at the risk of being repetitive, these are as follows. First, we need to drive and create penetration within our customer base. Second, we need to lead the enterprise market and our customers in their move to 3G. Third, we need to launch our new service delivery platform to serve as a base for newly value added services and expanded market presence.

      With regard to the first objective with our base of our accounts, we have made solid progress. We have identified and qualified those accounts which offer the largest and most assessable opportunities for internal revenue growth and have an action plan designed to unlock that demand.

      We are engaging customers at multiple points of entry. We’re communicating to IT and to the end users directly to drive increased end user awareness of iPass about our understanding of iPass’s value and most importantly increased user adaption.

      On the 3G front, progress continues. Despite a tough economy and evidence of some market back lashed against growing 3D data expenses, be able to grow our net 3D subscriptions at a 30% annualized rate in the first quarter.

      The new price plans we launched in the US now constitute the majority of our 3D pipeline and the pipeline shows a solid mix of both new customers as well as upsell opportunities within our base.

      Lastly, our new platform is taking shape. We have benefited from the slack economy and have attracted top notch and engineering talent from Silicon Valley. The agile development processes in place with a new team busy developing for our next generation platform. In parallel, we’re working closely with our customers to ensure that the platform and service functionality are on target from the get-go and that we enter the market by the end of the year with signed customers for the new platform.

      Finally, we have a team actively evaluating the market landscape for attractive partnership opportunities that will allow us to extend our value proposition to additional value added mobility and security services for the enterprise.

      Lastly, I want to restate my commitment to a path of transparency as we discuss the state and the progress of the business. As expected, the quarter was difficult due to the recession. We did make good progress on the necessary work of engineering cost out of the business. We are not satisfied with this result. We intend to set the company back on the path of revenue growth to drive the leverage necessary for a top model to generate improving profitability.

      Going forward, we’ll continue to manage our expense profile aggressively, driving increasingly leaner costs or at the same time nurturing capability to deliver and market innovative relevant services to our customers.

      In reality, we still face external threats from general uncertainty in the economy and more recently the flu pandemic, but I believe that our strategic position as the internet on-ramp for enterprise employees is one that we can develop into a compelling profit generating engine that will benefit our customers and shareholders.

      That concludes my prepared remarks. I thank you for your time. Let me turn it over to the operator to open up the line for questions. Operator?

      Question-and-Answer Session

      Operator

      (Operator Instructions) Your first question comes from Edward Einboden – William Smith & Company.

      Edward Einboden – William Smith & Company

      I was wondering maybe you guys can talk a little bit more about the update and on the travel patterns you guys are seeing the general weakness in the economy and some of your customers’ outlook for the rest of the year.

      Evan Kaplan

      In terms of travel, we saw a decline of about 6% in our Wi-Fi utilization. The numbers that we’re seeing in the broader market are 10-12% down on travel across the board. It’s hard to give forward guidance, particularly in this uncertain economy and so I’ll avoid doing that. We feel comfortable with the projections we’ve given you on this call.

      Edward Einboden – William Smith & Company

      As you look forward, how much other operating expenses do you feel comfortable taking out of business, still having the manpower and ability to look for growth avenues but also be able to cut cost if the top line doesn’t improve.

      Evan Kaplan

      It’s an ongoing exercise. So we’re going through the process now of really digging deeper into our processes. In some sense, the restructuring was straight forward, because we basically refocused the business around the opportunity that we saw most clearly and so we removed cost that didn’t support that. Now we’re in the process of engineering cost associated with improving our processes, making ourselves a better development organization, making ourselves a better service delivery organization, making ourselves more effective as it faces the market. So those costs, while I expect to be able to achieve steady results, they take a little bit more time to figure out what exactly needs to be done in what timeframe.

      Edward Einboden – William Smith & Company

      Thus far, you’ve been pretty satisfied with the progress you made and are a little bit ahead of plan of the costs you want to take out of the business?

      Evan Kaplan

      It’s not my nature to be satisfied with what we’ve done. So let’s just say, we’re doing okay for where we’re at right now.

      Edward Einboden – William Smith & Company

      Can you also talk more about the interest in directors and what you were discussing on the call about some interest in adding fresh talent for the board.

      Evan Kaplan

      I think what we said was I was honored by the capability of the directors who have stepped up. Most of them were people I did not know before who have taken either an interest in iPass or taken in interest in working with me and very specifically pleased with just how industry talent is around the table. Just been very pleased with the kind of people we’ve been interviewing in that process.

      Edward Einboden – William Smith & Company

      Have you guys set a date for the annual meeting yet?

      Evan Kaplan

      No a date has not officially been set.

      Edward Einboden – William Smith & Company

      The MOV that you guys have been breaking out. Can you guys talk about the decline sequentially?

      Frank Verdecanna

      As far as the decline quarter-over-quarter, we did see a pretty significant decline in what we view as a decline from Q4 and in previous quarters. Q1, we look as definitely being impacted from the economic environment. So if you look at where we were through 2008 and the end of Q4, I would say that our expectation is that we’ll down some in Q2 and some of those deals that did get pushed out in Q1 should close in Q2.

      If you look at the additional metrics we gave out, I think two of the new metrics, 3G subscriptions and MOV, I think were both impacted significantly because of the economic environment.

      Operator

      Your next question comes from Neil Weiner – Fox-Hill Capital Partners.

      Neil Weiner – Fox-Hill Capital Partners

      Have you made up your mind or any plans what to do with the fixed broadband?

      Evan Kaplan

      As I said on the last call, what we’ve done is we’ve engineered a fair amount of cost out of that business until we’re trying to get it to profitability. Beyond that, we haven’t made any official disclosures or decisions.

      Neil Weiner – Fox-Hill Capital Partners

      I know you talked about you’ve done more work about increased penetration base. Can you give us a little more granularity of what you’re doing or how you faired with that this quarter or maybe what are some of the goals of increasing the customer base?

      Evan Kaplan

      We went through a pretty detailed account planning exercise, looking at customers in short poll or in excess, and beginning to establish account-by-account plans for a number of the high value accounts and that’s a fair number and I’m not sure, I don’t have the numbers right here in front in me, but looking at those accounts and looking at the global nature of those and figuring out some compensation incentives for ourselves to be able to go after those and actually contract those, to turn them to MOV.

      On the other side, we’ve done a number of early marketing sort of stuff and doing some testing, some early testing with promotions within the customer base, and things like that. To be honest with you, I don’t have much data. We really kicked this off just shortly before that February restructuring call.

      From the product side, in this case, I view almost as equally important is we’ve re-energized our efforts around the smart phone opportunity and the iPhone is a big deal for us for some obvious reasons just looking at the business. One is what we do is give the enterprise user one credential and now he can use his iPass account on multiple devices. So he downloads a client, which is frictionless. He can download it from the iPhone store or those sorts of places and he can use it. Our believe, our hope is that that iPhone user will increase his usage pretty significantly by virtue of having that in some cases. The idea is that account, the way our flat rate account work is if that person shows up in a month, they build a full flat rate for that month, whether they show up on the iPhone or whether they show up on a laptop or net book or any other platform.

      So by providing more platforms, and blackberries soon to follow, then hopefully what we’ll see is an increased utilization from the base. Ideally and because the unique solution is they don’t have to pay for it if they’re an enterprise user and their IT guys promote it, we’re now in a situation where I have multiple opportunities to monetize that user in a month and the net of that should be increased usage.

      In addition to that, on the windows platform, I believe it’s in the next week, we’re rolling out an added piece of software to distribute to install base is for those customers who have iPass installed on their desktop, it’ll pop up and tell you any iPass enabled Wi-Fi hotspot all the time. It is something we’re doing today and I feel excited about the opportunity it has to monetize the existing base. Having said that, again in transparency, because of the different price plans and different things like that, we haven’t easily arrived at a metric to measure that other than revenue and usage and utilization. And so, we’re trying to puzzle through that right now. Ideally to be able to present that to the shareholders, they could monitor our progress.

      Neil Weiner – Fox-Hill Capital Partners

      If revenue stay at these kind of levels, whether we’re in recession or not, how can we make this enterprise profitable or is that not possible?

      Evan Kaplan

      I’m developing deeper and deeper conviction about cost as we go forward, which is why I’m trying to create the notion of a continually or progressive nature to it. I think the win is to create operating leverage. If it turns out that we can’t grow revenue again and those sorts of things, which I don’t believe will be true, but if it turns out that way. We really got a different set of assumptions, but I think for the sake of go-forward as we go through this very rocky period of time, I think there’s every advantage of trying to find way to lean up our platform and increase our operating leverage on the revenue we do have.

      I expect to be, as CEO, to be held accountable for profitability on the platform we do have and I’m saying that with more conviction this time, partly as result of discussion I had with you and with other shareholders and partly as a result of sort of rolling up my sleeves and being able to get deeper into the business and the cooperation we’ve had as a team to just try to really take a look at stuff.

      Operator

      Your next question comes from Justin Orlando – Dolphin Management.

      Justin Orlando – Dolphin Management

      I think Frank said that we experienced a half of quarter’s worth of savings in this quarter, is that right?

      Frank Verdecanna

      Just past midway point of the quarter.

      Justin Orlando – Dolphin Management

      Where do you think we should be ending up here on a run rate for the R&D, sales and marketing, and G&A line?

      Frank Verdecanna

      I think what we’re going to see is OpEx is going to be relatively stable. We are going to continue to look for opportunities to continually engineer cost out of the business while still reinvesting, but I think if you look at Q2 in the near term, I would expect it to stay within the current range. We’ll have a full quarter pick-up from the Q1 restructuring, but we also had less expenses due to less compensation expenses surrounding the falloff in MOV, which we expect to pick back up in Q2.

      Justin Orlando – Dolphin Management

      That was going to be my next question. It looks like a $1.7 or so on the sales and marketing line. How much of that decline is due to decrease in comp?

      Frank Verdecanna

      About $700,000 of that.

      Justin Orlando – Dolphin Management

      That would be the only place where that would hit. There’s nobody else incentivized in that way?

      Frank Verdecanna

      Actually the entire company, the entire management team that have MBO’s or have an incentive compensation tied to MOV, so there was an impact in Q1 from that decrease.

      Justin Orlando – Dolphin Management

      Would that be in the G&A line as well?

      Frank Verdecanna

      That would be spread throughout all the lines, but the significant move was in sales and marketing.

      Justin Orlando – Dolphin Management

      So you’re not accruing on the incentive bonus for certain of MBO’s, is that what you’re saying at the moment?

      Frank Verdecanna

      No, we’re absolutely accruing for the incentives, but what I’m saying is if you look at the sales team, they’re almost entirely 100% on MOV, whereas the management team and the other directors in the company have three additional metrics. So MOV is 25% of their overall MBO. So the impact isn’t as significant on the other line items.

      Justin Orlando – Dolphin Management

      Right, and so with respect to that, the MOV MBO, you weren’t accruing in the quarter and that’s the reason for the drop in the company-wide number?

      Frank Verdecanna

      We only accrued what we earned, which was not obviously a full achievement on the MBO.

      Justin Orlando – Dolphin Management

      That MBO is a quarterly number?

      Frank Verdecanna

      Correct.

      Justin Orlando – Dolphin Management

      I understand, I’m sorry. Evan, what’s the holdup on our shareholder meeting?

      Evan Kaplan

      Obviously we’re still waiting for SEC comments, but that’s besides the point. Obviously there’s a proxy contest on the table and we’re trying to work out the proxy contest to the best benefit of all shareholders.

      Justin Orlando – Dolphin Management

      So you’re putting the meeting date on so you can negotiate an end to the proxy contest, is that what I’m hearing you say?

      Frank Verdecanna

      We can’t file the final proxy until we get our comments back from the SEC on the preliminary proxy that we filed. So we’re waiting to go through that process before filing the definitive proxy and if at all possible we’d like not to mail out separate proxies and continue to go through that process. We’d like to get it done all at once and save the company some money.

      Justin Orlando – Dolphin Management

      I’m surprised to hear that, because it’s been a couple of weeks, right? More than the typical timeline, right? It’s been over two weeks since you made your filing?

      Frank Verdecanna

      Yes, absolutely, a contested proxy creates a longer timeline in that process.

      Operator

      Ladies and gentlemen, this concludes the question-and-answer session for today’s call. I would now like to turn the call over to Mr. Evan Kaplan, Chief Executive Officer.

      Evan Kaplan

      Thank, everybody, for joining the call today. Again, apologize for my even raspier voice than normal. Please feel free if you have any further question to contact Frank or myself and we’ll be happy to peal them and give you our honest opinions of the business.

      Look forward to working with you all going forward. Have a good day.

      Operator

      Thank you for your participation in today’s conference. This concludes the presentation. You may disconnect.

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      schrieb am 09.05.09 10:09:26
      Beitrag Nr. 2 ()
      Antwort auf Beitrag Nr.: 37.134.924 von onlythebest am 08.05.09 22:43:51Seit der IPO hat iPass keine Freude gemacht.

      Den Insidern schon! :laugh:


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