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iPass financials

Summary - Funding Rounds

Founding Date	1996
Total Funding	$71 m
Investors	Accel Partners, Meritech Capital Partners, Intel Capital, Comdisco Ventures, Fortress Investment Group, Crosspoint Venture Partners, Sand Hill Capital, Cisco Investments, Equant, Asia Pacific Ventures, Rogers Communications

In total, iPass had raised $71 m. iPass is a subsidiary of Pareteum

iPass Revenue Breakdown

Geographic Segment

Embed Graph

iPass revenue breakdown by geographic segment: 41.0% from United States, 49.0% from Europe, Middle East and Africa, 9.0% from Asia Pacific and 1.0% from Other

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	140.8m	126.1m		69.8m	62.6m	63.2m	54.4m
Revenue growth, %				(37%)	(10%)	1%
Cost of goods sold	65.8m	53.6m	49.5m	29.6m	28.5m	33.2m	38.5m
Gross profit	75.0m	72.4m	(49.5m)	40.2m	34.1m	30.1m	15.9m
Gross profit Margin, %	53%	57%		58%	54%	48%	29%
Sales and marketing expense	20.7m	19.5m	18.3m	15.8m	10.3m	11.2m	10.2m
R&D expense	14.4m	13.7m	13.3m	11.9m	10.0m	7.3m	8.0m
General and administrative expense	20.0m	21.7m	21.3m	18.1m	14.7m	10.8m	11.5m
Operating expense total	77.5m	75.9m	(38.3m)	59.6m	49.0m	37.4m	35.9m
EBIT	(2.5m)	(3.5m)	(11.2m)	(19.4m)	(14.9m)	(7.3m)	(20.1m)
EBIT margin, %	(2%)	(3%)		(28%)	(24%)	(12%)	(37%)
Interest expense	128.0k	12.0k	18.0k	329.0k	54.0k	36.0k	67.0k
Interest income	112.0k	19.0k	18.0k	119.0k
Pre tax profit	(2.7m)	(3.7m)	(11.7m)	(19.3m)	(15.2m)	(7.5m)	(20.4m)
Income tax expense	290.0k	642.0k	569.0k	(7.1m)	307.0k	223.0k	194.0k
Net Income	(3.0m)	(4.4m)	(12.3m)	7.0m	(15.5m)	(7.8m)	(20.6m)

Source: SEC Filings

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Revenue	35.5m	34.4m	33.3m	32.2m	30.8m	29.6m	28.7m	26.9m	25.3m	17.8m	17.3m	16.6m	15.6m	15.0m	14.7m	16.5m	15.9m	14.3m	13.5m	13.4m	11.4m	10.5m	9.3m
Cost of goods sold	17.2m	15.6m	14.6m	13.8m	12.6m	12.8m	12.4m	12.1m	11.9m	7.7m	7.6m	6.7m	7.0m	7.2m	7.4m	8.5m	8.5m	9.6m	9.6m	10.3m	6.8m	6.3m	5.7m
Gross profit	18.3m	18.8m	18.7m	18.4m	18.2m	16.9m	16.3m	14.8m	13.5m	10.1m	9.7m	9.9m	8.6m	7.8m	7.3m	8.0m	7.4m	4.7m	3.9m	3.1m	4.6m	4.2m	3.6m
Gross profit Margin, %	52%	55%	56%	57%	59%	57%	57%	55%	53%	57%	56%	60%	55%	52%	49%	49%	47%	33%	29%	23%	40%	40%	38%
Sales and marketing expense	5.0m	5.4m	5.4m	5.1m	4.5m	4.9m	4.4m	4.4m	5.0m	4.2m	3.5m	3.2m	2.4m	2.5m	2.8m	2.9m	2.7m	2.5m	2.6m	2.5m	2.5m	2.4m	2.8m
R&D expense	3.5m	3.7m	3.7m	3.4m	3.3m	3.6m	3.4m	3.2m	3.4m	2.9m	2.9m	3.0m	2.5m	2.5m	2.1m	1.8m	1.6m	2.0m	2.1m	1.9m	2.0m	2.0m	1.8m
General and administrative expense	5.2m	5.1m	5.3m	5.2m	5.6m	6.2m	5.3m	4.9m	5.0m	4.2m	4.3m	4.2m	4.0m	3.1m	3.0m	2.8m	2.6m	2.8m	2.5m	3.4m	2.6m	3.0m	2.4m
Operating expense total	19.2m	19.6m	19.8m	19.2m	18.7m	20.2m	17.8m	17.2m	18.8m	14.7m	14.5m	13.4m	14.6m	11.1m	10.8m	9.2m	8.7m	8.9m	8.8m	9.5m	8.4m	8.8m	8.3m
EBIT	(939.0k)	(873.0k)	(1.1m)	(840.0k)	(434.0k)	(3.3m)	(1.5m)	(2.3m)	(5.3m)	(4.6m)	(4.8m)	(3.5m)	(6.0m)	(3.3m)	(3.5m)	(1.2m)	(1.2m)	(4.2m)	(4.9m)	(6.4m)	(3.8m)	(4.6m)	(4.7m)
EBIT margin, %	(3%)	(3%)	(3%)	(3%)	(1%)	(11%)	(5%)	(9%)	(21%)	(26%)	(28%)	(21%)	(39%)	(22%)	(24%)	(7%)	(8%)	(29%)	(37%)	(48%)	(33%)	(43%)	(51%)
Interest expense												21.0k			5.0k	6.0k	12.0k	14.0k	14.0k	8.0k	7.0k	43.0k	572.0k
Interest income	15.0k	5.0k	3.0k	3.0k	4.0k	4.0k	3.0k	2.0k	33.0k	33.0k	29.0k
Pre tax profit	(1.0m)	(802.0k)	(1.1m)	(871.0k)	(496.0k)	(3.3m)	(1.6m)	(2.5m)	(5.4m)	(4.7m)	(4.5m)	(3.3m)	(6.3m)	(3.4m)	(3.6m)	(1.3m)	(1.3m)	(4.2m)	(5.1m)	(6.6m)	(3.9m)	(4.5m)	(5.6m)
Income tax expense	15.0k	1.0k	137.0k	10.0k	275.0k	27.0k	(41.0k)	341.0k	122.0k	(4.0m)	(1.4m)	100.0k	67.0k	29.0k	91.0k	62.0k	61.0k	115.0k	217.0k	56.0k	65.0k	61.0k	44.0k
Net Income	(1.1m)	(803.0k)	(1.3m)	(881.0k)	(771.0k)	(3.4m)	(1.6m)	(2.8m)	(5.5m)	20.9m	(4.4m)	(3.4m)	(6.4m)	(3.4m)	(3.7m)	(1.4m)	(1.3m)	(4.3m)	(5.3m)	(6.7m)	(4.0m)	(4.5m)	(5.6m)

Source: SEC Filings

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	25.4m	26.8m	24.0m	33.8m	20.3m	16.1m	5.2m
Accounts Receivable	21.3m	17.3m	15.3m	10.1m	9.7m		8.7m
Prepaid Expenses	5.9m	5.1m	4.3m	4.3m	2.8m		1.6m
Current Assets	52.7m	49.1m	43.6m	48.2m	33.1m	30.0m	16.2m
PP&E	4.0m	6.5m	8.4m	6.2m	4.0m	2.5m	1.3m
Total Assets	63.1m	60.1m	54.9m	55.3m	37.8m	33.2m	18.4m
Accounts Payable	8.7m	7.5m	9.3m	7.3m	6.3m	7.1m	9.0m
Current Liabilities	22.1m	19.9m	21.6m	14.9m	14.0m	13.4m	16.5m
Total Liabilities	25.7m	23.2m	25.7m	16.8m	15.2m	14.5m	17.6m
Common Stock	59.0k	61.0k	65.0k	65.0k	65.0k		71.0k
Additional Paid-in Capital	209.6m	213.5m	218.1m	220.4m	220.0m	223.8m	226.5m
Retained Earnings	(172.2m)	(176.6m)	(188.9m)	(182.0m)	(197.4m)	(205.2m)	(225.8m)
Total Equity	37.4m	36.9m	29.2m	38.5m	22.6m	18.6m	791.0k
Financial Leverage	1.7 x	1.6 x	1.9 x	1.4 x	1.7 x	1.8 x	23.3 x

Source: SEC Filings

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Cash	26.1m	26.3m	25.8m	25.3m	26.5m	24.8m	25.0m	25.2m	20.1m	41.7m	37.1m	28.6m	26.9m	24.2m	17.2m	16.1m	17.2m	13.5m	10.4m	7.1m	2.8m	8.2m	4.9m
Accounts Receivable	22.4m	22.2m	21.1m	18.6m	19.4m	21.3m	18.1m	16.7m	14.3m	14.1m	12.3m	11.1m	10.4m	10.2m	10.1m	11.4m	10.7m	10.9m	9.4m	9.6m	6.9m	8.2m	7.9m
Prepaid Expenses	6.4m	6.2m	5.7m	5.8m	5.7m	4.6m	5.8m	4.8m	3.8m	3.2m	3.1m	4.2m	2.6m	2.5m	2.4m	1.6m	1.4m	1.6m	1.7m	1.6m	2.1m	1.5m	1.0m
Current Assets	54.9m	54.7m	52.6m	49.7m	51.5m	50.7m	48.9m	46.7m	38.2m	58.9m	52.5m	44.0m	40.0m	36.9m	30.0m	29.4m	29.7m	26.2m	21.6m	18.4m	12.4m	18.3m	14.3m
PP&E	3.7m	3.8m	5.3m	6.1m	6.5m	6.5m	6.2m	6.4m	8.2m	7.4m	6.8m	5.8m	5.2m	4.6m	3.4m	2.8m	2.3m	2.2m	1.9m	1.7m	1.1m	1.0m	1.0m
Total Assets	66.1m	65.8m	64.1m	61.3m	62.8m	61.3m	58.4m	56.2m	49.2m	67.4m	60.3m	50.5m	45.9m	42.1m	34.1m	32.9m	32.7m	29.1m	24.3m	20.8m	14.8m	20.2m	16.2m
Accounts Payable	9.8m	10.6m	9.5m	7.0m	8.1m	9.5m	8.5m	9.1m	8.5m	8.5m	8.0m	6.3m	6.2m	7.0m	7.0m	6.8m	5.9m	6.6m	6.9m	9.7m	9.7m	6.0m	8.1m
Current Liabilities	25.9m	25.8m	23.2m	20.4m	21.8m	23.6m	21.3m	20.9m	21.3m	19.4m	16.8m	13.9m	16.1m	16.0m	13.9m	13.0m	12.2m	13.3m	13.1m	16.0m	16.6m	14.5m	15.4m
Long-term debt																						6.8m	7.1m
Total Debt																						6.8m	7.1m
Total Liabilities	29.4m	29.3m	27.0m	24.1m	25.3m	26.5m	23.9m	23.4m	24.9m	21.7m	18.8m	15.8m	17.8m	17.3m	15.2m	14.2m	13.4m	14.4m	14.3m	17.1m	17.0m	22.4m	23.7m
Common Stock	58.0k	59.0k	61.0k	61.0k	61.0k	62.0k	64.0k	64.0k	65.0k	65.0k	65.0k	65.0k	65.0k	65.0k	65.0k	65.0k	68.0k	68.0k	68.0k	68.0k	73.0k	82.0k	82.0k
Additional Paid-in Capital	208.4m	209.0m	210.6m	211.5m	212.5m	214.7m	215.9m	217.2m	218.7m	219.2m	219.4m	220.0m	219.8m	220.0m	220.0m	221.2m	223.1m	224.1m	224.7m	225.1m	227.3m	231.8m	232.1m
Retained Earnings	(171.8m)	(172.6m)	(173.5m)	(174.4m)	(175.2m)	(180.0m)	(181.6m)	(184.4m)	(194.5m)	(173.6m)	(178.0m)	(185.4m)	(191.8m)	(195.2m)	(201.2m)	(202.6m)	(203.9m)	(209.5m)	(214.8m)	(221.5m)	(229.6m)	(234.1m)	(239.8m)
Total Equity	36.7m	36.5m	37.1m	37.2m	37.4m	34.8m	34.4m	32.8m	24.3m	45.7m	41.5m	34.7m	28.1m	24.8m	18.9m	18.7m	19.3m	14.7m	10.0m	3.7m	(2.2m)	(2.2m)	(7.5m)
Financial Leverage	1.8 x	1.8 x	1.7 x	1.6 x	1.7 x	1.8 x	1.7 x	1.7 x	2 x	1.5 x	1.5 x	1.5 x	1.6 x	1.7 x	1.8 x	1.8 x	1.7 x	2 x	2.4 x	5.6 x	-6.7 x	-9.1 x	-2.1 x

Source: SEC Filings

Annual

USD	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	(3.0m)	(4.4m)	(12.3m)	7.0m	(15.5m)	(7.8m)	(20.6m)
Depreciation and Amortization	2.3m	2.1m	2.8m	3.3m	2.9m	2.5m	1.6m
Accounts Receivable	2.4m	4.1m	1.8m	2.8m	234.0k	(2.6m)	3.4m
Accounts Payable	(5.1m)	(1.1m)	2.1m	(1.6m)	(946.0k)	414.0k	2.3m
Cash From Operating Activities	(5.5m)	3.5m	(2.4m)	(14.8m)	(13.6m)	(5.5m)	(11.5m)
Purchases of PP&E	(1.8m)	(4.5m)	(2.3m)	(1.3m)	(812.0k)	(581.0k)	(813.0k)
Cash From Investing Activities	(746.0k)	(3.5m)	(1.6m)	25.5m	738.0k	(581.0k)	(813.0k)
Cash From Financing Activities	908.0k	1.4m	1.2m	(899.0k)	(641.0k)	1.8m	1.4m
Net Change in Cash	(5.3m)	1.4m	(2.8m)	9.8m	(13.5m)	(4.2m)	(10.9m)
Income Taxes Paid	564.0k	375.0k	261.0k	259.0k	233.0k	242.0k	235.0k

Source: SEC Filings

Quarterly

USD	Q2, 2011	Q3, 2011	Q1, 2012	Q2, 2012	Q3, 2012	Q1, 2013	Q2, 2013	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2018
Net Income	(2.5m)	(3.3m)	(1.3m)	(2.2m)	(2.9m)	(3.4m)	(5.0m)	(7.8m)	(5.5m)	15.3m	10.9m	(3.4m)	(9.8m)	(13.2m)	(3.7m)	(5.1m)	(6.4m)	(4.3m)	(9.6m)	(16.2m)	(4.0m)	(8.5m)	(14.2m)
Depreciation and Amortization	1.2m	1.7m	623.0k	1.2m	1.7m	600.0k	1.3m	1.9m	803.0k	1.7m	2.5m	746.0k	1.5m	2.2m	706.0k	1.4m	2.0m	454.0k	796.0k	1.1m	198.0k	346.0k	502.0k
Accounts Receivable	1.4m	1.5m	334.0k	2.9m	2.1m	(4.0m)	(835.0k)	552.0k	1.1m	(1.2m)	519.0k	(1.0m)	(273.0k)	(86.0k)	(432.0k)	(1.7m)	(989.0k)	1.4m	2.8m	2.6m	1.9m	463.0k	743.0k
Accounts Payable	(3.7m)	(3.0m)	637.0k	(1.6m)	(681.0k)	2.0m	1.3m	1.6m	(935.0k)	(446.0k)	(903.0k)	(1.2m)	(1.2m)	(251.0k)	613.0k	531.0k	(382.0k)	(435.0k)	62.0k	3.0m	690.0k	(3.0m)	(899.0k)
Cash From Operating Activities	(4.7m)	(4.2m)	1.7m	1.9m	3.6m	(2.0m)	(1.5m)	(1.8m)	(3.2m)	(8.2m)	(12.2m)	(4.8m)	(7.3m)	(9.8m)	(2.7m)	(4.1m)	(4.3m)	(2.4m)	(5.5m)	(8.5m)	(2.9m)	(9.4m)	(12.3m)
Purchases of PP&E	(685.0k)	(1.3m)	(1.8m)	(3.3m)	(4.1m)	(568.0k)	(1.2m)	(1.8m)	(457.0k)	(886.0k)	(1.1m)	(175.0k)	(467.0k)	(642.0k)	(1.0k)	(131.0k)	(299.0k)	(222.0k)	(437.0k)	(737.0k)	(5.0k)	(21.0k)	(192.0k)
Cash From Investing Activities	(397.0k)	(967.0k)	(1.8m)	(2.8m)	(3.6m)	(568.0k)	(1.2m)	(1.0m)	(457.0k)	26.0m	25.7m	(175.0k)	933.0k	908.0k	(1.0k)	(131.0k)	(299.0k)	(222.0k)	(437.0k)	(737.0k)	(5.0k)	(21.0k)	(192.0k)
Cash From Financing Activities	422.0k	708.0k	420.0k	741.0k	1.1m	530.0k	912.0k	1.2m	(227.0k)	(114.0k)	(406.0k)	(275.0k)	(486.0k)	(705.0k)	(440.0k)	123.0k	1.5m	10.0k	263.0k	264.0k	539.0k	12.5m	12.2m
Net Change in Cash	(4.6m)	(4.4m)	373.0k	(182.0k)	1.1m	(2.0m)	(1.8m)	(1.6m)	(3.9m)	17.7m	13.1m	(5.2m)	(6.9m)	(9.6m)	(3.1m)	(4.2m)	(3.1m)	(2.6m)	(5.7m)	(9.0m)	(2.4m)	3.0m	(247.0k)
Interest Paid																							385.0k
Income Taxes Paid	338.0k	490.0k	223.0k	242.0k	310.0k	44.0k	121.0k	176.0k	47.0k	121.0k	220.0k	50.0k	42.0k	51.0k	45.0k	108.0k	194.0k	46.0k	116.0k	180.0k	47.0k	36.0k	130.0k

Source: SEC Filings

Source: SEC Filings

Culture & Values

2.8

Work/Life Balance

3.3

Senior Management

2.4

Salary & Benefits

3.4

Career Opportunities

2.4

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