|By Marketwired .||
|April 30, 2014 04:04 PM EDT||
SUNNYVALE, CA -- (Marketwired) -- 04/30/14 -- Proofpoint, Inc. (NASDAQ: PFPT)
- Total revenue of $42.7 million, up 39% year-over-year
- Billings of $46.6 million, up 33% year-over-year
- GAAP EPS loss of $0.39; Non-GAAP EPS loss of $0.12
- Generated operating cash flow of $4.1 million and free cash flow of $1.8 million
- Increasing FY 2014 revenue and billings guidance
Proofpoint, Inc. (NASDAQ: PFPT), a leading security-as-a-service provider, today announced financial results for the first quarter ended March 31, 2014.
"We are very pleased with the strong start to the year, which was highlighted by our robust revenue and billings growth during the first quarter," stated Gary Steele, chief executive officer of Proofpoint. "Our ability to exceed expectations across all key operating metrics was driven by our continued high win rates across our entire product line, strong renewals, and expansion with our existing customers."
Steele continued, "As the competitive landscape continues to shift in our favor, Proofpoint remains in position to grow market share globally. Consequently, we remain committed to innovation in product development to extend our leadership position and to expansion of our sales and marketing infrastructure."
First Quarter 2014 Financial Highlights
- Revenue: Total revenue for the first quarter of 2014 was $42.7 million, an increase of 39% compared to $30.8 million in the prior-year period. Within total revenue, subscription revenue was $41.2 million, an increase of 45% on a year-over-year basis. Hardware and services revenue contributed the remaining $1.5 million of total revenue.
- Billings: Total billings were $46.6 million for the first quarter of 2014, an increase of 33% compared to $35.1 million in the first quarter of 2013. The company defines billings, a non-GAAP financial measure, as revenue recognized during the period plus the change in deferred revenue from the beginning to the end of the period.
- Gross Profit: GAAP gross profit for the first quarter was $29.0 million compared to $21.7 million for the first quarter of 2013. Non-GAAP gross profit for the quarter was $30.4 million compared to $22.3 million in the year ago period. Non-GAAP gross margin was 71% for the first quarter of 2014, compared to 72% for the same period last year.
- Operating Loss: GAAP operating loss for the first quarter was $11.3 million compared to a loss of $5.9 million during the first quarter last year. Non-GAAP operating loss for the first quarter of 2014 was $3.2 million, compared to a loss of $3.4 million during the same period last year.
- Net Loss: GAAP net loss for the first quarter was $14.4 million or $0.39 per share based on 36.6 million weighted average diluted shares outstanding. This compares to a GAAP net loss of $6.4 million or $0.19 per share based on 33.5 million weighted average diluted shares outstanding in the prior-year period.
Non-GAAP net loss for the first quarter of 2014 was $4.2 million or $0.12 per share based on 36.6 million weighted average shares outstanding. This compares to a loss of $3.9 million or $0.12 per share based on 33.5 million weighted average shares outstanding during the same period last year.
- Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2014 was negative $1.4 million compared to negative $2.1 million for the first quarter of 2013.
- Cash and Cash Flow: As of March 31, 2014, Proofpoint had cash, cash equivalents and short term investments of $257.2 million, an increase of $5.4 million from the end of the prior quarter.
The company generated $4.1 million in net cash from operations for the first quarter of 2014 compared to generating $1.2 million during the first quarter of 2013. The company generated $1.8 million in free cash flow for the quarter compared to $0.2 million during the first quarter of 2013.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release. An explanation of these measures and how they are calculated are also included below under the heading "Non-GAAP Financial Measures."
First Quarter and Recent Business Highlights:
- Selected as a Reader Trust award winner in the Best Email Security Solution category for the 2014 SC Magazine Awards.
- Launched Proofpoint Malvertising Protection for publishers & demand side platforms and Targeted Attack Protection for enterprise defense against attackers' use of malware via internet advertising network.
- Added Next-Generation Predictive Defense to Targeted Attack Protection solution.
- Joined the Ready for IBM Security Intelligence program and unveiled a new device support module (DSM) that enables information and event integration between IBM QRadar Security Intelligence Platform products and the Proofpoint Enterprise Protection and Proofpoint Enterprise Privacy offerings.
"Proofpoint's execution was strong during the first quarter, as evidenced by our year-over-year growth rates in subscription revenue and in billings of 45% and 33%, respectively," stated Paul Auvil, chief financial officer of Proofpoint. "The combination of our strong balance sheet and ability to generate free cash flow positions the company to maintain momentum and grow market share globally."
As of April 30, 2014 Proofpoint is providing guidance for its second quarter and full year 2014 as follows:
- Second Quarter 2014 Guidance: Total revenue is expected to be in the range of $43.0 million to $44.0 million. Billings are expected to be in the range of $45.5 million to $47.5 million. Adjusted EBITDA loss is expected to be in the range of $1.0 million to $2.0 million. Non-GAAP EPS loss is expected to be in the range of $0.11 to $0.13 based on approximately 37.3 million weighted average shares outstanding.
- Full Year 2014 Guidance: Total revenue is expected to be in the range of $178.0 million to $180.0 million. Billings is expected to be in the range of $207.0 million to $209.0 million. Adjusted EBITDA loss is expected to be in the range of $3.0 million to $5.0 million. Non-GAAP EPS loss is expected to be in the range of $0.41 to $0.46 based on approximately 37.7 million weighted average shares outstanding. Free cash flow, defined as operating cash flow less capital expenditures, is expected to be approximately positive $10.0 million, which assumes capital expenditures of $13.0 million to $15.0 million for the full year.
Quarterly Conference Call
Proofpoint will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to review the company's financial results for the first quarter ended March 31, 2014. To access this call, dial 888-296-4305 for the U.S. and Canada or 719-325-2307 for international callers with conference ID #9531561. A live webcast of the conference call will be accessible from the Investors section of Proofpoint's website at investors.proofpoint.com, and a recording will be archived and accessible at investors.proofpoint.com. An audio replay of this conference call will also be available through May 14, 2014, by dialing 877.870.5176 for the U.S. and Canada or 858.384.5517 for international callers and entering passcode #9531561.
About Proofpoint, Inc.
Proofpoint, Inc. (NASDAQ: PFPT) is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. Organizations around the world depend on Proofpoint's expertise, patented technologies, and on-demand delivery system to protect against phishing, malware and spam, safeguard privacy, encrypt sensitive information, and archive and govern messages and critical enterprise information. More information is available at www.proofpoint.com.
Proofpoint is a trademark or registered trademark of Proofpoint, Inc. in the U.S. and other countries. All other trademarks contained herein are the property of their respective owners.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding momentum in the company's business, market position, future growth, market share and future financial results. It is possible that future circumstances might differ from the assumptions on which such statements are based. Important factors that could cause results to differ materially from the statements herein include: other risks that may inhibit our drive to expand our business and global market share; failure to maintain or increase renewals and increased business from existing customers and failure to generate increased business through existing or new channel partner relationships; uncertainties related to continued success in sales growth and market share gains; failure to convert sales opportunities into definitive customer agreements; risks associated with successful implementation of multiple integrated software products and other product functionality; competition, particularly from larger companies with more resources than Proofpoint; risks related to new target markets, new product introductions and innovation; the ability to attract and retain key personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; the time it takes new sales personnel to become fully productive; unforeseen delays in developing new technologies and the uncertain market acceptance of new products or features; technological changes that make Proofpoint's products and services less competitive; risks associated with the adoption of, and demand for, the Security-as-a-Service model in general and by specific industries; the effect of general economic conditions, including as a result of specific economic risks in different geographies and among different industries; risks related to integrating the employees, customers and technologies of acquired businesses; assumption of unknown liabilities from acquisitions; ability to retain customers of acquired entities; and the other risk factors set forth from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2013, and the other reports we file with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and Proofpoint undertakes no obligation, and expressly disclaims any obligation, to update forward-looking statements herein in light of new information or future events.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with GAAP. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Non-GAAP gross profit. We define non-GAAP gross profit as GAAP gross profit, less stock-based compensation expense and the amortization of intangibles associated with acquisitions. We consider this non-GAAP financial measure to be a useful metric for management and investors because they exclude the effect of stock-based compensation expense and the amortization of intangibles associated with acquisitions so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP gross profit versus gross profit calculated in accordance with GAAP. Non-GAAP gross profit excludes stock-based compensation expense. Stock-based compensation has been and will continue to be for the foreseeable future a significant recurring expense in our business. Stock-based compensation is an important part of our employees' compensation and impacts their performance. In addition, the components of the costs that we exclude in our calculation of non-GAAP gross profit may differ from the components that our peer companies exclude when they report their non-GAAP results. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP gross profit and evaluating non-GAAP gross profit together with gross profit calculated in accordance with GAAP.
Non-GAAP operating loss. We define non-GAAP operating loss as operating loss less stock-based compensation expense and the amortization of intangibles and non-recurring costs associated with acquisitions and litigation. We consider this non-GAAP financial measure to be a useful metric for management and investors because they exclude the effect of stock-based compensation expense and the amortization of intangibles and non-recurring costs associated with acquisitions so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating loss versus operating loss calculated in accordance with GAAP. For example, non-GAAP operating loss excludes stock-based compensation expense. Stock-based compensation has been and will continue to be for the foreseeable future a significant recurring expense in our business. Stock-based compensation is an important part of our employees' compensation and impacts their performance. In addition, the components of the costs that we exclude in our calculation of non-GAAP operating loss may differ from the components that our peer companies exclude when they report their non-GAAP results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating loss and evaluating non-GAAP operating loss together with operating loss calculated in accordance with GAAP.
Non-GAAP net loss. We define non-GAAP net loss as net loss less stock-based compensation expense and the amortization of intangibles and non-recurring costs associated with acquisitions and litigation, and non-cash interest expense related to the convertible debt discount and non-recurring issuance costs for the convertible debt offering. We consider this non-GAAP financial measure to be a useful metric for management and investors for the same reasons that we use non-GAAP operating loss. However, in order to provide a complete picture of our recurring core business operating results, we also exclude from non-GAAP net loss the tax effects associated with stock-based compensation and the amortization of intangibles and non-recurring costs associated with acquisitions and litigation, and non-cash interest expense related to the convertible debt discount and non-recurring issuance costs for the convertible debt offering. We used a 5 percent effective tax rate to calculate non-GAAP net loss for the first quarter of 2014 and 4 percent for the first quarter of 2013. We believe that a 15-20% effective tax rate range is a reasonable estimate of the near-term normalized tax rate under our current global operating structure. The same limitations described above regarding our use of non-GAAP operating loss also apply to our use of non-GAAP net loss.
Billings. We define billings as revenue recognized plus the change in deferred revenue from the beginning to the end of the period, but excluding additions to deferred revenue from acquisitions. We consider billings to be a useful metric for management and investors because billings drive deferred revenue, which is an important indicator of the health and visibility of our business, and has historically represented a majority of the quarterly revenue that we recognize. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. Billings include amounts that have not yet been recognized as revenue, but excluding additions to deferred revenue from acquisitions. We may also calculate billings in a manner that is different from other companies that report similar financial measures. Management compensates for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with revenues calculated in accordance with GAAP.
Adjusted EBITDA. We define adjusted EBITDA as net loss, adjusted to exclude: depreciation, amortization of intangibles, interest income (expense), net, provision for income taxes, stock-based compensation, acquisition- and litigation-related expense, other income, and other expense. We believe that the use of adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We use adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We do not place undue reliance on adjusted EBITDA as our only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. There are limitations to using this non-GAAP financial measure, including that other companies may calculate this measure differently than we do, that it does not reflect our capital expenditures or future requirements for capital expenditures and that it does not reflect changes in, or cash requirements for, our working capital.
Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow facilitates management's comparisons of our operating results to competitors' operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating our company is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Management compensates for this limitation by providing information about our capital expenditures on the face of the cash flow statement and in the "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources" section of our quarterly and annual reports filed with the SEC.
Proofpoint, Inc. Condensed Consolidated Statements of Operations (On a GAAP basis) (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, -------------------- 2014 2013 --------- --------- Revenue: Subscription $ 41,204 $ 28,452 Hardware and services 1,500 2,312 --------- --------- Total revenue 42,704 30,764 Cost of revenue:(1)(2) Subscription 11,451 7,829 Hardware and services 2,260 1,239 --------- --------- Total cost of revenue 13,711 9,068 --------- --------- Gross profit 28,993 21,696 Operating expense:(1)(2) Research and development 11,948 7,562 Sales and marketing 22,818 16,128 General and administrative 5,506 3,902 --------- --------- Total operating expense 40,272 27,592 --------- --------- Operating loss (11,279) (5,896) Interest (expense) income, net (2,773) 12 Other expense, net (199) (367) --------- --------- Loss before provision for income taxes (14,251) (6,251) Provision for income taxes (144) (142) --------- --------- Net loss $ (14,395) $ (6,393) ========= ========= Net loss per share, basic and diluted $ (0.39) $ (0.19) ========= ========= Weighted average shares outstanding, basic and diluted 36,564 33,461 (1) Includes stock-based compensation expense as follows: Cost of subscription revenue $ 412 $ 232 Cost of hardware and services revenue 129 36 Research and development 2,034 505 Sales and marketing 2,097 774 General and administrative 1,301 524 --------- --------- Total stock-based compensation expense $ 5,973 $ 2,071 ========= ========= (2) Includes intangible amortization expense as follows: Cost of subscription revenue $ 829 $ 326 Research and development 23 8 Sales and marketing 1,097 70 General and administrative 11 - --------- --------- Total intangible amortization expense $ 1,960 $ 404 ========= ========= Proofpoint, Inc. Condensed Consolidated Balance Sheets (On a GAAP basis) (In thousands, except per share amounts) (Unaudited) March 31, December 31, ------------- ------------- 2014 2013 ------------- ------------- Assets Current assets Cash and cash equivalents $ 257,247 $ 243,786 Short-term investments - 8,015 Accounts receivable, net 22,347 26,221 Inventory 1,296 860 Deferred product costs, current 1,222 1,004 Prepaid expenses and other current assets 8,750 7,963 ------------- ------------- Total current assets 290,862 287,849 Property and equipment, net 12,853 11,221 Deferred product costs, noncurrent 282 357 Goodwill 63,764 63,764 Intangible assets, net 21,016 22,976 Other noncurrent assets 4,297 4,392 ------------- ------------- Total assets $ 393,074 $ 390,559 ============= ============= Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 8,804 $ 7,281 Accrued liabilities 18,519 19,260 Notes payable and lease obligations, current 1,659 1,655 Deferred rent, current 246 297 Deferred revenue, current 92,643 89,450 ------------- ------------- Total current liabilities 121,871 117,943 Convertible senior notes 155,058 152,928 Notes payable and lease obligations, noncurrent 280 695 Other long term liabilities, noncurrent 7,324 7,300 Deferred revenue, noncurrent 35,250 34,533 ------------- ------------- Total liabilities 319,783 313,399 ------------- ------------- Stockholders' equity Common stock, $0.0001 par value; 200,000 shares authorized at March 31, 2014 and December 31, 2013; 36,926 and 36,140 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively 4 4 Additional paid-in capital 297,691 287,165 Accumulated deficit (224,404) (210,009) ------------- ------------- Total stockholders' equity 73,291 77,160 ------------- ------------- Total liabilities and stockholders' equity $ 393,074 $ 390,559 ============= ============= Proofpoint, Inc. Condensed Consolidated Statements of Cash Flows (On a GAAP basis) (In thousands) (Unaudited) Three Months Ended March 31, -------------------- 2014 2013 --------- --------- Cash flows from operating activities Net loss $ (14,395) $ (6,393) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization 3,802 1,677 Accretion of discounts on investments 15 239 Provision for allowance for doubtful accounts (7) 17 Stock-based compensation 5,973 2,071 Deferred income taxes 117 - Change in fair value of contingent earn-outs 5 - Amortization of debt issuance costs and accretion of debt discount 2,143 - Changes in assets and liabilities: Accounts receivable 3,881 (2,446) Inventory (435) 157 Deferred products costs (143) (47) Prepaid expenses and other current assets (789) (68) Noncurrent assets (89) 6 Accounts payable 762 1,738 Accrued liabilities (613) (126) Deferred rent (18) 49 Deferred revenue 3,910 4,321 --------- --------- Net cash provided by operating activities 4,119 1,195 --------- --------- Cash flows from investing activities Proceeds from sales and maturities of short-term investments 8,000 21,836 Purchase of short-term investments - (20,413) Purchase of property and equipment (2,291) (988) --------- --------- Net cash provided by investing activities 5,709 435 --------- --------- Cash flows from financing activities Proceeds from issuance of common stock, net of repurchases 4,155 4,184 Payments of debt issuance costs (111) - Repayments of notes payable and loans (411) (414) --------- --------- Net cash provided by financing activities 3,633 3,770 --------- --------- Net increase in cash and cash equivalents 13,461 5,400 Cash and cash equivalents Beginning of period 243,786 39,254 --------- --------- End of period $ 257,247 $ 44,654 ========= ========= Reconciliation of Non-GAAP Measures (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, -------------------- 2014 2013 --------- --------- GAAP gross profit $ 28,993 $ 21,696 Plus: Stock-based compensation expense 541 268 Intangible amortization expense 829 326 --------- --------- Non-GAAP gross profit 30,363 22,290 --------- --------- GAAP operating loss (11,279) (5,896) Plus: Stock-based compensation expense 5,973 2,071 Intangible amortization expense 1,960 404 Non-recurring acquisition expense 12 39 Non-recurring litigation expense 122 - --------- --------- Non-GAAP operating loss (3,212) (3,382) --------- --------- GAAP net loss (14,395) (6,393) Plus: Stock-based compensation expense 5,973 2,071 Intangible amortization expense 1,960 404 Non-recurring acquisition expense 12 39 Non-recurring litigation expense 122 - Interest expense - debt discount and debt issuance costs 2,143 - Non-recurring income tax benefit (57) - --------- --------- Non-GAAP net loss (4,242) (3,879) --------- --------- --------- --------- Shares used in computing non-GAAP net loss per share, basic and diluted 36,564 33,461 --------- --------- Non-GAAP net loss, basic and diluted $ (0.12) $ (0.12) Reconciliation of Net Loss to Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended March 31, -------------------- 2014 2013 --------- --------- Net loss $ (14,395) $ (6,393) Depreciation 1,842 1,273 Amortization of intangible assets 1,960 404 Interest expense (income), net 2,773 (12) Provision for income taxes 144 142 --------- --------- EBITDA $ (7,676) $ (4,586) --------- --------- Stock-based compensation expense $ 5,973 $ 2,071 Acquisition-related expenses 12 39 Litigation-related expenses 122 - Other income (10) (2) Other expense 209 369 --------- --------- Adjusted EBITDA $ (1,370) $ (2,109) --------- --------- Reconciliation of Total Revenue to Billings (In thousands) (Unaudited) Three Months Ended March 31, -------------------- 2014 2013 --------- --------- Total revenue $ 42,704 $ 30,764 Deferred revenue Ending 127,893 91,180 Beginning 123,983 86,859 --------- --------- Net Change 3,910 4,321 --------- --------- --------- --------- Billings $ 46,614 $ 35,085 --------- ---------
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Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 488
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,557
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,505