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Imperva Announces Preliminary Second Quarter 2016 Financial Results

REDWOOD SHORES, Calif.--(BUSINESS WIRE)--Imperva, Inc. (NYSE: IMPV), committed to protecting business-critical data and applications in the cloud and on-premises, today announced preliminary financial results for the second quarter ended June 30, 2016.

Based on preliminary financial information, Imperva currently expects to report total revenue for the second quarter of 2016 in the range of $57.5 million to $58.0 million compared to the company’s prior guidance of total revenue in the range of $65.5 million to $66.5 million.

Imperva also expects to report non-GAAP operating loss in the second quarter of 2016 in the range of $(6.0) million to $(6.5) million, and expects to report non-GAAP net loss per share in the range of $(0.20) to $(0.22) using approximately 32.1 million weighted average shares, based on preliminary financial information. This is compared to the company’s prior guidance of a non-GAAP operating loss in the range of $(0.3) million to $(1.3) million and non-GAAP net loss per share in the range of $(0.02) to $(0.04). Preliminary non-GAAP results exclude stock-based compensation and amortization of purchased intangibles. Imperva will provide detail on stock-based compensation and amortization of purchased intangibles on its second quarter earnings conference call scheduled for August 4, 2016.

Second quarter 2016 preliminary results are subject to change based on the completion of the company’s normal quarter-end review process.

Anthony Bettencourt, President and Chief Executive Officer of Imperva, stated: “We are disappointed with our second quarter financial results, which were primarily impacted by extended sales cycles across most geographies and verticals predominantly relating to larger deals. During the quarter, we also experienced a reduction in size of several large purchases. We suspect we are starting to see a reversion to pre-2015 procurement patterns, in which companies are breaking down projects into phases and buying and implementing over time rather than making a large up front purchase to protect most of their key databases. With the exception of 2015, this type of incremental purchasing pattern has been the norm for our industry and we are adjusting our sales and customer strategies accordingly.

“Notwithstanding our second quarter performance, we remain confident in the strength of our best-of-breed discovery, protection and compliance solutions. We do not believe that we are experiencing a change in the competitive environment as our win rates remained consistent during the quarter. In addition, we were pleased with the performance of our Incapsula business, which contributed to the overall growth of our subscription revenues during the quarter. The management team is continuing to analyze the factors that impacted our second quarter results and how they may impact our outlook for the full year, and is working with the Board to consider what steps we may take to address these issues. We expect to provide updated guidance and additional details during our regular earnings call.”

Conference Call

In connection with this release, Imperva will host a conference call and live webcast today (Monday, July 11, 2016) for investors and analysts at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To access the conference call, dial (877) 718-5099 for the U.S. or Canada or (719) 325-4831 for international callers with conference ID #2658445. The webcast will be available live on the Investors section of the company’s website at www.imperva.com. An audio replay of the call will also be available to investors by phone beginning at approximately 5:00 p.m. Pacific Time on July 11, 2016 until 8:59 p.m. Pacific Time on July 25, 2016, by dialing (877) 870-5176 for the U.S. or Canada or (858) 384-5517 for international callers...


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