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Imperva Announces Record Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Total revenue of $63.3 million, up 48%

year-over-year

Combined product and subscription revenue increased a record 64%

driven by subscription and product revenue growth of 93% and 55%, respectively

GAAP operating loss of $5.3 million; Non-GAAP operating income of $6.7 million

Total deferred revenue as of September 30, 2015 increased 32%

to $91.3 million driven by 44% increase in

short-term

Generated record operating cash flow of $10.5 million

Increasing FY15 guidance

Redwood Shores, Calif. October 29, 2015

Imperva

, Inc . (NYSE: IMPV), committed to protecting

business-critical

data and applications in the cloud and

on-premises,

today announced financial results for the third quarter ended September 30, 2015.

Imperva has

best-of-breed

discovery, protection and compliance solutions that drove our record third quarter results, as we exceeded guidance across all key operating metrics, stated Anthony Bettencourt, President and Chief Executive Officer of Imperva. The company continues to benefit from the ongoing demand of enterprises looking to protect their data and applications, as the size and frequency of attacks increase globally. The combination of our commitment to innovation, ability to attract new customers and expand within our large existing global customer base, positions Imperva to continue to grow faster than the markets we address.

Third Quarter 2015 Financial Highlights

Revenue:

Total revenue for the third quarter of 2015 was $63.3 million, an increase of 48% compared to $42.7 million in the third quarter of 2014. Within total revenue, product revenue was $30.5 million, up 55% compared to $19.6 million in the same period last year. Services revenue increased 43%

to $32.9 million and accounted for 52% of total revenue. Within services revenue, overall subscription revenue grew 93% to $12.3 million, compared to the third quarter of 2014. Combined product and subscription revenue was $42.7 million, an increase of 64% compared to $26.0 million in the third quarter of 2014.

Operating Profit (Loss):

Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $(5.3) million for the third quarter compared to a loss of $(13.5) million during the third quarter in 2014. GAAP results included

stock-based

compensation of $11.7 million for the third quarter of 2015 and $10.8 million for the third quarter of 2014.

operating income for the third quarter was $6.7 million or 10.6% of total revenue, compared to a loss of $(2.4) million during the same period in 2014, excluding the above mentioned charges.

Net Profit (Loss)

: GAAP net loss attributable to Imperva stockholders for the third quarter was $(5.7) million, or $(0.19) per share based on 30.8 million weighted average shares outstanding. This compares to GAAP net loss attributable to Imperva stockholders of $(13.6) million, or $(0.52) per share based on 26.0 million weighted average shares outstanding in the

prior-year

period.

net income attributable to Imperva stockholders for the third quarter of 2015 was $6.3 million, or $0.19 per share based on 32.7 million weighted average diluted

shares outstanding, excluding the above mentioned charges. This compares to

non-GAAP

net loss attributable to Imperva stockholders of $(2.5) million, or $(0.10) per share based on 26.0 million weighted average shares outstanding in the

period.

A reconciliation of GAAP to

financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading

Non-GAAP

Financial Measures.

Balance Sheet and Cash Flow

: As of September 30, 2015, Imperva had cash, cash equivalents and investments of $253.8 million. Total deferred revenue of $91.3 million increased 32% compared to $68.9 million as of September 30, 2014.

Short-term

deferred revenue of $66.3 million increased 44% compared to $46.2 million as of September 30, 2014.

The company generated $10.5 million in net cash from operations for the third quarter of 2015 compared to $2.5 million during the third quarter of 2014. The company generated $9.3 million in free cash flow for the quarter compared to $1.7 million during the same period last year.

Third Quarter and Recent Operating Highlights

During the third quarter of 2015, Imperva booked 130 deals with a value over $100,000, an increase of 23% compared to 106 deals during the third quarter of last year.

During the third quarter of 2015, Imperva added 188 new customers compared to 183 during the third quarter of last year. Imperva now has over 4,300 customers in more than 90 countries around the world.

Imperva was named as a Leader in Gartners Magic Quadrant for Web Application Firewalls and, for the second consecutive year, was the only company positioned as a leader in this space.

Imperva announced that the Imperva Incapsula DDoS Protection solution was rated as a Leader in The Forrester Wave DDoS Services Providers and received the highest scores in the current offering category.

Imperva announced the availability of Imperva SecureSphere 11.5 with ThreatRadar Account Takeover Protection which is designed to protect web application accounts from being compromised. The release also extended SecureSphere data protection to Amazon Web Services and added data protection for next generation big data engines.

Business Outlook

forward-looking

statements reflect expectations as of October 29, 2015. Results may be materially different and could be affected by the factors detailed in this press release and in recent Imperva SEC filings.

Fourth Quarter Expectations Ending December 31, 2015

Imperva expects total revenue for the fourth quarter of 2015 to be in the range of $66.0 million to $68.0 million, representing growth in the range of 28.5% to 32.4% compared to the same period

in 2014. The company expects in the fourth quarter of 2015

gross margins of approximately 82%. Further, Imperva expects in the fourth quarter of 2015

operating income to be in the range of $4.0 million to $6.0 million and

net income to be in the range of $3.4 million to $5.4 million, or $0.10 to $0.16 per share based on approximately 33.5 million weighted average diluted shares, which excludes

compensation and amortization of purchased intangibles.

Full Year Expectations Ending December 31, 2015

Imperva expects total revenue for 2015 to be in the range...


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