[February 07, 2013] |
|
Imperva Announces Fourth Quarter and Full Year 2012 Financial Results
REDWOOD SHORES, Calif. --(Business Wire)--
Imperva,
Inc. (NYSE: IMPV), a pioneer and leader of a new category of business
security solutions for critical applications and high-value data in the
data center, today announced financial results for the fourth quarter
and full year ended December 31, 2012.
"2012 was an exceptional year for Imperva, as we demonstrated our
ability to successfully execute our global go-to-market growth strategy
and significantly improved our operating leverage," stated Shlomo
Kramer, President and Chief Executive Officer of Imperva. "Our strong
fourth quarter results were driven by the ongoing demand for our
comprehensive integrated solution, as the number of sophisticated
attacks and regulations governing business data continues to increase
worldwide. Looking forward, we are well positioned to maintain our
momentum and extend our leadership position due to our commitment to
product innovation and ability to further leverage the investments being
made to our global sales infrastructure."
Fourth Quarter 2012 Financial Highlights
-
Revenue: Total revenue for the fourth quarter of 2012 was
$31.8 million, an increase of 36% compared to $23.3 million in the
fourth quarter of 2011. Within total revenue, product revenue was
$18.7 million, an increase of 27% compared to the fourth quarter of
2011. Services revenue increased 53% year-over-year to $13.1 million
and accounted for 41% of total revenue, up from 37% in the fourth
quarter of 2011. Within services revenue, overall subscription revenue
grew 205% to $1.7 million, compared to the fourth quarter of 2011.
Combined product and subscriptions revenue, a leading indicator of the
strength of our business, grew 33% to $20.4 million, compared to the
fourth quarter of 2011.
-
Operating Profit (Loss): Operating loss as reported in
accordance with U.S. generally accepted accounting principles (GAAP)
was $(0.8) million for the fourth quarter compared to a loss of
$(1.5) million during the fourth quarter in 2011. GAAP results
included stock-based compensation expense of $2.4 million for the
fourth quarter of 2012 and $0.6 million for the fourth quarter of
2011. Non-GAAP operating profit for the fourth quarter was
$1.5 million, compared to a loss of $(0.9) million during the same
period in 2011, excluding the above mentioned charges.
-
Net Profit (Loss): GAAP net loss attributable to Imperva
stockholders for the fourth quarter was $(0.7) million, or $(0.03) per
share based on 23.6 million weighted average diluted shares
outstanding. This compares to GAAP net loss attributable to Imperva
stockholders of $(1.5) million, or $(0.10) per share based on
14.6 million weighted average shares outstanding in the prior-year
period.
Non-GAAP net profit attributable to Imperva
stockholders for the fourth quarter of 2012 was $1.6 million, or
$0.06 per share based on 25.4 million weighted average diluted shares
outstanding, excluding the above mentioned charges. This compares to
non-GAAP net loss attributable to Imperva stockholders of
$(0.9) million, or $(0.05) per share based on 19.3 million weighted
average diluted shares outstanding in the prior-year period.
Both
GAAP and non-GAAP profit and loss per share attributable to Imperva
stockholders for the fourth quarter ended December 31, 2012 adjust for
the loss attributable to Imperva's non-controlling interest in
Incapsula.
-
Balance Sheet: As of December 31, 2012, Imperva had cash, cash
equivalents and investments of $102.3 million. Total deferred revenue
of $46.3 million increased 41% compared to $32.9 million as of
December 31, 2011.
Full Year 2012 Financial Highlights
-
Revenue: Total revenue for 2012 was $104.2 million, an increase
of 33% compared to $78.3 million for 2011. Within total revenue,
product revenue was $59.5 million, an increase of 25% year-over-year.
Services revenue increased 46% year-over-year to $44.7 million and
accounted for 43% of total revenue, up from 39% for 2011. Within
services revenue, overall subscriptions revenue grew 217% to
$4.7 million, compared to 2011. Combined product and subscriptions
revenue, a leading indicator of the strength of our business, grew 31%
to $64.2 million, compared to 2011.
-
Operating Profit (Loss): Operating loss as reported in
accordance with U.S. generally accepted accounting principles (GAAP)
was $(7.1) million for 2012 compared to a loss of $(10.0) million
during 2011. GAAP results included stock-based compensation expense of
$6.0 million for 2012 and $1.7 million for 2011. Non-GAAP operating
loss for 2012 was $(1.1) million, compared to a loss of $(8.3) million
during 2011, excluding the above mentioned charges.
-
Net Profit (Loss): GAAP net loss attributable to Imperva
stockholders for 2012 was $(7.4) million, or $(0.32) per share based
on 22.9 million weighted average diluted shares outstanding. This
compares to GAAP net loss attributable to Imperva stockholders of
$(10.3) million, or $(1.34) per share based on 7.7 million weighted
average shares outstanding in the prior-year period.
Non-GAAP
net loss attributable to Imperva stockholders for 2012 was
$(1.4) million, or $(0.06) per share based on 22.9 million weighted
average diluted shares outstanding, excluding the above mentioned
charges. This compares to non-GAAP net loss attributable to Imperva
stockholders of $(8.5) million, or $(0.51) per share based on
16.9 million weighted average diluted shares outstanding in the
prior-year period.
Both GAAP and non-GAAP loss per share
attributable to Imperva stockholders for the full year ended
December 31, 2012 adjust for the loss attributable to Imperva's
non-controlling interest in Incapsula. A reconciliation of GAAP to
non-GAAP 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."
Fourth Quarter and Full Year 2012 Operating Highlights
-
During the fourth quarter of 2012, Imperva booked 95 deals with a
value over $100,000, up 20% compared to the fourth quarter of last
year. For the full year 2012, the company booked 278 deals with a
value over $100,000, an increase of 29% year-over-year.
-
During the fourth quarter of 2012, Imperva added 199 new customers, up
28% compared to the fourth quarter of last year. For the full year
2012, the company added 553 new customers, an increase of 28%
year-over-year. Imperva now has over 2,200 customers in more than 60
countries around the world.
-
Imperva announced a partnership with Acunetix to achieve
interoperability between Imperva's SecureSphere Web Application
Firewall (WAF) and Acunetix's Web Vulnerability Scan (WVS) to provide
reduced risk exposure, enhanced protection, reduced development cost,
and compliance reporting.
-
In January 2013, Imperva announced a technology alliance with FireEye
which fully integrates our products to enhance protection for critical
applications, data and intellectual property from advanced cyber
attacks.
Business Outlook
The following forward-looking statements reflect expectations as of
February 7, 2013. Results may be materially different and could be
affected by the factors detailed in this press release and in recent
Imperva SEC filings.
First Quarter Expectations - Ending March 31, 2013
Imperva expects total revenue for the first quarter of 2013 to be in the
range of $27.0 million to $27.5 million, representing growth in the
range of 25% to 28% compared to the same period in 2012. The company
expects in the first quarter of 2013 non-GAAP gross margins of
approximately 79%. Further, Imperva expects in the first quarter of 2013
non-GAAP operating loss to be in the range of $(2.0) million to
$(2.5) million and non-GAAP net loss attributable to Imperva
stockholders to be in the range of $(2.25) million to $(2.75) million,
or a loss of $(0.09) to $(0.11) per share, which excludes stock-based
compensation expense.
Full Year Expectations -Ending December 31, 2013
Imperva expects total revenue for 2013 to be in the range of
$131.0 million to $135.0 million, or up 26% to 30% compared to 2012.
Imperva expects 2013 non-GAAP gross margins of approximately 80%.
Further, the company expects 2013 non-GAAP operating profit to be in the
range of $5.0 million to $6.5 million and non-GAAP net profit
attributable to Imperva stockholders to be in the range of $4.0 million
to $5.0 million, or $0.15 to $0.21 per share, which excludes stock-based
compensation expense. Imperva expects capital expenditures for the full
year to be in the range of $2.5 million to $3.5 million. Finally, the
company expects to continue to generate positive cash flows from
operations in 2013.
Quarterly Conference Call
Imperva will host a conference call today at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time) to review the company's financial results for
the fourth quarter and full year ended December 31, 2012. To access this
call, dial 888.337.8259 for the U.S. and Canada or 719.325.2336 for
international callers with conference ID #7457180. A live webcast of the
conference call will be accessible from the investors page of Imperva's
website at www.imperva.com,
and a recording will be archived and accessible at www.imperva.com.
An audio replay of this conference call will also be available through
February 21, 2013, by dialing 877.870.5176 for the U.S. and Canada, or
858.384.5517 for international callers and entering passcode #7457180.
Non-GAAP Financial Measures
Imperva reports all financial information required in accordance with
U.S. generally accepted accounting principles (GAAP). To supplement the
Imperva unaudited condensed consolidated financial statements presented
in accordance with GAAP, Imperva uses certain non-GAAP measures of
financial performance. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, as a
substitute for, or superior to, the financial information prepared and
presented in accordance with GAAP, and may be different from non-GAAP
financial measures used by other companies. In addition, these non-GAAP
measures have limitations in that they do not reflect all of the amounts
associated with the results of Imperva operations as determined in
accordance with GAAP. The non-GAAP financial measures used by Imperva
include historical non-GAAP net loss and non-GAAP basic and diluted loss
per share. These non-GAAP financial measures exclude stock-based
compensation from the Imperva unaudited condensed consolidated statement
of operations and give pro forma effect to the conversion of convertible
preferred stock and issuance of common stock in connection with
Imperva's initial public offering as if both had happened at the
beginning of each period presented.
For a description of these items, including the reasons why management
adjusts for them, and reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures, please
see the section of the accompanying tables titled "Use of Non-GAAP
Financial Information" as well as the related tables that precede it.
Imperva may consider whether other significant non-recurring items that
arise in the future should also be excluded in calculating the non-GAAP
financial measures it uses.
Imperva believes that these non-GAAP financial measures, when taken
together with the corresponding GAAP financial measures, provide
meaningful supplemental information regarding the performance of Imperva
by excluding certain items that may not be indicative of the company's
core business, operating results or future outlook. Imperva management
uses, and believes that investors benefit from referring to, these
non-GAAP financial measures in assessing operating results of Imperva,
as well as when planning, forecasting and analyzing future periods.
These non-GAAP financial measures also facilitate comparisons of the
performance of Imperva to prior periods.
Forward Looking Statements
This press release contains forward-looking statements, including
without limitation those regarding Imperva's "Business Outlook" ("First
Quarter Expectations - Ending March 31, 2013" and "Full Year
Expectations - Ending December 31, 2013"); Imperva's belief that
quarterly and annual combined product and subscriptions revenue are a
leading indicator of the strength of its business; the company's belief
that it will continue to successfully execute its global go-to-market
growth strategy and significantly improve its operating leverage;
Imperva's belief that the number of sophisticated attacks and
regulations governing business data will continue to increase worldwide;
the company's belief that there will be continued demand for its
comprehensive integrated solution; and Imperva's belief that it will
continue to maintain its momentum, extend its leadership position and
further leverage the investments being made to its global sales
infrastructure. These forward-looking statements are subject to material
risks and uncertainties that may cause actual results to differ
substantially from expectations. Investors should consider important
risk factors, which include: the risk that demand for our business
security solutions may not increase and may decrease; the risk that we
may not timely introduce new products or versions of our products and
that they may not be accepted by the market; the risk that competitors
may be perceived by customers to be better positioned to help handle
business security threats and protect their businesses from major risk;
the risk that the growth of Imperva may be lower than anticipated; and
other risks detailed under the caption "Risk Factors" in the company's
Form 10-Q filed with the Securities and Exchange Commission, or the SEC,
on November 13, 2012 and the company's other SEC filings. You can obtain
copies of the company's SEC filings on the SEC's website at www.sec.gov.
The foregoing information represents the company's outlook only as of
the date of this press release, and Imperva undertakes no obligation to
update or revise any forward-looking statements, whether as a result of
new information, new developments or otherwise.
About Imperva
Imperva is a pioneer and leader of a new category of business security
solutions for critical applications and high-value data in the data
center. Imperva's award-winning solutions protect against data theft,
insider abuse, and fraud while streamlining regulatory compliance by
monitoring and controlling data usage and business transactions across
the data center, from storage in a database or on a file server to
consumption through applications. With over 2,200 end-user customers in
more than 60 countries and thousands of organizations protected through
cloud-based deployments, securing your business with Imperva puts you in
the company of the world's leading organizations. For more information,
visit www.imperva.com,
follow us on Twitter or
visit our blog.
© 2013 Imperva, Inc. All rights reserved. Imperva and the Imperva logo
are trademarks of Imperva, Inc.
IMPERVA, INC. AND SUBSIDIARIES
|
Condensed Consolidated Statements of Operations
|
(On a GAAP basis)
|
(In thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
|
Dec 31,
|
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
Dec 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products and license
|
|
|
$
|
18,717
|
|
$
|
14,779
|
|
|
$
|
59,490
|
|
$
|
47,600
|
Services
|
|
|
|
13,102
|
|
|
8,536
|
|
|
|
44,745
|
|
|
30,702
|
Total net revenue
|
|
|
|
31,819
|
|
|
23,315
|
|
|
|
104,235
|
|
|
78,302
|
Cost of revenue(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products and license
|
|
|
|
2,338
|
|
|
2,278
|
|
|
|
8,530
|
|
|
6,711
|
Services
|
|
|
|
4,036
|
|
|
2,448
|
|
|
|
13,374
|
|
|
9,510
|
Total cost of revenue
|
|
|
|
6,374
|
|
|
4,726
|
|
|
|
21,904
|
|
|
16,221
|
Gross profit
|
|
|
|
25,445
|
|
|
18,589
|
|
|
|
82,331
|
|
|
62,081
|
Operating expenses(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
5,483
|
|
|
4,740
|
|
|
|
20,555
|
|
|
17,598
|
Sales and marketing
|
|
|
|
16,769
|
|
|
11,712
|
|
|
|
53,509
|
|
|
42,682
|
General and administrative
|
|
|
|
4,035
|
|
|
3,621
|
|
|
|
15,371
|
|
|
11,807
|
Total operating expenses
|
|
|
|
26,287
|
|
|
20,073
|
|
|
|
89,435
|
|
|
72,087
|
Loss from operations
|
|
|
|
(842)
|
|
|
(1,484)
|
|
|
|
(7,104)
|
|
|
(10,006)
|
Other expense, net
|
|
|
|
(117)
|
|
|
48
|
|
|
|
(243)
|
|
|
(190)
|
Loss before provision for income taxes
|
|
|
|
(959)
|
|
|
(1,436)
|
|
|
|
(7,347)
|
|
|
(10,196)
|
Provision for income taxes
|
|
|
|
(97)
|
|
|
191
|
|
|
|
545
|
|
|
662
|
Net loss
|
|
|
|
(862)
|
|
|
(1,627)
|
|
|
|
(7,892)
|
|
|
(10,858)
|
Add: Loss attributable to noncontrolling interest
|
|
|
|
138
|
|
|
131
|
|
|
|
505
|
|
|
589
|
Net loss attributable to Imperva, Inc. stockholders
|
|
|
$
|
(724)
|
|
$
|
(1,496)
|
|
|
$
|
(7,387)
|
|
$
|
(10,269)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of common stock attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperva, Inc. stockholders, basic and diluted
|
|
|
$
|
(0.03)
|
|
$
|
(0.10)
|
|
|
$
|
(0.32)
|
|
$
|
(1.34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net loss per share of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock, basic and diluted
|
|
|
|
23,605
|
|
|
14,618
|
|
|
|
22,916
|
|
|
7,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation expense as included in above:
|
Cost of revenue
|
|
|
$
|
167
|
|
$
|
45
|
|
|
$
|
469
|
|
$
|
118
|
Research and development
|
|
|
|
468
|
|
|
47
|
|
|
|
1,227
|
|
|
130
|
Sales and marketing
|
|
|
|
1,178
|
|
|
167
|
|
|
|
2,543
|
|
|
412
|
General and administrative
|
|
|
|
559
|
|
|
314
|
|
|
|
1,729
|
|
|
1,067
|
Total stock-based compensation expense
|
|
|
$
|
2,372
|
|
$
|
573
|
|
|
$
|
5,968
|
|
$
|
1,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPERVA, INC. AND SUBSIDIARIES
|
Condensed Consolidated Balance Sheets
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
As of
|
|
|
|
|
|
Dec 31,
|
|
|
|
|
Dec 31,
|
|
|
|
|
|
2012
|
|
|
|
|
2011
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
59,201
|
|
|
|
$
|
96,025
|
Short-term investments
|
|
|
|
|
43,126
|
|
|
|
|
1,587
|
Restricted cash, current
|
|
|
|
|
591
|
|
|
|
|
687
|
Accounts receivable, net
|
|
|
|
|
35,576
|
|
|
|
|
25,736
|
Inventory
|
|
|
|
|
328
|
|
|
|
|
442
|
Deferred tax assets
|
|
|
|
|
597
|
|
|
|
|
246
|
Prepaid expenses and other current assets
|
|
|
|
|
4,356
|
|
|
|
|
1,352
|
Total current assets
|
|
|
|
|
143,775
|
|
|
|
|
126,075
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
5,515
|
|
|
|
|
4,026
|
Severance pay fund
|
|
|
|
|
3,150
|
|
|
|
|
2,652
|
Restricted cash
|
|
|
|
|
753
|
|
|
|
|
666
|
Deferred tax assets
|
|
|
|
|
-
|
|
|
|
|
46
|
Other assets
|
|
|
|
|
764
|
|
|
|
|
77
|
Total assets
|
|
|
|
$
|
153,957
|
|
|
|
$
|
133,542
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
3,789
|
|
|
|
$
|
3,534
|
Accrued compensation and benefits
|
|
|
|
|
9,258
|
|
|
|
|
7,491
|
Accrued and other current liabilities
|
|
|
|
|
4,323
|
|
|
|
|
4,408
|
Deferred revenue
|
|
|
|
|
33,609
|
|
|
|
|
21,982
|
Total current liabilities
|
|
|
|
|
50,979
|
|
|
|
|
37,415
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
2,638
|
|
|
|
|
2,856
|
Deferred revenue
|
|
|
|
|
12,682
|
|
|
|
|
10,943
|
Accrued severance pay
|
|
|
|
|
3,427
|
|
|
|
|
2,760
|
Total liabilities
|
|
|
|
|
69,726
|
|
|
|
|
53,974
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
2
|
|
|
|
|
2
|
Additional paid-in capital
|
|
|
|
|
157,989
|
|
|
|
|
147,085
|
Accumulated deficit
|
|
|
|
|
(73,517)
|
|
|
|
|
(66,130)
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
861
|
|
|
|
|
(616)
|
Total Imperva, Inc. stockholders' equity
|
|
|
|
|
85,335
|
|
|
|
|
80,341
|
Noncontrolling interest
|
|
|
|
|
(1,104)
|
|
|
|
|
(773)
|
Total stockholders' equity
|
|
|
|
|
84,231
|
|
|
|
|
79,568
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
153,957
|
|
|
|
$
|
133,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPERVA, INC. AND SUBSIDIARIES
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(7,892)
|
|
|
$
|
(10,858)
|
Adjustments to reconcile net loss to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
1,841
|
|
|
|
1,540
|
Stock-based compensation
|
|
|
|
|
5,968
|
|
|
|
1,727
|
Revaluation of convertible preferred stock warrant liability
|
|
|
|
|
-
|
|
|
|
238
|
Amortization of premiums/accretion of discounts on short-term
investments
|
|
|
|
|
496
|
|
|
|
-
|
Excess tax benefits from share-based compensation
|
|
|
|
|
(19)
|
|
|
|
-
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(9,840)
|
|
|
|
(12,572)
|
Inventory
|
|
|
|
|
114
|
|
|
|
(55)
|
Prepaid expenses and other assets
|
|
|
|
|
(2,174)
|
|
|
|
(95)
|
Accounts payable
|
|
|
|
|
255
|
|
|
|
1,019
|
Accrued compensation and benefits
|
|
|
|
|
1,767
|
|
|
|
1,623
|
Accrued and other liabilities
|
|
|
|
|
703
|
|
|
|
(622)
|
Severance pay, net
|
|
|
|
|
169
|
|
|
|
(60)
|
Deferred revenue
|
|
|
|
|
13,366
|
|
|
|
11,707
|
Deferred tax assets
|
|
|
|
|
(286)
|
|
|
|
(121)
|
Other
|
|
|
|
|
(1)
|
|
|
|
(8)
|
Net cash provided by (used in) operating activities
|
|
|
|
|
4,467
|
|
|
|
(6,537)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of short-term investments
|
|
|
|
|
(58,158)
|
|
|
|
(2,948)
|
Proceeds from sales/maturities of short-term investments
|
|
|
|
|
16,305
|
|
|
|
2,611
|
Net purchases of property and equipment
|
|
|
|
|
(3,330)
|
|
|
|
(1,465)
|
Purchase of other assets
|
|
|
|
|
(400)
|
|
|
|
-
|
Change in restricted cash
|
|
|
|
|
9
|
|
|
|
160
|
Net cash used in investing activities
|
|
|
|
|
(45,574)
|
|
|
|
(1,642)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
|
|
4,211
|
|
|
|
1,149
|
Proceeds from initial public offering, net of offering costs
|
|
|
|
|
-
|
|
|
|
86,245
|
Proceeds from issuance of restricted stock
|
|
|
|
|
-
|
|
|
|
963
|
Increase in line of credit
|
|
|
|
|
-
|
|
|
|
4,000
|
Repayment of revolving credit facility
|
|
|
|
|
-
|
|
|
|
(4,501)
|
Excess tax benefits from share-based compensation
|
|
|
|
|
19
|
|
|
|
-
|
Net cash provided by financing activities
|
|
|
|
|
4,230
|
|
|
|
87,856
|
Effect of exchange rate changes on cash
|
|
|
|
|
53
|
|
|
|
(62)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
(36,824)
|
|
|
|
79,615
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
$
|
96,025
|
|
|
$
|
16,410
|
Cash and cash equivalents at end of year
|
|
|
|
$
|
59,201
|
|
|
$
|
96,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPERVA, INC. AND SUBSIDIARIES
|
(Reconciliation of GAAP to Non-GAAP Measures)
|
(In thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
Dec 31,
|
|
Dec 31,
|
|
|
|
Dec 31,
|
|
Dec 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating loss
|
|
|
|
$
|
(842)
|
|
$
|
(1,484)
|
|
|
|
$
|
(7,104)
|
|
$
|
(10,006)
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
|
2,372
|
|
|
573
|
|
|
|
|
5,968
|
|
|
1,727
|
Non-GAAP operating income (loss)
|
|
|
|
$
|
1,530
|
|
$
|
(911)
|
|
|
|
$
|
(1,136)
|
|
$
|
(8,279)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss attributable to Imperva, Inc. stockholders
|
|
|
|
$
|
(724)
|
|
$
|
(1,496)
|
|
|
|
$
|
(7,387)
|
|
$
|
(10,269)
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
|
2,372
|
|
|
573
|
|
|
|
|
5,968
|
|
|
1,727
|
Non-GAAP net income (loss)
|
|
|
|
$
|
1,648
|
|
$
|
(923)
|
|
|
|
$
|
(1,419)
|
|
$
|
(8,542)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares outstanding
|
|
|
|
|
23,605
|
|
|
14,618
|
|
|
|
|
22,916
|
|
|
7,675
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional weighted average shares giving effect
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to initial public offering and conversion of convertible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
preferred stock at the beginning of the period
|
|
|
|
|
-
|
|
|
4,679
|
|
|
|
|
-
|
|
|
9,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income (loss) per share, basic
|
|
|
|
|
23,605
|
|
|
19,297
|
|
|
|
|
22,916
|
|
|
16,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net income (loss) per share, diluted
|
|
|
|
|
25,363
|
|
|
19,297
|
|
|
|
|
22,916
|
|
|
16,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss), basic
|
|
|
|
$
|
0.07
|
|
$
|
(0.05)
|
|
|
|
$
|
(0.06)
|
|
$
|
(0.51)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss), diluted
|
|
|
|
$
|
0.06
|
|
$
|
(0.05)
|
|
|
|
$
|
(0.06)
|
|
$
|
(0.51)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Due to rounding, totals may not equal the sum of the line items in
the table above.
|
|
|
Use of Non-GAAP Financial Information
In addition to the reasons stated above, which are generally applicable
to each of the items Imperva excludes from its non-GAAP financial
measures, Imperva believes it is appropriate to exclude or give effect
to certain items for the following reasons:
Stock-Based Compensation: When evaluating the performance of its
consolidated results, Imperva does not consider stock-based compensation
charges. Likewise, the Imperva management team excludes stock-based
compensation expense from its operating plans. In contrast, the Imperva
management team is held accountable for cash-based compensation and such
amounts are included in its operating plans. Further, when considering
the impact of equity award grants, Imperva places a greater emphasis on
overall stockholder dilution rather than the accounting charges
associated with such grants.
Imperva excludes stock based compensation charges from its non-GAAP
financial measures primarily because they are non cash expenses that it
does not consider part of ongoing operating results when assessing the
performance of its business, and the exclusion of these expenses
facilitates the comparison of results and business outlook for future
periods with results for prior periods in order to better understand the
long term performance of its business.
Conversion of Preferred and Shares from Initial Public Offering:
Imperva believes it is useful to provide a non-GAAP financial measure
that gives pro forma effect to the conversion of preferred stock and
issuance of common stock in connection with Imperva's initial public
offering as if both had happened at the beginning of each period
presented in order to have an alternative way to evaluate per share
performance on a comparative basis.
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