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FireEye Reports Financial Results for Second Quarter 2014(Marketwire Via Acquire Media NewsEdge) MILPITAS, CA -- (Marketwired) -- 08/05/14 -- FireEye, Inc. (NASDAQ: FEYE), the leader at stopping today's advanced cyber attacks, today announced financial results for the second quarter ended June 30, 2014. "I am pleased to report strong growth in billings and revenue in the second quarter, which is reflected in our fourth increase to 2014 billings and revenue guidance ranges since our initial public offering in September 2013," said David DeWalt, chairman and chief executive officer of FireEye. "We now expect 2014 revenue in the range of $423 to $430 million and third quarter 2014 revenue to exceed $100 million for the first time." "We believe our second quarter results demonstrate the market's endorsement of our virtual machine-based security platform and mark the beginning of the next phase in our evolution from advanced security pioneer to industry leader. This new phase, which follows our startup and hyper-growth phases, is characterized by continued high revenue growth, accompanied by continued progress toward our target long-term financial model," added DeWalt. Second Quarter 2014 Financial Results Billings(1): Second quarter billings were $113.8 million, compared to the previously issued guidance range of $108 to $112 million. Total billings included $35.6 million in product billings, $42.1 million in product subscription billings, $18.6 million in support and maintenance billings, and $17.5 million in professional services billings. Revenue: Second quarter revenue was $94.5 million, compared to the previously issued guidance range of $89 to $91 million. Total revenue included $37.7 million of product revenue, $28.0 million of product subscription revenue, $11.9 million of support and maintenance revenue, and $16.9 million of professional services revenue. Deferred revenue: Deferred revenue totaled $232.0 million at the end of the second quarter, an increase of $129.4 million from the end of the second quarter of 2013. Current deferred revenue was $136.8 million, an increase of $81.1 million from the end of the second quarter of 2013. Non-current deferred revenue was $95.2 million, an increase of $48.3 million from the end of the second quarter of 2013. GAAP net loss: Second quarter GAAP net loss was $116.8 million, or $0.82 per share, based on 141.9 million weighted average shares outstanding. This compares to a GAAP net loss of $40.2 million, or $2.15 per basic and diluted share, based on 18.7 million weighted average shares outstanding, in the second quarter of 2013. Non-GAAP net loss(1): Second quarter non-GAAP net loss was $78.5 million, or $0.55 per basic and diluted share, compared to the previously issued guidance range of $0.58 to $0.63 loss per share. Non-GAAP net loss in the second quarters of 2013 and 2014 excluded stock-based compensation expenses, amortization of intangible assets, acquisition related costs and discrete tax benefits. Non-GAAP net loss for the second quarter of 2013 also excluded changes in the fair value of preferred stock warrant liabilities. (1)A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures also is included under the heading "Non-GAAP Financial Measures." Recent Business HighlightsSince the second quarter of 2013, FireEye more than doubled its customer base, from 1,182 customers in the second quarter of 2013 to 2,498 customers at the end of the second quarter of 2014. The company also established a presence in 65 countries, expanded its channel partner programs worldwide, built a 24/7 round-the-clock, round-the-world customer support organization, and increased the number of employees to 2,387 from 932. Also during this period, the company expanded its advanced security platform with the release of 20 new and enhanced products and services, including new appliances, a mobile threat prevention solution, a data center threat prevention solution, cloud-based email threat protection, the Threat Analytics Platform (TAP), an Intrusion Prevention System (IPS), and new Managed Defense services. Business highlights since the release of first quarter 2014 financial results on May 6 included: General availability of the FireEye Network Threat Prevention Platform with IPS to customers worldwide as an add-on license to the FireEye Network Threat Prevention Platform (NX Series). A new release of the company's email solutions, including FireEye Email Security (EX Series) and Email Threat Prevention Cloud, which added the traditional email security features of anti-spam and anti-virus protection to the advanced threat detection capabilities. Certification of the FireEye Forensic Analysis (AX Series) Threat Prevention Platform by NATO for inclusion in the Information Assurance Product Catalogue (NIAPC). Appointment of a chief privacy officer to create a new global privacy program to establish data protection standards and lead the industry in data protection initiatives. Recognition of FireEye's Threat Analytics Platform (TAP) as Best of Show for the Cloud Services category at InterOp Japan. A Net Promoter Score of 54, compared to an average score of 35 for the software industry. Integration of Rapid7 UserInsight into the FireEye Threat Analytics Platform (TAP), adding user and account analysis to TAP's hosted incident response platform to augment the detection of advanced attacks and insider threats. Appointment of John McGeeas Senior Vice President, Worldwide Sales, and the expansion of sales leadership in Europe and the East and West regions of the U.S. Leadership in Advanced Threat IntelligenceThreat intelligence is at the heart of the FireEye mission to reduce the impact of cyber threats by reducing the time to detect and remediate. With more than two million virtual machines and two million endpoint threat sensors installed in more than 2,500 customers, including governments, military intelligence organizations, global financial institutions and other frequently targeted organizations, FireEye has unparalleled visibility into the threat environment. The FireEye Labs team uses automated detection and alert technologies, combined with the expertise of security researchers and incident response teams, to investigate and analyze a wide variety of attacks, cyber-anomalies, and indicators of compromise. The FireEye security platform is updated with new threat intelligence regularly, and insights into the evolving threat environment are published on the company's blog at www.fireeye.com/blog. Recent threat discoveries and analyses by the FireEye Labs community of threat researchers and security experts included: Release of the report "Cybersecurity's Maginot Line: A Real-world Assessment of the Defense-in-Depth Model" examining attack data captured by FireEye security appliances in trials from 1,217 organizations around the world. The study revealed that today's top-selling non-FireEye security tools failed to protect 97 percent of organizations in which they were installed. Discovery and analysis of azero-day exploit targeting users of Internet Explorer versions 8 through 11 and Windows XP, 7 and 8 in a multi-vector attack campaign called "Operation Clandestine Fox."Publication of "Operation Saffron Rose," a research report detailing the activities of a cyber-espionage group, dubbed by FireEye as the Ajax Security Team, likely based in Iran targeting Iranian dissidents and U.S. defense firms. Discovery and analysis of the first "in-the-wild" malware reported to actively scan OPC servers, the specialized servers that control devices in critical infrastructure (e.g., water and electric utilities), energy and manufacturing sectors. Discovery and analysis of multiple malicious mobile app families, including an Android app that pretends to be a "Google Service Framework" but actually executes privacy leakage, banking credential theft, and remote access commands. Discovery and analysis of a new kind of mobile malware that encrypts an embedded Android application with an attachment to conceal malicious activities within a seemingly benign application. Forward OutlookFireEye provides guidance based on current market conditions and expectations. For the third quarter of 2014, FireEye expects total revenue in the range of $114 to $117 million. Additionally, for the third quarter, on a non-GAAP basis, the company expects: Total billings in the range of $150 to $155 million. Gross margin in the range of 68 to 71 percent of total revenue. Research and development expenses in the range of 41 to 44 percent of total revenue. Sales and marketing expenses in the range of 76 to 79 percent of total revenue. General and administrative expenses in the range of 18 to 21 percent of total revenue. Loss per share of $0.52 to $0.56, based on estimated weighted average shares outstanding of approximately 144 million. For 2014, the company currently expects total revenue in the range of $423 to $430 million, compared to the prior guidance range of $405 to $415 million. Additionally, on a non-GAAP basis, for 2014 the company expects: Total billings in the range of $560 to $580 million. Gross margin in the range of 69 to 72 percent of total revenue. Research and development expenses in the range of 40 to 43 percent of total revenue. Sales and marketing expenses in the range of 78 to 81 percent of total revenue. General and administrative expenses in the range of 19 to 22 percent of total revenue. Loss per share of $2.05 to $2.15, based on estimated weighted average shares outstanding of approximately 142 million. For the fourth quarter of 2014, the company currently expects non-GAAP loss per share in the range of $0.46 to $0.50, based on estimated weighted average shares outstanding of approximately 148 million. Guidance for non-GAAP financial measures excludes stock based compensation, amortization of intangible assets, acquisition expenses, discrete tax benefits, and other non-recurring expenses. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis. Conference Call InformationFireEye will host a conference call today, August 5, 2014, at 5:00 PM Eastern Time (2:00 PM Pacific Time) to discuss its second quarter financial results and outlook for 2014. Interested parties may access the conference call by dialing 877-312-5521 (domestic) or 678-894-3048 (international). A live audio webcast of the call, as well as related multi-media content, can be accessed from the Investor Relations section of the company's website at http://investors.fireeye.com. Shortly after the conclusion of the call, an archived version of the webcast will be available at the same website. Forward-Looking StatementsThis press release contains forward-looking statements, including statements related to future billings, revenue, non-GAAP gross margins, non-GAAP research and development expenses as a percent of total revenue, non-GAAP sales and marketing expenses as a percent of total revenue, non-GAAP general and administrative expenses as a percent of total revenue, weighted average shares outstanding, and non-GAAP loss per share in the section entitled "Forward Outlook" above, as well as statements related to continued high revenue growth and progress toward FireEye's target long-term target financial model. These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause FireEye's results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause FireEye's results to differ materially from those expressed or implied by such forward-looking statements include market adoption of FireEye's virtual machine-based security platform; FireEye's limited operating history, particularly as a newly public company; the failure to achieve expected synergies and efficiencies of operations between FireEye and its acquired companies; ability of FireEye and its acquired companies to successfully integrate their respective market opportunities, technology, products, personnel and operations; FireEye's ability to attract and retain new customers and expand and train its sales force; the budgeting cycles, seasonal buying patterns and length of FireEye's sales cycle; risks associated with FireEye's rapid growth; FireEye's limited experience with developing and releasing new products and services; real or perceived defects, errors or vulnerabilities in FireEye's platform; rapidly evolving technological developments in a market that is characterized by rapid changes in technology, customer requirements, industry standards, and frequent new product introductions and improvements; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in FireEye's Form 10-Q filed with the Securities and Exchange Commission on May 14, 2014, which should be read in conjunction with these financial results and is available on the Investor Relations section of FireEye's website at investors.fireeye.com and on the SEC website at www.sec.gov. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and FireEye does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Any future product, feature, or related specification that may be referenced in this release are for information purposes only and are not commitments to deliver any technology or enhancement. FireEye reserves the right to modify future product or service plans at any time. Non-GAAP Financial MeasuresFireEye has provided in this release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures used by other companies. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial information prepared in accordance with GAAP, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Billings. FireEye defines billings as revenue recognized plus the change in deferred revenue from the beginning to the end of the period. The company considers billings to be a useful metric for management and investors because billings drive deferred revenue balances, which are an important indicator of the health and visibility of the company's business. Revenue recognized from deferred revenue represents a significant percentage of quarterly revenue. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. First, billings include amounts that have not yet been recognized as revenue. Second, FireEye's calculation of billings may be different from other companies in its industry, some of which may not use billings, may calculate billings differently, may have different billing frequencies, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of billings as a comparative measure. FireEye compensates for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with revenue calculated in accordance with GAAP. Non-GAAP gross margin, operating margin, net loss and net loss per share. FireEye defines non-GAAP gross margin as total gross profit excluding stock-based compensation expenses, amortization of intangible assets, and, as applicable, other special items, divided by total revenue. FireEye defines non-GAAP operating margin as operating loss excluding stock-based compensation expense, amortization of intangible assets, acquisition related expenses, and other special or non-recurring items, divided by total revenue. FireEye defines non-GAAP net loss as net loss excluding stock-based compensation expense, amortization of intangible assets, change in fair value of preferred stock warrant liability, acquisition-related costs, and discrete tax benefits. FireEye defines non-GAAP net loss per share as non-GAAP net loss divided by the weighted average shares outstanding. Additionally, weighted average shares outstanding used to calculate non-GAAP net loss per share excludes as anti-dilutive stock options, restricted stock units and performance stock units. FireEye considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of stock-based compensation expense, amortization of intangible assets, acquisition related expenses, change in fair value of preferred stock warrant liability and other non-recurring and discrete items so that management and investors can compare the company's "core business operating results," over multiple periods. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures exclude stock-based compensation expense. Stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in the company's business. Second, stock-based compensation is an important part of FireEye employees' overall compensation. Third, the components of the costs that FireEye excludes in its calculation of these non-GAAP financial measures, including not only stock-based compensation but also non-recurring items such as acquisition related costs, amortization of intangible assets, changes in fair value of preferred stock warrant liability and discrete tax benefits, may differ from the components excluded by peer companies when they report their non-GAAP results of operations. FireEye compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures and evaluating non-GAAP financial measures together with their nearest GAAP equivalents. About FireEye, Inc.FireEye has invented a purpose-built, virtual machine-based security platform that provides real-time threat protection to enterprises and governments worldwide against the next generation of cyber attacks. These highly sophisticated cyber attacks easily circumvent traditional signature-based defenses, such as next-generation firewalls, IPS, anti-virus, and gateways. The FireEye Threat Prevention Platform provides real-time, dynamic threat protection without the use of signatures to protect an organization across the primary threat vectors and across the different stages of an attack life cycle. The core of the FireEye platform is a virtual execution engine, complemented by dynamic threat intelligence, to identify and block cyber attacks in real time. FireEye has over 2,500 customers across 65 countries, including over 150 of the Fortune 500. © 2014 FireEye, Inc. All rights reserved. FireEye is a registered trademark or trademark of FireEye, Inc. in the United States and other countries. Android is a trademark of Google Inc. Internet Explorer and Windows are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. All other brands, products, or service names are or may be trademarks or service marks of their respective owners. FireEye, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) June 30, December 31, 2014 2013 ------------- ------------- Assets Current assets: Cash and cash equivalents $ 171,620 $ 173,918 Short-term investments 292,874 - Accounts receivable, net 108,039 95,772 Inventories 5,198 5,663 Deferred tax assets, current portion 21,712 14,584 Prepaid expenses and other current assets 31,879 25,230 ------------- ------------- Total current assets 631,322 315,167 Property and equipment, net 78,390 64,765 Goodwill 750,132 706,327 Intangible assets 284,793 281,377 Deposits and other long-term assets 10,035 8,677 ------------- ------------- Total assets $ 1,754,672 $ 1,376,313 ============= ============= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 36,343 $ 34,128 Accrued and other current liabilities 23,273 17,677 Accrued compensation 52,728 41,625 Deferred revenue, current portion 136,808 110,535 ------------- ------------- Total current liabilities 249,152 203,965 Deferred revenue, non-current portion 95,199 76,979 Deferred tax liabilities, non-current portion 41,044 45,147 Other long-term liabilities 5,580 2,120 ------------- ------------- Total liabilities 390,975 328,211 Stockholders' equity: Common stock 15 14 Additional paid-in capital 1,805,328 1,271,590 Accumulated other comprehensive income (loss) (110) - Accumulated deficit (441,536) (223,502) ------------- ------------- Total stockholders' equity 1,363,697 1,048,102 ------------- ------------- Total liabilities and stockholders' equity $ 1,754,672 $ 1,376,313 ============= ============= FireEye, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) -------------------- -------------------- Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 2014 2013 2014 2013 --------- --------- --------- --------- Revenue: Product $ 37,683 $ 17,240 $ 61,935 $ 32,228 Subscription and services 56,806 15,982 106,534 29,410 --------- --------- --------- --------- Total revenue 94,489 33,222 168,469 61,638 Cost of revenue: (1)(2) Product 13,749 5,804 24,075 10,766 Subscription and services 27,831 4,482 52,798 6,402 --------- --------- --------- --------- Total cost of revenue 41,580 10,286 76,873 17,168 Total gross profit 52,909 22,936 91,596 44,470 Operating expenses:(1)(2) Research and development 53,408 14,016 95,378 24,078 Sales and marketing 94,591 37,594 171,445 66,163 General and administrative (3) 31,931 10,370 59,031 17,681 --------- --------- --------- --------- Total operating expenses 179,930 61,980 325,854 107,922 Operating loss (127,021) (39,044) (234,258) (63,452) Other expense, net (4) (150) (807) (166) (3,147) --------- --------- --------- --------- Loss before income taxes (127,171) (39,851) (234,424) (66,599) Provision for (benefit from) income taxes (5) (10,348) 384 (16,390) 597 --------- --------- --------- --------- Net loss attributable to common stockholders $(116,823) $ (40,235) $(218,034) $ (67,196) ========= ========= ========= ========= Net loss per share attributable to common stockholders, basic and diluted $ (0.82) $ (2.15) $ (1.58) $ (3.98) ========= ========= ========= ========= Weighted average shares used in per share calculations, basic and diluted 141,895 18,704 137,939 16,877 ========= ========= ========= ========= FireEye, Inc. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in thousands) ---------------------- Six Months Ended June 30, ---------------------- 2014 2013 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (218,034) $ (67,196) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 42,726 7,095 Stock-based compensation expense 63,447 7,530 Deferred income taxes (18,960) - Other 183 3,017 Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Accounts receivable, net (11,660) 2,052 Inventories 729 (1,168) Prepaid expenses and other assets (2,287) (4,569) Deferred costs of revenue (797) (444) Accounts payable (7,103) 8,207 Accrued liabilities 8,747 1,310 Accrued compensation 10,834 4,949 Deferred revenue 44,193 26,180 Other long-term liabilities 3,460 338 ---------- ---------- Net cash used in operating activities (84,522) (12,699) ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of business, net of cash acquired (55,058) - Purchase of property and equipment and demonstration units (31,469) (22,055) Purchase of short-term investments (302,531) - Maturities of short-term investments 8,000 - Lease deposits (403) (1,597) ---------- ---------- Net cash used in investing activities (381,461) (23,652) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from follow-on public offering 445,280 330 Borrowing from line of credit - 10,000 Repayment of term loan - (2,147) Net proceeds from issuance of convertible preferred stock - 9,988 Proceeds from exercise of equity awards 18,405 4,771 Repayment of notes receivable from stockholders - 7,294 ---------- ---------- Net cash provided by financing activities 463,685 30,236 ---------- ---------- Net change in cash and cash equivalents (2,298) (6,115) Cash and cash equivalents, beginning of year 173,918 60,200 ---------- ---------- Cash and cash equivalents, end of year $ 171,620 $ 54,085 ========== ========== FireEye, Inc. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share amounts) -------------------- -------------------- Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 2014 2013 2014 2013 --------- --------- --------- --------- GAAP operating loss $(127,021) $ (39,044) $(234,258) $ (63,452) Stock-based compensation expense (1) 38,253 4,278 63,447 7,530 Amortization of intangible assets (2) 11,187 262 21,985 524 Acquisition related expenses (3) 512 - 1,559 - --------- --------- --------- --------- Non-GAAP operating loss $ (77,069) $ (34,504) $(147,267) $ (55,398) GAAP net loss $(116,823) $ (40,235) $(218,034) $ (67,196) Stock-based compensation expense (1) 38,253 4,278 63,447 7,530 Amortization of intangible assets (2) 11,187 262 21,985 524 Acquisition related expenses (3) 512 - 1,559 - Change in fair value of preferred stock warrant liability (4) - 811 - 2,978 Non-recurring benefit from income taxes (5) (11,610) - (18,852) - --------- --------- --------- --------- Non-GAAP net loss $ (78,481) $ (34,884) $(149,895) $ (56,164) GAAP net loss per common share, basic and diluted $ (0.82) $ (2.15) $ (1.58) $ (3.98) Stock-based compensation expense (1) 0.27 0.23 0.46 0.45 Amortization of intangible assets (2) 0.08 0.01 0.16 0.03 Acquisition related expenses (3) 0.00 - 0.01 - Change in fair value of preferred stock warrant liability (4) - 0.04 - 0.18 Non-recurring benefit from income taxes (5) (0.08) - (0.14) - --------- --------- --------- --------- Non-GAAP net loss per common share, basic and diluted $ (0.55) $ (1.87) $ (1.09) $ (3.33) Weighted average shares used in per share calculations for GAAP and Non-GAAP, basic and diluted 141,895 18,704 137,939 16,877 (1) includes stock-based compensation expense as follows: Cost of product revenue $ 236 $ 73 $ 381 $ 136 Cost of subscription and services revenue 3,605 401 7,025 568 Research and development 7,803 1,118 12,406 2,075 Sales and marketing 15,923 1,254 24,611 2,094 General and administrative 10,686 1,432 19,024 2,657 --------- --------- --------- --------- Total stock-based compensation expense $ 38,253 $ 4,278 $ 63,447 $ 7,530 (2) includes amortization of intangible assets as follows: Cost of product revenue $ 2,672 $ 262 $ 5,103 $ 524 Cost of subscription and services revenue 5,394 - 10,784 - Sales and marketing 3,121 - 6,098 - --------- --------- --------- --------- Total amortization of intangible assets $ 11,187 $ 262 $ 21,985 $ 524 (3) includes acquisition related expenses as follows: General and administrative $ 512 $ - $ 1,559 $ - (4) includes change in fair value of preferred stock warrant liability as follows: Other expense, net $ - $ 811 $ - $ 2,978 (5) includes discrete benefit from income taxes as follows: Provision for (benefit from) income taxes $ (11,610) $ - $ (18,852) $ - FireEye, Inc. RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE (Unaudited, in thousands) ------------------- ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2014 2013 2014 2013 --------- --------- --------- --------- GAAP revenue $ 94,489 $ 33,222 $ 168,469 $ 61,638 Add change in deferred revenue 19,286 11,791 44,494 26,179 --------- --------- --------- --------- Non-GAAP billings $ 113,775 $ 45,013 $ 212,963 $ 87,817 FireEye, Inc. BILLINGS BREAKOUT (Unaudited, in thousands) ------------------- ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2014 2013 2014 2013 --------- --------- --------- --------- Product billings $ 35,573 $ 18,883 $ 61,649 $ 35,164 Product subscription billings 42,086 15,541 81,521 32,239 --------- --------- --------- --------- Product billings and product subscription billings 77,659 34,424 143,170 67,403 Support and maintenance billings 18,582 9,702 34,277 19,283 Professional services billings 17,534 887 35,516 1,131 --------- --------- --------- --------- Non-GAAP billings $ 113,775 $ 45,013 $ 212,963 $ 87,817 FireEye, Inc. REVENUE BREAKOUT (Unaudited, in thousands) ------------------- ------------------- Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2014 2013 2014 2013 --------- --------- --------- --------- Product revenue $ 37,683 $ 17,240 $ 61,935 $ 32,228 Product subscription revenue 28,025 9,608 50,844 17,625 --------- --------- --------- --------- Product revenue and product subscription revenue 65,708 26,848 112,779 49,853 Support and maintenance revenue 11,874 6,031 22,625 11,168 Professional services revenue 16,907 343 33,065 617 --------- --------- --------- --------- Total revenue $ 94,489 $ 33,222 $ 168,469 $ 61,638 Media contact: Vitor De Souza FireEye, Inc. 415-699-9838 [email protected] Investor contact: Kate Patterson FireEye, Inc. 408-321-4957 [email protected] Source: FireEye |