The company undertakes no obligation to publicly update or revise any forward-looking statements. Forward-looking statements are subject to risks that could cause actual results to differ materially from our expectations. The risk factors section of the company's most recent 10-K filing with the SEC gives some examples of those risks.
Rick and Mike will refer to various non-GAAP financial measures, such as adjusted gross profit, adjusted operating expense, adjusted earnings and adjusted EBITDA. You can find in our earnings press release and on our investor website, detailed explanations of our non-GAAP financial measures along with reconciliations of our adjusting items to the most directly comparable GAAP financial measures.
Now, I'm pleased to turn the call over to Rick.
Rick SpurrGood afternoon everyone, and thank you for joining Zix Corporation's 2011 first quarter conference call. I am pleased to report another solid quarter for the company as we continue to build upon the momentum of a very strong 2010. As we have stated over the past few quarters, we continue to build a solid and predictable business based on our successful subscription model.As a result, we reported $9.3 million in revenue in the first quarter, up from 24% year-over-year, and slightly above our guidance of $9 million to $9.2 million.This quarter represented the strongest Email Encryption quarter in the company's history, outpacing last quarter's $8.8 million in revenue. New first year orders for the quarter were $1.5 million, down from $2.2 million in the first quarter of 2010 and below our internal expectations.We believe our new first year orders were impacted by several factors, none of which appear to be long-lasting or recurring. I'll elaborate on some of these factors later in the call.Total bookings for the first quarter came in slightly below last year's Q1 number at $9 million, down 3% primarily due to the decline in new first year orders. Our bookings backlog at the end of March was $49.7 million, up 12% over Q1 of 2010.
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