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Imperva Announces Fourth Quarter And Full Year 2011 Financial Results

Imperva, Inc. (NYSE: IMPV), a pioneer and leader of a new category of data security solutions for high-value business data in the data center, today announced financial results for the fourth quarter and full year ended December 31, 2011.

“Our strong fourth quarter results highlight the underlying strength of our technology, our comprehensive, fully-integrated solution, and our global footprint,” stated Shlomo Kramer, President and Chief Executive Officer of Imperva. “Our high level of sales execution combined with the strong momentum in the overall data security market enabled us to grow revenues by 37% year over year in the fourth quarter. We benefitted from healthy demand across geographies, with particularly strong performance in EMEA and Asia Pacific due to the investments we have made in our sales infrastructure in these regions.” Mr. Kramer continued, “The completion of our initial public offering in November 2011 was an important milestone for our company. Imperva now has greater brand awareness and enhanced resources to execute its growth strategy and further extend its leadership position in the data security market. Looking ahead, we see numerous growth opportunities to expand our geographic reach and introduce additional products to enhance our offering, as well as target new markets. In addition, we intend to further develop our channel partnerships and internal sales efforts to drive adoption of our data security solutions worldwide.”

Fourth Quarter 2011 Financial Highlights
  • Revenue: Total revenue for the fourth quarter of 2011 was $23.3 million, an increase of 37% compared to $17.0 million in the fourth quarter of 2010. Within total revenue, product revenue was $14.8 million, an increase of 35% compared to the fourth quarter of 2010. Services revenue was $8.5 million, an increase of 41% compared to the fourth quarter of 2010.
  • Operating Income (Loss): Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.9 million for the fourth quarter compared to a loss of $3.1 million during the fourth quarter in 2010. GAAP results included stock-based compensation expense of $0.6 million for the fourth quarter of 2011 and $0.3 million for the fourth quarter of 2010. Non GAAP operating loss for fourth quarter was $1.3 million, compared to a loss of $2.8 million during the same period in 2010, excluding the above-mentioned charges.
  • Net Income (Loss): GAAP net loss attributable to Imperva stockholders was $1.5 million, or $0.10 per share, for the fourth quarter of 2011, compared to a loss of $3.1 million, or $0.63 per share, in the prior-year period.Non-GAAP net loss attributable to Imperva stockholders for the fourth quarter of 2011 was $0.9 million, or $0.05 per share, compared to a loss of $2.8 million, or $0.18 per share, in the prior year period, excluding the above-mentioned charges.Both GAAP and non-GAAP loss per share attributable to Imperva stockholders adjust for the loss attributable to its non controlling interest in Incapsula.
  • Balance Sheet: As of December 31, 2011, Imperva had cash, cash equivalents and investments of $97.6 million. The company closed its initial public offering on November 15, 2011, which generated net proceeds of approximately $86 million.

Full Year 2011 Financial Highlights
  • Revenue: Total revenue for 2011 was $78.3 million, an increase of 41% compared to $55.4 million in the prior-year period. Within total revenue, product revenue was $47.6 million, an increase of 38% compared to 2010. Services revenue was $30.7 million, an increase of 47% compared to 2010.
  • Operating Income (Loss): GAAP operating loss for fiscal 2011 was $10.4 million compared to a loss of $12.3 million for 2010. GAAP results included stock-based compensation expense of $1.7 million for 2011 and $0.6 million for 2010. Non GAAP operating loss for 2011 was $8.7 million, compared to a loss of $11.7 million during 2010, excluding the above-mentioned charges.
  • Net Income (Loss): GAAP net loss attributable to Imperva stockholders was $10.3 million for 2011, or $1.34 per share, compared to a loss of $12.0 million, or $2.46 per share, in 2010, excluding the above-mentioned charges.Non-GAAP net loss attributable to Imperva stockholders for 2011 was $8.5 million, or $0.51 per share compared to a loss of $11.4 million, or $0.73 per share, during 2010.Both GAAP and non-GAAP loss per share for 2011 adjust for the loss attributable to its 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 2011 Operating Highlights
  • For the fourth quarter, we added 156 new customers compared to 128 during the same period in 2010. For the full year 2011, we added 431 new customers compared to 383 in 2010 bringing our total end-user customer base to over 1,700 customers in more than 50 countries around the world.
  • For the full year 2011, we added 88 new channel partners bringing our global channel partner network to more than 550.
  • We announced the availability of SecureSphere 9.0 during the fourth quarter which included the following offerings in both the Application and Data Security areas:
    • SecureSphere for Sharepoint a new offering that helps organizations protect sensitive data stored within Microsoft SharePoint. Imperva’s solution combines our technologies for File, Web and Database security into a single integrated solution that covers the full Sharepoint architecture.
    • SecureSphere Operations Manager (SOM), a new manager of managers solution intended to help our large enterprise and Managed Security Service Provider customers manage multi-domain and multi-tenant SecureSphere deployments.
    • ThreatRadar Fraud Prevention Services , a new add-on service offering that enables organizations to rapidly provision and manage fraud detection solutions from the Web Application Firewall without needing to update their Web applications.
  • We launched the Imperva Cloud Distributed Denial of Service (DDoS) Protection , a new offering that complements the security and acceleration of Imperva Cloud WAF with a simple service that safeguards businesses.

Business Outlook

The following forward-looking statements reflect expectations as of February 9, 2012. Results may be materially different and could be affected by the factors detailed in this press release and in recent Imperva SEC filings.

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