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Imperva Announces First Quarter 2012 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 first quarter ended March 31, 2012.

“We had a strong start to the year driven by growing demand for our comprehensive, fully integrated solution along with solid sales of recently launched products,” stated Shlomo Kramer, President and Chief Executive Officer of Imperva. “We performed well across all of our key operating metrics as we leveraged the investments made in our global sales infrastructure and continued to gain traction with our channel partners. Looking ahead, with a healthy pipeline of business and expanding product line, we believe that we are well positioned to expand our share in the growing data center security market.”

First Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the first quarter of 2012 was $21.5 million, an increase of 31% compared to $16.4 million in the first quarter of 2011. Within total revenue, product revenue was $12.1 million, an increase of 21% compared to the first quarter of 2011. Services revenue increased 47% year over year to $9.4 million and accounted for 44% of total revenue, up from 39% in the first quarter of 2011. Within service revenue, overall subscription revenue grew 203% to $670,000 compared to the first quarter of 2011.
  • Operating Loss: Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $3.2 million for the first quarter compared to a loss of $3.1 million during the first quarter in 2011. GAAP results included stock-based compensation expense of $0.7 million for the first quarter of 2012 and $0.3 million for the first quarter of 2011. Non-GAAP operating loss for the first quarter was $2.5 million, compared to a loss of $2.8 million during the same period in 2011, excluding the above mentioned charges.
  • Net Loss: GAAP net loss attributable to Imperva stockholders for the first quarter was $3.3 million, or $0.15 per share based on 22.3 million weighted average diluted shares outstanding. This compares to GAAP net loss attributable to Imperva stockholders of $3.2 million, or $0.63 per share based on 5.1 million weighted average shares outstanding in the prior-year period.Non-GAAP net loss attributable to Imperva stockholders for the first quarter of 2012 was $2.6 million, or $0.12 per share based on 22.3 million weighted average diluted shares outstanding, excluding the above mentioned charges. This compares to non-GAAP net loss attributable to Imperva stockholders of $2.9 million, or $0.18 per share based on 15.8 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 first quarter ended March 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.”
  • Balance Sheet: As of March 31, 2012, Imperva had cash, cash equivalents and investments of $100.6 million.

First Quarter 2012 Operating Highlights

  • The number of deals booked with a value over $100,000 increased 73% year over year to 57 during the first quarter.
  • Total deferred revenue of $35.2 million was up 52% compared to $23.1 million in the prior year period.
  • The company added 89 new customers during the quarter and now has over 1,800 customers in more than 50 countries around the world.
  • Imperva released its latest Hacker Intelligence Initiative report exploring how Local and Remote File Inclusion (RFI/LFI) attacks enable hackers to execute malicious code and steal data through the manipulation of a company’s web server.
  • Imperva analyzed a high-profile ‘Anonymous’ attack using its Application Defense Center (ADC), which reported on the attack from start to finish.

Business Outlook

The following forward-looking statements reflect expectations as of May 3, 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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