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Imperva Announces First Quarter 2012 Financial Results

Second Quarter Expectations – Ending June 30, 2012

Imperva expects total revenue for the second quarter of 2012 to be in the range of $23.3 million to $23.8 million, representing growth in the range of 24% to 26% compared to the same period in 2011. The company expects in the second quarter of 2012 non-GAAP gross margins of approximately 79%. Further, Imperva expects in the second quarter of 2012 non-GAAP operating loss to be in the range of $1.2 million to $1.4 million and non-GAAP net loss attributable to Imperva stockholders to be in the range of $1.1 million to $1.3 million, or a loss of $0.04 to $0.05 per share, which excludes stock-based compensation expense.

Full Year Expectations –Ending December 31, 2012

Imperva expects total revenue for 2012 to be in the range of $98.0 million to $100.0 million, or up 25% to 28% compared to 2011. Imperva expects in 2012 non-GAAP gross margins of approximately 80%. Further, the company expects in 2012 non-GAAP operating loss to be in the range of $3.3 million to $3.7 million and non-GAAP net loss attributable to Imperva stockholders to be in the range of $2.8 million to $3.2 million, or a loss of $0.12 to $0.14, which excludes stock-based compensation expense. Imperva expects capital expenditures for the full year to be in the range of $2.0 million to $2.5 million. Finally, the company expects to generate positive cash flow from operations in 2012.

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 first quarter ended March 31, 2012. To access this call, dial 800.967.7141 for the U.S. and Canada or 719.457.2643 for international callers with conference ID #1471551. 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 May 17, 2012, by dialing 877.870.5176 for the U.S. and Canada, or 858.384.5517 for international callers and entering passcode 1471551.

Non-GAAP Financial Measures

Imperva reports all financial information required in accordance with 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.

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