For a description of these items, including the reasons why management adjusts for them, and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled “Use of Non-GAAP Financial Information” as well as the related tables that precede it. Imperva may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses.
Imperva believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the performance of Imperva by excluding certain items that may not be indicative of the company’s core business, operating results or future outlook. Imperva management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing operating results of Imperva, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of the performance of Imperva to prior periods.
Extension of Lock-Up Period
In connection with the company’s initial public offering, the underwriters and certain holders of Imperva common stock entered into agreements restricting the sale or transfer of shares of common stock during the 180-day period following the date of the IPO prospectus. These agreements provide for an automatic extension in the event the company announces that it will release financial results or other material news within the last 17 days of the lock-up period or the 15-day period following the originally-scheduled expiration of the agreements (to instead extend through the 18-day period beginning on the issuance of the earnings release or the announcement of the material news or material event). These agreements were originally scheduled to expire on May 6, 2012. As a result of the company’s release of its financial results today, the lock-up agreements described above will be automatically extended through May 20, 2012.
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