Imperva Announces First Quarter 2012 Financial Results

About Imperva

Imperva is a pioneer and leader of a new category of data security solutions for high-value business data in the data center. With more than 1,800 end-user customers and thousands of organizations protected through cloud-based deployments, Imperva’s customers include leading enterprises, government organizations, and managed service providers who rely on Imperva to prevent sensitive data theft from hackers and insiders. The award-winning Imperva SecureSphere identifies and secures high-value data across file systems, web applications and databases. For more information, visit www.imperva.com, follow us on Twitter or visit our blog.

© 2012 Imperva, Inc. All rights reserved. Imperva, the Imperva logo and SecureSphere are trademarks of Imperva, Inc.

IMPERVA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(On a GAAP basis)
(In thousands, except per share amounts)
(Unaudited)
					For the Three Months Ended
						March 31,					March 31,
						2012					2011
Net revenue:
Products and license					$	12,052				$	9,978
Services						9,466					6,445
Total net revenue						21,518					16,423
Cost of revenue (1):
Products and license						1,854					1,371
Services						2,733					1,963
Total cost of revenue						4,587					3,334
Gross profit						16,931					13,089
Operating expenses (1):
Research and development						4,993					3,927
Sales and marketing						11,596					10,000
General and administrative						3,493					2,294
Total operating expenses						20,082					16,221
Loss from operations						(3,151	)				(3,132	)
Other income (expense), net						(70	)				(89	)
Loss before provision for income taxes						(3,221	)				(3,221	)
Provision for income taxes						153					116
Net loss						(3,374	)				(3,337	)
Loss attributable to noncontrolling interest						103					131
Net loss attributable to Imperva, Inc. stockholders					$	(3,271	)			$	(3,206	)
Net loss per share of common stock attributable to
Imperva, Inc. stockholders, basic and diluted					$	(0.15	)			$	(0.63	)
Shares used in computing net loss per share of common stock, basic and diluted						22,304					5,075
(1) Stock-based compensation expense as included in above:
Cost of revenue					$	55				$	18
Research and development						127					18
Sales and marketing						261					58
General and administrative						225					189
Total stock-based compensation expense					$	668				$	283

IMPERVA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
						As of				As of
						March 31,				December 31,
						2012				2011
Assets
Current assets:
Cash and cash equivalents					$	64,968			$	96,025
Short-term investments						35,584				1,587
Restricted cash, current						587				687
Accounts receivable, net						19,456				25,736
Inventory						325				442
Deferred tax assets						261				246
Prepaid expenses and other current assets						2,022				1,352
Total current assets						123,203				126,075
Property and equipment, net						3,859				4,026
Severance pay fund						2,663				2,652
Restricted cash						666				666
Deferred tax assets						46				46
Other assets						377				77
Total assets					$	130,814			$	133,542
Liabilities, convertible preferred stock and stockholders’ equity
Current liabilities:
Accounts payable					$	2,420			$	3,534
Accrued compensation and benefits						6,566				7,491
Accrued and other current liabilities						3,187				4,408
Deferred revenue						24,346				21,982
Total current liabilities						36,519				37,415
Other liabilities						2,578				2,856
Deferred revenue						10,805				10,943
Accrued severance pay						3,097				2,760
Total liabilities						52,999				53,974
Stockholders’ equity:
Common stock						2				2
Additional paid-in capital						147,822				147,085
Accumulated deficit						(69,401	)			(66,130	)
Accumulated other comprehensive income (loss)						94				(616	)
Total Imperva, Inc. stockholders’ equity						78,517				80,341
Noncontrolling interest						(702	)			(773	)
Total stockholders’ equity						77,815				79,568
Total liabilities, convertible preferred stock and stockholders’ equity					$	130,814			$	133,542

IMPERVA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
						For the Three Months Ended
						March 31,				March 31,
						2012				2011
Cash flows from operating activities:
Net loss					$	(3,374	)		$	(3,337	)
Adjustments to reconcile net loss to net cash provided byoperating activities:
Depreciation and amortization						411				368
Stock-based compensation						668				283
Revaluation of convertible preferred stock warrant liability						-				1
Amortization/accretion of premiums/discounts on ST investments						76				-
Changes in operating assets and liabilities:
Accounts receivable, net						6,280				2,652
Inventory						117				(155	)
Prepaid expenses and other assets						(14	)			(796	)
Accounts payable						(1,114	)			253
Accrued compensation and benefits						(925	)			(582	)
Accrued and other liabilities						(1,359	)			476
Severance pay, net						326				35
Deferred revenue						2,226				1,929
Deferred tax assets						(15	)			(76	)
Other						(4	)			43
Net cash provided by operating activities						3,299				1,094
Cash flows from investing activities:
Purchase of short-term investments						(34,903	)			(367	)
Proceeds from maturities of short-term investments						925				526
Purchase of property and equipment						(244	)			(380	)
Change in other assets						(300	)			-
Change in restricted cash						100				705
Net cash provided by (used in) investing activities						(34,422	)			484
Cash flows from financing activities:
Proceeds from exercise of stock options						103				280
Repayment of revolving credit facility						-				(501	)
Net cash provided by (used in) financing activities						103				(221	)
Effect of exchange rate changes on cash						(37	)			19
Net increase (decrease) in cash and cash equivalents						(31,057	)			1,376
Cash and cash equivalents at beginning of period					$	96,025			$	16,410
Cash and cash equivalents at end of period					$	64,968			$	17,786

IMPERVA, INC. AND SUBSIDIARIES
(Reconciliation of GAAP to Non-GAAP Measures)
(In thousands, except per share amounts)
(Unaudited)
					For the Three Months Ended
						March 31,				March 31,
						2012				2011
GAAP operating loss					$	(3,151	)		$	(3,132	)
Plus:
Stock-based compensation expense						668				283
Non-GAAP operating loss					$	(2,483	)		$	(2,849	)
GAAP net loss attributable to Imperva, Inc. stockholders					$	(3,271	)		$	(3,206	)
Plus:
Stock-based compensation expense						668				283
Non-GAAP net loss					$	(2,603	)		$	(2,923	)
Weighted average shares outstanding, basic and diluted						22,304				5,075
Plus:
Additional weighted average shares giving effect toinitial public offering and conversion of convertiblepreferred stock at the beginning of the period						-				10,761
Shares used in computing Non-GAAP net loss per share, basic and diluted						22,304				15,836
Non-GAAP net loss, basic and diluted					$	(0.12	)		$	(0.18	)
- Due to rounding to the nearest tenth of a percent, totals may not equal the sum of the line items in the table above.

Use of Non-GAAP Financial Information

In addition to the reasons stated above, which are generally applicable to each of the items Imperva excludes from its non-GAAP financial measures, Imperva believes it is appropriate to exclude or give effect to certain items for the following reasons:

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