This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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:

5 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,154.18 +112.64 0.62%
S&P 500 2,119.22 +15.02 0.71%
NASDAQ 5,080.3030 +47.5520 0.94%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs