Imperva Announces Second Quarter 2012 Financial Results

Imperva, Inc. (NYSE: IMPV), a pioneer and leader of a new category of business security solutions for critical applications and high-value data in the data center, today announced financial results for the second quarter ended June 30, 2012.

“We are very pleased with our strong execution during the quarter and ability to achieve strong results across all of our key operating metrics,” stated Shlomo Kramer, President and Chief Executive Officer of Imperva. “Our performance was driven by the combination of continued demand for our integrated solution and strong growth of subscriptions. We also had solid growth across all geographic regions and continued to make progress on leveraging the investments made in our global sales and research and development infrastructure. Imperva remains well positioned to maintain its momentum during the second half of the year due to a healthy pipeline of business and expanding product line.”

Second Quarter 2012 Financial Highlights

• Revenue: Total revenue for the second quarter of 2012 was $24.6 million, an increase of 30% compared to $18.8 million in the second quarter of 2011. Within total revenue, product revenue was $14.0 million, an increase of 23% compared to the second quarter of 2011. Services revenue increased 41% year over year to $10.5 million and accounted for 43% of total revenue, up from 40% in the second quarter of 2011. Within services revenue, overall subscription revenue grew 229%, to $976,000 compared to the second quarter of 2011.
• Operating Loss: Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.4 million for the second quarter compared to a loss of $2.8 million during the second quarter in 2011. GAAP results included stock-based compensation expense of $1.2 million for the second quarter of 2012 and $0.3 million for the second quarter of 2011. Non-GAAP operating loss for the second quarter was $0.3 million, compared to a loss of $2.5 million during the same period in 2011, excluding the above mentioned charges.
• Net Loss: GAAP net loss attributable to Imperva stockholders for the second quarter was $1.5 million, or $0.07 per share based on 22.6 million weighted average diluted shares outstanding. This compares to GAAP net loss attributable to Imperva stockholders of $2.9 million, or $0.53 per share based on 5.4 million weighted average shares outstanding in the prior-year period.

Non-GAAP net loss attributable to Imperva stockholders for the second quarter of 2012 was $0.4 million, or $0.02 per share based on 22.6 million weighted average diluted shares outstanding, excluding the above mentioned charges. This compares to non-GAAP net loss attributable to Imperva stockholders of $2.6 million, or $0.16 per share based on 16.2 million weighted average diluted shares outstanding in the prior year period.

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