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Imperva Announces Fourth Quarter And Full Year 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 fourth quarter and full year ended December 31, 2012.

“2012 was an exceptional year for Imperva, as we demonstrated our ability to successfully execute our global go-to-market growth strategy and significantly improved our operating leverage,” stated Shlomo Kramer, President and Chief Executive Officer of Imperva. “Our strong fourth quarter results were driven by the ongoing demand for our comprehensive integrated solution, as the number of sophisticated attacks and regulations governing business data continues to increase worldwide. Looking forward, we are well positioned to maintain our momentum and extend our leadership position due to our commitment to product innovation and ability to further leverage the investments being made to our global sales infrastructure.”

Fourth Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the fourth quarter of 2012 was $31.8 million, an increase of 36% compared to $23.3 million in the fourth quarter of 2011. Within total revenue, product revenue was $18.7 million, an increase of 27% compared to the fourth quarter of 2011. Services revenue increased 53% year-over-year to $13.1 million and accounted for 41% of total revenue, up from 37% in the fourth quarter of 2011. Within services revenue, overall subscription revenue grew 205% to $1.7 million, compared to the fourth quarter of 2011. Combined product and subscriptions revenue, a leading indicator of the strength of our business, grew 33% to $20.4 million, compared to the fourth quarter of 2011.
  • Operating Profit (Loss): Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $(0.8) million for the fourth quarter compared to a loss of $(1.5) million during the fourth quarter in 2011. GAAP results included stock-based compensation expense of $2.4 million for the fourth quarter of 2012 and $0.6 million for the fourth quarter of 2011. Non-GAAP operating profit for the fourth quarter was $1.5 million, compared to a loss of $(0.9) million during the same period in 2011, excluding the above mentioned charges.
  • Net Profit (Loss): GAAP net loss attributable to Imperva stockholders for the fourth quarter was $(0.7) million, or $(0.03) per share based on 23.6 million weighted average diluted shares outstanding. This compares to GAAP net loss attributable to Imperva stockholders of $(1.5) million, or $(0.10) per share based on 14.6 million weighted average shares outstanding in the prior-year period.Non-GAAP net profit attributable to Imperva stockholders for the fourth quarter of 2012 was $1.6 million, or $0.06 per share based on 25.4 million weighted average diluted shares outstanding, excluding the above mentioned charges. This compares to non-GAAP net loss attributable to Imperva stockholders of $(0.9) million, or $(0.05) per share based on 19.3 million weighted average diluted shares outstanding in the prior-year period.Both GAAP and non-GAAP profit and loss per share attributable to Imperva stockholders for the fourth quarter ended December 31, 2012 adjust for the loss attributable to Imperva’s non-controlling interest in Incapsula.
  • Balance Sheet: As of December 31, 2012, Imperva had cash, cash equivalents and investments of $102.3 million. Total deferred revenue of $46.3 million increased 41% compared to $32.9 million as of December 31, 2011.

Full Year 2012 Financial Highlights

  • Revenue: Total revenue for 2012 was $104.2 million, an increase of 33% compared to $78.3 million for 2011. Within total revenue, product revenue was $59.5 million, an increase of 25% year-over-year. Services revenue increased 46% year-over-year to $44.7 million and accounted for 43% of total revenue, up from 39% for 2011. Within services revenue, overall subscriptions revenue grew 217% to $4.7 million, compared to 2011. Combined product and subscriptions revenue, a leading indicator of the strength of our business, grew 31% to $64.2 million, compared to 2011.
  • Operating Profit (Loss): Operating loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $(7.1) million for 2012 compared to a loss of $(10.0) million during 2011. GAAP results included stock-based compensation expense of $6.0 million for 2012 and $1.7 million for 2011. Non-GAAP operating loss for 2012 was $(1.1) million, compared to a loss of $(8.3) million during 2011, excluding the above mentioned charges.
  • Net Profit (Loss): GAAP net loss attributable to Imperva stockholders for 2012 was $(7.4) million, or $(0.32) per share based on 22.9 million weighted average diluted shares outstanding. This compares to GAAP net loss attributable to Imperva stockholders of $(10.3) million, or $(1.34) per share based on 7.7 million weighted average shares outstanding in the prior-year period.Non-GAAP net loss attributable to Imperva stockholders for 2012 was $(1.4) million, or $(0.06) per share based on 22.9 million weighted average diluted shares outstanding, excluding the above mentioned charges. This compares to non-GAAP net loss attributable to Imperva stockholders of $(8.5) million, or $(0.51) per share based on 16.9 million weighted average diluted shares outstanding in the prior-year period.Both GAAP and non-GAAP loss per share attributable to Imperva stockholders for the full year ended December 31, 2012 adjust for the loss attributable to Imperva’s non-controlling interest in Incapsula. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Fourth Quarter and Full Year 2012 Operating Highlights

  • During the fourth quarter of 2012, Imperva booked 95 deals with a value over $100,000, up 20% compared to the fourth quarter of last year. For the full year 2012, the company booked 278 deals with a value over $100,000, an increase of 29% year-over-year.
  • During the fourth quarter of 2012, Imperva added 199 new customers, up 28% compared to the fourth quarter of last year. For the full year 2012, the company added 553 new customers, an increase of 28% year-over-year. Imperva now has over 2,200 customers in more than 60 countries around the world.
  • Imperva announced a partnership with Acunetix to achieve interoperability between Imperva’s SecureSphere Web Application Firewall (WAF) and Acunetix’s Web Vulnerability Scan (WVS) to provide reduced risk exposure, enhanced protection, reduced development cost, and compliance reporting.
  • In January 2013, Imperva announced a technology alliance with FireEye which fully integrates our products to enhance protection for critical applications, data and intellectual property from advanced cyber attacks.

Business Outlook

The following forward-looking statements reflect expectations as of February 7, 2013. Results may be materially different and could be affected by the factors detailed in this press release and in recent Imperva SEC filings.

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