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FireEye Reports Financial Results For Fourth Quarter And Fiscal Year 2013

Stocks in this article: FEYE

MILPITAS, Calif., Feb. 11, 2014 (GLOBE NEWSWIRE) -- FireEye, Inc. (Nasdaq:FEYE), the leader at stopping today's advanced cyber attacks, today announced financial results for the fourth quarter and fiscal year 2013. FireEye acquired Mandiant, a leader in advanced endpoint solutions and security incident response, on December 30, 2013.  The financial statements for the fourth quarter and fiscal year 2013 consolidate Mandiant's financial results according to purchase accounting rules.

Fourth Quarter 2013 Financial Results

  • Billings 1: FireEye fourth quarter billings were $97.9 million, an increase of 102 percent compared with the fourth quarter of 2012.   
  • Revenue: Total revenue was $57.3 million, an increase of 81 percent compared with the fourth quarter of 2012. Within total revenue, product revenue was $32.3 million, an increase of 59 percent compared with the fourth quarter of 2012, and subscription and services revenue was $25.0 million, an increase of 120 percent compared with the fourth quarter of 2012. Within subscription and services revenue, product subscription revenue was $14.4 million, an increase of 107 percent compared with the fourth quarter of 2012. Combined product and product subscription revenue, an indicator of the market's acceptance of the FireEye virtual machine-based advanced threat protection platform, accounted for 81 percent of total revenue and increased 71 percent from the fourth quarter of 2012 to $46.7 million.  
  • Deferred revenue: Deferred revenue totaled $187.5 million at the end of the fourth quarter, including approximately $16.1 million as a result of the FireEye acquisition of Mandiant. Current deferred revenue of $110.5 million included $13.4 million from Mandiant. Non-current deferred revenue of $77.0 million included $2.7 million from Mandiant.  
  • GAAP net loss: Fourth quarter GAAP net loss was $2.5 million, or $0.02 per basic and diluted share, based on 114.7 million weighted average shares outstanding. This compares with a GAAP net loss of $12.6 million, or $0.97 per basic and diluted share, based on 13.0 million weighted average shares outstanding, in the fourth quarter of 2012.  
  • Non-GAAP net loss 1: Fourth quarter non-GAAP net loss was $40.5 million, or $0.35 per basic and diluted share, based on 114.7 million weighted average shares outstanding. This compares with a non-GAAP net loss of $8.4 million, or $0.64 per basic and diluted share, based on 13.0 million shares outstanding, in the fourth quarter of 2012. Non-GAAP net loss in both periods excluded stock-based compensation expenses, amortization of intangible assets, and changes in the fair value of preferred stock warrant liability. Non-GAAP net loss for the fourth quarter of 2013 also excluded $8.5 million of acquisition related costs and a discrete tax benefit of approximately $59.6 million related to removal of the valuation allowance to partially offset the deferred tax liability relating to the Mandiant acquisition. 1

Fiscal Year 2013 Financial Results

  • Billings 1: FireEye 2013 billings were $256.6 million, an increase of 98 percent compared with 2012.   
  • Revenue: Total revenue was $161.6 million for 2013, an increase of 94 percent compared with 2012. Within total revenue, product revenue was $88.3 million, an increase of 69 percent compared with 2012 and subscription and services revenue was $73.3 million, an increase of 136 percent compared with 2012. Within subscription and services revenue, product subscription revenue was $43.0 million, an increase of 127 percent compared with 2012. Combined product and product subscription revenue increased 84 percent from 2012 to $131.3 million.  
  • GAAP net loss: 2013 GAAP net loss was $120.6 million, or $2.66 per basic and diluted share, based on 45.3 million weighted average shares outstanding. This compares with a GAAP net loss of $35.8 million, or $3.28 per basic and diluted share, based on 10.9 million weighted average shares outstanding, in 2012.  
  • Non-GAAP net loss 1: 2013 non-GAAP net loss was of $134.8 million, or $2.98 per basic and diluted share, based on 45.3 million weighted average shares outstanding. This compares with a non-GAAP net loss of $26.4 million, or $2.42 per basic and diluted share, based on 10.9 million weighted average shares outstanding, in 2012. Non-GAAP net loss in both periods excluded stock-based compensation expense, amortization of intangible assets, and changes in the fair value of preferred stock warrant liability. Non-GAAP net loss in 2013 also excluded $8.5 million of acquisition related costs and a discrete tax benefit of approximately $59.6 million related to removal of the valuation allowance to partially offset the deferred tax liability relating to the Mandiant acquisition.

1 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures also is included under the heading "Non-GAAP Financial Measures."

"By all measures, the fourth quarter was a strong finish to an extraordinary year for FireEye. During 2013, we nearly doubled our billings and revenue, built a global infrastructure to support our growth, completed our initial public offering, and extended our virtual machine-based security technology with mobile, data center, and small and midsized business solutions," said David DeWalt, FireEye chairman of the board and chief executive officer. "At year-end, we announced our acquisition of Mandiant, a technology alliance partner and a leader in advanced endpoint solutions and incident response services."

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