The company reported a 43% year-over-year revenue increase to $40.8 million, while subscription revenue also increased 43% year-over-year to $39.3 million. Billings totaled $48.9 million, which marked a 33% year-over-year increase. Operating cash flow was $5.3 million, while free cash flow was $2.2 million.
"Our record revenue, billings and free cash flow during the fourth quarter resulted from strong execution, as well as the ongoing robust demand for our integrated, cloud-based platform," said CEO Gary Steele in the company's statement. "The investments in our sales and product development, along with the addition of key acquisitions, have resulted in increased global leadership as we continued to penetrate some of the largest enterprises in the world."
"Looking forward, we entered 2014 with strong momentum as we continue to see an increase in the number and types of security threats worldwide, including advanced persistent threats. We believe Proofpoint remains well positioned to grow market share driven by our commitment to innovation and expanding global reach as the competitive landscape continues to shift in our favor."
TheStreet Ratings team rates PROOFPOINT INC as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROOFPOINT INC (PFPT) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income and feeble growth in its earnings per share."