FireEye Reports Financial Results for Fourth Quarter and Full Year 2018
- Record revenue and billings for fourth quarter and full year 2018
- Q4 revenue of
$218 million increased 6 percent from the fourth quarter of 2017 - Q4 billings of
$265 million increased 10 percent from the fourth quarter of 20171 - Q4 ending annual recurring revenue of
$553 million increased 9 percent compared to the end of the fourth quarter of 2017
“The fourth quarter was a strong finish to a record year for FireEye,”
said
Fourth Quarter 2018 Financial Results
-
Revenue of
$218 million increased 6 percent from the fourth quarter of 2017 and was at the high end of the guidance range of$214 million to$218 million . -
Billings of
$265 million increased 10 percent from the fourth quarter of 2017 and were above the guidance range of$245 million to $255 million .1 - GAAP gross margin was 68 percent of revenue, compared to 66 percent of revenue in the fourth quarter of 2017.
- Non-GAAP gross margin was 75 percent of revenue, compared to 76 percent of revenue in the fourth quarter of 2017, and was within the guidance range of 75 percent to 76 percent of revenue.1
- GAAP operating margin was negative 17 percent of revenue, compared to negative 29 percent of revenue in the fourth quarter of 2017.
- Non-GAAP operating margin was 5 percent of revenue, compared to 5 percent of revenue in the fourth quarter of 2017, and was within the guidance range of 5 percent to 7 percent of revenue.1
-
GAAP net loss per share was
$0.25 , compared to GAAP net loss per share of$0.39 in the fourth quarter of 2017. -
Non-GAAP diluted net income per share was
$0.06 , compared to non-GAAP diluted net income per share of$0.04 in the fourth quarter of 2017, and was at the high end of the guidance range of$0.04 to $0.06 .1 -
Cash flow generated by operations was
$31 million , compared to cash flow generated by operations of$34 million in the fourth quarter of 2017, and was within the guidance range of$30 million to $35 million .
2018 Financial Results
-
Revenue of
$831 million increased 7 percent from 2017 and was at the high end of the guidance range of$827 million to $831 million . -
Billings of
$856 million increased 12 percent from 2017 and were above the guidance range of$835 million to $845 million .1 - GAAP gross margin was 67 percent of revenue, compared to 65 percent of revenue in 2017.
- Non-GAAP gross margin was 75 percent of revenue, compared to 75 percent of revenue in 2017.1
- GAAP operating margin was negative 22 percent of revenue, compared to negative 31 percent of revenue in 2017.
- Non-GAAP operating margin was 3 percent of revenue, compared to breakeven in 2017, and was within the guidance range of 2 percent to 4 percent of revenue.1
-
GAAP net loss per share was
$1.27 , compared to GAAP net loss per share of$1.60 in 2017. -
Non-GAAP diluted net income per share was
$0.08 , compared to non-GAAP net loss per share of$0.05 in 2017, and was at the high end of the guidance range of$0.06 to $0.08 .1 -
Cash flow generated by operations was
$18 million , compared to cash flow generated by operations of$18 million in 2017. -
Non-GAAP cash flow generated by operations was
$62 million , compared to cash flow generated by operations of$18 million in 2017. Non-GAAP cash flow generated by operations in 2018 excludes approximately$44 million that was deemed to be repayment of accreted debt discount on$340 million principal amount of the 1.000% Convertible Senior Notes due 2035 ("Series A Notes"), which were repurchased and retired onMay 24, 2018 .1
“Our business continued to evolve toward a recurring subscription
model,” said
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 is also included under the heading “Non-GAAP Financial Measures.”
First Quarter and 2019 Outlook
For the first quarter of 2019,
-
Revenue in the range of
$208 million to $212 million . -
Billings in the range of
$170 million to $180 million . - Non-GAAP gross margin as a percent of revenue of approximately 74 percent.
- Non-GAAP operating margin as a percent of revenue in the range of negative 3 percent to negative 1 percent.
-
Non-GAAP net loss per share between
$0.02 and $0.04 . -
Cash flow generated by operations between
$10 million and $15 million . -
Capital expenditures of approximately
$10 million .
Non-GAAP net loss per share for the first quarter assumes interest
income on cash and cash equivalents and short-term investments will
offset cash interest expense associated with the company’s convertible
senior notes, provision for income taxes of between
For 2019,
-
Revenue in the range of
$880 million to $890 million . -
Billings in the range of
$910 million to $930 million . - Non-GAAP gross margin as a percent of revenue of approximately 75 percent.
- Non-GAAP operating margin as a percent of revenue between 5 percent and 6 percent.
-
Non-GAAP diluted net income per share between
$0.17 and $0.21 . -
Cash flow generated by operations between
$90 million and $110 million . -
Capital expenditures between
$40 million and $50 million .
Non-GAAP diluted net income per share for 2019 assumes interest income
on cash and cash equivalents and short-term investments will offset cash
interest expense associated with the company's convertible senior notes,
provision for income taxes of between
Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, non-cash interest expense related to the company’s convertible senior notes, and other non-recurring items. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability of, the amounts of stock-based compensation expense, amortization of intangible assets, and non-recurring expenses that may be incurred in the future. Stock-based compensation expense is impacted by the company’s future hiring and retention needs, as well as the future fair market value of the company’s common stock, all of which are difficult to predict and subject to constant change. The actual amount of stock-based compensation in the first quarter of 2019 and full year 2019 will have a significant impact on the company’s GAAP operating margin and net loss per share. Further, amortization of intangible assets, as well as other non-recurring expenses, if any, will also impact results. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Conference Call Information
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to future financial results for the first quarter and full year 2019, including revenue, billings, non-GAAP gross margin, non-GAAP operating margin, interest income and expense, provision for income taxes, non-GAAP net income (loss) per share, basic and diluted weighted average shares outstanding, cash flows generated by operations, and capital expenditures in the section entitled “First Quarter and 2019 Outlook” above, as well as statements related to future growth, profitability, innovation, and competitive advantages.
These forward-looking statements involve risks and uncertainties, as
well as assumptions which, if they do not fully materialize or prove
incorrect, could cause FireEye’s results to differ materially from those
expressed or implied by such forward-looking statements. The risks and
uncertainties that could cause FireEye’s results to differ materially
from those expressed or implied by such forward-looking statements
include customer demand and adoption of FireEye’s products and services;
real or perceived defects, errors or vulnerabilities in
All forward-looking statements in this press release are based on
information available to the company as of the date hereof, and
Non-GAAP Financial Measures
In this release
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial information prepared in accordance with GAAP, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Billings.
Non-GAAP gross margin, operating income, operating margin, net income
(loss), net income (loss) per share, non-GAAP cash flow generated by
(used in) operations, and free cash flow.
Non-GAAP diluted net income and net income per share in the fourth
quarter of 2018 excluded stock-based compensation expense, amortization
of stock-based compensation expense capitalized in software development
costs, amortization of intangible assets, acquisition-related expenses,
non-cash interest expense related to convertible senior notes issued in
Non-GAAP diluted net income and net income per share in the fourth
quarter of 2017 excluded stock-based compensation expense, amortization
of intangible assets, acquisition-related expenses, non-cash interest
expense related to convertible senior notes issued in
Non-GAAP diluted net income and net income per share for 2018 excluded
stock-based compensation expense, amortization of intangible assets,
acquisition-related expenses, change in the fair value of contingent
earn-out liability, non-cash interest expense related to convertible
senior notes issued in
Non-GAAP net loss and net loss per share for 2017 excluded stock-based
compensation expense, amortization of intangible assets,
acquisition-related expenses, change in the fair value of contingent
earn-out liability, non-cash interest expense related to convertible
senior notes issued in
There are a number of limitations related to the use of these non-GAAP
financial measures versus their nearest GAAP equivalents. First, these
non-GAAP financial measures exclude stock-based compensation expense.
Stock-based compensation is an important part of
About
© 2019
Source:
FireEye, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) |
||||||||
December 31, 2018 | December 31, 2017* | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 409,829 | $ | 180,891 | ||||
Short-term investments | 706,691 | 715,911 | ||||||
Accounts receivable, net | 157,817 | 146,317 | ||||||
Inventories | 6,548 | 5,746 | ||||||
Prepaid expenses and other current assets | 100,295 | 93,799 | ||||||
Total current assets | 1,381,180 | 1,142,664 | ||||||
Property and equipment, net | 89,163 | 71,357 | ||||||
Goodwill | 999,804 | 984,661 | ||||||
Intangible assets, net | 143,162 | 187,388 | ||||||
Deposits and other long-term assets | 82,769 | 72,767 | ||||||
Total assets | $ | 2,696,078 | $ | 2,458,837 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 26,944 | $ | 35,684 | ||||
Accrued and other current liabilities | 29,797 | 19,569 | ||||||
Accrued compensation | 63,808 | 59,588 | ||||||
Deferred revenue, current portion | 556,815 | 546,615 | ||||||
Total current liabilities | 677,364 | 661,456 | ||||||
Convertible senior notes, net | 962,577 | 779,578 | ||||||
Deferred revenue, non-current portion | 378,013 | 363,485 | ||||||
Other long-term liabilities | 27,730 | 22,102 | ||||||
Total liabilities | 2,045,684 | 1,826,621 | ||||||
Stockholders' equity: | ||||||||
Common stock | 20 | 19 | ||||||
Additional paid-in capital | 3,152,159 | 2,891,441 | ||||||
Treasury stock | (150,000 | ) | (150,000 | ) | ||||
Accumulated other comprehensive loss | (2,299 | ) | (2,881 | ) | ||||
Accumulated deficit | (2,349,486 | ) | (2,106,363 | ) | ||||
Total stockholders’ equity | 650,394 | 632,216 | ||||||
Total liabilities and stockholders' equity | $ | 2,696,078 | $ | 2,458,837 |
* Certain prior period amounts have been adjusted as a result of
adoption of the ASU 2014-09, Revenue from Contracts with Customers
(Topic 606) on a full retrospective basis, effective
FireEye, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) |
||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||||||
Revenue: | ||||||||||||||||
Product, subscription and support | $ | 178,827 | $ | 170,965 | $ | 687,382 | $ | 645,965 | ||||||||
Professional services | 38,706 | 34,836 | 143,568 | 133,683 | ||||||||||||
Total revenue | 217,533 | 205,801 | 830,950 | 779,648 | ||||||||||||
Cost of revenue: (1)(2)(9) | ||||||||||||||||
Product, subscription and support | 47,984 | 48,289 | 188,301 | 190,786 | ||||||||||||
Professional services | 21,846 | 20,751 | 84,174 | 80,861 | ||||||||||||
Total cost of revenue | 69,830 | 69,040 | 272,475 | 271,647 | ||||||||||||
Total gross profit | 147,703 | 136,761 | 558,475 | 508,001 | ||||||||||||
Operating expenses: (1)(2) | ||||||||||||||||
Research and development (9) | 62,251 | 59,858 | 254,142 | 243,273 | ||||||||||||
Sales and marketing | 97,218 | 95,772 | 380,962 | 379,278 | ||||||||||||
General and administrative (3)(4)(5) | 24,935 | 40,306 | 105,773 | 125,549 | ||||||||||||
Total operating expenses | 184,404 | 195,936 | 740,877 | 748,100 | ||||||||||||
Operating loss | (36,701 | ) | (59,175 | ) | (182,402 | ) | (240,099 | ) | ||||||||
Other expense, net (6)(7) | (10,316 | ) | (9,992 | ) | (55,197 | ) | (40,453 | ) | ||||||||
Loss before income taxes | (47,017 | ) | (69,167 | ) | (237,599 | ) | (280,552 | ) | ||||||||
Provision for income taxes (8) | 1,380 | 1,247 | 5,524 | 4,632 | ||||||||||||
Net loss attributable to common stockholders | $ | (48,397 | ) | $ | (70,414 | ) | $ | (243,123 | ) | $ | (285,184 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.25 | ) | $ | (0.39 | ) | $ | (1.27 | ) | $ | (1.60 | ) | ||||
Weighted average shares used in per share calculations, basic and diluted | 194,593 | 182,281 | 190,803 | 177,757 |
* Certain prior period amounts have been adjusted as a result of
adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic
606) on a full retrospective basis, effective
FireEye, Inc. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in thousands) |
||||||||
Year Ended December 31, | ||||||||
2018 | 2017* | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (243,123 | ) | $ | (285,184 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 86,505 | 103,417 | ||||||
Stock-based compensation | 153,675 | 166,336 | ||||||
Non-cash interest expense related to convertible senior notes | 43,273 | 37,598 | ||||||
Loss on repurchase of convertible senior notes | 10,764 | — | ||||||
Deemed repayment of convertible senior notes attributable to accreted debt discount |
(43,575 | ) | — | |||||
Change in fair value of contingent earn-out liability | — | (54 | ) | |||||
Deferred income taxes | (309 | ) | (1,287 | ) | ||||
Other | 4,715 | 7,170 | ||||||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: | ||||||||
Accounts receivable | (11,605 | ) | (14,434 | ) | ||||
Inventories | (5,216 | ) | (3,333 | ) | ||||
Prepaid expenses and other assets | (13,779 | ) | 5,365 | |||||
Accounts payable | (8,205 | ) | 6,040 | |||||
Accrued liabilities | 10,234 | (3,659 | ) | |||||
Accrued compensation | 4,220 | 2,565 | ||||||
Deferred revenue | 24,728 | (17,649 | ) | |||||
Other long-term liabilities | 5,700 | 14,749 | ||||||
Net cash provided by operating activities | $ | 18,002 | $ | 17,640 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment and demonstration units | (50,831 | ) | (43,779 | ) | ||||
Purchases of short-term investments | (479,862 | ) | (409,358 | ) | ||||
Proceeds from maturities of short-term investments | 487,141 | 397,483 | ||||||
Proceeds from sales of short-term investments | — | 3,620 | ||||||
Business acquisitions, net of cash acquired | (5,861 | ) | (4,300 | ) | ||||
Purchase of investment in private company | — | (2,500 | ) | |||||
Lease deposits | 275 | (489 | ) | |||||
Net cash used in investing activities | (49,138 | ) | (59,323 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net proceeds from issuance of convertible senior notes | 584,405 | — | ||||||
Purchase of capped calls | (65,220 | ) | — | |||||
Repurchase of convertible senior notes | (286,817 | ) | — | |||||
Payments for contingent earn-outs | — | (38,928 | ) | |||||
Payment related to shares withheld for taxes | — | (1,408 | ) | |||||
Proceeds from employee stock purchase plan | 20,816 | 20,094 | ||||||
Proceeds from exercise of equity awards | 6,890 | 19,149 | ||||||
Net cash provided by (used in) financing activities | 260,074 | (1,093 | ) | |||||
Net change in cash and cash equivalents | 228,938 | (42,776 | ) | |||||
Cash and cash equivalents, beginning of period | 180,891 | 223,667 | ||||||
Cash and cash equivalents, end of period | $ | 409,829 | $ | 180,891 |
* Certain prior period amounts have been adjusted as a result of
adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic
606) on a full retrospective basis, effective
FireEye, Inc. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share amounts) |
||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||
GAAP operating loss | $ | (36,701) | $ | (59,175) | $ | (182,402) | $ | (240,099) | ||||
Stock-based compensation expense (1) | 35,309 | 40,842 | 153,675 | 166,336 | ||||||||
Amortization of stock-based compensation capitalized in software development costs (9) | 707 | — | 1,828 | — | ||||||||
Amortization of intangible assets (2) | 12,424 | 14,954 | 50,328 | 59,315 | ||||||||
Legal settlement costs (5) | — | 12,500 | — | 12,500 | ||||||||
Acquisition related expenses (3) | — | 440 | 264 | 440 | ||||||||
Change in fair value of contingent earn-out |
— | — | — | (54) | ||||||||
Non-GAAP operating loss | $ | 11,739 | $ | 9,561 |
$ |
23,693 |
$ |
(1,562) |
||||
GAAP gross margin | 68% | 66% | 67% | 65% | ||||||||
Stock-based compensation expense (1) | 3% | 5% | 4% | 5% | ||||||||
Amortization of stock-based compensation capitalized in software development costs (9) | —% | —% | —% | —% | ||||||||
Amortization of intangible assets (2) | 4% | 5% | 4% | 5% | ||||||||
Non-GAAP gross margin | 75% | 76% | 75% | 75% | ||||||||
GAAP operating margin | (17)% | (29)% | (22)% | (31)% | ||||||||
Stock-based compensation expense (1) | 16% | 21% | 19% | 21% | ||||||||
Amortization of stock-based compensation capitalized in software development costs (9) | —% | —% | —% | —% | ||||||||
Amortization of intangible assets (2) | 6% | 7% | 6% | 8% | ||||||||
Legal settlement costs (5) | —% | 6% | —% | 2% | ||||||||
Acquisition related expenses (3) | —% | —% | —% | —% | ||||||||
Change in fair value of contingent earn-out |
—% | —% | —% | —% | ||||||||
Non-GAAP operating margin | 5% | 5% | 3% | —% | ||||||||
GAAP net loss | $ | (48,397) | $ | (70,414) | $ | (243,123) | $ | (285,184) | ||||
Stock-based compensation expense (1) | 35,309 | 40,842 | 153,675 | 166,336 | ||||||||
Amortization of stock-based compensation capitalized in software development costs (9) | 707 | — | 1,828 | — | ||||||||
Amortization of intangible assets (2) | 12,424 | 14,954 | 50,328 | 59,315 | ||||||||
Legal settlement costs (5) | — | 12,500 | — | 12,500 | ||||||||
Acquisition related expenses (3) | — | 440 | 264 | 440 | ||||||||
Change in fair value of contingent earn-out |
— | — | — | (54) | ||||||||
Loss on repurchase of convertible senior notes (7) | — | — | 10,764 | — | ||||||||
Non-cash interest expense related to convertible senior notes (5) | 11,635 | 9,575 | 43,273 | 37,598 | ||||||||
Adjustment to provision (benefit) from income taxes (7) | (142) | — | (622) | — | ||||||||
Non-GAAP net income (loss) | $ | 11,536 | $ | 7,897 | $ | 16,387 | $ | (9,049) | ||||
GAAP net loss per common share, basic and diluted | $ | (0.25) | $ | (0.39) | $ | (1.27) | $ | (1.60) | ||||
Stock-based compensation expense (1) | 0.19 | 0.22 | 0.80 | 0.94 | ||||||||
Amortization of stock-based compensation capitalized in software development costs (9) | — | — | 0.01 | — | ||||||||
Amortization of intangible assets (2) | 0.06 | 0.08 | 0.26 | 0.33 | ||||||||
Legal settlement costs (5) | — | 0.08 | — | 0.07 | ||||||||
Acquisition related expenses (3) | — | — | — | — | ||||||||
Change in fair value of contingent earn-out |
— | — | — | — | ||||||||
Loss on repurchase of convertible senior notes (7) | — | — | 0.06 | — | ||||||||
Non-cash interest expense related to convertible senior notes (6) | 0.06 | 0.05 | 0.23 | 0.21 | ||||||||
Adjustment to provision for (benefit from) income taxes (8) | — | — | — | — | ||||||||
Non-GAAP net income (loss) per common share, basic | $ | 0.06 | $ | 0.04 | $ | 0.09 | $ | (0.05) | ||||
Non-GAAP net income (loss) per common share, diluted | $ | 0.06 | $ | 0.04 | $ | 0.08 | $ | (0.05) | ||||
Weighted average shares used in per share calculation for GAAP, basic and diluted | 194,593 | 182,281 | 190,803 | 177,757 | ||||||||
Weighted average shares used in per share calculation for Non-GAAP, basic | 194,593 | 182,281 | 190,803 | 177,757 | ||||||||
Weighted average shares used in per share calculation for Non-GAAP, diluted | 203,440 | 189,974 | 198,851 | 177,757 | ||||||||
GAAP net cash provided by operating activities | $ | 31,203 | $ | 33,575 | $ | 18,002 | $ | 17,640 | ||||
Deemed repayment of convertible senior notes attributable to accreted debt discount (10) | — | — | 43,575 | — | ||||||||
Non-GAAP net cash provided by operating activities |
$ |
31,203 |
$ |
33,575 |
$ |
61,577 |
$ |
17,640 |
||||
Purchase of property and equipment and demonstration units | (13,811) | (17,855) | (50,831) | (43,779) | ||||||||
Free cash flow | $ | 17,392 | $ | 15,720 | $ | 10,746 | $ | (26,139) | ||||
(1) Includes stock-based compensation expense as follows: | ||||||||||||
Cost of product, subscription and support revenue | $ | 3,446 | $ | 5,104 | $ | 14,178 | $ | 18,249 | ||||
Cost of professional services revenue | 3,343 | 3,815 | 14,184 | 14,407 | ||||||||
Research and development expense | 11,252 | 13,738 | 49,503 | 56,720 | ||||||||
Sales and marketing expense | 10,714 | 10,858 | 47,592 | 46,766 | ||||||||
General and administrative expense | 6,554 | 7,327 | 28,218 | 30,194 | ||||||||
Total stock-based compensation expense | $ | 35,309 | $ | 40,842 | $ | 153,675 | $ | 166,336 | ||||
(2) Includes amortization of intangible assets as follows: | ||||||||||||
Cost of product, subscription and support revenue | $ | 8,505 | $ | 10,156 | $ | 34,600 | $ | 40,688 | ||||
Research and development expense | 135 | 257 | 560 | 744 | ||||||||
Sales and marketing expense | 3,784 | 4,541 | 15,168 | 17,883 | ||||||||
Total amortization of intangible assets | $ | 12,424 | $ | 14,954 | $ | 50,328 | $ | 59,315 | ||||
(3) Includes acquisition related expenses as follows: | ||||||||||||
General and administrative expense | $ | — | $ | 440 | $ | 264 | $ | 440 | ||||
(4) Includes change in fair value of contingent earn-out liability as follows: | ||||||||||||
General and administrative expense | $ | — | $ | — | $ | — | $ | (54) | ||||
(5) Includes legal settlement costs as follows: | ||||||||||||
General and administrative expense | $ | — | $ | 12,500 | $ | — | $ | 12,500 | ||||
(6) Includes non-cash interest expense related to convertible senior notes as follows: | ||||||||||||
Other expense, net | $ | 11,635 | $ | 9,575 | $ | 43,273 | $ | 37,598 | ||||
(7) Includes non-cash loss on repurchase of convertible senior notes as follows: | ||||||||||||
Other expense, net |
$ |
— |
$ |
— |
$ | 10,764 |
$ |
— |
||||
(8) Includes income tax effect of non-GAAP adjustments as follows: | ||||||||||||
Benefit from income taxes | $ | (142) | $ | — | $ | (622) | $ | — | ||||
(9) Includes amortization of stock-based compensation capitalized in software development costs as follows: | ||||||||||||
Cost of product, subscription and support revenue |
$ |
198 |
$ |
— |
$ |
582 |
$ |
— |
||||
Cost of professional services revenue | 100 | — | 292 | — | ||||||||
Research and development expense | 409 | — | 954 | — | ||||||||
Total amortization of stock-based compensation capitalized in software development costs | $ | 707 | $ | — | $ | 1,828 | $ | — | ||||
(10) Includes deemed repayment of convertible senior notes attributable to accreted debt discount as follows: | ||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | — | $ | (43,575) | $ | — |
* Certain prior period amounts have been adjusted as a result of
adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic
606) on a full retrospective basis, effective
FireEye, Inc. RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE (Unaudited, in thousands) |
||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||
GAAP revenue | $ | 217,533 | $ | 205,801 | $ | 830,950 | $ | 779,648 | ||||
Add change in deferred revenue | 47,673 | 34,763 |
|
24,728 |
|
(17,649) | ||||||
Non-GAAP billings | $ | 265,206 | $ | 240,564 | $ | 855,678 | $ | 761,999 |
FireEye, Inc. BILLINGS BREAKOUT (Unaudited, in thousands) |
||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||
Product and related subscription and support billings | $ | 134,081 | $ | 129,548 | $ | 451,973 | $ | 414,809 | ||||
Cloud subscription and managed services | 77,816 | 69,349 | 243,903 | 194,939 | ||||||||
Professional services billings | 53,309 | 41,667 | 159,802 | 152,251 | ||||||||
Non-GAAP billings | $ | 265,206 | $ | 240,564 | $ | 855,678 | $ | 761,999 |
FireEye, Inc. REVENUE BREAKOUT (Unaudited, in thousands) |
||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2018 | 2017* | 2018 | 2017* | |||||||||
Product and related subscription and support revenue | $ | 128,497 | $ | 126,308 | $ | 498,992 | $ | 479,521 | ||||
Cloud subscription and managed services revenue | 50,330 | 44,657 | 188,390 | 166,444 | ||||||||
Professional services revenue | 38,706 | 34,836 | 143,568 | 133,683 | ||||||||
Total revenue | $ | 217,533 | $ | 205,801 | $ | 830,950 | $ | 779,648 |
* Certain prior period amounts have been adjusted as a result of
adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic
606) on a full retrospective basis, effective
View source version on businesswire.com: https://www.businesswire.com/news/home/20190206005729/en/
Source:
Media contact:
Dan Wire
FireEye,
Inc.
415-895-2101
dan.wire@fireeye.com
Investor contact:
Kate Patterson
FireEye,
Inc.
408-321-4957
kate.patterson@fireeye.com