FireEye Reports Financial Results for Second Quarter 2020
- Record Q2 revenue of
$230 million , an increase of 6 percent from the second quarter of 2019 - All-time record non-GAAP operating income, net income, and earnings per share1
- All-time record annualized recurring revenue of
$598 million ending Q2, an increase of 8 percent compared to the end of the second quarter of 20192 - Continued shift to cloud-based solutions as Platform, cloud subscription and managed services annualized recurring revenue of
$302 million ending Q2 increased 27 percent compared to the end of the second quarter of 2019 and eclipsed Product and related subscription and support annualized recurring revenue for the first time2
“The steps we have taken to accelerate our transformation to a security-as-a-service company resulted in record second quarter revenue and our highest ever non-GAAP profitability,” said
“Cyber security remains a top spending priority for organizations worldwide, and the uncertainty of the current environment is creating opportunities for solutions that allow customers to purchase exactly what they need, when they need it,” added Mandia. “We know more about cyber threats and threat actors than any other company in our industry, and we continue to invest in solutions that make our knowledge and expertise available on demand and immediately actionable for our customers.”
Second Quarter 2020 Financial Results
|
Q2 2020 |
Q2 2019 |
Y/Y change |
Revenue |
|
|
+6% |
Annualized recurring revenue2 |
|
|
+8% |
GAAP gross margin |
65% |
64% |
+1 pt |
Non-GAAP gross margin1 |
72% |
72% |
– |
GAAP operating margin |
(17)% |
(26)% |
+9 pts |
Non-GAAP operating margin1 |
10% |
(1)% |
+11 pts |
GAAP net income (loss) per share, basic and diluted |
|
|
|
Non-GAAP net income (loss) per share, basic and diluted1 |
|
|
|
Cash flow provided (used) by operating activities |
|
|
|
Capital expenditures |
|
|
|
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.” |
2 Annualized recurring revenue is defined as the annualized run-rate of active term licenses, subscriptions, and support contracts at the end of a reporting period. |
Third Quarter and Updated 2020 Outlook
|
Q3 2020 Outlook |
Updated 2020 Outlook |
Revenue |
|
|
Non-GAAP gross margin |
70% - 71% |
70.5% - 71.5% |
Non-GAAP operating margin |
7.5% - 8.5% |
6.5% - 7.5% |
Net interest income (expense) |
|
|
Provision for non-GAAP income taxes |
|
|
Weighted average shares outstanding, diluted |
227 million |
227 million |
Non-GAAP net income per share, diluted |
|
|
Capital expenditures |
~ |
|
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, restructuring charges, 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 the most directly comparable GAAP financial 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 expense in the third quarter of 2020 and full year 2020 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 most directly comparable GAAP financial 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 third quarter and full year 2020, including revenue, non-GAAP gross margin, non-GAAP operating margin, net interest income and expense, provision for non-GAAP income taxes, weighted average shares outstanding, non-GAAP net income per share, and capital expenditures in the section entitled “Third Quarter and Updated 2020 Outlook” above, as well as statements regarding opportunities and continued investments.
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, solutions 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.
Non-GAAP gross margin, operating income (loss), operating margin, net income (loss), and net income (loss) per basic and diluted share.
Non-GAAP net income and net income per diluted share in the second quarter of 2020 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, restructuring charges, non-cash interest expense related to convertible senior notes issued in
Non-GAAP net loss and net loss per share in the second quarter of 2019 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, acquisition related expenses, 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
© 2020
|
|||||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
404,346 |
|
|
$ |
334,603 |
|
Short-term investments |
509,858 |
|
|
704,955 |
|
||
Accounts receivable, net |
119,842 |
|
|
171,459 |
|
||
Inventories |
5,440 |
|
|
5,892 |
|
||
Prepaid expenses and other current assets |
94,654 |
|
|
96,827 |
|
||
Total current assets |
1,134,140 |
|
|
1,313,736 |
|
||
Property and equipment, net |
87,405 |
|
|
93,812 |
|
||
Operating lease right-of-use assets, net |
54,572 |
|
|
58,758 |
|
||
|
1,213,454 |
|
|
1,205,292 |
|
||
Intangible assets, net |
116,864 |
|
|
134,420 |
|
||
Deposits and other long-term assets |
74,998 |
|
|
84,468 |
|
||
TOTAL ASSETS |
$ |
2,681,433 |
|
|
$ |
2,890,486 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Accounts payable |
$ |
10,733 |
|
|
$ |
26,271 |
|
Operating lease liabilities, current |
18,545 |
|
|
18,437 |
|
||
Accrued and other current liabilities |
19,726 |
|
|
24,496 |
|
||
Accrued compensation |
71,423 |
|
|
59,513 |
|
||
Convertible senior notes, current, net |
— |
|
|
117,288 |
|
||
Deferred revenue, current |
563,190 |
|
|
603,944 |
|
||
Total current liabilities |
683,617 |
|
|
849,949 |
|
||
Convertible senior notes, non-current, net |
938,536 |
|
|
893,273 |
|
||
Deferred revenue, non-current |
329,656 |
|
|
370,623 |
|
||
Operating lease liabilities, non-current |
64,611 |
|
|
70,481 |
|
||
Other long-term liabilities |
4,654 |
|
|
4,494 |
|
||
Total liabilities |
2,021,074 |
|
|
2,188,820 |
|
||
Stockholders' equity: |
|
|
|
||||
Common stock |
22 |
|
|
22 |
|
||
Additional paid-in capital |
3,470,503 |
|
|
3,457,359 |
|
||
|
(80,000 |
) |
|
(150,000 |
) |
||
Accumulated other comprehensive income (loss) |
6,311 |
|
|
1,180 |
|
||
Accumulated deficit |
(2,736,477 |
) |
|
(2,606,895 |
) |
||
Total stockholders’ equity |
660,359 |
|
|
701,666 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
2,681,433 |
|
|
$ |
2,890,486 |
|
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Product, subscription and support |
$ |
177,305 |
|
|
$ |
174,102 |
|
|
$ |
351,388 |
|
|
$ |
344,005 |
|
Professional services |
52,595 |
|
|
43,506 |
|
|
103,234 |
|
|
84,147 |
|
||||
Total revenue |
229,900 |
|
|
217,608 |
|
|
454,622 |
|
|
428,152 |
|
||||
Cost of revenue: (1)(2)(3) |
|
|
|
|
|
|
|
||||||||
Product, subscription and support |
54,026 |
|
|
53,198 |
|
|
107,162 |
|
|
101,666 |
|
||||
Professional services |
26,967 |
|
|
24,195 |
|
|
55,417 |
|
|
47,295 |
|
||||
Total cost of revenue |
80,993 |
|
|
77,393 |
|
|
162,579 |
|
|
148,961 |
|
||||
Total gross profit |
148,907 |
|
|
140,215 |
|
|
292,043 |
|
|
279,191 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development (1)(2)(3) |
60,596 |
|
|
67,538 |
|
|
128,099 |
|
|
134,933 |
|
||||
Sales and marketing (1)(2) |
90,042 |
|
|
101,494 |
|
|
190,242 |
|
|
205,390 |
|
||||
General and administrative (1) |
25,281 |
|
|
27,926 |
|
|
52,710 |
|
|
55,302 |
|
||||
Restructuring charges (4) |
12,558 |
|
|
— |
|
|
23,532 |
|
|
3,799 |
|
||||
Total operating expenses |
188,477 |
|
|
196,958 |
|
|
394,583 |
|
|
399,424 |
|
||||
Operating loss |
(39,570 |
) |
|
(56,743 |
) |
|
(102,540 |
) |
|
(120,233 |
) |
||||
Other expense, net (5) |
(12,612 |
) |
|
(10,040 |
) |
|
(25,023 |
) |
|
(19,743 |
) |
||||
Loss before income taxes |
(52,182 |
) |
|
(66,783 |
) |
|
(127,563 |
) |
|
(139,976 |
) |
||||
Provision for income taxes (6) |
1,094 |
|
|
540 |
|
|
2,019 |
|
|
2,722 |
|
||||
Net loss |
$ |
(53,276 |
) |
|
$ |
(67,323 |
) |
|
$ |
(129,582 |
) |
|
$ |
(142,698 |
) |
Net loss per share, basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.71 |
) |
Weighted average shares used in per share calculations, basic and diluted |
221,352 |
|
|
204,109 |
|
|
219,570 |
|
|
201,001 |
|
|
|||||||
|
Six Months Ended |
||||||
|
2020 |
|
2019 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net loss |
$ |
(129,582 |
) |
|
$ |
(142,698 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
47,738 |
|
|
48,102 |
|
||
Stock-based compensation |
73,224 |
|
|
80,474 |
|
||
Non-cash interest expense related to convertible senior notes |
24,367 |
|
|
23,700 |
|
||
Deferred income taxes |
154 |
|
|
(18 |
) |
||
Other |
6,608 |
|
|
637 |
|
||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: |
|
|
|
||||
Accounts receivable |
50,320 |
|
|
32,860 |
|
||
Inventories |
(15 |
) |
|
(243 |
) |
||
Prepaid expenses and other assets |
13,137 |
|
|
3,959 |
|
||
Accounts payable |
(12,971 |
) |
|
4,415 |
|
||
Accrued liabilities |
(6,073 |
) |
|
(3,566 |
) |
||
Accrued compensation |
11,910 |
|
|
(8,704 |
) |
||
Deferred revenue |
(81,721 |
) |
|
(24,830 |
) |
||
Other long-term liabilities |
(6,862 |
) |
|
(4,564 |
) |
||
Net cash provided by (used in) operating activities |
(9,766 |
) |
|
9,524 |
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Purchases of property and equipment and demonstration units |
(17,556 |
) |
|
(28,240 |
) |
||
Purchases of short-term investments |
(106,631 |
) |
|
(258,104 |
) |
||
Proceeds from maturities of short-term investments |
277,749 |
|
|
311,905 |
|
||
Proceeds from sales of short-term investments |
28,208 |
|
|
— |
|
||
Business acquisitions, net of cash acquired |
(12,948 |
) |
|
(127,249 |
) |
||
Purchase of investment in privately held company |
(1,000 |
) |
|
— |
|
||
Lease deposits |
87 |
|
|
426 |
|
||
Net cash provided by (used in) investing activities |
167,909 |
|
|
(101,262 |
) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Repurchase of convertible senior notes |
(96,392 |
) |
|
— |
|
||
Payment related to shares withheld for taxes |
(8,039 |
) |
|
— |
|
||
Proceeds from employee stock purchase plan |
12,300 |
|
|
12,315 |
|
||
Proceeds from exercise of equity awards |
3,731 |
|
|
1,495 |
|
||
Net cash provided by (used in) financing activities |
(88,400 |
) |
|
13,810 |
|
||
Net change in cash and cash equivalents |
69,743 |
|
|
(77,928 |
) |
||
Cash and cash equivalents, beginning of period |
334,603 |
|
|
409,829 |
|
||
Cash and cash equivalents, end of period |
$ |
404,346 |
|
|
$ |
331,901 |
|
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
GAAP operating loss |
$ |
(39,570 |
) |
|
$ |
(56,743 |
) |
|
$ |
(102,540 |
) |
|
$ |
(120,233 |
) |
Stock-based compensation expense (1) |
37,046 |
|
|
40,151 |
|
|
73,224 |
|
|
80,474 |
|
||||
Amortization of stock-based compensation capitalized in software development costs (3) |
1,084 |
|
|
847 |
|
|
2,110 |
|
|
1,640 |
|
||||
Amortization of intangible assets (2) |
11,245 |
|
|
12,952 |
|
|
23,205 |
|
|
25,078 |
|
||||
Acquisition related expenses (4) |
— |
|
|
597 |
|
|
— |
|
|
597 |
|
||||
Restructuring charges (5) |
12,558 |
|
|
— |
|
|
23,532 |
|
|
3,799 |
|
||||
Non-GAAP operating income (loss) |
$ |
22,363 |
|
|
$ |
(2,196 |
) |
|
$ |
19,531 |
|
|
$ |
(8,646 |
) |
GAAP gross margin |
65 |
% |
|
64 |
% |
|
64 |
% |
|
65 |
% |
||||
Stock-based compensation expense (1) |
4 |
% |
|
4 |
% |
|
4 |
% |
|
4 |
% |
||||
Amortization of intangible assets (2) |
3 |
% |
|
4 |
% |
|
3 |
% |
|
4 |
% |
||||
Non-GAAP gross margin |
72 |
% |
|
72 |
% |
|
71 |
% |
|
73 |
% |
||||
GAAP operating margin |
(17 |
)% |
|
(26 |
)% |
|
(23 |
)% |
|
(28 |
)% |
||||
Stock-based compensation expense (1) |
17 |
% |
|
19 |
% |
|
16 |
% |
|
19 |
% |
||||
Amortization of intangible assets (2) |
5 |
% |
|
6 |
% |
|
5 |
% |
|
6 |
% |
||||
Restructuring charges (5) |
5 |
% |
|
— |
% |
|
5 |
% |
|
1 |
% |
||||
Non-GAAP operating margin |
10 |
% |
|
(1 |
)% |
|
3 |
% |
|
(2 |
)% |
||||
GAAP net loss |
$ |
(53,276 |
) |
|
$ |
(67,323 |
) |
|
$ |
(129,582 |
) |
|
$ |
(142,698 |
) |
Stock-based compensation expense (1) |
37,046 |
|
|
40,151 |
|
|
73,224 |
|
|
80,474 |
|
||||
Amortization of stock-based compensation capitalized in software development costs (3) |
1,084 |
|
|
847 |
|
|
2,110 |
|
|
1,640 |
|
||||
Amortization of intangible assets (2) |
11,245 |
|
|
12,952 |
|
|
23,205 |
|
|
25,078 |
|
||||
Acquisition related expenses (4) |
— |
|
|
597 |
|
|
— |
|
|
597 |
|
||||
Restructuring charges (5) |
12,558 |
|
|
— |
|
|
23,532 |
|
|
3,799 |
|
||||
Non-cash interest expense related to convertible senior notes (6) |
12,002 |
|
|
11,922 |
|
|
24,367 |
|
|
23,700 |
|
||||
Adjustment to provision (benefit) from income taxes (7) |
— |
|
|
(834 |
) |
|
(315 |
) |
|
(223 |
) |
||||
Non-GAAP net income (loss) |
$ |
20,659 |
|
|
$ |
(1,688 |
) |
|
$ |
16,541 |
|
|
$ |
(7,633 |
) |
GAAP net loss per common share, basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.71 |
) |
Stock-based compensation expense (1) |
0.17 |
|
|
0.20 |
|
|
0.33 |
|
|
0.40 |
|
||||
Amortization of stock-based compensation capitalized in software development costs (3) |
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
||||
Amortization of intangible assets (2) |
0.05 |
|
|
0.06 |
|
|
0.11 |
|
|
0.12 |
|
||||
Acquisition related expenses (4) |
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Restructuring charges (5) |
0.06 |
|
|
— |
|
|
0.11 |
|
|
0.02 |
|
||||
Non-cash interest expense related to convertible senior notes (6) |
0.05 |
|
|
0.06 |
|
|
0.11 |
|
|
0.12 |
|
||||
Adjustment to provision (benefit) from income taxes (7) |
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Non-GAAP net income (loss) per common share, basic |
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
|
$ |
(0.04 |
) |
Non-GAAP net income (loss) per common share, diluted |
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
0.07 |
|
|
$ |
(0.04 |
) |
Weighted average shares used in per share calculation for GAAP, basic and diluted |
221,352 |
|
|
204,109 |
|
|
219,570 |
|
|
201,001 |
|
||||
Weighted average shares used in per share calculation for Non-GAAP, basic |
221,352 |
|
|
204,109 |
|
|
219,570 |
|
|
201,001 |
|
||||
Weighted average shares used in per share calculation for Non-GAAP, diluted |
223,263 |
|
|
204,109 |
|
|
222,664 |
|
|
201,001 |
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
(1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
||||||||
Cost of product, subscription and support revenue |
$ |
4,051 |
|
|
$ |
3,964 |
|
|
$ |
7,792 |
|
|
$ |
7,911 |
|
Cost of professional services revenue |
4,450 |
|
|
3,641 |
|
|
8,351 |
|
|
7,350 |
|
||||
Research and development expense |
9,861 |
|
|
11,889 |
|
|
21,406 |
|
|
24,313 |
|
||||
Sales and marketing expense |
11,410 |
|
|
13,227 |
|
|
22,896 |
|
|
25,767 |
|
||||
General and administrative expense |
6,981 |
|
|
7,430 |
|
|
12,486 |
|
|
15,133 |
|
||||
Restructuring charges |
293 |
|
|
— |
|
|
293 |
|
|
— |
|
||||
Total stock-based compensation expense |
$ |
37,046 |
|
|
$ |
40,151 |
|
|
$ |
73,224 |
|
|
$ |
80,474 |
|
|
|
|
|
|
|
|
|
||||||||
(2) Includes amortization of intangible assets as follows: |
|
|
|
|
|
|
|
||||||||
Cost of product, subscription and support revenue |
$ |
7,009 |
|
|
$ |
8,947 |
|
|
$ |
14,739 |
|
|
$ |
17,176 |
|
Research and development expense |
109 |
|
|
109 |
|
|
218 |
|
|
227 |
|
||||
Sales and marketing expense |
4,127 |
|
|
3,896 |
|
|
8,248 |
|
|
7,675 |
|
||||
Total amortization of intangible assets |
$ |
11,245 |
|
|
$ |
12,952 |
|
|
$ |
23,205 |
|
|
$ |
25,078 |
|
|
|
|
|
|
|
|
|
||||||||
(3) Includes amortization of stock-based compensation capitalized in software development costs as follows: |
|
|
|
|
|
|
|
||||||||
Cost of product, subscription and support revenue |
$ |
60 |
|
|
$ |
196 |
|
|
$ |
114 |
|
|
$ |
399 |
|
Cost of professional services revenue |
30 |
|
|
97 |
|
|
57 |
|
|
199 |
|
||||
Research and development expense |
994 |
|
|
554 |
|
|
1,939 |
|
|
1,042 |
|
||||
Total amortization of stock-based compensation capitalized in software development costs |
$ |
1,084 |
|
|
$ |
847 |
|
|
$ |
2,110 |
|
|
$ |
1,640 |
|
|
|
|
|
|
|
|
|
||||||||
(4) Includes acquisition related expenses as follows: |
|
|
|
|
|
|
|
||||||||
General and administrative expense |
$ |
— |
|
|
$ |
597 |
|
|
$ |
— |
|
|
$ |
597 |
|
|
|
|
|
|
|
|
|
||||||||
(5) Includes restructuring charges as follows: |
|
|
|
|
|
|
|
||||||||
Restructuring charges |
$ |
12,558 |
|
|
$ |
— |
|
|
$ |
23,532 |
|
|
$ |
3,799 |
|
|
|
|
|
|
|
|
|
||||||||
(6) Includes non-cash interest expense related to convertible senior notes as follows: |
|
|
|
|
|
|
|
||||||||
Other expense, net |
$ |
12,002 |
|
|
$ |
11,922 |
|
|
$ |
24,367 |
|
|
$ |
23,700 |
|
|
|
|
|
|
|
|
|
||||||||
(7) Includes income tax effect of non-GAAP adjustments as follows: |
|
|
|
|
|
|
|
||||||||
Benefit from income taxes |
$ |
— |
|
|
$ |
(834 |
) |
|
$ |
(315 |
) |
|
$ |
(223 |
) |
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Product and related subscription and support revenue |
$ |
103,804 |
|
|
$ |
117,490 |
|
|
$ |
209,492 |
|
|
$ |
235,938 |
|
Platform, cloud subscription and managed services revenue |
73,501 |
|
|
56,612 |
|
|
141,896 |
|
|
108,067 |
|
||||
Product, subscription and support revenue |
177,305 |
|
|
174,102 |
|
|
351,388 |
|
|
344,005 |
|
||||
Professional services revenue |
52,595 |
|
|
43,506 |
|
|
103,234 |
|
|
84,147 |
|
||||
Total revenue |
$ |
229,900 |
|
|
$ |
217,608 |
|
|
$ |
454,622 |
|
|
$ |
428,152 |
|
ANNUALIZED RECURRING REVENUE BREAKOUT |
|||||||
|
As of |
||||||
|
2020 |
|
2019 |
||||
Product and related subscription and support |
$ |
295,850 |
|
|
$ |
313,135 |
|
Platform, cloud subscription and managed services |
302,231 |
|
|
238,724 |
|
||
Total annualized recurring revenue |
$ |
598,081 |
|
|
$ |
551,859 |
|
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