FireEye Reports Financial Results for Third Quarter 2019
-
Q3 revenue of
$226 million increased 7 percent from the third quarter of 2018 -
Q3 billings of
$249 million increased 13 percent from the third quarter of 20181 -
Q3 ending annual recurring revenue of
$576 million increased 7 percent compared to the end of the third quarter of 2018 -
Q3 ending platform, cloud subscription and managed services annual recurring revenue of
$263 million increased 32 percent compared to the end of the third quarter of 2018
“We continued to execute on our long-term plan to transform
"We are leading modern cyber defense with solutions that are intelligence-led, technology-enabled, and outcome-based. Gathered from the front lines,
Third Quarter 2019 Financial Results
-
Revenue of
$226 million increased 7 percent from the third quarter of 2018 and was above the guidance range of$217 million to $221 million . -
Billings of
$249 million increased 13 percent from the third quarter of 2018 and were within the guidance range of$245 million to $255 million .1 - GAAP gross margin was 65 percent of revenue, compared to 68 percent of revenue in the third quarter of 2018.
- Non-GAAP gross margin was 73 percent of revenue, compared to 76 percent of revenue in the third quarter of 2018, and was above the guidance of approximately 72 percent of revenue.1
- GAAP operating margin was negative 24 percent of revenue, compared to negative 17 percent of revenue in the third quarter of 2018.
- Non-GAAP operating margin was 2 percent of revenue, compared to 7 percent of revenue in the third quarter of 2018, and was within the guidance range of 0 percent to 2 percent of revenue.1
-
GAAP net loss per share was
$0.31 , compared to GAAP net loss per share of$0.26 in the third quarter of 2018. -
Non-GAAP net income per diluted share was
$0.02 , compared to non-GAAP net income per diluted share of$0.06 in the third quarter of 2018, and was at the high end of the guidance range of$0.00 to $0.02 .1 -
Cash flow provided by operating activities was
$18 million , compared to cash flow provided by operating activities of$22 million in the third quarter of 2018, and was within the guidance range of$15 million to $25 million .
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.”
Fourth Quarter and Updated 2019 Outlook
For the fourth quarter of 2019,
-
Revenue in the range of
$224 million to $228 million . -
Billings in the range of
$285 million to $295 million . - Non-GAAP gross margin as a percent of revenue of approximately 73 percent.
- Non-GAAP operating margin as a percent of revenue in the range of 3 percent to 5 percent.
-
Non-GAAP net income per diluted share between
$0.03 and $0.05 . -
Cash flow provided by operating activities between
$57 million and $67 million . -
Capital expenditures between
$10 million and $12 million .
Non-GAAP net income per diluted share for the fourth 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
$878 million to $882 million . -
Billings in the range of
$937 million to $947 million . - Non-GAAP gross margin as a percent of revenue of approximately 73 percent.
- Non-GAAP operating margin as a percent of revenue between 0 percent and 1 percent.
-
Non-GAAP net income per diluted share between
$0.01 and $0.03 . -
Cash flow provided by operating activities between
$85 million and $95 million . -
Capital expenditures between
$48 million and $50 million .
Non-GAAP net income per diluted share for 2019 assumes 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 fourth 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 fourth quarter and full year 2019, including revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income per diluted share, cash flow provided by operating activities, interest income and expense, provision for income taxes, weighted average diluted shares outstanding, and capital expenditures in the section entitled “Fourth Quarter and Updated 2019 Outlook” above, as well as statements regarding market opportunities.
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), and net income (loss) per share.
Non-GAAP net income and net income per share in the third quarter of 2019 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 income and net income per share in the third quarter of 2018 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, 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
FireEye, Inc. |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited, in thousands) |
||||||
|
|
|
|
|||
|
September 30,
|
|
December 31,
|
|||
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
297,160 |
|
$ |
409,829 |
|
Short-term investments |
699,817 |
|
706,691 |
|||
Accounts receivable, net |
153,912 |
|
157,817 |
|||
Inventories |
5,970 |
|
6,548 |
|||
Prepaid expenses and other current assets |
97,576 |
|
100,295 |
|||
Total current assets |
1,254,435 |
|
1,381,180 |
|||
Property and equipment, net |
95,220 |
|
89,163 |
|||
Operating right-of-use assets, net |
61,402 |
|
— |
|||
Goodwill |
1,205,336 |
|
999,804 |
|||
Intangible assets, net |
148,830 |
|
143,162 |
|||
Deposits and other long-term assets |
85,424 |
|
82,769 |
|||
Total assets |
$ |
2,850,647 |
|
$ |
2,696,078 |
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
22,865 |
|
$ |
26,944 |
|
Operating lease liabilities, current |
18,347 |
|
— |
|||
Accrued and other current liabilities |
28,776 |
|
29,797 |
|||
Accrued compensation |
66,256 |
|
63,808 |
|||
Convertible senior notes, current, net |
115,789 |
|
— |
|||
Deferred revenue, current |
568,032 |
|
556,815 |
|||
Total current liabilities |
820,065 |
|
677,364 |
|||
Convertible senior notes, non-current, net |
882,555 |
|
962,577 |
|||
Deferred revenue, non-current |
367,375 |
|
378,013 |
|||
Operating lease liabilities, non-current |
73,365 |
|
— |
|||
Other long-term liabilities |
4,377 |
|
27,730 |
|||
Total liabilities |
2,147,737 |
|
2,045,684 |
|||
Stockholders' equity: |
|
|
|
|||
Common stock |
22 |
|
20 |
|||
Additional paid-in capital |
3,409,490 |
|
3,152,159 |
|||
Treasury stock |
(150,000) |
|
(150,000) |
|||
Accumulated other comprehensive loss |
1,077 |
|
(2,299) |
|||
Accumulated deficit |
(2,557,679) |
|
(2,349,486) |
|||
Total stockholders’ equity |
702,910 |
|
650,394 |
|||
Total liabilities and stockholders' equity |
$ |
2,850,647 |
|
$ |
2,696,078 |
|
FireEye, Inc. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited, in thousands, except per share amounts) |
||||||||||||
|
|
|
|
|||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
Revenue: |
|
|
|
|
|
|
|
|||||
Product, subscription and support |
$ |
179,823 |
|
$ |
175,653 |
|
$ |
523,828 |
|
$ |
508,555 |
|
Professional services |
46,091 |
|
35,998 |
|
130,238 |
|
104,862 |
|||||
Total revenue |
225,914 |
|
211,651 |
|
654,066 |
|
613,417 |
|||||
Cost of revenue: (1)(2)(3) |
|
|
|
|
|
|
|
|||||
Product, subscription and support |
54,272 |
|
46,752 |
|
155,938 |
|
140,317 |
|||||
Professional services |
24,948 |
|
20,682 |
|
72,243 |
|
62,328 |
|||||
Total cost of revenue |
79,220 |
|
67,434 |
|
228,181 |
|
202,645 |
|||||
Total gross profit |
146,694 |
|
144,217 |
|
425,885 |
|
410,772 |
|||||
Operating expenses: (1) |
|
|
|
|
|
|
|
|||||
Research and development (2)(3) |
68,857 |
|
62,120 |
|
203,790 |
|
191,891 |
|||||
Sales and marketing (2) |
98,355 |
|
92,297 |
|
303,745 |
|
283,744 |
|||||
General and administrative (4) |
27,717 |
|
26,241 |
|
83,019 |
|
80,838 |
|||||
Restructuring charges (5) |
6,481 |
|
— |
|
10,280 |
|
— |
|||||
Total operating expenses |
201,410 |
|
180,658 |
|
600,834 |
|
556,473 |
|||||
Operating loss |
(54,716) |
|
(36,441) |
|
(174,949) |
|
(145,701) |
|||||
Other expense, net (6)(7) |
(10,239) |
|
(11,916) |
|
(29,982) |
|
(44,881) |
|||||
Loss before income taxes |
(64,955) |
|
(48,357) |
|
(204,931) |
|
(190,582) |
|||||
Provision for income taxes (8) |
540 |
|
1,680 |
|
3,262 |
|
4,144 |
|||||
Net loss |
$ |
(65,495) |
|
$ |
(50,037) |
|
$ |
(208,193) |
|
$ |
(194,726) |
|
Net loss per share, basic and diluted |
$ |
(0.31) |
|
$ |
(0.26) |
|
$ |
(1.02) |
|
$ |
(1.03) |
|
Weighted average shares used in per share calculations, basic and diluted |
212,207 |
|
192,359 |
|
204,855 |
|
189,526 |
|||||
FireEye, Inc. |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
(Unaudited, in thousands) |
||||||
|
|
|||||
|
Nine Months Ended
|
|||||
|
2019 |
|
2018 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|||
Net loss |
$ |
(208,193) |
|
$ |
(194,726) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|||
Depreciation and amortization |
76,238 |
|
66,688 |
|||
Stock-based compensation |
117,162 |
|
118,366 |
|||
Non-cash interest expense related to convertible senior notes |
35,768 |
|
31,638 |
|||
Loss on repurchase of convertible senior notes |
— |
|
10,764 |
|||
Deemed repayment of convertible senior notes attributable to accreted debt discount (9) |
— |
|
(43,575) |
|||
Deferred income taxes |
(661) |
|
(131) |
|||
Other |
463 |
|
3,762 |
|||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: |
|
|
|
|||
Accounts receivable |
5,929 |
|
15,969 |
|||
Inventories |
29 |
|
(4,146) |
|||
Prepaid expenses and other assets |
4,824 |
|
(3,014) |
|||
Accounts payable |
2,127 |
|
(6,615) |
|||
Accrued liabilities |
1,206 |
|
8,419 |
|||
Accrued compensation |
2,448 |
|
4,364 |
|||
Deferred revenue |
(2,172) |
|
(22,946) |
|||
Other long-term liabilities |
(7,146) |
|
1,982 |
|||
Net cash provided by (used in) operating activities |
28,022 |
|
(13,201) |
|||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|||
Purchases of property and equipment and demonstration units |
(38,615) |
|
(37,020) |
|||
Purchases of short-term investments |
(493,038) |
|
(346,588) |
|||
Proceeds from maturities of short-term investments |
502,100 |
|
370,128 |
|||
Business acquisitions, net of cash acquired |
(127,249) |
|
(5,945) |
|||
Lease deposits |
637 |
|
239 |
|||
Net cash used in investing activities |
(156,165) |
|
(19,186) |
|||
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) |
|||
Proceeds from employee stock purchase plan |
12,315 |
|
10,993 |
|||
Proceeds from exercise of equity awards |
3,159 |
|
5,432 |
|||
Net cash provided by financing activities |
15,474 |
|
248,793 |
|||
Net change in cash and cash equivalents |
(112,669) |
|
216,406 |
|||
Cash and cash equivalents, beginning of period |
409,829 |
|
180,891 |
|||
Cash and cash equivalents, end of period |
$ |
297,160 |
|
$ |
397,297 |
|
FireEye, Inc. |
||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||
(Unaudited, in thousands, except per share amounts) |
||||||||||||||||
|
|
|
|
|||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||
GAAP operating loss |
$ |
(54,716) |
|
$ |
(36,441) |
|
$ |
(174,949) |
|
$ |
(145,701) |
|||||
Stock-based compensation expense (1) |
36,688 |
|
37,326 |
|
117,162 |
|
118,366 |
|||||||||
Amortization of stock-based compensation capitalized in software development costs (3) |
916 |
|
624 |
|
2,556 |
|
1,121 |
|||||||||
Amortization of intangible assets (2) |
14,334 |
|
12,644 |
|
39,412 |
|
37,904 |
|||||||||
Acquisition related expenses (4) |
— |
|
— |
|
597 |
|
264 |
|||||||||
Restructuring charges (5) |
6,481 |
|
— |
|
10,280 |
|
— |
|||||||||
Non-GAAP operating income (loss) |
$ |
3,703 |
|
$ |
14,153 |
|
$ |
(4,942) |
|
$ |
11,954 |
|||||
GAAP gross margin |
65 |
% |
|
68 |
% |
|
65 |
% |
|
67 |
% |
|||||
Stock-based compensation expense (1) |
3 |
% |
|
4 |
% |
|
4 |
% |
|
4 |
% |
|||||
Amortization of stock-based compensation capitalized in software development costs (3) |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|||||
Amortization of intangible assets (2) |
5 |
% |
|
4 |
% |
|
4 |
% |
|
4 |
% |
|||||
Non-GAAP gross margin |
73 |
% |
|
76 |
% |
|
73 |
% |
|
75 |
% |
|||||
GAAP operating margin |
(24) |
% |
|
(17) |
% |
|
(27) |
% |
|
(24) |
% |
|||||
Stock-based compensation expense (1) |
16 |
% |
|
18 |
% |
|
18 |
% |
|
20 |
% |
|||||
Amortization of stock-based compensation capitalized in software development costs (3) |
1 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|||||
Amortization of intangible assets (2) |
6 |
% |
|
6 |
% |
|
6 |
% |
|
6 |
% |
|||||
Acquisition related expenses (4) |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|||||
Restructuring charges (5) |
3 |
% |
|
— |
% |
|
2 |
% |
|
— |
% |
|||||
Non-GAAP operating margin |
2 |
% |
|
7 |
% |
|
(1) |
% |
|
2 |
% |
|||||
GAAP net loss |
$ |
(65,495) |
|
$ |
(50,037) |
|
$ |
(208,193) |
|
$ |
(194,726) |
|||||
Stock-based compensation expense (1) |
36,688 |
|
37,326 |
|
117,162 |
|
118,366 |
|||||||||
Amortization of stock-based compensation capitalized in software development costs (3) |
916 |
|
624 |
|
2,556 |
|
1,121 |
|||||||||
Amortization of intangible assets (2) |
14,334 |
|
12,644 |
|
39,412 |
|
37,904 |
|||||||||
Acquisition related expenses (4) |
— |
|
— |
|
597 |
|
264 |
|||||||||
Restructuring charges (5) |
6,481 |
|
— |
|
10,280 |
|
— |
|||||||||
Loss on repurchase of convertible senior notes (7) |
— |
|
— |
|
— |
|
10,764 |
|||||||||
Non-cash interest expense related to convertible senior notes (6) |
12,068 |
|
11,494 |
|
35,768 |
|
31,638 |
|||||||||
Adjustment to provision (benefit) from income taxes (8) |
(681) |
|
(196) |
|
(904) |
|
(480) |
|||||||||
Non-GAAP net income (loss) |
$ |
4,311 |
|
$ |
11,855 |
|
$ |
(3,322) |
|
$ |
4,851 |
|||||
GAAP net loss per common share, basic and diluted |
$ |
(0.31) |
|
$ |
(0.26) |
|
$ |
(1.02) |
|
$ |
(1.03) |
|||||
Stock-based compensation expense (1) |
0.17 |
|
0.19 |
|
0.57 |
|
0.62 |
|||||||||
Amortization of stock-based compensation capitalized in software development costs (3) |
— |
|
— |
|
0.01 |
|
0.01 |
|||||||||
Amortization of intangible assets (2) |
0.07 |
|
0.07 |
|
0.19 |
|
0.2 |
|||||||||
Acquisition related expenses (4) |
— |
|
— |
|
— |
|
— |
|||||||||
Restructuring charges (5) |
0.03 |
|
— |
|
0.05 |
|
— |
|||||||||
Loss on repurchase of convertible senior notes (7) |
— |
|
— |
|
— |
|
0.06 |
|||||||||
Non-cash interest expense related to convertible senior notes (6) |
0.06 |
|
0.06 |
|
0.18 |
|
0.17 |
|||||||||
Adjustment to provision for (benefit from) income taxes (8) |
— |
|
— |
|
— |
|
— |
|||||||||
Non-GAAP net income (loss) per common share, basic |
$ |
0.02 |
|
$ |
0.06 |
|
$ |
(0.02) |
|
$ |
0.03 |
|||||
Non-GAAP net income (loss) per common share, diluted |
$ |
0.02 |
|
$ |
0.06 |
|
$ |
(0.02) |
|
$ |
0.02 |
|||||
Weighted average shares used in per share calculation for GAAP, basic and diluted |
212,207 |
|
192,359 |
|
204,855 |
|
189,526 |
|||||||||
Weighted average shares used in per share calculation for Non-GAAP, basic |
212,207 |
|
192,359 |
|
204,855 |
|
189,526 |
|||||||||
Weighted average shares used in per share calculation for Non-GAAP, diluted |
217,037 |
|
199,598 |
|
204,855 |
|
197,307 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
GAAP net cash provided by (used in) operating activities |
$ |
18,498 |
|
$ |
21,899 |
|
$ |
28,022 |
|
$ |
(13,201) |
|||||
Deemed repayment of convertible senior notes attributable to accreted debt discount (9) |
— |
|
— |
|
— |
|
43,575 |
|||||||||
Non-GAAP net cash provided by (used in) operating activities |
$ |
18,498 |
|
$ |
21,899 |
|
$ |
28,022 |
|
$ |
30,374 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
|||||||||
Cost of product, subscription and support revenue |
$ |
3,590 |
|
$ |
3,552 |
|
$ |
11,501 |
|
$ |
10,732 |
|||||
Cost of professional services revenue |
3,289 |
|
3,491 |
|
10,639 |
|
10,841 |
|||||||||
Research and development expense |
10,718 |
|
11,480 |
|
35,031 |
|
38,251 |
|||||||||
Sales and marketing expense |
12,252 |
|
11,678 |
|
38,019 |
|
36,878 |
|||||||||
General and administrative expense |
6,839 |
|
7,125 |
|
21,972 |
|
21,664 |
|||||||||
Total stock-based compensation expense |
$ |
36,688 |
|
$ |
37,326 |
|
$ |
117,162 |
|
$ |
118,366 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(2) Includes amortization of intangible assets as follows: |
|
|
|
|
|
|
|
|||||||||
Cost of product, subscription and support revenue |
$ |
10,135 |
|
$ |
8,716 |
|
$ |
27,311 |
|
$ |
26,095 |
|||||
Cost of professional services revenue |
— |
|
— |
|
— |
|
— |
|||||||||
Research and development expense |
109 |
|
134 |
|
336 |
|
425 |
|||||||||
Sales and marketing expense |
4,090 |
|
3,794 |
|
11,765 |
|
11,384 |
|||||||||
Total amortization of intangible assets |
$ |
14,334 |
|
$ |
12,644 |
|
$ |
39,412 |
|
$ |
37,904 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(3) Includes amortization of stock-based compensation capitalized in software development costs as follows: |
|
|
|
|
|
|
|
|||||||||
Cost of product, subscription and support revenue |
$ |
193 |
|
$ |
196 |
|
$ |
592 |
|
$ |
384 |
|||||
Cost of professional services revenue |
97 |
|
98 |
|
296 |
|
192 |
|||||||||
Research and development expense |
626 |
|
330 |
|
1,668 |
|
545 |
|||||||||
Total amortization of stock-based compensation capitalized in software development costs |
$ |
916 |
|
$ |
624 |
|
$ |
2,556 |
|
$ |
1,121 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(4) Includes acquisition related expenses as follows: |
|
|
|
|
|
|
|
|||||||||
General and administrative expense |
$ |
— |
|
$ |
— |
|
$ |
597 |
|
$ |
264 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(5) Includes restructuring charges as follows: |
|
|
|
|
|
|
|
|||||||||
Restructuring charges |
$ |
6,481 |
|
$ |
— |
|
$ |
10,280 |
|
$ |
— |
|||||
|
|
|
|
|
|
|
|
|||||||||
(6) Includes non-cash interest expense related to convertible senior notes as follows: |
|
|
|
|
|
|
|
|||||||||
Other expense, net |
$ |
12,068 |
|
$ |
11,494 |
|
$ |
35,768 |
|
$ |
31,638 |
|||||
|
|
|
|
|
|
|
|
|||||||||
(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 |
$ |
(681) |
|
$ |
(196) |
|
$ |
(904) |
|
$ |
(480) |
|||||
|
|
|
|
|
|
|
|
|||||||||
(9) Includes deemed repayment of convertible senior notes attributable to accreted debt discount as follows: |
|
|
|
|
|
|
|
|||||||||
Net cash used in operating activities |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(43,575) |
|||||
FireEye, Inc. |
||||||||||||
RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
|
|
|
|
|||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
GAAP revenue |
$ |
225,914 |
|
$ |
211,651 |
|
$ |
654,066 |
|
$ |
613,417 |
|
Add change in deferred revenue |
22,658 |
|
7,599 |
|
579 |
|
(22,945) |
|||||
Subtotal |
248,572 |
|
219,250 |
|
654,645 |
|
590,472 |
|||||
Less Verodin deferred revenue assumed |
— |
|
— |
|
(2,750) |
|
— |
|||||
Non-GAAP billings |
$ |
248,572 |
|
$ |
219,250 |
|
$ |
651,895 |
|
$ |
590,472 |
|
FireEye, Inc. |
||||||||||||
BILLINGS BREAKOUT |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
|
|
|
|
|||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
Product and related subscription and support billings |
$ |
108,621 |
|
$ |
120,502 |
|
$ |
321,910 |
|
$ |
317,892 |
|
Platform, cloud subscription and managed services billings |
84,637 |
|
59,360 |
|
190,931 |
|
166,087 |
|||||
Professional services billings |
55,314 |
|
39,388 |
|
139,054 |
|
106,493 |
|||||
Non-GAAP billings |
$ |
248,572 |
|
$ |
219,250 |
|
$ |
651,895 |
|
$ |
590,472 |
|
FireEye, Inc. |
||||||||||||
REVENUE BREAKOUT |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
|
|
|
|
|||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
Product and related subscription and support revenue |
$ |
117,835 |
|
$ |
127,011 |
|
$ |
353,773 |
|
$ |
370,495 |
|
Platform, cloud subscription and managed services revenue |
61,988 |
|
48,642 |
|
170,055 |
|
138,060 |
|||||
Professional services revenue |
46,091 |
|
35,998 |
|
130,238 |
|
104,862 |
|||||
Total revenue |
$ |
225,914 |
|
$ |
211,651 |
|
$ |
654,066 |
|
$ |
613,417 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191029005962/en/
Source:
Media inquiries:
Media.Relations@fireeye.com
Investor inquiries:
Investor.Relations@fireeye.com