FireEye Reports Record Financial Results for Fourth Quarter and Fiscal Year 2014
"In 2014, we brought together the industry's best technology, security expertise, and threat intelligence to protect organizations from advanced targeted attacks. We responded to nearly every high profile breach in the U.S., and we established strategic relationships with Global 2000 customers and partners around the world," said
Fourth Quarter 2014 Financial Results
- Billings1: Fourth quarter billings were
$212.6 million , above the previously issued guidance range of$195 to$210 million . Product billings totaled$67.6 million . Product subscriptions and support billings, which are recognized ratably over the contract term, totaled$120.0 million and included$80.2 million of product subscription billings and$39.8 million of support billings. Professional services billings, includingMandiant incident response, were$25.0 million . The average contract length for new subscription and support billings was approximately 30 months, compared to 35 months in the fourth quarter of 2013 and 34 months in the third quarter of 2014. - Revenue: Fourth quarter revenue was
$143.0 million , within the previously issued guidance range of$135 to$147 million . Total revenue included product revenue of$67.9 million and subscription and services revenue of$75.0 million . Subscription and services revenue included product subscription and support revenue of$54.9 million and professional services revenue of$20.1 million . - Deferred revenue: Deferred revenue totaled
$352.5 million at the end of the fourth quarter, an increase of$165 million from the end of the fourth quarter of 2013. Current deferred revenue was$203.9 million , an increase of$93.3 million from the end of 2013. Total current deferred revenue included$10.7 million in deferred product revenue and$193.2 million in deferred subscription, support and services revenue. Non-current deferred revenue was$148.7 million , an increase of$71.7 million from the end of 2013. Non-current deferred revenue included$4.9 million of deferred product revenues and$143.8 million of deferred subscription, support and services revenue. - GAAP net loss: Fourth quarter GAAP net loss was
$105.7 million , or$0.72 per share, based on 148 million weighted average shares outstanding. This compares to a GAAP net loss of$2.5 million , or$0.02 per share, based on approximately 115 million weighted average shares outstanding, in the fourth quarter of 2013. Fourth quarter 2013 GAAP net loss included a discrete tax benefit of$59.0 million related to the acquisition ofMandiant . - Non-GAAP net loss1: Fourth quarter non-GAAP net loss decreased for the second consecutive quarter to
$56.6 million , or$0.38 per share, based on 148 million weighted average shares outstanding. This compares to a non-GAAP net loss of$40.5 million , or$0.35 per share, based on approximately 115 million weighted average shares outstanding, in the fourth quarter of 2013. Non-GAAP net loss in the fourth quarters of 2013 and 2014 excluded stock-based compensation expenses, amortization of intangible assets and discrete tax benefits. Additionally, non-GAAP net loss for the fourth quarter of 2014 excluded$1.6 million of restructuring charges and non-GAAP net loss for the fourth quarter of 2013 excluded$8.5 million of acquisition expenses associated with the acquisition ofMandiant . - Cash flow from operations: Fourth quarter cash flow from operations was negative
$0.3 million , compared to negative$25.3 million in the fourth quarter of 2013 and negative$46.5 million in the third quarter of 2014. Purchases of property and equipment totaled$12.2 million in the fourth quarter of 2014, compared to$24.0 million in the prior quarter and$21.6 million in the fourth quarter of 2013.
2014 Financial Results
- Billings1: For the year, billings were
$590.7 million , an increase of 130 percent from 2013. Total billings included product billings of$173.3 million , product subscription billings of$233.7 million , support billings of$104.8 million and professional services billings of$78.9 million . - Revenue: Total revenue of
$425.7 million increased 163 percent from$161.6 million in 2013. Total revenue included$178.2 million of product revenue,$121.9 million of product subscription revenue,$53.4 million of support revenue, and$72.1 million of professional services revenue. - GAAP net loss: 2014 GAAP net loss was
$443.8 million , or$3.12 per share, based on approximately 142 million weighted average shares outstanding. This compares to a GAAP net loss of$120.6 million , or$2.66 per share, based on approximately 45 million weighted average shares outstanding, in 2013. 2014 GAAP net loss included$4.3 million in restructuring charges and discrete tax benefits of$39.5 million . 2013 GAAP net loss included$8.5 million in acquisition related expenses and a non-recurring tax benefit of$59.6 million , both associated with the acquisition ofMandiant . - Non-GAAP net loss1: 2014 non-GAAP net loss was
$280.4 million , or$1.97 per share, based on approximately 142 million weighted average shares outstanding. Non-GAAP loss in 2013 was$134.8 million , or$2.98 per share, based on approximately 45 million weighted average shares outstanding. Non-GAAP net loss in 2013 and 2014 excluded stock-based compensation expenses, amortization of intangible assets and discrete tax benefits. Additionally, non-GAAP net loss for 2013 excluded$8.5 million of acquisition expenses and non-GAAP net loss for 2014 excluded restructuring charges of$4.3 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."
Recent Business Highlights
Since its initial public offering in the third quarter of 2013,
- Expanded its advanced threat prevention solutions with new appliance-based and cloud-based products, including the
FireEye -as-a-Service, FireEye Threat Analytics Platform™ (TAP™), FireEye Investigation Analysis System™ (IA Series), FireEye Advanced Threat Intelligence™ (ATI), FireEye Threat Prevention with IPS™, and FireEye Endpoint Threat Prevention Platform™. - Added more than 1,000 customers, including 183 of the Global 2000.
- Expanded its channel partner programs to more than 1,100 distributors and resellers worldwide.
- Partnered with
SingTel and with Deutsche Telekom to deliverFireEye security solutions as part of their managed security services. - Partnered with Verizon to include FireEye Mobile Threat Prevention™ (MTP™) in its enterprise mobile security offering.
Business highlights since the release of third quarter 2014 financial results on
- Announced the evolution of the FireEye® Endpoint Threat Prevention Platform and limited release of
FireEye endpoint exploit detection. Built around the Adaptive Defense™ security model for detecting, preventing, analyzing, and responding to advanced and unknown attacks against on-premise, remote, and mobile endpoints, the next-generation FireEye Endpoint Threat Prevention Platform includes:- Proactive and adaptive security features for searching and sweeping endpoints in real-time as well as providing response capabilities.
- Industry-proven and highly scalable MVX™ technology powering endpoint threat detection.
- Advanced Threat Intelligence from FireEye DTI™ cloud and real-time feeds from
FireEye network products, enabling real-time blocking of advanced attacker activities.
- Partnered with Telefonica Business Solutions, a leading provider of a wide range of integrated communication solutions for the B2B market, to add
FireEye's advanced security technology and intelligence to Telefonica's leading managed security services to help protect enterprises in today's rapidly changing threat landscape. - Announced four new technology integrations with the cloud-based FireEye Threat Analytics Platform (TAP), including:
- An integration of Viewfinity's advanced endpoint protection solution with both FireEye TAP and the FireEye AX series, a group of forensic analysis platforms. The joint integration is designed to correlate suspect access to applications and endpoints with network-based indicators of compromise.
- An integration of intelligence from the ForgeRock Identity Platform™ with FireEye TAP to provide enhanced security incident detection and response management. The integration brings together identity management and security intelligence to help security teams identify attacks based on compromised credentials.
- An integration with universal log collector NXLog that enables security teams to feed network event log data, regardless of format, into FireEye TAP for analysis to identify threats that evade traditional security solutions.
- An integration of Adallom's unique and context-rich cloud application security insights with FireEye TAP. The joint integration is designed to correlate cloud-based insights with indicators of compromise from the traditional IT infrastructure and threat data from FireEye Dynamic Threat Intelligence™ to provide organizations with insight into attacks across the entire IT infrastructure.
- An integration of Viewfinity's advanced endpoint protection solution with both FireEye TAP and the FireEye AX series, a group of forensic analysis platforms. The joint integration is designed to correlate suspect access to applications and endpoints with network-based indicators of compromise.
- Won CRN's 2014 Enterprise App Award in the security category for the FireEye Mobile Security™ application.
- Ranked 17th overall in Deloitte's 2014 Technology Fast 500 ranking and the highest among advanced cybersecurity companies. The ranking is based on percentage fiscal year revenue growth from 2009 to 2013.
FireEye had annual revenue growth of over 9,700 percent during this period. - Was awarded the
UK Government's new Cyber Essentials Scheme accreditation.
Leadership in Advanced Threat Intelligence
Threat intelligence is fundamental to the FireEye Threat Prevention Platform. By combining the dynamic threat intelligence gathered by millions of virtual machines and endpoint threat sensors with intelligence on threat actors from hundreds of incident response engagements,
In addition to regular blog posts on new attack campaigns and trends in cybersecurity, recent threat discoveries and analyses by the
- Discovery of multiple mobile threats and vulnerabilities, including the Masque Attack, an iOS app that can replace authentic apps, such as banking and email apps, and widespread crypto vulnerabilities in Android apps.
- Discovery and investigation of multiple targeted attacks, including:
- Operation Double Tap, a new spear phishing attack by APT3, the actors responsible for Operation Clandestine Fox.
- Spear phishing attacks by FIN4, detailed in the report "Hacking the Street? FIN4 Likely Playing the Market," that used highly-targeted social engineering tactics and deep subject-matter expertise to capture usernames and passwords to victims' email accounts.
- Sweet Orange Exploit Kit activity by cybercriminals targeting legitimate websites that serve areas afflicted with the Ebola virus.
- Operation Poisoned Handover, which linked probable
China -based advanced persistent threat (APT) actors with DDoS attack activity designed to silence the Pro-Democracy movement inHong Kong .
- Operation Double Tap, a new spear phishing attack by APT3, the actors responsible for Operation Clandestine Fox.
- Publication of the report "Behind the Syrian Conflict's Digital Front Lines," on malware activity related to the conflict in
Syria . The report details the activities of a cyber-espionage group that stole Syrian opposition's strategies and battle plans through the use of social media.
Forward Outlook
For the first quarter of 2015,
- Total billings in the range of
$130 to$140 million . - Gross margin in the range of 69 to 72 percent of total revenue.
- Research and development expenses in the range of 41 to 45 percent of total revenue.
- Sales and marketing expenses in the range of 71 to 75 percent of total revenue.
- General and administrative expenses in the range of 16 to 20 percent of total revenue.
- Loss per share of
$0.49 to$0.53 , based on estimated weighted average shares outstanding of approximately 149 million.
For 2015, the company currently expects total revenue in the range of
- Total billings in the range of
$800 to$820 million . - Gross margin in the range of 71 to 75 percent of total revenue.
- Research and development expenses in the range of 35 to 38 percent of total revenue.
- Sales and marketing expenses in the range of 64 to 68 percent of total revenue.
- General and administrative expenses in the range of 14 to 17 percent of total revenue.
- Loss per share of
$1.80 to$1.90 , based on estimated weighted average shares outstanding of approximately 151 million. - Negative cash flow from operations in the range of
$70 to$85 million .
Guidance for non-GAAP financial measures excludes stock based compensation, amortization of intangible assets, acquisition expenses, restructuring charges, discrete tax benefits, and other non-recurring expenses. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
Conference Call Information
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to future billings, revenue, non-GAAP gross margins, non-GAAP research and development expenses as a percent of total revenue, non-GAAP sales and marketing expenses as a percent of total revenue, non-GAAP general and administrative expenses as a percent of total revenue, weighted average shares outstanding, and non-GAAP loss per share in the section entitled "Forward Outlook" above, as well as statements related to the market for
These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause
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 margin, net loss and net loss per share.
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 expense has been and will continue to be for the foreseeable future a significant recurring expense in the company's business. Stock-based compensation is an important part of
About
© 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(Unaudited, in thousands, except per share amounts) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
Product | $ | 67,936 | $ | 32,296 | $ | 178,246 | $ | 88,253 | ||||||||||
Subscription and services | 75,046 | 24,966 | 247,416 | 73,299 | ||||||||||||||
Total revenue | 142,982 | 57,262 | 425,662 | 161,552 | ||||||||||||||
Cost of revenue: (1)(2)(3) | ||||||||||||||||||
Product | 19,465 | 10,788 | 58,980 | 28,912 | ||||||||||||||
Subscription and services | 33,827 | 6,372 | 116,113 | 18,853 | ||||||||||||||
Total cost of revenue | 53,292 | 17,160 | 175,093 | 47,765 | ||||||||||||||
Total gross profit | 89,690 | 40,102 | 250,569 | 113,787 | ||||||||||||||
Operating expenses:(1)(2) | ||||||||||||||||||
Research and development | 53,102 | 21,466 | 203,187 | 66,036 | ||||||||||||||
Sales and marketing | 118,081 | 56,889 | 401,151 | 167,466 | ||||||||||||||
General and administrative (3) | 31,949 | 23,118 | 121,099 | 52,503 | ||||||||||||||
Restructuring charges (4) | 1,558 | - | 4,327 | - | ||||||||||||||
Total operating expenses | 204,690 | 101,473 | 729,764 | 286,005 | ||||||||||||||
Operating loss | (115,000 | ) | (61,371 | ) | (479,195 | ) | (172,218 | ) | ||||||||||
Other expense, net (5) | (670 | ) | (119 | ) | (1,249 | ) | (7,714 | ) | ||||||||||
Loss before income taxes | (115,670 | ) | (61,490 | ) | (480,444 | ) | (179,932 | ) | ||||||||||
Provision for (benefit from) income taxes (6) | (9,944 | ) | (58,977 | ) | (36,654 | ) | (59,297 | ) | ||||||||||
Net loss attributable to common stockholders | $ | (105,726 | ) | $ | (2,513 | ) | $ | (443,790 | ) | $ | (120,635 | ) | ||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.72 | ) | $ | (0.02 | ) | $ | (3.12 | ) | $ | (2.66 | ) | ||||||
Weighted average shares used in per share calculations, basic and diluted | 147,746 | 114,654 | 142,176 | 45,271 | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited, in thousands) | |||||||||||
2014 | 2013 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 146,363 | $ | 173,918 | |||||||
Short-term investments | 255,845 | - | |||||||||
Accounts receivable, net | 193,182 | 95,772 | |||||||||
Inventories | 7,952 | 5,663 | |||||||||
Deferred tax assets, current portion | 25,126 | 14,584 | |||||||||
Prepaid expenses and other current assets | 28,669 | 25,230 | |||||||||
Total current assets | 657,137 | 315,167 | |||||||||
Property and equipment, net | 82,298 | 64,765 | |||||||||
Goodwill | 750,288 | 706,327 | |||||||||
Intangible assets | 261,625 | 281,377 | |||||||||
Deposits and other long-term assets | 7,533 | 8,677 | |||||||||
Total assets | $ | 1,758,881 | $ | 1,376,313 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 34,057 | $ | 34,128 | |||||||
Accrued and other current liabilities | 24,596 | 17,677 | |||||||||
Accrued compensation | 64,551 | 41,625 | |||||||||
Deferred revenue, current portion | 203,877 | 110,535 | |||||||||
Total current liabilities | 327,081 | 203,965 | |||||||||
Deferred revenue, non-current portion | 148,666 | 76,979 | |||||||||
Deferred tax liabilities, non-current portion | 24,903 | 45,147 | |||||||||
Other long-term liabilities | 7,403 | 2,120 | |||||||||
Total liabilities | 508,053 | 328,211 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 15 | 14 | |||||||||
Additional paid-in capital | 1,918,546 | 1,271,590 | |||||||||
Accumulated other comprehensive loss | (441 | ) | - | ||||||||
Accumulated deficit | (667,292 | ) | (223,502 | ) | |||||||
Total stockholders' equity | 1,250,828 | 1,048,102 | |||||||||
Total liabilities and stockholders' equity | $ | 1,758,881 | $ | 1,376,313 | |||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
Twelve Months Ended | ||||||||||||
2014 | 2013 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net loss | $ | (443,790 | ) | $ | (120,635 | ) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 94,136 | 20,758 | ||||||||||
Stock-based compensation expense | 151,852 | 28,858 | ||||||||||
Deferred income taxes | (39,869 | ) | (61,028 | ) | ||||||||
Other | 2,261 | 6,648 | ||||||||||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ||||||||||||
Accounts receivable | (97,165 | ) | (35,145 | ) | ||||||||
Inventories | (2,024 | ) | (3,089 | ) | ||||||||
Prepaid expenses and other assets | 1,450 | (17,219 | ) | |||||||||
Accounts payable | (3,193 | ) | 11,504 | |||||||||
Accrued liabilities | 11,403 | (18,488 | ) | |||||||||
Accrued compensation | 23,658 | 19,381 | ||||||||||
Deferred revenue | 164,728 | 95,010 | ||||||||||
Other long-term liabilities | 5,283 | 3,683 | ||||||||||
Net cash used in operating activities | (131,270 | ) | (69,762 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of business, net of cash acquired | (55,058 | ) | (89,240 | ) | ||||||||
Purchase of property and equipment and demonstration units | (67,715 | ) | (57,560 | ) | ||||||||
Purchase of short-term investments | (390,360 | ) | - | |||||||||
Maturities of short-term investments | 131,118 | - | ||||||||||
Lease deposits | (496 | ) | (1,669 | ) | ||||||||
Net cash used in investing activities | (382,511 | ) | (148,469 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net proceeds from initial public offering | - | 321,389 | ||||||||||
Net proceeds from follow-on public offering | 444,338 | - | ||||||||||
Borrowing from line of credit | - | 10,000 | ||||||||||
Repayment of line of credit | (20,000 | ) | ||||||||||
Repayment of term loan | - | (2,150 | ) | |||||||||
Net proceeds from issuance of convertible preferred stock | - | 9,988 | ||||||||||
Proceeds from exercise of equity awards | 41,888 | 5,428 | ||||||||||
Repayment of notes receivable from stockholders | - | 7,294 | ||||||||||
Net cash provided by financing activities | 486,226 | 331,949 | ||||||||||
Net change in cash and cash equivalents | (27,555 | ) | 113,718 | |||||||||
Cash and cash equivalents, beginning of year | 173,918 | 60,200 | ||||||||||
Cash and cash equivalents, end of year | $ | 146,363 | $ | 173,918 | ||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
(Unaudited, in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
GAAP operating loss | $ | (115,000 | ) | $ | (61,371 | ) | $ | (479,195 | ) | $ | (172,218 | ) | |||||
Stock-based compensation expense (1) | 45,245 | 12,514 | 151,852 | 28,858 | |||||||||||||
Amortization of intangible assets (2) | 11,689 | 632 | 45,152 | 1,513 | |||||||||||||
Acquisition related expenses (3) | - | 8,513 | 1,559 | 8,513 | |||||||||||||
Restructuring Charges (4) | 1,558 | - | 4,327 | - | |||||||||||||
Non-GAAP operating loss | $ | (56,508 | ) | $ | (39,712 | ) | $ | (276,305 | ) | $ | (133,334 | ) | |||||
GAAP net loss | $ | (105,726 | ) | $ | (2,513 | ) | $ | (443,790 | ) | $ | (120,635 | ) | |||||
Stock-based compensation expense (1) | 45,245 | 12,514 | 151,852 | 28,858 | |||||||||||||
Amortization of intangible assets (2) | 11,689 | 632 | 45,152 | 1,513 | |||||||||||||
Acquisition related expenses (3) | - | 8,513 | 1,559 | 8,513 | |||||||||||||
Restructuring Charges (4) | 1,558 | - | 4,327 | - | |||||||||||||
Change in fair value of preferred stock warrant liability (5) | - | - | - | 6,538 | |||||||||||||
Non-recurring benefit from income taxes (6) | (9,373 | ) | (59,620 | ) | (39,472 | ) | (59,620 | ) | |||||||||
Non-GAAP net loss | $ | (56,607 | ) | $ | (40,474 | ) | $ | (280,372 | ) | $ | (134,833 | ) | |||||
GAAP net loss per common share, basic and diluted | $ | (0.72 | ) | $ | (0.02 | ) | $ | (3.12 | ) | $ | (2.66 | ) | |||||
Stock-based compensation expense (1) | 0.31 | 0.11 | 1.07 | 0.64 | |||||||||||||
Amortization of intangible assets (2) | 0.08 | 0.01 | 0.32 | 0.03 | |||||||||||||
Acquisition related expenses (3) | - | 0.07 | 0.01 | 0.19 | |||||||||||||
Restructuring Charges (4) | 0.01 | - | 0.03 | - | |||||||||||||
Change in fair value of preferred stock warrant liability (5) | - | - | - | 0.14 | |||||||||||||
Non-recurring benefit from income taxes (6) | (0.06 | ) | (0.52 | ) | (0.28 | ) | (1.32 | ) | |||||||||
Non-GAAP net loss per common share, basic and diluted | $ | (0.38 | ) | $ | (0.35 | ) | $ | (1.97 | ) | $ | (2.98 | ) | |||||
Weighted average shares used in per share calculations for GAAP and Non-GAAP, basic and diluted | 147,746 | 114,654 | 142,176 | 45,271 | |||||||||||||
(1) includes stock-based compensation expense as follows: | |||||||||||||||||
Cost of product revenue | $ | 263 | $ | 190 | $ | 888 | $ | 469 | |||||||||
Cost of subscription and services revenue | 6,583 | 1,011 | 17,037 | 2,341 | |||||||||||||
Research and development | 8,914 | 2,533 | 28,968 | 6,958 | |||||||||||||
Sales and marketing | 19,619 | 4,870 | 66,773 | 10,748 | |||||||||||||
General and administrative | 9,866 | 3,910 | 38,186 | 8,342 | |||||||||||||
Total stock-based compensation expense | $ | 45,245 | $ | 12,514 | $ | 151,852 | $ | 28,858 | |||||||||
(2) includes amortization of intangible assets as follows: | |||||||||||||||||
Cost of product revenue | $ | 2,987 | $ | 286 | $ | 10,942 | $ | 1,071 | |||||||||
Cost of subscription and services revenue | 5,475 | 157 | 21,659 | 201 | |||||||||||||
Sales and marketing | 3,227 | 189 | 12,551 | 241 | |||||||||||||
Total amortization of intangible assets | $ | 11,689 | $ | 632 | $ | 45,152 | $ | 1,513 | |||||||||
(3) includes acquisition related expenses as follows: | |||||||||||||||||
General and administrative | $ | - | $ | 8,513 | $ | 1,559 | $ | 8,513 | |||||||||
(4) includes restructuring charges as follows: | |||||||||||||||||
Restructuring charges | $ | 1,558 | $ | - | $ | 4,327 | $ | - | |||||||||
(5) includes change in fair value of preferred stock warrant liability as follows: | |||||||||||||||||
Other expense, net | $ | - | $ | - | $ | - | $ | 6,538 | |||||||||
(6) includes discrete benefit from income taxes as follows: | |||||||||||||||||
Provision for (benefit from) income taxes | $ | (9,373 | ) | $ | (59,620 | ) | $ | (39,472 | ) | $ | (59,620 | ) | |||||
RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
GAAP revenue | $ | 142,982 | $ | 57,262 | $ | 425,662 | $ | 161,552 | |||||||
Add change in deferred revenue | 69,622 | 56,762 | 165,029 | 111,108 | |||||||||||
Subtotal | 212,604 | 114,024 | 590,691 | 272,660 | |||||||||||
Less |
- | (16,099 | ) | - | (16,099 | ) | |||||||||
Non-GAAP billings | $ | 212,604 | $ | 97,925 | $ | 590,691 | $ | 256,561 | |||||||
BILLINGS BREAKOUT | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Product billings | $ | 67,554 | $ | 35,784 | $ | 173,323 | $ | 98,025 | |||||||
Product subscription billings | 80,242 | 38,656 | 233,688 | 96,219 | |||||||||||
Product billings and product subscription billings | 147,796 | 74,440 | 407,011 | 194,244 | |||||||||||
Support and maintenance billings | 39,796 | 21,612 | 104,790 | 57,110 | |||||||||||
Professional services billings | 25,012 | 1,873 | 78,890 | 5,207 | |||||||||||
Non-GAAP billings | $ | 212,604 | $ | 97,925 | $ | 590,691 | $ | 256,561 | |||||||
REVENUE BREAKOUT | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Product revenue | $ | 67,936 | $ | 32,296 | $ | 178,246 | $ | 88,253 | |||||||
Product subscription revenue | 38,320 | 14,367 | 121,907 | 43,031 | |||||||||||
Product revenue and product subscription revenue | 106,256 | 46,663 | 300,153 | 131,284 | |||||||||||
Support and maintenance revenue | 16,583 | 8,814 | 53,406 | 26,910 | |||||||||||
Professional services revenue | 20,143 | 1,785 | 72,103 | 3,358 | |||||||||||
Total revenue | $ | 142,982 | $ | 57,262 | $ | 425,662 | $ | 161,552 | |||||||
Source:
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