MCLEAN, Va., Aug. 10, 2016 /PRNewswire/ -- CYREN (NASDAQ:
CYRN) today announced its second quarter 2016 financial results for
the period ending June 30, 2016.
"CYREN turned in a solid second quarter financial performance,
resulting in the fourth straight quarter of top line revenue
growth, while beating our expectations for bottom line results,"
said Lior Samuelson, CEO and
Chairman of the Board at CYREN. "We continue to see increased
demand for our cybersecurity products, most notably CYREN
WebSecurity (CWS) and CYREN EmailSecurity (CES), as enterprise
customers continue to struggle with phishing attacks, ransomware,
and zero day threats. The need for a cloud-based security
intelligence solution that provides global visibility and protects
customers in real time from multiple attack vectors has never been
greater."
CYREN experienced positive traction in the quarter with its
recently released CWS 3.0 platform, which integrates multi-layered
cyber threat capabilities, including a new advanced threat
protection module, to stop zero-day threats, Advanced Persistent
Threats (APTs) and evasive malware. The platform includes the
industry's first multi-sandbox array to isolate and identify
previously unknown evasive malware and prevent users from being
compromised through email or web-based attacks.
The CYREN Security Lab detected an unprecedented amount of new
malware during the quarter, including several new families of
ransomware – such as TeslaCrypt, CryptoWall, and Locky – which
generated as many as 37 billion infected emails in a single day. In
May, CYREN released a cyberthreat report that detailed the latest
ransomware activity with best practices for enterprises to deal
with ransomware attacks.
CYREN continued to build out its global sales and marketing team
during the second quarter, with the addition of several key sales
leaders in the United States and
Europe. Key hires include industry
veterans from enterprise security leaders such as Check Point,
Websense, Rapid7, Zscaler, and Google. This expansion is a response
to increased customer and partner interest in CYREN's cloud web
security platform, cyber intelligence and embedded solutions.
Second Quarter 2016 Financial Highlights:
- Revenues for the second quarter of 2016 were $7.6 million, up 12% from $6.7 million for the second quarter of 2015, and
$7.4 million for the first quarter of
2016. The revenue growth is attributed to additional CWS customers,
as well as continued renewal and upsell for CYREN's embedded and
cyber intelligence solutions.
- Non-GAAP revenues totaled $7.6
million for the second quarter of 2016, compared to
$6.8 million for the second quarter
of 2016, and $7.5 million last
quarter. The difference between non-GAAP and GAAP revenue is
derived from the fact that deferred revenues consolidated from
acquired companies are recorded based on fair value rather than
book value for GAAP purposes. This quarter represents the last
quarter investors will see a difference between CYREN's GAAP and
non-GAAP revenues related to the 2012 acquisitions, as the deferred
revenues associated with CYREN's 2012 acquisitions have been
completely exhausted.
- GAAP net loss for the second quarter of 2016 was $0.8 million, compared to a net loss of
$0.6 million in the second quarter of
2015, and a net loss of $1.5 million
in the first quarter of 2016. The sequential improvement in net
loss is primarily due to the impact of R&D grants received from
the Israeli government as well as the timing of new sales and
marketing hires between Q1 and Q2 2016.
- GAAP loss per basic and diluted share for the second quarter of
2016 was $0.02, compared to a loss of
$0.02 for the second quarter of 2015,
and a loss of $0.04 for the first
quarter of 2016.
- Non-GAAP net loss for the second quarter of 2016 was
$0.2 million, compared to a net loss
of $1.2 million for the second
quarter of 2015, and a net loss of $1.9
million in the first quarter of 2016.
- Non-GAAP loss per basic and diluted share was $0.00 for the second quarter of 2016, compared to
a loss of $0.04 in second quarter of
2015 and a loss of $0.05 in first
fourth quarter of 2016.
- Cash used by operating activities during the second quarter was
$0.2 million, compared to cash
generated by operating activities of $0.3
million in the second quarter of 2015, and cash generated by
operating activities of $2.9 million
during the first quarter of 2016.
- Cash balance as of June 30, 2016
was $13.0 million, compared to
$7.9 million as of June 30, 2015 and $14.0
million as of March 31, 2016.
CYREN had previously terminated its line of credit during the first
quarter 2016, and finished the second quarter with no debt.
For information regarding the non-GAAP financial measures
discussed in this release, please see "Use of Non-GAAP Financial
Measures" and "Reconciliation of Selected GAAP Measures to Non-GAAP
Measures."
Recent Business Highlights:
- During the quarter, CYREN added new CWS customers focused on
leveraging the advanced protection capabilites in CWS 3.0,
including the ability to combat APTs using multi-sandbox array
technology, and the platform's incident response management. The
latest CWS 3.0 customers add to a growing base of enterprise and
SMB customers who are using CWS as a full cloud-based secure web
gateway or as a DNS-based security platform to enforce corporate
web security policies.
- In May, CYREN was awarded a cybersecurity grant from the
National Authority for Technological Innovation (NATI), formerly
known as the Office of the Chief Scientist (OCS), at Israel's Ministry of Economy and Industry. The
grant, which is valued at approximately $850,000, will offset development costs in 2016
and had a significant impact of reducing R&D expenses during
Q2.
- CYREN recently released its highly cited Q2 CyberThreat Report,
which details the Locky ransomeware phenomenon, 2016's most
prolific malware to date. CYREN's antimalware engine was one of the
first in the industry to detect Locky and its various strains,
which represented more than 76% of all malware distributed in
February and March of this year.
- The company announced several key appointments to lead both
U.S. and EMEA sales efforts for CYREN WebSecurity. Most recently,
Atif Ahmed joined CYREN as Vice
President of EMEA Sales to oversee all sales, services and
strategic channels and alliances within Europe, the Middle
East and Africa regions.
Atif joins CYREN from AppSense, which was acquired by LANDESK, and
he previously held senior sales management roles with Websense
(Forcepoint) and Check Point.
- CYREN partnered with Osterman Research to release the results
of its 2016 Benchmarking Survey that examines web security adoption
within SMBs and mid-market organizations with 100 to 3,000
employees. The survey indicates that an astounding 71 percent of
SMBs were hacked in the past year, and 29 percent of respondents
are moving toward cloud-based web security solutions.
- Throughout the quarter, CYREN participated in several investor
conferences, including the 13th Annual Craig-Hallum Institutional
Investor Conference held in Minneapolis in June. CYREN is participating in
upcoming events including the IP EXPO Europe 2016 conference in
London, and the itsa 2016 IT
Security Expo and Congress in Nuremberg, Germany.
Financial Results Conference Call:
The company will also host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Wednesday,
August 10, 2016.
US Dial-in
Number:
|
1-888-312-9863
|
Israel Dial-in
Number:
|
1-80-924-5905
|
International
Dial-in Number:
|
1-719-785-1748
|
The call will be simultaneously webcast live on the investor
relations section of CYREN's website at
http://www.cyren.com/ir.html.
For those unable to participate in the live conference call, a
replay will be available until August 24,
2016. To access the replay, the U.S. dial in number is
1-877-870-5176 and the non-U.S. dial in number is 1-858-384-5517.
Callers will be prompted for replay conference ID number 8435148.
An archived version of the webcast will also be available on the
investor relations section of the company's website.
About CYREN
CYREN (NASDAQ and TASE: CYRN) protects more than 600 million
users against cyber attacks and data breaches through its
cloud-based web, email, mobile and endpoint security solutions.
Relied upon by many of the world's largest technology companies
such as Dell, Google, McAfee and Microsoft, CYREN offers
enterprise-focused security as a service (SecaaS) solutions as well
as embedded solutions for software and security providers. CYREN's
global cloud security platform processes more than 17 billion daily
transactions and uses innovative zero-day protection technology to
proactively block over 130 million threats each day. Learn more at
www.cyren.com.
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: twitter.com/CyrenInc or twitter.com/cyren_ir
To download CYREN's investor relations app please visit Apple's
App Store for the iPhone and iPad or Google Play for Android mobile
devices.
Use of Non-GAAP Financial Measures
Non-GAAP financial measures consist of GAAP financial measures
adjusted to exclude: stock-based compensation expenses,
amortization of acquired intangible assets, executive termination
costs, deferred taxes and deferred revenues related to
acquisitions, one-time settlement agreements, reorganization
expenses, adjustments to earn-out obligations and capitalization of
technology. The purpose of such adjustments is to give an
indication of the company's performance exclusive of non-cash
charges and other items that are considered by management to be
outside of the company's core operating results. The company's
non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP measures, and
should be read only in conjunction with the company's consolidated
financial statements prepared in accordance with GAAP.
Company management regularly uses supplemental non-GAAP
financial measures internally to understand, manage and evaluate
the business and make operating decisions.
These non-GAAP measures are among the primary factors management
uses in planning for and forecasting future periods. The company
believes this adjustment is useful to investors as a measure of the
ongoing performance of the business. The company believes these
non-GAAP financial measures provide consistent and comparable
measures to help investors understand the company's current and
future operating cash flow performance. These non-GAAP financial
measures may differ materially from the non-GAAP financial measures
used by other companies. Reconciliation between results on a GAAP
and non-GAAP basis is provided in a table immediately following the
Consolidated Statements of Income. The presentation of this
non-GAAP financial information is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP. Management uses both GAAP
and non-GAAP measures when evaluating the business internally and
therefore felt it important to make these non-GAAP adjustments
available to investors.
This press release contains forward-looking statements,
including projections about the company's business, within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. For example, statements
in the future tense, and statements including words such as
"expect," "plan," "estimate," "anticipate," or "believe" are
forward-looking statements. These statements are based on
information available at the time of the press release and the
company assumes no obligation to update any of them. The statements
in this press release are not guarantees of future performance and
actual results could differ materially from current expectations as
a result of numerous factors, including business conditions and
growth or deterioration in the internet security market,
technological developments, products offered by competitors,
availability of qualified staff, and technological difficulties and
resource constraints encountered in developing new products, as
well as those risks described in the company's Annual Reports on
Form 20-F and reports on Form 6-K, which are available through
www.sec.gov.
Company Contact
Mike
Myshrall, CFO
CYREN
+1 703 760 3320
mike.myshrall@CYREN.com
Israel Investor Contact
Iris
Lubitch
SmarTeam
+972.54.2528007
iris@smartteam.co.il
Media Contact
Matthew Zintel
Zintel Public
Relations
+1 281 444 1590
matthew.zintel@zintelpr.com
CYREN
LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands
of U.S. dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June
30
|
|
Six months
ended
June
30
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$
7,559
|
|
$
6,726
|
|
$
14,970
|
|
$
13,719
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,417
|
|
2,105
|
|
4,322
|
|
4,168
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,142
|
|
4,621
|
|
10,648
|
|
9,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,122
|
|
1,799
|
|
4,421
|
|
4,508
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,113
|
|
2,197
|
|
4,941
|
|
4,439
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,731
|
|
1,295
|
|
3,468
|
|
2,709
|
|
|
|
|
|
|
|
|
Adjustment of
earn-out obligation
|
-
|
|
(75)
|
|
-
|
|
(77)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
5,966
|
|
5,216
|
|
12,830
|
|
11,579
|
|
|
|
|
|
|
|
|
Operating
loss
|
(824)
|
|
(595)
|
|
(2,182)
|
|
(2,028)
|
|
|
|
|
|
|
|
|
Other
income
|
-
|
|
4
|
|
7
|
|
4
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(40)
|
|
(132)
|
|
(133)
|
|
(283)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(864)
|
|
(723)
|
|
(2,308)
|
|
(2,307)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
25
|
|
75
|
|
(26)
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(839)
|
|
$
(648)
|
|
$
(2,334)
|
|
$
(2,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.02)
|
|
$
(0.02)
|
|
$
(0.06)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.02)
|
|
$
(0.02)
|
|
$
(0.06)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,121
|
|
31,444
|
|
39,121
|
|
31,421
|
|
|
|
|
|
|
|
|
Diluted
|
39,121
|
|
31,444
|
|
39,121
|
|
31,421
|
CYREN
LTD.
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(in thousands
of U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
June
30
|
|
Six months
ended
June
30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(824)
|
|
$
(595)
|
|
$
(2,182)
|
|
$
(2,028)
|
Stock-based
compensation (1)
|
250
|
|
270
|
|
497
|
|
533
|
Amortization of
intangible assets (2)
|
840
|
|
383
|
|
1,234
|
|
768
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
(75)
|
|
-
|
|
(77)
|
Executive
terminations (5)
|
57
|
|
-
|
|
57
|
|
-
|
Adjustment to
deferred revenues (6)
|
24
|
|
42
|
|
66
|
|
85
|
Settlement agreements
(7)
|
-
|
|
(628)
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(459)
|
|
(505)
|
|
(1,406)
|
|
(505)
|
|
|
|
-
|
|
|
|
|
Non-GAAP operating
loss
|
$
(112)
|
|
$
(1,108)
|
|
$
(1,734)
|
|
$
(1,852)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(839)
|
|
$
(648)
|
|
$
(2,334)
|
|
$
(2,318)
|
Stock-based
compensation (1)
|
250
|
|
270
|
|
497
|
|
533
|
Amortization of
intangible assets (2)
|
855
|
|
383
|
|
1,249
|
|
768
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
(52)
|
|
-
|
|
(29)
|
Amortization of
deferred tax assets (4)
|
(73)
|
|
(82)
|
|
(150)
|
|
(165)
|
Executive
terminations (5)
|
57
|
|
-
|
|
57
|
|
-
|
Adjustment to
deferred revenues (6)
|
24
|
|
42
|
|
66
|
|
85
|
Settlement agreements
(7)
|
-
|
|
(628)
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(459)
|
|
(511)
|
|
(1,437)
|
|
(511)
|
|
|
|
|
|
|
|
-
|
Non-GAAP net
loss
|
$
(185)
|
|
$
(1,226)
|
|
$
(2,052)
|
|
$
(2,265)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.02)
|
|
$
(0.02)
|
|
$
(0.06)
|
|
$
(0.07)
|
Stock-based
compensation (1)
|
0.01
|
|
0.01
|
|
0.02
|
|
0.02
|
Amortization of
intangible assets (2)
|
0.02
|
|
0.01
|
|
0.03
|
|
0.02
|
Adjustment to
earn-out liabilities (3)
|
0.00
|
|
(0.00)
|
|
0.00
|
|
(0.00)
|
Amortization of
deferred tax assets (4)
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
(0.01)
|
Executive
terminations (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Adjustment to
deferred revenues (6)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Settlement agreements
(7)
|
0.00
|
|
(0.02)
|
|
0.00
|
|
(0.02)
|
Capitalization of
technology (8)
|
(0.01)
|
|
(0.02)
|
|
(0.04)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$
(0.00)
|
|
$
(0.04)
|
|
$
(0.05)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,121
|
|
31,444
|
|
39,121
|
|
31,421
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
15
|
|
$
18
|
|
$
27
|
|
$
34
|
Research and
development
|
83
|
|
73
|
|
166
|
|
137
|
Sales and
marketing
|
53
|
|
63
|
|
106
|
|
136
|
General and
administrative
|
98
|
|
116
|
|
198
|
|
226
|
|
|
|
|
|
|
|
-
|
|
$
250
|
|
$
270
|
|
$
497
|
|
$
533
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
650
|
|
$
188
|
|
$
856
|
|
$
378
|
Research and
development
|
-
|
|
1
|
|
-
|
|
1
|
Sales and
marketing
|
190
|
|
194
|
|
378
|
|
389
|
Financial expenses,
net
|
15
|
|
-
|
|
15
|
|
-
|
|
|
|
|
|
|
|
-
|
|
$
855
|
|
$
383
|
|
$
1,249
|
|
$
768
|
(3) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
(75)
|
|
$
-
|
|
$
(77)
|
Financial expenses,
net
|
-
|
|
23
|
|
-
|
|
48
|
|
|
|
|
|
|
|
-
|
|
$
-
|
|
$
(52)
|
|
$
-
|
|
$
(29)
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(73)
|
|
$
(82)
|
|
$
(150)
|
|
$
(165)
|
|
|
|
|
|
|
|
|
|
$
(73)
|
|
$
(82)
|
|
$
(150)
|
|
$
(165)
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
Sales and
marketing
|
57
|
|
-
|
|
57
|
|
-
|
|
|
|
|
|
|
|
|
|
$
57
|
|
$
-
|
|
$
57
|
|
$
-
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
24
|
|
$
42
|
|
$
66
|
|
$
85
|
|
|
|
|
|
|
|
-
|
|
$
24
|
|
$
42
|
|
$
66
|
|
$
85
|
(7) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
(628)
|
|
$
-
|
|
$
(628)
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
(628)
|
|
$
-
|
|
$
(628)
|
(8) Capitalization
of technology
|
|
|
|
|
|
|
$
-
|
Research and
development
|
$
(459)
|
|
$
(505)
|
|
$
(1,406)
|
|
$
(505)
|
Financial expenses,
net
|
-
|
|
(6)
|
|
(31)
|
|
(6)
|
|
|
|
|
|
|
|
-
|
|
$
(459)
|
|
$
(511)
|
|
$
(1,437)
|
|
$
(511)
|
CYREN
LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
June
30
|
|
December
31
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
12,968
|
|
$
16,379
|
Trade receivables,
net
|
3,697
|
|
3,849
|
Prepaid expenses and
other receivables
|
1,315
|
|
949
|
Total current
assets
|
17,980
|
|
21,177
|
|
|
|
|
Lease
deposits
|
307
|
|
79
|
Severance pay
fund
|
596
|
|
700
|
Property and
equipment, net
|
2,386
|
|
2,321
|
Goodwill and
intangible assets, net
|
30,726
|
|
30,128
|
Total long-term
assets
|
34,015
|
|
33,228
|
|
|
|
|
Total
assets
|
$
51,995
|
|
$
54,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$
-
|
|
$
4,169
|
Trade
payables
|
610
|
|
603
|
Employees and payroll
accruals
|
2,106
|
|
2,500
|
Accrued expenses and
other liabilities
|
1,262
|
|
764
|
Earn-out
consideration
|
2,401
|
|
2,346
|
Deferred
revenues
|
4,645
|
|
3,269
|
Total current
liabilities
|
11,024
|
|
13,651
|
|
|
|
|
Deferred
revenues
|
2,693
|
|
824
|
Deferred tax
liability
|
1,539
|
|
1,627
|
Accrued severance
pay
|
762
|
|
824
|
Other
liabilities
|
134
|
|
131
|
Total long-term
liabilities
|
5,128
|
|
3,406
|
|
|
|
|
Shareholders'
equity
|
35,843
|
|
37,348
|
Total liabilities and
shareholders' equity
|
$
51,995
|
|
$
54,405
|
CYREN
LTD.
CONDENSED
CONSOLIDATED CASH FLOW DATA
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June
30
|
|
Six months
ended
June
30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
(839)
|
|
$
(648)
|
|
$
(2,334)
|
|
$
(2,318)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
1
|
|
-
|
|
3
|
|
-
|
Depreciation
|
320
|
|
329
|
|
643
|
|
649
|
Stock-based
compensation
|
250
|
|
270
|
|
497
|
|
533
|
Amortization of
intangible assets
|
855
|
|
383
|
|
1,249
|
|
768
|
Accrued interest,
accretion of discount and exchange rate differences on credit
line
|
-
|
|
22
|
|
(19)
|
|
65
|
Accretion and change
in fair value of earn-out consideration, net
|
-
|
|
(52)
|
|
(0)
|
|
(29)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
(31)
|
|
183
|
|
98
|
|
943
|
Deferred
taxes
|
(47)
|
|
(80)
|
|
(120)
|
|
(124)
|
Prepaid expenses and
other receivables
|
(171)
|
|
(312)
|
|
(363)
|
|
(1,089)
|
Change in long-term
lease deposits
|
(214)
|
|
(6)
|
|
(228)
|
|
(8)
|
Trade
payables
|
155
|
|
(83)
|
|
(54)
|
|
96
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
154
|
|
48
|
|
114
|
|
(692)
|
Deferred
revenues
|
(580)
|
|
173
|
|
3,247
|
|
(607)
|
Accrued severance
pay, net
|
(18)
|
|
24
|
|
42
|
|
42
|
Other long-term
liabilities
|
(2)
|
|
(0)
|
|
(3)
|
|
(0)
|
Net cash provided
by (used in) operating activities
|
(167)
|
|
251
|
|
2,772
|
|
(1,771)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization of
technology, net of grants received
|
(459)
|
|
(511)
|
|
(1,437)
|
|
(511)
|
Purchase of property
and equipment
|
(386)
|
|
(227)
|
|
(649)
|
|
(401)
|
Net cash used in
investing activities
|
(845)
|
|
(738)
|
|
(2,086)
|
|
(912)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from capital
issuance, net
|
-
|
|
(153)
|
|
-
|
|
(153)
|
Proceeds from credit
line
|
-
|
|
-
|
|
-
|
|
4,400
|
Repayment of credit
line
|
-
|
|
(73)
|
|
(4,150)
|
|
(4,873)
|
Proceeds from options
exercised
|
-
|
|
84
|
|
-
|
|
153
|
Net cash used in
financing activities
|
-
|
|
(142)
|
|
(4,150)
|
|
(473)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(46)
|
|
10
|
|
53
|
|
(37)
|
Decrease in cash
and cash equivalents
|
(1,058)
|
|
(619)
|
|
(3,411)
|
|
(3,193)
|
Cash and cash
equivalents at the beginning of the period
|
14,026
|
|
8,489
|
|
16,379
|
|
11,063
|
Cash and cash
equivalents at the end of the period
|
$
12,968
|
|
$
7,870
|
|
$
12,968
|
|
$
7,870
|
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SOURCE CYREN