MCLEAN, Va., Nov. 15, 2016 /PRNewswire/ -- Cyren (NASDAQ:
CYRN) today announced its third quarter 2016 financial results for
the period ending September 30,
2016.
"Cyren continued its strong momentum from the second quarter to
deliver very solid third quarter results, translating to 14%
year-over-year revenue growth, and the fifth straight quarter of
increasing revenue," said Lior
Samuelson, CEO and Chairman of the Board at Cyren. "Our
investments in our enhanced cloud platform and sales and marketing
are starting to have a significant impact as we receive more orders
from enterprise customers for our SaaS security products, Cyren
WebSecurity (CWS) and Cyren EmailSecurity (CES). Our embedded
Threat Intelligence Services continue to generate a steady,
reliable revenue stream and provide a massive amount of
cyber-threat data, which improves our detection and prevention for
all of our partners and enterprise customers."
In recent months, Cyren continued to demonstrate its leadership
in the detection of advanced and unknown malware. The company was
among the first to detect a new phishing attack variant that
originated in the form of a Bitcoin-related pay-per-click
advertising link using Google Adwords. The Cyren Security Lab
continues to track Locky ransomware – identifying new encrypted
downloads, new distribution methods (Microsoft Word macros and SWF
files), and new payload delivery methods (executable malware and
javascript). See more details on the Cyren blog at
http://blog.cyren.com.
Cyren also released a special online Web Security Diagnostic
tool. Designed for use by SMB and enterprise prospects, the tool
allows web site visitors to easily check the efficacy of their
existing web security solution in less than 30 seconds. The free
online diagnostic tool tests for vulnerability to six common attack
methods used by hackers to penetrate an organization's
protection.
Third Quarter 2016 Financial Highlights:
- Revenues for the third quarter of 2016 were $7.9 million, up 14% from $6.9 million for the third quarter of 2015, and
an increase from $7.6 million for the
second quarter of 2016. Q3 2016 represents the fifth successive
quarter of revenue growth for Cyren.
- Revenues for the nine months ended September 30, 2016 were $22.9 million compared to $20.7 million for the first nine months of 2015,
representing an increase of 11% year over year.
- GAAP net loss for the third quarter of 2016 was $1.0 million, compared to a net loss of
$1.3 million in the third quarter of
2015.
- GAAP net loss for the nine months ended September 30, 2016 was $3.3 million, compared to $3.6 million for the first nine months of
2015.
- GAAP loss per basic and diluted share for the third quarter of
2016 was $0.02, compared to a loss of
$0.04 for the third quarter of
2015.
- Non-GAAP net loss for the third quarter of 2016 was
$0.8 million, compared to a Non-GAAP
net loss of $1.3 million for the
third quarter of 2015.
- Non-GAAP loss per basic and diluted share was $0.02 for the third quarter of 2016, compared to
a Non-GAAP loss of $0.04 in third
quarter of 2015.
- Operating cash flow during the third quarter was $0.4 million, compared to operating cash flow of
$0.6 million in the third quarter of
2015, and cash used by operating activities of $0.2 million during the second quarter of
2016.
- Net cash usage during the third quarter was $0.5 million, compared to net cash usage of
$1.1 million during the second
quarter of 2016.
- Cash balance as of September 30,
2016 was $12.4 million,
compared to $13.0 million as of
June 30, 2016. The company continues
to have 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 third quarter, the company released version 3.1 of
Cyren WebSecurity, including improvements to SSL inspection and
usability. The new release allows customers to whitelist certain
categories of HTTPS traffic from inspection to ensure that employee
privacy concerns are addressed. In addition, a number of
enhancements were delivered around user reporting, end user block
pages and emails, and Active Directory integration.
- Cyren renewed several large-scale customer contracts, including
a multi-year, multi-million dollar renewal with one of its largest
customers using Cyren's Threat Intelligence Services.
- Cyren expanded its global reach, establishing a multi-year
distribution agreement with Jiransoft, a fast growing partner in
South Korea. Jiransoft will resell
Cyren's Threat Intelligence Services throughout South Korea, China, Taiwan
and Japan.
- To meet growing demand for cloud-based internet security
services, Cyren has opened a new office outside of London, UK. The office will provide a focus
for Cyren's EMEA sales and marketing efforts, complementing the
company's security R&D labs in Germany and Israel.
- In August, Cyren released its Q3 Cyberthreat Report that
highlighted the increasing importance of phishing – which has
become the industry's number one cybersecurity threat. The report
identifies some of the most important trends in the evolution of
phishing, including the best ways to stay protected from attacks.
The Cyren Q3 Cyberthreat Report report can be downloaded by
visiting
http://pages.cyren.com/201608_Phishing_ThreatReport_LP.html.
- Cyren's newly-released online web security diagnostic tool for
SMBs and enterprise customers provides a free online test and
downloadable report to analyze some of the most common web security
gaps and vulnerabilities. The test, which can be run in less than
30 seconds from any web browser, checks whether the user's current
web security solution allows the user to download common viruses,
zipped viruses, or viruses over SSL, and whether the user is
allowed to communicate with botnets, phishing sites, and anonymizer
sites. Cyren's web security diagnostic tool can be accessed at:
http://www.cyren.com/security-test.html.
- Throughout the fourth quarter, Cyren is scheduled to
participate in several investor conferences, including the 7th
Annual Craig-Hallum Alpha Select Conference (November 16), the 13th Annual Imperial Capital
Security Investor Conference (December
8), and the 2016 Cowan and Company Networking and
Cybersecurity Summit (December
13-14). Visit the investor relations section of Cyren's
website for more details.
Financial Results Conference Call:
The company will host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Tuesday,
November 15, 2016.
US Dial-in
Number: 1-877-397-0286
Israel Dial-in
Number:
1-80-925-8243
International Dial-in
Number: 1-719-325-4751
The call will be simultaneously webcast live on the investor
relations section of Cyren's website at www.cyren.com/ir.html, or
by using the following link:
http://public.viavid.com/index.php?id=121724.
For those unable to participate in the live conference call, a
replay will be available until November 29,
2016. To access the replay, the U.S. dial-in number is
1-844-512-2921 and the non-U.S. dial in number is 1-412-317-6671.
Callers will be prompted for replay conference ID number 2397281.
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 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: http://blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc or
www.twitter.com/cyren_ir
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
|
|
Nine months
ended
|
September
30
|
|
September
30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$
7,902
|
|
$
6,934
|
|
$
22,872
|
|
$
20,653
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,602
|
|
2,136
|
|
6,924
|
|
6,304
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,300
|
|
4,798
|
|
15,948
|
|
14,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,091
|
|
2,166
|
|
6,512
|
|
6,674
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,618
|
|
2,094
|
|
7,559
|
|
6,533
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,515
|
|
1,895
|
|
4,983
|
|
4,604
|
|
|
|
|
|
|
|
|
Adjustment of
earn-out obligation
|
-
|
|
-
|
|
-
|
|
(77)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
6,224
|
|
6,155
|
|
19,054
|
|
17,734
|
|
|
|
|
|
|
|
|
Operating
loss
|
(924)
|
|
(1,357)
|
|
(3,106)
|
|
(3,385)
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
(2)
|
|
(6)
|
|
5
|
|
(2)
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(68)
|
|
(92)
|
|
(201)
|
|
(375)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(994)
|
|
(1,455)
|
|
(3,302)
|
|
(3,762)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
19
|
|
125
|
|
(7)
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(975)
|
|
$
(1,330)
|
|
$
(3,309)
|
|
$
(3,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.02)
|
|
$
(0.04)
|
|
$
(0.08)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.02)
|
|
$
(0.04)
|
|
$
(0.08)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,132
|
|
35,205
|
|
39,125
|
|
32,696
|
|
|
|
|
|
|
|
|
Diluted
|
39,132
|
|
35,205
|
|
39,125
|
|
32,696
|
|
|
|
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands
of U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30
|
|
September
30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(924)
|
|
$
(1,357)
|
|
$
(3,106)
|
|
$
(3,385)
|
Stock-based
compensation (1)
|
250
|
|
251
|
|
747
|
|
784
|
Amortization of
intangible assets (2)
|
784
|
|
402
|
|
2,018
|
|
1,170
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
-
|
|
-
|
|
(77)
|
Executive
terminations (5)
|
30
|
|
-
|
|
87
|
|
-
|
Adjustment to
deferred revenues (6)
|
-
|
|
42
|
|
66
|
|
127
|
Settlement agreements
(7)
|
-
|
|
-
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(839)
|
|
(557)
|
|
(2,245)
|
|
(1,062)
|
|
|
|
-
|
|
|
|
|
Non-GAAP operating
loss
|
$
(699)
|
|
$
(1,219)
|
|
$
(2,433)
|
|
$
(3,071)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(975)
|
|
$
(1,330)
|
|
$
(3,309)
|
|
$
(3,648)
|
Stock-based
compensation (1)
|
250
|
|
251
|
|
747
|
|
784
|
Amortization of
intangible assets (2)
|
797
|
|
402
|
|
2,046
|
|
1,170
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
-
|
|
-
|
|
(29)
|
Amortization of
deferred tax assets (4)
|
(66)
|
|
(82)
|
|
(216)
|
|
(247)
|
Executive
terminations (5)
|
30
|
|
-
|
|
87
|
|
-
|
Adjustment to
deferred revenues (6)
|
-
|
|
42
|
|
66
|
|
127
|
Settlement agreements
(7)
|
-
|
|
-
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(839)
|
|
(571)
|
|
(2,276)
|
|
(1,082)
|
|
|
|
|
|
|
|
-
|
Non-GAAP net
loss
|
$
(803)
|
|
$
(1,288)
|
|
$
(2,855)
|
|
$
(3,553)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.02)
|
|
$
(0.04)
|
|
$
(0.08)
|
|
$
(0.11)
|
Stock-based
compensation (1)
|
0.00
|
|
0.01
|
|
0.02
|
|
0.02
|
Amortization of
intangible assets (2)
|
0.02
|
|
0.01
|
|
0.05
|
|
0.04
|
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
|
|
0.00
|
|
0.00
|
|
(0.02)
|
Capitalization of
technology (8)
|
(0.02)
|
|
(0.02)
|
|
(0.06)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$
(0.02)
|
|
$
(0.04)
|
|
$
(0.07)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,132
|
|
35,205
|
|
39,125
|
|
32,696
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
24
|
|
$
15
|
|
$
51
|
|
$
48
|
Research and
development
|
77
|
|
73
|
|
243
|
|
210
|
Sales and
marketing
|
47
|
|
63
|
|
153
|
|
199
|
General and
administrative
|
102
|
|
100
|
|
300
|
|
327
|
|
|
|
|
|
|
|
-
|
|
$
250
|
|
$
251
|
|
$
747
|
|
$
784
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
596
|
|
$
208
|
|
$
1,452
|
|
$
587
|
Sales and
marketing
|
188
|
|
194
|
|
566
|
|
583
|
Financial expenses,
net
|
13
|
|
-
|
|
28
|
|
-
|
|
|
|
|
|
|
|
-
|
|
$
797
|
|
$
402
|
|
$
2,046
|
|
$
1,170
|
(3) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(77)
|
Financial expenses,
net
|
-
|
|
-
|
|
-
|
|
48
|
|
|
|
|
|
|
|
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(29)
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(66)
|
|
$
(82)
|
|
$
(216)
|
|
$
(247)
|
|
|
|
|
|
|
|
|
|
$
(66)
|
|
$
(82)
|
|
$
(216)
|
|
$
(247)
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
30
|
|
$
-
|
|
$
87
|
|
$
-
|
|
|
|
|
|
|
|
|
|
$
30
|
|
$
-
|
|
$
87
|
|
$
-
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
-
|
|
$
42
|
|
$
66
|
|
$
127
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
42
|
|
$
66
|
|
$
127
|
(7) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(628)
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(628)
|
(8) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$
(839)
|
|
$
(557)
|
|
$
(2,245)
|
|
$
(1,062)
|
Financial expenses,
net
|
-
|
|
(14)
|
|
(31)
|
|
(20)
|
|
|
|
|
|
|
|
|
|
$
(839)
|
|
$
(571)
|
|
$
(2,276)
|
|
$
(1,082)
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
12,438
|
|
$
16,379
|
Trade receivables,
net
|
3,685
|
|
3,849
|
Prepaid expenses and
other receivables
|
1,009
|
|
949
|
Total current
assets
|
17,132
|
|
21,177
|
|
|
|
|
Lease
deposits
|
340
|
|
79
|
Severance pay
fund
|
641
|
|
700
|
Property and
equipment, net
|
2,251
|
|
2,321
|
Goodwill and
intangible assets, net
|
30,840
|
|
30,128
|
Total long-term
assets
|
34,072
|
|
33,228
|
Total
assets
|
$
51,204
|
|
$
54,405
|
|
(4,751.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$
-
|
|
$
4,169
|
Trade
payables
|
653
|
|
603
|
Employees and payroll
accruals
|
2,284
|
|
2,500
|
Accrued expenses and
other liabilities
|
719
|
|
764
|
Earn-out
consideration
|
2,411
|
|
2,346
|
Deferred
revenues
|
5,049
|
|
3,269
|
Total current
liabilities
|
11,116
|
|
13,651
|
|
|
|
|
Deferred
revenues
|
2,387
|
|
824
|
Deferred tax
liability
|
1,488
|
|
1,627
|
Accrued severance
pay
|
820
|
|
824
|
Other
liabilities
|
134
|
|
131
|
Total long-term
liabilities
|
4,829
|
|
3,406
|
|
|
|
|
Shareholders'
equity
|
35,259
|
|
37,348
|
Total liabilities and
shareholders' equity
|
$
51,204
|
|
$
54,405
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30
|
|
September
30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(975)
|
|
$
(1,330)
|
|
$
(3,309)
|
|
$
(3,648)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
-
|
|
5
|
|
3
|
|
5
|
Depreciation
|
312
|
|
333
|
|
955
|
|
982
|
Stock-based
compensation
|
250
|
|
251
|
|
747
|
|
784
|
Amortization of
intangible assets
|
797
|
|
401
|
|
2,046
|
|
1,169
|
Accrued interest,
accretion of discount and exchange rate differences on credit
line
|
-
|
|
1
|
|
(19)
|
|
66
|
Accretion and change
in fair value of earn-out consideration, net
|
-
|
|
-
|
|
-
|
|
(29)
|
Deferred taxes,
net
|
(57)
|
|
(64)
|
|
(177)
|
|
(188)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
19
|
|
67
|
|
117
|
|
1,010
|
Prepaid expenses and
other receivables
|
318
|
|
620
|
|
(45)
|
|
(469)
|
Change in long-term
lease deposits
|
(33)
|
|
-
|
|
(261)
|
|
(133)
|
Trade
payables
|
67
|
|
(229)
|
|
13
|
|
(8)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
(380)
|
|
114
|
|
(266)
|
|
(578)
|
Deferred
revenues
|
97
|
|
388
|
|
3,344
|
|
(219)
|
Accrued severance
pay, net
|
13
|
|
7
|
|
55
|
|
49
|
Other long-term
liabilities
|
-
|
|
-
|
|
(3)
|
|
-
|
Net cash provided
by (used in) operating activities
|
428
|
|
564
|
|
3,200
|
|
(1,207)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
-
|
|
5
|
|
-
|
|
5
|
Capitalization of
technology
|
(839)
|
|
(571)
|
|
(2,276)
|
|
(1,082)
|
Purchase of property
and equipment
|
(199)
|
|
(218)
|
|
(848)
|
|
(619)
|
Net cash used in
investing activities
|
(1,038)
|
|
(784)
|
|
(3,124)
|
|
(1,696)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from public
offering, net
|
-
|
|
11,785
|
|
-
|
|
11,632
|
Proceeds from credit
line
|
-
|
|
-
|
|
-
|
|
4,400
|
Repayment of credit
line
|
-
|
|
(327)
|
|
(4,150)
|
|
(5,200)
|
Payment of earn-out
consideration
|
-
|
|
(457)
|
|
-
|
|
(457)
|
Proceeds from options
exercised
|
71
|
|
-
|
|
71
|
|
153
|
Net cash provided
by (used in) financing activities
|
71
|
|
11,001
|
|
(4,079)
|
|
10,528
|
Effect of exchange
rate changes on cash and cash equivalents
|
9
|
|
14
|
|
62
|
|
(23)
|
Increase
(decrease) in cash and cash equivalents
|
(530)
|
|
10,795
|
|
(3,941)
|
|
7,602
|
Cash and cash
equivalents at the beginning of the period
|
12,968
|
|
7,870
|
|
16,379
|
|
11,063
|
Cash and cash
equivalents at the end of the period
|
$
12,438
|
|
$
18,665
|
|
$
12,438
|
|
$
18,665
|
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SOURCE Cyren