Mimecast Limited (NASDAQ:MIME), a leading email and data security
company, today announced financial results for the first quarter
ended June 30, 2017.
“Notable in our first quarter was the evolving threat
landscape. We responded with Sync and Recover, a service to
enable fast recovery in the event omnipresent attackers are
successful in penetrating an organization,” stated Peter Bauer, CEO
of Mimecast.
Mimecast’s CFO Peter Campbell noted, “Continued strong retention
and upsell as well as sales to new customers have helped us deliver
another strong quarter. We are pleased with our performance to date
as we drive both top and bottom line growth.”
First Quarter 2018 Financial Highlights
- Revenue: GAAP revenue for the first
quarter of 2018 was $58.2 million, an increase of 40% compared to
$41.5 million of GAAP revenue in the first quarter of 2017. Revenue
on a constant currency basis increased 43% compared to the first
quarter of 2017.
- Customers: Added 900 net new customers in
the first quarter of 2018. We now serve over 27,300
organizations globally.
- Revenue Retention Rate: Revenue retention
rate was 111% in the first quarter of 2018, up from 110% in the
first quarter of 2017.
- Gross Profit Percentage: Gross profit
percentage was 74% in the first quarter of 2018, up from 73% in the
first quarter of 2017.
- GAAP Net Loss: GAAP net loss was $1.9
million, or $(0.03) per basic and diluted share, based on
56.3 million weighted-average shares outstanding.
- Adjusted EBITDA: Adjusted EBITDA was $5.1
million, representing an Adjusted EBITDA margin of 9% up from 4.5%
in the first quarter of 2017.
- Non-GAAP Net Income: Non-GAAP net income
was $0.4 million, or $0.01 per share, based on 60.6 million diluted
shares outstanding.
- Free Cash Flow and Cash: Mimecast
generated $3.9 million of free cash flow in the first quarter of
2018. Cash and investments as of June 30, 2017 were $119.2
million.
Reconciliations of the non-GAAP financial measures provided in
this press release to their most directly comparable GAAP financial
measures are provided in the financial tables included at the end
of this press release. An explanation of these measures and how
they are calculated is also included below under the heading
“Non-GAAP Financial Measures.”
First Quarter 2018 Business Highlights
- Introduced Sync & Recover for Exchange and Office 365, an
add-on to our archiving service that lets customers simplify the
recovery of mail server data in the event of loss or corruption.
Sync & Recover offers streamlined point-and-click recovery of
email, personal folders, calendars and contacts.
- Sales of Targeted Threat Protection increased during the first
quarter. More than 11,500 customers now use the service,
representing 42% of our customers.
- A total of 24% of customers used Mimecast in conjunction with
Microsoft® Office 365™ during the first quarter compared to
21% in the fourth quarter of 2017. More than 6,500 customers
of all sizes have selected Mimecast to enhance their security,
archive their data, and to provide uptime assurance for their
Office 365 investments.
- CRN Intelligence (a division of CRN UK at Incisive Media)
ranked Mimecast first in “Overall Service in Security” in their
2017 Vendor Report. The report consisted of two hundred respondents
from UK-based VARs, solutions integrators, MSPs, hosting/ cloud
specialists and distributors
Mimecast North America partnered with Insight (NASDAQ:NSIT) to
go-to-market with Mimecast’s security, archiving and continuity
cloud services. The partnership provides comprehensive email
management in one fully-integrated service.
Business Outlook
Mimecast is providing guidance for the second quarter and fiscal
year 2018.
Second Quarter 2018 Guidance:
For the Second quarter of 2018, constant currency revenue growth
is expected to be in the range of 33% to 34% and revenue is
expected to be in the range of $59.7 million to $60.3 million. Our
guidance is based on exchange rates as of July 31, 2017 and
includes an estimated positive impact of $0.7 million resulting
from the weakening of the U.S. dollar compared to the prior
year. Adjusted EBITDA for the second quarter is expected to
be in the range of $5.0 million to $6.0 million.
Full Year 2018 Guidance:
For the full year 2018, revenue is expected to be the range of
$246.8 million to $252.1 million or 30% to 33% revenue growth in
constant currency. Foreign exchange rate fluctuations are
positively impacting this guidance by an estimated $3.0 million.
Adjusted EBITDA is expected to be in the range of
$20.1 million to $22.1 million.
GAAP net (loss) income is the most comparable GAAP measure to
Adjusted EBITDA. Adjusted EBITDA differs from GAAP net (loss)
income in that it excludes depreciation and amortization,
share-based compensation expense, interest income and interest
expense, the provision for income taxes and foreign exchange
(expense) income. Mimecast is unable to predict with reasonable
certainty the ultimate outcome of these exclusions without
unreasonable effort. Therefore, Mimecast has not provided guidance
for GAAP net (loss) income or a reconciliation of forward-looking
Adjusted EBITDA guidance to GAAP net (loss) income.
Conference Call and Webcast Information
Mimecast will host a conference call to discuss these financial
results for investors and analysts at 4:30 pm EDT (UTC-04:00) on
August 7, 2017. To access the conference call, dial (844)
815-2878 for the U.S. and Canada and (615) 800-6885 for
international callers and enter conference ID# 54306993. The
call will also be webcast live on the investor relations section of
the Company’s website http://investors.mimecast.com. An audio
replay of the call will be available two hours after the live call
ends by dialing (855) 859-2056 for U.S. and Canada or (404)
537-3406 for international callers, and entering passcode ID#
54306993. In addition, an archive of the webcast will be
available on the investor relations section of the company’s
website http://investors.mimecast.com.
About Mimecast Limited
Mimecast Limited (NASDAQ:MIME) makes business email and data
safer for more than 27,300 customers and millions of employees
worldwide. Founded in 2003, the Company’s next-generation
cloud-based security, archiving and continuity services protect
email, and deliver comprehensive email risk management in a single,
fully-integrated subscription service. Mimecast reduces email risk
and the complexity and cost of managing the array of point
solutions traditionally used to protect email and its data. For
customers that have migrated to cloud services like
Microsoft® Office 365™, Mimecast mitigates single vendor
exposure by strengthening security coverage, combating downtime and
improving archiving.
Mimecast and the Mimecast logo are registered trademarks of
Mimecast. All other third party marks and logos contained in this
press release are the property of their respective owners.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding management’s future
expectations, beliefs, intentions, goals, strategies, plans or
prospects, including, without limitation, the statements relating
to the future success of new products, including Sync &
Recover, and Mimecast’s future financial performance on both a GAAP
and non-GAAP basis under the heading “Business Outlook” above, may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements, other than statements of
historical fact, are statements that could be deemed
forward-looking statements, including statements containing the
words “predicts,” “plan,” “expects,” “anticipates,” “believes,”
“goal,” “target,” “estimate,” “potential,” “may,” “might,” “could,”
“see,” “seek,” “forecast,” and similar words. Mimecast intends all
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in
Section 21E of the Exchange Act and the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
including those risks, uncertainties and factors detailed in
Mimecast’s filings with the Securities and Exchange Commission. As
a result of such risks, uncertainties and factors, Mimecast’s
actual results may differ materially from any future results,
performance or achievements discussed in or implied by the
forward-looking statements contained herein. Mimecast is providing
the information in this press release as of this date and assumes
no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Non-GAAP Financial Measures
We have provided in this release financial information that has
not been prepared in accordance with GAAP. We use these
non-GAAP financial measures internally in analyzing our financial
results and believe they are useful to investors, as a supplement
to GAAP measures, in evaluating our ongoing operational
performance. We believe that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
our financial results with other companies in our industry, many of
which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Investors are encouraged to
review the reconciliation of these non-GAAP financial measures to
their most directly comparable GAAP financial measures provided in
the financial statement tables included below in this press
release.
Revenue Constant Currency Growth Rate. We believe revenue
constant currency growth rate is a key indicator of our operating
results. We calculate revenue constant currency growth rate by
translating revenue from entities reporting in foreign currencies
into U.S. dollars using the comparable foreign currency exchange
rates from the prior fiscal period. To determine projected
revenue growth rates on a constant currency basis for the second
quarter and full year 2018, expected revenue from entities
reporting in foreign currencies will be translated into U.S.
dollars using the comparable prior year period’s monthly average
foreign currency exchange rates.
Adjusted EBITDA and Adjusted EBITDA margin. We believe that
Adjusted EBITDA and Adjusted EBITDA margin are key indicators of
our operating results. We define Adjusted EBITDA as net (loss)
income, adjusted to exclude: depreciation and amortization,
share-based compensation expense, interest income and interest
expense, the provision for income taxes and foreign exchange
(expense) income predominantly related to the elimination of
intercompany balances. We define Adjusted EBITDA margin as Adjusted
EBITDA over revenue in the period.
Non-GAAP net income. We define non-GAAP net income as net
(loss) income less share-based compensation expense and the related
income tax effects of excluding share-based compensation expense.
We consider this non-GAAP financial measure to be a useful metric
for management and investors because it excludes the effect of
share-based compensation expense and related income tax effects so
that our management and investors can compare our recurring core
business net results over multiple periods. There are a number of
limitations related to the use of non-GAAP net income versus net
(loss) income calculated in accordance with GAAP. For example, as
noted above, non-GAAP net income excludes share-based compensation
expense and related income tax effects. In addition, the components
of the costs that we exclude in our calculation of non-GAAP net
income may differ from the components that our peer companies
exclude when they report their non-GAAP results of operations.
Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from non-GAAP net
income and evaluating non-GAAP net income together with net (loss)
income calculated in accordance with GAAP.
Free cash flow. We define free cash flow as net cash provided by
operating activities minus capital expenditures. We consider free
cash flow to be a liquidity measure that provides useful
information to management and investors about the amount of cash
generated by the business that, after the acquisition of property
and equipment, can be used for strategic opportunities, including
investing in our business, and strengthening the balance sheet.
Analysis of free cash flow facilitates management’s comparisons of
our operating results to competitors’ operating results. A
limitation of using free cash flow versus the GAAP measure of net
cash provided by operating activities as a means for evaluating our
company is that free cash flow does not represent the total
increase or decrease in the cash balance from operations for the
period because it excludes cash used for capital expenditures
during the period. Management compensates for this limitation by
providing information about our capital expenditures on the face of
the cash flow statement and in the liquidity and capital resources
discussion included in our annual and quarterly reports filed with
the Securities and Exchange Commission.
MIMECAST LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except per share
amounts)(unaudited) |
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
Revenue |
|
$ |
58,158 |
|
|
$ |
41,460 |
|
Cost of revenue |
|
|
15,252 |
|
|
|
11,339 |
|
Gross profit |
|
|
42,906 |
|
|
|
30,121 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research
and development |
|
|
7,921 |
|
|
|
5,149 |
|
Sales and
marketing |
|
|
27,559 |
|
|
|
21,463 |
|
General
and administrative |
|
|
8,537 |
|
|
|
6,456 |
|
Total operating
expenses |
|
|
44,017 |
|
|
|
33,068 |
|
Loss from
operations |
|
|
(1,111 |
) |
|
|
(2,947 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
Interest
income |
|
|
239 |
|
|
|
67 |
|
Interest
expense |
|
|
(31 |
) |
|
|
(107 |
) |
Foreign
exchange (expense) income |
|
|
(540 |
) |
|
|
4,096 |
|
Total other income
(expense), net |
|
|
(332 |
) |
|
|
4,056 |
|
(Loss) income before
income taxes |
|
|
(1,443 |
) |
|
|
1,109 |
|
Provision for income
taxes |
|
|
457 |
|
|
|
865 |
|
Net (loss) income |
|
$ |
(1,900 |
) |
|
$ |
244 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
ordinary share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.00 |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.00 |
|
Weighted-average number
of ordinary shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
56,292 |
|
|
|
54,287 |
|
Diluted |
|
|
56,292 |
|
|
|
57,655 |
|
MIMECAST LIMITEDCONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share
amounts) (unaudited) |
|
|
|
|
|
|
|
|
|
|
As of June 30, |
|
|
As of March 31, |
|
|
|
2017 |
|
|
2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
58,989 |
|
|
$ |
51,319 |
|
Short-term investments |
|
|
53,223 |
|
|
|
60,347 |
|
Accounts
receivable, net |
|
|
40,834 |
|
|
|
44,358 |
|
Prepaid
expenses and other current assets |
|
|
12,064 |
|
|
|
10,054 |
|
Total
current assets |
|
|
165,110 |
|
|
|
166,078 |
|
|
|
|
|
|
|
|
|
|
Long-term
investments |
|
|
7,013 |
|
|
|
— |
|
Property and equipment,
net |
|
|
49,756 |
|
|
|
32,009 |
|
Intangible assets,
net |
|
|
3,290 |
|
|
|
1,590 |
|
Goodwill |
|
|
5,373 |
|
|
|
5,363 |
|
Other assets |
|
|
844 |
|
|
|
312 |
|
Total
assets |
|
$ |
231,386 |
|
|
$ |
205,352 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
6,626 |
|
|
$ |
3,558 |
|
Accrued
expenses and other current liabilities |
|
|
21,969 |
|
|
|
20,713 |
|
Deferred
revenue |
|
|
86,642 |
|
|
|
84,159 |
|
Current
portion of capital lease obligations |
|
|
970 |
|
|
|
233 |
|
Current
portion of long-term debt |
|
|
1,260 |
|
|
|
1,725 |
|
Total
current liabilities |
|
|
117,467 |
|
|
|
110,388 |
|
|
|
|
|
|
|
|
|
|
Deferred revenue, net
of current portion |
|
|
13,094 |
|
|
|
11,189 |
|
Long-term capital lease
obligations |
|
|
2,640 |
|
|
|
245 |
|
Construction financing
lease obligation |
|
|
9,433 |
|
|
|
— |
|
Other non-current
liabilities |
|
|
2,204 |
|
|
|
1,538 |
|
Total
liabilities |
|
|
144,838 |
|
|
|
123,360 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
Ordinary
shares, $0.012 par value, 300,000,000 shares authorized;
56,797,767 and 55,901,996 shares issued and outstanding at
June 30, 2017 and March 31, 2017, respectively |
|
|
682 |
|
|
|
671 |
|
Additional paid-in capital |
|
|
189,947 |
|
|
|
183,752 |
|
Accumulated deficit |
|
|
(96,021 |
) |
|
|
(94,017 |
) |
Accumulated other comprehensive loss |
|
|
(8,060 |
) |
|
|
(8,414 |
) |
Total
shareholders' equity |
|
|
86,548 |
|
|
|
81,992 |
|
Total liabilities and shareholders' equity |
|
$ |
231,386 |
|
|
$ |
205,352 |
|
MIMECAST LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
Operating
activities |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,900 |
) |
|
$ |
244 |
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,609 |
|
|
|
2,764 |
|
Share-based compensation expense |
|
|
2,646 |
|
|
|
2,043 |
|
Provision
for doubtful accounts |
|
|
30 |
|
|
|
20 |
|
Loss on
disposal of fixed assets |
|
|
— |
|
|
|
2 |
|
Other
non-cash items |
|
|
84 |
|
|
|
25 |
|
Excess
tax benefits related to exercise of share options |
|
|
— |
|
|
|
(466 |
) |
Unrealized currency loss (gain) on foreign denominated
transactions |
|
|
383 |
|
|
|
(3,817 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
4,399 |
|
|
|
2,128 |
|
Prepaid
expenses and other current assets |
|
|
436 |
|
|
|
1,496 |
|
Other
assets |
|
|
(6 |
) |
|
|
— |
|
Accounts
payable |
|
|
1,276 |
|
|
|
1,993 |
|
Deferred
revenue |
|
|
2,244 |
|
|
|
2,450 |
|
Accrued
expenses and other liabilities |
|
|
(1,563 |
) |
|
|
425 |
|
Net cash provided by
operating activities |
|
|
11,638 |
|
|
|
9,307 |
|
Investing
activities |
|
|
|
|
|
|
|
|
Purchases of
investments |
|
|
(15,531 |
) |
|
|
— |
|
Maturities of
investments |
|
|
15,500 |
|
|
|
— |
|
Purchases of property,
equipment and capitalized software |
|
|
(7,730 |
) |
|
|
(5,586 |
) |
Net cash used in
investing activities |
|
|
(7,761 |
) |
|
|
(5,586 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
Proceeds from exercises
of share options |
|
|
3,445 |
|
|
|
1,014 |
|
Excess tax benefits
related to exercise of share options |
|
|
— |
|
|
|
466 |
|
Payments on debt |
|
|
(533 |
) |
|
|
(1,293 |
) |
Net cash provided by
financing activities |
|
|
2,912 |
|
|
|
187 |
|
Effect of foreign
exchange rates on cash |
|
|
881 |
|
|
|
(1,390 |
) |
Net increase in cash
and cash equivalents |
|
|
7,670 |
|
|
|
2,518 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period |
|
|
51,319 |
|
|
|
106,140 |
|
Cash and cash
equivalents at end of period |
|
$ |
58,989 |
|
|
$ |
108,658 |
|
Key Performance Indicators
In addition to traditional financial metrics, such as revenue
and revenue growth trends, we monitor several other non-GAAP
financial measures and non-financial metrics to help us evaluate
growth trends, establish budgets, measure the effectiveness of our
sales and marketing efforts and assess operational efficiencies.
The key performance indicators that we monitor are as follows:
|
|
Three months ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
(dollars in thousands) |
|
Gross profit
percentage |
|
|
74 |
% |
|
|
|
73 |
% |
Revenue constant
currency growth rate (1) |
|
|
43 |
% |
|
|
|
32 |
% |
Revenue retention rate
(2) |
|
|
111 |
% |
|
|
|
110 |
% |
Total customers
(3) |
|
|
27,300 |
|
|
|
|
19,900 |
|
Adjusted EBITDA
(1) |
|
$ |
5,144 |
|
|
|
$ |
1,860 |
|
_____________
(1) Adjusted EBITDA and revenue constant currency growth rates
are non-GAAP measures. For a reconciliation of Adjusted EBITDA and
revenue constant currency growth rates to the nearest comparable
GAAP measures, see “Reconciliation of Non-GAAP Financial Measures”
below. (2) We calculate our revenue retention rate by
annualizing constant currency revenue recorded on the last day of
the measurement period for only those customers in place throughout
the entire measurement period. We include add-on, or upsell,
revenue from additional employees and services purchased by
existing customers. We divide the result by revenue on a constant
currency basis on the first day of the measurement period for all
customers in place at the beginning of the measurement period. The
measurement period is the trailing twelve months. The revenue on a
constant currency basis is based on the average exchange rates in
effect during the respective period. (3) Reflects the
customer count on the last day of the period rounded to the nearest
hundred customers. We define a customer as an entity with an active
subscription contract as of the measurement date. A customer is
typically a parent company or, in a few cases, a significant
subsidiary that works with us directly.
Reconciliation of Non-GAAP Financial
Measures
The following table presents a reconciliation of revenue
growth rate, as reported to revenue constant currency growth
rate:
|
|
Three months ended June 30, |
|
|
|
2017 |
|
2016 |
|
|
|
(dollars in thousands) |
|
Reconciliation
of Revenue Constant Currency Growth Rate: |
|
|
|
|
|
|
|
|
Revenue, as
reported |
|
$ |
58,158 |
|
|
$ |
41,460 |
|
Revenue year-over-year
growth rate, as reported |
|
|
40 |
% |
|
|
24 |
% |
Estimated impact of
foreign currency fluctuations |
|
|
3 |
% |
|
|
8 |
% |
Revenue constant
currency growth rate |
|
|
43 |
% |
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
The following table presents a reconciliation of net
(loss) income to Adjusted EBITDA:
|
|
Three months ended June 30, |
|
|
|
2017 |
|
2016 |
|
|
|
(in thousands) |
|
Reconciliation
of Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,900 |
) |
|
$ |
244 |
|
Depreciation and
amortization |
|
|
3,609 |
|
|
|
2,764 |
|
Interest (income)
expense, net |
|
|
(208 |
) |
|
|
40 |
|
Provision for income
taxes |
|
|
457 |
|
|
|
865 |
|
Share-based
compensation expense |
|
|
2,646 |
|
|
|
2,043 |
|
Foreign exchange
expense (income) |
|
|
540 |
|
|
|
(4,096 |
) |
Adjusted EBITDA |
|
$ |
5,144 |
|
|
$ |
1,860 |
|
|
|
|
|
|
|
|
|
|
The following table presents a reconciliation of Net
(loss) income to Non-GAAP net income (in thousands, except per
share amounts):
|
|
Three months ended June 30, |
|
|
|
2017 |
|
2016 |
|
Reconciliation
of Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,900 |
) |
|
$ |
244 |
|
Share-based
compensation expense |
|
|
2,646 |
|
|
|
2,043 |
|
Provision for income
taxes |
|
|
334 |
|
|
|
22 |
|
Non-GAAP net
income |
|
$ |
412 |
|
|
$ |
2,265 |
|
Non-GAAP net income per
ordinary share - basic |
|
|
0.01 |
|
|
|
0.04 |
|
Non-GAAP net income per
ordinary share - diluted |
|
|
0.01 |
|
|
|
0.04 |
|
Weighted-average number
of ordinary shares used in computing Non-GAAP net income per
ordinary share: |
|
|
|
|
|
|
|
|
Basic |
|
|
56,292 |
|
|
|
54,287 |
|
Diluted |
|
|
60,563 |
|
|
|
57,655 |
|
|
|
|
|
|
|
|
|
|
The following table presents a reconciliation of Net
cash provided by operating activities to Free Cash Flow (in
thousands):
|
|
Three months ended June 30, |
|
|
|
2017 |
|
2016 |
|
Reconciliation
of Free Cash Flow: |
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
11,638 |
|
|
$ |
9,307 |
|
Purchases of property,
equipment and capitalized software |
|
|
(7,730 |
) |
|
|
(5,586 |
) |
Free Cash Flow |
|
$ |
3,908 |
|
|
$ |
3,721 |
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense for the three months
ended June 30, 2017 and 2016 (in thousands):
|
|
Three months ended June 30, |
|
|
|
2017 |
|
2016 |
|
Cost of revenue |
|
$ |
206 |
|
|
$ |
170 |
|
Research and
development |
|
|
682 |
|
|
|
372 |
|
Sales and
marketing |
|
|
948 |
|
|
|
973 |
|
General and
administrative |
|
|
810 |
|
|
|
528 |
|
Total share-based
compensation expense |
|
$ |
2,646 |
|
|
$ |
2,043 |
|
|
|
|
|
|
|
|
|
|
Revenue Constant Currency Growth Rate reconciliation
(dollars in millions):
|
|
Three months ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
Total revenue as
reported |
|
$ |
58.2 |
|
|
$ |
41.5 |
|
|
|
40 |
% |
Estimated impact of
foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
3 |
% |
Total revenue constant
currency growth rate |
|
|
|
|
|
|
|
|
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate for
period |
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
|
1.000 |
|
|
|
1.000 |
|
|
|
|
|
ZAR |
|
|
0.076 |
|
|
|
0.067 |
|
|
|
|
|
GBP |
|
|
1.280 |
|
|
|
1.434 |
|
|
|
|
|
AUD |
|
|
0.755 |
|
|
|
0.746 |
|
|
|
|
|
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