MCLEAN, Va., Nov. 13, 2017 /PRNewswire/ -- Cyren (NASDAQ:
CYRN) today announced its third quarter 2017 financial results for
the period ending September 30,
2017.
In the third quarter, Cyren continued its penetration of
enterprise accounts purchasing the Cyren Cloud Security platform
for email, web, and DNS security. During the quarter, Cyren signed
over 60 new enterprise customers and increased its average new
order size by over 250% compared to the second quarter. Cyren also
renewed and expanded a number of existing large enterprise
accounts.
During the third quarter, Cyren also added several Threat
Intelligence Services contracts, including a multi-million dollar
expansion with one of its largest customers who is using Cyren's
Phishing Intelligence solution to protect millions of users
globally. The contract expansion offsets some smaller customer
contracts that were not renewed over the past two quarters.
Last week Warburg Pincus, one of the world's most successful
growth-focused private equity firms, announced a $19.6 million private placement in the company,
as well as its intention to acquire up to 75% of Cyren's partially
diluted outstanding shares through a tender offer.
"We are pleased with the progress we made during the third
quarter to expand our Enterprise business," said Lior Samuelson, CEO and Chairman of the Board at
Cyren. "It's great to see that the Cyren Cloud Security platform is
proving its ability to scale up to larger enterprise accounts with
tens of thousands of users. We were also thrilled to receive the
investment by Warburg Pincus, which will help Cyren accelerate its
growth plans and further establish the company as a leading
provider of cloud-based cybersecurity solutions."
Third Quarter 2017 Financial Highlights:
- Revenues for the third quarter of 2017 were $7.6 million, compared to $7.9 million during the third quarter of
2016.
- GAAP net loss for the third quarter of 2017 was $3.6 million, compared to a net loss of
$1.0 million in the third quarter of
2016.
- GAAP loss per basic and diluted share for the third quarter of
2017 was $0.09, compared to a loss of
$0.02 per basic and diluted share for
the third quarter of 2016.
- Non-GAAP net loss for the third quarter of 2017 was
$3.3 million, compared to a Non-GAAP
net loss of $0.8 million for the
third quarter of 2016.
- Non-GAAP loss per basic and diluted share was $0.09 for the third quarter of 2017, compared to
a Non-GAAP loss of $0.02 per share in
third quarter of 2016.
- Operating cash usage during the third quarter was $0.3 million, compared to operating cash usage of
$0.3 million in the third quarter of
2016.
- Net cash usage during the third quarter was $1.6 million, compared to net cash usage of
$1.2 million during the third quarter
of 2016.
- Cash balance as of September 30,
2017 was $9.9 million,
compared to $11.6 million as of
June 30, 2017. The company carries
convertible notes with a principal balance of $6.3 million, which were issued at the end of Q1
2017.
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:
- In the third quarter, Cyren increased its penetration of large
enterprise accounts with several notable new customers using the
CCS platform, ranging from 3,000 to 30,000 seats. Cyren now
services large enterprises in both North
America and Europe with
accounts in excess of 100,000 enterprise seats.
- Cyren recently released version 4.2 of its CCS platform, which
adds email archiving to the portfolio of email security, web
security, DNS security, and cloud sandboxing. Cyren's
archiving service delivers fast search and eDiscovery, tamper-proof
storage, and provides regulatory compliance with email management,
protection and retention in the cloud.
- On November 6, Warburg Pincus, a
global private equity firm focused on growth investing, purchased
approximately 10.6 million shares in a private placement at
$1.85 per share, representing
approximately 21.3% of Cyren's outstanding shares, which yielded
gross proceeds of approximately $19.6
million to Cyren. Warburg Pincus also announced its
intention to commence a "Special Tender Offer" pursuant to Israeli
law to increase its ownership in Cyren, up to a maximum of 75% of
Cyren's partially diluted outstanding shares. The complete terms
and conditions of the offer, including important U.S. and Israeli
income and withholding tax considerations relating to the offer,
will be contained in the Offer to Purchase to be included as an
exhibit to the Tender Offer Statement on Schedule TO which will be
filed with the U.S. Securities and Exchange Commission (SEC) and
with the Israeli Securities Authority (ISA) when the offer is
commenced.
Financial Results Conference Call:
The company will host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Monday, November
13, 2017 to discuss third quarter results as well as the
strategic investment by Warburg Pincus.
U.S. Dial-in
Number:
|
1-800-441-0022
|
Israel Dial-in
Number:
|
1-80-924-6042
|
International
Dial-in Number:
|
1-719-457-2603
|
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=127117.
For those unable to participate in the live conference call, a
replay will be available until November 27,
2017. 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 5102623.
An archived version of the webcast will also be available on the
investor relations section of the company's website.
About Cyren:
More than 1.3 billion users around the world rely on Cyren's
100% cloud internet security solutions to protect them against
cyber attacks and data loss every day. Powered by the world's
largest security cloud, Cyren (NASDAQ and TASE: CYRN) delivers fast
time to protection from cyber threats with award-winning security
as a service for web, email, sandboxing, and DNS for enterprises,
and embedded threat intelligence solutions for security vendors and
service providers. Customers like Google, Microsoft and Check Point
are just a few of the businesses that depend on Cyren every day to
power their security. 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 gain from sale of investment in affiliate,
adjustments to earn-out obligations, capitalization of technology,
accretion of discount on convertible note and change in fair value
of the embedded conversion feature. 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.
Important Information about the Tender Offer:
The description contained in this press release is neither an
offer to purchase nor a solicitation of an offer to sell
securities. The planned tender offer described in this press
release has not commenced. At the time the planned tender offer is
commenced, a tender offer statement on Schedule TO will be filed by
Warburg Pincus with the SEC, and Cyren will file a
solicitation/recommendation statement on Schedule 14D-9, with
respect to the planned tender offer. The tender offer statement
(including an offer to purchase, a related letter of transmittal
and other tender offer documents) and the
solicitation/recommendation statement will contain important
information that should be read carefully before making any
decision to tender securities in the planned tender offer. Those
materials will be made available to Cyren's stockholders at no
expense to them. In addition, all of those materials (and all other
tender offer documents filed with the SEC) will be made available
at no charge on the SEC's website at
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
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$
7,561
|
|
$
7,902
|
|
$
23,277
|
|
$
22,872
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,094
|
|
2,747
|
|
9,123
|
|
7,360
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,467
|
|
5,155
|
|
14,154
|
|
15,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,286
|
|
2,072
|
|
6,929
|
|
6,453
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
4,071
|
|
2,532
|
|
11,395
|
|
7,302
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,731
|
|
1,475
|
|
4,973
|
|
4,863
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
8,088
|
|
6,079
|
|
23,297
|
|
18,618
|
|
|
|
|
|
|
|
|
Operating
loss
|
(3,621)
|
|
(924)
|
|
(9,143)
|
|
(3,106)
|
|
|
|
|
|
|
|
|
Other
income
|
-
|
|
(2)
|
|
451
|
|
5
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(58)
|
|
(68)
|
|
(263)
|
|
(201)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(3,679)
|
|
(994)
|
|
(8,955)
|
|
(3,302)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
51
|
|
19
|
|
148
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(3,628)
|
|
$
(975)
|
|
$
(8,807)
|
|
$
(3,309)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.09)
|
|
$
(0.02)
|
|
$
(0.22)
|
|
$
(0.08)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.09)
|
|
$
(0.02)
|
|
$
(0.22)
|
|
$
(0.08)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,229
|
|
39,132
|
|
39,205
|
|
39,125
|
|
|
|
|
|
|
|
|
Diluted
|
39,229
|
|
39,132
|
|
39,205
|
|
39,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(3,621)
|
|
$
(924)
|
|
$
(9,143)
|
|
$
(3,106)
|
Stock-based
compensation (1)
|
248
|
|
250
|
|
809
|
|
747
|
Amortization of
intangible assets (2)
|
1,135
|
|
797
|
|
3,292
|
|
2,046
|
Executive
terminations (5)
|
-
|
|
30
|
|
-
|
|
87
|
Adjustment to
deferred revenues (6)
|
-
|
|
-
|
|
-
|
|
66
|
Capitalization of
technology (8)
|
(995)
|
|
(839)
|
|
(2,716)
|
|
(2,245)
|
|
|
|
-
|
|
|
|
-
|
Non-GAAP operating
loss
|
$
(3,233)
|
|
$
(686)
|
|
$
(7,758)
|
|
$
(2,405)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(3,628)
|
|
$
(975)
|
|
$
(8,807)
|
|
$
(3,309)
|
Stock-based
compensation (1)
|
248
|
|
250
|
|
809
|
|
747
|
Amortization of
intangible assets (2)
|
1,135
|
|
797
|
|
3,292
|
|
2,046
|
Adjustment to
earn-out liabilities and related expenses (3)
|
27
|
|
-
|
|
91
|
|
-
|
Amortization of
deferred tax assets (4)
|
(65)
|
|
(66)
|
|
(186)
|
|
(216)
|
Executive
terminations (5)
|
-
|
|
30
|
|
-
|
|
87
|
Adjustment to
deferred revenues (6)
|
-
|
|
-
|
|
-
|
|
66
|
Gain from sale of
investment in affiliate (7)
|
-
|
|
-
|
|
(450)
|
|
-
|
Capitalization of
technology (8)
|
(1,026)
|
|
(839)
|
|
(2,765)
|
|
(2,276)
|
Accretion of discount
on convertible note (9)
|
159
|
|
-
|
|
330
|
|
-
|
Change in fair value
of embedded conversion feature on convertible note (10)
|
(198)
|
|
-
|
|
(465)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
$
(3,348)
|
|
$
(803)
|
|
$
(8,151)
|
|
$
(2,855)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.09)
|
|
$
(0.02)
|
|
$
(0.22)
|
|
$
(0.08)
|
Stock-based
compensation (1)
|
0.01
|
|
0.00
|
|
0.02
|
|
0.02
|
Amortization of
intangible assets (2)
|
0.03
|
|
0.02
|
|
0.09
|
|
0.05
|
Adjustment to
earn-out liabilities and related expenses (3)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Amortization of
deferred tax assets (4)
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
0.00
|
Executive
terminations (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Adjustment to
deferred revenues (6)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Gain from sale of
investment in affiliate (7)
|
0.00
|
|
0.00
|
|
(0.01)
|
|
0.00
|
Capitalization of
technology (8)
|
(0.03)
|
|
(0.02)
|
|
(0.08)
|
|
(0.06)
|
Accretion of discount
on convertible note (9)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Change in fair value
of embedded conversion feature on convertible note (10)
|
(0.01)
|
|
0.00
|
|
(0.01)
|
|
0.00
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$
(0.09)
|
|
$
(0.02)
|
|
$
(0.21)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,229
|
|
39,132
|
|
39,205
|
|
39,125
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
17
|
|
$
24
|
|
$
76
|
|
$
51
|
Research and
development
|
61
|
|
77
|
|
228
|
|
243
|
Sales and
marketing
|
67
|
|
47
|
|
180
|
|
153
|
General and
administrative
|
103
|
|
102
|
|
325
|
|
300
|
|
|
|
|
|
|
|
|
|
$
248
|
|
$
250
|
|
$
809
|
|
$
747
|
|
|
|
|
|
|
|
|
(2) Amortization
of intangible assets
|
962
|
|
609
|
|
2,785
|
|
1,480
|
Cost of
revenues
|
$
173
|
|
$
188
|
|
$
507
|
|
$
566
|
Sales and
marketing
|
-
|
|
0
|
|
-
|
|
0
|
|
|
|
|
|
|
|
|
|
$
1,135
|
|
$
797
|
|
$
3,292
|
|
$
2,046
|
|
|
|
|
|
|
|
|
(3) Adjustment to
earn-out liabilities and related expenses
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
27
|
|
$
-
|
|
$
91
|
|
$
-
|
|
|
|
|
|
|
|
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(65)
|
|
$
(66)
|
|
$
(186)
|
|
$
(216)
|
|
|
|
|
|
|
|
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
-
|
|
$
30
|
|
$
-
|
|
$
87
|
|
|
|
|
|
|
|
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
-
|
|
$
-
|
|
$
-
|
|
$
66
|
|
|
|
|
|
|
|
|
(7) Gain from sale
of investment in affiliate
|
|
|
|
|
|
|
|
Other
Income
|
$
-
|
|
$
-
|
|
$
(450)
|
|
$
-
|
|
|
|
|
|
|
|
|
(8) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$
(995)
|
|
$
(839)
|
|
$
(2,716)
|
|
$
(2,245)
|
Financial expenses,
net
|
(31)
|
|
-
|
|
(49)
|
|
(31)
|
|
|
|
|
|
|
|
|
|
$
(1,026)
|
|
$
(459)
|
|
$
(2,765)
|
|
$
(2,276)
|
|
|
|
|
|
|
|
|
(9) Accretion of
discount on convertible note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
159
|
|
$
-
|
|
$
330
|
|
$
-
|
|
|
|
|
|
|
|
|
(10) Change in
fair value of embedded conversion feature on convertible
note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
(198)
|
|
$
-
|
|
$
(465)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
September
30
|
|
December
31
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
9,919
|
|
$
10,621
|
Trade receivables,
net
|
2,576
|
|
3,061
|
Prepaid expenses and
other receivables
|
1,607
|
|
918
|
Total current
assets
|
14,102
|
|
14,600
|
|
|
|
|
Property and
equipment, net
|
2,861
|
|
2,081
|
Goodwill and
intangible assets, net
|
31,251
|
|
29,867
|
Severance pay
fund
|
616
|
|
604
|
Lease
deposits
|
498
|
|
380
|
Total long-term
assets
|
35,226
|
|
32,932
|
Total
assets
|
$
49,328
|
|
$
47,532
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Trade
payables
|
$
1,658
|
|
$
764
|
Employees and payroll
accruals
|
2,857
|
|
2,528
|
Accrued expenses and
other liabilities
|
878
|
|
755
|
Earn-out
consideration
|
3,503
|
|
3,041
|
Deferred
revenues
|
5,767
|
|
4,609
|
Total current
liabilities
|
14,663
|
|
11,697
|
|
|
|
|
Long term Convertible
Note
|
4,617
|
|
-
|
Embedded conversion
feature on Convertible Note
|
1,549
|
|
-
|
Deferred
revenues
|
874
|
|
1,788
|
Deferred tax
liability
|
1,367
|
|
1,374
|
Accrued severance
pay
|
894
|
|
816
|
Other
liabilities
|
133
|
|
119
|
Total long-term
liabilities
|
9,434
|
|
4,097
|
|
|
|
|
Shareholders'
equity
|
25,231
|
|
31,738
|
Total liabilities and
shareholders' equity
|
$
49,328
|
|
$
47,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30
|
|
September
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(3,628)
|
|
$
(975)
|
|
$
(8,807)
|
|
$
(3,309)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
-
|
|
1
|
|
1
|
|
3
|
Depreciation
|
311
|
|
320
|
|
866
|
|
643
|
Stock-based
compensation
|
248
|
|
250
|
|
809
|
|
497
|
Amortization of
intangible assets
|
1,135
|
|
855
|
|
3,292
|
|
1,249
|
Accrued interest and
accretion of discount on credit line
|
-
|
|
-
|
|
-
|
|
(19)
|
Accretion of discount
on convertible note
|
159
|
|
-
|
|
330
|
|
-
|
Change in fair value
of embedded conversion feature on convertible note
|
(198)
|
|
-
|
|
(465)
|
|
-
|
Other income related
to investment in affiliate
|
-
|
|
-
|
|
(450)
|
|
-
|
Other expenses
related to the earn-out consideration
|
27
|
|
-
|
|
91
|
|
-
|
Deferred
taxes
|
(51)
|
|
(47)
|
|
(146)
|
|
(120)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
757
|
|
(31)
|
|
368
|
|
98
|
Prepaid expenses and
other receivables
|
203
|
|
(171)
|
|
(646)
|
|
(363)
|
Change in long-term
lease deposits
|
(85)
|
|
(214)
|
|
(112)
|
|
(228)
|
Trade
payables
|
72
|
|
155
|
|
81
|
|
(54)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
(28)
|
|
154
|
|
457
|
|
114
|
Deferred
revenues
|
790
|
|
(580)
|
|
244
|
|
3,247
|
Accrued severance
pay, net
|
13
|
|
(18)
|
|
66
|
|
42
|
Other long-term
liabilities
|
-
|
|
(2)
|
|
-
|
|
(3)
|
Net cash used in
operating activities
|
(275)
|
|
(303)
|
|
(4,021)
|
|
1,797
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
investment in affiliate
|
-
|
|
-
|
|
450
|
|
-
|
Capitalization of
technology, net of grants received
|
(1,026)
|
|
(459)
|
|
(2,765)
|
|
(1,437)
|
Purchase of property
and equipment
|
(345)
|
|
(386)
|
|
(818)
|
|
(649)
|
Net cash used in
investing activities
|
(1,371)
|
|
(845)
|
|
(3,133)
|
|
(2,086)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
convertible note
|
-
|
|
-
|
|
6,300
|
|
-
|
Payment of credit
line
|
-
|
|
-
|
|
-
|
|
(4,150)
|
Proceeds from options
exercised
|
8
|
|
-
|
|
75
|
|
-
|
Net cash provided
by (used in) financing activities
|
8
|
|
-
|
|
6,375
|
|
(4,150)
|
Effect of exchange
rate changes on cash
|
(11)
|
|
(46)
|
|
77
|
|
53
|
Decrease in cash
and cash equivalents
|
(1,649)
|
|
(1,194)
|
|
(702)
|
|
(4,386)
|
Cash and cash
equivalents at the beginning of the period
|
11,568
|
|
14,026
|
|
10,621
|
|
16,379
|
Cash and cash
equivalents at the end of the period
|
$
9,919
|
|
$
12,832
|
|
$
9,919
|
|
$
11,993
|
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SOURCE Cyren