Apigee® (NASDAQ:APIC), developer of a leading cloud native
API platform for digital business, today announced financial
results for the third fiscal quarter ended April 30, 2016.
“We are pleased to deliver another solid quarter
of revenue and billings growth, driving us closer to our goal of
achieving positive operating cash flow by the quarter ending
January 2017,” said Chet Kapoor, Apigee CEO. “We see our business
benefitting from two key trends in enterprise IT – the ongoing
adoption of digital business and the shift to cloud. Across
both of these trends, APIs are a key enabler for quickly delivering
customer value. With our growing customer base and expanding
partner engagement, we believe Apigee is positioned to drive these
trends.”
Third Quarter Fiscal 2016
Highlights:
For Q3 16, Apigee reported total revenue of
$23.5 million, at the high end of its guidance range of $22.5
million to $23.5 million. Q3 16 total revenue was up 36%
compared to $17.3 million in Q3 15. Apigee reported Q3 16
product revenue (defined as license revenue plus subscription and
support revenue) of $18.6 million, up 39% from $13.4 million in Q3
15. Q3 16 gross billings were $29.0 million, above the
midpoint of its guidance range of $27.5 million to $29.5 million.
Q3 16 gross billings were up 29% from $22.5 million a year
ago. Q3 16 product gross billings were $24.8 million, up 34%
from $18.6 million a year ago.
Apigee reported Q3 16 GAAP gross margin of
69.8%, up from 65.1% in Q3 15, and non-GAAP gross margin of 71.5%,
up from 66.7% in Q3 15. Apigee reported a Q3 16 GAAP
operating loss of $9.9 million, compared to $10.8 million in Q3 15.
Q3 16 non-GAAP operating loss was $7.5 million, compared to
$9.7 million in Q3 15. Both GAAP and non-GAAP operating loss
improved as a result of revenue growth rate that was significantly
higher than operating expense growth rate, as well as improved
gross margin. Q3 16 GAAP net loss per share was $0.33. Q3 16
non-GAAP net loss per share was $0.25, at the high end of its
guidance range of a loss of $0.25 to $0.29. Q3 16 operating
cash flow was ($3.5) million, compared to ($8.1) million in Q2 16.
Total deferred revenue was $50.9 million at the end of Q3 16,
up 33% from $38.4 million at the end of Q3 15. The balance of
cash and cash equivalents at the end of Q3 16 was $70.2
million.
A reconciliation of GAAP to non-GAAP financial
measures has been provided in the financial statement tables
included in this press release. An explanation of these measures is
also included below under the heading “Non-GAAP Financial
Measures.”
Recent Business Updates:
- Apigee now has over 300 customers, up 114 compared to the end
of Q3 15. In Q3 16, we did expansion deals with 42 customers.
- Our Q3 16 simple dollar-based renewal rate exceeded 90% for the
fourth consecutive quarter.
- New, renewal and expansion customers in the quarter included
Advance Digital, Kaiser Permanente, KAO Brands, National
Geographic, Nationwide Building Society, Papa Johns, Paymark,
Silicon Valley Bank, Telstra, TomTom and Tradier.
- Apigee announced the availability of the Apigee Edge
integration with Pivotal Cloud Foundry. Pivotal users can now
select Apigee Edge software from the Pivotal Network
marketplace to get Apigee’s comprehensive API management
capabilities integrated into the Web applications they build with
Pivotal’s Cloud Native Platform.
- Apigee and Amazon Web Services (AWS) announced that dozens of
new customers signed on to use Apigee Edge on AWS in the first
three months of calendar 2016, including AccuWeather, Allstate
Corporation, OpenGov Inc., and Sage Payment Solutions, as well as
other leading companies in the financial services, insurance,
retail, media and technology industries.
- Apigee announced a new reference architecture designed to make
it easier for developers to use Apigee Edge on AWS. In
addition, Apigee is working with AWS Lambda to develop an
open-source plug-in enabling access to AWS services on Apigee
Edge.
- Apigee released Apigee Edge for Microsoft Azure, and has also
placed Apigee Edge in the Azure marketplace. Apigee and
Microsoft recently conducted a joint webinar, covering migration of
Apigee Edge deployments to Azure, new services available for API
developers, and a demonstration of our integrated products.
- Apigee delivered general availability of Apigee Sense, an API
security solution that provides data-driven API security including
bot detection, automated threat protection, security governance,
advanced risk analytics and automated risk mitigation
capabilities.
- Apigee announced a new software solution built on Apigee Edge
that is designed to help banks within the European Union (EU) more
quickly and easily embrace open banking and comply with the revised
Directive on Payment Services (PSD2). Apigee is teaming with
Accenture, as part of the ongoing Apigee and Accenture global
alliance, to work on developing customized client solutions for
open banking spurred by PSD2.
- Apigee hosted an Open Banking and PSD2 summit in London
dedicated to providing financial institutions with information and
guidance on how to implement open banking and comply with PSD2.
http://apigee.com/about/search/gss/open%20banking%20summit
- Apigee hosted a FinTech API Summit, with speakers from
Forrester, First Data, Tradier, and Vantiv, as well as Apigee.
The summit provided financial services executives with
information and guidance on how to better leverage digital
technologies to foster digital engagements with their customers,
partners and employees.
http://apigee.com/about/search/gss/fintech%20summit
- Additional product updates included Apigee Edge Gateway 2.0 and
release of Apigee’s Health APIx in the Salesforce Health
Cloud.
- New partners in the quarter included Abacus Consulting
Technology, Astrakhan, BCX Keyna, Centric Digital, Compuware, HCL
America Solutions, Innovative Software Technologies, ITbook,
LiquidHub, Middleware New Zealand, Pitney Bowes, Pyramid
Consulting, Shift Technologies, SMS Consulting Group, Trace3, and
UST Global.
Guidance:
As of May 25, 2016, Apigee is providing initial
guidance for its fourth quarter fiscal 2016 and updating guidance
for the fiscal year ending July 31, 2016.
Fourth Quarter Fiscal 2016
Guidance:
- Total revenue is expected to be in the range of $24.0 million
to $25.5 million.
- Non-GAAP operating loss is expected to be in the range of $8.0
million to $9.0 million.
- Non-GAAP net loss per share is expected to be in the range of
$0.27 to $0.30 based on approximately 30 million GAAP
weighted-average shares outstanding.
- Gross billings are expected to be in the range of $30.0 million
to $32.5 million.
Full Year Fiscal 2016
Guidance:
- Total revenue is expected to be in the range of $90.9 million
to $92.4 million.
- Total license revenue is expected to be in the range of $31.8
million to $33.3 million.
- Non-GAAP operating loss is expected to be in the range of $33.1
million to $34.1 million.
- Non-GAAP net loss per share is expected to be in the range of
$1.11 to $1.14 based on approximately 29.8 million GAAP
weighted-average shares outstanding.
- Gross billings are expected to be in the range of $107.0
million to $109.5 million.
Conference Call Details:
- What: Results of Apigee Corporation
(APIC) third quarter fiscal year 2016 ended April 30, 2016.
- When: Wednesday, May 25, 2016 at 2 pm PDT (5
pm EDT).
- Dial in: To access the call in the
United States, please dial (877) 407-4018, and for international
callers please dial (201) 689-8471. Callers may provide
confirmation number 13636744 to access the call more quickly, and
are encouraged to dial into the call 10 to 15 minutes prior to the
start to prevent any delay in joining.
- Webcast:
http://investors.apigee.com (live and replay)
- Replay: A replay of the call will be
available via telephone for seven days, beginning two hours after
the call. To listen to the telephone replay in the United States,
please dial (877) 870-5176, and for international callers please
dial (858) 384-5517 and enter access code 13636744.
About Apigee
Apigee® (NASDAQ:APIC) provides a cloud native
API platform for digital business. Many of the world's largest
organizations select Apigee to enable their digital business,
including 33 percent of the Fortune 100, four of the top five
Global 2000 retail companies, and five of the top 10 global
telecommunications companies. Apigee customers include global
enterprises such as Walgreens, Burberry, Morningstar, and First
Data. Apigee is headquartered in San Jose, California. For more
information, go to http://apigee.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding Apigee’s anticipated
growth; the momentum and trends in its business, markets and
certain vertical markets, and Apigee’s belief that it is positioned
to drive and benefit from those trends; its forecasted positive
operating cash flow; and its forecasted total revenue, license
revenue, gross billings, non-GAAP operating loss and non-GAAP net
loss per share for the fiscal fourth quarter and fiscal year 2016.
Words such as “expect,” “will,” “believes,” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements are based on current expectations and
are subject to inherent uncertainties, risks, and changes in
circumstances that are difficult or impossible to predict.
Consequently, you should not rely on these forward-looking
statements. Actual outcomes and results may differ materially
from those contemplated by these forward-looking statements as a
result of such uncertainties, risks, and changes in circumstances,
including without limitation risks and uncertainties related to
Apigee’s limited operating history; risks associated with its
history of losses and its expectation of incurring losses for the
foreseeable future; risks associated with the potential significant
fluctuation of its future quarterly results and variances in its
quarterly bookings, license revenue and operating cash flows; risks
associated with revenue mix; risks associated with the effective
management of its growth; risks associated with the role its
strategic relationships with third parties plays in its growth;
risks associated with market acceptance of its platform and Apigee
Edge product; risks associated with Apigee’s experience in
developing and introducing new products; risks associated with
successfully implementing partnerships and strategic relationships;
risks associated with Apigee’s ability to meet its customers’ needs
for infrastructure capacity and the quality of its software,
support and services; and risks associated with Apigee’s ability to
obtain renewals from current customers.
The foregoing list of factors is not
exclusive. Additional risks and uncertainties that could
affect Apigee’s financial and operating results are included under
the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
elsewhere in Apigee’s Annual Report on Form 10-Q filed with the SEC
on March 4, 2016. Apigee’s SEC filings are available on the
Investor Relations section of the Company’s website
at http://investors.apigee.com and on the SEC's website
at www.sec.gov. Apigee disclaims any obligation to update the
forward-looking statements provided to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
Non-GAAP Financial Measures
Apigee provides the following non-GAAP financial
measures in this release and in the earnings call referencing this
press release: gross billings, product gross billings, non-GAAP
license gross margin, non-GAAP subscription and support gross
margin, non-GAAP professional services gross margin, non-GAAP gross
margin, non-GAAP operating expense, non-GAAP operating loss,
non‑GAAP net loss, and non-GAAP net loss per share. These
non-GAAP items are key measures used by our management to
understand and evaluate our operating performance and trends.
In particular, because a number of these measures exclude certain
non-cash expenses, they can provide useful measures for
period-to-period comparisons of our business.
Apigee uses these non-GAAP financial measures
internally in analyzing its operating results and believes they are
useful to investors, as a supplement to GAAP measures, in
evaluating its ongoing operational performance. Apigee believes
that the use of these non-GAAP financial measures provides an
additional tool for investors to use in evaluating ongoing
operating results and trends.
Non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, their most
directly comparable financial measure prepared in accordance with
GAAP. A reconciliation of the historical non-GAAP financial
measures to their most directly comparable GAAP measures has been
provided in the financial statement tables included below in this
press release. Investors are encouraged to review the
reconciliation of these historical non-GAAP financial measures to
their most directly comparable GAAP financial measures.
We calculate non-GAAP gross profit, non-GAAP
gross margin, non-GAAP license gross margin, non-GAAP subscription
and support gross margin, non-GAAP professional services gross
margin, non-GAAP operating expenses, non-GAAP sales and marketing
expenses, non-GAAP research and development expenses, non-GAAP
general and administrative expenses, non-GAAP operating loss and
non-GAAP net loss as the respective GAAP balances, adjusted for:
(1) stock-based compensation and (2) the amortization of intangible
assets. Non-GAAP net loss per share is calculated as non-GAAP net
loss divided by GAAP weighted average shares outstanding.
We define gross billings as our total revenue
plus the change in our deferred revenue in a period. We define
product gross billings as our total product revenue (where product
is defined as license, subscription and support) plus the change in
our license, subscription and support deferred revenue in a period.
Gross billings and product gross billings in any period consists of
sales to new customers plus renewals and additional sales to
existing customers. Our management uses gross billings and product
gross billings as a performance measurement because we believe that
gross billings and product gross billings provide valuable insight
into the sales of our solutions and the performance of our
business. On certain transactions, a portion of gross
billings will be recognized as revenue over a period of more than
12 months. We do not consider gross billings as a substitute
for revenue recognition or revenue measurement.
With respect to Apigee’s outlook under “Fourth
Quarter Fiscal 2016 Guidance” and "Full Year Fiscal 2016 Guidance"
above, Apigee has not reconciled its expectations regarding
non-GAAP loss from operations to GAAP loss from operations, nor
reconciled non-GAAP net loss per share to GAAP net loss per share,
because stock-based compensation expenses cannot be reasonably
predicted and calculated. Accordingly, reconciliation is not
available without unreasonable effort.
|
Apigee Corporation |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
April
30, |
|
July
31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
|
$ |
70,215 |
|
|
$ |
89,562 |
|
Accounts receivable, net |
|
|
27,516 |
|
|
|
21,451 |
|
Prepaid expenses and other
current assets |
|
|
4,669 |
|
|
|
5,806 |
|
Total current assets |
|
|
102,400 |
|
|
|
116,819 |
|
Property and equipment,
net |
|
|
2,267 |
|
|
|
3,144 |
|
Goodwill |
|
|
14,744 |
|
|
|
14,744 |
|
Intangible assets,
net |
|
|
2,413 |
|
|
|
3,200 |
|
Other assets |
|
|
827 |
|
|
|
799 |
|
Total assets |
|
$ |
122,651 |
|
|
$ |
138,706 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Accounts payable |
|
$ |
606 |
|
|
$ |
2,015 |
|
Accrued expenses and other current
liabilities |
|
|
11,925 |
|
|
|
9,796 |
|
Deferred revenue, current
portion |
|
|
42,548 |
|
|
|
35,648 |
|
Term debt, current portion |
|
|
1,317 |
|
|
|
2,079 |
|
Total current liabilities |
|
|
56,396 |
|
|
|
49,538 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Deferred revenue, non-current |
|
|
8,361 |
|
|
|
5,154 |
|
Deferred rent, non-current |
|
|
1,177 |
|
|
|
1,550 |
|
Other liabilities, non-current |
|
|
639 |
|
|
|
773 |
|
Term debt, non-current |
|
|
1,212 |
|
|
|
1,787 |
|
Total non-current liabilities |
|
|
11,389 |
|
|
|
9,264 |
|
Total liabilities |
|
|
67,785 |
|
|
|
58,802 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
30 |
|
|
|
29 |
|
Additional paid-in capital |
|
|
283,044 |
|
|
|
276,099 |
|
Accumulated deficit |
|
|
(228,208 |
) |
|
|
(196,224 |
) |
Total stockholders’ equity |
|
|
54,866 |
|
|
|
79,904 |
|
Total liabilities and stockholders’
equity |
|
$ |
122,651 |
|
|
$ |
138,706 |
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Consolidated Statements of Comprehensive
Loss |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
Three
Months Ended April 30, |
|
Nine Months
EndedApril 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
Revenue |
|
|
|
|
|
License |
|
$ |
8,161 |
|
|
$ |
5,697 |
|
|
$ |
23,764 |
|
|
$ |
15,219 |
|
Subscription and support |
|
|
10,452 |
|
|
|
7,694 |
|
|
|
31,331 |
|
|
|
21,858 |
|
Professional services and
other |
|
|
4,864 |
|
|
|
3,899 |
|
|
|
11,816 |
|
|
|
12,828 |
|
Total revenue |
|
|
23,477 |
|
|
|
17,290 |
|
|
|
66,911 |
|
|
|
49,905 |
|
Cost of revenue |
|
|
|
|
|
License |
|
|
128 |
|
|
|
129 |
|
|
|
385 |
|
|
|
386 |
|
Subscription and support |
|
|
3,077 |
|
|
|
2,808 |
|
|
|
9,301 |
|
|
|
8,175 |
|
Professional services and
other |
|
|
3,879 |
|
|
|
3,103 |
|
|
|
10,528 |
|
|
|
10,147 |
|
Total cost of revenue |
|
|
7,084 |
|
|
|
6,040 |
|
|
|
20,214 |
|
|
|
18,708 |
|
Gross profit |
|
|
16,393 |
|
|
|
11,250 |
|
|
|
46,697 |
|
|
|
31,197 |
|
Operating expenses |
|
|
|
|
|
Research and development |
|
|
9,477 |
|
|
|
7,567 |
|
|
|
27,514 |
|
|
|
21,952 |
|
Sales and marketing |
|
|
12,702 |
|
|
|
11,139 |
|
|
|
38,012 |
|
|
|
36,313 |
|
General and administrative |
|
|
4,075 |
|
|
|
3,299 |
|
|
|
12,473 |
|
|
|
10,003 |
|
Total operating expenses |
|
|
26,254 |
|
|
|
22,005 |
|
|
|
77,999 |
|
|
|
68,268 |
|
Loss from operations |
|
|
(9,861 |
) |
|
|
(10,755 |
) |
|
|
(31,302 |
) |
|
|
(37,071 |
) |
Other income (expense),
net |
|
|
19 |
|
|
|
(93 |
) |
|
|
(402 |
) |
|
|
(383 |
) |
Loss before provision for
income taxes |
|
|
(9,842 |
) |
|
|
(10,848 |
) |
|
|
(31,704 |
) |
|
|
(37,454 |
) |
Provision for income
taxes |
|
|
73 |
|
|
|
140 |
|
|
|
280 |
|
|
|
343 |
|
Net loss and comprehensive
loss |
|
$ |
(9,915 |
) |
|
$ |
(10,988 |
) |
|
$ |
(31,984 |
) |
|
$ |
(37,797 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.33 |
) |
|
$ |
(2.16 |
) |
|
$ |
(1.08 |
) |
|
$ |
(8.66 |
) |
Weighted-average shares
outstanding used in calculating net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
29,830 |
|
|
|
5,095 |
|
|
|
29,620 |
|
|
|
4,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
April 30, |
|
April 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,915 |
) |
|
$ |
(10,988 |
) |
|
$ |
(31,984 |
) |
|
$ |
(37,797 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
583 |
|
|
|
597 |
|
|
|
1,790 |
|
|
|
1,809 |
|
Provision for doubtful
accounts |
|
|
9 |
|
|
|
20 |
|
|
|
66 |
|
|
|
38 |
|
Amortization of debt discount |
|
|
10 |
|
|
|
12 |
|
|
|
25 |
|
|
|
38 |
|
Deferred income taxes |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Stock-based compensation
expense |
|
|
2,110 |
|
|
|
822 |
|
|
|
5,378 |
|
|
|
2,269 |
|
Changes in operating assets and
liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,659 |
) |
|
|
2,903 |
|
|
|
(6,131 |
) |
|
|
273 |
|
Prepaid expenses and other
assets |
|
|
(268 |
) |
|
|
395 |
|
|
|
1,100 |
|
|
|
38 |
|
Accounts payable |
|
|
(609 |
) |
|
|
(1,225 |
) |
|
|
(1,248 |
) |
|
|
(1,429 |
) |
Accrued expenses, other liabilities
and deferred rent |
|
|
665 |
|
|
|
558 |
|
|
|
1,779 |
|
|
|
1,078 |
|
Deferred revenue |
|
|
5,558 |
|
|
|
4,686 |
|
|
|
10,108 |
|
|
|
10,189 |
|
Net cash used in operating
activities |
|
|
(3,516 |
) |
|
|
(2,220 |
) |
|
|
(19,117 |
) |
|
|
(23,494 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
|
(28 |
) |
|
|
(485 |
) |
|
|
(136 |
) |
|
|
(835 |
) |
Net cash used in investing
activities |
|
|
(28 |
) |
|
|
(485 |
) |
|
|
(136 |
) |
|
|
(835 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of debt, net of issuance costs |
|
|
2,648 |
|
|
|
– |
|
|
|
2,648 |
|
|
|
4,000 |
|
Repayments of debt
obligations |
|
|
(3,108 |
) |
|
|
(526 |
) |
|
|
(4,158 |
) |
|
|
(4,858 |
) |
|
|
|
|
|
|
|
|
Proceeds from initial
public offering, net of offering costs |
|
|
|
|
79,341 |
|
|
|
|
|
78,264 |
|
Payment of deferred
costs related to initial public offering |
|
|
– |
|
|
|
– |
|
|
|
(152 |
) |
|
|
– |
|
Taxes paid related to
net share settlement of equity awards |
|
|
|
|
(387 |
) |
|
|
|
|
(387 |
) |
Proceeds from exercise
of stock options, net of taxes paid |
|
|
192 |
|
|
|
389 |
|
|
|
607 |
|
|
|
796 |
|
Proceeds from issuance
of Employee Stock Purchase Plan shares |
|
|
– |
|
|
|
– |
|
|
|
961 |
|
|
|
– |
|
Net cash provided by
(used in) financing activities |
|
|
(268 |
) |
|
|
78,817 |
|
|
|
(94 |
) |
|
|
77,815 |
|
Net increase (decrease) in cash and
cash equivalents |
|
|
(3,812 |
) |
|
|
76,112 |
|
|
|
(19,347 |
) |
|
|
53,486 |
|
Cash and cash
equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of
period |
|
|
74,027 |
|
|
|
29,133 |
|
|
|
89,562 |
|
|
|
51,759 |
|
End of period |
|
|
70,215 |
|
|
|
105,245 |
|
|
|
70,215 |
|
|
|
105,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months Ended |
|
|
April
30, |
|
April 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Gross billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
$ |
23,477 |
|
|
$ |
17,290 |
|
|
$ |
66,911 |
|
|
$ |
49,905 |
|
Total
deferred revenue, end of period |
|
|
50,909 |
|
|
|
38,379 |
|
|
|
50,909 |
|
|
|
38,379 |
|
Less:
Total deferred revenue, beginning of period |
|
|
(45,352 |
) |
|
|
(33,193 |
) |
|
|
(40,802 |
) |
|
|
(28,190 |
) |
Total
change in deferred revenue |
|
|
5,557 |
|
|
|
5,186 |
|
|
|
10,107 |
|
|
|
10,189 |
|
Gross
billings |
|
$ |
29,034 |
|
|
$ |
22,476 |
|
|
$ |
77,018 |
|
|
$ |
60,094 |
|
Product gross billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License |
|
$ |
8,161 |
|
|
$ |
5,697 |
|
|
$ |
23,764 |
|
|
$ |
15,219 |
|
Subscription and support |
|
|
10,452 |
|
|
|
7,694 |
|
|
|
31,331 |
|
|
|
21,858 |
|
Total
product revenue |
|
|
18,613 |
|
|
|
13,391 |
|
|
|
55,095 |
|
|
|
37,077 |
|
Total
license, subscription and support deferred revenue, end of
period |
|
|
43,177 |
|
|
|
34,749 |
|
|
|
43,177 |
|
|
|
34,749 |
|
Less:
Total license, subscription and support deferred revenue, beginning
of period |
|
|
(36,954 |
) |
|
|
(29,546 |
) |
|
|
(36,638 |
) |
|
|
(24,848 |
) |
Total change in
license, subscription and support deferred revenue |
|
|
6,223 |
|
|
|
5,203 |
|
|
|
6,539 |
|
|
|
9,901 |
|
Product gross
billings |
|
$ |
24,836 |
|
|
$ |
18,594 |
|
|
$ |
61,634 |
|
|
$ |
46,978 |
|
Non-GAAP gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
69.8 |
% |
|
|
65.1 |
% |
|
|
69.8 |
% |
|
|
62.5 |
% |
Add:
Stock-based compensation expense |
|
|
0.7 |
% |
|
|
0.3 |
% |
|
|
0.6 |
% |
|
|
0.3 |
% |
Add:
Amortization of intangible assets |
|
|
1.0 |
% |
|
|
1.3 |
% |
|
|
1.0 |
% |
|
|
1.4 |
% |
Non-GAAP gross
margin |
|
|
71.5 |
% |
|
|
66.7 |
% |
|
|
71.4 |
% |
|
|
64.2 |
% |
Non-GAAP license gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
gross profit |
|
$ |
8,033 |
|
|
$ |
5,568 |
|
|
$ |
23,379 |
|
|
$ |
14,833 |
|
License
gross margin |
|
|
98.4 |
% |
|
|
97.7 |
% |
|
|
98.4 |
% |
|
|
97.5 |
% |
Add:
Amortization of intangible assets |
|
|
114 |
|
|
|
113 |
|
|
|
342 |
|
|
|
340 |
|
Non-GAAP license gross
profit |
|
$ |
8,147 |
|
|
$ |
5,681 |
|
|
$ |
23,721 |
|
|
$ |
15,173 |
|
Non-GAAP license gross
margin |
|
|
99.8 |
% |
|
|
99.7 |
% |
|
|
99.8 |
% |
|
|
99.7 |
% |
Non-GAAP subscription and support gross
profit: |
|
|
|
|
|
|
|
|
Subscription and support gross profit |
|
$ |
7,375 |
|
|
$ |
4,886 |
|
|
$ |
22,030 |
|
|
$ |
13,683 |
|
Subscription and support gross margin |
|
|
70.6 |
% |
|
|
63.5 |
% |
|
|
70.3 |
% |
|
|
62.6 |
% |
Add:
Stock-based compensation expense |
|
|
43 |
|
|
|
8 |
|
|
|
114 |
|
|
|
21 |
|
Add:
Amortization of intangible assets |
|
|
113 |
|
|
|
114 |
|
|
|
339 |
|
|
|
341 |
|
Non-GAAP subscription and
support gross profit |
|
$ |
7,531 |
|
|
$ |
5,008 |
|
|
$ |
22,483 |
|
|
$ |
14,045 |
|
Non-GAAP subscription and
support gross margin |
|
|
72.1 |
% |
|
|
65.1 |
% |
|
|
71.8 |
% |
|
|
64.3 |
% |
Non-GAAP professional services and other gross
profit: |
|
|
|
|
|
|
|
|
Professional services and other gross profit |
|
$ |
985 |
|
|
$ |
796 |
|
|
$ |
1,288 |
|
|
$ |
2,681 |
|
Professional services and other gross margin |
|
|
20.3 |
% |
|
|
20.4 |
% |
|
|
10.9 |
% |
|
|
20.9 |
% |
Add:
Stock-based compensation expense |
|
|
132 |
|
|
|
54 |
|
|
|
328 |
|
|
|
145 |
|
Non-GAAP professional
services and other gross profit |
|
$ |
1,117 |
|
|
$ |
850 |
|
|
$ |
1,616 |
|
|
$ |
2,826 |
|
Non-GAAP professional
services and other margin |
|
|
23.0 |
% |
|
|
21.8 |
% |
|
|
13.7 |
% |
|
|
22.0 |
% |
Non-GAAP research and development expense: |
|
|
|
|
|
|
|
|
GAAP
research and development expense |
|
$ |
9,477 |
|
|
$ |
7,567 |
|
|
$ |
27,514 |
|
|
$ |
21,952 |
|
Less:
Stock-based compensation expense |
|
|
(897 |
) |
|
|
(306 |
) |
|
|
(2,135 |
) |
|
|
(759 |
) |
Less:
Amortization of intangible assets |
|
|
(18 |
) |
|
|
(44 |
) |
|
|
(106 |
) |
|
|
(132 |
) |
Non-GAAP research and
development expense |
|
$ |
8,562 |
|
|
$ |
7,217 |
|
|
$ |
25,273 |
|
|
$ |
21,061 |
|
Non-GAAP sales and marketing expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
sales and marketing expense |
|
$ |
12,702 |
|
|
$ |
11,139 |
|
|
$ |
38,013 |
|
|
$ |
36,313 |
|
Less:
Stock-based compensation expense |
|
|
(426 |
) |
|
|
(173 |
) |
|
|
(1,225 |
) |
|
|
(492 |
) |
Less:
Amortization of intangible assets |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(58 |
) |
Non-GAAP sales and
marketing expense |
|
$ |
12,276 |
|
|
$ |
10,966 |
|
|
$ |
36,788 |
|
|
$ |
35,763 |
|
Non-GAAP general and administrative expense: |
|
|
|
|
|
|
|
|
GAAP
general and administrative expense |
|
$ |
4,075 |
|
|
$ |
3,299 |
|
|
$ |
12,473 |
|
|
$ |
10,003 |
|
Less :
Stock-based compensation expense |
|
|
(612 |
) |
|
|
(281 |
) |
|
|
(1,576 |
) |
|
|
(852 |
) |
Non-GAAP general and
administrative expense |
|
$ |
3,463 |
|
|
$ |
3,018 |
|
|
$ |
10,897 |
|
|
$ |
9,151 |
|
Non-GAAP operating loss: |
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(9,861 |
) |
|
$ |
(10,755 |
) |
|
$ |
(31,302 |
) |
|
$ |
(37,071 |
) |
Add:
Stock-based compensation expense |
|
|
2,110 |
|
|
|
822 |
|
|
|
5,378 |
|
|
|
2,269 |
|
Add:
Amortization of intangible assets |
|
|
245 |
|
|
|
271 |
|
|
|
787 |
|
|
|
871 |
|
Non-GAAP operating
loss |
|
$ |
(7,506 |
) |
|
$ |
(9,662 |
) |
|
$ |
(25,137 |
) |
|
$ |
(33,931 |
) |
Non-GAAP net loss: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(9,915 |
) |
|
$ |
(10,988 |
) |
|
$ |
(31,984 |
) |
|
$ |
(37,797 |
) |
Add:
Stock-based compensation expense |
|
|
2,110 |
|
|
|
822 |
|
|
|
5,378 |
|
|
|
2,269 |
|
Add:
Amortization of intangible assets |
|
|
245 |
|
|
|
271 |
|
|
|
787 |
|
|
|
871 |
|
Non-GAAP net
loss |
|
$ |
(7,560 |
) |
|
$ |
(9,895 |
) |
|
$ |
(25,819 |
) |
|
$ |
(34,657 |
) |
Non-GAAP net loss per share: |
|
|
|
|
|
|
|
|
GAAP net loss per share |
|
$ |
(0.33 |
) |
|
$ |
(2.16 |
) |
|
$ |
(1.08 |
) |
|
$ |
(8.66 |
) |
Non-GAAP adjustments to net loss
per share |
|
|
0.08 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.72 |
|
Non-GAAP adjustments to weighted
average shares used in calculating net loss per share |
|
|
– |
|
|
|
1.54 |
|
|
|
– |
|
|
|
6.50 |
|
Non-GAAP net loss per
share |
|
$ |
(0.25 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.87 |
) |
|
$ |
(1.44 |
) |
GAAP
Weighted-average shares outstanding used in calculating net loss
per share, |
|
|
29,830 |
|
|
|
5,095 |
|
|
|
29,620 |
|
|
|
4,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:
Kevin Faulkner
kfaulkner@apigee.com
1-408-816-1658
Media Contact:
press@apigee.com
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