SPY376.70-4.72 -1.24%
DIA309.58-3.41 -1.09%
IXIC12,723.47-274.28 -2.11%

Press Release: Proofpoint Announces Fourth -4-

· 02/04/2021 16:05
Three Months Ended Twelve Months Ended December 31, December 31, -------------------------- ---------------------------- 2020 2019 2020 2019 ------------ ------------ ------------- ------------- GAAP gross profit $205,097 $180,167 $ 774,551 $ 651,976 GAAP gross margin 75% 74% 74% 73% Plus: Stock-based compensation expense 5,950 5,301 26,040 20,967 Intangible amortization expense 10,591 8,607 41,277 30,760 ------- ------- -------- -------- Non-GAAP gross profit 221,638 194,075 841,868 703,703 ------- ------- -------- -------- Non-GAAP gross margin 81% 80% 80% 79% GAAP operating loss (21,487) (22,809) (95,196) (104,931) Plus: Stock-based compensation expense 47,766 43,971 186,699 176,325 Intangible amortization expense 14,412 12,692 57,505 45,648 Acquisition-related expenses 14 2,394 857 3,303Three Months Ended Twelve Months Ended December 31, December 31, ------------------------ ------------------------ 2020 2019 2020 2019 ----------- ----------- ---------- ------------ Cash flows from operating activities Net loss $ (35,102) $ (28,734) $(163,809) $(130,265) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 24,704 21,875 95,965 80,332 Stock-based compensation 47,766 43,971 186,699 176,325 Amortization of debt issuance costs and accretion of debt discount 8,627 8,253 33,941 11,708 Amortization of deferred commissions 16,724 13,981 62,776 50,415 Noncash lease costs 7,959 6,123 27,229 23,339 Deferred income taxes (715) 123 (1,982) (2,371) Other 2,559 261 3,239 1,855 Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable (74,910) (56,030) 9,264 (62,239) Inventory 28 (823) 931 (768) Deferred product costs (643) (879) (595) (1,203) Deferred commissions (35,416) (29,576) (91,763) (80,590) Prepaid expenses (6,775) (2,419) (11,217) (7,915) Other current assets 171 (457) (228) 57 Long-term assets 344 377 171 (499) Accounts payable (3,750) (962) (13,321) (3,569) Accrued liabilities 10,231 5,161 43,844 33,191 Operating lease liabilities (4,758) (6,604) (24,874) (24,529) Deferred revenue 98,637 102,760 108,218 179,234 --------- --------- -------- -------- Net cash provided by operating activities 55,681 76,401 264,488 242,508 Cash flows from investing activities Proceeds from maturities of short-term investments -- 11,936 63,093 93,838 Purchase of short-term investments -- (23,919) (19,876) (90,955) Purchase of property and equipment (26,798) (11,337) (72,420) (35,193) Receipts from escrow account -- -- 154 -- Acquisitions of business, net of cash and restricted cash acquired -- (212,652) (2,720) (317,155) --------- --------- -------- -------- Net cash used in investing activities (26,798) (235,972) (31,769) (349,465) Cash flows from financing activities Proceeds from issuance of common stock 15,270 12,573 34,250 28,091 Withholding taxes related to restricted stock net share settlement (28,513) (24,416) (69,421) (66,006) Proceeds from issuance of convertible senior notes, net of costs -- -- -- 901,293 Purchase of capped calls -- -- -- (84,640) Repurchases of common stock (125,352) -- (139,356) -- --------- --------- -------- -------- Net cash (used in) provided by financing activities (138,595) (11,843) (174,527) 778,738 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,002 479 2,852 (26) --------- --------- -------- -------- Net (decrease) increase in cash, cash equivalents and restricted cash (107,710) (170,935) 61,044 671,755 Cash, cash equivalents and restricted cash Beginning of period 1,026,661 1,028,842 857,907 186,152 --------- --------- -------- -------- End of period $ 918,951 $ 857,907 $ 918,951 $ 857,907 ========= ========= ======== ========December 31, December 31, -------------- ---------------- 2020 2019 -------------- ---------------- Assets Current assets: Cash and cash equivalents $ 910,279 $ 847,555 Short-term investments -- 43,385 Accounts receivable, net 255,390 265,741 Inventory 317 1,249 Deferred product costs 3,480 2,723 Deferred commissions 57,779 47,250 Prepaid expenses and other current assets 32,493 22,081 --------- --------- Total current assets 1,259,738 1,229,984 Property and equipment, net 111,030 73,512 Operating lease right-of-use assets 182,228 51,852 Long-term deferred product costs 420 581 Goodwill 688,454 687,517 Intangible assets, net 130,392 186,023 Long-term deferred commissions 108,762 90,305 Other assets 17,686 17,737 --------- --------- Total assets $ 2,498,710 $ 2,337,511 ========= ========= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,233 $ 16,311 Accrued liabilities 132,187 119,423 Operating lease liabilities 28,560 20,202 Deferred revenue 702,248 615,874 --------- --------- Total current liabilities 865,228 771,810 Convertible senior notes 783,561 749,620 Long-term operating lease liabilities 178,506 36,223 Other long-term liabilities 39,639 19,172 Long-term deferred revenue 190,032 168,189 --------- --------- Total liabilities 2,056,966 1,745,014 --------- --------- Stockholders' equity Common stock, $0.0001 par value; 200,000 shares authorized; 58,513 shares issued and 57,178 shares outstanding at December 31, 2020; 56,784 shares issued and outstanding at December 31, 2019 6 6 Additional paid-in capital 1,470,497 1,318,084 Treasury stock, at cost; 1,335 shares at December 31, 2020 (139,356) -- Accumulated other comprehensive income -- 1 Accumulated deficit (889,403) (725,594) --------- --------- Total stockholders' equity 441,744 592,497 --------- --------- Total liabilities and stockholders' equity $ 2,498,710 $ 2,337,511 ========= =========

(Unaudited)

Proofpoint, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Reconciliation of Non-GAAP Measures

(In thousands, except per share amounts)

(Unaudited)

(MORE TO FOLLOW) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)