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Raised $78.3 million in initial public offering on April 24th
Apigee (Nasdaq:APIC), developer of an intelligent API platform for digital business, today announced financial results for the third fiscal quarter ended April 30, 2015.
“We are very pleased with our financial results for the third quarter as we continued to execute at a high level,” said Chet Kapoor, Apigee’s CEO. “Our results were driven by the success we are delivering for our customers as they build out new systems of engagement to connect digitally with their customers, partners, and employees.”
“We achieved record revenue and strong subscription and support growth of 53% year over year, and also demonstrated significant year over year improvements in our gross and operating margins,” said Tim Wan, CFO. “We are committed to our goals of producing sustainable growth and profitability over the long term.”
Third Quarter 2015 Financial Highlights:
– Revenues: Subscription and Support revenues were $7.7 million, up 53% year-over-year. License revenue was $5.7 million, up 52% year-over-year. Professional Services revenue was $3.9 million, a decline of 30% year-over-year. Total revenue was $17.3 million, up 20% year-over-year.
– Public Offering: Raised $78.3 million from initial public offering (IPO) of common shares on The NASDAQ Global Select Market, April 24, 2015.
– Balance Sheet: Total cash and marketable securities at the end of the third quarter of 2015 was $105.2 million, up from $29.1 million at the end of the second quarter of 2015.
GAAP Results:
– Gross Profit: $11.3 million, up 34% year-over-year
– Gross Margin: 65.1%, up from 58.3% in the third quarter of last fiscal year
– Operating Loss: $10.8 million, an improvement of 16% year-over-year
– Net Loss: $11.0 million, an improvement of 16% year-over-year
– Net Loss per Share: $2.16 for the third quarter of 2015 based on 5.1 million weighted-average shares outstanding, compared with a net loss per share of $3.64 for the third quarter of 2014 based on 3.6 million weighted-average shares outstanding
Non-GAAP Results:
– Trailing Twelve Months Gross Billings: $82.1 million, up 59% year-over-year
– Gross Billings: $22.5 million,up 24% year-over-year
– Non-GAAP Gross Profit: $11.5 million, up 33% year-over-year
– Non-GAAP Gross Margin: 66.7%, up from 60.4% in the third quarter of last fiscal year
– Non-GAAP Operating Loss: $9.7 million, an improvement of 18% year-over-year
– Non-GAAP Net Loss: $9.9 million, an improvement of 17% year-over-year
– Non-GAAP Net Loss per Share: $0.41 for the third quarter of 2015 based on 24.4 million pro forma weighted-average shares outstanding, compared with a non-GAAP net loss per share of $0.57 for the third quarter of 2014 based on 20.9 million pro forma weighted-average shares outstanding, with pro forma assuming conversion of preferred stock in both periods
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.”
