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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FireEye Inc | NASDAQ:FEYE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.27 | 17.15 | 17.47 | 0 | 01:00:00 |
FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today announced financial results for the fourth quarter and full year ended December 31, 2019.
“We continue to accelerate our transformation to a comprehensive security solutions company,” said Kevin Mandia, FireEye chief executive officer. “Our higher growth solutions, which include Platform, Cloud Subscription, Managed Services and Mandiant services, were 59 percent of our billings in the fourth quarter and increased 23 percent from a year ago. We anticipate that these solutions will continue to eclipse the on-premise portion of our business in 2020."
Fourth Quarter 2019 Financial Results
2019 Financial Results
1 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”
“While billings, revenue, and operating cash flow were at record levels, fourth quarter billings were impacted by a two-month decrease in the average contract length for our subscription and support contracts," said Frank Verdecanna, FireEye chief financial officer and chief accounting officer. “The decrease reduced fourth quarter total billings by approximately $15 million compared to what they would have been at the fourth quarter 2018 average contract length. The average contract length does not impact annual recurring revenue, which was up six percent sequentially. Our outlook for the first quarter and full year 2020 assumes the average contract length for our subscription and support billings will decline two to three months compared to 2019."
First Quarter and 2020 Outlook
FireEye provides guidance based on current market conditions and expectations.
For the first quarter of 2020, FireEye currently expects:
Non-GAAP net loss per share for the first quarter assumes interest income on cash and cash equivalents and short-term investments will offset cash interest expense associated with the company’s convertible senior notes, provision for income taxes of between $1.5 million and $2.0 million, and weighted average basic shares outstanding of approximately 217 million.
For 2020, FireEye currently expects:
Non-GAAP net income per diluted share for 2020 assumes interest income on cash and cash equivalents and short-term investments will offset cash interest expense associated with the company’s convertible senior notes, provision for income taxes of between $6 million and $8 million, and weighted average diluted shares outstanding of approximately 228 million.
Guidance for non-GAAP financial measures excludes stock-based compensation, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, non-cash interest expense related to the company’s convertible senior notes, and other non-recurring items. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability of, the amounts of stock-based compensation expense, amortization of intangible assets, and non-recurring expenses that may be incurred in the future. Stock-based compensation expense is impacted by the company’s future hiring and retention needs, as well as the future fair market value of the company’s common stock, all of which are difficult to predict and subject to constant change. The actual amount of stock-based compensation in the first quarter of 2020 and full year 2020 will have a significant impact on the company’s GAAP operating margin and net loss per share. Further, amortization of intangible assets, as well as other non-recurring expenses, if any, will also impact results. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Organizational Changes Announced
The company also announced that President Travis Reese will retire as an executive of FireEye on March 1, 2020, and will subsequently join the FireEye Advisory Board.
Kevin Mandia commented, “Travis has been a vital member of the leadership team driving the transformation of our business. On behalf of the Board of Directors and management team, I wish to thank Travis for his hard work and leadership as well as his deep insights into the cyber security industry and threat landscape. Although we will miss Travis’ day-to-day counsel, I am grateful he will remain a member of the FireEye family as an advisor and look forward to his continued involvement in the company.”
Additionally, the company announced that Peter Bailey has been appointed Executive Vice President and Chief Operating Officer and that Bill Robbins has been appointed Chief Revenue Officer of the company and General Manager of Products.
Conference Call Information
FireEye will host a conference call today, February 5, 2020, at 5 p.m. Eastern time (2 p.m. Pacific time) to discuss its fourth quarter and full year 2019 financial results and the company’s outlook for the first quarter and full year 2020. Interested parties may access the conference call by dialing 877-312-5521 (domestic) or 678-894-3048 (international). A live audio webcast of the call can be accessed from the Investor Relations section of the company's website at https://investors.fireeye.com. An archived version of the webcast will be available at the same website shortly after the conclusion of the live event.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to future financial results for the first quarter and full year 2020, including revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP net loss per share, non-GAAP net income per diluted share, cash flow provided by operating activities, interest income and expense, provision for income taxes, weighted average basic shares outstanding, weighted average diluted shares outstanding, and capital expenditures in the section entitled “First Quarter and 2020 Outlook” above, as well as expectations regarding FireEye higher growth solutions in 2020.
These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause FireEye’s results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause FireEye’s results to differ materially from those expressed or implied by such forward-looking statements include customer demand and adoption of FireEye’s products and services; real or perceived defects, errors or vulnerabilities in FireEye's products or services; any delay in the release of FireEye's new products or services; FireEye's ability to react to trends and challenges in its business and the markets in which it operates; FireEye's ability to anticipate market needs or develop new or enhanced products and services to meet those needs; FireEye’s ability to hire and retain key executives and employees; FireEye’s ability to attract new and retain existing customers and train its sales force; the budgeting cycles, seasonal buying patterns and length of FireEye’s sales cycle; risks associated with new offerings; sales and marketing execution risks; the failure to achieve expected synergies and efficiencies of operations between FireEye and its acquired companies; the ability of FireEye and its acquired companies to successfully integrate their respective market opportunities, technologies, products, personnel and operations; the ability of FireEye and its partners to execute their strategies, plans, objectives and expected investments with respect to FireEye’s partnerships; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FireEye’s Form 10-Q filed with the Securities and Exchange Commission on November 1, 2019, which should be read in conjunction with these financial results and is available on the Investor Relations section of FireEye’s website at investors.fireeye.com and on the SEC website at www.sec.gov.
All forward-looking statements in this press release are based on information available to the company as of the date hereof, and FireEye does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement. FireEye reserves the right to modify future product or service plans at any time.
Non-GAAP Financial Measures
In this release FireEye has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures used by other companies. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial information prepared in accordance with GAAP, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Billings. FireEye defines billings as revenue recognized plus the change in deferred revenue from the beginning to the end of the period. FireEye excludes deferred revenue assumed in connection with acquisitions from the billings calculation. The company considers billings to be a useful metric for management and investors because billings drive deferred revenue balances, which are an important indicator of the company’s future revenues. Revenue recognized from deferred revenue represents a significant percentage of quarterly revenue. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. First, billings include amounts that have not yet been recognized as revenue. Second, FireEye’s calculation of billings may be different from other companies in its industry, some of which may not use billings, may calculate billings differently, may have different billing frequencies, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of billings as a comparative measure. FireEye compensates for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with revenue calculated in accordance with GAAP.
Non-GAAP gross margin, operating income, operating margin, net income (loss), and net income (loss) per share. FireEye defines non-GAAP gross margin as total gross profit excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, and, as applicable, other special or non-recurring items, divided by total revenue.
FireEye defines non-GAAP operating income (loss) as operating income (loss) excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition-related expenses, restructuring charges, and other special or non-recurring items. FireEye defines non-GAAP operating margin as non-GAAP operating income divided by total revenue.
FireEye defines non-GAAP net income (loss) as net income (loss) excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition-related expenses, restructuring charges, other special or non-recurring items, non-cash interest expense related to the company’s convertible senior notes, and discrete tax provision (benefits). FireEye defines non-GAAP net income per diluted share as non-GAAP net income divided by weighted average diluted shares outstanding. Weighted average diluted shares used to calculate non-GAAP net income per diluted share excludes shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive. FireEye defines non-GAAP net loss per share as non-GAAP net loss divided by weighted average basic shares outstanding, which excludes stock options, restricted stock units, performance stock units, and shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive.
Non-GAAP net income and net income per diluted share in the fourth quarter of 2019 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, restructuring charges, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, and discrete provision for income taxes. Weighted average diluted shares outstanding used to calculate non-GAAP net income per diluted share excluded shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive.
Non-GAAP net income and net income per diluted share in the fourth quarter of 2018 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, and discrete benefit from income taxes. Weighted average diluted shares outstanding used to calculate non-GAAP net income per diluted share excluded shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive.
Non-GAAP net income and net income per diluted share for 2019 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, acquisition related expenses, restructuring charges, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, and discrete benefit from income taxes. Weighted average diluted shares outstanding used to calculate non-GAAP net income per diluted share excluded shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive.
Non-GAAP net income and net income per diluted share for 2018 excluded stock-based compensation expense, amortization of intangible assets, amortization of stock-based compensation expense capitalized in software development costs, acquisition related expenses, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, non-cash losses on the repurchase and retirement of $340 million principal amount of the 1.000% Convertible Senior Notes due 2035, and discrete benefit from income taxes. Weighted average diluted shares outstanding used to calculate non-GAAP net income per diluted share excluded shares issuable upon conversion of the company's convertible senior notes that are anti-dilutive.
FireEye considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition related expenses, non-cash interest expense related to the company’s convertible senior notes, amounts deemed repayment of accreted debt discount on repurchased convertible senior notes, change in fair value of contingent earn-out liability, restructuring charges, and other non-recurring and discrete items so that management and investors can compare the company's core business operating results over multiple periods.
There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures exclude stock-based compensation expense. Stock-based compensation is an important part of FireEye employees' overall compensation and has been, and will continue to be for the foreseeable future, a significant recurring expense in the company's business. Second, the components of the costs that FireEye excludes in its calculation of these non-GAAP financial measures, including not only stock-based compensation, but also amortization of stock-based compensation expense capitalized in software development costs, non-recurring or non-operating items such as acquisition related expenses, legal settlement costs, amortization of intangible assets, non-cash interest expense related to the company’s convertible senior notes, amounts deemed repayment of accreted debt discount on convertible senior notes, non-cash losses related to the retirement of convertible senior notes prior to maturity, change in fair value of contingent earn-out liability, restructuring charges, and discrete tax benefits, may differ from the components excluded by peer companies when they report their non-GAAP results of operations. FireEye compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures and evaluating non-GAAP financial measures together with their nearest GAAP equivalents.
About FireEye, Inc.
FireEye is the intelligence-led security company. Working as a seamless, scalable extension of customer security operations, FireEye offers a single platform that blends innovative security technologies, nation-state grade threat intelligence, and world-renowned Mandiant® consulting. With this approach, FireEye eliminates the complexity and burden of cyber security for organizations struggling to prepare for, prevent, and respond to cyber attacks. FireEye has over 8,800 customers across 103 countries, including more than 50 percent of the Forbes Global 2000.
© 2020 FireEye, Inc. All rights reserved. FireEye and Mandiant are registered trademarks or trademarks of FireEye, Inc. in the United States and other countries. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
FireEye, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2019
December 31, 2018
Assets
Current assets:
Cash and cash equivalents
$
334,603
$
409,829
Short-term investments
704,955
706,691
Accounts receivable, net
171,459
157,817
Inventories
5,892
6,548
Prepaid expenses and other current assets
96,827
100,295
Total current assets
1,313,736
1,381,180
Property and equipment, net
93,812
89,163
Operating right-of-use assets, net
58,758
—
Goodwill
1,205,292
999,804
Intangible assets, net
134,420
143,162
Deposits and other long-term assets
84,468
82,769
Total assets
$
2,890,486
$
2,696,078
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
26,271
$
26,944
Operating lease liabilities, current
18,437
—
Accrued and other current liabilities
24,496
29,797
Accrued compensation
59,513
63,808
Convertible senior notes, current, net
117,288
—
Deferred revenue, current
603,944
556,815
Total current liabilities
849,949
677,364
Convertible senior notes, non-current, net
893,273
962,577
Deferred revenue, non-current
370,623
378,013
Operating lease liabilities, non-current
70,481
—
Other long-term liabilities
4,494
27,730
Total liabilities
2,188,820
2,045,684
Stockholders' equity:
Common stock
22
20
Additional paid-in capital
3,457,359
3,152,159
Treasury stock
(150,000
)
(150,000
)
Accumulated other comprehensive loss
1,180
(2,299
)
Accumulated deficit
(2,606,895
)
(2,349,486
)
Total stockholders’ equity
701,666
650,394
Total liabilities and stockholders' equity
$
2,890,486
$
2,696,078
FireEye, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Revenue:
Product, subscription and support
$
185,008
$
178,827
$
708,836
$
687,382
Professional services
50,078
38,706
180,316
143,568
Total revenue
235,086
217,533
889,152
830,950
Cost of revenue: (1)(2)(3)
Product, subscription and support
54,494
47,984
210,432
188,301
Professional services
26,217
21,846
98,460
84,174
Total cost of revenue
80,711
69,830
308,892
272,475
Total gross profit
154,375
147,703
580,260
558,475
Operating expenses: (1)
Research and development (2)(3)
67,537
62,251
271,326
254,142
Sales and marketing (2)
93,077
97,218
396,822
380,962
General and administrative (4)
28,862
24,935
111,881
105,773
Restructuring charges (5)
(15
)
—
10,265
—
Total operating expenses
189,461
184,404
790,294
740,877
Operating loss
(35,086
)
(36,701
)
(210,034
)
(182,402
)
Other expense, net (6)(7)
(11,702
)
(10,316
)
(41,685
)
(55,197
)
Loss before income taxes
(46,788
)
(47,017
)
(251,719
)
(237,599
)
Provision for income taxes (8)
2,428
1,380
5,690
5,524
Net loss
$
(49,216
)
$
(48,397
)
$
(257,409
)
$
(243,123
)
Net loss per share, basic and diluted
$
(0.23
)
$
(0.25
)
$
(1.24
)
$
(1.27
)
Weighted average shares used in per share calculations, basic and diluted
214,565
194,593
207,234
190,803
FireEye, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Year Ended December 31,
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(257,409
)
$
(243,123
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
103,305
86,505
Stock-based compensation
153,517
153,675
Non-cash interest expense related to convertible senior notes
47,983
43,273
Loss on repurchase of convertible senior notes
—
10,764
Deemed repayment of convertible senior notes attributable to accreted debt discount
—
(43,575
)
Deferred income taxes
(257
)
(930
)
Other
945
4,715
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable
(12,109
)
(11,605
)
Inventories
51
(5,216
)
Prepaid expenses and other assets
7,003
(13,779
)
Accounts payable
4,707
(8,205
)
Accrued liabilities
(3,074
)
10,234
Accrued compensation
(4,295
)
4,220
Deferred revenue
36,987
24,728
Other long-term liabilities
(9,817
)
5,700
Net cash provided by operating activities
67,537
17,381
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment and demonstration units
(45,605
)
(50,831
)
Purchases of short-term investments
(617,194
)
(479,862
)
Proceeds from maturities of short-term investments
620,580
487,141
Business acquisitions, net of cash acquired
(127,249
)
(5,240
)
Lease deposits
432
275
Net cash used in investing activities
(169,036
)
(48,517
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of convertible senior notes
—
584,405
Purchase of capped calls
—
(65,220
)
Repurchase of convertible senior notes
—
(286,817
)
Proceeds from employee stock purchase plan
22,086
20,816
Proceeds from exercise of equity awards
4,187
6,890
Net cash provided by financing activities
26,273
260,074
Net change in cash and cash equivalents
(75,226
)
228,938
Cash and cash equivalents, beginning of period
409,829
180,891
Cash and cash equivalents, end of period
$
334,603
$
409,829
FireEye, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
GAAP operating loss
$
(35,086
)
$
(36,701
)
$
(210,034
)
$
(182,402
)
Stock-based compensation expense (1)
36,355
35,309
153,517
153,675
Amortization of stock-based compensation capitalized in software development costs (3)
968
707
3,524
1,828
Amortization of intangible assets (2)
14,531
12,424
53,943
50,328
Acquisition related expenses (4)
—
—
597
264
Restructuring charges (5)
(15
)
—
10,265
—
Non-GAAP operating income (loss)
$
16,753
$
11,739
$
11,812
$
23,693
GAAP gross margin
66
%
68
%
65
%
67
%
Stock-based compensation expense (1)
3
%
3
%
4
%
4
%
Amortization of stock-based compensation capitalized in software development costs (3)
—
%
—
%
—
%
—
%
Amortization of intangible assets (2)
4
%
4
%
4
%
4
%
Non-GAAP gross margin
73
%
75
%
73
%
75
%
GAAP operating margin
(15
)%
(17
)%
(24
)%
(22
)%
Stock-based compensation expense (1)
16
%
16
%
17
%
19
%
Amortization of stock-based compensation capitalized in software development costs (3)
—
%
—
%
—
%
—
%
Amortization of intangible assets (2)
6
%
6
%
6
%
6
%
Acquisition related expenses (4)
—
%
—
%
—
%
—
%
Restructuring charges (5)
—
%
—
%
2
%
—
%
Non-GAAP operating margin
7
%
5
%
1
%
3
%
GAAP net loss
$
(49,216
)
$
(48,397
)
$
(257,409
)
$
(243,123
)
Stock-based compensation expense (1)
36,355
35,309
153,517
153,675
Amortization of stock-based compensation capitalized in software development costs (3)
968
707
3,524
1,828
Amortization of intangible assets (2)
14,531
12,424
53,943
50,328
Acquisition related expenses (4)
—
—
597
264
Restructuring charges (5)
(15
)
—
10,265
—
Loss on repurchase of convertible senior notes (7)
—
—
—
10,764
Non-cash interest expense related to convertible senior notes (6)
12,215
11,635
47,983
43,273
Adjustment to provision (benefit) from income taxes (8)
43
(142
)
(861
)
(622
)
Non-GAAP net income (loss)
$
14,881
$
11,536
$
11,559
$
16,387
GAAP net loss per common share, basic and diluted
$
(0.23
)
$
(0.25
)
$
(1.24
)
$
(1.27
)
Stock-based compensation expense (1)
0.17
0.19
0.74
0.8
Amortization of stock-based compensation capitalized in software development costs (3)
—
—
0.02
0.01
Amortization of intangible assets (2)
0.07
0.06
0.26
0.26
Acquisition related expenses (4)
—
—
—
—
Restructuring charges (5)
—
—
0.05
—
Loss on repurchase of convertible senior notes (7)
—
—
—
0.06
Non-cash interest expense related to convertible senior notes (6)
0.06
0.06
0.23
0.23
Adjustment to provision for (benefit from) income taxes (8)
—
—
—
—
Non-GAAP net income (loss) per common share, basic
$
0.07
$
0.06
$
0.06
$
0.09
Non-GAAP net income (loss) per common share, diluted
$
0.07
$
0.06
$
0.05
$
0.08
Weighted average shares used in per share calculation for GAAP, basic and diluted
214,565
194,593
207,234
190,803
Weighted average shares used in per share calculation for Non-GAAP, basic
214,565
194,593
207,234
190,803
Weighted average shares used in per share calculation for Non-GAAP, diluted
220,421
203,440
213,043
198,851
(1) Includes stock-based compensation expense as follows:
Cost of product, subscription and support revenue
$
3,404
$
3,446
$
14,905
$
14,178
Cost of professional services revenue
3,333
3,343
13,972
14,184
Research and development expense
10,445
11,252
45,476
49,503
Sales and marketing expense
11,179
10,714
49,198
47,592
General and administrative expense
7,994
6,554
29,966
28,218
Total stock-based compensation expense
$
36,355
$
35,309
$
153,517
$
153,675
(2) Includes amortization of intangible assets as follows:
Cost of product, subscription and support revenue
$
10,332
$
8,505
$
37,643
$
34,600
Cost of professional services revenue
—
—
—
—
Research and development expense
109
135
445
560
Sales and marketing expense
4,090
3,784
15,855
15,168
Total amortization of intangible assets
$
14,531
$
12,424
$
53,943
$
50,328
(3) Includes amortization of stock-based compensation capitalized in software development costs as follows:
Cost of product, subscription and support revenue
$
190
$
198
$
783
$
582
Cost of professional services revenue
95
100
391
292
Research and development expense
683
409
2,350
954
Total amortization of stock-based compensation capitalized in software development costs
$
968
$
707
$
3,524
$
1,828
(4) Includes acquisition related expenses as follows:
General and administrative expense
$
—
$
—
$
597
$
264
(5) Includes restructuring charges as follows:
Restructuring charges
$
(15
)
$
—
$
10,265
$
—
(6) Includes non-cash interest expense related to convertible senior notes as follows:
Other expense, net
$
12,215
$
11,635
$
47,983
$
43,273
(7) Includes non-cash loss on repurchase of convertible senior notes as follows:
Other expense, net
$
—
$
—
$
—
$
10,764
(8) Includes income tax effect of non-GAAP adjustments as follows:
Benefit from income taxes
$
43
$
(142
)
$
(861
)
$
(622
)
FireEye, Inc.
RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE
(Unaudited, in thousands)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
GAAP revenue
$
235,086
$
217,533
$
889,152
$
830,950
Add change in deferred revenue
39,160
47,673
39,739
24,728
Subtotal
274,246
265,206
928,891
855,678
Less Verodin deferred revenue assumed
—
—
(2,750
)
—
Non-GAAP billings
$
274,246
$
265,206
$
926,141
$
855,678
FireEye, Inc.
BILLINGS BREAKOUT
(Unaudited, in thousands)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Product and related subscription and support billings
$
112,623
$
134,081
$
434,533
$
451,973
Platform, cloud subscription and managed services billings
91,307
77,816
282,238
243,903
Professional services billings
70,316
53,309
209,370
159,802
Non-GAAP billings
$
274,246
$
265,206
$
926,141
$
855,678
FireEye, Inc.
REVENUE BREAKOUT
(Unaudited, in thousands)
Three Months Ended December 31,
Year Ended December 31,
2019
2018
2019
2018
Product and related subscription and support revenue
$
114,050
$
128,497
$
467,823
$
498,992
Platform, cloud subscription and managed services revenue
70,958
50,330
241,013
188,390
Professional services revenue
50,078
38,706
180,316
143,568
Total revenue
$
235,086
$
217,533
$
889,152
$
830,950
View source version on businesswire.com: https://www.businesswire.com/news/home/20200205005827/en/
Media inquiries: Media.Relations@fireeye.com
Investor inquiries: Investor.Relations@fireeye.com
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