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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tufin Software Technologies Ltd | NYSE:TUFN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.94 | 0 | 01:00:00 |
Tufin® (NYSE: TUFN), a company pioneering a policy-centric approach to security and IT operations, today announced financial results for the first quarter ended March 31, 2019.
“We are pleased to deliver our first financial results as a public company for the first quarter of 2019,” said Ruvi Kitov, Tufin CEO. “We closed a strong quarter, especially with large enterprises, in which we saw continued validation and demand for network security policy automation. Our solid execution combined with our differentiated solutions continue to drive our success across all geographies and verticals. Increased network complexity and digital transformation are both acting as catalysts for Tufin in our large, under-penetrated market.”
First Quarter 2019 Financial Highlights
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three months ended March 31, 2019 and 2018. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights
Second Quarter and Full Year 2019 Outlook
Based on information available as of June 13, 2019, Tufin is issuing guidance as indicated below:
Second Quarter 2019:
Full Year 2019:
Conference Call Information
To participate in Tufin’s first quarter earnings conference call, please dial (866) 211-3126 in the U.S. or (647) 689-6579 for international participants and enter Conference ID# 5777476. The call will also be webcast live on Tufin’s Investor Relations website at investors.tufin.com. An archive of the webcast will be available on the investor relations section of the company website two hours after the live call ends.
About Tufin
Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.
Non-GAAP Financial Measures
Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expense, we believe that providing non-GAAP financial measures that exclude non-cash share-based compensation expense allows for more meaningful comparisons between our operating results from period to period. This non-GAAP financial measure is an important tool for financial and operational decision-making and for evaluating our operating results over different periods.
Other companies, including companies in our industry, may calculate non-GAAP operating profit (loss) differently or not at all, which reduces the usefulness of non-GAAP operating profit (loss) as a comparative measure. You should consider non-GAAP operating profit (loss) along with other financial performance measures, including operating profit, and our financial results presented in accordance with U.S. GAAP. Tufin urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.
Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of Tufin’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: changes in the rapidly evolving enterprise network landscape; failure to effectively manage growth; potential near-term declines in our operating and net profit margins and our revenue growth rate; real or perceived shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system, or the failure of the Company’s customers or channel partners to correctly implement the Company’s solutions; fluctuations in quarterly results of operations; the inability to acquire new customers or sell additional products and services to existing customers; competition from a wide variety of competitive vendors; the Company’s ability to successfully integrate potential future acquisitions; and other factors discussed under the heading “Risk Factors” in the final prospectus for the Company’s initial public offering filed with the Securities and Exchange Commission on April 11, 2019. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, U.S. dollars in thousands)
December 31, March 31, 2018 2019 Assets CURRENT ASSETS: Cash and cash equivalents 15,248 26,177 Restricted bank deposits 561 577 Accounts receivable (net of allowance for doubtful accounts of $97 and $124 atDecember 31, 2018 and March 31, 2019, respectively)
14,716 11,980 Prepaid expenses and other current assets 5,440 6,042 Total current assets 35,965 44,776 NON CURRENT ASSETS: Long-term restricted bank deposits 1,789 1,884 Property and equipment, net 2,563 3,252 Deferred costs 5,025 5,245 Deferred tax assets 689 1,013 Deferred offering costs 730 1,499 Operating lease right of use assets - 13,836 Other non-current assets 372 439 Total non-current assets 11,168 27,168 Total assets 47,133 71,944TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, U.S. dollars in thousands)
December 31,
March 31,
2018
2019
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES: Current maturities of long-term loan 222 56 Trade payables 3,096 6,040 Employee and payroll accrued expenses 9,976 10,198 Other accounts payables 4,890 2,284 Operating lease liabilities short term - 1,143 Deferred revenues 18,172 25,007 Total current liabilities 36,356 44,728 NON-CURRENT LIABILITIES: Long-term deferred revenues 13,292 18,777 Operating lease liabilities long term - 14,230 Other non-current liabilities 732 762 Total non-current liabilities 14,024 33,769 Total liabilities 50,380 78,497 COMMITMENTS AND CONTINGENCIES (Note 9) REDEEMABLE CONVERTIBLE PREFERRED SHARES:Series A preferred shares of NIS 0.015 par value: 10,000,000 preferred shares authorized at December 31, 2018 and March 31, 2019; 7,592,803 preferred shares issued and outstanding at December 31, 2018 and March 31, 2019;
5,073 5,073
Series B preferred shares of NIS 0.015 par value: 3,333,333 preferred shares authorized at December 31, 2018 and March 31, 2019; 2,668,333 preferred shares issued and outstanding at December 31, 2018 and March 31, 2019;
4,310 4,310Series C preferred shares of NIS 0.015 par value: 4,666,667 preferred shares authorized at December 31, 2018 and March 31, 2019; 4,621,592 preferred shares issued and outstanding at December 31, 2018 and March 31, 2019;
12,416 12,416Series D preferred shares of NIS 0.015 par value: 1,534,021 preferred shares authorized at December 31, 2018 and March 31, 2019; 1,534,021 preferred shares issued and outstanding at December 31, 2018 and March 31, 2019
4,900 4,900 TOTAL REDEEMABLE CONVERTIBLE PREFERRED SHARES 26,699 26,699 REDEEMABLE CONVERTIBLE PREFERRED SHARES: SHAREHOLDERS’ DEFICIT:Ordinary shares of NIS 0.015 par value; 52,666,712 shares authorized at December 31, 2018 and March 31, 2019; 8,265,988 and 8,301,280 shares issued and outstanding at December 31, 2018 and March 31, 2019;
30 30 Comprehensive income 10,337 11,479 Accumulated deficit (40,313) (44,761) TOTAL SHAREHOLDERS’ DEFICIT (29,946) (33,252) TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT 47,133 71,944TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. dollars in thousands, except per share amounts)
Three Months Ended March 31, March 31, 2018 2019 Revenues: Product 8,422 10,623 Maintenance and professional services 9,478 11,831 Total revenues 17,900 22,454 Cost of revenues: Product 657 529 Maintenance and professional services 2,575 3,509 Total cost of revenues 3,232 4,038 Gross profit 14,668 18,416 Operating expenses: Research and development 4,670 6,503 Sales and marketing 9,147 13,600 General and administrative 1,097 2,588 Total operating expenses 14,914 22,691 Operating loss (246) (4,275) Financial income (loss), net (112) 40 Loss before taxes on income (358) (4,235) Taxes on income (368) (213) Net loss (726) (4,448) Basic and diluted net loss per ordinary share (0.09) (0.54)Weighted average number of shares used in computing net loss per ordinary share, basic and diluted
7,997,832 8,281,662 Share-based Compensation Expense: Three Months Ended March 31, March 31, 2018 2019 Cost of Revenues 111 235 Research and Development 91 138 Sales and marketing 167 489 General and administrative 53 230 Total share-based compensation expense 422 1,092TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, U.S. dollars in thousands)
Three Months Ended March 31, 2018 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (726) (4,448) Adjustment to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 132 367 Bad debt expense - 28 Compensation related to options granted to employees 422 1,092 Other (26) (201) Change in operating assets and liability items: Accounts receivable 7,693 2,708 Prepaid expenses and other current assets (1,060) (639) Deferred costs (67) (184) Deferred taxes and other non-current assets (33) (381) Trade payables 1,120 2,729 Employee and payroll accrued expenses (1,431) 222 Other accounts payable and non-current liabilities (525) (2,546) Operating lease - 838 Deferred revenues 10,344 12,320 Net cash provided by operating activities 15,843 11,905 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets (157) (844) Amounts withdrawn from severance fund 3 (10) Net cash used in investing activities (154) (854) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 81 50 Deferred offering costs - (103) Payment of long-term loan (167) (166) Net cash used in financing activities (86) (219) Effect of exchange rate changes on cash, cash equivalents and restricted cash 22 208INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
15,625 11,040CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR
15,620 17,598 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 31,245 28,638 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Property and equipment purchased but not yet paid 54 212 Unpaid offering costs - 666TUFIN SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited, U.S. dollars in thousands)
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
Three Months Ended March 31, March 31, 2018 2019 Gross profit 14,668 18,416 Plus: Share-based compensation 111 235 Non-GAAP gross profit 14,779 18,651 Reconciliation of Operating loss to Non-GAAP Operating Income (loss): Three Months Ended March 31, March 31, 2018 2019 Operating loss (246) (4,275) Plus: Share-based compensation 422 1,092 Non-GAAP Operating income (loss) 176 (3,183) Reconciliation of Net loss to Non-GAAP Net loss: Three Months Ended March 31, March 31, 2018 2019 Net loss (726) (4,448) Plus: Share-based compensation 422 1,092 Non-GAAP net loss (304) (3,356) Non-GAAP net income per share Basic and diluted (0.04) (0.41) Weighted average number of shares 7,997,832 8,281,662
View source version on businesswire.com: https://www.businesswire.com/news/home/20190613005155/en/
Jeff Drewfama PR for Tufin(617) 986-5004tufin@famapr.com
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