Stock Monitor: Workiva Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 02, 2018 / Active-Investors.com has just released a free earnings report on Proofpoint, Inc. (NASDAQ: PFPT). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=PFPT. Proofpoint reported its fourth quarter and fiscal 2017 operating and financial results on February 06, 2018. The data security Company exceeded top- and bottom-line expectations and provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Workiva Inc. (NYSE: WK), which also belongs to the Technology sector as the Company Proofpoint. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Proofpoint most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=PFPT
Earnings Highlights and Summary
Proofpoint's total revenue surged 36% to $145.4 million for Q4 2017 compared to $106.8 million for Q4 2016. The Company's reported quarter results beat analysts' estimates of $139.8 million.
During Q4 2017, Proofpoint's total billings were $188.6 million, representing an increase of 36% compared to $138.4 million for Q4 2016.
For Q4 2017, Proofpoint's GAAP gross profit was $104.9 million compared to $77.0 million for Q4 2016. The Company's non-GAAP gross profit was $112.9 million for the reported quarter compared to $82.3 million for the year earlier same quarter. Proofpoint's GAAP gross margin for Q4 2017 was 72%, consistent with Q4 2016. The Company's non-GAAP gross margin was 78% for the reported quarter compared to 77% for the year ago corresponding period.
Proofpoint's GAAP operating loss was $16.2 million for Q4 2017 compared to a loss of $16.1 million for Q4 2016. The Company's non-GAAP operating income was $16.6 million for the reported quarter compared to $9.9 million for the prior year's same quarter.
For Q4 2017, Proofpoint's GAAP net loss was $11.0 million, or $0.24 per share, compared to a GAAP net loss of $22.9 million, or $0.54 per share, for Q4 2016. The Company's reported quarter results included a tax benefit of $13.4 million.
Proofpoint's non-GAAP net income for Q4 2017 was $15.5 million, or $0.29 per share, compared to a non-GAAP net income of $8.5 million, or $0.18 per share, for Q4 2016. The Company's earnings beat Wall Street's estimates of $0.21 per share.
Proofpoint's total revenue for the full year (FY) 2017 was $515.3 million, reflecting an increase of 37% compared to $375.5 million in FY16. The Company's total billings were $638.8 million for FY17, up 38% compared to $462.8 million in FY16.
Proofpoint's GAAP net loss was $84.3 million, or $1.91 per share, for FY17 compared to GAAP net loss of $111.2 million, or $2.66 per share, for FY16. The Company's non-GAAP net income was $42.1 million, or $0.83 per share, for FY17 versus non-GAAP net income of $16.9 million, or $0.37 per share, in FY16.
Cash Matters
As of December 31, 2017, Proofpoint had cash, cash equivalents, and short-term investments of $331.6 million. The Company generated $42.5 million in net cash from operations for Q4 2017 compared to $41.2 million during Q4 2016. Proofpoint's free cash flow was $30.3 million for the reported quarter compared to $32.4 million for the year ago same period. Free cash flow during Q4 2017 included a one-time tax payment of approximately $3.6 million related to the decision to transfer the intellectual property related to the FireLayers acquisition from Israel to the United States.
Proofpoint produced $153.7 million in net cash from operations for FY17 compared to $94.2 million during FY16. The Company generated free cash flow of $106.7 million for FY17 compared to $59.8 million during FY16.
Financial Outlook
For the first quarter fiscal 2018, Proofpoint is forecasting revenue to be in the range of $149.0 million to $151.0 million and billings to be in the band of $180.0 million to $182.0 million. The Company is estimating GAAP gross margin to be 70% and non-GAAP gross margin to be 76%.
Proofpoint's GAAP net loss is expected to be in the range of negative $33.9 million to negative $31.0 million, or negative $0.67 to negative $0.61 per share Q1 2018. The Company's non-GAAP net income is expected to be in the range of $8.0 million to $9.0 million, or $0.15 to $0.17 per share. Proofpoint's free cash flow for the upcoming quarter is estimated to be in the range of $22.0 million to $24.0 million.
For FY18, Proofpoint is projecting total revenue to be in the band of $660.0 million to $665.0 million and billings to be in the range of $828.0 million to $833.0 million. The Company's FY18 GAAP net loss is expected to be in the range of negative $117.6 million to negative $111.1 million, or negative $2.31 to $2.18 per share, while non-GAAP net income is estimated to be in the range of $52.0 million to $56.0 million, or $0.95 to $1.02 per share. Free cash flow for FY17 is anticipated to be in the range of $138.0 million to $140.0 million.
Stock Performance Snapshot
March 01, 2018 - At Thursday's closing bell, Proofpoint's stock was marginally up 0.05%, ending the trading session at $107.22.
Volume traded for the day: 593.93 thousand shares, which was above the 3-month average volume of 506.84 thousand shares.
Stock performance in the last month - up 5.40%; previous three-month period - up 16.05%; past twelve-month period - up 34.60%; and year-to-date - up 20.73%
After yesterday's close, Proofpoint's market cap was at $4.75 billion.
The stock is part of the Technology sector, categorized under the Application Software industry.
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