DGAP-News: FireEye /
FireEye Announces Fourth Quarter and Fiscal Year 2013 Revenue and
Billings Exceeded Guidance Ranges
02.01.2014 / 22:05
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2014 Revenue and Billings Guidance Ranges Increased to Reflect Mandiant
Acquisition
MILPITAS, Calif., 2014-01-02 22:05 CET (GLOBE NEWSWIRE) --
FireEye (Nasdaq:FEYE), the leader in stopping today's advanced cyber attacks,
today announced preliminary revenue and billings results for the fourth quarter
and year ended 2013. Total fourth quarter revenue is expected to be in the
range of $55 to $57 million, compared with previous guidance of $52 to $54
million. Total revenue for 2013 is expected to be between $159 and $161
million, compared with previous guidance of $156 to $158 million. Total fourth
quarter billings are expected to be in the range of $95 to $100 million,
compared with previous guidance of $82 to $86 million. Total billings for the
year are expected to be between $254 and $259 million, compared with previous
guidance of $240 to $245 million.
The company expects to release final fourth quarter and full year 2013 results
after the market close on February 11, 2014.
Additionally, the company updated guidance ranges for 2014 billings and revenue
to reflect the acquisition of Mandiant, which closed on December 30, 2013.
Total revenue for 2014 is now expected to be within the range of $400 to $410
million, compared with the previous expected range of $240 to $250 million.
Total billings for 2014 are now expected to be within the range of $540 to $560
million, compared with the previous expected range of $350 to $370 million.
FireEye's prior guidance ranges were included with the announcement of the
company's third quarter 2013 financial results on November 7, 2013.
Mandiant Acquisition and Conference Call Announced
In a separate news release issued today, the company announced the acquisition
of Mandiant, a leader in endpoint security and incident response management
solutions. The combination, which recognizes the ever-increasing intensity of
cyber attacks and follows nearly two years of collaboration, creates the
industry's leading advanced threat protection vendor with the ability to find
and stop attackers at every stage of the attack life cycle. The transaction
closed on December 30, 2013 and is expected to improve non-GAAP operating
margins and operating cash flows as a percentage of revenues.
FireEye will host a live webcast with slides to discuss the transaction on
January 2, 2014 at 2:00 P.M. Pacific time (5:00 P.M. Eastern time). The webcast
may be accessed from the Investor Relations section of the FireEye website at
http://investors.FireEye.com. Additionally, interested parties may access an
audio-only conference call by dialing toll free 1-877-312-5521 within the U.S.,
or 1-678-894-3048 from international locations.
The archived webcast will be available via the Investor Relations section of
the FireEye website at http://investors.FireEye.com. A conference call replay
will be available approximately one hour after the conclusion of the event on
January 2 through January 9, 2014 by dialing toll free 1-855-859-2056 within
the U.S. or 1-404-537-3406 from international locations, and entering
conference code 30005211.
Forward-Looking Statements
This press release contains forward-looking statements related to future
billings and revenue. These forward-looking statements involve risks and
uncertainties, as well as assumptions which, if they do not fully materialize
or prove incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. In addition, as noted
above, the preliminary results provided in this press release are based on our
current estimates for the fourth quarter of 2013 and remain subject to change
based on our ongoing review of results and the subsequent occurrence or
identification of events prior to closing of the review and any further
adjustments made in connection with our closing and review procedures. The
risks and uncertainties that could cause our results to differ materially from
those expressed or implied by such forward-looking statements include our
ability to achieve expected synergies and efficiencies of operations between
FireEye and Mandiant; the ability of FireEye and Mandiant to successfully
integrate their respective market opportunities, technology, products,
personnel and operations; our ability to timely develop and achieve market
acceptance of combined products and services; the impact on the business of
Mandiant as a result of the acquisition; the loss of any Mandiant customers or
key employees; market adoption of our virtual machine-based security platform;
our limited operating history, particularly as a new public company; our
ability to attract and retain new customers and expand and train our sales
force; the budgeting cycles, seasonal buying patterns and length of our sales
cycle; risks associated with our rapid growth; our limited experience with
developing and releasing new products and services; real or perceived defects,
errors or vulnerabilities in our platform; rapidly evolving technological
developments in a market that is characterized by rapid changes in technology,
customer requirements, industry standards, and frequent new product
introductions and improvements; 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 our prospectus filed with
the SEC on September 20, 2013 pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, and in our Form 10-Q for the quarter ended September 30,
2013 filed with the SEC on November 14, 2013, which should be read in
conjunction with these financial results. Both documents are available on the
Investor Relations section of our 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 we do 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.
Non-GAAP Financial Measures
FireEye has provided in this release financial information for billings that
has not been prepared in accordance with generally accepted accounting
principles in the United States (GAAP). This non-GAAP financial measure is not
based on any standardized methodology and is not necessarily comparable to
similar measures used by other companies. The company uses this non-GAAP
financial measure internally in analyzing its financial results and believes
that the use of this non-GAAP financial measure 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 billings to revenue, its most directly comparable GAAP measure has
been provided in this press release, and investors are encouraged to review the
reconciliation.
FireEye, Inc.
Reconciliation of Preliminary Non-GAAP Billings to Preliminary GAAP Revenue
(Unaudited, in thousands)
------------------------------------------------
Three Months Ended Twelve Months Ended
31-Dec-13 31-Dec-13
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Range Range
Preliminary GAAP revenue $ 55,000 - $ 57,000 $ 159,000 - $ 161,000
Add preliminary change in 40,000 - 43,000 95,000 - 98,000
deferred revenue
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Preliminary Non-GAAP billings $ 95,000 - $ 100,000 $ 254,000 - $ 259,000
FireEye defines billings as revenue recognized plus the change in deferred
revenue from the beginning to the end of the period. The company considers
billings to be a useful metric for management and investors because billings
drive deferred revenue, which is an important indicator of the health and
visibility of the company's business, and represent 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 that report
similar financial measures. FireEye compensates for these limitations by
providing specific information regarding GAAP revenue and evaluating billings
together with revenue calculated in accordance with GAAP.
About FireEye, Inc.
FireEye has invented a purpose-built, virtual machine-based security platform
that provides real-time threat protection to enterprises and governments
worldwide against the next generation of cyber attacks. These highly
sophisticated cyber attacks easily circumvent traditional signature-based
defenses, such as next-generation firewalls, IPS, anti-virus, and gateways. The
FireEye Threat Prevention Platform provides real-time, dynamic threat
protection without the use of signatures to protect an organization across the
primary threat vectors and across the different stages of an attack life cycle.
The core of the FireEye platform is a virtual execution engine, complemented by
dynamic threat intelligence, to identify and block cyber attacks in real time.
FireEye has over 1,500 customers across more than 40 countries, including over
100 of the Fortune 500.
(c) 2014 FireEye, Inc. All rights reserved. FireEye is a registered trademark of
FireEye, Inc. in the United States and other countries.
CONTACT: Investor Contact
Kate Patterson
FireEye, Inc.
kate.patterson@fireeye.com
408-321-4957
Media Contact
Vitor De Souza
FireEye, Inc.
vitor.desouza@fireeye.com
415-699-9838
News Source: NASDAQ OMX
End of Corporate News
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Language: English
Company: FireEye
United States
ISIN: US31816Q1013
End of News DGAP News-Service
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246783 02.01.2014
DGAP-News: FireEye Announces Fourth Quarter and Fiscal Year 2013 Revenue and Billings Exceeded Guidance Ranges
| Source: EQS Group AG