MCLEAN, Va., Feb. 21, 2017 /PRNewswire/ -- Cyren (NASDAQ:
CYRN) today announced its fourth quarter 2016 financial results for
the period ending December 31,
2016.
"Cyren closed out 2016 on a very positive note, delivering its
sixth straight quarter of revenue growth, which was up 14% year
over year," said Lior Samuelson, CEO
and Chairman of the Board at Cyren. "For the year, we finished with
$31 million in revenue, including a
significant milestone for our Enterprise Security as a Service
business which contributed more than 10% of overall revenue. While
the embedded Threat Intelligence Services business continues to
generate the majority of our revenue and cash flow, our Cyren Cloud
Security services – including EmailSecurity and WebSecurity – are
very well positioned as the growth engine for the future."
The company recently announced that its Cyren Cloud Security
(CCS 4.0) platform is scheduled for release by the end of the first
quarter. Cyren Cloud Security is the industry's first and only
solution that can deliver web security, email security, DNS-based
security, cloud sandboxing, and cloud access security all from a
single unified SaaS platform. Cyren Cloud Security enables
enterprise and SMB/SME customers to simplify and integrate the
management of disparate point security solutions, eliminate
complexity and costs, and deliver better protection from the
latest, most sophisticated cross-vector threats.
Fourth Quarter 2016 Financial Highlights:
- Revenues for the fourth quarter of 2016 were $8.1 million, up 14% from $7.1 million for the fourth quarter of 2015, and
an increase from $7.9 million for the
third quarter of 2016. Q4 2016 represents the sixth successive
quarter of revenue growth for Cyren.
- Revenues for the year ended December 31,
2016 were $31.0 million
compared to $27.8 million for fiscal
year 2015, representing an increase of 12% year over year.
- GAAP net loss for the fourth quarter of 2016 was $2.0 million, compared to a net loss of
$1.2 million in the fourth quarter of
2015.
- GAAP net loss for the year ended December 31, 2016 was $5.3
million, compared to $4.8
million for 2015.
- GAAP loss per basic and diluted share for the fourth quarter of
2016 was $0.05, compared to a loss of
$0.03 for the fourth quarter of 2015.
For the full year 2016, GAAP loss per basic and diluted share was
$0.13, compared to a loss of
$0.14 for full year 2015.
- Non-GAAP net loss for the fourth quarter of 2016 was
$1.9 million, compared to a Non-GAAP
net loss of $1.4 million for the
fourth quarter of 2015.
- Non-GAAP loss per basic and diluted share was $0.05 for the fourth quarter of 2016, compared to
a Non-GAAP loss of $0.03 in fourth
quarter of 2015. Non-GAAP loss per basic and diluted share was
$0.12 for full year 2016, compared to
$0.14 during full year 2015.
- Operating cash usage during the fourth quarter was $0.8 million, compared to operating cash usage of
$0.6 million in the fourth quarter of
2015. For the full year 2016, Cyren generated positive operating
cash flow of $2.4 million compared to
operating cash usage of $1.8 million
during the full year of 2015.
- Net cash usage during the fourth quarter was $1.8 million, compared to net cash usage of
$0.5 million during the third quarter
of 2016. For the full year 2016, Cyren used a total of $5.8 million compared to cash usage of
$6.2 million during the full year of
2015, excluding proceeds from the company's August 2015 capital raise.
- Cash balance as of December 31,
2016 was $10.6 million,
compared to $12.4 million as of
September 30, 2016 and $16.4 million as of December 31, 2015. The company continues to have
no debt.
For information regarding the non-GAAP financial measures
discussed in this release, please see "Use of Non-GAAP Financial
Measures" and "Reconciliation of Selected GAAP Measures to Non-GAAP
Measures."
Recent Business Highlights:
- During the third and fourth quarters, Cyren added over 100 new
Enterprise SaaS customers using either Cyren WebSecurity (CWS) or
Cyren EmailSecurity (CES), or a combination of both. Over half of
the CWS and DNS Security customers expressed interest in purchasing
CES, which was one of the drivers for the release of the unified
CCS 4.0 platform.
- The company added and renewed several contracts to provide
embedded Threat Intelligence Services using Cyren's embedded email
security, web security, and cyber intelligence solutions. For the
year, Cyren's renewal rate exceeded 90% and average customer tenure
is approaching 8 years, a strong indication of Cyren's stickiness
and the long-term value that it provides to its embedded Threat
Intelligence customers.
- During the second half of 2016, Cyren expanded its presence in
Europe by launching a Sales &
Marketing office in the UK to focus on the EMEA region. Cyren has
added a number of new customers and distribution partners,
including Cloud Distribution which focuses on the UK &
Ireland markets selling
cloud-based security solutions.
- Throughout 2016, Cyren has continued to enhance its innovative
Web Security Diagnostic tool, which allows users to quickly and
easily test their current web security solutions for potential
vulnerabilities to malware, viruses delivered over SSL, botnets and
phishing. During 2016, thousands of companies used the tool to
identify weaknesses in their existing appliance and cloud-based web
security solutions, with over 98% of users identifying at least one
vulnerability. The Web Security Diagnostic tool can be accessed on
Cyren's website at http://www.cyren.com/security-test.html.
- At the company's annual shareholder meeting in December,
John Becker was appointed to Cyren's
Board of Directors beginning April 1,
2017. John brings over 30 years of security and technology
industry experience to Cyren, including serving as the CEO of
Sourcefire prior to its $2.7 billion
sale to Cisco. John also served as the CEO of ScienceLogic,
Approva, Cybertrust, Trusecure and Axent Technologies.
- Last week Cyren had a strong presence in the RSA Security
Conference in San Francisco, where
the company met with dozens of existing customers and hundreds of
potential customer prospects. The conference is widely regarded as
the pinnacle event for the security industry, and the demonstration
of Cyren's CCS 4.0 platform was well received by Cyren's partners
and potential customers. Prior to the show, Cyren was awarded a
2017 Cybersecurity Excellence Award by members of the information
security industry.
Financial Results Conference Call:
The company will host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Tuesday,
February 21, 2017.
U.S. Dial-in
Number:
1-800-467-8998
Israel Dial-in
Number:
1-80-924-5905
International Dial-in Number: 1-719-325-2187
The call will be simultaneously webcast live on the investor
relations section of Cyren's website at www.cyren.com/ir.html, or
by using the following link:
http://public.viavid.com/index.php?id=122861.
For those unable to participate in the live conference call, a
replay will be available until March 7,
2017. To access the replay, the U.S. dial in number is
1-844-512-2921 and the non-U.S. dial in number is 1-412-317-6671.
Callers will be prompted for replay conference ID number 5946575.
An archived version of the webcast will also be available on the
investor relations section of the company's website.
About Cyren:
Cyren (NASDAQ and TASE: CYRN) protects more than 600 million
users against cyber attacks and data breaches through its
cloud-based web, email, mobile and endpoint security solutions.
Relied upon by many of the world's largest technology companies
such as Dell, Google, McAfee and Microsoft, Cyren offers
enterprise-focused security as a service solutions as well as
embedded solutions for software and security providers. Cyren's
global cloud security platform processes more than 17 billion daily
transactions and uses innovative zero-day protection technology to
proactively block over 130 million threats each day. Learn more at
www.cyren.com.
Blog: http://blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc or
www.twitter.com/cyren_ir
Use of Non-GAAP Financial Measures:
Non-GAAP financial measures consist of GAAP financial
measures adjusted to exclude: stock-based compensation expenses,
amortization of acquired intangible assets, executive termination
costs, deferred taxes and deferred revenues related to
acquisitions, one-time settlement agreements, adjustments to
earn-out obligations and capitalization of technology. The purpose
of such adjustments is to give an indication of the company's
performance exclusive of non-cash charges and other items that are
considered by management to be outside of the company's core
operating results. The company's non-GAAP financial measures are
not meant to be considered in isolation or as a substitute for
comparable GAAP measures, and should be read only in conjunction
with the company's consolidated financial statements prepared in
accordance with GAAP.
Company management regularly uses supplemental non-GAAP
financial measures internally to understand, manage and evaluate
the business and make operating decisions.
These non-GAAP measures are among the primary factors
management uses in planning for and forecasting future periods. The
company believes this adjustment is useful to investors as a
measure of the ongoing performance of the business. The company
believes these non-GAAP financial measures provide consistent and
comparable measures to help investors understand the company's
current and future operating cash flow performance. These non-GAAP
financial measures may differ materially from the non-GAAP
financial measures used by other companies. Reconciliation between
results on a GAAP and non-GAAP basis is provided in a table
immediately following the Consolidated Statements of Income. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Management uses both GAAP and non-GAAP measures when evaluating the
business internally and therefore felt it important to make these
non-GAAP adjustments available to investors.
This press release contains forward-looking statements,
including projections about the company's business, within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. For example, statements
in the future tense, and statements including words such as
"expect," "plan," "estimate," "anticipate," or "believe" are
forward-looking statements. These statements are based on
information available at the time of the press release and the
company assumes no obligation to update any of them. The statements
in this press release are not guarantees of future performance and
actual results could differ materially from current expectations as
a result of numerous factors, including business conditions and
growth or deterioration in the internet security market,
technological developments, products offered by competitors,
availability of qualified staff, and technological difficulties and
resource constraints encountered in developing new products, as
well as those risks described in the company's Annual Reports on
Form 20-F and reports on Form 6-K, which are available through
www.sec.gov.
Company Contact
Mike
Myshrall, CFO
Cyren
+1.703.760.3320
mike.myshrall@cyren.com
Israel Investor Contact
Iris Lubitch
SmarTeam
+972.54.2528007
iris@smartteam.co.il
Media Contact
Matthew Zintel
Zintel Public Relations
+1.281.444.1590
matthew.zintel@zintelpr.com
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
(in thousands
of U.S. dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
December
31
|
|
December
31
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Revenues
|
$
8,111
|
|
$
7,109
|
|
$
30,983
|
|
$ 27,762
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,682
|
|
2,154
|
|
10,042
|
|
8,866
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,429
|
|
4,955
|
|
20,941
|
|
18,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,203
|
|
2,234
|
|
8,656
|
|
8,842
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
3,512
|
|
2,122
|
|
10,814
|
|
8,466
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,782
|
|
1,672
|
|
6,645
|
|
6,123
|
|
|
|
|
|
|
|
|
Adjustment of
earn-out obligation
|
-
|
|
2
|
|
-
|
|
(75)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
7,497
|
|
6,030
|
|
26,115
|
|
23,356
|
|
|
|
|
|
|
|
|
Operating
loss
|
(2,068)
|
|
(1,075)
|
|
(5,174)
|
|
(4,460)
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
(6)
|
|
29
|
|
(1)
|
|
27
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
54
|
|
132
|
|
(147)
|
|
(243)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(2,020)
|
|
(914)
|
|
(5,322)
|
|
(4,676)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
9
|
|
(237)
|
|
2
|
|
(123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(2,011)
|
|
$
(1,151)
|
|
$
(5,320)
|
|
$
(4,799)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.05)
|
|
$
(0.03)
|
|
$
(0.13)
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.05)
|
|
$
(0.03)
|
|
$
(0.13)
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,167
|
|
39,121
|
|
39,135
|
|
34,316
|
|
|
|
|
|
|
|
|
Diluted
|
39,167
|
|
39,121
|
|
39,135
|
|
34,316
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands
of U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(2,068)
|
|
$
(1,075)
|
|
$
(5,174)
|
|
$ (4,460)
|
Stock-based
compensation (1)
|
233
|
|
282
|
|
980
|
|
1,066
|
Amortization of
intangible assets (2)
|
776
|
|
379
|
|
2,794
|
|
1,549
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
2
|
|
-
|
|
(75)
|
Executive
terminations (5)
|
-
|
|
-
|
|
87
|
|
-
|
Adjustment to
deferred revenues (6)
|
-
|
|
42
|
|
66
|
|
169
|
Settlement agreements
(7)
|
-
|
|
-
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(852)
|
|
(825)
|
|
(3,097)
|
|
(1,887)
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
$
(1,911)
|
|
$
(1,195)
|
|
$
(4,344)
|
|
$ (4,266)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(2,011)
|
|
$
(1,151)
|
|
$
(5,320)
|
|
$ (4,799)
|
Stock-based
compensation (1)
|
233
|
|
282
|
|
980
|
|
1,066
|
Amortization of
intangible assets (2)
|
790
|
|
379
|
|
2,836
|
|
1,549
|
Adjustment to
earn-out liabilities (3)
|
-
|
|
2
|
|
-
|
|
(27)
|
Amortization of
deferred tax assets (4)
|
(62)
|
|
(79)
|
|
(278)
|
|
(326)
|
Executive
terminations (5)
|
-
|
|
-
|
|
87
|
|
-
|
Adjustment to
deferred revenues (6)
|
-
|
|
42
|
|
66
|
|
169
|
Settlement agreements
(7)
|
-
|
|
-
|
|
-
|
|
(628)
|
Capitalization of
technology (8)
|
(852)
|
|
(847)
|
|
(3,128)
|
|
(1,929)
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
$
(1,902)
|
|
$
(1,372)
|
|
$
(4,757)
|
|
$ (4,925)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.05)
|
|
$
(0.03)
|
|
$
(0.13)
|
|
$
(0.14)
|
Stock-based
compensation (1)
|
0.00
|
|
0.00
|
|
0.02
|
|
0.03
|
Amortization of
intangible assets (2)
|
0.02
|
|
0.02
|
|
0.07
|
|
0.05
|
Adjustment to
earn-out liabilities (3)
|
0.00
|
|
0.00
|
|
0.00
|
|
(0.00)
|
Amortization of
deferred tax assets (4)
|
(0.00)
|
|
0.00
|
|
(0.00)
|
|
(0.00)
|
Executive
terminations (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Adjustment to
deferred revenues (6)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Settlement agreements
(7)
|
0.00
|
|
0.00
|
|
0.00
|
|
(0.02)
|
Capitalization of
technology (8)
|
(0.02)
|
|
(0.02)
|
|
(0.08)
|
|
(0.06)
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$
(0.05)
|
|
$
(0.03)
|
|
$
(0.12)
|
|
$
(0.14)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,167
|
|
39,121
|
|
39,135
|
|
34,316
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
22
|
|
$
15
|
|
$
73
|
|
$
64
|
Research and
development
|
71
|
|
92
|
|
314
|
|
302
|
Sales and
marketing
|
45
|
|
52
|
|
198
|
|
251
|
General and
administrative
|
95
|
|
123
|
|
395
|
|
449
|
|
|
|
|
|
|
|
|
|
$
233
|
|
$
282
|
|
$
980
|
|
$
1,066
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
596
|
|
$
194
|
|
$
2,048
|
|
$
781
|
Sales and
marketing
|
180
|
|
185
|
|
746
|
|
768
|
Financial expenses,
net
|
14
|
|
-
|
|
42
|
|
-
|
|
|
|
|
|
|
|
|
|
$
790
|
|
$
379
|
|
$
2,836
|
|
$
1,549
|
(3) Adjustment to
earn-out liabilities
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
2
|
|
$
-
|
|
$
(75)
|
Financial expenses,
net
|
-
|
|
-
|
|
-
|
|
48
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
2
|
|
$
-
|
|
$
(27)
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(62)
|
|
$
(79)
|
|
$
(278)
|
|
$
(326)
|
|
|
|
|
|
|
|
|
|
$
(62)
|
|
$
(79)
|
|
$
(278)
|
|
$
(326)
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
-
|
|
$
-
|
|
$
87
|
|
$
-
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
87
|
|
$
-
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
-
|
|
$
42
|
|
$
66
|
|
$
169
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
42
|
|
$
66
|
|
$
169
|
(7) Settlement
agreements
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(628)
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(628)
|
(8) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$
(852)
|
|
$
(825)
|
|
$
(3,097)
|
|
$ (1,887)
|
Financial expenses,
net
|
-
|
|
(22)
|
|
(31)
|
|
(42)
|
|
|
|
|
|
|
|
|
|
$
(852)
|
|
$
(847)
|
|
$
(3,128)
|
|
$ (1,929)
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
December
31
|
|
December
31
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
10,621
|
|
$
16,379
|
Trade receivables,
net
|
3,061
|
|
3,849
|
Prepaid expenses and
other receivables
|
1,037
|
|
831
|
Total current
assets
|
14,719
|
|
21,059
|
|
|
|
|
Lease
deposits
|
380
|
|
197
|
Severance pay
fund
|
604
|
|
700
|
Property and
equipment, net
|
2,081
|
|
2,321
|
Goodwill and
intangible assets, net
|
29,867
|
|
30,128
|
Total long-term
assets
|
32,932
|
|
33,346
|
Total
assets
|
$
47,651
|
|
$
54,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Credit
line
|
$
-
|
|
$
4,169
|
Trade
payables
|
764
|
|
603
|
Employees and payroll
accruals
|
2,528
|
|
2,500
|
Accrued expenses and
other liabilities
|
755
|
|
764
|
Earn-out
consideration
|
2,267
|
|
2,346
|
Deferred
revenues
|
4,609
|
|
3,269
|
Total current
liabilities
|
10,923
|
|
13,651
|
|
|
|
|
Deferred
revenues
|
1,788
|
|
824
|
Deferred tax
liability
|
1,374
|
|
1,627
|
Accrued severance
pay
|
816
|
|
824
|
Other
liabilities
|
119
|
|
131
|
Total long-term
liabilities
|
4,097
|
|
3,406
|
|
|
|
|
Shareholders'
equity
|
32,631
|
|
37,348
|
Total liabilities and
shareholders' equity
|
$
47,651
|
|
$
54,405
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(2,011)
|
|
$
(1,151)
|
|
$
(5,320)
|
|
$ (4,799)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
8
|
|
4
|
|
11
|
|
9
|
Depreciation
|
291
|
|
355
|
|
1,246
|
|
1,337
|
Stock-based
compensation
|
233
|
|
282
|
|
980
|
|
1,066
|
Amortization of
intangible assets
|
790
|
|
379
|
|
2,836
|
|
1,549
|
Accrued interest,
accretion of discount and exchange rate differences on credit
line
|
-
|
|
3
|
|
(19)
|
|
69
|
Accretion and change
in fair value of earn-out consideration, net
|
(0)
|
|
2
|
|
(0)
|
|
(27)
|
Deferred taxes,
net
|
(35)
|
|
(69)
|
|
(212)
|
|
(257)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
642
|
|
(293)
|
|
759
|
|
716
|
Prepaid expenses and
other receivables
|
(156)
|
|
505
|
|
(201)
|
|
36
|
Change in long-term
lease deposits
|
77
|
|
(4)
|
|
(184)
|
|
(12)
|
Trade
payables
|
111
|
|
23
|
|
124
|
|
(110)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
282
|
|
161
|
|
16
|
|
(417)
|
Deferred
revenues
|
(1,039)
|
|
(850)
|
|
2,305
|
|
(1,069)
|
Accrued severance
pay, net
|
33
|
|
3
|
|
88
|
|
52
|
Other long-term
liabilities
|
(8)
|
|
41
|
|
(11)
|
|
41
|
Net cash provided
by (used in) operating activities
|
(782)
|
|
(609)
|
|
2,418
|
|
(1,816)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
property and equipment
|
-
|
|
-
|
|
-
|
|
5
|
Capitalization of
technology
|
(852)
|
|
(847)
|
|
(3,128)
|
|
(1,929)
|
Purchase of property
and equipment
|
(137)
|
|
(603)
|
|
(985)
|
|
(1,222)
|
Net cash used in
investing activities
|
(989)
|
|
(1,450)
|
|
(4,113)
|
|
(3,146)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from public
offering, net
|
-
|
|
(108)
|
|
-
|
|
11,524
|
Proceeds from credit
line
|
-
|
|
-
|
|
-
|
|
4,400
|
Repayment of credit
line
|
-
|
|
-
|
|
(4,150)
|
|
(5,200)
|
Payment of earn-out
consideration
|
-
|
|
-
|
|
-
|
|
(457)
|
Proceeds from options
exercised
|
13
|
|
-
|
|
84
|
|
153
|
Net cash provided
by (used in) financing activities
|
13
|
|
(108)
|
|
(4,066)
|
|
10,420
|
Effect of exchange
rate changes on cash and cash equivalents
|
(59)
|
|
(119)
|
|
3
|
|
(142)
|
Increase
(decrease) in cash and cash equivalents
|
(1,817)
|
|
(2,286)
|
|
(5,758)
|
|
5,316
|
Cash and cash
equivalents at the beginning of the period
|
12,438
|
|
18,665
|
|
16,379
|
|
11,063
|
Cash and cash
equivalents at the end of the period
|
$
10,621
|
|
$
16,379
|
|
$
10,621
|
|
$16,379
|
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SOURCE Cyren