Infoblox (NYSE:BLOX), the network control company, today reported
its financial results for its fourth fiscal quarter and fiscal year
ended July 31, 2016. Total net revenue for the fourth quarter
of fiscal 2016 was $86 million. Total net revenue for fiscal 2016
was a record $358 million, an increase of 17% compared with the
total net revenue of $306 million in fiscal 2015.
On a GAAP basis, the Company reported a net loss of $10 million,
or $0.18 net loss per diluted share, for the fourth quarter of
fiscal 2016, compared with a net loss of $5 million, or $0.08 net
loss per diluted share, for the fourth quarter of fiscal
2015. For fiscal 2016, the Company reported a GAAP basis net
loss of $14 million, or $0.24 net loss per diluted share, compared
with a net loss of $27 million, or $0.48 net loss per diluted
share, in fiscal 2015.
On a non-GAAP basis, the Company reported net income of $4
million, or $0.08 net income per diluted share for the fourth
quarter of fiscal 2016, compared with net income of $7 million, or
$0.12 net income per diluted share for the fourth quarter of fiscal
2015. For fiscal 2016, on a non-GAAP basis, the Company reported
net income of $26 million, or $0.43 net income per diluted share
compared with net income of $23 million, or $0.38 net income per
diluted share, in fiscal 2015.
“We had a strong finish to fiscal 2016,” said Jesper Andersen,
president and chief executive officer. “Fourth quarter revenue grew
5% sequentially, and we achieved record fiscal 2016 revenue.
We delivered this top line growth while generating strong cash flow
and improving profitability in what continues to be a relatively
challenging global business environment,” continued Andersen.
“The number of security and cloud related deals grew as we
successfully diversified our revenue stream and expanded our
addressable market. These achievements are the result of the
hard work of our highly talented and committed Infoblox team of
employees. Looking forward, we continue to see multiple
growth drivers for our business and believe we are very well
positioned to execute on the opportunities ahead."
FY’16 Financial Highlights
- Revenue grew 17% to $358 million
- GAAP gross margin increased to 78.7% from 78.1% and Non-GAAP
gross margin increased to 80.5% from 80.0%
- GAAP operating margin improved to (4.7%) from (8.3%) and
Non-GAAP operating margin increased to 11.4% from 8.0%
- GAAP net loss decreased to $13.7 million from $27.1 million and
Non-GAAP net income increased 13% to $25.7 million
- Cash flow from operations grew 42% to $68 million
- Cash, cash equivalents and short term investments total $258
million; no debt
FY’16 Business Highlights
- Recognized as the market-share leader in enterprise-grade DDI
in a report from IDC titled "Worldwide DDI Software and Appliance
Market Shares, 2015" (IDC #US40816216, May 2016). Infoblox
market share increased to 49.9 percent in 2015 from 46.7 percent in
2014. No other competitor had a market share greater than 15
percent.
- Added nearly 500 new customers; more than 20% of these new
customers have more than 10,000 employees or users on their
network
- Hosted Bloxfest, Infoblox's first customer conference, with
nearly 250 customers and partners in attendance
- Introduced Actionable Network Intelligence, a united platform
that automates core network services across data centers and clouds
to proactively detect, isolate, and stop data exfiltration that
exploits DNS vulnerabilities; and through Infoblox products
leverage actionable network intelligence for operational efficiency
and visibility
- Acquired and integrated IID, a leader in global cyberthreat
intelligence, making Infoblox the first enterprise-grade DDI vendor
to combine contextual network data with federated threat
intelligence and a dedicated threat research team, to provide
context-aware security using infrastructure that customers already
have in place
- Announced Infoblox DNS Firewall as a service, extending the
company's industry-leading DNS protection to roaming devices off
premise
- Introduced Infoblox DDI for Amazon Web Services (AWS), a
virtual appliance that extends the Infoblox solution for
enterprise-grade network services and security to the AWS
Cloud
- Announced Infoblox Identity Mapping, and also integration with
Cisco ISE, bridging the gap between network security and user
identity by intelligently correlating two separate sets of data,
making it easier for network administrators to locate the source of
security events, track mobile devices and monitor network
usage
- Launched NIOS 7.3 upgrading the underlying operating system for
Infoblox products adding major enhancements
- Announced new executives and board members including CFO Janesh
Moorjani, EVP of Engineering Atul Garg, CMO Ashish Gupta, and board
member Edzard Overbeek
Financial Outlook
Infoblox announced its outlook of anticipated results for the
first fiscal quarter ending October 31, 2016 and fiscal year ending
July 31, 2017. This outlook is based on a number of assumptions
that it believes are reasonable at the time of this earnings
release. Information regarding potential risks that could cause the
actual results to differ from these forward-looking statements is
set forth below and in Infoblox’s filings with the Securities and
Exchange Commission.
For the fiscal year ending July 31, 2017, the Company currently
expects:
- Total net revenue in the range of $360 million to $380
million;
- GAAP gross margin to be approximately 78.0% and Non-GAAP gross
margin to be approximately 80.0%; and
- GAAP operating margin in the range of 2.1% to 2.7% and Non-GAAP
operating margin in the range of 16.0% to 18.0%.
For the first fiscal quarter ending October 31, 2016, the
Company currently expects:
- Total net revenue in the range of $83 million to $87
million;
- GAAP gross margin to be approximately 77.4% and Non-GAAP gross
margin to be approximately 79.5%;
- GAAP operating margin in the range of (5.0%) to (3.0%) and
Non-GAAP operating margin in the range of 10.0% to 12.0%; and
- GAAP net loss per share to be in the range of $0.07 to $0.05
and Non-GAAP net income per diluted share ("non-GAAP EPS") to be in
the range of $0.09 to $0.11, assuming approximately 56 million to
58 million shares, on a non-GAAP diluted weighted-average share
basis.
Conference Call & Webcast
Management will host a conference call today, August 31, 2016 at
1:30 p.m. PDT/4:30 p.m. EDT to discuss its fiscal fourth
quarter and fiscal 2016 financial results. To access the call, dial
800-230-1059 (domestic) or 612-234-9959 (international) at least 10
minutes prior to the scheduled start of the call. A live webcast of
the call will also be available on the corporate website at:
http://ir.infoblox.com. An archive of the webcast will be
available on the company's website and a taped replay will be
available for one week at 800-475-6701 (domestic) or 320-365-3844
(international), passcode 399902.
About Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
Generally Accepted Accounting Principles (GAAP), this press release
and the accompanying tables and the related earnings conference
call contain certain non-GAAP financial measures, including
non-GAAP gross profit and gross margin, non-GAAP operating income
and operating margin, non-GAAP net income, non-GAAP EPS and
non-GAAP diluted shares outstanding. We also provide first fiscal
quarter 2017 and fiscal year 2017 estimates for net revenue,
non-GAAP gross margin, non-GAAP operating margin and first fiscal
quarter 2017 estimates for non-GAAP EPS and non-GAAP diluted
weighted-average shares outstanding. We believe these non-GAAP
financial measures are helpful in understanding our past financial
performance and future results. Our non-GAAP financial measures
should not be considered in isolation or as a substitute for
comparable GAAP measures and should be read in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
Our management regularly uses our supplemental non-GAAP financial
measures internally to understand and manage our business and
forecast future periods. These non-GAAP financial measures are not
based on any standardized methodology prescribed by GAAP and are
not necessarily comparable to similar measures presented by other
companies. Our non-GAAP financial measures include adjustments
based on the following items:
Stock-based compensation expenses: We have excluded the effect
of stock-based compensation from our non-GAAP operating results.
Although stock-based compensation is a key incentive offered to our
employees, we continue to evaluate our business performance
excluding stock-based compensation expenses. Stock-based
compensation expenses will recur in future periods.
Restructuring charges: We have excluded the effect of
restructuring charges from our non-GAAP operating results.
Restructuring charges result from events which occur outside of the
ordinary course of continuing operations. Although these events are
reflected in our GAAP financial results, these unique transactions
may limit the comparability of our ongoing operations with prior
and future periods. As such, we believe that these expenses do not
accurately reflect the underlying performance of our continuing
operations for the period in which they are incurred.
Amortization of intangible assets: We have excluded the effect
of amortization of intangible assets from our non-GAAP operating
results. Amortization of intangible assets is a non-cash expense,
and it is not part of our core operations. Investors should note
that the use of intangible assets contributed to revenues earned
during the periods presented and will contribute to future period
revenues as well.
Expenses related to non-routine stockholder matters: We have
excluded the effect of certain expenses related to non-routine
stockholder matters from our non-GAAP operating results.
Non-routine stockholder matters are unique events which occur
outside of the ordinary course of continuing operations. Although
these events are reflected in our GAAP financial results, these
unique transactions may limit the comparability of our ongoing
operations with prior and future periods. As such, we believe that
these expenses do not accurately reflect the underlying performance
of our continuing operations for the period in which they are
incurred.
Acquisition related expenses: We have excluded acquisition
transaction costs from our non-GAAP operating results. We believe
that to the extent we incur significant expenses in connection with
our acquisitions, it is useful for investors to understand the
effects of these items on our total operating expenses.
Our non-GAAP Financial Measures are described as
follows:
Non-GAAP gross profit and gross margin. Non-GAAP gross profit is
gross profit as reported on our consolidated statements of
operations, excluding the impact of stock-based compensation and
intangible asset amortization expense. Non-GAAP gross margin is
non-GAAP gross profit divided by net
revenue.
Non-GAAP operating income and operating margin. Non-GAAP operating
income is income (loss) from operations as reported on our
consolidated statements of operations, excluding the impact of
stock-based compensation, restructuring charges, intangible asset
amortization expense, expenses related to non-routine stockholder
matters and acquisition related expenses. Non-GAAP operating margin
is non-GAAP operating income divided by net
revenue.
Non-GAAP net income and non-GAAP EPS. Non-GAAP net income is net
income (loss) as reported on our consolidated statements of
operations, excluding the impact of stock-based compensation,
restructuring charges, intangible asset amortization expense,
expenses related to non-routine stockholder matters and acquisition
related expenses with income taxes adjusted to reflect our
estimated long-term effective tax rate on a non-GAAP basis.
Non-GAAP EPS is non-GAAP net income divided by non-GAAP diluted
weighted-average shares
outstanding.
For reconciliations of these non-GAAP financial measures to the
most directly comparable GAAP financial measures, please see the
section of the accompanying tables titled, “Reconciliation of GAAP
to Non-GAAP Financial Measures.” For a reconciliation of the
forecasted ranges in the financial outlook for non-GAAP gross
margin, non-GAAP operating margin and non-GAAP EPS to the most
comparable GAAP financial measures, please see the section of the
accompanying tables titled, “Reconciliation of GAAP to Non-GAAP
Forecasted Ranges.”
About Infoblox
Infoblox (NYSE:BLOX) delivers critical network services that
protect Domain Name System (DNS) infrastructure, automate cloud
deployments, and increase the reliability of enterprise and service
provider networks around the world. As the industry leader in DNS,
DHCP, and IP address management, the category known as DDI,
Infoblox (www.infoblox.com) reduces the risk and complexity of
networking.
Cautionary Statement
All statements in this release that are not statements of
historical fact, including but not limited to the quotation
attributable to Mr. Andersen and the statements under “Financial
Outlook” are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve risks and uncertainties that
could cause our actual results to differ materially, including, but
not limited to: unexpected delays in the delivery of our solutions,
particularly at the end of the quarter; changes in demand for
network control solutions; the market acceptance of our products;
the fluctuations in our gross margins; the concentration of our
customer base; competitive developments including pricing
pressures; our ability to manage operating expenses effectively;
and the general economic, industry or political conditions in the
United States or internationally.
For a detailed discussion of these and other risk factors,
please refer to our filings with the Securities and Exchange
Commission, which are available on our investor relations Web site
(http://ir.infoblox.com/) and on the SEC’s Web site
(www.sec.gov).
All information provided in this release and in the attachments
is as of August 31, 2016, and stockholders of Infoblox are
cautioned not to place undue reliance on our forward-looking
statements, which speak only as of the date such statements are
made. Infoblox does not undertake any obligation to publicly update
any forward-looking statements to reflect events, circumstances or
new information after this August 31, 2016, press release, or to
reflect the occurrence of unanticipated events.
INFOBLOX
INC. |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP BASIS |
(In
thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
July 31, 2016 |
|
April 30, 2016 |
|
July 31, 2015 |
|
July 31, 2016 |
|
July 31, 2015 |
Net revenue: |
|
|
|
|
|
|
|
|
|
|
Products and licenses |
|
$ |
38,661 |
|
|
$ |
37,771 |
|
|
$ |
46,348 |
|
|
$ |
178,805 |
|
|
$ |
156,510 |
|
Services |
|
47,642 |
|
|
44,191 |
|
|
40,651 |
|
|
179,481 |
|
|
149,615 |
|
Total net revenue |
|
86,303 |
|
|
81,962 |
|
|
86,999 |
|
|
358,286 |
|
|
306,125 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
Products and licenses |
|
8,463 |
|
|
9,046 |
|
|
10,039 |
|
|
37,715 |
|
|
35,362 |
|
Services |
|
10,650 |
|
|
10,176 |
|
|
8,554 |
|
|
38,643 |
|
|
31,769 |
|
Total cost of revenue |
|
19,113 |
|
|
19,222 |
|
|
18,593 |
|
|
76,358 |
|
|
67,131 |
|
Gross profit |
|
67,190 |
|
|
62,740 |
|
|
68,406 |
|
|
281,928 |
|
|
238,994 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
17,440 |
|
|
17,300 |
|
|
18,309 |
|
|
70,034 |
|
|
65,092 |
|
Sales and marketing |
|
43,195 |
|
|
42,506 |
|
|
44,438 |
|
|
178,983 |
|
|
162,217 |
|
General and administrative |
|
11,457 |
|
|
10,956 |
|
|
10,055 |
|
|
44,019 |
|
|
37,110 |
|
Restructuring charges |
|
5,657 |
|
|
— |
|
|
— |
|
|
5,657 |
|
|
— |
|
Total operating expenses |
|
77,749 |
|
|
70,762 |
|
|
72,802 |
|
|
298,693 |
|
|
264,419 |
|
Loss from
operations |
|
(10,559 |
) |
|
(8,022 |
) |
|
(4,396 |
) |
|
(16,765 |
) |
|
(25,425 |
) |
Other income (expense),
net |
|
(60 |
) |
|
309 |
|
|
(77 |
) |
|
511 |
|
|
(651 |
) |
Loss before provision
for (benefit from) income taxes |
|
(10,619 |
) |
|
(7,713 |
) |
|
(4,473 |
) |
|
(16,254 |
) |
|
(26,076 |
) |
Provision for (benefit
from) income taxes |
|
(317 |
) |
|
(2,037 |
) |
|
253 |
|
|
(2,543 |
) |
|
1,007 |
|
Net loss |
|
$ |
(10,302 |
) |
|
$ |
(5,676 |
) |
|
$ |
(4,726 |
) |
|
$ |
(13,711 |
) |
|
$ |
(27,083 |
) |
Net loss per share -
basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.48 |
) |
Weighted-average shares
used in computing basic and diluted net loss per share |
|
56,688 |
|
|
57,420 |
|
|
58,128 |
|
|
58,080 |
|
|
56,626 |
|
INFOBLOX
INC. |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands, except per share data) |
|
|
|
July 31, 2016 |
|
July 31, 2015 |
|
|
(Unaudited) |
|
(a) |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
123,830 |
|
|
$ |
103,124 |
|
Short-term investments |
|
134,275 |
|
|
227,712 |
|
Accounts receivable, net |
|
59,937 |
|
|
45,881 |
|
Inventory |
|
6,045 |
|
|
8,588 |
|
Prepaid expenses and other current
assets |
|
12,588 |
|
|
10,459 |
|
Total current assets |
|
336,675 |
|
|
395,764 |
|
Property and equipment,
net |
|
22,004 |
|
|
23,225 |
|
Restricted cash |
|
10,030 |
|
|
3,515 |
|
Intangible assets,
net |
|
20,119 |
|
|
1,923 |
|
Goodwill |
|
58,965 |
|
|
33,293 |
|
Other assets |
|
1,310 |
|
|
1,547 |
|
TOTAL ASSETS |
|
$ |
449,103 |
|
|
$ |
459,267 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable and accrued
liabilities |
|
$ |
25,871 |
|
|
$ |
19,136 |
|
Accrued compensation |
|
18,420 |
|
|
22,931 |
|
Deferred revenue, net |
|
122,223 |
|
|
95,130 |
|
Total current liabilities |
|
166,514 |
|
|
137,197 |
|
Deferred revenue, net |
|
53,681 |
|
|
41,717 |
|
Other liabilities |
|
10,400 |
|
|
5,201 |
|
TOTAL LIABILITIES |
|
230,595 |
|
|
184,115 |
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
Convertible preferred stock,
$0.0001 par value per share—5,000 sharesauthorized; no shares
issued or outstanding |
|
— |
|
|
— |
|
Common stock, $0.0001 par value per
share—100,000 shares authorized; 55,973 sharesand 58,836 shares
issued and outstanding as of July 31, 2016 and July 31, 2015 |
|
6 |
|
|
6 |
|
Additional paid-in capital |
|
459,811 |
|
|
438,725 |
|
Accumulated other comprehensive
income (loss) |
|
30 |
|
|
(37 |
) |
Accumulated deficit |
|
(241,339 |
) |
|
(163,542 |
) |
TOTAL STOCKHOLDERS’
EQUITY |
|
218,508 |
|
|
275,152 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
449,103 |
|
|
$ |
459,267 |
|
|
(a) Derived
from the July 31, 2015 audited consolidated financial
statements. |
INFOBLOX INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
Year Ended July 31, |
|
2016 |
|
2015 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ |
(13,711 |
) |
|
$ |
(27,083 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
Stock-based compensation |
48,246 |
|
|
47,623 |
|
Depreciation and amortization |
11,654 |
|
|
8,888 |
|
Excess tax benefits from employee
stock plans |
(205 |
) |
|
(207 |
) |
Deferred income taxes |
(3,658 |
) |
|
— |
|
Other |
953 |
|
|
2,096 |
|
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable, net |
(13,810 |
) |
|
(9,461 |
) |
Inventory |
2,449 |
|
|
(2,615 |
) |
Prepaid expenses, other current
assets and other assets |
825 |
|
|
(3,629 |
) |
Accounts payable and accrued
liabilities |
4,817 |
|
|
2,833 |
|
Accrued compensation |
(4,511 |
) |
|
9,734 |
|
Deferred revenue, net |
36,075 |
|
|
20,734 |
|
Other liabilities |
(1,013 |
) |
|
(902 |
) |
Net cash provided by operating
activities |
68,111 |
|
|
48,011 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases of short-term
investments |
(29,905 |
) |
|
(147,137 |
) |
Proceeds from maturities of
short-term investments |
122,880 |
|
|
109,290 |
|
Business acquisition, net of cash
acquired |
(31,531 |
) |
|
— |
|
Change in restricted cash |
(8,508 |
) |
|
— |
|
Purchases of property and
equipment |
(8,318 |
) |
|
(10,303 |
) |
Proceeds from sales of short-term
investments |
— |
|
|
1,001 |
|
Net cash provided by (used in)
investing activities |
44,618 |
|
|
(47,149 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Common stock repurchases |
(108,868 |
) |
|
— |
|
Proceeds from issuance of common
stock under the employee stock plans |
17,248 |
|
|
25,039 |
|
Excess tax benefits from employee
stock plans |
205 |
|
|
207 |
|
Settlement of hold back liability
for IID acquisition |
(566 |
) |
|
— |
|
Net cash provided by (used in)
financing activities |
(91,981 |
) |
|
25,246 |
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents |
(42 |
) |
|
(1,519 |
) |
NET INCREASE IN CASH
AND CASH EQUIVALENTS |
20,706 |
|
|
24,589 |
|
CASH AND CASH
EQUIVALENTS—Beginning of period |
103,124 |
|
|
78,535 |
|
CASH AND CASH
EQUIVALENTS—End of period |
$ |
123,830 |
|
|
$ |
103,124 |
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
Purchases of property
and equipment not yet paid |
$ |
542 |
|
|
$ |
1,341 |
|
Cash paid for income
taxes, net |
$ |
727 |
|
|
$ |
483 |
|
INFOBLOX
INC. |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In
thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
July 31, 2016 |
|
April 30, 2016 |
|
July 31, 2015 |
|
July 31, 2016 |
|
July 31, 2015 |
Gross Profit
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
67,190 |
|
|
$ |
62,740 |
|
|
$ |
68,406 |
|
|
$ |
281,928 |
|
|
$ |
238,994 |
|
Stock-based compensation
expense |
|
1,033 |
|
|
1,014 |
|
|
1,045 |
|
|
4,396 |
|
|
4,450 |
|
Amortization of intangible
assets |
|
625 |
|
|
768 |
|
|
290 |
|
|
1,973 |
|
|
1,160 |
|
Non-GAAP gross
profit |
|
$ |
68,848 |
|
|
$ |
64,522 |
|
|
$ |
69,741 |
|
|
$ |
288,297 |
|
|
$ |
244,604 |
|
Gross Margin
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
|
77.9 |
% |
|
76.5 |
% |
|
78.6 |
% |
|
78.7 |
% |
|
78.1 |
% |
Stock-based compensation
expense |
|
1.2 |
|
|
1.3 |
|
|
1.2 |
|
|
1.2 |
|
|
1.5 |
|
Amortization of intangible
assets |
|
0.7 |
|
|
0.9 |
|
|
0.3 |
|
|
0.6 |
|
|
0.4 |
|
Non-GAAP gross
margin |
|
79.8 |
% |
|
78.7 |
% |
|
80.1 |
% |
|
80.5 |
% |
|
80.0 |
% |
Operating
Income (Loss) Reconciliation: |
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss |
|
$ |
(10,559 |
) |
|
$ |
(8,022 |
) |
|
$ |
(4,396 |
) |
|
$ |
(16,765 |
) |
|
$ |
(25,425 |
) |
Stock-based compensation
expense |
|
10,658 |
|
|
11,795 |
|
|
11,525 |
|
|
48,246 |
|
|
47,623 |
|
Restructuring charges |
|
5,657 |
|
|
— |
|
|
— |
|
|
5,657 |
|
|
— |
|
Amortization of intangible
assets |
|
969 |
|
|
1,091 |
|
|
322 |
|
|
2,704 |
|
|
2,173 |
|
Expenses related to non-routine
stockholder matters |
|
464 |
|
|
— |
|
|
— |
|
|
464 |
|
|
— |
|
Acquisition related expenses |
|
— |
|
|
236 |
|
|
— |
|
|
618 |
|
|
— |
|
Non-GAAP operating
income |
|
$ |
7,189 |
|
|
$ |
5,100 |
|
|
$ |
7,451 |
|
|
$ |
40,924 |
|
|
$ |
24,371 |
|
Operating
Margin Reconciliation: |
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin |
|
(12.2 |
%) |
|
(9.8 |
%) |
|
(5.1 |
%) |
|
(4.7 |
%) |
|
(8.3 |
%) |
Stock-based compensation
expense |
|
12.3 |
|
|
14.4 |
|
|
13.3 |
|
|
13.5 |
|
|
15.6 |
|
Restructuring charges |
|
6.6 |
|
|
— |
|
|
— |
|
|
1.6 |
|
|
— |
|
Amortization of intangible
assets |
|
1.1 |
|
|
1.3 |
|
|
0.4 |
|
|
0.7 |
|
|
0.7 |
|
Expenses related to non-routine
stockholder matters |
|
0.5 |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
Acquisition related expenses |
|
— |
|
|
0.3 |
|
|
— |
|
|
0.2 |
|
|
— |
|
Non-GAAP operating
margin |
|
8.3 |
% |
|
6.2 |
% |
|
8.6 |
% |
|
11.4 |
% |
|
8.0 |
% |
Net Income
(Loss) Reconciliation: |
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(10,302 |
) |
|
$ |
(5,676 |
) |
|
$ |
(4,726 |
) |
|
$ |
(13,711 |
) |
|
$ |
(27,083 |
) |
Stock-based compensation
expense |
|
10,658 |
|
|
11,795 |
|
|
11,525 |
|
|
48,246 |
|
|
47,623 |
|
Restructuring charges |
|
5,657 |
|
|
— |
|
|
— |
|
|
5,657 |
|
|
— |
|
Amortization of intangible
assets |
|
969 |
|
|
1,091 |
|
|
322 |
|
|
2,704 |
|
|
2,173 |
|
Expenses related to non-routine
stockholder matters |
|
464 |
|
|
— |
|
|
— |
|
|
464 |
|
|
— |
|
Acquisition related expenses |
|
— |
|
|
236 |
|
|
— |
|
|
618 |
|
|
— |
|
Income tax adjustment |
|
(3,027 |
) |
|
(4,091 |
) |
|
167 |
|
|
(18,288 |
) |
|
— |
|
Non-GAAP net
income |
|
$ |
4,419 |
|
|
$ |
3,355 |
|
|
$ |
7,288 |
|
|
$ |
25,690 |
|
|
$ |
22,713 |
|
Non-GAAP
EPS |
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.43 |
|
|
$ |
0.38 |
|
Shares used in
Computing non-GAAP EPS Reconciliation: |
|
|
|
|
|
|
|
|
|
|
Diluted shares: |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in calculating GAAP diluted net loss per share |
|
56,688 |
|
|
57,420 |
|
|
58,128 |
|
|
58,080 |
|
|
56,626 |
|
Additional dilutive
securities for non-GAAP income |
|
1,405 |
|
|
888 |
|
|
3,149 |
|
|
1,595 |
|
|
2,657 |
|
Weighted-average shares
used in calculating non-GAAP diluted net income per share |
|
58,093 |
|
|
58,308 |
|
|
61,277 |
|
|
59,675 |
|
|
59,283 |
|
INFOBLOX
INC. |
|
RECONCILIATION OF GAAP TO NON-GAAP FORECASTED
RANGES |
(In
thousands, except per share data) |
(Unaudited) |
|
|
|
|
Three Months Ending |
|
Year Ending |
|
|
October 31, 2016 |
|
July 31, 2017 |
|
|
Low End |
|
High End |
|
Low End |
|
High End |
Gross Margin
Reconciliation: |
|
|
|
|
|
|
|
|
GAAP gross margin |
|
77.4 |
% |
|
77.4 |
% |
|
78.0 |
% |
|
78.0 |
% |
Stock-based compensation
expense |
|
1.3 |
|
|
1.3 |
|
|
1.3 |
|
|
1.4 |
|
Amortization of intangible
assets |
|
0.8 |
|
|
0.8 |
|
|
0.7 |
|
|
0.6 |
|
Non-GAAP gross
margin |
|
79.5 |
% |
|
79.5 |
% |
|
80.0 |
% |
|
80.0 |
% |
Operating
Margin Reconciliation: |
|
|
|
|
|
|
|
|
GAAP operating
margin |
|
(5.0 |
%) |
|
(3.0 |
%) |
|
2.1 |
% |
|
2.7 |
% |
Stock-based compensation
expense |
|
13.6 |
|
|
13.3 |
|
|
12.8 |
|
|
14.2 |
|
Restructuring charges |
|
0.2 |
|
|
0.6 |
|
|
0.1 |
|
|
0.1 |
|
Amortization of intangible
assets |
|
1.2 |
|
|
1.1 |
|
|
1.0 |
|
|
1.0 |
|
Non-GAAP operating
margin |
|
10.0 |
% |
|
12.0 |
% |
|
16.0 |
% |
|
18.0 |
% |
|
|
|
|
|
|
|
|
|
Earnings Per
Share Reconciliation: |
|
|
|
|
|
|
|
|
GAAP net loss per
share |
|
$ |
(0.07 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
Stock-based compensation
expense |
|
0.20 |
|
|
0.20 |
|
|
|
|
|
Restructuring charges |
|
— |
|
|
0.01 |
|
|
|
|
|
Amortization of intangible
assets |
|
0.02 |
|
|
0.02 |
|
|
|
|
|
Income tax adjustment |
|
(0.06 |
) |
|
(0.07 |
) |
|
|
|
|
Non-GAAP net income per
share |
|
$ |
0.09 |
|
|
$ |
0.11 |
|
|
|
|
|
Investor Contact:
Renee Lyall
Infoblox
408.986.4748
rlyall@infoblox.com
Media Contact:
Mike Langberg
Infoblox
408.986.5697
mlangberg@infoblox.com
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