Imperva, Inc. (NYSE:IMPV) is a developer of security software solutions. Their primary software solution is a web application firewall or WAF. A web application firewall adds an extra layer of protection behind a traditional firewall. The WAF monitors activity at the application level rather than the network level. The WAF market has been growing fast which has translated into rapid revenue growth for Imperva. From 2009-2013, Imperva's revenue grew at a CAGR of 36.8%. Operating expenses grew slower than revenue at a CAGR of 33.4% during the same period. Yet in 2013, operating expenses grew 49.3% y/y which was significantly faster than revenue growth of 32.2% y/y. This has resulted in the company incurring an operating loss of...
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