Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Tania Almond - IRO

Wayne Jackson - CEO

Todd Headley - CFO

Analysts

Jordan Roberts - Jefferies and Company

Jeff Meyers – Cobia Capital

Matt Andrejczak - RBC Capital Markets

Rob Owens - Pacific Crest

Sourcefire, Inc. (FIRE) Q4 2007 Earnings Call February 27, 2008 5:00 PM ET

Operator

Good day, ladies and gentlemen and welcome to the fourth quarter 2007 Sourcefire earnings conference call. My name is Fab and I will be your coordinator for today. At this time all participants are in listen-only mode. We will conduct the question-and-answer session towards the end of this conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the call over to Tania Almond, Investor Relations Officer with Sourcefire. Please proceed.

Tania Almond

Thank you, Fab. This is Tania Almond, Sourcefire's Investor Relation's Officer. I want to thank you for joining our fourth quarter and full year 2007 earnings conference call. Joining me today on the call is Wayne Jackson, Sourcefire's CEO, along with Todd Headley, our Chief Financial Officer.

Before we begin, I must remind you that statements made in this conference call and our public filings, releases and websites, which are not historical facts, maybe forward-looking statements that involve risks and uncertainties and are subject to change at any time. We caution investors that any forward-looking statements made by us are management's beliefs, based on currently available information, and should not be taken as a guarantee of future results or performance, which may differ materially as a result of a variety of factors discussed in our earnings release and our latest Form 10-Q filed with the Securities and Exchange Commission.

We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments. There is more complete information regarding forward-looking statements, risks and uncertainties in the Company's filings with the SEC available on our website.

In addition, we may discuss non-GAAP financial information on the call. This information is reconciled to comparable GAAP financial information in the earnings release. The full earnings release can be found on our website at www.sourcefire.com. An online replay of this call will be available on the Investor section of our website for at least 90 days.

With that, I will turn the call over to Wayne Jackson, Sourcefire's Chief Executive Officer.

Wayne Jackson

Thank you, Tania, and thank you for joining us for our yearend 2007 earning call. Before we discuss the business, I am sure you've all seen the other press releases that we sent out this afternoon, announcing my decision to step down as Chairman and CEO of Sourcefire after a very productive six years with the company. When I joined Sourcefire, we were a small venture back startup. Today, we are a strong public company that is well poised for future growth.

With this phase of the company's history complete, the board and I felt it an appropriate time to transition to new leadership that will take this company to the next level. The board has commenced the search process for my successor. And given the strength of the company, I am confident that we will be able to attract a world class executive, who will help Sourcefire continue to build the operational and execution capabilities we need to manage our continued growth and increase shareholder value.

I will continue to serve as CEO until that person is identified to assure a smooth transition. The board also announced today that in keeping with emerging best practices of corporate governance, it is decided to separate the rolls of CEO and Chairman, and has named director Joe Chinnici as non-Executive Chairman.

Turning to the business, this quarter's results and accomplishments underscore that Sourcefire is indeed on a strong path for the future and is ready for this transition. As we announced in our press release earlier today, we recorded our first full year of profitability on an adjusted basis and improved our cash flow from operations to $2.9 million, up from $2.1 million in 2006.

Total revenues for the 2007 were a record $56 million comfortably within guidance that we established back in May of 2007 of $55 million to $58 million, and 24% of our 2006 revenue, a growth rate of approximately twice that of the broader security industry. With gross profit for the year increasing 27% to $43 million or 77% of revenues compared to $34 million or 75% revenues in 2006, and we grew our total cash, cash equivalents and held to maturity investment to $107 million.

Fourth quarter revenues totaled more than $19.3 million. During the quarter, our sales force closed a record 44 six-figure transactions, 22 of which represent new Sourcefire 3D product customers and four of which were in excess of $500,000. In total, we added 70 new 3D product customers with 83 existing customers making repeated 3D product purchases.

Our international sales team continued to expand their reach while delivering revenues of $5.4 million this quarter, up from $3.1 million a year ago, or an increase of 74%. International sales, as a percent of total revenue this quarter were 28%, compared with 19% in the year ago period. During the quarter, we had financial service sector wins in the UK, France, Estonia and Southeast Asia. We also secured very important wins in other key sectors, including auto deal manufacturing and satellite communications.

For 2007, international sales reached an all-time high accounting for $14 million or 25% of total revenues compared with $8.3 million or 19% in 2006, an increase of 69%. We are very pleased with the pace of international expansion and I believe there remains a significant opportunity for continued growth in market share capturing. Our international channel initiatives continue to make progress with 41 partner driven transactions in EMEA, helping that region to its record fourth quarter.

In APLA, we continue to have 22 active channel partners several of whom are distributors covering a large number of resellers and strategic integrated partners in Brazil, China, Taiwan, Malaysia, Singapore, Indonesia and Australia. We continue to emphasize the importance of ongoing training with our channel partners in the fourth quarter, training 95 attendees from 54 channel partner companies on the latest releases of our products and services.

The quarter marked the fourth consecutive quarter of increased customer attraction in our OEM relationship with Nokia. Fourth quarter Nokia deals included a strategic transaction with a large US-based telecommunication services provider and numerous smaller transactions in regions across EMEA and APLA, many where Sourcefire does not yet have a presence.

In 2008, Nokia has initiated the process of refocusing doing enterprise sales force to more effectively sell security products which we, of course, view as a strong positive for continued growth in the relationship.

For the full year of 2007, revenues from our OEM channel partners; Nokia and Nortel combined totaled $2 million, which was inline with what we had forecasted at the beginning of the year. For 2008, we believe we can grow this contribution to $3.2 million or increase of 60%. Also in the fourth quarter, Sourcefire signed a worldwide agreement with Symantec, enabling Symantec to feature Sourcefire's IPS solutions as an integrated part of Symantec Managed Security Services. This bundled offering allows Symantec customers to leverage operating budget in the procurement of our leading IPS functionality, while preserving the existing agreements and relationships that they already enjoy with Symantec Managed Security Services.

We are thrilled with this new relationship and look forward to sharing with you the progress that we are already seeing on our next quarterly call. Sourcefire continued to expand the Crossbeam relationship. In the fourth quarter, Sourcefire recorded its largest volume of new orders for products on Crossbeam hardware since we started the relationship in 2005. Crossbeam has made changes in their sales force and their go-to-market strategy, which has resulted in Sourcefire winning important new strategic accounts. We are very encouraged by these changes and results.

In the federal sector, 2007 revenues were $6.2 million or 11% of total revenues versus 2006 revenues of $5.1 million or an increase of 22% year-over-year. For the fourth quarter, revenues totaled $1.7 million compared to $1.3 million in 2006, an increase of 31%. While we remain somewhat guarded about the defense sector based on concerns about war related spending priorities, we do see overall sector improvements and view the passage of a 2008 federal budget as a positive sign as we continue to invest in this important market sector.

In the financial sector, reported fourth quarter remains strong with several sector related transactions on par with our expectations. Sourcefire is proud to serve more than a dozen of the world's largest global financial institutions, helping them to secure their vital electronic information including customer records, financial transactions, financial records, and other sensitive operational data.

While we remain guarded about the timing of 2008 transactions in the sector with both existing and new customers, we are actively working a number of compelling opportunities in that area. For the second consecutive year, Gartner has positioned Sourcefire in the Leaders Quadrant of the Magic Quadrant for Network Intrusion Prevention System Appliances, first half 2008. This is a great affirmation of our commitment to the network security industry and our placement above all of our competitors on the vision access is I believe a testament to our best of bread top product innovation.

Our most recent product introductions, the 10 gigabit 3D9800 Sensor enables users to protect their highest-performing 10 gigabit network segments with a Single PU appliance. Also designed to support the latest IPv6 deployments, the Sourcefire 3D Sensors provide uses the ability to prevent attacks in both native and tunneled IPv6 traffic. Response to this offering has been very strong with fourth quarter sales in excess of $1 million, a record for our Sourefire product in its first full quarter of launch.

Field performance has been similarly strong with zero warranty return and low overall support call rates. RUA, our Real-time User Awareness product launched in Q3 of 2007, is also seeing increasingly brisk uptick, while budget often takes sometime to materialize for a truly [Novell] solution such as RUA. We secured over 30 new customers for the product during second half of 2007, including AutoTrader to find the efficiency gains to the implementation of RUA, sufficiently high that they have worked with us to produce the case study, examining their experiences. That case study is available in the resources section of the Sourcefire website.

Our integration of the ClamAV project continues to proceed on plan with the launch of certified ClamAV before taking place on schedule in Q4 and the completion of Phase II, a commercial form of license for OEM and other vendors, who integrate ClamAV on track for roll out in the first half of 2008.

In terms of our financial guidance for the first quarter of 2008, we are establishing revenue guidance in the range of $12 million to $12.5 million, which will represent annual growth of 15% to 20%. Basic net loss per share is expected to be in the range of $0.18 to $0.15 and adjusted net loss per share in the range of $0.14 to $0.11. It is important to note that subsequent to the first quarter of last year, we have met or exceeded all of the guidance ranges both quarterly and annual that we have provided during our quarterly earnings call.

Regarding our annual guidance, we remain generally comfortable with the current first call consensus revenue estimates of $67.3 million. There are prudent concerns about potential instability in the financial sector and weakness in the overall economy would for now place that at the higher end of our expectations for the business.

Regarding earnings, we like many companies are finding the general and administrative expenses associated with being a public company to be substantially higher than we originally planned and do not believe that those expenses are fully considered in the consensus expectations for profitability.

With that, I will hand the call over to Todd Headley, Sourcefire's Chief Financial Officer for a more detailed review of our performance in the fourth quarter. Todd?

Todd Headley

Thank you, Wayne. Starting with the statement of operations, in Q4 '07 we achieved $19.3 million in total revenues, which compares to $16.03 million in 4Q '06 or 20.9% increase. Total product revenues for 4Q '07 were approximately $13.2 million, up 11.8% from $11.8 million a year ago, primarily due to increased sales of our 3D systems.

Services revenues in 4Q '07 totaled $6.1 million compared with $4.2 million in the year ago period or an increase of 46.8%. The increase in service revenue was due primarily to the fact that our support services are being provided to a larger installed customer base comprised of new customers as well as existing customers, who have renewed their maintenance subscriptions.

In the fourth quarter of 2007, our revenue composition by business distribution yielded 39% from existing customer product sales, 30% from new customer product sales, 27% from reoccurring support services and 4% from professional services and training. This compares with 36%, 38%, 23% and 3% respectively in the year ago period.

Turning to cost of revenue, total cost of product revenue in 4Q '07, was approximately $3.7 million, which compares at about $3.5 million in 4Q '06. The increase in product cost of revenue was primarily due to higher volume demand for our sensor products for which we must procure and provide the hardware platform for our customers. In 4Q '07, our product gross margin was 71.9% compared to 70.3% in the year-ago period.

Cost of services revenue in 4Q '07 was approximately $1.1 million, which compared with approximately $600,000 last year. This increase was primarily due to our hiring of additional personnel to both service our larger installed customer base and provide training professional services to our customers as well as the kick off of a broader global advanced replacement program to better support our international customers.

The service margin in 4Q '07 was 82.3% down slightly from 85.1% in the year ago period due to these initiatives. Total blended gross margin in 4Q '07 was 75.2% compared to 74.2% in the year ago period, reflecting operating efficiencies and delivering an increased amount of revenues.

Looking at the operating expenses, research and development increased to $3.8 million in 4Q '07 versus $2.3 million in 4Q '06 and increased as a percentage of revenues to 19.8% from 14.2%. This increase is primarily due to hiring additional personnel as we continue to invest in product innovation to support the availability of new products, like our 10 gigabit 3D9800 Sensor as well as the continued enhancements of our other 3D products.

Sales and marketing totaled $7.3 million in 4Q '07 up from $6.1 million in 4Q '06 and as a percentage of revenue totaled 37.7% compared to 38.4% last year. The increase in the amount of sales and marketing expenses was primarily due to hiring additional international sales personnel, stock-based compensation charges and advertising and promotional expenses in support of our network security solutions.

General and administrative expenses were $3.3 million in 4Q '07, compared with $1.4 million in the year ago period. As a percentage of revenues, G&A was 17.1% in 4Q '07, compared with 8.9% in 4Q '06. The marked increase in G&A expense is reflective of the continued and necessary investment in our public company infrastructure and was primarily due to an increase in payroll and benefits for additional finance, IT, human resource and legal personnel, audit, tax and regulatory compliance costs, board of director compensation, stock-based compensation charges and premiums for our D&O insurance coverage.

As per 2008, we will incur on an absolute dollar basis more expenses in all operating categories, most significantly in G&A due to the continued expansion of our board of directors, the full effect of external costs for testing of our full 404 SOX Compliance. The implementation of an ERP system and the expansion of our finance and legal staff to meet the growing obligation of public filings, tax planning, and international expansion.

Total operating expenses for 4Q '07 were $14.9 million, which compares to $10.2 million in 4Q '06, an increase of 46.1%. Operating loss in 4Q '07 was $365,000 compared with operating income of $1.7 million in 4Q '06. The company's GAAP net income was $808,000 in 4Q '07, compared with GAAP net income of $2 million in 4Q '06. In 4Q '07 net income attributable to common stockholders for basic share was $0.03, compared with $0.25 per share in 4Q '06.

The basic average shares outstanding in 4Q'06 are a pre-IPO level of $3.5 million compared to $24.6 million in the 4Q '07. Included in GAAP net income for 4Q '07 was a non-cash stock-based compensation charge of $736,000 compared to a charge of $525,000 in the prior year period. Also, included in 4Q '07 within research and development is a $1 million payment that was made for additional source code pursuant to the ClamAV acquisition agreement.

Excluding non-cash stock-based compensation expense, the charge for additional source code pursuant to ClamAV acquisition and amortization of acquired intangible assets, our adjusted net income for 4Q'07 was $2.6 million or $0.10 per basis share on 24.6 million shares outstanding. This compares to an adjusted net income of $2.5 million or $0.72 per share in the 4Q'06 on only $3.5 million shares outstanding.

The charge for stock-based compensation expense was $2.6 million in 2007. In 2008, we anticipate the range to be $3.6 million to $3.8 million. As of December 31, 2007, total cash, cash equivalents and held to maturity investments totaled $107 million. As such we believe that Sourcefire is adequately capitalized and ready to execute the strategic initiative noted by Wayne.

On a side note, given all the market attention to potential impairment in the caring value of investments, I think it is relevant to note that we performed a detailed quarterly review of our investments, their quality, their performance and the level of risk of those assets. During 2007 and through today, all maturities of these investments have occurred at their full par value. Additionally, our regular quarterly review revealed that we do not have any unduly or high risk assets in our current portfolio nor are any of those assets impaired.

With that, I will turn the call back over to Wayne.

Wayne Jackson

Thank you, Todd. In closing, we are very pleased with our performance in 2007. It was a very busy year for Sourcefire. We completed the initial public offering, we rolled out our Enterprise Threat Management strategy, introduced a number of leading edge products to support that strategy, won numerous awards and accolades for our innovation in industry leadership by customers, media and industry analyst alike. We added 100s of new customers, attracted and hired 58 people further enhancing our best of class workforce, and we made our first acquisition.

Overall, we feel we had a very productive year and look forward to the continuation of this business momentum into 2008 and beyond. I am incredibly proud of all that we've been able to accomplish this year and throughout my time in Sourcefire. I want to thank you for your support and hope you share in my enthusiasm for the next stage of this company's history.

Operator, we would now like to open it up for any questions.

Question-and-Answer session

Operator

Thank you. (Operator Instructions). And your first question comes from the line of Katherine Egbert from Jefferies and Company. Please proceed.

Jordan Roberts - Jefferies and Company

Hi. This is actually Jordan Roberts in for Katherine. How are you guys doing?

Wayne Jackson

Good. Hi, Jordan

Jordan Roberts - Jefferies and Company

Hi. I just wanted to know how has the quarter been so far.

Wayne Jackson

It's been tracking very well actually. It's safe to characterize the first two months of the quarter is being ahead of our historical records. So while we always remain guarded with roughly half of the quarter to go given our historical trajectory, things are looking strong. But, again, we're trying to be very conservative given the announcement for today and the general [release] with the current economy.

Jordan Roberts - Jefferies and Company

Yeah. I mean, are you giving the sense that customer budgets are in pretty good shape, I mean just [quite honest] in the world out there?

Todd Headley

You know as I mentioned especially regarding the financial sector, we remain guarded about it. We have to be sure seeing one or two transactions slip into subsequent quarters but I think generally speaking things look in line with our historical norms.

Jordan Roberts - Jefferies and Company

Okay. ClamAV, can you guys give any color any sort of revenue we can expect in this year?

Wayne Jackson

We aren't disclosing that specifically but we certainly do expect some revenue contribution from some of ClamAV acquisition. And as I mentioned in the earnings scripts our rollout is disclosed sometime ago is almost exactly on plan.

Jordan Roberts - Jefferies and Company

Okay. I mean would you expect a few material or I mean you [deny wanting to get] into that?

Wayne Jackson

(inaudible) but it is baked into the broad guidance line that we provided earlier.

Jordan Roberts - Jefferies and Company

Okay. Last question, I mean you overlooked kind of quickly, you're talking about new international sales initiatives sort of refocusing or reorganization you talk to that?

Wayne Jackson

No. I think you're talking about -- or referring to Nokia, who is reorganizing their force especially it relates to their security practice. We continue to expand our international footprint, this has been discussed on the last several earnings calls, and expected to continue to do so.

Jordan Roberts - Jefferies and Company

Okay, thank you.

Operator

Your next question comes from the line of Jeff Meyers from Cobia Capital.

Jeff Meyers – Cobia Capital

Okay, thanks. I just curious, I guess there was a big increase in deferred revenue this quarter, what was behind that, was that product, was that maintenance, what say is the historical norm on that?

Todd Headley

It's a Todd Headley. We anticipate the deferred revenue balance growing on year-over-year basis. The predominant portion of that is for, our maintenance and support contract, which typically have a one-year life sometimes two or three. And so, the bulk of the deferred revenue is billing and prepayment of those. For existing customers who renew, as well as, for recent customer wins that add to that balance. There is a little bit of product in there, but we don't actually make the split out.

Jeff Meyers – Cobia Capital

Got it, I guess you guys say qualitatively there are more products in there now and has been in the past?

Todd Headley

It is qualitatively slightly more than the year ago period, but in any given period we have a little bit of product revenue in deferred, our revenue recognition traditionally happens, when we deliver the product to the customer and with our outsource manufacturing process, we're able to typically achieve that with all our orders that close within the quarter there are a few that don't make it through that revenue recognition.

Jeff Meyers – Cobia Capital

Got it, okay. Thanks.

Operator

(Operator Instructions) And your next question comes from the line of Robert Breza from RBC Capital Markets.

Matt Andrejczak - RBC Capital Markets

Hi guys. This is actually Matt sitting in for Rob. How are you?

Wayne Jackson

Hi Matt. How are you?

Todd Headley

Hi, Matt.

Matt Andrejczak - RBC Capital Markets

Good. Couple of questions, the sales force, can you give us an idea I guess where you had currently in terms of headcount and has there been any turn over there that sort of out of the norm from a Q4 perspective?

Wayne Jackson

Matt, if you take a look at our combined sales and marketing is about 103 people. If you look at just sales only it's about 89. I would describe about half of that our quarter caring people that are in various territories both in the US and internationally. From the beginning of the year that's up from a number that was about in the mid-70s. So, we have added about net 14 or 15 spots in sales and that would be kind of half and half quarter carrying and non-quarter carrying like sales engineers, who support our field operations.

Matt Andrejczak - RBC Capital Markets

And you talked about higher absolute dollar cost for the year -- for 2008, what are your assumptions in there for growing the headcount of the sales force?

Wayne Jackson

Well, the continued answer to your first question from a turnover standpoint we do have sort of natural attrition that takes place sort of an order of magnitude of about 15% that we have seen in the sales force. And in terms of growing the company during a calendar year of 2008, we are making the same relative assumptions just from a natural attrition standpoint, but we expect net additions to our sales force, if you look at it as from a year - in about a year.

Matt Andrejczak - RBC Capital Markets

Okay.

Wayne Jackson

First that would be international.

Matt Andrejczak - RBC Capital Markets

Okay. Then on the 10-gig box, did I hear that right that was a $1 million in the quarter?

Todd Headley

It was an excess of $1 million, yes.

Matt Andrejczak - RBC Capital Markets

In excess. What are your thoughts to make sure that we do talk about channel reps and that's a product that we continue to hear good things about just in general that sort of box across vendors. What's your I guess your thought on the competitive standpoint, and then sort of your assumptions for '08 for that product?

Todd Headley

We are making any specific assumptions about the products in terms of revenue contribution. But I will tell you that we monitor the pipeline for it very closely and are very pleased with the rate of growth and what appears to be early demand for that segment of our product.

I agree with you, that it is very well positioned competitively to the best of my knowledge the only through 10-gig solution that's out there functional and working. And I think given the trends that include data centers consolidation and the need to monitor internal networks segments. I think we're very well position with that product.

Wayne Jackson

Matt, I'd add that historically speaking drivers for the growth in our product revenues over the years has been driven primarily by new product offerings like RNA, RUA and now the 10 gig box.

Matt Andrejczak - RBC Capital Markets

Okay, one final question. Thanks to the cash flow this quarter and obviously you guys have over $100 million in cash. Can you give a sense of, I know we've talked in the past on M&A and obviously ClamAV fit in there, but can you give us a sense as far as what you maybe looking for in '08 in terms of gaps to be filled on more general terms? Thank you.

Todd Headley

I think our primary focus for the year is to continue to execute very efficiently and effectively as a business, as an organic business. But as we mentioned on the IPO road show an almost a year ago, we'll continue to look for easily integrated assets to have the potential to be strongly accretive and have an open-source component. So, we'll continue to look for those kinds of opportunities.

Operator

Your next question comes from the line of Rob Owens from Pacific Crest.

Rob Owens - Pacific Crest

Yeah. Good afternoon, everyone. Can you give us a little more color on what you're seeing in the federal space right now? I know you disclosed the number for the quarter, but seemingly there is growing initiative within the government around cyber security and I'm just curious, kind of what the tone is and what you guys are seeing?. Thanks.

Todd Headley

Without sounding overly bullish, it appears that the federal sector is returning to some degree of normalcy, which gives us a great of, I guess, relief for lack of a better description. And it's worth noting that I think it's well timed. We've been investing as we talked on prior calls. In our federal go-to-markets team, we've nearly doubled that -- the size of that team over the last few and a half. And so, I think the timing of the relief in the new federal budget and our ability to serve the federal sector has the potential to bode very well for us this year.

Rob Owens - Pacific Crest

How large specifically is your Federal team and where do you keep partnerships in that go-to-market front? Thanks.

Todd Headley

The federal team is fix and in deference to the number of partners that we have in that sector. I'll not name any single one, but a number of very important partners, many of whom I am sure you would assume.

Rob Owens - Pacific Crest

Thank you.

Operator

That does conclude our Q&A session for today. I would now like to turn the call back over to Tania Almond for closing remarks.

Tania Almond

Okay. Great. Since there are no further questions, we would like to thank everyone for continued interest and support of Sourcefire and look forward to speaking with you again next quarter. Thank you.

Operator

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a wonderful day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Sourcefire Incorporated Q4 2007 Earnings Call Transcript
This Transcript
All Transcripts