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Executives

Tania Almond - IR Officer

Wayne Jackson - CEO

Todd Headley - CFO

Analysts

Chris Crowe - Pacific Crest Securities

Matt Hedberg - RBC

Eric Bukovinsky - Jefferies & Company

Israel Hernandez - Lehman Brothers

Sourcefire Inc. (FIRE) Q1 2008 Earnings Call May 1, 2008 5:00 PM ET

Operator

Good day, ladies and gentlemen and welcome to the Sourcefire's first quarter for 2008 Earnings Call. My name is Jahaida and I will be your coordinator for today. (Operator Instructions)

I would now like to turn the presentation over to your host for today's call, Ms. Tania Almond, Investor Relations Officer. Please proceed.

Tania Almond

Thank you, Jahaida. This is Tania Almond, Sourcefire's Investor Relations Officer. I want to thank you for joining our first quarter 2008 earnings conference call. Joining me today on the call is Wayne Jackson, Sourcefire's Chief Executive Officer, 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-K 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 investors section of our website for at least 90 days.

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

Wayne Jackson

Thank you, Tania, and thank you for joining us for our first quarter 2008 earnings call.

I will start with the brief review of the quarterly results, highlight some of our accomplishments in the first quarter, provide an update on trends in the business and provide our financial guidance for the second quarter of 2008.

As we announced in our press release earlier today, total revenues for the first quarter of 2008 were $13.7 million, 31% above first quarter 2007 revenues, a growth rate more than twice that of the broader security industry. With gross profit increasing 30% to $10.6 million, or 78% of revenues, compared to $8.2 million, or 78% of revenues, in the first quarter of 2007 and positive cash from operations of $1.84 million.

During the quarter, our sales force closed 20 six-figure transactions, eight of which represent new Sourcefire 3D product customers and three of which were in excess of 500,000. Overall, we added 56 new 3D product customers and 67 existing customers may repeat 3D product purchases.

Our international sales teams continue to expand their reach, while delivering revenues of $4.1 million this quarter, up from $2.8 million a year ago, or an increase of 46%. Our international business provided 30% of total revenue this quarter, compared with 27% in the year ago period.

Since the beginning of the year, we have added quota-carrying headcount in Holland, Germany and Australia. Our international channel initiatives continue to make progress in the first quarter. In Japan, we closed our first 10-gig opportunity in the telecommunications vertical. In India, we established our first reseller partnership, signing a key security systems integrator based in Mumbai.

In EMEA, we recruited a distributor for the Middle East and signed an additional 23 new partners. We also continued to emphasis the importance of ongoing training with our existing channel partners, both domestic and international, training 133 individual partner contacts across 75 partner companies in the first quarter on the latest enhancements to our products and services.

The quarter marked the fifth consecutive quarter of increased customer traction in our OEM relationship with Nokia and it was their largest revenue quarter to-date. With Nokia's recently, formed security focus sales force, we are seeing a substantial increase in field activity that we believe will drive continued growth through the remainder of the year and beyond. We also shared good space with Nokia at the RSA Conference. This quarter supporting the launch of their new platform, the IP2450 an appliance that features 10-gigabit connectivity and up to 4 gigabits of inspection throughput.

For the first quarter 2008, revenues from our OEM channel partners totaled nearly half of their total revenue contribution for all of 2007. This result is due in part to the timing of their OEM sales of reporting, meaning that their year-end sales are recorded in our Q1. For the full year 2008, we are expecting OEM sales to grow by over 50%. However, sequentially, we may experience a dip in Q2, as their sales cycle follows expected seasonality trends.

As I mentioned on our last call, Sourcefire signed a worldwide agreement with Symantec, enabling them to feature Sourcefire's IPS solutions as an integrated part of Symantec Managed Security Services.

This bundled offering allows Symantec customers to leverage operating expense budgets in the procurement of our leading IPS functionality, while preserving their existing agreements and relationships that they already enjoy with Symantec Managed Security Services. Revenue from this partnership will be recognized on a subscription basis.

In the first quarter, Symantec went through the process of launching this service worldwide and I am pleased to report that we have already received our first joint order. We also see significant pipeline activity for Q2 and beyond.

Our partnership with Crossbeam continues to benefit from investment on both the sales and engineering fronts. This quarter, our product development and certification initiatives will allow our joint customers to leverage the full performance of Crossbeam's next generation hardware platform, doubling the Sourcefire application performance on Crossbeam's application blades and providing support for Crossbeam's new 10-gigabit network uplink module. In Q3 of this year, we expect to bring the full adaptive IPS capabilities targeted for Sourcefire's next major release to the Crossbeam next generation platform.

Federal sector performance, as anticipated, showed marked improvement over Q1 2007, with revenues of $1.1 million, or 8% of total revenues, versus the year ago period revenues of $725,000, an increase of 49% year-over-year.

While some concerns linger regarding the predictability of defense spending, we do anticipate continued overall sector improvements for the remainder of the year. The financial sector also remained a solid contributor to our first quarter results. And we are actively cultivating a number of compelling opportunities. We do, however, remain appropriately guarded about the timing of financial sector transactions due to potential budgetary cuts and related purchase deferrals, as sector continues to work through the effects of the credit crunch.

On the product front, we recently announced our forthcoming release. The Sourcefire 3D System version 4.8. Version 4.8 represents a continuation of the Sourcefire tradition of delivering innovative solutions that improve security while reducing the burden of administrative overhead. Among the 4.8 advances is a new customizable role-based Dashboard interface that provides users with an easy-to-use portal-like experience for monitoring security and compliance events.

4.8 also features revolutionary adaptive traffic profile inspection technology that solves one of the longest-standing challenges to the intrusion prevention industry, defeating hacker of Asian techniques that can obfuscate threats and other malicious network activity.

Features in 4.8 that we believe particularly attractive to our channels partners, include enhanced non-standard port handling that automatically configures node to monitor traffic on non-standard ports, preconfigured rule packages that virtually eliminate the tuning process for many network configurations and options to fully automate the process of downloading, importing and applying snort rule update.

Of course, there are hosts of other new features that will be delivered in version 4.8. And I would encourage you to review our recent press release and of course the Sourcefire website. The Sourcefire 3D System 4.8 will be available in the third quarter of this year.

In terms of our financial guidance, for the second quarter of 2008, we are establishing revenue guidance in the range of $13.7 million to $14.7 million, which will represent annual growth of 22% to 31%. Basic net loss per share is expected to be in the range of $0.09 to $0.13 and adjusted net loss per share is expected to be in the range of $0.05 to $0.09.

Regarding our annual guidance we are comfortable with the current coverage ranges for both revenue and as adjusted earnings per share.

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

Todd Headley

Thank you, Wayne. Starting with the statement of operations, in the first quarter of 2008, we achieved $13.7 million in total revenues, which compares to $10.5 million in the first quarter of 2007 or a 30.6% increase. Total product revenues for 1Q '08 were approximately $6.9 million, up 21.3% from $5.7 million a year ago, primarily due to increased sales of our enterprise class 3D products.

Services revenue in 1Q '08, totaled $6.8 million, compared with $4.8 million in the year ago period, or an increase 41.5%. 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 both new customers and existing customers, who have renewed their maintenance subscriptions.

In the first quarter of 2008, our revenue composition by business distribution yielded 30% from existing customer product sales, 25% from new customer product sales, 39% from reoccurring support services and 6% from professional services and training. This compares with 30%, 24%, 40% and 6% respectively in the year ago period.

Additionally, our revenue distribution yielded 49% from resellers and partners and 51% that we took directly.

Turning to cost of revenue, total product cost of revenue in 1Q '08 was approximately $2 million, which compares with about $1.6 million in 1Q '07. 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 1Q '08 our product gross margin was 70.9% compared to 72.5% in the year ago period.

Cost of service revenue in 1Q '08 was approximately $1 million, which compares with approximately $700,000 last year. This increase was attributable to increased hardware replacement and repair service expense and our hiring of additional personnel to both service our larger installed customer base and to provide training and professional services.

The service margin in 1Q '08 was 84.7% versus 84.8% in the year ago period. Total blended gross margin in 1Q '08 was 77.9% compared to 78.2% in 1Q '07, were essentially flat between the quarters. Internally, we emphasis our gross margin result as a key barometer of our business.

Looking at operating expenses, research and development increased to $3.1 million in 1Q '08 versus $2.5 million in 1Q '07, and decreased as a percentage of revenue from 22.8% from 23.9%. The increase in the amount of research and development is primarily due to the hiring of additional personnel including the ClamAV team, which came on board in August of 2007. We are continuing to invest in product innovation to support the availability of new products like our 10 Gig IPS, as well as continue the enhancements to our other 3D products.

Sales and marketing totaled $7.2 million in 1Q '08, up from $5.9 million in 1Q '07 and as a percentage of revenue, totaled 53% compared to 56.9% last year. The increase in the amount of sales and marketing expenses was primarily due to the hiring of additional international sales personnel, additional variable compensation due to the achievement of a higher sales volume, stock-based compensation charges and the advertising and promotional expenses and support of our network security solutions. The decrease in sales and marketing as a percentage of total revenue is a sign that our sales model continues to get more efficient.

General and administrative expenses were $4.4 million in 1Q '08 compared to $2.3 million in the year ago period. As a percentage of revenues G&A was 32.3% in 1Q '08 compared with 22.3% in 1Q '07. In 1Q '08 G&A included a one time charge of $316,000 associated with Wayne's eventual separation from the company. Additionally in the quarter, we spent approximately $250,000 for corporate development activities. Given our cash balance and our previous commentary of being a company on the look-out for smaller size, strategic acquisitions, we have filtered an increasing amount of opportunities from smaller companies in the security marketplace that are looking for buyers.

The increase in G&A expense outside of these two items 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 that increased significantly effective with our March 2007 IPO.

Looking at all our operating expenses for 2008 we will incur on an absolute dollar amount basis more expenses in all categories, most significantly in G&A due to the expansion of our Board of Directors, the full effect of external cost for documentation and testing of our 404 SOX compliance, the implementation of an ERP system and the expansion of our finance and legal staff to meet the growing obligations of a public company and its filings, tax planning and our international expansion.

Total operating expenses for 1Q '08 were $15.3 million, which compares to $11.1 million in 1Q '07, an increase of 36.9%. The increase in 1Q '08 revenues was offset by the increase in our operating expenses resulting in 1Q '08 operating loss of $4.6 million. This compares with an operating loss of $3.0 million in 1Q '07. The company's GAAP net loss was $3.5 million in 1Q '08, compared with a GAAP net loss of $2.5 million in 1Q '07. In 1Q '08 net loss attributable to common stockholders per share was $0.14, compared with $0.39 per share in 1Q '07.

The average shares outstanding in 1Q '08 were $24.8 million compared to a blended figure of only $8.6 million in 1Q '07 due to the timing of our March 9, 2007 IPO. Included in GAAP net income for 1Q '08 was a non-cash stock based compensation charge of $922,000 compared to a charge of $524,000 in the prior year period. Excluding non-cash stock based compensation expense and the CEO severance expense I mentioned earlier of $316,000. Our adjusted net loss for 1Q '08 was $2.3 million or a loss of $0.09 per share on 24.8 million shares. This compares to an adjusted net loss of $2 million or a loss of $0.23 pre share in 1Q '07 on only 8.6 million shares outstanding.

For 2008, we are increasing the range of anticipated stock-based compensation expense to be $4.3 million to $4.5 million. This now includes approximately $500,000 to $550,000 for a one-time charge we will record when Wayne completes the transitional duties under his separation agreement. Since the completion of these duties is dependant on his continued service until a successor is found, at this time we cannot predict the quarter in which this expense will be recorded.

For the second quarter of 2008, we are anticipating stock-based compensation expense, excluding any charges for Wayne separation to be in the range of $950,000 to $1,050,000. As of March 31 2008, total cash, cash equivalents and investments totaled $108 million. As such we believe that Sourcefire is adequately capitalized and ready to execute our strategic initiatives.

Given the continued market attention to potential impairment in the carrying value of investments, I think it is relevant to note again on this call that we performed ongoing, detailed assessments of our investments, their quality, their performance and the level of risk inherent in those assets. Our regular investments reviews have provided us with the comfort that we do not have any impaired or high risk assets in our current portfolio.

In the first quarter of 2008 and through today all maturities of our investments have occurred at their full of our investments have occurred at their full par values. Historically, we have held investments to their full maturity. However during the quarter we felt certain investments prior to their maturity that had declined below our internal risk tolerance standards.

We received a value on these investments that exceeded their original cost, in response to the current investment environment and our primary treasury objective of capital preservation. During the quarter we changed the accounting for our investments by adopting statement of Financial Accounting Standard 157, fair value measurements for financial assets and liabilities. In adopting this accounting we wrote-up the value of our investments by approximately $300,000 as of March 31, 2008.

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

Wayne Jackson

Thanks Todd. In closing, I wanted to provide a brief update on the search for my replacement. Shortly after our last earnings call, the Board of Directors engaged an executive search firm to complete a nationwide search. The results of that search yielded a number of compelling and highly qualified candidates. The process is progressing well and the senior management team is actively participating in evaluation of those candidates.

At this point there is nothing further to add, other than I remain very focused on running the business. I believe we had a very strong first quarter to start this fiscal year and have gotten off to a solid start to the second quarter. This performance continues to build on our fundamentally solid business foundation and will provide a platform for the new CEO to take Sourcefire to the next level.

With that, operator we would now like to open up for any questions.

Question-and-Answer Session

Operator

(Operator Instructions). And your first question comes from the line of Rob Owens with Pacific Crest Securities. Please proceed.

Chris Crowe - Pacific Crest Securities

Good afternoon guys. This is Chris Crowe filling in for Rob.

Wayne Jackson

Hey Rob, how are you?

Chris Crowe - Pacific Crest Securities

Good, this Chris.

Wayne Jackson

Oh, sorry.

Chris Crowe - Pacific Crest Securities

No, no worries I am filling in for him. Quick question I know you guys talked about the revenue from the Federal government. I was just wondering if you can give us some more color, kind of see where it's going in the future?

Todd Headley

Really only -- we see the return of the kind of price line as a ratio of our overall business that we saw before the budget crisis that we saw after '06 and '07. In meeting with our Federal teams and the broader sales management, I think they feel very good about things. I can't point to anyone huge deal out there, that's really moving the needle it's just a return kind of normal flow of business that we had enjoyed in earlier years.

Chris Crowe - Pacific Crest Securities

Right, and if I am remembering correctly you guys were increasing headcount in the sales team as well?

Todd Headley

We have indeed.

Chris Crowe - Pacific Crest Securities

Yeah. Do you have an idea how many guys are in there?

Wayne Jackson

Its seven, are they quota-carriers.

Todd Headley

Not all quota-carrying, there are seven individuals in the Federal sales team, including sales engineering as well as an overlay for channel development with a lot of the large integrators.

Chris Crowe - Pacific Crest Securities

Okay. Perfect thanks a lot.

Operator

Your next question comes from the line of Rob Breza with RBC. Please proceed.

Matt Hedberg - RBC

Good afternoon guys, this is actually Matt Hedberg in for Rob. How are you?

Wayne Jackson

Hey Matt.

Todd Headley

Hey Matt.

Matt Hedberg - RBC

First of all good quarter, guys in obviously a challenging environment. I guess from a competitive standpoint, there is other, I wouldn't say direct competitors, but smaller security minors out there who have struggled this quarter. I mean, what have you guys seen that's different than everybody else, and what sort of gives you the confidence now at this point in phase, so everything else?

Wayne Jackson

It's heard to speak to why others might be struggling. I indicated on the last earnings call that we were already seeing a strong Q1, and other than pointing to just a fundamentally sound set of products, a great team, in terms of marketing execution, software and hardware that works as advertised, I just think, we are executing well.

And in terms of competition, I think we are benefiting a little bit from some of the challenges that you can imagine some of our competitors are facing. I won't comment on any specifically, but clearly the landscape has changed in our category.

And I think in fact that we remained very focused and dedicated company concentrating specifically and solely on network security has really helped us a great deal.

Todd Headley

Matt this is Todd. My additive to Wayne is that in this tougher macro-economic environment, you typically see customers migrate more to the bigger vendors that are more stable, that are going to be around for a while versus perhaps the start ups that have perhaps an interesting feature or product that they are not sure what the next couple of quarters is going to bring.

So if you think about our business and how well we have plan the enterprise, I think that's an actually that's an attribute that served us well in Q1.

Matt Hedberg - RBC

Great on the 10-gig box, you guys quantified at last quarter its about a $1 million. And it sounded like you had some good wins in the quarter in that space. Can you give us a sense sequentially how that product did?

Wayne Jackson

Sequentially, it was likely down some which all of products generally are from Q4 to Q1. But we see strong continued demand, the product is working well in the field. It was as were all of our enterprise class offering, significant contributors to our gross profitability and I see no reason not to think those will continue to grow as we move into second quarter and beyond.

Matt Hedberg - RBC

Perfect. Todd quick for you on the G&A side, you indicated all OpEx are going to be higher on an absolute dollar, specifically pointed you to G&A? Do you expect that to be looking out into Q2 and beyond at 3.7 this quarter?

Do you kind of expect is that even up from that level beyond as a run rate, or how should we think about G&A for the rest of the year?

Todd Headley

I think the number you just quoted is a pretty reasonable number for Q2. There were some one-time things that of course we talked about, Wayne specifically, that manifested in the figure for Q4. I don't think we are going to be sustaining in that level.

But I do, when you compare us to last year, and what we do in these calls obviously is compare on the year-over-year basis. We are clearly going to be higher than last year, just given the infrastructure we have built become public company that can do this reporting on timely basis, expand internationally and then take on the full brunt of being 404 SOX compliance.

So, I am speaking more of being up versus last year when we were just starting to grow some of that infrastructure and warrant required to be under 404, more so then heavy run rate based on anything else.

Matt Hedberg - RBC

Perfect. One final question, sort of a followed-up to an earlier question on headcount, I believe you existed last year at 240. Can you give us, what the total is Q1 and then maybe, I think you said seven quota-carrying in the federal space? Can you give us an idea of quota-carrying overall?

Todd Headley

Actually to correct, we don't have seven quota coming up, seven people total.

Matt Hedberg - RBC

Okay.

Todd Headley

Four of those would end up being quota-carrying and rest would be complimentary. We haven't given out number of quota-carrying personnel. What I can tell you with regard to the sales force at the end of Q1, we had 94 personnel that includes sales support, sale engineer, business development as well as quota-carriers.

And the number of quota-carriers is bit less than half that amount just in terms of ballparking without giving an exact figure, and the first question you had?

Matt Hedberg - RBC

What was the actual total headcount for Q1?

Todd Headley

Total headcount, actually it was 242 to end the quarter. We had little bit of attrition as you would expect typically in the first quarter of the year, more so on the sales side with people moving on that didn't quite have the productivity last year. So, that's kind of normal and expected. And we expect that to kind of normalize out through the remainder of the year.

Matt Hedberg - RBC

Perfect. Thanks a lot guys, great quarter.

Wayne Jackson

Thank you.

Operator

Your next question comes from the line of Eric Bukovinsky with Jefferies & Company. Please proceed.

Eric Bukovinsky - Jefferies & Company

Hi guys. Congratulations on the quarter. Thanks for taking my call.

Wayne Jackson

Thanks, Eric.

Todd Headley

Thanks, Eric.

Eric Bukovinsky - Jefferies & Company

I apologize here for the bit of generic question, but if you look across vector of deal size geographies. Through the quarter, did you guys notice anything particular about changes in sales cycles for customers?

Wayne Jackson

Not particularly. As I mentioned in the script, we are sort of waiting for the shooter drop in a couple of market like finance, but really not it was really a solid quarter across the board and generally, when we have this kind quarter, it's driven by one or two really large transactions and that just wasn't the case.

The thing that was very satisfying for me to see is that all of our operating units performed at a very high level. So, beyond that stronger federal sector our mid-market's team did much better than last year. Our east and west regions continued to perform extremely well and international continues to grow, but otherwise really no huge change.

Eric Bukovinsky - Jefferies & Company

Okay, great. Thank you. And so, looking over the Q2 guidance, looking at your guys is high-end in the number. It looks like you are looking for at the high-end of the range, 30% year-on-year growth. You also noted that there is going to be a bit of tough comp here quarter-on-quarter for OEM basis. Could you kind of walk me through where you think you are going to potentially get some upside to get up to that 30% growth rate?

Wayne Jackson

I wouldn't fairly describe Q2 as a top OEM quarter. It's just that our OEM quarters tend to lag by one quarter our core enterprise business. We based our expectations for the second quarter on a number of factors. The most specifically the very detailed analysis of pipeline and deal flow, and where we see very clear visibility in the service side of the business, what we have achieved already this quarter in terms of product sales and then of course the product revenues that were differed from Q1 into Q2.

So, as the business matures, we are getting better and better at understanding where our quarters are going to trend. And I think we are taking very thoughtful view.

Eric Bukovinsky - Jefferies & Company

Okay, great. That's all the questions I have. Thank you.

Wayne Jackson

Thanks.

Operator

(Operator Instructions). Your next question comes from the line of Israel Hernandez with Lehman Brothers. Please proceed.

Israel Hernandez - Lehman Brothers

Hey, guys. Can you give us an update on some of the ClamAV initiatives and go-to-market and where do we stand in terms of the product roadmap?

Wayne Jackson

I'll be happy to. As you know, we have released the first phase of that acquisition, which is a services offering for those who are implementing ClamAV in commercial environment. We actually just completed the court clean up which is the precursor to more structured offering for vendors who are embedding ClamAV in commercial offerings and they should expect more on that in the very near future.

And while we are not talking much publicly about our privatization plans for ClamAV, I believe that those are starting to [covalence] nicely, and we should be talking about that more on our next earnings call.

Israel Hernandez - Lehman Brothers

Okay, thank you.

Wayne Jackson

Sure.

Operator

At this time we don't have any more questions in queue. And I will like to turn the presentation back Ms. Almond for closing remarks.

Tania Almond

Okay, great. Since there are no further questions, we would like to thank everyone for your continued interest and support of Sourcefire, and we 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 and you may now disconnect.

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