Product revenue (56% of total) rose 39% Y/Y in FQ3 vs. 30% in FQ2. Services revenue (boosted by cloud security subscriptions) rose 64% vs. 74%.
Gross margin rose 80 bps Q/Q and 200 bps Y/Y to 76.1%. Sales/marketing spend remains torrid, growing to 47.2% of revenue from 45% a year ago. Total opex was 67% of revenue vs. 65.6%.
Billings totaled $193.9M (well above revenue of $150.7M), and free cash flow was $28.4M (above net income of $8.7M).