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Yesterday, 4:35 PM
- FireEye (FEYE -3.3%) made fresh post-IPO lows today after posting nearly in-line Q4 results and providing a mixed bag of sales, EPS, and billings guidance. Several firms lowered their targets, but none downgraded.
- 2016 billings guidance of $975M-$1.055B implies ~20% Y/Y organic growth, in-line with FireEye's January remarks. On the earnings call (transcript), CFO Mike Barry stated recent acquisitions iSIGHT (threat intelligence) and Invotas (security orchestration/automation software) are expected to deliver 2016 billings of $60M-$65M between them. He also disclosed FireEye paid $30M for Invotas - $19M in cash and the rest in stock.
- The company asserts deal activity remains strong - 47 $1M+ transactions were closed in Q4 vs. 43 a year ago, with 85% of them featuring multiple products. Nonetheless, product (hardware/software) revenue fell 2% Y/Y. Product subscriptions (+56%), support (+57%, driven by past deals), and professional services (+60%, boosted by Mandiant) were stronger.
- Barry forecasts FireEye will "keep a good portion of our operating costs basically flat during 2016 as we move more resources to more high-growth areas." $70M-$80M in op. cash flow is expected in 2016. GAAP operating expense srose 20% Y/Y in Q4 to $245.1M, a slower growth rate than in recent quarters. $135.4M was spent on sales/marketing, $71.7M on R&D, and $38M on G&A.
- CEO Dave DeWalt insists FireEye's European sales team "bounced back very nicely" in Q4 following a rough Q3. "I feel like the organization's taking better shape. We have new leadership there."
- Oppenheimer's Shaul Eyal (Outperform rating, target cut by $4 to $35): "We remain attracted to FEYE given: 1. strength in recurring subscription and support billings (+~30% YoY); 2. improvement in EMEA/APAC; 3. an accelerated path to profitability; 4. eventual take-out candidate; and 5. compelling valuation levels of 1.5X EV/FY17 revenue."
- FireEye's results/guidance, earnings release
Thu, Feb. 11, 4:07 PM
- FireEye (NASDAQ:FEYE): EPS of -$0.36 beats by $0.01.
- Revenue of $184.8M (+29.2% Y/Y) misses by $0.5M. Revenue is in-line with FireEye's January pre-announcement.
- Expects Q1 revenue of $167M-$177M and EPS of -$0.49 to -$0.53 vs. a consensus of $167.9M and -$0.40.
- Expects 2016 revenue of $815M-$845M and EPS of -$1.25 to -$1.32 vs. a consensus of $815.6M and -$1.28.
- Expects 2016 billings of $975M-$1.055B vs. reported 2015 billings of $797.4M.
- Shares +0.7% after hours.
- Press Release
- Update (5:01PM ET): FireEye is now down 3.7% after hours.
- Update 2 (6:42PM ET): The see-saw continues: FireEye is now up 0.2% after hours.
Wed, Feb. 10, 5:35 PM
Wed, Jan. 20, 4:16 PM
- FireEye (NASDAQ:FEYE) now expects Q4 revenue of $184M-$185M vs. prior guidance of $182M-$190M and a $186.9M consensus. Billings are expected to total $256M-$257M vs. prior guidance of $240M-$260M.
- Op. cash flow is expected to be in the $7M-$9M range, yielding full-year op. cash flow of $35M-$37M.
- CEO Dave DeWalt on 2016: "While we will provide a more complete picture of our 2016 outlook when we release our full Q4 and 2015 financial results on February 11th, we expect we can grow billings organically by 20 percent and achieve positive free cash flow for 2016. At the same time, we will remain focused on continued progress on our path to profitability."
- With shares having tumbled below $15 in the wake of FireEye's November billings guidance cut and a market rout, investors are reacting positively to the pre-announcement. FireEye has risen to $15.72 in after hours trading.
Nov. 4, 2015, 4:18 PM
- In addition to missing Q3 revenue estimates (while beating on EPS), FireEye (NASDAQ:FEYE) is guiding for Q4 revenue of $182M-$190M, below a $200.8M consensus. EPS guidance of -$0.36 to -$0.38 is above a -$0.40 consensus.
- Q3 billings totaled $210.6M, +28% Y/Y but below guidance of $225M-$230M. Full-year billings guidance has been cut to $780M-$800M from $840M-$850M. Q4 billings guidance is at $240M-$260M.
- CFO Mike Berry: "The strength evident in our sales to new logo customers, our North American enterprise business and the Asia-Pacific region was partially offset by weakness in Europe. We believe this was due to a combination of macroeconomic factors, as well as the growing pains of a new organization."
- The deferred revenue balance rose 61% Y/Y in Q3 to $454.9M. Product revenue rose 24% Y/Y to $60.1M; subscription/services revenue rose 60% to $105.5M, with product subscription revenue growing 63% to $53.6M.
- Boosting EPS: GAAP operating expenses rose 14% Y/Y to $227M, a slower rate of growth than in prior quarters. $117.1M was spent on sales/marketing, $73.4M on R&D, and $36.5M on G&A. Non-GAAP op. margin was -32% vs. -64% a year ago, and is expected to be in a range of -28% to -31% in Q4.
- Palo Alto Networks (NYSE:PANW) is following FireEye lower. Deutsche and Piper had issued cautious notes on FireEye going into earnings; each firm voiced concerns about growing competition.
- Q3 results, PR
Nov. 4, 2015, 4:03 PM
- FireEye (NASDAQ:FEYE): Q3 EPS of -$0.37 beats by $0.08.
- Revenue of $165.62M (+45.0% Y/Y) misses by $1.51M.
Nov. 3, 2015, 5:35 PM
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Oct. 22, 2015, 5:56 PM
- Though Fortinet (NASDAQ:FTNT) beat Q3 estimates, it has guided in its earnings slides (.pdf) for Q4 revenue of $293M-$298M (+32% Y/Y at the midpoint) and EPS of $0.18-$0.19 vs. a consensus of $295.4M and $0.21. Expectations were high following July's strong results/guidance.
- Q3 billings totaled totaled $299.6M, +41% Y/Y, above revenue of $260.1M, and above guidance of $285M-$295M. Full-year billings guidance has been slightly upped to $1.215B-$1.22B (+36% at the midpoint) from $1.2B-$1.21B. At the midpoint, Q4 billings guidance of $364M-$369M implies a slowdown in growth to 30%.
- Billings growth led Q3 free cash flow to total $51.7M (well above net income of $24.1M), and the deferred revenue balance to rise 41% Y/Y to $706.9M.
- Fortinet has fallen to $37.95 after hours. Rival Palo Alto Networks (NYSE:PANW), which is also dealing with high expectations, is down 3.3%. FireEye (NASDAQ:FEYE) is down 2%, and CyberArk (NASDAQ:CYBR) down 1.8%.
- Fortinet's Q3 results, PR
Jul. 30, 2015, 4:20 PM
- Along with its Q2 results, FireEye (NASDAQ:FEYE) announces CFO Michael Sheridan is leaving to become the CFO of a private tech company in "an unrelated industry." Finance VP Frank Verdecanna will serve as interim CFO while the company looks for Sheridan's successor.
- FireEye's Q2 beat has been accompanied by guidance for Q3 revenue of $164M-$168M and EPS of -$0.44 to -$0.48 vs. a consensus of $164.3M and -$0.46, and full-year revenue of $630M-$645M and EPS of -$1.70 to -$1.80 vs. a consensus of $631.6M and -$1.80. However, expectations are much higher now than they were were to start the year (Tableau can relate).
- Q2 billings totaled $178.3M, +57% Y/Y, above guidance of $165M-$170M, and above revenue of $147.2M. Q3 billings guidance is at $225M-$230M, and full-year guidance has been hiked to $840M-$850M from $825M-$835M. Billings growth led the deferred revenue balance to rise 77% Y/Y to $409.9M.
- Shares have fallen to $45.85 AH.
- Q2 results, PR
Jul. 30, 2015, 4:07 PM
- FireEye (NASDAQ:FEYE): Q2 EPS of -$0.41 beats by $0.07.
- Revenue of $147.21M (+55.8% Y/Y) beats by $4.03M.
Jul. 29, 2015, 5:35 PM
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Jul. 22, 2015, 5:17 PM
- Fortinet (NASDAQ:FTNT) has followed up on its Q2 beat by guiding in its earnings slides (.pdf) for 2015 revenue of $1B-$1.01B and EPS of $0.51-$0.52. The latter (pressured by heavy spending) is only in-line with a $0.51 consensus, but the former is soundly above a $943M consensus.
- Likewise, Q3 guidance is for revenue of $255M-$260M and EPS of $0.12 vs. a consensus of $235.3M and $0.14.
- Q2 billings totaled $297.2M, +40% Y/Y, above guidance of $263M-$268M and well above revenue of $239.8M (+30%). Q3 billings guidance (possibly conservative, given Fortinet's history) is at $285M-$295M (+36%), and full-year guidance at $1.2B-$1.21B (+34%). Billings growth led the deferred revenue balance to rise 37% Y/Y to $657.6M.
- Shares have jumped to $46.50 AH. Security tech peers are also up: FireEye (NASDAQ:FEYE) +2.5%, Palo Alto Networks (NYSE:PANW) +1.4%, CyberArk (NASDAQ:CYBR) +1.7%. Check Point provided strong numbers earlier today.
- Fortinet's Q2 results, PR
May 8, 2015, 2:38 PM
- Security tech plays (HACK +2%) are doing quite well on an up day for equities after CyberArk (CYBR +9%) and Imperva's (IMPV +14.2%) Q1 reports provided more evidence corporate demand for IT security hardware, software, and services has grown strongly following a series of well-publicized hacks/breaches. Standouts (aside from CyberArk/Imperva) include FireEye (FEYE +3.4%), Vasco (VDSI +4.3%), and Zix (ZIXI +3.5%).
- CyberArk beat Q1 estimates on the back of a 119% Y/Y increase in license revenue, and provided strong Q2/2015 guidance. Oppenheimer has hiked its target by $5 to $70. "CYBR is benefiting from a toxic landscape where hackers are continuously zooming on the keys to the kingdom. Identity is becoming the new currency of the security landscape..."
- The firm also notes demand for CyberArk's full suite of privileged account/information protection software is growing relative to point products, and thinks the company has "limited competition." JPMorgan, though reiterating an Underweight, is pleased with growing $100K+ deal activity, and thinks the Anthem and Target breaches have respectively boosted demand from healthcare and retail firms.
- Imperva beat Q1 estimates while guiding for Q2 revenue of $47M-$49M and EPS of -$0.20 to -$0.24 (above a consensus of $46.5M and -$0.25), and full-year revenue of $202M-$207M and EPS of -$0.63 to -$0.77 (above a consensus of $199.4M and -$0.85).
- An 89% Y/Y increase in subscription revenue contributed to the cloud data-protection software vendor's Q1 beat, as did a 36% increase in $100K+ deals. Customer count rose by 150 to over 3,900, and the deferred revenue balance by 37% to $83.7M.
- Cybersecurity firms sold off on Tuesday after Qualys provided soft guidance. It rallied two weeks ago in response to Fortinet's numbers. FireEye and Vasco have also delivered Q1 beats and above-consensus guidance.
May 5, 2015, 10:32 AM
- Though Qualys (QLYS -28.8%) beat Q1 EPS estimates and only slightly missed on revenue, it's guiding for Q2 revenue of $39.5M-$40M and EPS of $0.09-$0.11, below a consensus of $40.7M and $0.13. Full-year guidance is for revenue of $165M-$166.5M and EPS of $0.50-$0.55 vs. a consensus of $168.4M and $0.53.
- Security tech peers are underperforming (HACK -2.9%) amid a 0.8% drop for the Nasdaq. Decliners include CyberArk (CYBR -3.6%), FireEye (FEYE -2.5%), Palo Alto Networks (PANW -2.9%), Proofpoint (PFPT -3.8%), and AVG (AVG -2.3%).
- Discussing its light full-year outlook, Qualys says it now expects "a lower growth rate for our Vulnerability Management business than we did at the beginning of 2015" The growth rate for other products is said to be unchanged.
- On the CC (transcript), Qualys noted Vulnerability Management (provides cloud-based tools for detecting and fixing IT vulnerabilities) still accounts for nearly 80% of revenue, and that business' Y/Y sales growth slipped to 19% in Q1 from 20% in Q4 thanks to "the timing of a few large enterprise deals." With shares up over 3x from their 52-week lows going into earnings, there was little margin for error.
- Baird has gone contrarian and upgraded Qualys to Outperform following the rout. Baird, which maintains a $50 target, sees new products/services will boost growth. Qualys launched a cloud-based IT asset monitoring service last month, as well as a service for securing Web apps.
- FireEye and CyberArk are giving back some of the big Friday gains seen following FireEye's Q1 beat and full-year guidance hike.
May 1, 2015, 2:00 PM
- At least 5 firms have hiked their FireEye (NASDAQ:FEYE) targets after the threat-prevention/incident-response tech leader beat Q1 estimates on the back of 53% Y/Y billings growth, and provided strong sales/billings guidance. CyberArk (NASDAQ:CYBR), hit hard yesterday amid a tech selloff, is following FireEye higher.
- Stephens: "Revenue upside was driven by strength across the Company's portfolio of products as Mandiant responded to more than 100 incidents, FireEye as a Service grew faster than any other product at scale, email attach rates were particularly strong, and [intrusion prevention system] attach rates doubled."
- JPMorgan notes 28 $1M+ deals were inked in Q1, twice what was seen a year ago, and that over half of them were from new customers. It's also pleased with a 98% increase in international revenue (now 29% of total revenue), and that FireEye is now getting $2.31 in incremental billings for every incremental dollar of sales/marketing spend (close to a historical industry average of $2.76).
- Both JPMorgan and Wells Fargo like the fact FireEye's sales cycles are shortening. Wells thinks the company can post 35%+ annual revenue growth for the next 5 years.
- Those more cautious, such as Morgan Stanley and Cowen, cite concerns about valuation and still-heavy losses. FBR (Outperform) sees FireEye's op. margin (-56.5% in Q1) improving to -25.3% in 2016 from -44.1% in 2014. With billings well above reported revenue, cash flow should continue outpacing earnings.
FireEye Inc provides cybersecurity solution for detecting, preventing and resolving cyber-attacks that evade legacy signature-based security products. Its solutions include traditional and next-generation firewalls, IPS, anti-virus, and gateways.
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