New CEO Brings Needed Sales Experience To Imperva
Imperva's Valuation May Not Be So Ridiculous
Stephen Simpson, CFA
Stephen Simpson, CFA
Imperva: Growth Investments Are Setting The Stage For Meaningful Profits
Helix Investment Research
Helix Investment Research
Mon, Jul. 11, 4:21 PM
Thu, May 26, 5:46 PM
- Several security tech names are selling off after next-gen firewall leader and cybersecurity poster child Palo Alto Networks (PANW - down 9.4%) offered in-line guidance (below consensus at the midpoints) to go with an FQ3 sales beat and in-line EPS, disappointing investors accustomed to seeing Palo Alto provide above-consensus sales guidance with its results.
- Palo Alto's billings rose a solid 61% Y/Y in FQ3, nearly on par with FQ2's 62% growth and outpacing revenue growth of 48%. Product revenue rose 33%, and services revenue (boosted by subscription offerings such as WildFire) 63%. EPS was pressured by a 50% Y/Y increase in GAAP operating expenses to $309.5M.
- FireEye (NASDAQ:FEYE) is down 2% after hours. CyberArk (NASDAQ:CYBR) is down 2.4%. Imperva (NYSE:IMPV) is down 1.7%. Fortinet (NASDAQ:FTNT) is down 1.5%.
- ETF: HACK
Fri, May 6, 10:52 AM
- Though Imperva (IMPV -27.2%) beat Q1 EPS estimates and posted roughly in-line revenue, it's guiding for Q2 revenue of $65.5M-$66.5M and EPS of -$0.02 to -$0.04 vs. a consensus of $70.3M and -$0.04.
- Full-year guidance is for revenue of $304M-$307M and EPS of $0.23-$0.29 vs. a consensus of $305.3M and $0.21.
- On the earnings call, CFO Terrence Schmid said the Q2 outlook "reflects our belief that the underperformance in Europe will continue at least through Q2." He adds Imperva thinks "engaging with our key channel partners to drive higher [web application firewall] sales will also not yield a significant improvement until the second half of 2016." CEO Anthony Bettencourt says the European problems are due to leadership issues that have been addressed.
- Product revenue rose 22% Y/Y in Q1 to $20.8M, and service/subscription revenue 41% to $38.9M. $100K+ deals rose by 30% to 118, and GAAP operating expenses rose 29% to $71M. The deferred revenue balance rose by 29% to $108.1M. Imperva ended Q1 with $259M in cash and no debt.
- Needham's Scott Zeller has downgraded Imperva to Hold. "two issues blunted [Q1] and are pressuring CY16, (a) the 'ease of sale' of Database and Incapsula distracted sales from Web App Firewall deals, and (b) EMEA sales disappointed, leading to a mgmt. change. While we do not believe IMPV is seeing tougher competition, we are concerned that license growth is anemic." He adds full-year guidance is now back-end loaded.
- Imperva's Q1 results, earnings release
Thu, May 5, 4:19 PM
Wed, May 4, 5:35 PM
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Wed, Feb. 3, 6:17 PM
- Though Imperva (NYSE:IMPV) beat Q4 estimates, the company is guiding for Q1 revenue of $58M-$60M and EPS of -$0.26 to -$0.32 vs. a consensus of $59.8M and -$0.12.
- Full-year guidance is mixed: Revenue of $302M-$307M and EPS of $0.17-$0.23 vs. a consensus of $290.2M and $0.31.
- No explanation is given in the earnings release for the soft Q1 outlook. Product revenue rose 38% Y/Y in Q4 to $36.1M, and services revenue 45% to $36.6M; the latter was aided by a 105% increase in subscription revenue to $14.9M.
- GAAP operating expenses rose 23% Y/Y to $64.6M. 2015 free cash flow (lifted by subscription/services growth) was $15.8M in spite of a $19M net loss. Q4 $100K+ deals and new customer adds respectively totaled 165 and 228 vs. 143 and 245 a year ago; total customer count is now above 4,500.
- Imperva has dropped to $42.07 after hours.
- Imperva's Q4 results, earnings release
Wed, Feb. 3, 4:08 PM
- Imperva (NYSE:IMPV): Q4 EPS of $0.20 beats by $0.05.
- Revenue of $72.7M (+41.5% Y/Y) beats by $4.54M.
Tue, Feb. 2, 5:35 PM
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Oct. 30, 2015, 12:15 PM
- Imperva (NYSE:IMPV) beat Q3 estimates and forecast Q4 revenue of $66M-$68M and EPS of $0.10-$0.16, above a consensus of $62.3M and -$0.06. Moreover, on the earnings call (transcript), the Web app firewall and database security software vendor set initial 2016 revenue growth guidance of "at least 25%," above a 24% consensus. (earnings release)
- With strong corporate IT security spend providing a lift, product/license revenue rose 55% Y/Y in Q3 to $30.5M, and services revenue 43% to $32.9M. Within services, subscription revenue grew 93% to $12.3M. $100K+ deals rose to 130 from 106 a year ago. 188 new customers were added, and Fortune 1000 penetration stands at 13%.
- The Americas (revenue +86% Y/Y) are driving most of Imperva's growth. EMEA (revenue +9%, hurt by a weak euro) and Asia-Pac (-3%) are softer. Opreating expenses (non-GAAP) rose 23% Y/Y to $28.5M, falling to 45% of revenue from 54% a year ago.
- Next-gen firewall leader Palo Alto Networks (PANW +2.5%), privileged account security software leader CyberArk (CYBR +4.4%), SaaS threat-protection/compliance software vendor Proofpoint (PFPT +3.4%), and security/storage appliance vendor Barracuda (CUDA +3.2%) are following Imperva higher. The Nasdaq is nearly flat.
- CyberArk reports on Nov. 5; Proofpoint delivered a Q3 beat and strong guidance last week. Barracuda directly competes with Imperva in the Web app firewall market, while Palo Alto's next-gen firewalls indirectly compete.
Oct. 29, 2015, 4:12 PM
- Imperva (NYSE:IMPV): Q3 EPS of $0.19 beats by $0.24.
- Revenue of $63.35M (+48.4% Y/Y) beats by $6.85M.
- Shares +13.49%.
Oct. 28, 2015, 5:35 PM
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Oct. 21, 2015, 6:57 PM
- Proofpoint (NASDAQ:PFPT) has risen to $62.50 after hours after beating Q3 estimates and reporting billings of $85M (+37% Y/Y), above revenue of $69.1M, and above guidance of $76M-$78M.
- Q4 guidance is for revenue of $72.5M-$73.5M and EPS of -$0.11 to -$0.12 vs. a consensus of $70.6M and -$0.10. Billings are expected to total $90M-$92M. Also: Proofpoint used its earnings call to set an initial 2016 revenue growth guidance range of 29%-30%, above a 27% consensus.
- GAAP operating expenses rose 52% Y/Y to $70M, with $40.1M spent on sales/marketing. With billings topping revenue, free cash flow was $16.2M in spite of a $2.5M net loss.
- Security software peer Imperva (NYSE:IMPV) is up 1.7%. Both Proofpoint and Imperva sold off in regular trading as part of a broader cybersecurity stock rout.
- Q3 results, PR
Aug. 6, 2015, 6:34 PM
- With a Q2 beat on the books, Imperva (NYSE:IMPV) now expects 2015 revenue of $215M-$217M (+31%-32% Y/Y) and EPS of -$0.44 to -$0.46, above a consensus of $206.9M and -$0.69. Q3 guidance is for revenue of $55M-$57M and EPS of -$0.05 to -$0.06, above a consensus of $52.4M and -$0.16.
- As for many other security tech plays, a healthy corporate cybersecurity spending environment remains a big tailwind. Product (on-premise software) revenue rose 44% Y/Y to $23.9M, while services revenue rose 35% to $29.6M with the help of a 98% increase in subscription service revenue to $10.4M.
- 115 $100K+ deals were booked, up from 88 a year ago. 190 new customers were added, up from 175 a year ago and bringing the total base above 4,100. Subscription/service growth helped the deferred revenue balance rise 34% to $86.1M. GAAP operating expenses rose 33% to $59.2M.
- Shares have jumped to $72.17 in AH trading. The 52-week high is $73.28.
- Q2 results, PR
Aug. 6, 2015, 4:19 PM
- Imperva (NYSE:IMPV): Q2 EPS of -$0.08 beats by $0.13.
- Revenue of $53.47M (+39.1% Y/Y) beats by $4.92M.
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.
Imperva, Inc. provides business security solutions. It also offers on-demand cloud-based security services which provide cost-effective web application security, web site acceleration and denial of service protection. The company was founded by Shlomo Kramer, Amichai Shulman and Michael Boodaei... More
Industry: Application Software
Country: United States
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