(NYSE:BLOX), today reported its financial results for its first fiscal
quarter ended October 31, 2012. Total net revenue for the first quarter
of fiscal 2013 was a record $49.5 million, an increase of 25.8% on a
On a GAAP basis, the Company reported a net loss of $2.4 million, or
$0.05 loss per fully diluted share, for the first quarter of fiscal
2013, compared with a net loss of $1.8 million, or $0.16 loss per fully
diluted share, in the first quarter of fiscal 2012.
The Company reported non-GAAP net income of $3.1 million, or $0.06
earnings per share on a non-GAAP weighted average share basis, for the
first quarter of fiscal 2013, compared with non-GAAP net income of $0.8
million, or $0.02 earnings per share on a non-GAAP weighted average
share basis, in the first quarter of fiscal 2012. The GAAP to non-GAAP
reconciling items for the first quarter of fiscal 2013 and 2012 can be
found in the "Reconciliation of GAAP to non-GAAP Financial Measures"
attached to this press release.
"I am very pleased with the outstanding start to our new fiscal year,"
said Robert Thomas, president and chief executive officer. "In the first
quarter, we achieved double-digit sequential revenue and product revenue
growth, and experienced strong demand across all geographic regions. I
believe our results reflect the strength in our comprehensive product
portfolio, our competitive position and the market's growing adoption of
our automated network control solutions."
"Strong execution in the October quarter led Infoblox to another quarter
of record revenues," said Remo Canessa, chief financial officer.
"Non-GAAP operating margin was 6.9%, and is due to exceeding our revenue
and gross margin targets, along with operating expenses decreasing as a
percent of revenue."
Infoblox is providing an outlook of anticipated results for the second
quarter ending January 31, 2013 and for the year ending July 31, 2013.
This outlook is based on a number of assumptions that it believes are
reasonable at the time of this earnings release. Information regarding
potential risks that could cause the actual results to differ from these
forward-looking statements is set forth below and in Infoblox's filings
with the Securities and Exchange Commission.
For the second fiscal quarter ending January 31, 2013, the Company
For the fiscal year ending July 31, 2013, the Company currently expects:
All forward-looking non-GAAP measures exclude estimates for stock-based
compensation expenses and amortization of intangible assets. A
reconciliation of non-GAAP guidance measures to corresponding GAAP
measures is not available on a forward-looking basis.
About Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
Generally Accepted Accounting Principles (GAAP), this press release and
the accompanying tables and the related earnings conference call contain
certain non-GAAP financial measures, including non-GAAP gross profit and
gross margin, non-GAAP operating income and operating margin, non-GAAP
EPS and non-GAAP weighted average shares outstanding. We also provide
second fiscal quarter 2013 and fiscal year 2013 guidance for non-GAAP
gross margin, non-GAAP operating expenses, non-GAAP operating margin,
non-GAAP EPS and non-GAAP weighted average shares outstanding. We
believe these non-GAAP financial measures are helpful in understanding
our past financial performance and future results. Our non-GAAP
financial measures should not be considered in isolation or as a
substitute for comparable GAAP measures and should be read in
conjunction with our consolidated financial statements prepared in
accordance with GAAP. Our management regularly uses our supplemental
non-GAAP financial measures internally to understand and manage our
business and forecast future periods. These non-GAAP financial measures
are not based on any standardized methodology prescribed by GAAP and are
not necessarily comparable to similar measures presented by other
companies. Our non-GAAP financial measures include adjustments based on
the following items:
Stock-based compensation expenses: We have
excluded the effect of stock-based compensation and related payroll tax
expenses from our non-GAAP operating results. Although stock-based
compensation is a key incentive offered to our employees, we continue to
evaluate our business performance excluding stock-based compensation
expenses. Stock-based compensation expenses will recur in future periods.
Amortization of intangible assets: We have
excluded the effect of amortization of intangible assets from our
non-GAAP operating results. Amortization of intangible assets is a
non-cash expense, and it is not part of our core operations. Investors
should note that the use of intangible assets contributed to revenues
earned during the periods presented and will contribute to future period
revenues as well.
Our non-GAAP Financial Measures are described as follows:
Non-GAAP gross profit and gross margin. Non-GAAP gross profit is
gross profit as reported on our consolidated statements of operations,
excluding the impact of stock-based compensation and intangible asset
amortization expense. Non-GAAP gross margin is non-GAAP gross profit
divided by net revenue.
Non-GAAP operating income and operating margin. Non-GAAP
operating income is income (loss) from operations as reported on our
consolidated statements of operations, excluding the impact of
stock-based compensation and intangible asset amortization expense.
Non-GAAP operating margin is non-GAAP operating income divided by net
Non-GAAP net income and non-GAAP EPS. Non-GAAP net income is net
income (loss) as reported on our consolidated statements of operations,
excluding the impact of stock-based compensation and intangible asset
amortization expense. Non-GAAP EPS is non-GAAP net income divided by
non-GAAP diluted weighted average shares outstanding. Non-GAAP diluted
weighted average shares outstanding was computed to give effect to the
conversion of all outstanding convertible preferred stock including the
exercise of related preferred stock warrants and the exercise of certain
common stock warrants which occurred upon the closing of our IPO on
April 25, 2012, as if conversion or exercise had occurred at the
beginning of the period of issuance.
For reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures, please see the section of
the accompanying tables titled, "Reconciliation of GAAP to Non-GAAP
Conference Call & Webcast
Management will host a conference call today, November 28, 2012, at 1:30
p.m. PST/4:30 p.m. EST to discuss its first fiscal quarter 2013 results.
To access the call, investors may dial 800-230-1074 (domestic) or
612-234-9960 (international) at least 10 minutes prior to the scheduled
start of the call. A live webcast of the call will also be available on
the corporate website at: http://ir.infoblox.com.
An archive of the webcast will be available on our website and a taped
replay will be available for one week at 800-475-6701 (domestic) or
320-365-3844 (international), passcode 270623.
Infoblox (NYSE:BLOX) delivers Automated Network Control solutions, the
fundamental technology that connects end users, devices and networks.
These solutions enable more than 6,100 enterprises and service providers
to transform and scale complex networks. Infoblox helps take the burden
of complex network control out of human hands, reduce costs, and
increase accuracy and uptime. Infoblox is headquartered in Santa Clara,
Calif. and has additional operations in 25 countries.
The statements in this release regarding our competitive position, the
market's growing adoption of our automated network control solutions as
well as all statements under "Financial Outlook" are forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements involve risks
and uncertainties that could cause our actual results to differ
materially, including, but not limited to: unexpected delays in the
delivery of our solutions, particularly at the end of the quarter,
changes in demand for automated network control solutions, the market
acceptance of our products; the fluctuations in our gross margins; the
concentration of our customer base; competitive developments including
pricing pressures; our ability to manage operating expenses effectively;
and the general economic, industry or political conditions in the United
States or internationally.
For a detailed discussion of these and other risk factors, please refer
to our filings with the Securities and Exchange Commission, including
the final prospectus related to our initial public offering, which are
available on our investor relations Web site (http://ir.infoblox.com/)
and on the SEC's Web site (www.sec.gov).
All information provided in this release and in the attachments is as of
November 28, 2012, and stockholders of Infoblox are cautioned not to
place undue reliance on our forward-looking statements, which speak only
as of the date such statements are made. Infoblox does not undertake any
obligation to publicly update any forward-looking statements to reflect
events, circumstances or new information after this November 28, 2012
press release, or to reflect the occurrence of unanticipated events.
Shares used in Computing non-GAAP EPS Reconciliation:
Conversion of convertible preferred stock and other
(a) Derived from the July 31, 2012 audited consolidated
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