Exhibit 99.1

MIMECAST LIMITED

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands)

(unaudited)

 

     As of
March 31,
 
     2018  

Assets

  

Current assets

  

Cash and cash equivalents

   $ 78,339  

Short-term investments

     58,871  

Accounts receivable, net

     65,392  

Prepaid expenses and other current assets

     15,302  
  

 

 

 

Total current assets

     217,904  

Property and equipment, net

     123,822  

Intangible assets, net

     9,819  

Goodwill

     5,631  

Other assets

     1,222  
  

 

 

 

Total assets

   $ 358,398  
  

 

 

 

Liabilities and shareholders’ equity

  

Current liabilities

  

Accounts payable

   $ 6,052  

Accrued expenses and other current liabilities

     33,878  

Deferred revenue

     123,057  

Current portion of capital lease obligations

     1,125  

Current portion of long-term debt

     —    
  

 

 

 

Total current liabilities

     164,112  

Deferred revenue, net of current portion

     18,045  

Long-term capital lease obligations

     2,390  

Construction financing lease obligation

     67,205  

Other non-current liabilities

     4,954  
  

 

 

 

Total liabilities

     256,706  

Commitments and contingencies

  

Shareholders’ equity

  

Ordinary shares

     707  

Additional paid-in capital

     212,839  

Accumulated deficit

     (106,507

Accumulated other comprehensive loss

     (5,347
  

 

 

 

Total shareholders’ equity

     101,692  
  

 

 

 

Total liabilities and shareholders’ equity

   $ 358,398  
  

 

 

 


MIMECAST LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended
March 31,
    Year Ended
March 31,
 
     2018     2018  

Revenue

   $ 73,401     $ 261,897  

Cost of revenue

     20,176       69,699  
  

 

 

   

 

 

 

Gross profit

     53,225       192,198  
  

 

 

   

 

 

 

Operating expenses

    

Research and development

     12,185       38,373  

Sales and marketing

     32,342       121,246  

General and administrative

     10,360       36,989  

Impairment of long-lived assets

     1,712       1,712  

Restructuring

     832       832  
  

 

 

   

 

 

 

Total operating expenses

     57,431       199,152  
  

 

 

   

 

 

 

Loss from operations

     (4,206     (6,954

Other income (expense)

    

Interest income

     456       1,310  

Interest expense

     (442     (598

Foreign exchange expense

     (1,452     (3,511

Other income, net

     72       72  
  

 

 

   

 

 

 

Total other income (expense), net

     (1,366     (2,727
  

 

 

   

 

 

 

Loss before income taxes

     (5,572     (9,681

Provision for income taxes

     982       2,705  
  

 

 

   

 

 

 

Net loss

   $ (6,554   $ (12,386
  

 

 

   

 

 

 

Net loss per ordinary share

    

Basic and diluted

   $ (0.11   $ (0.22

Weighted-average number of ordinary shares outstanding

    

Basic and diluted

     58,264       57,269  


MIMECAST LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

 

     Year ended
March 31,
 
     2018  

Operating activities

  

Net loss

   $ (12,386

Adjustments to reconcile net loss to net cash provided by operating activities:

  

Depreciation and amortization

     18,960  

Share-based compensation expense

     11,734  

Provision for doubtful accounts

     185  

Impairment of long-lived assets

     1,712  

Loss on disposal of fixed assets

     181  

Other non-cash items

     184  

Unrealized currency loss on foreign denominated transactions

     2,958  

Changes in assets and liabilities:

  

Accounts receivable

     (18,120

Prepaid expenses and other current assets

     (5,037

Other assets

     33  

Accounts payable

     (104

Deferred revenue

     39,042  

Accrued expenses and other liabilities

     7,070  
  

 

 

 

Net cash provided by operating activities

     46,412  

Investing activities

  

Purchases of investments

     (76,948

Maturities of investments

     77,808  

Purchases of property, equipment and capitalized software

     (34,498

Payments for acquisitions

     (1,381
  

 

 

 

Net cash used in investing activities

     (35,019

Financing activities

  

Proceeds from issuance of ordinary shares

     17,039  

Payments on debt

     (1,825

Payments on capital lease obligations

     (1,039

Payments on construction financing lease obligation

     (1,019
  

 

 

 

Net cash provided by financing activities

     13,156  

Effect of foreign exchange rates on cash

     2,471  
  

 

 

 

Net increase in cash and cash equivalents

     27,020  

Cash and cash equivalents at beginning of period

     51,319  
  

 

 

 

Cash and cash equivalents at end of period

   $ 78,339  
  

 

 

 

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