Mimecast Ltd (MIME) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Earnings Press Release
10-Q Quarterly Report
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Mimecast Ltd
Ticker: MIME CIK: 1644675

Exhibit 99.1

Mimecast Announces First Quarter 2019 Financial Results

First Quarter Highlights

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Total revenue of $78.4 million grew 35% yoy on a GAAP basis and 31% in constant currency

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Added 900 new customers. Total customers 31,300 globally

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Revenue retention rate of 110%

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Gross profit percentage of 73%

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GAAP EPS of $(0.06) per diluted share, Non-GAAP EPS of $0.04 per diluted share

Lexington, MA – August 9, 2018 (GLOBE NEWSWIRE)

Mimecast Limited (NASDAQ: MIME), a leading email and data security company, today announced financial results for the first quarter ended June 30, 2018.

“The first quarter was an exciting time for the company. We expanded our platform to offer new services including web security and security awareness training. Additionally, we added leading threat detection capabilities to enhance our efficacy and keep our customers safe from advanced threats.” stated Peter Bauer, CEO of Mimecast.

Mimecast’s CFO Peter Campbell noted, “We delivered strong results for both revenue and adjusted EBITDA. Our business model continues to show leverage, demonstrating increased profitability as our operations scale.”

First Quarter 2019 Financial Highlights

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Revenue: GAAP revenue for the first quarter of 2019 was $78.4 million, an increase of 35% compared to $58.2 million of GAAP revenue in the first quarter of 2018. Revenue on a constant currency basis increased 31% compared to the first quarter of 2018.

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Customers: Added 900 net new customers in the first quarter of 2019. We now serve over 31,300 organizations globally.

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Revenue Retention Rate: Revenue retention rate was 110% in the first quarter of 2019, compared to 111% in the first quarter of 2018.

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Gross Profit Percentage: Gross profit percentage was 73% in the first quarter of 2019, compared to 74% in the first quarter of 2018.

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GAAP Net Loss: GAAP net loss was $3.5 million, or $(0.06) per diluted share, based on 59.2 million weighted-average shares outstanding.

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Non-GAAP Net Income: Non-GAAP net income was $2.2 million, or $0.04 per share, based on 62.6 million diluted shares outstanding.

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Adjusted EBITDA: Adjusted EBITDA was $10.0 million, representing an Adjusted EBITDA margin of 12.7% up from 8.8% in the first quarter of 2018.

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Free Cash Flow, Cash and Investments: Mimecast generated $9.1 million of free cash flow in the first quarter of 2019. Cash and short-term investments as of June 30, 2018 were $149.5 million.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading “Non-GAAP Financial Measures.”

Business Highlights

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Mimecast opened an early adopter program for new web security services. The program provides an easy to deploy and use DNS solution alongside Mimecast’s core email offering enabling customers to further simplify IT while providing a wider lens to analyze today’s advanced threats across multiple attack vectors.

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With the acquisition of Ataata Inc., Mimecast entered the security awareness training market which is estimated by Gartner to grow to more than $1.5 billion* by 2021.

The following information was filed by Mimecast Ltd (MIME) on Thursday, August 9, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Mimecast Ltd's financial trajectory

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