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Zix Corp (ZIXI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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Zix Corp

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CIK: 855612 Ticker: ZIXI

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Zix Reports Fourth Quarter and Full Year 2018 Financial Results

Higher Cloud Based Encryption Adoption and Increasing Attach Rates Drive Record Fourth Quarter New First Year Orders, Double-Digit Revenue Growth and Record Adjusted EBITDA

DALLAS — February 28, 2019 — Zix Corporation (Zix) (NASDAQ: ZIXI), a leader in email security, today announced financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Financial Highlights (results compared to the same year-ago quarter)

 

  •  

Revenue increased 10% to a record $18.4 million.

 

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Annual recurring revenue (ARR) increased 13% to a record $75.8 million.

 

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New First Year Orders (NFYO) increased 23% to $3.1 million.

 

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Total orders increased 21% to $17.6 million.

 

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GAAP net income increased from ($12.9) million to $9.2 million.*

 

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GAAP fully diluted earnings per share increased from ($0.24) to $0.17.*

 

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Non-GAAP fully diluted earnings per share increased from ($0.20) to $0.22.

 

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Non-GAAP fully diluted earnings per share excluding deferred tax (benefit) expense increased 1% to $0.09.

 

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Cash flow from operations increased 16% to $4.9 million.

 

  •  

Adjusted EBITDA increased 14% to a record $5.6 million, representing an adjusted EBITDA margin of 30.2%.

 

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The company ended the quarter with $27.1 million in cash.

 

*

The income of $9.2 million (or $0.17 per fully diluted share) was largely the result of a $7.8 million reduction in the company’s deferred tax valuation allowance based on current and expected future profitability. The net loss of $12.9 million (or $0.24 per fully diluted share) in Q4 2017 was largely a result of a one-time non-cash charge of $12.5 million due to the future effect of the lower U.S. corporate income tax rate resulting from the 2017 tax reform legislation.

Management Commentary

“With revenue up 10% to a record $18.4 million and adjusted EBITDA up 14% to a record level of $5.6 million, representing an adjusted EBITDA margin of 30.2%, the fourth quarter of 2018 topped off another strong year for the company,” said David Wagner, Zix’s Chief Executive Officer. “Our commitment to profitable growth continues to inform our growth strategy and is shaping our journey to become one of the leading cloud-based email security providers. Building off of the success we have been experiencing with ZixProtect and ZixArchive, earlier this year we announced major enhancements to ZixArchive, significantly expanding our archiving capabilities. Our work in 2018 also focused on strengthening our

 

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The following information was filed by Zix Corp (ZIXI) on Thursday, February 28, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Zix Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Summary Of Accrued Expenses (Detail)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Estimated Fair Value Of Acquired Assets And Liabilities (Detail)
Acquisitions - Unaudited Pro Forma Financial Information (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Summary Of Fixed Contractual Obligations And Commitments (Detail)
Company Overview
Earnings Per Share And Potential Dilution
Earnings Per Share And Potential Dilution (Tables)
Earnings Per Share And Potential Dilution - Additional Information (Detail)
Earnings Per Share And Potential Dilution - Computations Of Basic And Diluted Earnings Per Share (Detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measures - Schedule Of Reconciliation Of Contingent Earn-Out Liability Measured At Fair Value On Recurring Basis (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Amortization Of Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Other Intangible Assets - Schedule Of Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Summary Of Estimated Future Amortization Expense (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Deferred Income Taxes (Detail)
Income Taxes - Components Of Income Taxes (Detail)
Income Taxes - Schedule Of Reconciliation Of Tax Expense Benefit To Income Taxes Related To Continuing Operations (Detail)
Other Assets And Deferred Costs
Other Assets And Deferred Costs - Additional Information (Detail)
Other Comprehensive Loss
Other Comprehensive Loss - Additional Information (Detail)
Prepaid And Other Current Assets
Prepaid And Other Current Assets (Tables)
Prepaid And Other Current Assets - Schedule Of Prepaid And Other Current Assets (Detail)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Summary Of Property And Equipment (Detail)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Summary Of Quarterly Results Of Operations (Detail)
Receivables, Net
Receivables, Net (Tables)
Receivables, Net - Additional Information (Detail)
Receivables, Net - Summary Of Net Receivables (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Additional Information (Detail 1)
Revenue From Contracts With Customers - Additional Information (Detail)
Significant Customers
Significant Customers - Additional Information (Detail)
Stock Options And Stock-Based Employee Compensation
Stock Options And Stock-Based Employee Compensation (Tables)
Stock Options And Stock-Based Employee Compensation - Additional Information (Detail)
Stock Options And Stock-Based Employee Compensation - Summarized Information About Stock Options Outstanding By Range Of Exercise Prices (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of All Performance Rsu Activity (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of All Performance Stock Activity (Details)
Stock Options And Stock-Based Employee Compensation - Summary Of All Restricted Stock Activity (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of All Restricted Stock Unit Activity (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of All Stock Option Transactions (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of Common Stock Options Outstanding (Detail)
Stock Options And Stock-Based Employee Compensation - Summary Of Total Stock-Based Compensation Expense Resulting From Stock Options, Restricted Stock, Rsus, Performance Rsus, And Performance Stock (Detail)
Stock Options And Stock-Based Employee Compensation - Weighted Average Assumptions Applied In Determining Fair Value Of Options Granted (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Cumulative Effect Of Changes In Condensed Consolidated Balance Sheet Due To Adoption Of Asc 606 (Detail)
Summary Of Significant Accounting Policies - Summary Of Balance Sheet Reported Under New Revenue Standard Compared To Previous Standard (Detail)
Summary Of Significant Accounting Policies - Summary Of Statements Of Income Reported Under New Revenue Standard Compared To Previous Standard (Detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Supplemental Cash Flow Information Relating To Interest And Taxes (Detail)
Zix Repurchase Program
Zix Repurchase Program - Additional Information (Detail)
Ticker: ZIXI
CIK: 855612
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-006989
Submitted to the SEC: Fri Mar 08 2019 11:01:57 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Computer Processing And Data Preparation

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