Imperva, Inc (IMPV) saw its loss widen to $11.74 million, or $0.36 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.75 million, or $0.19 a share. On the other hand, adjusted net income for the quarter stood at $2.54 million, or $0.08 a share compared with $6.27 million or $0.19 a share, a year ago. Revenue during the quarter grew 7.98 percent to $68.41 million from $63.35 million in the previous year period. Gross margin for the quarter contracted 133 basis points over the previous year period to 79.90 percent. Operating margin for the quarter stood at negative 17.22 percent as compared to a negative 8.34 percent for the previous year period.
Operating loss for the quarter was $11.78 million, compared with an operating loss of $5.28 million in the previous year period.
However, the adjusted operating income for the quarter stood at $2.50 million compared to $6.73 million in the prior year period. At the same time, adjusted operating margin contracted 697 basis points in the quarter to 3.65 percent from 10.63 percent in the last year period.
“We are pleased with our third quarter performance, particularly our ability to exceed revenue and profitability guidance,” stated Anthony Bettencourt, President and Chief Executive Officer of Imperva. “During the quarter, we benefitted from the ongoing momentum of subscription revenue driven by our Incapsula business, as well as overall cost controls. We are confident in our ability to reaccelerate growth given the ongoing need for enterprises to protect their business-critical data and applications supported by our best-of-breed discovery, protection and compliance solutions.”
Operating cash flow declines
Imperva, Inc has generated cash of $13.64 million from operating activities during the nine month period, down 10.18 percent or $1.55 million, when compared with the last year period. The company has spent $66.43 million cash to meet investing activities during the nine month period as against cash outgo of $58.73 million in the last year period.
The company has spent $5.71 million cash to carry out financing activities during the nine month period as against cash inflow of $133.36 million in the last year period.
Cash and cash equivalents stood at $110.02 million as on Sep. 30, 2016, down 30.35 percent or $47.93 million from $157.95 million on Sep. 30, 2015.
Working capital declines
Imperva, Inc has witnessed a decline in the working capital over the last year. It stood at $190.48 million as at Sep. 30, 2016, down 5.86 percent or $11.86 million from $202.34 million on Sep. 30, 2015. Current ratio was at 2.56 as on Sep. 30, 2016, down from 3.02 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 32 days for the quarter from 34 days for the last year period. Days sales outstanding went down to 58 days for the quarter compared with 59 days for the same period last year.
Days inventory outstanding has decreased to 3 days for the quarter compared with 7 days for the previous year period. At the same time, days payable outstanding went down to 28 days for the quarter from 33 for the same period last year.
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