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Websense Reports Record First Quarter Billings on Strong TRITON Performance

SAN DIEGO April 24, 2012 Websense, Inc. Michael A. Newman

® Gene Hodges

First Quarter 2012 GAAP Financial Highlights

  • $89.5 million $88.6 million
  • $82.0 million $80.3 million
  • $7.5 million $5.8 million $1.7 million $8.3 million $4.8 million
  • $10.7 million $7.8 million
  • $11.7 million $8.8 million
  • $1.8 million five cents $8.1 million 20 cents $1.8 million $8.8 million
  • Weighted average diluted shares outstanding of 37.6 million, compared with 41.4 million in the first quarter of 2011.
  • $22.4 million $31.4 million $2.3 million
  • $61.9 million $55.4 million $80.1 million
  • Days billings outstanding of 69 days, compared with 65 days at the end of the first quarter of 2011 and 62 days billings outstanding at the end of the fourth quarter of 2011.
  • $384.1 million $1.8 million $382.3 million $6.9 million $9.6 million

 

1

  • $80.6 million
  • $17.8 million $17.1 million
  • Billings-based operating margin of 11.9 percent, compared with billings-based operating margin of 8.8 percent in the first quarter of 2011. Billings-based operating margin is calculated like revenue-based non-GAAP operating margin, but is computed using billings as the top-line measure and excludes deferred appliance costs to match current period sales activities with current period costs.
  • $3.2 million $3.6 million
  • $13.7 million 36 cents $14.6 million 35 cents .

 

Summary Metrics

Millions, except percentages, duration, number of transactions, and days billings outstanding

 

Q1’12

Q1’11

Y/Y Chg

Total billings

$80.6

$76.7

5%

U.S. billings

$37.5

$34.4

9%

International billings

$43.1

$42.3

2%

2

$49.0

$34.4

42%

Appliance billings

$6.0

$5.3

13%

Number of transactions >$100K

124

101

23%

Average contract duration (months)

25.5

23.6

8%

Days billings outstanding (DSOs)

69

65

4 days

Cash and cash equivalents

$70.3

$79.3

-11%

Balance on revolving credit facility

$68.0

$63.0

8%

Share repurchases ($)

$20.0

$25.0

-20%

Shares repurchased

1.1

1.2

-8%

1.

A detailed description of the company’s non-GAAP financial measures appears under "Non-GAAP Financial Measures" and a full reconciliation of GAAP to non-GAAP results is included at the end of this news release in the tables "Reconciliation of GAAP to Non-GAAP Financial Measures."

2.

TRITON solutions include the TRITON family of security gateways for web, email, mobile, and data security (including related appliances and technical support subscriptions), Websense Data Security Suite and cloud-based security solutions. Non-TRITON solutions include web filtering products, including Websense Web Filtering, Websense Web Security Suite and related appliances, plus SurfControl email security products.


$1.33 $1.60

Millions, except percentages and per-share amounts

Q2’12 Outlook

2012 Outlook

Total billings

$88 – 92

$373 – 393

Appliance billings (% of total billings)

7 – 8%

7 – 8%

Revenues

$89 – 91

$364 – 374

Non-GAAP gross profit margin

84 – 85%

84 – 85%

Non-GAAP operating margin

17 – 19%

19 – 21%

Non-GAAP earnings per diluted share

$0.34 – 0.37

$1.50 – 1.65

Non-GAAP effective tax rate

19%

19%

Average diluted shares outstanding

37.5 – 38

37 – 38

Cash flow from operations

$8 – 10

$56 – 67

Capital expenditures

~$3.0

$12 – 14

Additionally, outlook ranges for 2012 reflect:

  • Billings-based non-GAAP operating margin of 22 to 25 percent. Billings-based non-GAAP operating margin is calculated like revenue-based non-GAAP operating margin, but uses billings as the top-line measure and excludes deferred appliance costs to match current period sales activities with current period costs.
    • $5 million
    • $21-22 million $15-16 million
    • $6.9 million March 31, 2012 $1.6 million $3.2 million
    • $3.2 million March 31, 2012 $0.7 million $1.5 million
    • January 1, 2011 January 1, 2011

 

2011 Summary of Amounts Related to pre-2011 Appliance Sales

Millions

Deferred balances

as of 12/31/10

(actual)

2011 Recognition Schedule (actual)

Remaining deferred balances

as of 12/31/11

(actual)

Q1’11

 

Q2’11

 

Q3’11

 

Q4’11

 

2011

 

Revenue

$20.0

$3.5

$3.2

$2.6

$2.1

$11.4

$8.6

Costs

$9.2

$1.6

$1.5

$1.1

$1.0

$5.2

$4.0

 

2012 Summary of Amounts Related to pre-2011 Appliance Sales

Millions

Deferred balances

as of 12/31/11

(actual)

2012 Recognition Schedule

Remaining deferred balances

as of 12/31/12 (expected)

Q1’12

(actual)

Q2’12 (expected)

Q3’12

(expected)

Q4’12

(expected)

2012

(expected)

Revenue

$8.6

$1.7

$1.6

$1.4

$1.2

$5.9

$2.7

Costs

$4.0

$0.8

$0.7

$0.6

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