Quarterly Billings Increase to $213 Million on Increased Customer Adoption of FireEye's Advanced Threat Protection Platform and Services
MILPITAS, CA--(Feb 11, 2015) - FireEye, Inc. (NASDAQ: FEYE), the leader at stopping today's advanced cyber attacks, today announced financial results for the fourth quarter and fiscal year ended December 31, 2014.
"In 2014, we brought together the industry's best technology, security expertise, and threat intelligence to protect organizations from advanced targeted attacks. We responded to nearly every high profile breach in the U.S., and we established strategic relationships with Global 2000 customers and partners around the world," said David DeWalt, CEO and Chairman of the Board of FireEye.
"Our growth over the last four quarters reflects the competitive differentiation of our security platform and incident response capabilities, as well as our sales execution and operational discipline. The market for our advanced security solutions continues to expand, and we believe we enter 2015 well positioned to extend our leadership and market share gains with innovative new solutions such as FireEye-as-a-Service™ and the FireEye Endpoint Threat Prevention Platform™," added DeWalt.
Fourth Quarter 2014 Financial Results
2014 Financial Results
1 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading "Non-GAAP Financial Measures."
Recent Business Highlights
Since its initial public offering in the third quarter of 2013, FireEye has executed on a strategy to expand its advanced security platform and increase the installed base of customers. In 2014, the company
Business highlights since the release of third quarter 2014 financial results on November 4, 2014 included announcements of new products, technology integrations, managed service provider relationships and industry awards. During this period, FireEye:
Leadership in Advanced Threat Intelligence
Threat intelligence is fundamental to the FireEye Threat Prevention Platform. By combining the dynamic threat intelligence gathered by millions of virtual machines and endpoint threat sensors with intelligence on threat actors from hundreds of incident response engagements, FireEye threat prevention solutions are able to detect and block advanced attacks and provide contextual threat intelligence to enable a rapid response.
In addition to regular blog posts on new attack campaigns and trends in cybersecurity, recent threat discoveries and analyses by the FireEye community of threat researchers and security experts included:
Forward Outlook
FireEye provides guidance ranges based on current market conditions and expectations.
For the first quarter of 2015, FireEye expects total revenue in the range of $118 to 122 million. Additionally, for the first quarter, on a non-GAAP basis, the company expects:
For 2015, the company currently expects total revenue in the range of $605 to $625 million. Additionally, on a non-GAAP basis, for 2015 the company expects:
Guidance for non-GAAP financial measures excludes stock based compensation, amortization of intangible assets, acquisition expenses, restructuring charges, discrete tax benefits, and other non-recurring expenses. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
Conference Call Information
FireEye will host a conference call today, February 11, 2015, at 5 p.m. Eastern time (2 p.m. Pacific time) to discuss its fourth quarter and 2014 financial results and outlook for 2015. Interested parties may access the conference call by dialing 877-312-5521 (domestic) or 678-894-3048 (international). A live audio webcast of the call, as well as related multi-media content, can be accessed from the Investor Relations section of the company's website at http://investors.fireeye.com. Shortly after the conclusion of the call, an archived version of the webcast will be available at the same website.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to future billings, revenue, non-GAAP gross margins, non-GAAP research and development expenses as a percent of total revenue, non-GAAP sales and marketing expenses as a percent of total revenue, non-GAAP general and administrative expenses as a percent of total revenue, weighted average shares outstanding, and non-GAAP loss per share in the section entitled "Forward Outlook" above, as well as statements related to the market for FireEye's products and services, FireEye's competitive position, and the company's belief in its ability to expand its leadership and market share gains.
These forward-looking statements involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove incorrect, could cause FireEye's results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause FireEye's results to differ materially from those expressed or implied by such forward-looking statements include customer demand and adoption of FireEye's products and services; FireEye's limited operating history, particularly as a public company; real or perceived defects, errors or vulnerabilities in FireEye's products or services; FireEye's ability to react to trends and challenges in its business and the markets in which it operates; FireEye's ability to anticipate market needs or develop new or enhanced products and services to meet those needs; the failure to achieve expected synergies and efficiencies of operations between FireEye and its acquired companies; the ability of FireEye and its acquired companies to successfully integrate their respective market opportunities, technology, products, personnel and operations; FireEye's ability to attract new and retain existing customers and expand and train its sales force; the budgeting cycles, seasonal buying patterns and length of FireEye's sales cycle; risks associated with FireEye's rapid growth; the ability of FireEye and its partners to execute their strategies, plans, objectives and expected investments with respect to FireEye's partnerships; and general market, political, economic, and business conditions, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in FireEye's Form 10-Q filed with the Securities and Exchange Commission on November 5, 2014, which should be read in conjunction with these financial results and is available on the Investor Relations section of FireEye's website at investors.fireeye.com and on the SEC website at www.sec.gov.
All forward-looking statements in this press release are based on information available to the company as of the date hereof, and FireEye does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Any future product, feature, or related specification that may be referenced in this release is for information purposes only and is not a commitment to deliver any technology or enhancement. FireEye reserves the right to modify future product or service plans at any time.
Non-GAAP Financial Measures
In this release FireEye has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures used by other companies. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial information prepared in accordance with GAAP, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Billings. FireEye defines billings as revenue recognized plus the change in deferred revenue from the beginning to the end of the period. The company considers billings to be a useful metric for management and investors because billings drive deferred revenue balances, which are an important indicator of the health and visibility of the company's business. Revenue recognized from deferred revenue represents a significant percentage of quarterly revenue. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. First, billings include amounts that have not yet been recognized as revenue. Second, FireEye's calculation of billings may be different from other companies in its industry, some of which may not use billings, may calculate billings differently, may have different billing frequencies, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of billings as a comparative measure. FireEye compensates for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with revenue calculated in accordance with GAAP.
Non-GAAP gross margin, operating margin, net loss and net loss per share. FireEye defines non-GAAP gross margin as total gross profit excluding stock-based compensation expenses, amortization of intangible assets, and, as applicable, other special items, divided by total revenue. FireEye defines non-GAAP operating margin as operating loss excluding stock-based compensation expense, amortization of intangible assets, acquisition related expenses, restructuring charges and other special or non-recurring items, divided by total revenue. FireEye defines non-GAAP net loss as net loss excluding stock-based compensation expense, amortization of intangible assets, change in fair value of preferred stock warrant liability, acquisition-related expenses, restructuring charges or discrete tax benefits. FireEye defines non-GAAP net loss per share as non-GAAP net loss divided by the weighted average shares outstanding. Additionally, weighted average shares outstanding used to calculate non-GAAP net loss per share excludes stock options, restricted stock units and performance stock units as anti-dilutive.
FireEye considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of stock-based compensation expense, amortization of intangible assets, acquisition related expenses, restructuring charges, change in fair value of preferred stock warrant liability and other non-recurring and discrete items so that management and investors can compare the company's "core business operating results," over multiple periods.
There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures exclude stock-based compensation expense. Stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in the company's business. Stock-based compensation is an important part of FireEye employees' overall compensation. Second, the components of the costs that FireEye excludes in its calculation of these non-GAAP financial measures, including not only stock-based compensation but also non-recurring items such as acquisition related expenses, amortization of intangible assets, restructuring charges, changes in fair value of preferred stock warrant liability and discrete tax benefits, may differ from the components excluded by peer companies when they report their non-GAAP results of operations. FireEye compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures and evaluating non-GAAP financial measures together with their nearest GAAP equivalents.
About FireEye, Inc.
FireEye has invented a purpose-built, virtual machine-based security platform that provides real-time threat protection to enterprises and governments worldwide against the next generation of cyber attacks. These highly sophisticated cyber attacks easily circumvent traditional signature-based defenses, such as next-generation firewalls, IPS, anti-virus, and gateways. The FireEye Threat Prevention Platform provides real-time, dynamic threat protection without the use of signatures to protect an organization across the primary threat vectors and across the different stages of an attack life cycle. The core of the FireEye platform is a virtual execution engine, complemented by dynamic threat intelligence, to identify and block cyber attacks in real time. FireEye has over 3,100 customers across 67 countries, including over 200 of the Fortune 500.
© 2015 FireEye, Inc. All rights reserved. FireEye, FireEye-as-a-Service, Threat Analytics Platform, TAP, Investigation Analysis System, Advanced Threat Intelligence, Threat Prevention with IPS, Endpoint Threat Prevention Platform, Mobile Threat Prevention, MTP, Adaptive Defense, MVX, Dynamic Threat Intelligence, DTI and Mobile Security are registered trademarks or trademarks of FireEye, Inc. in the United States and other countries. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
FireEye, Inc. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(Unaudited, in thousands, except per share amounts) | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Revenue: | ||||||||||||||||||
Product | $ | 67,936 | $ | 32,296 | $ | 178,246 | $ | 88,253 | ||||||||||
Subscription and services | 75,046 | 24,966 | 247,416 | 73,299 | ||||||||||||||
Total revenue | 142,982 | 57,262 | 425,662 | 161,552 | ||||||||||||||
Cost of revenue: (1)(2)(3) | ||||||||||||||||||
Product | 19,465 | 10,788 | 58,980 | 28,912 | ||||||||||||||
Subscription and services | 33,827 | 6,372 | 116,113 | 18,853 | ||||||||||||||
Total cost of revenue | 53,292 | 17,160 | 175,093 | 47,765 | ||||||||||||||
Total gross profit | 89,690 | 40,102 | 250,569 | 113,787 | ||||||||||||||
Operating expenses:(1)(2) | ||||||||||||||||||
Research and development | 53,102 | 21,466 | 203,187 | 66,036 | ||||||||||||||
Sales and marketing | 118,081 | 56,889 | 401,151 | 167,466 | ||||||||||||||
General and administrative (3) | 31,949 | 23,118 | 121,099 | 52,503 | ||||||||||||||
Restructuring charges (4) | 1,558 | - | 4,327 | - | ||||||||||||||
Total operating expenses | 204,690 | 101,473 | 729,764 | 286,005 | ||||||||||||||
Operating loss | (115,000 | ) | (61,371 | ) | (479,195 | ) | (172,218 | ) | ||||||||||
Other expense, net (5) | (670 | ) | (119 | ) | (1,249 | ) | (7,714 | ) | ||||||||||
Loss before income taxes | (115,670 | ) | (61,490 | ) | (480,444 | ) | (179,932 | ) | ||||||||||
Provision for (benefit from) income taxes (6) | (9,944 | ) | (58,977 | ) | (36,654 | ) | (59,297 | ) | ||||||||||
Net loss attributable to common stockholders | $ | (105,726 | ) | $ | (2,513 | ) | $ | (443,790 | ) | $ | (120,635 | ) | ||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.72 | ) | $ | (0.02 | ) | $ | (3.12 | ) | $ | (2.66 | ) | ||||||
Weighted average shares used in per share calculations, basic and diluted | 147,746 | 114,654 | 142,176 | 45,271 | ||||||||||||||
FireEye, Inc. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited, in thousands) | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 146,363 | $ | 173,918 | |||||||
Short-term investments | 255,845 | - | |||||||||
Accounts receivable, net | 193,182 | 95,772 | |||||||||
Inventories | 7,952 | 5,663 | |||||||||
Deferred tax assets, current portion | 25,126 | 14,584 | |||||||||
Prepaid expenses and other current assets | 28,669 | 25,230 | |||||||||
Total current assets | 657,137 | 315,167 | |||||||||
Property and equipment, net | 82,298 | 64,765 | |||||||||
Goodwill | 750,288 | 706,327 | |||||||||
Intangible assets | 261,625 | 281,377 | |||||||||
Deposits and other long-term assets | 7,533 | 8,677 | |||||||||
Total assets | $ | 1,758,881 | $ | 1,376,313 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 34,057 | $ | 34,128 | |||||||
Accrued and other current liabilities | 24,596 | 17,677 | |||||||||
Accrued compensation | 64,551 | 41,625 | |||||||||
Deferred revenue, current portion | 203,877 | 110,535 | |||||||||
Total current liabilities | 327,081 | 203,965 | |||||||||
Deferred revenue, non-current portion | 148,666 | 76,979 | |||||||||
Deferred tax liabilities, non-current portion | 24,903 | 45,147 | |||||||||
Other long-term liabilities | 7,403 | 2,120 | |||||||||
Total liabilities | 508,053 | 328,211 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 15 | 14 | |||||||||
Additional paid-in capital | 1,918,546 | 1,271,590 | |||||||||
Accumulated other comprehensive loss | (441 | ) | - | ||||||||
Accumulated deficit | (667,292 | ) | (223,502 | ) | |||||||
Total stockholders' equity | 1,250,828 | 1,048,102 | |||||||||
Total liabilities and stockholders' equity | $ | 1,758,881 | $ | 1,376,313 | |||||||
FireEye, Inc. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net loss | $ | (443,790 | ) | $ | (120,635 | ) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 94,136 | 20,758 | ||||||||||
Stock-based compensation expense | 151,852 | 28,858 | ||||||||||
Deferred income taxes | (39,869 | ) | (61,028 | ) | ||||||||
Other | 2,261 | 6,648 | ||||||||||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ||||||||||||
Accounts receivable | (97,165 | ) | (35,145 | ) | ||||||||
Inventories | (2,024 | ) | (3,089 | ) | ||||||||
Prepaid expenses and other assets | 1,450 | (17,219 | ) | |||||||||
Accounts payable | (3,193 | ) | 11,504 | |||||||||
Accrued liabilities | 11,403 | (18,488 | ) | |||||||||
Accrued compensation | 23,658 | 19,381 | ||||||||||
Deferred revenue | 164,728 | 95,010 | ||||||||||
Other long-term liabilities | 5,283 | 3,683 | ||||||||||
Net cash used in operating activities | (131,270 | ) | (69,762 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisition of business, net of cash acquired | (55,058 | ) | (89,240 | ) | ||||||||
Purchase of property and equipment and demonstration units | (67,715 | ) | (57,560 | ) | ||||||||
Purchase of short-term investments | (390,360 | ) | - | |||||||||
Maturities of short-term investments | 131,118 | - | ||||||||||
Lease deposits | (496 | ) | (1,669 | ) | ||||||||
Net cash used in investing activities | (382,511 | ) | (148,469 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net proceeds from initial public offering | - | 321,389 | ||||||||||
Net proceeds from follow-on public offering | 444,338 | - | ||||||||||
Borrowing from line of credit | - | 10,000 | ||||||||||
Repayment of line of credit | (20,000 | ) | ||||||||||
Repayment of term loan | - | (2,150 | ) | |||||||||
Net proceeds from issuance of convertible preferred stock | - | 9,988 | ||||||||||
Proceeds from exercise of equity awards | 41,888 | 5,428 | ||||||||||
Repayment of notes receivable from stockholders | - | 7,294 | ||||||||||
Net cash provided by financing activities | 486,226 | 331,949 | ||||||||||
Net change in cash and cash equivalents | (27,555 | ) | 113,718 | |||||||||
Cash and cash equivalents, beginning of year | 173,918 | 60,200 | ||||||||||
Cash and cash equivalents, end of year | $ | 146,363 | $ | 173,918 | ||||||||
FireEye, Inc. | |||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
(Unaudited, in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
GAAP operating loss | $ | (115,000 | ) | $ | (61,371 | ) | $ | (479,195 | ) | $ | (172,218 | ) | |||||
Stock-based compensation expense (1) | 45,245 | 12,514 | 151,852 | 28,858 | |||||||||||||
Amortization of intangible assets (2) | 11,689 | 632 | 45,152 | 1,513 | |||||||||||||
Acquisition related expenses (3) | - | 8,513 | 1,559 | 8,513 | |||||||||||||
Restructuring Charges (4) | 1,558 | - | 4,327 | - | |||||||||||||
Non-GAAP operating loss | $ | (56,508 | ) | $ | (39,712 | ) | $ | (276,305 | ) | $ | (133,334 | ) | |||||
GAAP net loss | $ | (105,726 | ) | $ | (2,513 | ) | $ | (443,790 | ) | $ | (120,635 | ) | |||||
Stock-based compensation expense (1) | 45,245 | 12,514 | 151,852 | 28,858 | |||||||||||||
Amortization of intangible assets (2) | 11,689 | 632 | 45,152 | 1,513 | |||||||||||||
Acquisition related expenses (3) | - | 8,513 | 1,559 | 8,513 | |||||||||||||
Restructuring Charges (4) | 1,558 | - | 4,327 | - | |||||||||||||
Change in fair value of preferred stock warrant liability (5) | - | - | - | 6,538 | |||||||||||||
Non-recurring benefit from income taxes (6) | (9,373 | ) | (59,620 | ) | (39,472 | ) | (59,620 | ) | |||||||||
Non-GAAP net loss | $ | (56,607 | ) | $ | (40,474 | ) | $ | (280,372 | ) | $ | (134,833 | ) | |||||
GAAP net loss per common share, basic and diluted | $ | (0.72 | ) | $ | (0.02 | ) | $ | (3.12 | ) | $ | (2.66 | ) | |||||
Stock-based compensation expense (1) | 0.31 | 0.11 | 1.07 | 0.64 | |||||||||||||
Amortization of intangible assets (2) | 0.08 | 0.01 | 0.32 | 0.03 | |||||||||||||
Acquisition related expenses (3) | - | 0.07 | 0.01 | 0.19 | |||||||||||||
Restructuring Charges (4) | 0.01 | - | 0.03 | - | |||||||||||||
Change in fair value of preferred stock warrant liability (5) | - | - | - | 0.14 | |||||||||||||
Non-recurring benefit from income taxes (6) | (0.06 | ) | (0.52 | ) | (0.28 | ) | (1.32 | ) | |||||||||
Non-GAAP net loss per common share, basic and diluted | $ | (0.38 | ) | $ | (0.35 | ) | $ | (1.97 | ) | $ | (2.98 | ) | |||||
Weighted average shares used in per share calculations for GAAP and Non-GAAP, basic and diluted | 147,746 | 114,654 | 142,176 | 45,271 | |||||||||||||
(1) includes stock-based compensation expense as follows: | |||||||||||||||||
Cost of product revenue | $ | 263 | $ | 190 | $ | 888 | $ | 469 | |||||||||
Cost of subscription and services revenue | 6,583 | 1,011 | 17,037 | 2,341 | |||||||||||||
Research and development | 8,914 | 2,533 | 28,968 | 6,958 | |||||||||||||
Sales and marketing | 19,619 | 4,870 | 66,773 | 10,748 | |||||||||||||
General and administrative | 9,866 | 3,910 | 38,186 | 8,342 | |||||||||||||
Total stock-based compensation expense | $ | 45,245 | $ | 12,514 | $ | 151,852 | $ | 28,858 | |||||||||
(2) includes amortization of intangible assets as follows: | |||||||||||||||||
Cost of product revenue | $ | 2,987 | $ | 286 | $ | 10,942 | $ | 1,071 | |||||||||
Cost of subscription and services revenue | 5,475 | 157 | 21,659 | 201 | |||||||||||||
Sales and marketing | 3,227 | 189 | 12,551 | 241 | |||||||||||||
Total amortization of intangible assets | $ | 11,689 | $ | 632 | $ | 45,152 | $ | 1,513 | |||||||||
(3) includes acquisition related expenses as follows: | |||||||||||||||||
General and administrative | $ | - | $ | 8,513 | $ | 1,559 | $ | 8,513 | |||||||||
(4) includes restructuring charges as follows: | |||||||||||||||||
Restructuring charges | $ | 1,558 | $ | - | $ | 4,327 | $ | - | |||||||||
(5) includes change in fair value of preferred stock warrant liability as follows: | |||||||||||||||||
Other expense, net | $ | - | $ | - | $ | - | $ | 6,538 | |||||||||
(6) includes discrete benefit from income taxes as follows: | |||||||||||||||||
Provision for (benefit from) income taxes | $ | (9,373 | ) | $ | (59,620 | ) | $ | (39,472 | ) | $ | (59,620 | ) | |||||
FireEye, Inc. | |||||||||||||||
RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
GAAP revenue | $ | 142,982 | $ | 57,262 | $ | 425,662 | $ | 161,552 | |||||||
Add change in deferred revenue | 69,622 | 56,762 | 165,029 | 111,108 | |||||||||||
Subtotal | 212,604 | 114,024 | 590,691 | 272,660 | |||||||||||
Less Mandiant deferred revenue assumed | - | (16,099 | ) | - | (16,099 | ) | |||||||||
Non-GAAP billings | $ | 212,604 | $ | 97,925 | $ | 590,691 | $ | 256,561 | |||||||
FireEye, Inc. | |||||||||||||||
BILLINGS BREAKOUT | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Product billings | $ | 67,554 | $ | 35,784 | $ | 173,323 | $ | 98,025 | |||||||
Product subscription billings | 80,242 | 38,656 | 233,688 | 96,219 | |||||||||||
Product billings and product subscription billings | 147,796 | 74,440 | 407,011 | 194,244 | |||||||||||
Support and maintenance billings | 39,796 | 21,612 | 104,790 | 57,110 | |||||||||||
Professional services billings | 25,012 | 1,873 | 78,890 | 5,207 | |||||||||||
Non-GAAP billings | $ | 212,604 | $ | 97,925 | $ | 590,691 | $ | 256,561 | |||||||
FireEye, Inc. | |||||||||||||||
REVENUE BREAKOUT | |||||||||||||||
(Unaudited, in thousands) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Product revenue | $ | 67,936 | $ | 32,296 | $ | 178,246 | $ | 88,253 | |||||||
Product subscription revenue | 38,320 | 14,367 | 121,907 | 43,031 | |||||||||||
Product revenue and product subscription revenue | 106,256 | 46,663 | 300,153 | 131,284 | |||||||||||
Support and maintenance revenue | 16,583 | 8,814 | 53,406 | 26,910 | |||||||||||
Professional services revenue | 20,143 | 1,785 | 72,103 | 3,358 | |||||||||||
Total revenue | $ | 142,982 | $ | 57,262 | $ | 425,662 | $ | 161,552 | |||||||