karachi :a leading email and data security company, today announced financial results for the third quarter ended December 31, 2017.
147I146m very pleased with our high quality customer growth in the third quarter. Mimecast146s platform of services is appealing to organizations of all sizes seeking to bolster their cyber resilience,148 stated Peter Bauer, CEO of Mimecast.
Mimecast146s CFO Peter Campbell noted, 147We executed well against our financial targets in the third quarter. We delivered results that exceeded our revenue guidance and was at the high end of the guided range for adjusted EBITDA.148
Third Quarter 2018 Financial Highlights
Revenue: GAAP revenue for the third quarter of 2018 was $67.3 million, an increase of 39% compared to $48.3 million of GAAP revenue in the third quarter of 2017. Revenue on a constant currency basis increased 36% compared to the third quarter of 2017.
Customers: Added 1,100 net new customers in the third quarter of 2018. We now serve over 29,200 organizations globally.
Revenue Retention Rate: Revenue retention rate was 111% in the third quarter of 2018, consistent with the prior quarter.
Gross Profit Percentage: Gross profit percentage was 74% in the third quarter of 2018, up from 73% in the third quarter of 2017.
GAAP Net Loss: GAAP net loss was $2.6 million, or $(0.05) per diluted share, based on 57.5 million weighted-average shares outstanding.
Adjusted EBITDA: Adjusted EBITDA was $6.7 million, representing an Adjusted EBITDA margin of 10.0%, up from 7.6% in the third quarter of 2017.
Non-GAAP Net Income: Non-GAAP net income was $1.6 million, or $0.03 per share, based on 61.2 million diluted shares outstanding.
Free Cash Flow and Cash and Investments: Mimecast generated $4.5 million of free cash flow in the third quarter of 2018, up from $2.2 million in the third quarter of 2017. Cash and investments as of December 31, 2017 were $128.9 million
Total revenue of $67.3 million grew 39% yoy on a GAAP basis and 36% in constant currency
Added 1,100 new customers. Total customers 29,200 globally
Revenue retention rate of 111%
Gross profit percentage of 74%
GAAP EPS of $(0.05) per diluted share, Non-GAAP EPS of $0.03 per diluted share