Form 6-K CYREN Ltd. For: Feb 17
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2016
Commission File Number 000-26495
CYREN Ltd.
(Translation of Registrant’s name into English)
1 Sapir Road, 5th Floor, Beit Ampa, P.O. Box 4014, Herzliya 46140, Israel
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F x Form 40-F ☐
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___
On February 17, 2016, the Registrant issued a press release announcing its fourth quarter 2015 financial results for the period ending December 31, 2015.
A copy of the press release is annexed hereto as Exhibit 1 and incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CYREN Ltd.
(Registrant)
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Date: February 17, 2016
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By
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/s/ J. Michael Myshrall
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J. Michael Myshrall
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Chief Financial Officer
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Exhibit 1
PRESS RELEASE
CYREN Reports Fourth Quarter and Full Year 2015 Results
McLean, Va. – February 17, 2016 – CYREN (NASDAQ: CYRN) today announced its fourth quarter and full year 2015 financial results for the period ending December 31, 2015.
“During the fourth quarter we continued to make very strong progress toward becoming the industry’s leading cloud-based Internet security company. We recently announced CYREN WebSecurity™ 3.0, which adds zero-day cyberthreat protection leveraging unique multi-sandbox array technology and big data analytics to correlate threats across 17 billion daily Internet transactions. Customer acquisition for CYREN WebSecurity continues at an impressive pace, and we have stabilized and added to our embedded business by expanding our relationship with our largest customers,” said Lior Samuelson, CEO and Chairman of the Board at CYREN.
“We are investing in sales, marketing, and R&D in order to scale the business to support the growing demand for CYREN WebSecurity and our cloud platform. As prospective customers become more aware of the dangers of zero-day threats, we believe CYREN WebSecurity will become the go-to tool for protecting all of their users, anywhere, on any device.”
Fourth Quarter & Full Year 2015 Financial Highlights:
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·
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Revenues for the fourth quarter were $7.1 million, compared to $6.9 million for the third quarter and $7.8 million for the fourth quarter of 2014. Revenues for the full year were $27.8 million, compared to $31.9 million in 2014. A shift in foreign exchange rates year-over-year negatively impacted revenues reported for the full year 2015 by approximately $2.2 million.
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·
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Non-GAAP revenues totaled $7.2 million for the fourth quarter, compared to $7.0 million for the third quarter and $7.9 million for the fourth quarter of 2014. Non-GAAP revenues for the full year were $27.9 million, compared to $32.1 million in 2014. The difference between non-GAAP and GAAP revenues is derived from the fact that deferred revenues consolidated from acquired companies are recorded based on fair value rather than book value for GAAP purposes.
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·
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GAAP net loss for the fourth quarter was $1.2 million, or $0.03 per basic and diluted share, compared to a loss of $1.3 million for the third quarter and a loss of $2.2 million, or $0.07 per basic and diluted share for the fourth quarter of 2014. GAAP net loss for the full year was $4.8 million, or $0.14 per basic and diluted share compared to a loss of $7.0 million, or $0.25 in 2014.
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·
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Non-GAAP net loss for the fourth quarter was $1.4 million, or $0.03 per basic and diluted share, compared to a loss of $1.3 million for the third quarter and a loss of $1.4 million, or $0.04 per basic and diluted share for the fourth quarter of 2014. Non-GAAP net loss for the full year was $4.9 million, or $0.14 per basic and diluted share compared to a loss of $4.5 million, or $0.16 per basic and diluted share in 2014.
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·
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Cash used in operating activities during the fourth quarter was $0.6 million, compared to cash generated by operating activities of $0.6 million during the third quarter and operating cash usage of $1.5 million for the fourth quarter of 2014. Cash used in operating activities for the full year was $1.8 million, compared to $3.7 million in 2014.
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·
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Cash as of December 31, 2015 was $16.4 million, compared to $18.7 million as of September 30, 2015 and $11.1 million at the end of 2014.
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For information regarding the non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Measures " and "Reconciliation of Selected GAAP Measures to Non-GAAP Measures."
Recent Business Highlights:
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·
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Signed several CWS contracts in the fourth quarter including Sea-Mar, a manager of community health centers in Washington state, and Sun Communities, a real estate investment trust that owns, operates and manages manufactured housing communities in the United States.
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·
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Renewed and expanded several significant contracts in the embedded OEM business, including CheckPoint and Google, which are both long-term customers.
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·
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Added several new customers to use CYREN’s cyber intelligence suite, including malware attack detection and phishing feed services. During the second half of 2015, the Company has experienced a resurgence of interest from customers who need increased protection from email-borne malware and zero day attacks.
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·
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Hired 10 new employees to the sales and marketing organization, and increased the number of salespeople focused on CWS. Key new hires include seasoned executives from security companies such as Radware and Zscaler.
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·
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Recently introduced CWS 3.0, which integrates CYREN’s enhanced cyber threat capabilities that have been under development for over two years. Key feature enhancements include a new Advanced Threat Protection module to stop zero-day threats, Advanced Persistent Threats (APTs) and evasive malware.
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Financial Results Conference Call:
The Company will also host a conference call at 10 a.m. Eastern Time (5 p.m. Israel Time) on Wednesday, February 17, 2016.
US Dial-in Number: 1-888-299-7209
Israel Dial-in Number: 1-80-924-5906
International Dial-in Number: 1-719-325-2281
The call will be simultaneously webcast live on the investor relations section of CYREN's website at http://www.cyren.com/ir.html.
For those unable to participate in the live conference call, a replay will be available until March 2, 2016. To access the replay, the U.S. dial in number is 1-877-870-5176 and the non-U.S. dial in number is 1-858-384-5517. Callers will be prompted for replay conference ID number 868155. An archived version of the webcast will also be available on the investor relations section of the company's website.
About CYREN
CYREN (NASDAQ and TASE: CYRN) protects more than 600 million users against cyber attacks and data breaches through its cloud-based web, email, mobile and endpoint security solutions. Offering security as a service (SecaaS) solutions to enterprises and embedded solutions to IT firms and security vendors, CYREN's global cloud security platform processes over 17 billion daily transactions and blocks over 130 million threats each day. To learn more, visit www.cyren.com.
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: twitter.com/CyrenInc or twitter.com/cyren_ir
To download CYREN's investor relations app please visit Apple's App Store for the iPhone and iPad or Google Play for Android mobile devices.
Use of Non-GAAP Financial Measures
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: stock-based compensation expenses, amortization of acquired intangible assets, executive termination costs, deferred taxes and deferred revenues related to acquisitions, one-time settlement agreements, reorganization expenses, adjustments to earn-out obligations and capitalization of technology. The purpose of such adjustments is to give an indication of the company's performance exclusive of non-cash charges and other items that are considered by management to be outside of the company's core operating results. The company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.
Company management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate the business and make operating decisions.
These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. The company believes this adjustment is useful to investors as a measure of the ongoing performance of the business. The company believes these non-GAAP financial measures provide consistent and comparable measures to help investors understand the company's current and future operating cash flow performance. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it important to make these non-GAAP adjustments available to investors.
Forward-Looking Statements
This press release contains forward-looking statements, including projections about the company's business, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, and statements including words such as "expect," "plan," "estimate," "anticipate," or "believe" are forward-looking statements. These statements are based on information available at the time of the press release and the company assumes no obligation to update any of them. The statements in this press release are not guarantees of future performance and actual results could differ materially from current expectations as a result of numerous factors, including business conditions and growth or deterioration in the internet security market, technological developments, products offered by competitors, availability of qualified staff, and technological difficulties and resource constraints encountered in developing new products, as well as those risks described in the company's Annual Reports on Form 20-F and reports on Form 6-K, which are available through www.sec.gov.
U.S. Investor Contact
Garth Russell
KCSA Strategic Communications
+1 212 896 1250
Israel Investor Contact:
Iris Lubitch
SmarTeam
+972.54.2528007
Company Contact
Mike Myshrall, CFO
CYREN
+1 703 760 3320
Media Contact
Matthew Zintel
Zintel Public Relations
+1 281 444 1590
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CYREN LTD.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands of U.S. dollars, except per share amounts)
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Three months ended
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Twelve months ended
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|||||||||||||||
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December 31
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December 31
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|||||||||||||||
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2015
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2014
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2015
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2014
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||||||||||||
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Unaudited
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Unaudited
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Unaudited
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Audited
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Revenues
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$ | 7,109 | $ | 7,842 | $ | 27,762 | $ | 31,925 | ||||||||
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Cost of revenues
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2,019 | 1,999 | 8,323 | 8,123 | ||||||||||||
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Gross profit
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5,090 | 5,843 | 19,439 | 23,802 | ||||||||||||
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Operating expenses:
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Research and development, net
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2,256 | 2,824 | 8,930 | 11,222 | ||||||||||||
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Sales and marketing
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2,185 | 2,852 | 8,718 | 11,802 | ||||||||||||
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General and administrative
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1,722 | 2,274 | 6,326 | 8,047 | ||||||||||||
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Adjustment of earn-out obligation
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2 | (43 | ) | (75 | ) | (744 | ) | |||||||||
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Total operating expenses
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6,165 | 7,907 | 23,899 | 30,327 | ||||||||||||
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Operating loss
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(1,075 | ) | (2,064 | ) | (4,460 | ) | (6,525 | ) | ||||||||
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Other income (expense)
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29 | (13 | ) | 27 | 187 | |||||||||||
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Financial income (expense), net
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132 | (162 | ) | (243 | ) | (874 | ) | |||||||||
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Net loss before taxes
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(914 | ) | (2,239 | ) | (4,676 | ) | (7,212 | ) | ||||||||
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Tax benefit (expense)
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(237 | ) | 83 | (123 | ) | 196 | ||||||||||
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Net loss
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$ | (1,151 | ) | $ | (2,156 | ) | $ | (4,799 | ) | $ | (7,016 | ) | ||||
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Loss per share - basic
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$ | (0.03 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.25 | ) | ||||
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Loss per share - diluted
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$ | (0.03 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.25 | ) | ||||
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Weighted average number of shares outstanding:
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Basic
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39,121 | 31,371 | 34,316 | 28,598 | ||||||||||||
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Diluted
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39,121 | 31,371 | 34,316 | 28,598 | ||||||||||||
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CYREN LTD.
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RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
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(in thousands of U.S.dollars, except per share amounts)
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Three months ended
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Twelve months ended
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December 31
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December 31
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2015
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2014
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2015
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2014
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Unaudited
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Unaudited
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Unaudited
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Audited
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GAAP operating loss
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$ | (1,075 | ) | $ | (2,064 | ) | $ | (4,460 | ) | $ | (6,525 | ) | ||||
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Stock-based compensation (1)
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282 | 265 | 1,066 | 1,220 | ||||||||||||
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Amortization of intangible assets (2)
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379 | 409 | 1,549 | 1,736 | ||||||||||||
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Adjustment to earn-out liabilities (3)
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2 | (43 | ) | (75 | ) | (744 | ) | |||||||||
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Executive terminations (5)
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- | - | - | 208 | ||||||||||||
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Adjustment to deferred revenues (6)
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42 | 48 | 169 | 202 | ||||||||||||
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Settlement agreements (7)
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- | 128 | (628 | ) | 128 | |||||||||||
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Reorganization expenses (8)
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- | - | - | 75 | ||||||||||||
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Capitalization of technology (9)
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(825 | ) | - | (1,887 | ) | - | ||||||||||
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Non-GAAP operating loss
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$ | (1,195 | ) | $ | (1,257 | ) | $ | (4,266 | ) | $ | (3,700 | ) | ||||
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GAAP net loss
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$ | (1,151 | ) | $ | (2,156 | ) | $ | (4,799 | ) | $ | (7,016 | ) | ||||
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Stock-based compensation (1)
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282 | 265 | 1,066 | 1,220 | ||||||||||||
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Amortization of intangible assets (2)
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379 | 409 | 1,549 | 1,736 | ||||||||||||
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Adjustment to earn-out liabilities (3)
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2 | 4 | (27 | ) | (445 | ) | ||||||||||
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Income taxes (4)
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(79 | ) | (95 | ) | (326 | ) | (412 | ) | ||||||||
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Executive terminations (5)
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- | - | - | 208 | ||||||||||||
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Adjustment to deferred revenues (6)
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42 | 48 | 169 | 202 | ||||||||||||
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Settlement agreements (7)
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- | 128 | (628 | ) | (72 | ) | ||||||||||
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Reorganization expenses (8)
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- | - | - | 75 | ||||||||||||
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Capitalization of technology (9)
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(847 | ) | - | (1,929 | ) | - | ||||||||||
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Non-GAAP net loss
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$ | (1,372 | ) | $ | (1,397 | ) | $ | (4,925 | ) | $ | (4,504 | ) | ||||
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GAAP loss per share (diluted)
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$ | (0.03 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.25 | ) | ||||
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Stock-based compensation (1)
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0.00 | 0.01 | 0.03 | 0.04 | ||||||||||||
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Amortization of intangible assets (2)
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0.02 | 0.01 | 0.05 | 0.06 | ||||||||||||
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Adjustment to earn-out liabilities (3)
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0.00 | 0.00 | (0.00 | ) | (0.02 | ) | ||||||||||
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Income taxes (4)
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(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | ||||||||
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Executive terminations (5)
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0.00 | 0.00 | 0.00 | 0.01 | ||||||||||||
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Adjustment to deferred revenues (6)
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0.00 | 0.00 | 0.00 | 0.01 | ||||||||||||
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Settlement agreements (7)
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0.00 | 0.01 | (0.02 | ) | (0.00 | ) | ||||||||||
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Reorganization expenses (8)
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0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
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Capitalization of technology (9)
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(0.02 | ) | 0.00 | (0.06 | ) | 0.00 | ||||||||||
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Non-GAAP loss per share (diluted)
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$ | (0.03 | ) | $ | (0.04 | ) | $ | (0.14 | ) | $ | (0.16 | ) | ||||
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Numbers of shares used in computing non-GAAP loss per share (diluted)
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39,121 | 31,371 | 34,316 | 28,598 | ||||||||||||
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(1) Stock-based compensation
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||||||||||||||||
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Cost of revenues
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$ | 15 | $ | 15 | $ | 64 | $ | 55 | ||||||||
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Research and development
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92 | 63 | 302 | 292 | ||||||||||||
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Sales and marketing
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52 | 76 | 251 | 292 | ||||||||||||
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General and administrative
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123 | 111 | 449 | 581 | ||||||||||||
| $ | 282 | $ | 265 | $ | 1,066 | $ | 1,220 | |||||||||
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(2) Amortization of intangible assets
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Cost of revenues
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$ | 194 | $ | 202 | $ | 781 | $ | 846 | ||||||||
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Sales and marketing
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185 | 207 | 768 | 890 | ||||||||||||
| $ | 379 | $ | 409 | $ | 1,549 | $ | 1,736 | |||||||||
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(3) Adjustment to earn-out liabilities
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General and administrative
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$ | 2 | $ | (43 | ) | $ | (75 | ) | $ | (744 | ) | |||||
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Financial expenses, net
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- | 47 | 48 | 299 | ||||||||||||
| $ | 2 | $ | 4 | $ | (27 | ) | $ | (445 | ) | |||||||
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(4) Income taxes
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Deferred tax asset - tax benefit
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$ | (79 | ) | $ | (95 | ) | $ | (326 | ) | $ | (412 | ) | ||||
| $ | (79 | ) | $ | (95 | ) | $ | (326 | ) | $ | (412 | ) | |||||
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(5) Executive terminations
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General and administrative
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$ | - | $ | - | $ | - | $ | 208 | ||||||||
| $ | - | $ | - | $ | - | $ | 208 | |||||||||
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(6) Adjustment to deferred revenues
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Revenues
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$ | 42 | $ | 48 | $ | 169 | $ | 202 | ||||||||
| $ | 42 | $ | 48 | $ | 169 | $ | 202 | |||||||||
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(7) Settlement agreements
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General and administrative
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$ | - | $ | 128 | $ | (628 | ) | $ | 128 | |||||||
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Other income
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- | - | - | (200 | ) | |||||||||||
| $ | - | $ | 128 | $ | (628 | ) | $ | (72 | ) | |||||||
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(8) Reorganization expenses
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General and administrative
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$ | - | $ | - | $ | - | $ | 75 | ||||||||
| $ | - | $ | - | $ | - | $ | 75 | |||||||||
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(9) Capitalization of technology
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Research and development
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$ | (825 | ) | $ | - | $ | (1,887 | ) | $ | - | ||||||
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Financial expenses, net
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(22 | ) | - | (42 | ) | - | ||||||||||
| $ | (847 | ) | $ | - | $ | (1,929 | ) | $ | - | |||||||
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CYREN LTD.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands of U.S. dollars)
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December 31
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December 31
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|||||||
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2015
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2014
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||||||
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Unaudited
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Audited
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Assets
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Current Assets:
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Cash and cash equivalents
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$ | 16,379 | $ | 11,063 | ||||
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Trade receivables, net
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3,849 | 4,444 | ||||||
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Prepaid expenses and other receivables
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949 | 1,019 | ||||||
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Total current assets
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21,177 | 16,526 | ||||||
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Lease deposits
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79 | 70 | ||||||
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Deferred tax assets
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- | 13 | ||||||
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Severance pay fund
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700 | 594 | ||||||
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Property and equipment, net
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2,321 | 2,401 | ||||||
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Goodwill and intangible assets, net
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30,128 | 31,869 | ||||||
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Total long-term assets
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33,228 | 34,947 | ||||||
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Total assets
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$ | 54,405 | $ | 51,473 | ||||
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Liabilities and Shareholders’ Equity
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Current Liabilities:
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Credit line
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$ | 4,169 | $ | 4,900 | ||||
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Trade payables
|
603 | 646 | ||||||
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Employees and payroll accruals
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2,500 | 2,359 | ||||||
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Deferred tax liability
|
102 | 120 | ||||||
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Accrued expenses and other liabilities
|
764 | 1,394 | ||||||
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Earn-out consideration
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2,346 | 2,269 | ||||||
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Deferred revenues
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3,269 | 4,487 | ||||||
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Total current liabilities
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13,753 | 16,175 | ||||||
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Deferred revenues
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824 | 652 | ||||||
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Deferred tax liability
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1,525 | 1,984 | ||||||
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Earn-out consideration
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- | 837 | ||||||
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Accrued severance pay
|
824 | 666 | ||||||
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Other liabilities
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131 | 100 | ||||||
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Total long-term liabilities
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3,304 | 4,239 | ||||||
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Shareholders’ equity
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37,348 | 31,059 | ||||||
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Total liabilities and shareholders’ equity
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$ | 54,405 | $ | 51,473 | ||||
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CYREN LTD.
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CONDENSED CONSOLIDATED CASH FLOW DATA
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(in thousands of U.S. dollars)
|
|||||||
|
Three months ended
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Twelve months ended
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|||||||||||||||
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December 31
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December 31
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|||||||||||||||
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2015
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2014
|
2015
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2014
|
|||||||||||||
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Unaudited
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Unaudited
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Unaudited
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Audited
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|||||||||||||
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Cash flows from operating activities:
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||||||||||||||||
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Net loss
|
$ | (1,151 | ) | $ | (2,156 | ) | $ | (4,799 | ) | $ | (7,016 | ) | ||||
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Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
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Loss on disposal of property and equipment
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4 | 16 | 9 | 15 | ||||||||||||
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Depreciation
|
355 | 330 | 1,337 | 1,285 | ||||||||||||
|
Stock-based compensation
|
282 | 265 | 1,066 | 1,220 | ||||||||||||
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Amortization of intangible assets
|
379 | 409 | 1,549 | 1,736 | ||||||||||||
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Accrued interest, accretion of discount and exchange rate differences on credit line
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3 | 22 | 69 | 124 | ||||||||||||
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Accretion and change in fair value of earn-out consideration, net
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2 | 4 | (27 | ) | (445 | ) | ||||||||||
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Changes in assets and liabilities:
|
||||||||||||||||
|
Trade receivables
|
(293 | ) | (315 | ) | 716 | 866 | ||||||||||
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Deferred taxes
|
(69 | ) | (134 | ) | (257 | ) | (318 | ) | ||||||||
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Prepaid expenses and other receivables
|
505 | 363 | 36 | 839 | ||||||||||||
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Change in long-term lease deposits
|
(4 | ) | 4 | (12 | ) | 1 | ||||||||||
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Trade payables
|
23 | (150 | ) | (110 | ) | (542 | ) | |||||||||
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Employees and payroll accruals, accrued expenses and other liabilities
|
161 | 213 | (417 | ) | (496 | ) | ||||||||||
|
Deferred revenues
|
(850 | ) | (516 | ) | (1,069 | ) | (1,047 | ) | ||||||||
|
Accrued severance pay, net
|
3 | 1 | 52 | 18 | ||||||||||||
|
Other long-term liabilities
|
41 | 100 | 41 | 100 | ||||||||||||
|
Net cash used in operating activities
|
(609 | ) | (1,544 | ) | (1,816 | ) | (3,660 | ) | ||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Proceeds from sale of fixed assets
|
- | 9 | 5 | 9 | ||||||||||||
|
Capitalization of technology
|
(847 | ) | - | (1,929 | ) | - | ||||||||||
|
Purchase of property and equipment
|
(603 | ) | (68 | ) | (1,222 | ) | (771 | ) | ||||||||
|
Net cash used in investing activities
|
(1,450 | ) | (59 | ) | (3,146 | ) | (762 | ) | ||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Proceeds from capital issuance, net
|
(108 | ) | - | 11,524 | 10,239 | |||||||||||
|
Proceeds from credit line
|
- | 4,800 | 4,400 | 6,800 | ||||||||||||
|
Repayment of credit line
|
- | (5,270 | ) | (5,200 | ) | (5,270 | ) | |||||||||
|
Payment of earn-out consideration
|
- | - | (457 | ) | (351 | ) | ||||||||||
|
Proceeds from options exercised
|
- | 53 | 153 | 384 | ||||||||||||
|
Net cash provided by (used in) financing activities
|
(108 | ) | (417 | ) | 10,420 | 11,802 | ||||||||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(119 | ) | (11 | ) | (142 | ) | (74 | ) | ||||||||
|
Increase (decrease) in cash and cash equivalents
|
(2,286 | ) | (2,031 | ) | 5,316 | 7,306 | ||||||||||
|
Cash and cash equivalents at the beginning of the period
|
18,665 | 13,094 | 11,063 | 3,757 | ||||||||||||
|
Cash and cash equivalents at the end of the period
|
$ | 16,379 | $ | 11,063 | $ | 16,379 | $ | 11,063 | ||||||||
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