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Proofpoint Announces Third Quarter 2020 Financial Results

October 29, 2020 4:05 PM

Third Quarter Highlights

SUNNYVALE, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Proofpoint, Inc. (NASDAQ: PFPT), a leading next-generation security and compliance company, today announced financial results for the third quarter ended September 30, 2020.

“Our strong third quarter results represent another great example of our team’s consistent execution and dedicated focus on protecting our customers from advanced threats and compliance risks,” stated Gary Steele, chief executive officer of Proofpoint. “We are also proud to announce that these results make Proofpoint the first SaaS-based cybersecurity company to surpass $1 billion in revenue on a trailing twelve month basis. The compelling investments we’re making in broadening our product suite provide further opportunity to extend this growth and increase our share of the over $19 billion total addressable market opportunity in the years ahead.”

Third Quarter 2020 Financial Highlights

“We were pleased to exceed our guidance on all metrics in the third quarter as we continue to execute well against our updated 2020 operating plan by driving attractive growth and profitability through a challenging economic environment,” stated Paul Auvil, chief financial officer of Proofpoint. “Our strong free cash flow generation for the quarter was driven by strong cash collections as a result of exceptional billings linearity during the quarter, and serves as a clear reminder of the operating leverage intrinsic to our business model.”

Financial Outlook

This financial outlook is based on information and assumptions known as of October 29, 2020. We undertake no obligation to update these forward-looking statements as a result of new information or future events. It is Proofpoint’s policy neither to reiterate nor adjust the financial guidance provided in this release unless it is also done through another public disclosure, such as a subsequent press release or filing on Form 8-K.

Proofpoint is providing its fourth quarter 2020 guidance as follows:

Proofpoint is providing its full year 2020 guidance as follows:

Quarterly Conference Call

Proofpoint will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to review the company’s financial results for the third quarter ended September 30, 2020. To access this call, dial (888) 220-8451 for the U.S. or Canada, or (646) 828-8193 for international callers, with conference ID 9071818. A live webcast, and an archived recording of the conference call will be accessible from the Investors section of Proofpoint’s website at investors.proofpoint.com. An audio replay of this conference call will also be available through November 12, 2020, by dialing (844) 512-2921 for the U.S. or Canada or (412) 317-6671 for international callers, and entering passcode 9071818.

About Proofpoint, Inc.

Proofpoint, Inc. (NASDAQ: PFPT) is a leading cybersecurity and compliance company that protects organizations’ greatest assets and biggest risks: their people. With an integrated suite of cloud-based solutions, Proofpoint helps companies around the world stop targeted threats, safeguard their data, and make their users more resilient against cyber attacks. Leading organizations of all sizes, including more than half of the Fortune 1000, rely on Proofpoint for people-centric security and compliance solutions that mitigate their most critical risks across email, the cloud, social media, and the web. More information is available at www.proofpoint.com.

Proofpoint is a trademark or registered trademark of Proofpoint, Inc. in the U.S. and other countries. All other trademarks contained herein are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding momentum in the company’s business, market position, win rates and renewal rates, future growth, and future financial results. It is possible that future circumstances might differ from the assumptions on which such statements are based. Important factors that could cause results to differ materially from the statements herein include: the potential direct and indirect impact of events beyond our control such as the current coronavirus (COVID-19) pandemic on our business, financial condition and operations, including on our customers’ spending and on our expenses, supply chain, and employees; failure to maintain or increase renewals from existing customers and failure to generate increased business through existing or new channel partner relationships; uncertainties related to continued success in sales growth and market share gains; failure to convert sales opportunities into definitive customer agreements; risks associated with successful implementation of multiple integrated software products and other product functionality; competition, particularly from larger companies with more resources than Proofpoint; risks related to new target markets, new product introductions and innovation and market acceptance thereof; the ability to attract and retain key personnel; potential changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; the time it takes new sales personnel to become fully productive; unforeseen delays in developing new technologies and the uncertain market acceptance of new products or features; technological changes that make Proofpoint’s products and services less competitive; security breaches, which could affect our brand; the costs of litigation; the impact of changes in foreign currency exchange rates; the effect of general economic conditions, including as a result of specific economic risks in different geographies and among different industries; risks related to integrating the employees, customers and technologies of acquired businesses; assumption of unknown liabilities from acquisitions; ability to retain customers of acquired entities; and the other risk factors set forth from time to time in our filings with the SEC, including our Quarterly Report on Form 10-Q for the three months ended June 30, 2020, and the other reports we file with the SEC, copies of which are available free of charge at the SEC’s website at www.sec.gov or on our investor relations website at https://investors.proofpoint.com/investors/financials-and-filings/quarterly-and-annual-reports/default.aspx. All forward-looking statements herein reflect our opinions only as of the date of this release, and Proofpoint undertakes no obligation, and expressly disclaims any obligation, to update forward-looking statements herein in light of new information or future events.

Computational Guidance on Earnings Per Share Estimates

Accounting principles require that EPS be computed based on the weighted average shares outstanding (“basic”), and also assuming the issuance of potentially issuable shares (such as those subject to stock options, convertible notes, etc.) if those potentially issuable shares would reduce EPS (“diluted”).

The number of shares related to options and similar instruments included in diluted EPS is based on the “Treasury Stock Method” prescribed in Financial Accounting Standards Board (“FASB”) ASC Topic 260, Earnings Per Share (“FASB ASC Topic 260”). This method assumes a theoretical repurchase of shares using the proceeds of the respective stock option exercise at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of diluted EPS in respect of stock options and similar instruments is dependent on this average stock price and will increase as the average stock price increases.

The number of shares includable in the calculation of diluted EPS in respect of convertible senior notes is based on the “If Converted” method prescribed in FASB ASC Topic 260. This method assumes the conversion or exchange of these securities for shares of common stock. In determining if convertible securities are dilutive, the interest savings (net of tax) subsequent to an assumed conversion are added back to net earnings. The shares related to a convertible security are included in diluted EPS only if EPS as otherwise calculated is greater than the interest savings, net of tax, divided by the shares issuable upon exercise or conversion of the instrument. Accordingly, the calculation of diluted EPS for these instruments is dependent on the level of net earnings.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with GAAP. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Non-GAAP gross profit and gross margin. We define non-GAAP gross profit as GAAP gross profit, adjusted to exclude stock-based compensation expense and the amortization of intangibles associated with acquisitions. We define non-GAAP gross margin as non-GAAP gross profit divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of non-cash charges that can fluctuate for Proofpoint, based on timing of equity award grants and the size, timing and purchase price allocation of acquisitions so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP gross profit and non-GAAP gross margin versus gross profit and gross margin, in each case, calculated in accordance with GAAP. For example, stock-based compensation has been and will continue to be for the foreseeable future a significant recurring expense in our business. Stock-based compensation is an important part of our employees’ compensation and impacts their performance. In addition, the components of the costs that we exclude in our calculation of non-GAAP gross profit and non-GAAP gross margin may differ from the components that our peer companies exclude when they report their non-GAAP results. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP gross profit and non-GAAP gross margin and evaluating non-GAAP gross profit and non-GAAP gross margin together with gross profit and gross margin calculated in accordance with GAAP.

Non-GAAP operating income. We define non-GAAP operating income as operating loss, adjusted to exclude stock-based compensation expense, the amortization of intangibles, costs associated with acquisitions, litigations and facility exit costs related to the relocation of our corporate headquarters. Costs associated with acquisitions include legal, accounting, and other professional fees, as well as changes in the fair value of contingent consideration obligations. We consider this non-GAAP financial measure to be a useful metric for management and investors because it excludes the effect of stock-based compensation expense and the amortization of intangibles and costs associated with acquisitions, litigations and facility exit costs so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income versus operating loss calculated in accordance with GAAP. For example, as noted above, non-GAAP operating income excludes stock-based compensation expense. In addition, the components of the costs that we exclude in our calculation of non-GAAP operating income may differ from the components that our peer companies exclude when they report their non-GAAP results of operations, and some of these items are cash-based. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating loss calculated in accordance with GAAP.

Non-GAAP net income. We define non-GAAP net income as net loss, adjusted to exclude stock-based compensation expense, amortization of intangibles, costs associated with acquisitions, litigations, facility exit costs related to the relocation of our corporate headquarters, non-cash interest expense related to the convertible debt discount and issuance costs for the convertible debt offering, and tax effects. We consider this non-GAAP financial measure to be a useful metric for management and investors for the same reasons that we use non-GAAP operating income.

Our current and deferred income tax expense is commensurate with the non-GAAP measure of profitability using a non-GAAP tax rate of 17% for the three and nine months ended September 30, 2020 and 2019. We use an annual projected tax rate in a computation of the non-GAAP income tax provision, and exclude the impact of stock-based compensation, intangible amortization expenses, costs associated with acquisitions, litigations, facility exit costs related to the relocation of our corporate headquarters, and non-cash interest expense related to the debt discount and issuance costs for the convertible notes. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate.

Billings. We define billings as revenue recognized plus the change in deferred revenue and customer prepayments less change in unbilled accounts receivable from the beginning to the end of the period, but excluding additions to deferred revenue and customer prepayments from acquisitions. Customer prepayments represent billed amounts for which the contract can be terminated and the customer has a right of refund. Unbilled accounts receivable represent amounts for which the company has recognized revenue, pursuant to its revenue recognition policy, for subscription software already delivered and professional services already performed, but billed in arrears and for which the company believes it has an unconditional right to payment. We consider billings to be a useful metric for management and investors because billings drive deferred revenue, which is an important indicator of the health and visibility of our business, and has historically represented a majority of the quarterly revenue that we recognize. There are a number of limitations related to the use of billings versus revenue calculated in accordance with GAAP. Billings include amounts that have not yet been recognized as revenue, but exclude additions to deferred revenue from acquisitions. We may also calculate billings in a manner that is different from other companies that report similar financial measures. Management compensates for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with revenues calculated in accordance with GAAP.

Free cash flow. We define free cash flow as net cash provided by operating activities minus capital expenditures. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow facilitates management’s comparisons of our operating results to competitors’ operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating our company is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Management compensates for this limitation by providing information about our capital expenditures on the face of the cash flow statement and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” section of our quarterly and annual reports filed with the SEC.

Proofpoint, Inc.Consolidated Statements of Operations(In thousands, except per share amounts)(Unaudited)

Three Months EndedSeptember 30, Nine Months EndedSeptember 30,
2020 2019 2020 2019
Revenue:
Subscription $260,672 $224,275 $759,633 $634,639
Hardware and services 5,997 3,110 15,248 10,122
Total revenue 266,669 227,385 774,881 644,761
Cost of revenue:(1)(2)
Subscription 60,144 52,308 179,185 151,208
Hardware and services 8,777 7,573 26,242 21,744
Total cost of revenue 68,921 59,881 205,427 172,952
Gross profit 197,748 167,504 569,454 471,809
Operating expense:(1)(2)
Research and development 71,743 60,060 212,240 168,494
Sales and marketing 121,294 105,502 360,735 305,343
General and administrative 25,821 26,388 70,188 80,094
Total operating expense 218,858 191,950 643,163 553,931
Operating loss (21,110) (24,446) (73,709) (82,122)
Interest expense (9,106) (3,698) (27,039) (3,698)
Other (expense) income, net (119) 2,180 3,410 3,565
Loss before income taxes (30,335) (25,964) (97,338) (82,255)
Provision for income taxes (1,540) (18,376) (31,369) (19,276)
Net loss $(31,875) $(44,340) $(128,707) $(101,531)
Net loss per share, basic and diluted $(0.55) $(0.79) $(2.25) $(1.82)
Weighted average shares outstanding, basic and diluted 57,616 56,014 57,321 55,708
(1) Includes stock-based compensation expense as follows:
Cost of subscription revenue $5,132 $4,519 $15,909 $12,663
Cost of hardware and services revenue 1,402 1,043 4,181 3,003
Research and development 16,462 13,735 48,498 37,756
Sales and marketing 19,963 16,515 55,529 46,068
General and administrative 7,948 9,871 14,816 32,864
Total stock-based compensation expense $50,907 $45,683 $138,933 $132,354
(2) Includes intangible amortization expense as follows:
Cost of subscription revenue $10,756 $7,886 $30,686 $22,153
Sales and marketing 3,947 3,632 12,407 10,803
Total intangible amortization expense $14,703 $11,518 $43,093 $32,956

Proofpoint, Inc.Consolidated Balance Sheets(In thousands, except per share amounts)(Unaudited)

September 30, December 31,
2020 2019
Assets
Current assets:
Cash and cash equivalents $1,019,523 $847,555
Short-term investments — 43,385
Accounts receivable, net 180,914 265,741
Inventory 345 1,249
Deferred product costs 2,847 2,723
Deferred commissions 51,779 47,250
Prepaid expenses and other current assets 29,550 22,081
Total current assets 1,284,958 1,229,984
Property and equipment, net 101,250 73,512
Operating lease right-of-use assets 65,248 51,852
Long-term deferred product costs 410 581
Goodwill 688,454 687,517
Intangible assets, net 144,804 186,023
Long-term deferred commissions 96,071 90,305
Other assets 15,017 17,737
Total assets $2,396,212 $2,337,511
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $6,012 $16,311
Accrued liabilities 140,311 119,423
Operating lease liabilities 23,368 20,202
Deferred revenue 613,107 615,874
Total current liabilities 782,798 771,810
Convertible senior notes 774,934 749,620
Long-term operating lease liabilities 45,464 36,223
Other long-term liabilities 37,127 19,172
Long-term deferred revenue 180,537 168,189
Total liabilities 1,820,860 1,745,014
Stockholders’ equity
Common stock, $0.0001 par value; 200,000 shares authorized; 57,740 shares issued and 57,628 shares outstanding at September 30, 2020; 56,784 shares issued and outstanding at December 31, 2019 6 6
Additional paid-in capital 1,441,384 1,318,084
Treasury stock, at cost; 112 shares at September 30, 2020 (11,737) —
Accumulated other comprehensive income — 1
Accumulated deficit (854,301) (725,594)
Total stockholders’ equity 575,352 592,497
Total liabilities and stockholders’ equity $2,396,212 $2,337,511

Proofpoint, Inc.Consolidated Statements of Cash Flows(In thousands)(Unaudited)

Three Months EndedSeptember 30, Nine Months EndedSeptember 30,
2020 2019 2020 2019
Cash flows from operating activities
Net loss $(31,875) $(44,340) $(128,707) $(101,531)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 24,801 20,220 71,261 58,457
Stock-based compensation 50,907 45,683 138,933 132,354
Amortization of debt issuance costs and accretion of debt discount 8,531 3,455 25,314 3,455
Amortization of deferred commissions 16,049 12,763 46,052 36,434
Noncash lease costs 6,352 5,869 19,270 17,216
Deferred income taxes (575) (1,884) (1,267) (2,494)
Other 412 627 680 1,594
Changes in assets and liabilities:
Accounts receivable (7,888) (34,069) 84,174 (6,209)
Inventory 22 (69) 903 55
Deferred product costs (28) (229) 48 (324)
Deferred commissions (20,394) (20,036) (56,347) (51,014)
Prepaid expenses 2,331 2,199 (4,442) (5,496)
Other current assets (219) 55 (399) 514
Long-term assets (114) (253) (173) (876)
Accounts payable (58) 559 (9,571) (2,607)
Accrued liabilities 13,491 38,401 33,613 28,030
Operating lease liabilities (6,555) (6,477) (20,116) (17,925)
Deferred revenue 30,833 46,124 9,581 76,474
Net cash provided by operating activities 86,023 68,598 208,807 166,107
Cash flows from investing activities
Proceeds from maturities of short-term investments 11,906 26,853 63,093 81,902
Purchase of short-term investments — (25,268) (19,876) (67,036)
Purchase of property and equipment (21,473) (10,006) (45,622) (23,856)
Receipts from escrow account — — 154 —
Acquisition of businesses, net of cash acquired — — (2,720) (104,503)
Net cash used in investing activities (9,567) (8,421) (4,971) (113,493)
Cash flows from financing activities
Proceeds from issuance of common stock 437 827 18,980 15,518
Withholding taxes related to restricted stock net share settlement (5,763) (6,585) (40,908) (41,590)
Proceeds from issuance of convertible senior notes, net of costs — 901,293 — 901,293
Purchase of capped calls — (84,640) — (84,640)
Repurchases of common stock (14,004) — (14,004) —
Net cash (used in) provided by financing activities (19,330) 810,895 (35,932) 790,581
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,024 (584) 850 (505)
Net increase in cash, cash equivalents and restricted cash 58,150 870,488 168,754 842,690
Cash, cash equivalents and restricted cash
Beginning of period 968,511 158,354 857,907 186,152
End of period $1,026,661 $1,028,842 $1,026,661 $1,028,842

Reconciliation of Non-GAAP Measures(In thousands, except per share amounts)(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2020 2019 2020 2019
GAAP gross profit $197,748 $167,504 $569,454 $471,809
GAAP gross margin 74% 74% 73% 73%
Plus:
Stock-based compensation expense 6,534 5,562 20,090 15,666
Intangible amortization expense 10,756 7,886 30,686 22,153
Non-GAAP gross profit 215,038 180,952 620,230 509,628
Non-GAAP gross margin 81% 80% 80% 79%
GAAP operating loss (21,110) (24,446) (73,709) (82,122)
Plus:
Stock-based compensation expense 50,907 45,683 138,933 132,354
Intangible amortization expense 14,703 11,518 43,093 32,956
Acquisition-related expenses 79 56 843 909
Litigation-related expenses 1,752 1,127 3,531 1,127
Facility exit costs 595 — 789 —
Non-GAAP operating income 46,926 33,938 113,480 85,224
GAAP net loss (31,875) (44,340) (128,707) (101,531)
Plus:
Stock-based compensation expense 50,907 45,683 138,933 132,354
Intangible amortization expense 14,703 11,518 43,093 32,956
Acquisition-related expenses 79 56 843 909
Litigation-related expenses 1,752 1,127 3,531 1,127
Facility exit costs 595 — 789 —
Interest expense - debt discount and issuance costs 8,531 3,455 25,314 3,455
Income tax expense (1) (6,319) 12,277 11,791 4,223
Non-GAAP net income 38,373 29,776 95,587 73,493
Add interest expense of convertible senior notes, net of tax (2) 477 243 1,431 243
Numerator for non-GAAP EPS calculation $38,850 $30,019 $97,018 $73,736
Non-GAAP net income per share - diluted $0.59 $0.49 $1.48 $1.25
GAAP weighted-average shares used to compute net loss per share, diluted 57,616 56,014 57,321 55,708
Dilutive effect of convertible senior notes (2) 5,975 2,533 5,975 854
Dilutive effect of employee equity incentive plan awards (3) 2,174 2,617 2,275 2,604
Non-GAAP weighted-average shares used to compute net income per share, diluted 65,765 61,164 65,571 59,166

(1) The Company’s current and deferred income tax expense commensurate with the non-GAAP measure of profitability using non-GAAP tax rate of 17% for the three and nine months ended September 30, 2020 and 2019. The Company uses annual projected tax rate in its computation of the non-GAAP income tax provision, and excludes the direct impact of stock-based compensation, intangible amortization expenses, costs associated with acquisitions, litigations, facility exit costs related to the relocation of our corporate headquarters, and non-cash interest expense related to the debt discount and issuance costs for the convertible notes.

(2) The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible senior notes. There was no add-back of interest expense or additional dilutive shares related to the convertible senior notes where the effect was anti-dilutive.

(3) The Company uses the treasury method to compute the dilutive effect of employee equity incentive plan awards.

Reconciliation of Total Revenue to Billings(In thousands)(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2020 2019 2020 2019
Total revenue $266,669 $227,385 $774,881 $644,761
Deferred revenue and customer prepayments
Ending 804,197 688,105 804,197 688,105
Beginning 776,255 635,450 797,173 605,073
Net Change 27,942 52,655 7,024 83,032
Unbilled accounts receivable
Ending 1,756 4,060 1,756 4,060
Beginning 1,542 1,861 2,255 1,276
Net Change (214) (2,199) 499 (2,784)
Less:
Deferred revenue and customer prepayments contributed by acquisitions — — — —
Billings $294,397 $277,841 $782,404 $725,009

Reconciliation of GAAP Cash Flows from Operations to Free Cash Flows(In thousands)(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2020 2019 2020 2019
GAAP cash flows provided by operating activities $86,023 $68,598 $208,807 $166,107
Less:
Purchases of property and equipment (21,473) (10,006) (45,622) (23,856)
Non-GAAP free cash flows $64,550 $58,592 $163,185 $142,251

Reconciliation of Non-GAAP Measures to Guidance(In millions, except per share amount)(Unaudited)

Three Months Ending Year Ending
December 31, December 31,
2020 2020
Total revenue $268.0 - $270.0 $1,042.9 - $1,044.9
GAAP gross profit 195.9 - 197.9 765.4 - 767.4
GAAP gross margin 73% 73%
Plus:
Stock-based compensation expense 7.9 - 7.5 28.0 - 27.6
Intangible amortization expense 10.6 41.3
Non-GAAP gross profit 214.4 - 216.0 834.7 - 836.3
Non-GAAP gross margin 80% 80%
GAAP net loss (51.0) - (45.6) (179.7) - (174.3)
Plus:
Stock-based compensation expense 55.1 - 52.1 194.0 - 191.0
Intangible amortization expense 14.4 57.5
Acquisition-related expenses - 0.8
Litigation-related expenses 1.9 5.4
Facility exit costs 0.6 1.5
Interest expense - debt discount and issuance costs 8.6 33.9
Income tax expense (3.6) - (4.0) 8.2 - 7.8
Non-GAAP net income 26.0 - 28.0 121.6 - 123.6
Add interest expense of convertible senior notes, net of tax (if dilutive) 0.5 1.9
Numerator for non-GAAP EPS calculation $26.5 - $28.5 $123.5 - $125.5
Non-GAAP net income per share - diluted $0.41 - $0.44 $1.88 - $1.91
Non-GAAP weighted-average shares used to compute net income per share, diluted 65.3 65.7
Three Months Ending Year Ending
December 31, December 31,
2020 2020
GAAP cash flows provided by operating activities $30.0 - $32.0 $238.8 - $240.8
Less:
Purchases of property and equipment (27.0) (72.6)
Non-GAAP free cash flows $3.0 - $5.0 $166.2 - $168.2

Media Contact

Kristy CampbellProofpoint, Inc.408-517-4710[email protected]

Investor Contact

Jason Starr
Proofpoint, Inc.
408-585-4351
[email protected]

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Source: Proofpoint, Inc.

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