UPDATE: Proofpoint (PFPT) Tops Q3 EPS by 20c, Revenues Beat; Raises FY20 Revenue Guidance, Offers 4Q & FY20 EPS Guidance Above Consensus

October 29, 2020 5:00 PM
(Updated - October 29, 2020 5:01 PM EDT)

Proofpoint (NASDAQ: PFPT) reported Q3 EPS of $0.59, $0.20 better than the analyst estimate of $0.39. Revenue for the quarter came in at $266.7 million versus the consensus estimate of $261.4 million.

Third Quarter Highlights

“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.”

“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.”

GUIDANCE:

Proofpoint sees Q4 2020 EPS of $0.41-$0.44, versus the consensus of $0.39. Proofpoint sees Q4 2020 revenue of $268-270 million, versus the consensus of $267.16 million.

Proofpoint sees FY2020 EPS of $1.88-$1.91, versus the consensus of $1.68. Proofpoint sees FY2020 revenue of $1.042-1.044 billion, versus the consensus of $1.04 billion.

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:

For earnings history and earnings-related data on Proofpoint (PFPT) click here.

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