Exhibit 99.1
MIMECAST LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
As of March 31, | ||||
2018 | ||||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 78,339 | ||
Short-term investments | 58,871 | |||
Accounts receivable, net | 65,392 | |||
Prepaid expenses and other current assets | 15,302 | |||
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Total current assets | 217,904 | |||
Property and equipment, net | 123,822 | |||
Intangible assets, net | 9,819 | |||
Goodwill | 5,631 | |||
Other assets | 1,222 | |||
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Total assets | $ | 358,398 | ||
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Liabilities and shareholders’ equity | ||||
Current liabilities | ||||
Accounts payable | $ | 6,052 | ||
Accrued expenses and other current liabilities | 33,878 | |||
Deferred revenue | 123,057 | |||
Current portion of capital lease obligations | 1,125 | |||
Current portion of long-term debt | — | |||
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Total current liabilities | 164,112 | |||
Deferred revenue, net of current portion | 18,045 | |||
Long-term capital lease obligations | 2,390 | |||
Construction financing lease obligation | 67,205 | |||
Othernon-current liabilities | 4,954 | |||
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Total liabilities | 256,706 | |||
Commitments and contingencies | ||||
Shareholders’ equity | ||||
Ordinary shares | 707 | |||
Additionalpaid-in capital | 212,839 | |||
Accumulated deficit | (106,507 | ) | ||
Accumulated other comprehensive loss | (5,347 | ) | ||
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Total shareholders’ equity | 101,692 | |||
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Total liabilities and shareholders’ equity | $ | 358,398 | ||
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MIMECAST LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended March 31, | Year Ended March 31, | |||||||
2018 | 2018 | |||||||
Revenue | $ | 73,401 | $ | 261,897 | ||||
Cost of revenue | 20,176 | 69,699 | ||||||
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Gross profit | 53,225 | 192,198 | ||||||
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Operating expenses | ||||||||
Research and development | 12,185 | 38,373 | ||||||
Sales and marketing | 32,342 | 121,246 | ||||||
General and administrative | 10,360 | 36,989 | ||||||
Impairment of long-lived assets | 1,712 | 1,712 | ||||||
Restructuring | 832 | 832 | ||||||
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Total operating expenses | 57,431 | 199,152 | ||||||
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Loss from operations | (4,206 | ) | (6,954 | ) | ||||
Other income (expense) | ||||||||
Interest income | 456 | 1,310 | ||||||
Interest expense | (442 | ) | (598 | ) | ||||
Foreign exchange expense | (1,452 | ) | (3,511 | ) | ||||
Other income, net | 72 | 72 | ||||||
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Total other income (expense), net | (1,366 | ) | (2,727 | ) | ||||
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Loss before income taxes | (5,572 | ) | (9,681 | ) | ||||
Provision for income taxes | 982 | 2,705 | ||||||
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Net loss | $ | (6,554 | ) | $ | (12,386 | ) | ||
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Net loss per ordinary share | ||||||||
Basic and diluted | $ | (0.11 | ) | $ | (0.22 | ) | ||
Weighted-average number of ordinary shares outstanding | ||||||||
Basic and diluted | 58,264 | 57,269 |
MIMECAST LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
Year ended March 31, | ||||
2018 | ||||
Operating activities | ||||
Net loss | $ | (12,386 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 18,960 | |||
Share-based compensation expense | 11,734 | |||
Provision for doubtful accounts | 185 | |||
Impairment of long-lived assets | 1,712 | |||
Loss on disposal of fixed assets | 181 | |||
Othernon-cash items | 184 | |||
Unrealized currency loss on foreign denominated transactions | 2,958 | |||
Changes in assets and liabilities: | ||||
Accounts receivable | (18,120 | ) | ||
Prepaid expenses and other current assets | (5,037 | ) | ||
Other assets | 33 | |||
Accounts payable | (104 | ) | ||
Deferred revenue | 39,042 | |||
Accrued expenses and other liabilities | 7,070 | |||
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Net cash provided by operating activities | 46,412 | |||
Investing activities | ||||
Purchases of investments | (76,948 | ) | ||
Maturities of investments | 77,808 | |||
Purchases of property, equipment and capitalized software | (34,498 | ) | ||
Payments for acquisitions | (1,381 | ) | ||
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Net cash used in investing activities | (35,019 | ) | ||
Financing activities | ||||
Proceeds from issuance of ordinary shares | 17,039 | |||
Payments on debt | (1,825 | ) | ||
Payments on capital lease obligations | (1,039 | ) | ||
Payments on construction financing lease obligation | (1,019 | ) | ||
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Net cash provided by financing activities | 13,156 | |||
Effect of foreign exchange rates on cash | 2,471 | |||
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Net increase in cash and cash equivalents | 27,020 | |||
Cash and cash equivalents at beginning of period | 51,319 | |||
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Cash and cash equivalents at end of period | $ | 78,339 | ||
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