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Mimecast Announces Fourth Quarter and Full Year 2018 Financial Results

Fourth Quarter Highlights

  • Total revenue of $73.4 million grew 40% yoy on a GAAP basis and 33% in constant currency
  • Added 1,200 new customers. Total customers 30,400 globally
  • Revenue retention rate of 110%
  • Gross profit percentage of 73%
  • GAAP EPS of $(0.14) per diluted share, Non-GAAP EPS of $(0.05) per diluted share

LEXINGTON, Mass., May 14, 2018 (GLOBE NEWSWIRE) --  Mimecast Limited (NASDAQ:MIME), a leading email and data security company, today announced financial results for the fourth quarter and full year ended March 31, 2018.

“I’m extremely pleased with how we performed in 2018.  We worked tirelessly to bolster our customers’ cyber resilience through the constant innovation of our platform and the introduction of new services like Sync and Recover” stated Peter Bauer, CEO of Mimecast.

Mimecast’s CFO Peter Campbell noted, “We are proud of our ability to consistently exceed expectations on revenue at the same time showing improvements in our bottom line as we progress to our long-term targets.”

Fourth Quarter 2018 Financial Highlights

  • Revenue: GAAP revenue for the fourth quarter of 2018 was $73.4 million, an increase of 40% compared to $52.4 million of GAAP revenue in the fourth quarter of 2017. Revenue on a constant currency basis increased 33% compared to the fourth quarter of 2017.
  • Customers: Added 1,200 net new customers in the fourth quarter of 2018. We now serve over 30,400 organizations globally.
  • Revenue Retention Rate: Revenue retention rate was 110% in the fourth quarter of 2018, compared to 111% in the fourth quarter of 2017.
  • Gross Profit Percentage: Gross profit percentage was 73% in the fourth quarter of 2018, compared to 74% in the fourth quarter of 2017.
  • GAAP Net Loss: GAAP net loss was $8.3 million, or $(0.14) per diluted share, based on 58.3 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $7.2 million, representing an Adjusted EBITDA margin of 9.8% up from 6.8% in the fourth quarter of 2017.
  • Non-GAAP Net Loss: Non-GAAP net loss was $3.1 million, or $(0.05) per share, based on 58.3 million diluted shares outstanding.
  • Free Cash Flow, Cash and Investments: Mimecast generated $1.9 million of free cash flow in the fourth quarter of 2018. Cash and short-term investments as of March 31, 2018 were $137.2 million.

Full Year 2018 Financial Highlights

  • Revenue: GAAP revenue for 2018 was $261.9 million, an increase of 40% compared to the $186.6 million of GAAP revenue in 2017. Revenue on a constant currency basis increased 38% compared to 2017.
  • Customers: Added 4,000 net new customers in 2018.
  • Revenue Retention Rate: Revenue retention rate was 110% for 2018.
  • Gross Profit Percentage: Gross profit percentage was 73% in 2018, consistent with 73% in 2017.
  • GAAP Net Loss: GAAP net loss was $14.1 million, or $(0.25) per diluted share, based on 57.3 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $25.8 million, representing an Adjusted EBITDA margin of 9.8% up from 6.3% in 2017.
  • Non-GAAP Net Loss: Non-GAAP net loss was $0.9 million, or $(0.01) per share, based on 57.3 million diluted shares outstanding.
  • Free Cash Flow: Mimecast generated $11.9 million of free cash flow in 2018.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures and how they are calculated is also included under the heading “Non-GAAP Financial Measures.”

Business Highlights

  • Sales of Targeted Threat Protection increased during the fourth quarter, with 1,800 customers purchasing the service.  In total, 56% of our customers are now using Targeted Threat Protection.
  • A total of 31% of customers used Mimecast in conjunction with Microsoft® Office 365™ during the fourth quarter compared to 21% in the fourth quarter of 2017. More than 9,500 customers of all sizes have selected Mimecast to enhance their security, archive their data, and to provide uptime assurance for their Office 365 investments.
  • Christina Van Houten joined Mimecast in the role of Chief Strategy Officer.  She is responsible for corporate development, product management, and market strategy. Christina is a veteran of the enterprise technology industry, bringing more than two decades of experience with some of the world’s largest firms including Oracle, IBM, Infor Global Solutions, Netezza and ProfitLogic.
  • Mimecast announced enhanced email cyber resilience with new detection, remediation and threat intelligence capabilities for Targeted Threat Protection.   New features include supply chain impersonation protection, similar domain detection, the integration of automated intelligence feeds and the introduction of automated threat remediation capabilities.

Business Outlook

Mimecast is providing guidance for the first quarter and fiscal year 2019.

First Quarter 2019 Guidance:

For the first quarter of 2019, constant currency revenue growth is expected to be in the range of 26% to 28% and revenue is expected to be in the range of $76.3 million to $77.1 million. Our guidance is based on exchange rates as of April 30, 2018 and includes an estimated positive impact of $2.8 million resulting from the weakening of the U.S. dollar compared to the prior year. Adjusted EBITDA for the first quarter is expected to be in the range of $9.0 million to $10.0 million

Fiscal Year 2019 Guidance:

For the full year 2019, revenue is expected to be in the range of $327.0 million to $338.0 million or 23% to 27% revenue growth in constant currency.  Foreign exchange rate fluctuations are positively impacting this guidance by an estimated $6.3 million. Adjusted EBITDA is expected to be in the range of $49.0 million to $51.0 million.

GAAP net loss is the most comparable GAAP measure to Adjusted EBITDA. Adjusted EBITDA differs from GAAP net loss in that it excludes depreciation, amortization, disposals and impairments of long-lived assets, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange (expense) income and includes rent paid in the period related to locations which are accounted for as build-to-suit facilities. Mimecast is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Mimecast has not provided guidance for GAAP net loss or a reconciliation of forward-looking Adjusted EBITDA guidance to GAAP net loss.

Conference Call and Webcast Information

Mimecast will host a conference call to discuss these financial results for investors and analysts at 4:30 pm EDT (UTC-05:00) on May 14, 2018.  To access the conference call, dial (844) 815-2878 for the U.S. and Canada and (615) 800-6885 for international callers and enter conference ID# 1159538.  The call will also be webcast live on the investor relations section of the Company’s website http://investors.mimecast.com.  An audio replay of the call will be available two hours after the live call ends by dialing (855) 859-2056 for U.S. and Canada or (404) 537-3406 for international callers, and entering passcode ID# 1159538.  In addition, an archive of the webcast will be available on the investor relations section of the company’s website http://investors.mimecast.com.

About Mimecast Limited

Mimecast Limited (NASDAQ:MIME) makes business email and data safer for more than 30,400 customers and millions of employees worldwide. Founded in 2003, the Company’s next-generation cloud-based security, archiving and continuity services protect email, and deliver comprehensive email risk management in a single, fully-integrated subscription service. Mimecast reduces email risk and the complexity and cost of managing the array of point solutions traditionally used to protect email and its data. For customers that have migrated to cloud services like Microsoft® Office 365™, Mimecast mitigates single vendor exposure by strengthening security coverage, combating downtime and improving archiving.

Mimecast and the Mimecast logo are registered trademarks of Mimecast. All other third party trademarks and logos contained in this press release are the property of their respective owners.

Non-GAAP Financial Measures

We have provided in this press 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 provided in the financial statement tables included below in this press release.

Revenue Constant Currency Growth Rate. We believe revenue constant currency growth rate is a key indicator of our operating results. We calculate revenue constant currency growth rate by translating revenue from entities reporting in foreign currencies into U.S. dollars using the comparable foreign currency exchange rates from the prior fiscal period. To determine projected revenue growth rates on a constant currency basis for the first quarter and full year 2019, expected revenue from entities reporting in foreign currencies will be translated into U.S. dollars using the comparable prior year period’s monthly average foreign currency exchange rates.

Adjusted EBITDA and Adjusted EBITDA margin. We believe that Adjusted EBITDA and Adjusted EBITDA margin are key indicators of our operating results. We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation, amortization, disposals and impairments of long-lived assets, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange (expense) income predominantly related to the elimination of intercompany balances and includes rent paid in the period related to locations which are accounted for as build-to-suit facilities. We define Adjusted EBITDA margin as Adjusted EBITDA over revenue in the period.

Non-GAAP net (loss) income. We define non-GAAP net (loss) income as net loss less share-based compensation expense, amortization of acquired intangible assets, impairment of long-lived assets, restructuring expenses and the income tax effect of non-GAAP adjustments. We consider this non-GAAP financial measure to be a useful metric for management and investors because it excludes the effect of share-based compensation expense, certain other “one-time” charges and related income tax effects so that our management and investors can compare our recurring core business net results over multiple periods. There are a number of limitations related to the use of non-GAAP net (loss) income versus net loss calculated in accordance with GAAP. For example, as noted above, non-GAAP net (loss) income excludes share-based compensation expense, certain other “one-time” charges and related income tax effects. In addition, the components of the costs that we exclude in our calculation of non-GAAP net (loss) income may differ from the components that our peer companies exclude when they report their non-GAAP results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net (loss) income and evaluating non-GAAP net (loss) income together with net loss 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, equipment and capitalized software, can be used for strategic opportunities, including investing in our business, 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 liquidity and capital resources discussion included in our annual and quarterly reports filed with the Securities and Exchange Commission.

Safe Harbor for Forward-Looking Statements

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, the statements relating to our progress on achieving long-term financial targets, the future success of new products and services, and Mimecast’s future financial performance on both a GAAP and non-GAAP basis under the heading “Business Outlook” above, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plan,” “expects,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “might,” “could,” “see,” “seek,” “forecast,” and similar words. Mimecast intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors detailed in Mimecast’s filings with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, Mimecast’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Mimecast is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

                                 
MIMECAST LIMITED  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(in thousands, except per share amounts)  
(unaudited)  
                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
Revenue   $ 73,401     $ 52,409     $ 261,897     $ 186,563  
Cost of revenue     20,176       13,454       69,699       50,314  
Gross profit     53,225       38,955       192,198       136,249  
Operating expenses                                
Research and development     12,185       6,607       38,373       22,593  
Sales and marketing     32,342       26,489       121,246       96,154  
General and administrative     10,360       7,828       36,989       27,875  
Impairment of long-lived assets     1,712             1,712        
Restructuring     2,532             2,532        
Total operating expenses     59,131       40,924       200,852       146,622  
Loss from operations     (5,906 )     (1,969 )     (8,654 )     (10,373 )
Other income (expense)                                
Interest income     456       203       1,310       510  
Interest expense     (442 )     (24 )     (598 )     (268 )
Foreign exchange (expense) income     (1,452 )     158       (3,511 )     6,892  
Other income, net     72             72        
Total other income (expense), net     (1,366 )     337       (2,727 )     7,134  
Loss before income taxes     (7,272 )     (1,632 )     (11,381 )     (3,239 )
Provision for income taxes     982       986       2,705       2,202  
Net loss   $ (8,254 )   $ (2,618 )   $ (14,086 )   $ (5,441 )
                                 
Net loss per ordinary share                                
Basic and diluted   $ (0.14 )   $ (0.05 )   $ (0.25 )   $ (0.10 )
                                 
Weighted-average number of ordinary shares outstanding                                
Basic and diluted     58,264       55,375       57,269       54,810  

 

MIMECAST LIMITED
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(in thousands, except share and per share amounts)
 
(unaudited)
 
                 
    As of March 31,  
    2018     2017  
Assets                
Current assets                
Cash and cash equivalents   $ 78,339     $ 51,319  
Short-term investments     58,871       60,347  
Accounts receivable, net     65,392       44,358  
Prepaid expenses and other current assets     15,302       10,054  
Total current assets     217,904       166,078  
                 
Property and equipment, net     123,822       32,009  
Intangible assets, net     9,819       1,590  
Goodwill     5,631       5,363  
Other assets     1,222       312  
Total assets   $ 358,398     $ 205,352  
                 
Liabilities and shareholders' equity                
Current liabilities                
Accounts payable   $ 6,052     $ 3,558  
Accrued expenses and other current liabilities     34,088       20,713  
Deferred revenue     123,057       84,159  
Current portion of capital lease obligations     1,125       233  
Current portion of long-term debt           1,725  
Total current liabilities     164,322       110,388  
                 
Deferred revenue, net of current portion     18,045       11,189  
Long-term capital lease obligations     2,390       245  
Construction financing lease obligation     67,205        
Other non-current liabilities     6,444       1,538  
Total liabilities     258,406       123,360  
                 
Commitments and contingencies                
                 
Shareholders' equity                
Ordinary shares, $0.012 par value, 300,000,000 shares authorized; 58,949,644                
and 55,901,996 shares issued and outstanding as of March 31, 2018 and 2017,                
respectively     707       671  
Additional paid-in capital     212,839       183,752  
Accumulated deficit     (108,207 )     (94,017 )
Accumulated other comprehensive loss     (5,347 )     (8,414 )
Total shareholders' equity     99,992       81,992  
Total liabilities and shareholders' equity   $ 358,398     $ 205,352  
                 

 

MIMECAST LIMITED   
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   
(in thousands)
 
(unaudited)
 
                                 
    Three months ended March 31,     Year ended March 31,  
    2018     2017     2018     2017  
Operating activities                                
Net loss   $ (8,254 )   $ (2,618 )   $ (14,086 )   $ (5,441 )
Adjustments to reconcile net loss to net cash provided by operating activities:                                
Depreciation and amortization     6,382       3,178       18,960       11,881  
Share-based compensation expense     3,036       2,345       11,734       10,294  
Provision for doubtful accounts     43       4       185       87  
Impairment of long-lived assets     1,712             1,712        
Loss (gain) on disposal of fixed assets     180       (1 )     181       (4 )
Other non-cash items     (7 )     66       184       132  
Unrealized currency loss (gain) on foreign denominated transactions     1,531       (203 )     2,958       (6,496 )
Changes in assets and liabilities:                                
Accounts receivable     (10,527 )     (5,712 )     (18,120 )     (11,750 )
Prepaid expenses and other current assets     (4,410 )     (3,261 )     (5,037 )     (2,752 )
Other assets     (9 )     1,899       33       1,861  
Accounts payable     (864 )     (1,693 )     (104 )     758  
Deferred revenue     19,325       13,868       39,042       29,072  
Accrued expenses and other liabilities     6,649       2,025       8,770       4,872  
Net cash provided by operating activities     14,787       9,897       46,412       32,514  
Investing activities                                
Purchases of investments     (28,959 )     (10,036 )     (76,948 )     (67,550 )
Maturities of investments     23,000       7,000       77,808       7,000  
Purchases of property, equipment and capitalized software     (12,909 )     (5,134 )     (34,498 )     (18,491 )
Payments for acquisitions                 (1,381 )     (5,574 )
Net cash used in investing activities     (18,868 )     (8,170 )     (35,019 )     (84,615 )
Financing activities                                
Proceeds from issuance of ordinary shares     7,519       2,513       17,039       4,476  
Payments on debt     (194 )     (930 )     (1,825 )     (4,559 )
Payments on capital lease obligations     (623 )     (249 )     (1,039 )     (249 )
Payments on construction financing lease obligation     (1,019 )           (1,019 )      
Net cash provided by (used in) financing activities     5,683       1,334       13,156       (332 )
Effect of foreign exchange rates on cash     747       396       2,471       (2,388 )
Net increase (decrease) in cash and cash equivalents     2,349       3,457       27,020       (54,821 )
                                 
Cash and cash equivalents at beginning of period     75,990       47,862       51,319       106,140  
Cash and cash equivalents at end of period   $ 78,339     $ 51,319     $ 78,339     $ 51,319  
                                 

Key Performance Indicators

In addition to traditional financial metrics, such as revenue and revenue growth trends, we monitor several other non-GAAP financial measures and non-financial metrics to help us evaluate growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts and assess operational efficiencies. The key performance indicators that we monitor are as follows:

    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
                                 
    (dollars in thousands)  
Revenue constant currency growth rate (1)     33 %     45 %     38 %     39 %
Revenue retention rate (2)     110 %     111 %     110 %     111 %
Total customers (3)     30,400       26,400       30,400       26,400  
Gross profit percentage     73 %     74 %     73 %     73 %
Adjusted EBITDA (1)   $ 7,223     $ 3,554     $ 25,752     $ 11,802  


(1) Adjusted EBITDA and revenue constant currency growth rates are non-GAAP measures. For a reconciliation of Adjusted EBITDA and revenue constant currency growth rates to the nearest comparable GAAP measures, see “Reconciliation of Non-GAAP Financial Measures” below.
(2) We calculate our revenue retention rate by annualizing constant currency revenue recorded on the last day of the measurement period for only those customers in place throughout the entire measurement period. We include add-on, or upsell, revenue from additional employees and services purchased by existing customers. We divide the result by revenue on a constant currency basis on the first day of the measurement period for all customers in place at the beginning of the measurement period. The measurement period is the trailing twelve months. The revenue on a constant currency basis is based on the average exchange rates in effect during the respective period.
(3) Reflects the customer count on the last day of the period rounded to the nearest hundred customers. We define a customer as an entity with an active subscription contract as of the measurement date. A customer is typically a parent company or, in a few cases, a significant subsidiary that works with us directly.
     

Reconciliation of Non-GAAP Financial Measures

The following table presents a reconciliation of revenue growth rate, as reported to revenue constant currency growth rate:   
                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
                                 
    (dollars in thousands)  
Reconciliation of Revenue Constant Currency Growth Rate:                                
Revenue, as reported   $ 73,401     $ 52,409     $ 261,897     $ 186,563  
Revenue year-over-year growth rate, as reported     40 %     42 %     40 %     32 %
Estimated impact of foreign currency fluctuations     (7 )%     3 %     (2 )%     7 %
Revenue constant currency growth rate     33 %     45 %     38 %     39 %
                                 
The following table presents a reconciliation of net loss to Adjusted EBITDA:                                
                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
                                 
    (in thousands)  
Reconciliation of Adjusted EBITDA:                                
Net loss   $ (8,254 )   $ (2,618 )   $ (14,086 )   $ (5,441 )
Depreciation, amortization and disposals of long-lived assets     6,562       3,178       19,141       11,881  
Rent expense related to build-to-suit facilities     (785 )           (785 )      
Interest income, net     (14 )     (179 )     (712 )     (242 )
Provision for income taxes     982       986       2,705       2,202  
Share-based compensation expense     3,036       2,345       11,734       10,294  
Impairments of long-lived assets (1)     1,712             1,712        
Restructuring (1)     2,532             2,532        
Foreign exchange expense (income)     1,452       (158 )     3,511       (6,892 )
Adjusted EBITDA   $ 7,223     $ 3,554     $ 25,752     $ 11,802  
                                 

(1) The impairments of long-lived assets and the restructuring expense during the three months and year ended March 31, 2018 related to the exit from our former North American headquarters facility located in Watertown, Massachusetts.

The following table presents a reconciliation of Net loss to Non-GAAP net (loss) income (in thousands, except per share amounts):

    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
Reconciliation of Non-GAAP Net (Loss) Income:                                
Net loss   $ (8,254 )   $ (2,618 )   $ (14,086 )   $ (5,441 )
Share-based compensation expense     3,036       2,345       11,734       10,294  
Amortization of acquired intangible assets (1)     43       43       170       64  
Impairment of long-lived assets (2)     1,712             1,712        
Restructuring (2)     2,532             2,532        
Income tax effect of Non-GAAP adjustments     (2,186 )     123       (2,917 )     (288 )
Non-GAAP net (loss) income   $ (3,117 )   $ (107 )   $ (855 )   $ 4,629  
Non-GAAP net (loss) income per ordinary share - basic   $ (0.05 )   $ (0.00 )   $ (0.01 )   $ 0.08  
Non-GAAP net (loss) income per ordinary share - diluted   $ (0.05 )   $ (0.00 )   $ (0.01 )   $ 0.08  
Weighted-average number of ordinary shares used in
  computing Non-GAAP net (loss) income per ordinary share:
                               
Basic     58,264       55,375       57,269       54,810  
Diluted     58,264       55,375       57,269       58,971  

(1) Prior period amounts have been updated to conform to the current period presentation.
(2) The impairments of long-lived assets and the restructuring expense during the three months and year ended March 31, 2018 related to the exit from our former North American headquarters facility located in Watertown, Massachusetts.

                       
The following table presents a reconciliation of Net cash provided by operating activities to Free Cash Flow (in thousands):   
                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
Reconciliation of Free Cash Flow:                                
Net cash provided by operating activities   $ 14,787     $ 9,897     $ 46,412     $ 32,514  
Purchases of property, equipment and capitalized software     (12,909 )     (5,134 )     (34,498 )     (18,491 )
Free Cash Flow   $ 1,878     $ 4,763     $ 11,914     $ 14,023  
                                 
 
Share-based compensation expense for the three and twelve months ended March 31, 2018 and 2017 (in thousands): 
                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     2018     2017  
Cost of revenue   $ 267     $ 152     $ 1,053     $ 1,353  
Research and development     609       405       2,555       1,873  
Sales and marketing     1,212       1,082       4,477       4,719  
General and administrative     948       706       3,649       2,349  
Total share-based compensation expense   $ 3,036     $ 2,345     $ 11,734     $ 10,294  
                                 

 

Revenue Constant Currency Growth Rate reconciliation (dollars in millions):
 
                                                 
                                                 
    Three months ended March 31,     Year Ended March 31,  
    2018     2017     % Change     2018     2017     % Change  
Total revenue as reported   $ 73.4     $ 52.4       40 %   $ 261.9     $ 186.6       40 %
Estimated impact of foreign currency fluctuations                     (7 )%                     (2 )%
Total revenue constant currency growth rate                     33 %                     38 %
                                                 
Exchange rate for period                                                
USD     1.000       1.000               1.000       1.000          
ZAR     0.084       0.076               0.077       0.071          
GBP     1.392       1.239               1.327       1.308          
AUD     0.786       0.758               0.774       0.753          

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