Revenue:
| |
● |
Total revenue was $28.0 million, up 9% compared with the third quarter of 2020.
|
● |
Product revenue was $11.7 million, up 17% compared with the third quarter of 2020.
|
● |
Maintenance and professional services revenue was $16.3 million, up 4% compared with the third quarter of 2020.
|
Gross Profit:
| |
● |
GAAP gross profit was $22.2 million, or 79% of total revenue, compared to $21.0 million in the third quarter of 2020, or 82% of total revenue.
|
● |
Non-GAAP gross profit was $22.6 million, or 81% of total revenue, compared to $21.6 million in the third quarter of 2020, or 84% of total revenue.
|
Operating Loss:
| |
● |
GAAP operating loss was $9.0 million, compared to $5.0 million in the third quarter of 2020. |
● |
Non-GAAP operating loss was $5.4 million, compared to $1.0 million in the third quarter of 2020.
|
Net Loss:
| |
● |
GAAP net loss was $9.4 million, or a loss of $0.25 per share, compared to a GAAP net loss of $5.1 million, or a loss of $0.14 per share, in the third quarter of 2020. |
● |
Non-GAAP net loss was $6.3 million, or a loss of $0.17 per share, compared to a loss of $1.2 million, or a loss of $0.03 per share, in the third quarter of 2020.
|
Balance Sheet and Cash Flow:
| |
● |
Cash flow used for operating activities during the nine months ended September 30, 2021 was $10.6 million, compared to cash flow used for operating activities of $15.7 million during the nine months ended September 30, 2020.
|
● |
Total cash, cash equivalents, restricted cash and marketable securities as of September 30, 2021 were $92.9 million, compared to $104.0 million as of December 31, 2020.
|
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and nine months ended September 30, 2021 and 2020. An explanation of these measures is also included under the heading "Non-GAAP Financial Measures."
|
Recent Business Highlights
| |
● |
Tufin announced it was named "Policy Management Solution of the Year" by CyberSecurity Breakthrough Awards, a leading independent market intelligence organization that recognizes the top companies, technologies, and products in the global information security market.
|
● |
Tufin announced the release of Tufin Orchestration Suite R21-3, featuring a new integration with Zscaler Cloud Firewall, to centralize and simplify Secure Access Service Edge (SASE) policy management alongside other vendors' security policies. This release also includes a new security policy dashboard, providing real-time, unified insight into operational, security, and compliance data from multiple security platforms. In addition, with R21-3, users can accelerate data center migration by leveraging new SecureChange workflows to automatically clone security policies of networks and remove obsolete networks from these policies across the multi-vendor, hybrid environment.
|
Fourth Quarter 2021:
| |
• |
Total revenue between $30.9 million and $36.9 million.
|
• |
Non-GAAP operating profit/loss between $4.9 million loss and $0.2 million profit.
|
Full Year 2021:
| |
• |
Total revenue between $106.0 million and $112.0 million.
|
• |
Non-GAAP operating loss between $27.4 million and $22.3 million.
|
•
|
We define non-GAAP gross profit as gross profit excluding share-based compensation expense.
|
•
|
We define non-GAAP operating profit (loss) as operating profit (loss) excluding share-based compensation expense, shelf registration costs and one-time expenses associated with the reorganization of one of our subsidiaries.
|
•
|
We define non-GAAP net income (loss) as net income (loss) excluding share-based compensation expense, shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries and the tax effect of these non-GAAP adjustments.
|
December 31,
|
September 30,
| |||||||
2020
|
2021
| |||||||
Assets
| ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
$
|
58,449
|
55,365
| |||||
Marketable Securities - short term
|
19,586
|
18,191
| ||||||
Accounts receivable (net of allowance for credit losses of $85 at December 31, 2020
and September 30, 2021)
|
16,674
|
11,110
| ||||||
Prepaid expenses and other current assets
|
7,159
|
9,524
| ||||||
Total current assets
|
101,868
|
94,190
| ||||||
NON CURRENT ASSETS:
| ||||||||
Long-term restricted bank deposits
|
3,268
|
3,251
| ||||||
Marketable Securities - long term
|
22,705
|
16,092
| ||||||
Property and equipment, net
|
4,502
|
4,882
| ||||||
Deferred costs
|
6,348
|
7,400
| ||||||
Deferred tax assets
|
1,346
|
2,199
| ||||||
Operating lease assets
|
18,802
|
17,059
| ||||||
Other non-current assets
|
1,512
|
1,304
| ||||||
Total non-current assets
|
58,483
|
52,187
| ||||||
Total assets
|
$
|
160,351
|
146,377
|
December 31,
|
September 30,
| |||||||
2020
|
2021
| |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES:
| ||||||||
Trade payables
|
$
|
4,147
|
5,392
| |||||
Employee and payroll accrued expenses
|
17,985
|
17,825
| ||||||
Other accounts payables
|
578
|
734
| ||||||
Operating lease liabilities - current
|
3,185
|
3,304
| ||||||
Deferred revenues
|
24,940
|
27,544
| ||||||
Total current liabilities
|
50,835
|
54,799
| ||||||
NON-CURRENT LIABILITIES:
| ||||||||
Long-term deferred revenues
|
12,815
|
17,136
| ||||||
Non-current operating lease liabilities
|
20,240
|
17,981
| ||||||
Other non-current liabilities
|
1,282
|
1,385
| ||||||
Total non-current liabilities
|
34,337
|
36,502
| ||||||
Total liabilities-
|
85,172
|
91,301
| ||||||
SHAREHOLDERS' EQUITY:
| ||||||||
Ordinary shares of NIS 0.015 par value; 150,000,000 shares authorized at December 31, 2020 and September 30, 2021, respectively; 35,972,470 and 37,754,199 shares issued and outstanding at December 31, 2020 and September 30, 2021, respectively;
|
148
|
154
| ||||||
Additional paid-in capital
|
178,864
|
191,657
| ||||||
Accumulated other comprehensive income
|
5
|
(3
|
)
| |||||
Accumulated deficit
|
(103,838
|
)
|
(136,732
|
)
| ||||
TOTAL SHAREHOLDERS' EQUITY
|
75,179
|
55,076
| ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
160,351
|
146,377
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
| |||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Revenues:
| ||||||||||||||||
Product
|
10,000
|
11,734
|
23,705
|
27,512
| ||||||||||||
Maintenance and professional services
|
15,606
|
16,281
|
46,177
|
47,601
| ||||||||||||
Total revenues
|
25,606
|
28,015
|
69,882
|
75,113
| ||||||||||||
Cost of revenues:
| ||||||||||||||||
Product
|
523
|
844
|
1,736
|
2,175
| ||||||||||||
Maintenance and professional services
|
4,044
|
4,971
|
13,157
|
14,837
| ||||||||||||
Total cost of revenues
|
4,567
|
5,815
|
14,893
|
17,012
| ||||||||||||
Gross profit
|
21,039
|
22,200
|
54,989
|
58,101
| ||||||||||||
Operating expenses:
| ||||||||||||||||
Research and development
|
8,071
|
9,674
|
26,282
|
29,728
| ||||||||||||
Sales and marketing
|
12,988
|
15,455
|
44,453
|
43,687
| ||||||||||||
General and administrative
|
4,994
|
6,028
|
14,718
|
17,913
| ||||||||||||
Total operating expenses
|
26,053
|
31,157
|
85,453
|
91,328
| ||||||||||||
Operating loss
|
(5,014
|
)
|
(8,957
|
)
|
(30,464
|
)
|
(33,227
|
)
| ||||||||
Financial income (expense), net
|
240
|
(385
|
)
|
676
|
(626
|
)
| ||||||||||
Loss before taxes on income
|
(4,774
|
)
|
(9,342
|
)
|
(29,788
|
)
|
(33,853
|
)
| ||||||||
Taxes on income
|
(373
|
)
|
(97
|
)
|
(1,216
|
)
|
959
| |||||||||
Net loss
|
(5,147
|
)
|
(9,439
|
)
|
(31,004
|
)
|
(32,894
|
)
| ||||||||
Basic and diluted net loss per ordinary share
|
(0.14
|
)
|
(0.25
|
)
|
(0.87
|
)
|
(0.89
|
)
| ||||||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted
|
35,758
|
37,478
|
35,621
|
36,971
|
Share-based Compensation Expense:
| ||||||||||||||||
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September
30,
|
September
30,
|
September
30,
|
September
30,
| |||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Cost of revenues
|
574
|
393
|
1,536
|
1,454
| ||||||||||||
Research and development
|
1,244
|
846
|
3,427
|
3,208
| ||||||||||||
Sales and marketing
|
1,118
|
1,094
|
3,327
|
2,737
| ||||||||||||
General and administrative
|
1,056
|
1,211
|
2,894
|
3,315
| ||||||||||||
Total share-based compensation expense
|
3,992
|
3,544
|
11,184
|
10,714
|
Nine Months Ended
| ||||||||
September 30,
| ||||||||
2020
|
2021
| |||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
| ||||||||
Net loss
|
(31,004
|
)
|
(32,894
|
)
| ||||
Adjustment to reconcile net loss to net cash used in operating activities:
| ||||||||
Depreciation
|
1,068
|
1,403
| ||||||
Share-based compensation
|
11,184
|
10,714
| ||||||
Amortization of premium on marketable securities
|
35
|
237
| ||||||
Exchange rate differences on cash, cash equivalents and restricted cash
|
276
|
279
| ||||||
Change in operating assets and liabilities items:
| ||||||||
Accounts receivable, net
|
4,580
|
5,564
| ||||||
Prepaid expenses and other current assets
|
(3,126
|
)
|
(2,735
|
)
| ||||
Deferred costs
|
232
|
(953
|
)
| |||||
Deferred taxes and other non-current assets
|
255
|
(645
|
)
| |||||
Trade payables
|
119
|
1,245
| ||||||
Employee and payroll accrued expenses
|
184
|
354
| ||||||
Other accounts payable and non-current liabilities
|
(533
|
)
|
279
| |||||
Operating lease
|
(220
|
)
|
(397
|
)
| ||||
Deferred revenues
|
1,258
|
6,925
| ||||||
Net cash used in operating activities
|
(15,692
|
)
|
(10,624
|
)
| ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
| ||||||||
Purchase of fixed assets
|
(1,960
|
)
|
(1,370
|
)
| ||||
Investment in marketable securities
|
(26,182
|
)
|
(16,127
|
)
| ||||
Proceeds from maturities of marketable securities
|
-
|
23,919
| ||||||
Net cash provided by (used in) investing activities
|
(28,142
|
)
|
6,422
| |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
| ||||||||
Proceeds from exercise of share options
|
1,081
|
1,894
| ||||||
Changes in withholding tax related to employee share plans
|
(1,233
|
)
|
(514
|
)
| ||||
Net cash provided by (used in) financing activities
|
(152
|
)
|
1,380
| |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(276
|
)
|
(279
|
)
| ||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(44,262
|
)
|
(3,101
|
)
| ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
121,729
|
61,717
| ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
77,467
|
58,616
| ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
| ||||||||
Property and equipment purchased but not yet paid
|
-
|
29
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
| ||||||||||||||||
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
| |||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Gross profit
|
21,039
|
22,200
|
54,989
|
58,101
| ||||||||||||
Plus:
| ||||||||||||||||
Share-based compensation
|
574
|
393
|
1,536
|
1,454
| ||||||||||||
Non-GAAP gross profit
|
21,613
|
22,593
|
56,525
|
59,555
|
Reconciliation of Operating Loss to Non-GAAP Operating Loss:
| ||||||||||||||||
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
| |||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Operating loss
|
(5,014
|
)
|
(8,957
|
)
|
(30,464
|
)
|
(33,227
|
)
| ||||||||
Plus:
| ||||||||||||||||
Share-based compensation
|
3,992
|
3,544
|
11,184
|
10,714
| ||||||||||||
Shelf registration costs
|
-
|
-
|
126
|
-
| ||||||||||||
One-time reorganization charges
|
-
|
-
|
322
|
-
| ||||||||||||
Non-GAAP operating loss
|
(1,022
|
)
|
(5,413
|
)
|
(18,832
|
)
|
(22,513
|
)
|
Reconciliation of Net Loss to Non-GAAP Net Loss:
| ||||||||||||||||
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
| |||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Net loss
|
(5,147
|
)
|
(9,439
|
)
|
(31,004
|
)
|
(32,894
|
)
| ||||||||
Plus:
| ||||||||||||||||
Share-based compensation
|
3,992
|
3,544
|
11,184
|
10,714
| ||||||||||||
Shelf registration costs
|
-
|
-
|
126
|
-
| ||||||||||||
One-time reorganization charges
|
-
|
-
|
322
|
-
| ||||||||||||
Taxes on income related to non-GAAP adjustments
|
(18
|
)
|
(358
|
)
|
(285
|
)
|
(2,077
|
)
| ||||||||
Non-GAAP net loss
|
(1,173
|
)
|
(6,253
|
)
|
(19,657
|
)
|
(24,257
|
)
| ||||||||
Non-GAAP net income per share - basic and diluted
|
(0.03
|
)
|
(0.17
|
)
|
(0.55
|
)
|
(0.66
|
)
| ||||||||
Weighted average number of shares
|
35,758
|
37,478
|
35,621
|
36,971
|
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Disclaimer
Tufin Software Technologies Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 12:23:05 UTC.