Daily Archives: August 8, 2017

ألف من القادة الشباب الأفارقة يجتمعون في واشنطن للتعاون في مواضيع القيادة وبناء المهارات

واشنطن، 8 آب/أغسطس، 2017 / بي آر نيوزواير / — تجمع ألف من القادة الشباب الأفارقة في العاصمة واشنطن في الأسبوع الماضي في قمة زمالة واشنطن مانديلا 2017 Mandela Washington Fellowship Summit. وإذ يمثلون 48 دولة في أفريقيا جنوب الصحراء، انغمس أعضاء المجموعة المتنوعة من القادة الشباب في أنشطة لتقوية مهاراتهم القيادية وبناء الروابط مع بعضهم البعض ومع المسؤولين الأميركيين من القطاعات العامة والخاصة وغير الربحية.
الشعار: http://mma.prnewswire.com/media/150532/irex_mandela_washington_fellowship_logo.jpg

وإذ عقدت في الفترة بين 31 تموز/يوليو – 2 آب/أغسطس واستضافها مكتب الشؤون التعليمية والثقافية بوزارة الخارجية الأميركية U.S. Department of State’s Bureau of Educational and Cultural Affairs وبدعم من إيركس IREX، جاءت القمة تتويجا لفترة أمضاها الزملاء الأفارقة في المعاهد الأكاديمية ومعاهد القيادة على مدى ستة أسابيع في كليات وجامعات في جميع أنحاء الولايات المتحدة. ويعود الزملاء الآن إلى ديارهم لتطبيق المهارات التي اكتسبوها واستخدام الشبكات التي أنشأوها لتعزيز السلام والأمن، وحفز النمو الاقتصادي، وتعزيز المؤسسات الديمقراطية لصالح أفريقيا والولايات المتحدة.

وعلق الزميل في برنامج مانديلا واشنطن بيو بينكي سيبوثو من بوتسوانا على التعاون مع زملاء آخرين. “لقد كنا متحمسين لتبادل خبراتنا وأحلامنا لأفريقيا. لقد كونت صداقات وأقمت شراكات تجارية. وخططنا ما سنفعله معا في المستقبل”.

وقال مارك تابلين، Mark Taplin، مساعد وزير الخارجية للشؤون التربوية والثقافية بالوكالة حينئذ: “أنا لا أفكر بهذه على أنها مجرد قمة لزملاء مانديلا واشنطن. بل قد يكون هذا أكبر تجمع على مدار العام هنا في العاصمة، للقادة الجدد، للرواد والمبدعين، للحلم والعمل، للتقاسم والرعاية. أنتم المستقبل في مجال الأعمال التجارية وريادة الأعمال، في المجتمع المدني والحوكمة في القارة الأكثر وعدا في العالم “.

كما وجه ويد وارن، Wade Warren، القائم بأعمال مدير الوكالة الأميركية للتنمية الدولية، كلمة إلى الزملاء، ودعاهم إلى استخدام القوة الكاملة للشبكات التي ساعدتهم الزمالة على تشكيلها، والتفكير في التحديات باعتبارها فرصا.

يوم الاربعاء سلط الضوء على وجهات النظر الاميركية والافريقية U.S. and African perspectives حول القيادة عبر كلمات من تونى الوميلو Tony Elumelu رئيس مجلس ادارة هيرس القابضة ومؤسس مؤسسة توني الوميلو، والدكتورة هيلين غايل Dr. Helene Gayle، الرئيسة التنفيذية لمبادرة ماكينزي الاجتماعية؛ ونورمان مويو Norman Moyo، الكاتب والرئيس التنفيذي لنيو إنتربرايز بزنس دي بي أيه وكومي في إكونيت؛ والجنرال (المتقاعد) ريتشارد مايرز Richard Myers، رئيس جامعة ولاية كانزاس والرئيس الخامس عشر لهيئة رؤساء الأركان المشتركة.

وقال أوميل: “لقد درست سبب نجاح القادة ورأيت خيطا مشتركا: إرثا. فبصفتكم قادة شباب، يجب أن تفكروا في الإرث، ويجب أن تفكروا على المدى الطويل، والعصر الذي تطلقونه هو عصر التمكين.”

وأكد الجنرال مايرز في خطابه على الشجاعة والمخاطرة. يقول مايرز: “إذا كنت تحاول أن تحدث فرقا فعليك المثابرة، إن الأمر يتطلب أكثر من مجرد قائد بطولي لإحداث الفرق.”

كما تضمنت أنشطة يوم الاربعاء منتدى في الكونغرس حول الاستثمار فى الجيل القادم من افريقيا مع السناتور الاميركى من ديلاوير كريس كونس Chris Coons إذ تمت مناقشة الدعوية وريادة الاعمال والمشاركة المدنية وحقوق الانسان والعلاقات الاميركية الافريقية.

وقالت الرئيسة والرئيسة التنفيذية لآيركس كريستين م. لورد Kristin M. Lord: “تخلق زمالة مانديلا واشنطن شبكة من القادة الذين يدفعون السلام والازدهار والحكم الأكثر فعالية قدما. وهذا لا يفيد الناس في القارة الأفريقية فحسب، بل إنه يقيم علاقات بين الناس وبين الحكومات، تعود بالنفع على كل من الولايات المتحدة وافريقيا.”

صور Photos وفيديوهات videos القمة  متوفرة على الإنترنت.

برنامج زمالة واشنطن Mandela Washington Fellowship for Young African Leaders  هو برنامج للحكومة الأميركية ويتم دعمه في تنفيذه من قبل مؤسسة آيركس IREX.

أليكس كول، مدير الاتصالات الاستراتيجية، آيركس

acole@irex.org
202-628-8188

 

One Thousand Young African Leaders Convene in Washington to Collaborate on Leadership and Skill Building

WASHINGTON, Aug. 8, 2017 /PRNewswire/ — One thousand young African leaders gathered in Washington, D.C., last week for the 2017 Mandela Washington Fellowship Summit. Representing 48 countries in Sub-Saharan Africa, the diverse group of leaders immersed themselves in activities to strengthen their leadership skills and to build connections with each other and U.S. leaders from the public, private, and non-profit sectors.

Mandela Washington Fellowship for Young African Leaders logo

Held July 31 – August 2 and hosted by the U.S. Department of State’s Bureau of Educational and Cultural Affairs with support from IREX, the Summit marked the culmination of the Fellows’ six-week Academic and Leadership Institutes at colleges and universities across the United States. Fellows now return home to apply the skills they have gained and utilize the networks they have created to enhance peace and security, spur economic growth, and strengthen democratic institutions to the benefit of Africa and the United States.

Mandela Washington Fellow Peo Pinkie Sebotho from Botswana commented on collaborating with other Fellows. “We were excited to share our experiences and our dreams for Africa. I made friends, I made business partners. We were planning what we would do together in the future.”

Mark Taplin, then Acting Assistant Secretary of State for Educational and Cultural Affairs, said: “I don’t think of this as just a Mandela Washington Fellows Summit. This may be the biggest gathering all year here in D.C. of the up-and-coming, the leading and creating, the dreaming and doing, the sharing and caring. You are the future in business and entrepreneurship, in civil society and governance of the world’s most up-and-coming continent.”

Wade Warren, then Acting Administrator, U.S. Agency for International Development, also addressed the Fellows, calling on them to use the full power of the networks the Fellowship has helped them forge, and to think of challenges as opportunities.

Wednesday highlighted U.S. and African perspectives on leadership with remarks from Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation; Dr. Helene Gayle, CEO of McKinsey Social Initiative; Norman Moyo, Author and CEO of New Enterprise Business DPA & CUMII at ECONET; and General (Retired) Richard Myers, President of Kansas State University and 15th Chairman of the Joint Chiefs of Staff.

“I’ve studied why leaders are successful and I’ve seen a common thread: legacy. So as young leaders, you must think legacy. You must think long-term. The age you’re creating is the age of empowerment,” Elumelu declared.

In his address, General Myers emphasized courage and risk-taking. “If you’re trying to make a difference, you have to persevere. It takes more than a heroic leader to make a difference, it takes all of us,” urged Myers.

Wednesday also featured a Congressional forum on investing in the next generation of Africa with U.S. Senator from Delaware Chris Coons discussing advocacy, entrepreneurship, civic engagement, human rights, and U.S.-Africa relations.

IREX President and CEO Kristin M. Lord notes: “The Mandela Washington Fellowship creates a network of leaders advancing peace, prosperity, and more effective governance. That benefits not only people on the African continent, but forges people-to-people and government-to-government relationships that benefit both the United States and Africa.”

Photos and videos of the Summit are available online.

The  Mandela Washington Fellowship for Young African Leaders  is a program of the U.S. government and is supported in its implementation by IREX.

Alex Cole, Director of Strategic Communications, IREX
acole@irex.org
202-628-8188

Logo: http://mma.prnewswire.com/media/150532/irex_mandela_washington_fellowship_logo.jpg

YPO Global Pulse: Business confidence plummets in Middle East and North Africa in second quarter

Confidence amongst MENA chief executives falls to eight-year low

ABU DHABI, 8 August 2017 YPO, the premier chief executive leadership organisation in the world, reported today that confidence among business leaders in the Middle East and North Africa (MENA) continued to decline in the second quarter of the year (2Q 2017).

The YPO Global Pulse Confidence Index for MENA, which tracks economic confidence levels among chief executives in the region on a quarterly basis, fell 4.5 points to 50.7, translating to an 8.8-point decrease for the first half of 2017, and its lowest level in the eight-year history of the survey.

Chief executives in MENA are now less confident than their counterparts in every other region of the world, and their confidence rating trails the global composite score of 62.0 by 11.3 points. Following a drop in the first quarter of 2017 to 32.9 from a pickup in fourth quarter of 2016 to 39.1, CEO confidence in the Arab countries fell to 29.6 in Q2 2017, the lowest reading since the YPO survey began in 2009.

Most of the major economies in the region experienced a decline in sentiment over the quarter, including the United Arab Emirates, Lebanon and Pakistan; while confidence in Saudi Arabia remained in deeply pessimistic territory, edging up 0.3 point to 42.7. Gulf Cooperation Council (GCC) countries also reflected a downward trend, falling 0.9 point to 49.2, dropping below the 50.0 mark into negative territory for the first time.

“As we anticipated for the second quarter, CEO confidence dampened further as some GCC countries scaled back spending, raised taxes and bear the brunt of OPEC oil production cuts. The escalation of hostility with Qatar could put a further dent in confidence in the third quarter of 2017,” said YPO member Dr Florence Eid-Oakden, Founder and CEO of Arabia Monitor.

Key findings in MENA

Economic climate set to deteriorate further

Chief executives were less than optimistic when asked to assess business and economic conditions over the next six months. Almost half (46%) predicted that the economic climate would deteriorate in the second half the year, while only 18% believed that the economic environment would improve. A third (36%) expected to see little change.

Forecasts for growth downgraded

Business leaders in MENA were also less positive about the prospects for their own organisations over the next year, as the three key indicators of the YPO Global Pulse Confidence Index, measuring sales, employment and fixed investment, all declined to record lows in the second quarter.

The YPO Sales Confidence Index fell by 3.6 points to 55.7. Less than half (43%) of chief executives expected to increase revenue over the next 12 months, whilst 13% predicted a decline in turnover. The remaining 44% felt that sales would stay flat for the next year.

It was a similar situation when it came to hiring intentions, as the YPO Employment Confidence Index for the region slumped 3.0 points to 48.6. Only 14% of business leaders forecast an increased headcount over next year, versus 26% who predicted cuts to staff numbers; while the majority (60%) expected the size of their workforce to remain unchanged.

Finally, the YPO Fixed Investment Confidence Index fell by 1.9 points to 54.5. The majority (64%) of chief executives believed that investment levels will stay at the same level over the next 12 months, while about a quarter (24%) predicted an increase in investment, and 12% forecast a reduction.

Global review

Globally, the YPO Global Pulse Confidence Index slipped 0.5 point to 62.0 over 2Q 2017, while executives in Australasia proved to be the most optimistic, as their confidence levels increased 3.6 points to 67.0. In Asia, confidence declined 1.8 points to 61.5, reversing the gains made in the first quarter of the year. Confidence in the United States remained firmly in positive territory, with a slight decline of 1.6 points to 63.3, while in Canada, confidence rose 0.8 point to 62.9.

In the European Union (EU), confidence climbed 2.1 points to 63.0, its highest level in the eight-year history of the YPO study; while executives in non-EU Europe countries indicated a dramatic improvement, up 8.5 points to 60.3, largely due a complete reversal in Swiss sentiment, which was the main detractor in the region last quarter.

Elsewhere, confidence in Latin America climbed 2.1 points to 59.2, its highest level since January 2014. In Africa, business confidence edged up 1.9 points to 56.3, but despite this being its highest level for two years, it still retains its position as the second-least confident region.

YPO Global Pulse Confidence Index
The quarterly electronic survey, conducted in the first two weeks of July 2017, gathered answers from 1,161 YPO chief executive officers across the globe, including 30 in MENA. Visit www.ypo.org/globalpulse for more information about the survey methodology and results from around the world.

# # #

About YPO

The premier leadership organization of chief executives in the world.

YPO is the global platform for chief executives to engage, learn and grow. YPO members harness the knowledge, influence and trust of the world’s most influential and innovative business leaders to inspire business, personal, family and community impact.

Today, YPO empowers more than 24,000 members in more than 130 countries, diversified among industries and types of businesses. Altogether, YPO member-run companies employ more than 15 million people and generate USD6 trillion in annual revenues.

Leadership. Learning. Lifelong. For more information, visit YPO.org.

Contact:
YPO
Linda Fisk
Office: +1 972 629 7305 (United States)
Mobile: +1 972 207 4298
press@ypo.org

Mimecast Announces First Quarter 2018 Financial Results

  • Total revenue of $58.2 million grew 40% yoy on a GAAP basis and 43% in constant currency
  • Added 900 new customers. Total customers 27,300 globally
  • Revenue retention rate of 111%
  • Gross profit percentage of 74%
  • GAAP EPS of $(0.03) per basic and diluted share, Non-GAAP EPS of $0.01 per basic and diluted share

WATERTOWN, Mass., Aug. 07, 2017 (GLOBE NEWSWIRE) — Mimecast Limited (NASDAQ:MIME), a leading email and data security company, today announced financial results for the first quarter ended June 30, 2017.

“Notable in our first quarter was the evolving threat landscape.  We responded with Sync and Recover, a service to enable fast recovery in the event omnipresent attackers are successful in penetrating an organization,” stated Peter Bauer, CEO of Mimecast.

Mimecast’s CFO Peter Campbell noted, “Continued strong retention and upsell as well as sales to new customers have helped us deliver another strong quarter. We are pleased with our performance to date as we drive both top and bottom line growth.”

First Quarter 2018 Financial Highlights

  • Revenue: GAAP revenue for the first quarter of 2018 was $58.2 million, an increase of 40% compared to $41.5 million of GAAP revenue in the first quarter of 2017. Revenue on a constant currency basis increased 43% compared to the first quarter of 2017.
  • Customers: Added 900 net new customers in the first quarter of 2018. We now serve over 27,300 organizations globally.
  • Revenue Retention Rate: Revenue retention rate was 111% in the first quarter of 2018, up from 110% in the first quarter of 2017.
  • Gross Profit Percentage: Gross profit percentage was 74% in the first quarter of 2018, up from 73% in the first quarter of 2017.
  • GAAP Net Loss: GAAP net loss was $1.9 million, or $(0.03) per basic and diluted share, based on 56.3 million weighted-average shares outstanding.
  • Adjusted EBITDA: Adjusted EBITDA was $5.1 million, representing an Adjusted EBITDA margin of 9% up from 4.5% in the first quarter of 2017.
  • Non-GAAP Net Income: Non-GAAP net income was $0.4 million, or $0.01 per share, based on 60.6 million diluted shares outstanding.
  • Free Cash Flow and Cash: Mimecast generated $3.9 million of free cash flow in the first quarter of 2018. Cash and investments as of June 30, 2017 were $119.2 million.

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 below under the heading “Non-GAAP Financial Measures.”

First Quarter 2018 Business Highlights

  • Introduced Sync & Recover for Exchange and Office 365, an add-on to our archiving service that lets customers simplify the recovery of mail server data in the event of loss or corruption. Sync & Recover offers streamlined point-and-click recovery of email, personal folders, calendars and contacts.
  • Sales of Targeted Threat Protection increased during the first quarter.  More than 11,500 customers now use the service, representing 42% of our customers.
  • A total of 24% of customers used Mimecast in conjunction with Microsoft® Office 365™ during the first quarter compared to 21% in the fourth quarter of 2017. More than 6,500 customers of all sizes have selected Mimecast to enhance their security, archive their data, and to provide uptime assurance for their Office 365 investments.
  • CRN Intelligence (a division of CRN UK at Incisive Media) ranked Mimecast first in “Overall Service in Security” in their 2017 Vendor Report. The report consisted of two hundred respondents from UK-based VARs, solutions integrators, MSPs, hosting/ cloud specialists and distributors

Mimecast North America partnered with Insight (NASDAQ:NSIT) to go-to-market with Mimecast’s security, archiving and continuity cloud services. The partnership provides comprehensive email management in one fully-integrated service.

Business Outlook

Mimecast is providing guidance for the second quarter and fiscal year 2018.

Second Quarter 2018 Guidance:

For the Second quarter of 2018, constant currency revenue growth is expected to be in the range of 33% to 34% and revenue is expected to be in the range of $59.7 million to $60.3 million. Our guidance is based on exchange rates as of July 31, 2017 and includes an estimated positive impact of $0.7 million resulting from the weakening of the U.S. dollar compared to the prior year.  Adjusted EBITDA for the second quarter is expected to be in the range of $5.0 million to $6.0 million.

Full Year 2018 Guidance:

For the full year 2018, revenue is expected to be the range of $246.8 million to $252.1 million or 30% to 33% revenue growth in constant currency.  Foreign exchange rate fluctuations are positively impacting this guidance by an estimated $3.0 million. Adjusted EBITDA is expected to be in the range of $20.1 million to $22.1 million.

GAAP net (loss) income is the most comparable GAAP measure to Adjusted EBITDA. Adjusted EBITDA differs from GAAP net (loss) income in that it excludes depreciation and amortization, share-based compensation expense, interest income and interest expense, the provision for income taxes and foreign exchange (expense) income. 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) income or a reconciliation of forward-looking Adjusted EBITDA guidance to GAAP net (loss) income.

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-04:00) on August 7, 2017.  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# 54306993.  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# 54306993.  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 27,300 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 marks and logos contained in this press release are the property of their respective owners.

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 the future success of new products, including Sync & Recover, 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.

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 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 second quarter and full year 2018, 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) income, adjusted to exclude: depreciation and amortization, share-based compensation expense, interest income and interest expense, the provision for income taxes and foreign exchange (expense) income predominantly related to the elimination of intercompany balances. We define Adjusted EBITDA margin as Adjusted EBITDA over revenue in the period.

Non-GAAP net income. We define non-GAAP net income as net (loss) income less share-based compensation expense and the related income tax effects of excluding share-based compensation expense. 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 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 income versus net (loss) income calculated in accordance with GAAP. For example, as noted above, non-GAAP net income excludes share-based compensation expense and related income tax effects. In addition, the components of the costs that we exclude in our calculation of non-GAAP net 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 income and evaluating non-GAAP net income together with net (loss) income 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, 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.

MIMECAST LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended June 30,  
2017     2016  
Revenue $ 58,158 $ 41,460
Cost of revenue 15,252 11,339
Gross profit 42,906 30,121
Operating expenses
Research and development 7,921 5,149
Sales and marketing 27,559 21,463
General and administrative 8,537 6,456
Total operating expenses 44,017 33,068
Loss from operations (1,111 ) (2,947 )
Other income (expense)
Interest income 239 67
Interest expense (31 ) (107 )
Foreign exchange (expense) income (540 ) 4,096
Total other income (expense), net (332 ) 4,056
(Loss) income before income taxes (1,443 ) 1,109
Provision for income taxes 457 865
Net (loss) income $ (1,900 ) $ 244
Net (loss) income per ordinary share
Basic $ (0.03 ) $ 0.00
Diluted $ (0.03 ) $ 0.00
Weighted-average number of ordinary shares outstanding:
Basic 56,292 54,287
Diluted 56,292 57,655
MIMECAST LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 (unaudited)
As of June 30,     As of March 31,  
2017   2017  
Assets  
Current assets
Cash and cash equivalents $ 58,989 $ 51,319
Short-term investments 53,223 60,347
Accounts receivable, net 40,834 44,358
Prepaid expenses and other current assets 12,064 10,054
Total current assets 165,110 166,078
Long-term investments 7,013
Property and equipment, net 49,756 32,009
Intangible assets, net 3,290 1,590
Goodwill 5,373 5,363
Other assets 844 312
Total assets $ 231,386 $ 205,352
Liabilities and shareholders’ equity  
Current liabilities
Accounts payable $ 6,626 $ 3,558
Accrued expenses and other current liabilities 21,969 20,713
Deferred revenue 86,642 84,159
Current portion of capital lease obligations 970 233
Current portion of long-term debt 1,260 1,725
Total current liabilities 117,467 110,388
Deferred revenue, net of current portion 13,094 11,189
Long-term capital lease obligations 2,640 245
Construction financing lease obligation 9,433
Other non-current liabilities 2,204 1,538
Total liabilities 144,838 123,360
Commitments and contingencies
Shareholders’ equity
Ordinary shares, $0.012 par value, 300,000,000 shares authorized; 56,797,767
and 55,901,996 shares issued and outstanding at June 30, 2017 and
March 31, 2017, respectively
682 671
Additional paid-in capital 189,947 183,752
Accumulated deficit (96,021 ) (94,017 )
Accumulated other comprehensive loss (8,060 ) (8,414 )
Total shareholders’ equity 86,548 81,992
    Total liabilities and shareholders’ equity $ 231,386 $ 205,352
MIMECAST LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three months ended June 30,  
2017   2016  
Operating activities                
Net (loss) income $ (1,900 ) $ 244
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 3,609 2,764
Share-based compensation expense 2,646 2,043
Provision for doubtful accounts 30 20
Loss on disposal of fixed assets 2
Other non-cash items 84 25
Excess tax benefits related to exercise of share options (466 )
Unrealized currency loss (gain) on foreign denominated transactions 383 (3,817 )
Changes in assets and liabilities:
Accounts receivable 4,399 2,128
Prepaid expenses and other current assets 436 1,496
Other assets (6 )
Accounts payable 1,276 1,993
Deferred revenue 2,244 2,450
Accrued expenses and other liabilities (1,563 ) 425
Net cash provided by operating activities 11,638 9,307
Investing activities  
Purchases of investments   (15,531 )
Maturities of investments   15,500
Purchases of property, equipment and capitalized software   (7,730 ) (5,586 )
Net cash used in investing activities (7,761 ) (5,586 )
Financing activities  
Proceeds from exercises of share options 3,445 1,014
Excess tax benefits related to exercise of share options 466
Payments on debt (533 ) (1,293 )
Net cash provided by financing activities 2,912 187
Effect of foreign exchange rates on cash 881 (1,390 )
Net increase in cash and cash equivalents 7,670 2,518
   
Cash and cash equivalents at beginning of period 51,319 106,140
Cash and cash equivalents at end of period $ 58,989 $ 108,658

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 June 30,  
2017    2016
 
(dollars in thousands)  
Gross profit percentage 74 % 73 %
Revenue constant currency growth rate (1) 43 % 32 %
Revenue retention rate (2) 111 % 110 %
Total customers (3) 27,300 19,900
Adjusted EBITDA (1) $ 5,144 $ 1,860

(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 June 30,  
2017   2016  
(dollars in thousands)  
Reconciliation of Revenue Constant Currency Growth Rate:  
Revenue, as reported $ 58,158 $ 41,460
Revenue year-over-year growth rate, as reported 40 % 24 %
Estimated impact of foreign currency fluctuations 3 % 8 %
Revenue constant currency growth rate 43 % 32 %

The following table presents a reconciliation of net (loss) income to Adjusted EBITDA:

Three months ended June 30,  
2017   2016  
(in thousands)  
Reconciliation of Adjusted EBITDA:  
Net (loss) income $ (1,900 ) $ 244
Depreciation and amortization 3,609 2,764
Interest (income) expense, net (208 ) 40
Provision for income taxes 457 865
Share-based compensation expense 2,646 2,043
Foreign exchange expense (income) 540 (4,096 )
Adjusted EBITDA $ 5,144 $ 1,860

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

Three months ended June 30,  
2017   2016  
Reconciliation of Non-GAAP Net Income:  
Net (loss) income $ (1,900 ) $ 244
Share-based compensation expense 2,646 2,043
Provision for income taxes 334 22
Non-GAAP net income $ 412 $ 2,265
Non-GAAP net income per ordinary share – basic 0.01 0.04
Non-GAAP net income per ordinary share – diluted 0.01 0.04
Weighted-average number of ordinary shares used in
computing Non-GAAP net income per ordinary share:
Basic 56,292 54,287
Diluted 60,563 57,655

The following table presents a reconciliation of Net cash provided by operating activities to Free Cash Flow (in thousands):

Three months ended June 30,  
2017   2016  
Reconciliation of Free Cash Flow:  
Net cash provided by operating activities $ 11,638 $ 9,307
Purchases of property, equipment and capitalized software (7,730 ) (5,586 )
Free Cash Flow $ 3,908 $ 3,721

Share-based compensation expense for the three months ended June 30, 2017 and 2016 (in thousands):

Three months ended June 30,  
2017 2016  
Cost of revenue $ 206 $ 170
Research and development 682 372
Sales and marketing 948 973
General and administrative 810 528
Total share-based compensation expense $ 2,646 $ 2,043

Revenue Constant Currency Growth Rate reconciliation (dollars in millions):

Three months ended June 30,  
2017     2016     % Change  
Total revenue as reported $ 58.2 $ 41.5 40 %
Estimated impact of foreign currency fluctuations 3 %
Total revenue constant currency growth rate 43 %
Exchange rate for period  
USD 1.000 1.000
ZAR 0.076 0.067
GBP 1.280 1.434
AUD 0.755 0.746

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Press Contact
Alison Raymond Walsh
Press@Mimecast.com
617-393-7126

Investor Contact 
Robert Sanders 
Investors@Mimecast.com
617-393-7074