Imperva -5.7% due to light guidance
- Though it beat Q4 revenue estimates and posted in-line EPS, Imperva (NYSE:IMPV) is guiding for Q1 revenue of $39M-$41M and EPS of -$0.36 to -$0.42, below a consensus of $41.7M and -$0.26. Likewise, full-year guidance is for revenue of $195M-$200M and EPS of -$0.79 to -$0.93, below a consensus of $200.3M and -$0.54.
- On the CC (transcript), CFO Terry Schmid suggested Imperva is taking a conservative approach to its 2015 sales guidance: "We believe this guidance is a strong starting point for the year, given that the new senior team has only been with Imperva for a quarter or less and the fact that we are only at the beginning stages of implementing our global go-to-market strategy."
- Regarding the profit guidance, Schmid mentioned Imperva will be making "additional investments in the areas of adding additional sales capacity in each region, additional demand generation and awareness programs, increasing investments in the research and development functions for both Skyfence and Incapsula, and continuing to increase the network capacity for the delivery of subscription-based products."
- Q4 product revenue rose just 8% Y/Y to $26.1M, but services revenue rose 36% to $25.3M with the help of a 94% increase in subscription revenue to $7.3M. The deferred revenue balance (driven by services/subscriptions) rose 29% to $81.2M.
- Spending was aggressive: Sales/marketing spend grew 26%, R&D 36%, and G&A 40%.
- Q4 results, PR
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