Mimecast Ltd - FORM 8-K - EX-99.1

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8-K - 8-K - Mimecast Ltd	d567919d8k.htm

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

Total current assets		217,904
Property and equipment, net		123,822
Intangible assets, net		9,819
Goodwill		5,631
Other assets		1,222

Total assets	$	358,398

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		—

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
Other non-current liabilities		4,954

Total liabilities		256,706

Commitments and contingencies

Shareholders’ equity
Ordinary shares		707
Additional paid-in capital		212,839
Accumulated deficit		(106,507	)
Accumulated other comprehensive loss		(5,347	)

Total shareholders’ equity		101,692

Total liabilities and shareholders’ equity	$	358,398

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

Gross profit		53,225			192,198

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

Total operating expenses		57,431			199,152

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

Total other income (expense), net		(1,366	)		(2,727	)

Loss before income taxes		(5,572	)		(9,681	)
Provision for income taxes		982			2,705

Net loss	$	(6,554	)	$	(12,386	)

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
Other non-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

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	)

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	)

Net cash provided by financing activities		13,156
Effect of foreign exchange rates on cash		2,471

Net increase in cash and cash equivalents		27,020

Cash and cash equivalents at beginning of period		51,319

Cash and cash equivalents at end of period	$	78,339

Mimecast Ltd - FORM 8-K - EX-99.1 - May 29, 2018