mCig Strengthens Share Structure, Announces Shareholder Call

$MCIG Announces (Unaudited) Fiscal Year 2017 Financial Results

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mCig, Inc. Announces (Unaudited) Fiscal Year 2017 Financial Results — Best Year in Corporate History

 

 

BUZ INVESTORS PRESS RELEASE Fiscal Year 2017 Financial Results mCig, Inc., ( OTCQB : (MCIG ), a leading BUZ INVESTORS  PRESS RELEASE  Fiscal Year 2017 Financial Results  mCig, Inc., ( OTCQB : (MCIG), a leading distributor of innovative products, technologies, and services for the global medical cannabis industry is pleased to announce some highlights of its year-end financial results:

Net Sales increased to $4.5 million, a 158% increase year to year comparison, and a 1,294% increase for the 4th quarter compared to same period last fiscal year
Net income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings
Cash and cash equivalents of $1.6 million compared to $0.1 million from the previous year (a 1,369% increase), and a 400% increase from last quarter. mCig generated $2.1 million in cash from operating activities
(mCig) assets increased to $6.8 million, having 6 times more assets than it does liabilities
In addition to the highlights mentioned above, mCig Inc. was able to reduce its operating expenses by $730K (43%) from the previous year. In addition, mCig increased its gross profit by 20% to 36% compared to 16% from the previous year.

mCig’s top three reporting segments were all profitable and have established a niche market for their respective products and services. An overview of the three segments are as follows:

 Fiscal Year 2017 Financial Results

Segment Sales Net Income
Construction $2.4M $212K
CBD $1.2M $888K
e-Cig $870K $143K

“We are proud to report a strong record year for mCig and its shareholders. With sales and profits soaring at exponential rates, our cash position increasing, more than $14M in backlog sales, our new and innovative solutions that are projected to have a significant impact on our future financial statements, the 616% CAGR for our shareholders, and still NO TOXIC DEBT, the MCIG story is bright,” says Paul Rosenberg, the company’s Chief Executive Officer. He went on to say, “We have just touched the tip of the iceberg and are thrilled with the strong momentum of our businesses.”

About MCIG Group ( OTCQB : MCIG )
Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. mCig, Inc. is committed to being the leading distributor of technology, products, and services to fit the needs of a rapidly expanding industry. mCig, Inc. has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Grow Contractors division currently operating in the rapidly expanding Nevada market.

mCig, Inc. also employs a world renowned tech team and has recently entered the tech space to satisfy its evolving role in technology and in keeping it’s growing following up to speed.

The company looks forward to growing its core competencies to service the ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. With over seventy five years of experience combined between the key players that make up the Cannabis Grow Contractors Division, mCig Inc. is proud to work with Cannabis Industry leaders and provide broad and rounded solutions for legal growers nationwide.

About the 420 Cloud App

The 420 Cloud app features a useful and unified cross-channel platform comprised of numerous layers of subscriber functions and behaviors, an immersive experience extremely useful for networking and learning, a technically robust 420 cannabis jobs search system (420jobsearch.com), marijuana news media platform (weedistry.com) and integrates a commerce networking platform, strengthening reach and exposure throughout it’s various channels. The platforms feature a full scale, cross-channel, ad network, spread throughout an enterprise of intuitive systems, scalable for high traffic and utilize big data conversion for monetization and analytics. The app plans to create revenue through gamification, advanced functions, features and micro-transactions, along with ads and partnerships with dispensaries.

The successful app market has grown from $45 billion in 2015 to $76 billion in 2017, and the marijuana market totaled $6.7 billion in 2016 and growing according to Forbes. In addition to current endeavors with large scale marijuana grow construction (growcontractors.org), mCig, Inc.’s alignment with these growing industries can greatly benefit the company’s growth and revenues.

About the Development Team

Having acquired part of the former Megaupload development team, a tech team with an impressive and proven track record, mCig is able to build an enterprise platform to accommodate scalability, performance and growth. The team is led by Chief Technologist, Andrus Nomm, recognized as the senior operative and programming lead in the popular online file sharing, streaming and ad serving websites of MEGAupload, MEGAclick and MEGAvideo. The sites served approximately 50 million users per day over 6500+ servers, monetizing over a quarter billion USD in advertising and subscription revenue.

Business Description

Industry: Tobacco Products » Tobacco    NAICS: 312230    SIC: 2111
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Traded in other countries: M06.Germany,
Headquarter Location: USA

mCig Inc is a technology company. It is engaged in manufacturing and retailing of loose-leaf Ecig.

mCig Inc was incorporated in the State of Nevada on December 30, 2010 originally under the name Lifetech Industries, Inc. Effective August 2, 2013, the name was changed from Lifetech Industries, Inc. to mCig, Inc. The Company manufactures and retails the mCig, an affordable loose-leaf eCig. It provides a smoking experience by heating plant material, waxes, and oils delivering, in the Company’s opinion, a smoother inhalation experience. It operates in two two long-term secular trends: The decriminalization and legalization of marijuana for medicinal or recreational purposes – legalizing medicinal and recreational marijuana usage is steadily on the rise not only domestically but also internationally, The adoption of electronic vaporizing cigarettes (commonly known as “eCigs”), as smokers move away from traditional cigarettes onto e-cigarettes. Smoking tobacco causes numerous health problems, including disease and death. It competes with other sellers of electronic cigarettes, notably Lorillard, Inc., Altria Group, Inc. and Reynolds American Inc.

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QCOM Stock: Why Qualcomm Inc. Is Poised for Immense Growth

Qualcomm cuts Q3 fiscal guidance as Apple holds back royalties

Qualcomm -4% on Apple-related profit warning

BUZ INVESTORS Qualcomm cuts Q3 No longer expecting any patent-licensing revenue

BUZ INVESTORS  Qualcomm cuts Q3 No longer expecting any patent-licensing revenue from the iPhone thanks to the legal battle with Apple, Qualcomm (NASDAQ:QCOM) cuts its FQ3 revenue outlook to $4.8B-$5.6B from $5.3B-$6.1B. Consensus is for $5.9B.

FQ3 EPS is now seen at $0.75-$0.85 from $0.90-$1.15. Consensus is for $1.09.

Shares -4.25% premarket

 



Qualcomm cuts Q3

According to a report from Bloomberg, the move could result in a multi-billion dollar shortfall for Qualcomm over the coming years if the legal fight isn’t resolved quickly. Suppliers likely won’t be able to pay Qualcomm out of their own pocket and would risk their relationship with Apple if they did so.

This follows a counter-suit brought by Qualcomm in an ongoing legal battle with Apple, in which it said the Cupertino company crippled its chips in iPhones so they would not perform better than Intel chips.

Apple first sued Qualcomm in January, refusing to pay around $1 billion USD in rebates, stating that Qualcomm was overcharging for its chips and charging royalties for technologies it had nothing to do with.

Peers Price Day Year
Stmicroelectronics 16.03 0.49 3.15% 161.07%
Intel 36.03 -1.42 -3.81% 15.85%
Nvidia 104.71 -0.98 -0.93% 189.25%
Marvell Technology 15.07 -0.01 -0.07% 51%
Microsoft 67.97 -0.3 -0.44% 36.21%
Texas Instruments 79.14 -1.65 -2.04% 34.93%
Maxim Integrated Products 44.16 -0.88 -1.95% 36.42%
Qualcomm 52.62 -0.59 -1.11% 0.94%

 

QUALCOMM, Inc. | QCOM

QUALCOMM, Inc. stock price, live market quote, shares value, historical data, intraday chart, earnings per share, dividend yield, market capitalization and news updated on Friday, April 28, 2017.

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BUZ INVESTORS PRESS RELEASE F5 Networks, Inc. (FFIV) today announced revenue of $518.2 million for the second quarter of fiscal 2017, up 7.1% from $483.7 million in the second quarter of fiscal 2016. Growth compared with the second

F5 Networks Announces Second Quarter Fiscal 2017 Results

F5 Networks Announces Second Quarter Fiscal 2017 Results

BUZ INVESTORS PRESS RELEASE F5 Networks, Inc. <span data-recalc-dims=(FFIV) today announced revenue of $518.2 million for the second quarter of fiscal 2017, up 7.1% from $483.7 million in the second quarter of fiscal 2016. Growth compared with the second" width="300" height="200" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/04/F5-Headquarters-1240x827-Small.jpg?resize=300%2C200 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/04/F5-Headquarters-1240x827-Small.jpg?w=720 720w" sizes="(max-width: 300px) 100vw, 300px" />

BUZ INVESTORS PRESS RELEASE F5 Networks, Inc. (FFIV) today announced revenue of $518.2 million for the second quarter of fiscal 2017, up 7.1% from $483.7 million in the second quarter of fiscal 2016. Growth compared with the second quarter of fiscal 2016 was driven by solid execution in the Americasand strong sales of security solutions. Partially offsetting these positive trends was continued soft demand in Europe.

GAAP net income for the second quarter of fiscal 2017 was $93.1 million, or $1.43 per diluted share, compared to $75.4 million, or $1.11 per diluted share in the second quarter of 2016. Non-GAAP net income for the second quarter of fiscal 2017 was $127.0 million, or $1.95 per diluted share, compared to $114.0 million, or $1.68 per diluted share in the second quarter of fiscal 2016.

A reconciliation of net income, earnings per share, and other measures on a GAAP to non-GAAP basis is included on the attached Consolidated Income Statements.



F5 Networks

In the just completed quarter, several new products were introduced including 40-Gigabit BIG-IP virtual editions, Herculon SSL Orchestrator and Herculon DDoS Hybrid Defender purpose-built security products, as well as the latest version of our BIG-IP operating system, TMOS 13.0. BIG-IP iSeries products continue to be well received by customers with adoption trends tracking in line with past major product refresh cycles. The BIG-IP iSeries appliance family was architected to offer massive performance and scalability across the entire line, and these programmable, software-defined hardware platforms include features designed to simplify private cloud deployments and hybrid cloud build-outs.

Several new products scheduled to begin shipping in the current quarter are designed to help enable customers to deploy their applications across a variety of cloud environments. These solutions include Application Connector 1.0 for connecting public and private cloud application infrastructures, support for BIG-IP in the Google Public Cloud, and Container Connector and Application Services Proxy for microservices environments.

“My early internal and external interactions have reinforced my enthusiasm for joining the F5 team and my view that the company offers a compelling platform for growth,” said François Locoh-Donou, F5 President and Chief Executive Officer. “I am excited by the new products and services we continue to bring to market and I look forward to actively engaging with our customers and key strategic partners around these offerings.

“With a strong culture of technology innovation and a solid financial foundation, F5 is uniquely positioned to address our customers’ evolving demands around securing and optimizing performance of their mission-critical business applications.”

For the third quarter of fiscal 2017, ending June 30, the company has set a revenue goal of $520 million to $530 million with a GAAP earnings target of $1.47 to $1.50 per diluted share and a non-GAAP earnings target of $2.01 to $2.04 per diluted share.

A reconciliation of the company’s expected GAAP and non-GAAP earnings is provided in the following table:

Three months ended
June 30, 2017
Reconciliation of Expected Non-GAAP Third Quarter Earnings Low High
Net income $ 94.8 $ 96.8
Stock-based compensation expense $ 44.0 $ 44.0
Amortization of purchased intangible assets $ 2.8 $ 2.8
Tax effects related to above items $ (12.1 ) $ (12.1 )
Non-GAAP net income excluding stock-based compensation expense and amortization of purchased intangible assets $ 129.5 $ 131.5
Net income per share – diluted $ 1.47 $ 1.50
Non-GAAP net income per share – diluted $ 2.01 $ 2.04

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Buz Investors Ubiquitech Gives Fiscal Year 2017 Revenue Guidance - Mar 23, 2017) - Ubiquitech Software Corp. (OTC PINK: UBQU), through its operating subsidiary HempLifeToday.com, is announcing fiscal year 2017 revenue guidance.

Ubiquitech Gives Fiscal Year 2017 Revenue Guidance; Anticipates 55% Year Over Year Increase To $5,450,000

Ubiquitech Gives Fiscal Year 2017 Revenue Guidance

Buz Investors Ubiquitech Gives Fiscal Year 2017 Revenue Guidance - Mar 23, 2017) - Ubiquitech Software Corp. (OTC PINK: UBQU), through its operating subsidiary HempLifeToday.com, is announcing fiscal year 2017 revenue guidance.

Buz Investors Ubiquitech Gives Fiscal Year 2017 Revenue Guidance– Mar 23, 2017) – Ubiquitech Software Corp. (OTC PINK: UBQU), through its operating subsidiary HempLifeToday.com, is announcing fiscal year 2017 revenue guidance.

The company anticipates that revenues for the year ending November 30, 2017 will increase over 55% from $3,493,113 reported in the year ago period to approximately $5,450,000.

The company is basing this guidance on the strong internal first quarter numbers and the continuance of that trend during March of this year. The company continues to gain increased exposure of its HempLife Today product line, develop new and improved products, and spread the word regarding the benefits of CBD Hemp derived products available and sold through its proprietary CBD brand CannazALL.




Ubiquitech Gives Fiscal Year 2017 Revenue Guidance

The company expects to give updates on its full year guidance in the coming months. The company sells and markets its line of high quality products through its web portal www.HempLifeToday.com.

“We are very pleased with the progress we have made and we will continue to do everything within our power to keep our company relevant and growing,” said James Ballas, CEO. “With the quality of our products, our marketing, customer support and satisfaction, and our dynamic thinking, we will continue this growth through 2017 and into 2018, which we are already planning big things for, and this is the thinking that will take our revenues to even higher gains as we continue. It’s a very exciting industry and we don’t plan to stop until the CannazALL brand is a household word.”

“With the wide footprint we have on the Internet and the amount of industry content about us that is also growing, we have the ability to grow while also protecting revenue,” adds Tim Zorn, President. “This allows us to strategically spend advertising dollars where we get the best results and is why our cost per customer acquisition is down by over 90% since last year. Steady sales and profitability is what we always strive for.”

The Company wants shareholders to know that it is moving forward on all plans released in previous press from 3.09.2017. This update is to inform shareholders of company progress and to keep shareholders informed of said progress.

About Ubiquitech (HempLife Today™)
Ubiquitech Software Corp, through its subsidiaries is a dynamic multi-media, multi-faceted corporation utilizing state-of-the-art global internet marketing, Direct Response (DRTV) Television, Radio, and traditional marketing, to drive traffic to the new and emerging multi-billion dollar industries like its subsidiary HempLifeToday.com™

HempLifeToday™ focuses on the exciting and dynamic new thinking in the world today that recognizes the important health and life enriching enhancement that CBD Oil from the Hemp plant can bring. Through its network of quality USA growers HempLifeToday.com™ has developed multiple and proprietary CannazALL™ CBD oil products that include; It’s popular CBD Tinctures, Oils, GelCaps, CBD Powder, Skin Salve, Wax Crumble, and e-liquid, all offered @ www.HempLifeToday.com


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Buz Investors Coupa Software Reports Fourth Quarter (NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017.

Coupa Software Reports Fourth Quarter & Full Year Fiscal 2017 Financial Results

Coupa Software Reports Fourth Quarter & Full Year Fiscal 2017 Financial Results

 Record Full Year Revenue of $134 Million 

Cumulative Spend Under Management Surpasses $360 Billion

Buz Investors Coupa Software Reports Fourth Quarter <span data-recalc-dims=(NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017." width="300" height="155" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/dfe4f98108b35ee71a9e46c1a27819ab.png?resize=300%2C155 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/03/dfe4f98108b35ee71a9e46c1a27819ab.png?w=600 600w" sizes="(max-width: 300px) 100vw, 300px" />

Buz Investors Coupa Software Reports Fourth Quarter  (NASDAQ:COUP), a leader in cloud-based spend management, today announced its financial results for the fourth quarter and fiscal year-ended January 31, 2017.



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Coupa Software Reports Fourth Quarter

Fourth Quarter Results

  • Revenues: Total revenues were $38.0 million, an increase of 44% from the same period last year. Subscription services revenues were $33.8 million, an increase of 45% from the same period last year.
  • Loss from Operations: GAAP operating loss was $6.4 million, compared to a loss of $11.0 million for the same period last year. Non-GAAP operating loss was $2.3 million, compared to a loss of $9.7 million for the same period last year.
  • Net Loss: GAAP net loss was $6.6 million, compared to a loss of $11.5 million for the same period last year. GAAP net loss per basic and diluted share was $0.13, compared to a loss of $2.18 for the same period last year. Non-GAAP net loss was $2.5 million, compared to a loss of $10.2 million for the same period last year. Non-GAAP net loss per basic and diluted share was $0.05, compared to a loss of $1.93 for the same period last year.

Fiscal Year 2017 Results

  • Revenues: Total revenues were $133.8 million, an increase of 60% from the prior year. Subscription services revenues were $117.8 million, an increase of 56% from the prior year.
  • Loss from Operations: GAAP operating loss was $35.4 million, compared to a loss of $45.3 million for the prior year. Non-GAAP operating loss was $24.9 million, compared to a loss of $32.4 million for the prior year.
  • Net Loss: GAAP net loss was $37.6 million, compared to a loss of $46.2 million for the prior year. GAAP net loss per basic and diluted share was $1.88, compared to a loss of $9.81 for the prior year. Non-GAAP net loss was $27.1 million, compared to a loss of $33.3 million for the prior year. Non-GAAP net loss per basic and diluted share was $1.36, compared to a loss of $7.07 for the prior year.
  • Balance Sheet: Cash and cash equivalents were $201.7 million, and total deferred revenue was $90.8 million, as of January 31, 2017.
  • Cash Flow: Cash flow from operating activities was a use of $21.0 million for the full fiscal 2017 year.

“We closed a successful fiscal 2017 by achieving strong results across the board in Q4,” said Rob Bernshteyn, CEO of Coupa.  “Our unified platform has now processed more than $360 billion in cumulative spend, driving cost savings and increasing profitability for our customers. We made significant advancements in our technology with the release of R17 and acquisition of Spend360, and added marquee customers including Caterpillar, Paul HARTMANN, and many others. With continued strength in North America and Europe and increasing traction in Asia Pacific and Latin America, we are well positioned as we enter the new fiscal year.”

Business Outlook:

The following forward-looking statements reflect Coupa’s expectations as of March 13, 2017.

First quarter of fiscal 2018:

  • Total revenues are expected to be between $38.0 and $38.5 million.
  • Non-GAAP loss from operations is expected to be between $6.0 and $8.5 million.
  • Non-GAAP net loss per share is expected to be between $0.12 loss and $0.17 loss per share.
  • Basic and diluted weighted average share count is expected to be approximately 50.8 million shares.

Full year fiscal 2018:

  • Total revenues are expected to be between $167 and $170 million.
  • Non-GAAP loss from operations is expected to be between $27 and $30 million.
  • Non-GAAP net loss per share is expected to be between $0.53 loss and $0.58 loss per share.
  • Basic and diluted weighted average share count is expected to be approximately 53 million shares.

See the sections titled “Non-GAAP Financial Measures and Key Metrics” and the reconciliation tables below for important details regarding our non-GAAP measures.

Recent Business Highlights:

  • Coupa surpassed 500 total customers during the fourth quarter, ending its fiscal year with 535 customers. New customers to highlight from Q4 included some of the world’s biggest brands, such as Caterpillar, the world’s leading manufacturer of construction and mining equipment, and Paul HARTMANN, a leading provider of medical and hygiene products and Coupa’s first manufacturing customer in Germany.
  • Other new customer wins included Asian Development Bank, FrieslandCampina, Clark Construction, KMG Rompetrol, LKQ Corporation, The Andersons, Bynder, Turtle Entertainment (ESL Gaming), PDF Solutions, InvoCare, Apex Parks Group, LLC, USO World Headquarters, Kubota Tractor Corporation, ACLD, Reliance Properties, Brightpoint Health, Great Wolf Resorts, GoHealth Urgent Care, and R1 RCM Inc., formerly Accretive Health Inc.
  • Coupa acquired substantially all of the assets of Spend360 International Ltd. to help companies digitize antiquated processes for data classification. Based outside London, Spend360 is an analytics solution that uses deep machine learning and artificial intelligence to structure and cleanse data.
  • Coupa delivered Release 17 (R17) – its first major cloud platform update of the calendar year. R17 leverages data network effects to deliver comprehensive B2B insights to customers, allowing them to increase value and spend smarter.
  • After signing a premier new customer in China in Q3, KPMG China, Coupa’s implementation partner, completed a rapid 10-week spend transformation project to optimize purchasing and invoicing processes.
  • Coupa debuted in the 2017 Gartner Magic Quadrant for Strategic Sourcing Suites.
  • Gartner also recognized Coupa as a “Vendor to Watch” in a report entitled “Market Opportunity Map: Enterprise Resource Planning, Worldwide.” Coupa was one of only five vendors named as a mega-vendor and emerging Enterprise Resource Planning (ERP) provider.
  • Coupa grew its Coupa Advantage program with expanded category coverage via regional and global supplier partners. Notable new suppliers to Coupa Advantage include Zoom, a market leading video conferencing solution, as well as two new European suppliers; Manutan, Europe’s largest provider of business products and services, and Little Big Connection, a European marketplace for IT and engineering consultants.
  • Coupa was one of 50 companies named one of the best workplaces of 2016 by the Silicon Review.
  • Coupa announced that Apple Co-Founder Steve Wozniak will be a distinguished speaker at Coupa Inspire ’17, the company’s fifth annual user conference, which takes place May 16-18 at the Westin St. Francis Union Square in San Francisco, CA.

Conference Call Information:

Coupa will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today.

  • Parties in the U.S. and Canada can access the call by dialing (877)-874-1567, using conference code 6255862.
  • International parties can access the call by dialing (719)-325-4907, using conference code 6255862.

The webcast will be accessible on Coupa’s investor relations website at http://investors.coupa.com. A replay will be available through the same link. A telephonic replay of the conference call will be available through Monday, March 20, 2017. To access the replay, parties in the U.S. and Canada should call (888)-203-1112 and enter conference code 6255862. International parties should call (719)-457-0820 and enter conference code 6255862.

Non-GAAP Financial Measures and Key Metrics:

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude stock-based compensation expense, litigation-related costs, amortization of intangible assets acquired in mergers and acquisitions, and related tax effects. We believe these non-GAAP measures are useful in evaluating our operating performance and regularly review these measures as we evaluate our business.

We believe these non-GAAP measures provide investors and other users of our financial information consistency and comparability with our past financial performance and facilitate period to period comparisons of operations. We believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

We use these non-GAAP measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. The definitions of our non-GAAP measures may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

We compensate for these limitations by providing investors and other users of our financial information a reconciliation of non-GAAP measures to the related GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our non-GAAP measures in conjunction with GAAP financial measures.  Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures attached to this release.

With respect to Coupa’s guidance as provided under “Business Outlook” above, Coupa has not reconciled its expectations as to non-GAAP loss from operations to GAAP loss from operations or non-GAAP net loss per share to GAAP net loss per share because certain items excluded from non-GAAP operating loss, such as charges related to stock-based compensation expense, litigation-related costs, amortization of intangible assets acquired in mergers and acquisitions, and related tax effects, cannot be reasonably calculated or predicted at this time. The effect of these excluded items may be significant.

We also use key metrics such as cumulative spend under management, which represents the aggregate amount of money that has been transacted through our platform for all of our customers collectively since we launched our platform. We calculate this metric by aggregating the actual transaction data, such as invoices or purchase orders, from customers on our platform. While we do not believe this metric is directly correlated to our financial results, we believe the adoption of our platform, as evidenced by growth in cumulative spend under management, drives additional value to our customers, which will enhance our ability to acquire new customers, to increase renewals and to increase upsells due to an increase in the number of authorized users and modules per customer.

Forward-Looking Statements:

This release includes forward-looking statements. All statements other than statements of historical facts, including the quotations from management and the statements in “Business Outlook” are forward-looking statements. These forward-looking statements are based on Coupa’s current expectations and projections about future events and trends that Coupa believes may affect its financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially, including: we have a limited operating history, which makes it difficult to predict our future operating results; if we are unable to attract new customers, the growth of our revenues will be adversely affected; because our platform is sold to large enterprises with complex operating environments, we encounter long and unpredictable sales cycles; the markets in which we participate are intensely competitive; our business depends substantially on our customers renewing their subscriptions and purchasing additional subscriptions from us; risks and liabilities related to breach of our security measures or unauthorized access to customer data; if we fail to develop widespread brand awareness cost-effectively, our business may suffer; and we have experienced rapid growth in recent periods, and if we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or adequately address competitive challenges.

These and other risks and uncertainties that could affect Coupa’s future results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Coupa’s quarterly report on Form 10-Q filed with the SEC on December 9, 2016, which is available at www.investors.coupa.com and on the SEC’s website at www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Coupa makes with the SEC from time to time.

The forward-looking statements in this release reflect Coupa’s expectations as of March 13, 2017. Coupa undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

About Coupa Software

Coupa Software (NASDAQ:COUP) is the cloud platform for business spend. We deliver “Value as a Service” by helping our customers maximize their spend under management, achieve significant cost savings and drive profitability. Coupa provides a unified, cloud-based spend management platform that connects hundreds of organizations representing the Americas, EMEA, and APAC with millions of suppliers globally. The Coupa platform provides greater visibility into and control over how companies spend money. Customers – small, medium and large – have used the Coupa platform to bring billions of dollars in cumulative spend under management. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.




Silvercorp net income $30.2mn, $0.18 per share, up 284% for first three quarters of fiscal 2017

Silvercorp net income $30.2mn, $0.18 per share, up 284% for first three quarters of fiscal 2017

Silvercorp net income $30.2mn, $0.18 per share, up 284% for first three quarters of fiscal 2017

Silvercorp net income $30.2mn, $0.18 per share, up 284% for first three quarters of fiscal 2017

VANCOUVER, Feb. 2, 2017 /CNW/ – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) reported its financial and operating results for the third quarter and nine months ended December 31, 2016. All amounts are expressed in US Dollars.

HIGHLIGHTS FOR THE THREE QUARTERS ENDED DECEMBER 31, 2016

  • Net income attributable to equity shareholders of $30.2 million, or $0.18 per share, up 284% compared with net income attributable to equity shareholders of $7.9 million or $0.05 per share in the prior year period;
  • Silver, lead and zinc metals sold up 28%, 32%, and 22%, respectively, from the prior year period, to approximately 5.2 million ounces silver, 56.1 million pounds lead, and 16.8 million pounds zinc;
  • Silver production for the three quarters has already surpassed the Fiscal 2017 annual production guidance by approximately 2%;
  • Sales of $129.4 million, up 46% compared to $88.5 million in the prior year period;
  • A 15%, 16%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year period;
  • A 13%,13%, and 23% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year period;
  • Gross margin improved to 54% from 34% in the prior year period;
  • Cash flows from operations of $75.6 million, or $0.44 per share, an increase of $48.1 million compared to $27.5 million, or $0.16 per share in the prior year period;
  • Cash production cost per tonne[1] of decreased by 14% to $59.26 from $69.12 in the prior year period;
  • Cash cost per ounce of silver1, net of by-product credits, of negative $2.88, compared to $1.26 in the prior year period;
  • All-in sustaining cost per ounce of silver1, net of by-product credits, of $3.96, compared to $10.27 in the prior year period; and
  • Ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.

 




 

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Silvercorp net income

HIGHLIGHTS FOR THE THIRD QUARTER FISCAL 2017 (“3 FISCAL 2017″)

  • Net income attributable to equity shareholders of $13.1 million, or $0.08 per share, up 294% compared with net income attributable to equity shareholders of $3.3 million or $0.02 per share in the prior year quarter;
  • Silver, lead and zinc metals sold up 22%, 29%, and 21%, respectively, from the prior year quarter, to approximately 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc;
  • Sales of $47.8 million, up 64% compared to $29.1 million from the prior year quarter;
  • A 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc compared to the prior year quarter;
  • A 15%, 52%, and 83% increase in the net realized selling prices of silver, lead, and zinc compared to the prior year quarter;
  • Gross margin improved to 58% from 33% in the prior year quarter;
  • Cash flows from operations of $28.3 million, an increase of $18.7 million compared to $9.6 million in the prior year quarter;
  • Cash production cost per tonne of $60.51, down 8% compared with $65.59 in the prior year quarter;
  • Cash cost per ounce of silver, net of by-product credits, of negative $5.48, compared to $0.90 in the prior year quarter; and
  • All-in sustaining cost per ounce of silver, net of by-product credits, of $1.87, compared to $7.72 in the prior year quarter.

FINANCIALS

Net income attributable to the shareholders of the Company in Q3 Fiscal 2017 was $13.1 million, or $0.08 per share, up 294% compared to $3.3 million, or $0.02 per share in Q3 Fiscal 2016.

In the current quarter, the Company’s financial results were mainly impacted by the following: i) improved head grades yielded higher silver, lead, zinc sales, up 5%, 9% and 15%, respectively; ii) a 8% decrease in total production costs per tonne of ore processed; and iii) the increase of metals prices, as the realized selling price for silver, lead, and zinc increased by 15%, 52% and 83%, respectively, compared to the same prior year quarter.

Sales in Q3 Fiscal 2017 were $47.8 million, up 64% compared to $29.1 million in Q3 Fiscal 2016. Silver and gold sales represented $23.4 million and $0.7 million, respectively, while base metals represented $23.7 million of total sales in this quarter compared to silver, gold and base metals of $16.8 million, $0.4 million, and $11.9 million, respectively, in Q3 Fiscal 2016.

Cost of sales in Q3 Fiscal 2017 was $20.1 million compared to $19.5 million in Q3 Fiscal 2016. The cost of sales included $14.9 million (Q3 Fiscal 2016 – $13.5 million) cash costs and $5.2 million (Q3 Fiscal 2016 – $6.0 million) depreciation, amortization and depletion charges. The increase of cash cost of sales was mainly due to the increase of metals sold offset by an 8% decrease in cash production costs per tonne of ore processed. The total per tonne ore production cost was $82.19 in Q3 Fiscal 2017, a decrease of 5%, from $86.47 in Q3 Fiscal 2016.

Gross profit margin in Q3 Fiscal 2017 was 58% compared to 33% in Q3 Fiscal 2016. The improvement of gross profit margin was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead, and zinc; ii) a 5% decrease in per tonne ore production costs; and iii) the increase of metal prices. Ying Mining District’s gross profit margin was 61% compared to a 40% gross profit margin in the same prior year quarter, while GC Mine’s profit margin was 42% compared to a 3% gross profit margin in Q3 Fiscal 2016.

Cash flows provided by operating activities in Q3 Fiscal 2017 were $28.3 million or $0.17 per share compared to $9.6 million or $0.06 per share in Q3 Fiscal 2016. Before changes in non-cash operating working capital, cash flows provided by operating activities were $26.4 million, an increase of $13.9 million or 111%, compared to $12.5 million in Q3 Fiscal 2016 as a result of the improvement of operating earnings.

For the nine months ended December 31, 2016, net income attributable to the shareholders of the Company was $30.2 million, or $0.18 per share, up 284% compared to $7.9 million, or $0.05 per share in the same prior year period; sales were $129.4 million, up 46% from $88.5 million in the same prior year period; and cash flows provided by operating activities were $75.6 million or $0.44 per share compared to $27.5 million or $0.16 per share in the same prior year period. Before changes in non-cash operating working capital, cash flows provided by operating activities for the nine months ended December 31, 2016 were $66.9 million, an increase of $35.9 million or 116%, compared to $31.0 million in the same prior year period.

The Company ended the period with $97.4 million in cash and short term investments, an increase of $35.4 million or 60% compared to $62.0 million as at March 31, 2016.

OPERATIONS AND DEVELOPMENT

In Q3 Fiscal 2017, the Company sold approximately 1.7 million ounces of silver, 19.5 million pounds of lead, and 5.7 million pounds of zinc, up 22%, 29% and 21%, respectively, compared to 1.4 million ounces of silver, 15.1 million pounds of lead, and 4.7 million pounds of zinc in Q3 Fiscal 2016. The increase of metals sold, on a consolidated basis, was mainly due to: i) a 5%, 9%, and 15% increase in the head grades of silver, lead and zinc, resulting largely from the ongoing dilution control measures and operation management improvements; and ii) a 18% increase of ore milled. In addition, as at the end of Q3 Fiscal 2017, the Ying Mining District held 4,656 tonnes of silver-lead concentrate inventories, and the estimated metals contained in silver-lead concentrate were approximately 0.5 million ounces of silver and 5.3 million pounds of lead.

For the nine months ended December 31, 2016, on a consolidated basis, the Company sold approximately 5.2 million ounces of silver, 56.1 million pounds of lead, and 16.8 million pounds of zinc, up 28%, 32% and 22% compared to the same prior year period.

1. Ying Mining District, Henan Province, China

Operational results – Ying Mining District
Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Nine Months ended December 31,
December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 2016 2015
Ore Mined (tonne) 171,303 179,194 173,508 99,415 152,230 524,005 490,351
Ore Milled (tonne) 182,259 180,154 167,747 99,203 151,035 530,160 488,248
Head Grades
Silver (gram/tonne) 303 302 308 310 287 305 260
Lead (%) 4.8 4.9 4.4 4.0 4.1 4.7 3.8
Zinc (%) 0.8 1.1 1.1 0.9 0.8 1.0 0.8
Recoveries
Silver (%) 95.1 95.5 95.7 95.0 95.4 95.4 95.0
Lead (%) 96.7 96.3 96.4 96.3 96.6 96.4 95.4
Zinc (%) 47.5 42.9 48.4 57.6 50.2 46.0 53.3
Metal Sales
Silver (in thousands of ounce) 1,555 1,630 1,490 857 1,216 4,675 3,538
Gold (in thousands of ounce) 0.7 1.0 0.9 0.3 0.5 2.6 2.0
Lead (in thousands of pound) 17,269 17,768 14,861 7,379 12,107 49,898 35,563
Zinc (in thousands of pound) 1,210 1,785 1,820 999 1,168 4,815 3,999
Cash mining cost ($ per tonne) 55.21 49.13 52.33 54.63 55.63 52.18 58.25
Total mining cost ($ per tonne) 80.53 76.30 78.64 83.24 78.91 78.46 80.15
Cash milling cost ($ per tonne) 9.09 8.85 10.07 13.70 11.67 9.31 12.06
Total milling cost ($ per tonne) 11.03 10.86 12.25 17.38 14.15 11.35 14.40
Cash production cost ($ per tonne) 68.22 61.79 66.27 71.90 71.29 65.35 74.41
Cash cost per ounce of silver ($) (4.60) (2.68) 0.12 2.83 0.25 (2.43) 1.03
All-in sustaining cost per ounce of silver ($) 1.34 2.33 5.80 8.92 6.62 3.11 8.52
* Figures may not add due to rounding

In Q3 Fiscal 2017, the total ore mined at the Ying Mining District was 171,303 tonnes, an increase of 13% compared to total ore production of 152,230 tonnes in Q3 Fiscal 2016. Total ore milled at the Ying Mining District in Q3 Fiscal 2017 was 182,259 tonnes, an increase of 21% compared to 151,035 tonnes in Q3 Fiscal 2016. Silver and lead head grades improved by 6% and 16%, respectively, to 303 grams per tonne (“g/t”) for silver and 4.8% for lead from 287 g/t for silver and 4.1% for lead, respectively, in Q3 Fiscal 2016, resulting largely from the ongoing dilution control and operation management improvements. Head grade for zinc was 0.8%, comparable to 0.8% in the prior year quarter.

In Q3 Fiscal 2017, the Ying Mining District sold approximately 1.6 million ounces of silver, 700 ounces of gold, 17.3 million pounds of lead, and 1.2 million pounds of zinc, up 28%, 33%, 43%, and 4% respectively, compared to 1.2 million ounces of silver, 500 ounces of gold, 12.1 million pounds of lead, and 1.2 million pounds of zinc in Q3 Fiscal 2016. The increase in metals sold is mainly due to the improved head grades achieved and higher ore production in the quarter.

Cash mining costs per tonne in Q3 Fiscal 2017 was $55.21, compared to $55.63 in Q3 Fiscal 2016. Cash milling costs in Q3 Fiscal 2017 were $9.09 compared to $11.67 in Q3 Fiscal 2016 with the decrease mainly due to: i) a 15% reduction in per tonne utility costs; ii) a 4% decrease in per tonne labour costs; and iii) the exclusion of mineral resource tax from milling costs. Prior to June 30, 2016, mineral resource tax was levied at RMB¥13.0 per tonne of ore milled and included as part of milling costs. Effective July 1, 2016, the mineral resource tax was changed to a levy based on a certain percentage of sales, and therefore such tax is excluded from milling costs but expensed directly and included in government fee and other taxes.

Cash production cost per tonne of ore processed at the Ying Mining District in Fiscal Q3 2017 was $68.22, a decrease of 4% compared to $71.29 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling costs.

Cash cost per ounce of silver, net of by-product credits, at the Ying Mining District, was negative $4.60 in Q3 Fiscal 2017 compared to $0.25 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 111% increase in by-product credits arising from 43% and 4% increases in lead and zinc sold and 50% and 67% increases in net realized lead and zinc selling prices. Sales from lead and zinc accounted for 44% of the total sales at the Ying Mining District in the current quarter, and amounted to $17.7 million, an increase of $9.4 million, compared to $8.3 million in the prior year quarter.

All in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District in Q3 2017 was $1.34 per ounce of silver compared to $6.62 in Q3 Fiscal 2016. The decrease was mainly due to lower per tonne cash production cost and the increase in by-product credits as discussed above, offset by a $1.2 million increase in sustaining capital expenditures.

For the nine months ended December 31, 2016, the total ore mined at the Ying Mining District was 524,005 tonnes, up 7% compared to 490,351 tonnes in the same prior year period. Correspondingly, total ore milled was 530,160 tonnes, up 9% compared to 488,248 tonnes. Average head grades were 305 g/t for silver, 4.7% for lead, and 1.0% for zinc compared to 260 g/t for silver, 3.8% for lead, and 0.8% for zinc, respectively.

During the same time periods, the Ying Mining District sold approximately 4.7 million ounces of silver, 2,600 ounces of gold, 49.9 million pounds of lead, and 4.8 million pounds of zinc, compared to 3.5 million ounces of silver, 2,000 ounces of gold, 35.6 million pounds of lead, and 4.0 million pounds of zinc in the same prior year period.

For the nine months ended December 31, 2016, the cash mining costs at the Ying Mining District was $52.18 per tonne, a decrease of 10% compared to $58.25 per tonne in the same prior year period. The cash milling cost was $9.31 per tonne, a decrease of 23% compared to $12.06 in the same prior year period.

Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the Ying Mining District, for the nine months ended December 31, 2016, were negative $2.43 and $3.11 respectively, compared to $1.03 and $8.52 in the same prior year period.

In Q3 Fiscal 2017, approximately 36,756 meters (“m”) of underground diamond drilling (Q3 Fiscal 2016 – 21,223 m) and 4,900 m of preparation tunnelling (Q3 Fiscal 2016 – 4,231 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 17,823 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 – 13,893 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the Ying Mining District were $5.7 million compared to $4.6 million in Q3 Fiscal 2016.

For the nine months ended December 31, 2016, approximately 71,794 m of underground diamond drilling (same prior year period – 60,435 m) and 15,069 m of preparation tunnelling (same prior year period – 16,460 m) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 50,500 m of horizontal tunnel, raise, and declines (same prior year period – 49,452 m) were completed and capitalized. Total capitalized exploration and development expenditures for the nine months ended December 31, 2016 for the Ying Mining District were $15.4 million compared to $16.4 million in same prior year period. The Company also paid $1.3 million to renew the mining permit for TLP and LM mine and $8.7 million to retire the mineral right fee payable incurred in prior years for the mining permit for the SGX mine.

2. GC Mine, Guangdong Province, China

Operational results – GC Mine Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Nine Months ended December 31,
December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 2016 2015
Ore Mined (tonne) 81,481 74,692 64,349 50,014 71,288 220,522 207,561
Ore Milled (tonne) 81,080 76,100 63,587 50,124 71,593 220,767 206,738
Head Grades
Silver (gram/tonne) 89 96 99 92 97 94 97
Lead (%) 1.4 1.6 1.5 2.0 1.9 1.5 1.6
Zinc (%) 2.8 2.8 2.9 2.7 2.6 2.9 2.5
Recovery Rates
Silver (%) 75.4 76.2 76.8 79.1 80.2 76.2 78.3
Lead (%) 85.5 86.6 86.9 84.9 88.3 86.3 88.5
Zinc (%) 86.5 86.4 85.8 82.6 81.2 86.3 82.4
Metal Sales
Silver (in thousands of ounce) 179 183 149 118 210 511 519
Lead (in thousands of pound) 2,214 2,163 1,860 1,970 3,021 6,237 7,072
Zinc (in thousands of pound) 4,478 4,106 3,407 2,576 3,525 11,991 9,726
Cash mining cost ($ per tonne) 31.34 28.61 33.50 26.24 38.22 31.04 41.13
Total mining cost ($ per tonne) 38.90 36.78 41.91 34.76 46.52 39.05 49.33
Cash milling cost ($ per tonne) 13.09 12.94 15.60 16.99 15.16 13.76 15.49
Total milling cost ($ per tonne) 15.50 15.57 18.81 20.67 17.30 16.47 17.72
Cash production cost ($ per tonne) 44.43 41.55 49.10 43.23 53.38 44.80 56.62
Cash cost per ounce of silver ($) (13.11) (6.39) (0.28) (2.24) 4.62 (6.96) 2.78
All-in sustaining cost per ounce of silver ($) (6.12) (1.49) 4.76 1.19 9.80 (1.29) 10.54
* Figures may not add due to rounding

In Q3 Fiscal 2017, the Company mined 81,481 tonnes of ore at the GC Mine, an increase of 14% compared to 71,288 tonnes in Q3 Fiscal 2016. Total ore milled at the GC Mine in Q3 Fiscal 2017 was 81,080 tonnes, an increase of 13% compared to 71,593 tonnes in Q3 Fiscal 2016. Head grades were 89 g/t for silver, 1.4% for lead and 2.8% for zinc, compared to 97 g/t for silver, 1.9% for lead and 2.6% for zinc in Q3 Fiscal 2016.

Cash mining cost was $31.34 in Q3 Fiscal 2017 compared to $38.22 in Q3 Fiscal 2016. The decrease of cash mining costs arose mainly because approximately 29% of the ore was by-product ore from exploration tunnelling or extracted from previously mined stopes for which direct mining costs were paid in prior periods, and the only cost involved was to ship the ore to the mill. The cash milling cost per tonne was $13.09, compared to $15.16 in Q3 Fiscal 2016, with the decrease mainly due to the exclusion of mineral resource tax from milling costs as discussed above.

Correspondingly, cash production cost per tonne of ore processed at the GC Mine was $44.43, a decrease of 17% compared to $53.38 in Q3 Fiscal 2016 as a result of the decrease in both per tonne cash mining and milling cost.

In Q3 Fiscal 2017, the GC Mine sold approximately 4.5 million pounds of zinc, an increase of 27%, compared to 3.5 million pounds of zinc in the prior year quarter as a result of the 6% increase in zinc head grade and higher output. Silver and lead sold at the GC Mine decreased by 15% and 27% to approximately 0.2 million ounces of silver and 2.2 million pounds of lead, respectively, compared to 0.2 million ounces of silver and 3.0 million pounds of lead sold in Q3 Fiscal 2016, with the decrease mainly due to lower head grades and recovery rates.

Cash cost per ounce of silver, net of by-product credits, at the GC Mine, was negative $13.11 in Q3 Fiscal 2017 compared to $4.62 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs as discussed above; and, ii) a 68% increase in by-product credits, mainly arising from more zinc sold and higher lead and zinc prices. Sales from lead and zinc accounted for 75% of the total sales at the GC Mine in the current quarter, and amounted to $5.9 million, an increase of $2.5 million, compared to $3.4 million in the prior year quarter.

All in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine in Q3 2017 was negative $6.12, compared to $9.80 in Q3 Fiscal 2016. The decrease was mainly due to: i) lower per tonne cash production costs and the increase of by-product credits as discussed above; and, ii) a $0.2 million decrease in sustaining capital expenditures.

For the nine months ended December 31, 2016, the total ore mined at the GC Mine was 220,522 tonnes, an increase of 6% compared to 207,561 tonnes in the same prior year period. Correspondingly, total ore milled was 220,767 tonnes, an increase of 7% compared to 206,738 milled in the same prior year period. Average head grades were 94 g/t for silver, 1.5% for lead, and 2.9% for zinc compared to 97 g/t for silver, 1.6% for lead, and 2.5% for zinc, respectively.

During the same time periods, the GC Mine sold approximately 0.5 million ounces of silver, 6.2 million pounds of lead, and 12.0 million pounds of zinc, compared to 0.5 million ounces of silver, 7.1 million pounds of lead, and 9.7 million pounds of zinc in the same prior year period.

For the nine months ended December 31, 2016, the cash mining costs at the GC Mine was $31.04 per tonne, a decrease of 25% compared to $41.13 per tonne in the same prior year period. The cash milling cost was $13.76 per tonne, a decrease of 11% compared to $15.49 in the same prior year period.

Cash cost per ounce of silver and all in sustaining costs per ounce of silver, net of by-product credits, at the GC Mine, for the nine months ended December 31, 2016, were negative $6.96 and negative $1.29 respectively, compared to $2.78 and $10.54 in the same prior year period.

In Q3 Fiscal 2017, approximately 3,935 m of underground diamond drilling (Q3 Fiscal 2016 – 4,202 m) and 4,640 m of tunnelling (Q3 Fiscal 2016 – 4,111 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 554 m of horizontal tunnel, raise, and declines (Q3 Fiscal 2016 – 731 m) were completed and capitalized. Total capitalized exploration and development expenditures in Q3 Fiscal 2017 for the GC Mine were $0.5 million compared to $0.3 million in Q3 Fiscal 2016.

For the nine months ended December 31, 2016, approximately 9,489 m of underground diamond drilling (same prior year period – 18,500 m) and 11,976 m of tunnelling (same prior year period – 11,847 m) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 1,685 m of horizontal tunnel, raise, and declines (same prior year period – 1,239 m) were completed and capitalized. Total capitalized exploration and development expenditures were $0.9 million compared to $0.8 million in the same prior year period.

FISCAL 2018 PRODUCTION AND CASH COST GUIDANCE IMPROVES OVER PRIOR YEAR GUIDANCE

Silvercorp’s Fiscal 2018 guidance, for both production and cash costs, has improved relative to Fiscal 2017 guidance including a 12% increase in silver production guidance, a 10% increase in lead production guidance, and a 44% decrease in consolidated all-in sustaining cost per ounce of silver guidance. The table below sets out more detailed guidance for fiscal 2018.

Ore processed Silver Lead Zinc
(tonnes) (g/t) (%) (%)
Ying Mining District 650,000 275 4.2 0.9
GC Mine 250,000 90 1.5 2.6
Silver Lead Zinc Cash cost* AISC*
(Moz) (Mlbs) (Mlbs) ($/t) ($/oz Ag)
Ying Mining District 5.3 56.0 6.0 66.8 4.2
GC Mine 0.4 7.1 12.3 46.1 (1.0)
Consolidated 5.7 63.1 18.3 61.0 5.4
(*)Both AISC and cash cost are non-IFRS measures. AISC refers to all-in sustaining cost per ounce of silver, net of credits from gold, lead, zinc and other metals. Cash cost refers to cash production costs per tonne ore processed. Foreign exchange rates assumptions used are: US$1 = CAD$1.33, US$1 = RMB¥6.85; metal prices assumptions used are US$17/oz for silver, US$1,185/oz for gold, US$0.98/lb for lead, and US$1.07/lb for zinc.

In Fiscal 2018, the Company expects to produce approximately 900,000 tonnes of ore, yielding 5.7 million ounces of silver, 63.1 million pounds of lead, and 18.3 million pounds of zinc. Fiscal 2018 production guidance represents an increase of approximately 5% in ore production, 12% in silver production, and 10% in lead production compared to the prior year’s guidance released on February 5, 2016. The consolidated all-in sustaining cost (“AISC”) is forecasted to be $5.4 per ounce of silver after credits from gold, lead, zinc and other metals, a decline of 44% compared to guidance of $9.67 for Fiscal 2017.

1. Ying Mining District, Henan Province, China

In Fiscal 2018, Ying Mining District plans to mine and process 650,000 tonnes of ore averaging 275 g/t silver, 4.2% lead, and 0.9% zinc with expected metal production of 5.3 million ounces of silver, 56.0 million pounds of lead and 6.0 million of zinc. Fiscal 2018 production guidance at the Ying Mining District represents an increase of approximately 6% in both ore production and silver head grade and an increase of 15% in silver production compared to the prior year’s guidance. The cash production cost is expected to be $66.8 per tonne of ore. All-in sustaining cost per ounce of silver is estimated to be $4.2 per ounce of silver, a decline of 48% compared to guidance of $8.13 for Fiscal 2017.

Capital expenditures at the Ying Mining District in Fiscal 2018 are budgeted at $21.5 million, a decline of 29% compared to guidance of $30.2 million for Fiscal 2017. Fiscal 2018 capital expenditures include sustaining capital expenditures of $19.5 million and other capital expenditures of $2.0 million.

2. GC Mine, Guangdong Province, China

In Fiscal 2018, GC Mine plans to mine and process 250,000 tonnes of ore averaging 90 g/t silver, 1.5% lead and 2.6% zinc with expected metal production of 0.4 million ounces of silver, 7.1 million pounds of lead and 12.3 million pounds of zinc. The cash production cost is expected to be $46.1 per tonne of ore. All in sustaining cash cost at GC Mine is expected to be negative $1.0 per ounce of silver.

Capital expenditures at GC Mine in Fiscal 2018 are budgeted at $1.0 million, which includes sustaining capital expenditures of $0.5 million and other capital expenditures of $0.5 million.

3. Consolidated AISC

Consolidated all-in sustaining cost is estimated to be $5.4 per ounce of silver with the detailed breakdown as follows:

Fiscal 2018 AISC Guidance Ying Mining District GC Mine Corporate and
other
Consolidated
Cash production cost $ 43,401 $ 11,528 $ $ 54,929
By-production credits (51,982) (15,044) (67,026)
Cash cost, net of by-product credits (8,581) (3,516) (12,097)
Government fee and other taxes 5,598 873 15 6,486
Reclamation accretion 415 32 42 489
General and administration 5,237 1,730 9,212 16,179
Sustaining captial 19,544 489 20,033
All-in sustaining costs, net of by-product credits A 22,213 (392) 9,269 31,090
Silver production (in thousands of ounces) B 5,322 393 5,715
All-in sustaining cost per ounce of silver,
net of by product credits
A/B $ 4.2 $ (1.0) $ $ 5.4

Alex Zhang, P.Geo., Vice President, Exploration, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.

This earnings release should be read in conjunction with the Company’s Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company’s website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company’s vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.




Take-Two Interactive Software, Inc. (NASDAQ:TTWO)

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Second Quarter 2017

Take-Two Interactive Software, Inc. Reports Strong Results for Fiscal Second Quarter 2017

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NEW YORK–(BUSINESS WIRE)–Nov. 2, 2016– Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported strong results for its fiscal second quarter 2017, ended September 30, 2016. In addition, the Company provided its initial financial outlook for its fiscal third quarter 2017, ending December 31, 2016, and updated its financial outlook for its fiscal year ending March 31, 2017.

Financial Results

For fiscal second quarter 2017, net revenue grew 21% to $420.2 million, as compared to $347.0 million for fiscal second quarter 2016. The largest contributors to net revenue in fiscal second quarter 2017 were NBA® 2K16, Grand Theft Auto V® and Grand Theft Auto Online, BioShock®: The Collection, and XCOM® 2.

The change in deferred net revenue, which represents revenue recognized during the current period that was deferred in prior periods, net of revenue that is being deferred into future periods, was $59.3 million in fiscal second quarter 2017 versus $18.0 million in fiscal second quarter 2016.

Digitally-delivered net revenue grew 14% to $230.8 million, as compared to $202.4 million for fiscal second quarter 2016. Recurrent consumer spending (virtual currency, downloadable add-on content and online games) accounted for 56% of digitally-delivered net revenue, or 31% of total net revenue. The largest contributors to digitally-delivered net revenue in fiscal second quarter 2017 were NBA 2K16, and Grand Theft Auto V and Grand Theft Auto Online.

The change in deferred digitally-delivered net revenue was $3.4 million in fiscal second quarter 2017 versus ($61.4) million in fiscal second quarter 2016.

GAAP cost of goods sold was $205.6 million, as compared to $143.9 million for fiscal second quarter 2016.

Non-GAAP cost of goods sold was $200.0 million, as compared to $139.8 million for fiscal second quarter 2016.

The change in deferred cost of goods sold, which represents cost of goods sold recognized during the current period that were deferred in prior periods, net of cost of goods sold that are being deferred into future periods, was $28.8 million in fiscal second quarter 2017 versus $49.0 million in fiscal second quarter 2016.

GAAP net income was $36.4 million, or $0.39 per diluted share, as compared to $54.7 million, or $0.55 per diluted share, for the year-ago period.

Non-GAAP net income was $50.7 million, or $0.45 per diluted share, as compared to $56.2 million, or $0.51 per diluted share, for the year-ago period.

The net effect from deferral of net revenue and related cost of goods sold, which represents the after-tax net effect on net income (loss) from the change in deferred revenue and the change in deferred cost of goods sold, was $23.4 million (including tax expense of $7.1 million) in fiscal second quarter 2017 versus ($23.5) million (including tax benefit of $7.6 million) in fiscal second quarter 2016.

As of September 30, 2016, the Company had cash and short-term investments of $1.175 billion.

Operational Metric – Bookings

During fiscal second quarter 2017, total bookings, which represents the total amount billed by the Company from sales of physical product sold-in to retail and available to consumers, net of allowances, plus product digitally-delivered to consumers during the period, grew 28% to $452.8 million, as compared to $353.0 million during fiscal second quarter 2016. The largest contributors to bookings were NBA 2K17 and NBA 2K16, Grand Theft Auto V and Grand Theft Auto Online, BioShock: The Collection, and XCOM 2. Catalog accounted for $193.7 million of bookings led by Grand Theft Auto and NBA 2K. Digitally-delivered bookings grew 59% to $210.8 million, as compared to $132.4 million in last year’s fiscal second quarter, led by NBA 2K17 and NBA 2K16, and Grand Theft Auto V and Grand Theft Auto Online. Bookings from recurrent consumer spending (virtual currency, downloadable add-on content and online games) grew 63% year-over-year and accounted for 52% of digitally-delivered bookings, or 24% of total bookings.

Management Comments

“Take-Two’s business continued to outperform during the second quarter, enabling us to deliver strong net revenue and better-than-expected bookings growth,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our outstanding results were highlighted by the series’ record-breaking launch of NBA 2K17, ongoing robust demand for Grand Theft Auto V, and increased recurrent consumer spending, including year-over-year bookings growth from Grand Theft Auto Online.

“Our holiday season is off to a great start with a diverse array of successful new releases, including Mafia III, WWE 2K17 and Sid Meier’s Civilization VI, as well as our first virtual reality offering – Carnival Games VR. We intend to support our titles with innovative offerings designed to promote ongoing engagement and drive recurrent consumer spending, including additional free content for Grand Theft Auto Online. Looking ahead, fiscal 2018 is poised to be another strong year for our Company. We expect to grow both bookings and net cash provided by operating activities driven by our release slate led by Rockstar Games’ highly anticipated launch of Red Dead Redemption 2.”

Business and Product Highlights

Since July 1, 2016:

Rockstar Games:

  • Released new free content updates for Grand Theft Auto Online, including:
    • Bikers, which brings underground Motorcycle Clubs to the forefront of the Los Santos and Blaine County criminal underworld with a range of all new competitive and co-operative gameplay, as well as new modes, vehicles, weapons, clothing and much more.
    • Cunning Stunts, which features a total of 27 brand-new, high-octane Stunt Races utilizing ramps, loops, wall rides, tubes, raised tracks and dynamic objects for a radical new take on Grand Theft Auto Onlineracing, along with 19 new vehicles, clothing and the launch of the Stunt Race Creator tools, which allow the community to make and share their own custom stunt races. Also added on August 2, 2016 was the Entourage Adversary Mode.
  • Made Red Dead Redemption available as part of Microsoft’s Xbox One Backward Compatibility program, enabling owners of the Xbox 360 versions of Red Dead Redemption, Red Dead Redemption Undead Nightmare, and Red Dead Redemption: Game of the Year Edition to play on Xbox One. In addition, Red Dead Redemption is now available for purchase through digital download from the Games Store on Xbox One.
  • Announced that the highly-anticipated Red Dead Redemption 2® is planned for release worldwide in Fall 2017 for PlayStation 4 and Xbox One. Developed by the creators of Grand Theft Auto V and Red Dead Redemption,Red Dead Redemption 2 is an epic tale of life in America’s unforgiving heartland. The game’s vast and atmospheric open world will also provide the foundation for a brand new online multiplayer experience.

2K:

  • Launched Sid Meier’s Civilization® VI for PC. Developed by Firaxis Games, Sid Meier’s Civilization VI is the next entry in the award-winning turn-based strategy franchise that has sold-in over 37 million units. The title has received outstanding reviews from critics, including 9.5 out of 10 from Game Informer, 9.4 out of 10 from IGN, 93 out of 100 from PC Gamer, and 90 out of 100 from GameSpot.
  • Launched WWE® 2K17 for PlayStation 4, PlayStation 3, Xbox One and Xbox 360. Developed collaboratively byYuke’s and Visual Concepts, WWE 2K17 is being supported with downloadable add-on content, including aSeason Pass.
  • Launched Mafia III, the next installment in 2K’s successful organized crime series, for Xbox One, PlayStation 4 and PC. Developed by Hangar 13, Mafia III is the fastest-selling game in 2K’s history, generating week one sell-in of more than 4.5 million units. Mafia III is being supported with downloadable add-on content, including aSeason Pass, as well as a free-to-play mobile battle RPG game, Mafia III Rivals, for iOS and Android devices.
  • Released XCOM 2 on PlayStation 4 and Xbox One. XCOM 2 initially launched for PC in February 2016 and received outstanding review scores, with Game Informer Magazine, GameSpot and IGN each scoring the title in the 9-out-of-10 range.
  • Launched NBA 2K17 on PlayStation 4, PlayStation 3, Xbox One, Xbox 360 and PC, as well as on iOS and Android devices. The title received stellar reviews, becoming the highest-rated annual sports game of the current console generation and the highest-rated title in the history of the NBA 2K series.* NBA 2K17 delivered record first week sell-in for the series and has continued to grow versus the prior-year’s release, with sell-in to date of more than 4.5 million units.
  • Released BioShock: The Collection for PlayStation 4, Xbox One, and PC**. BioShock: The Collection includesBioShock, BioShock 2, and BioShock Infinite completely remastered for new-generation consoles in full high-resolution and up to 60 frames per second, complete with all single-player DLC and a never-before-seen video series, “Director’s Commentary: Imagining BioShock,” which includes insights from series creator Ken Levine.
  • Released Carnival Games® VR for HTC Vive™ and PlayStation®VR. A new take on the hit franchise created by Cat Daddy Games that has sold-in more than 9 million copies worldwide, Carnival Games VR is 2K’s first virtual reality offering. The title will also be available on December 6, 2016 for Oculus Rift.
  • Released NHL SuperCard 2K17 for iOS and Android devices. Developed by Cat Daddy Games, NHL SuperCard 2K17 is a free-to-play NHL collectible card-battling game that includes more than 400 cards with current NHL players, season-based action, exhibition games and more.
  • Announced that WWE SuperCard – Season 3 will be available for iOS and Android devices in November 2016. Developed by Cat Daddy Games, WWE SuperCard Season 3 will be a free update to the popular WWE collectible card-battling game that has been downloaded more than 11 million times, featuring new modes of play, Superstars and more.

* According to Metacritic.com.

** BioShock: The Collection is only available for PC through digital-download.

Financial Outlook for Fiscal 2017

Take-Two is providing its initial financial outlook for its fiscal third quarter ending December 31, 2016 and is updating its financial outlook for its fiscal year ending March 31, 2017, including maintaining its outlook for net revenue and increasing its outlook for bookings. Additional details regarding the Company’s financial outlook are available by visiting http://ir.take2games.com.

CNBU Micron’s Compute and Network Business Was Hit Hard in Fiscal 2Q16

CNBU Micron’s Compute and Network Business Was Hit Hard in Fiscal 2Q16

CNBU Micron’s Compute and Network Business Was Hit Hard in Fiscal 2Q16

CNBU Micron’s revenue by end consumer market

CNBU Micron’s Compute and Network Business Was Hit Hard in Fiscal 2Q16

CNBU In the previous parts of the series, we saw that Micron (MU) has been working fast to enhance technology in the DRAM (dynamic random access memory) and 3D NAND (negative AND) spaces to meet future demand and overtake Samsung (SSNLF). Micron aims to maximize growth by tapping high-growth consumer markets.

The company serves four major market segments: computer and networking, mobile, embedded, and storage. All four segments reported revenue falls in fiscal 2Q16. In the coming few parts of the series, we’ll look at the performances of Micron’s products in each of these segments.

Compute and Networking Business Unit

Revenue from Micron’s CNBU (compute and networking business unit) fell 42.2% YoY (year-over-year) to $1.1 billion in fiscal 2Q16. Its operating margin fell from 27.1% in fiscal 2Q15 to -5.2% in fiscal 2Q16.

This segment accounts for 36% of the company’s revenues. It was hit the hardest by falling average selling prices. The fall in PC (personal computer) sales was partially offset by growth in enterprise, networking, and graphics sales.

Industry forecast

According to IDC (International Data Corporation) estimates, global PC shipments fell 10.6% YoY in 4Q15. Notebook vendors expect shipments to fall another 10% in 2016 with a slow first half and a slightly better second half. However, IDC expects growth to pick up in 2016 due to a rise in the increasing adoption of Microsoft’s (MSFT) Windows 10 by enterprises.

Like Intel (INTC), Micron is taking efforts to move away from PCs toward the data center and embedded space. In the PC space, it will focus more on the high-margin graphics and enterprise segments.

Micron’s design wins in CNBU

  • Micron’s NVDIMM (non-volatile dual in-line memory module) has been qualified at two major enterprise customers.
  • The company’s new 20nm (nanometer) 8 GB (gigabyte) GDDR5X SDRAM (graphics double data rate type five synchronous DRAM) has been received well by graphics customers.
  • The company’s 20nm, 8 GB, DDR4 products received strong demand from the enterprise and cloud segments.
  • On the networking front, the company reported slow demand in fiscal 1H16. However, it stated that there were early signs of recovery in LTE (long-term evolution) demand from China (MCHI), and this would improve demand in fiscal 2H16.
PALO ALTO NETWORKS REPORTS FISCAL FOURTH QUARTER AND FISCAL YEAR 2016

PALO ALTO NETWORKS REPORTS FOURTH QUARTER

PALO ALTO NETWORKS REPORTS FOURTH QUARTER AND FISCAL YEAR 2016

  • PALO ALTO NETWORKS REPORTS Fiscal fourth quarter total revenue grows 41 percent year over year to $400.8 million
  • Fiscal year 2016 total revenue grows 49 percent year over year to $1.4 billion
  • Fiscal fourth quarter billings grow 45 percent year over year to $572.4 million
  •  Fiscal year 2016 billings grow 56 percent year over year to $1.9 billion
  •  Announces $500 million share repurchase authorization

PALO ALTO NETWORKS REPORTS

PALO ALTO NETWORKS REPORTS FISCAL FOURTH QUARTER AND FISCAL YEAR 2016

PALO ALTO NETWORKS REPORTS   Palo Alto Networks® (NYSE: PANW), the next-generation security company, today announced financial results for its fiscal fourth quarter and fiscal year 2016 ended July 31, 2016.

Total revenue for the fiscal fourth quarter 2016 grew 41 percent year over year to a record $400.8 million, compared with total revenue of $283.9 million for the fiscal fourth quarter 2015. GAAP net loss for the fiscal fourth quarter 2016 was $54.5 million, or $0.61 per diluted share, compared with GAAP net loss of $46.0 million, or $0.55 per diluted share, for the fiscal fourth quarter 2015.

Non-GAAP net income for the fiscal fourth quarter 2016 was $46.2 million, or $0.50 per diluted share, compared with non-GAAP net income of $25.0 million, or$0.28 per diluted share, for the fiscal fourth quarter 2015. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

“Fourth quarter 2016 was a very strong finish to yet another record fiscal year. Revenue for the year was $1.4 billion, up 49 percent year over year, our customer base expanded to approximately 34,000 customers, we extended our platform capabilities both with new offerings and strategic partnerships, and we established new routes to market while driving significant growth across our partner ecosystem,” said Mark McLaughlin, chief executive officer of Palo Alto Networks. “The security industry is seeing a rapid transformation from legacy hardware and point products to integrated and automated capabilities that seamlessly work together as a platform. As the primary innovator driving this paradigm shift, customers are turning to our Next-Generation Security Platform in record numbers to more effectively prevent cyberattacks no matter where their data resides.”

For fiscal year 2016, total revenue grew 49 percent to $1.4 billion, compared with $928.1 million in fiscal year 2015. GAAP net loss was $225.9 million, or $2.59per diluted share, in fiscal year 2016, compared with GAAP net loss of $165.0 million, or $2.02 per diluted share, in fiscal year 2015. Non-GAAP net income for fiscal year 2016 was $152.6 million, or $1.67 per diluted share, compared with non-GAAP net income of $75.2 million, or $0.86 per diluted share, in fiscal year 2015.

Steffan Tomlinson, chief financial officer of Palo Alto Networks, commented, “I am very pleased with our fourth quarter and fiscal year 2016 results, which once again demonstrate the competitive differentiation of our Next-Generation Security Platform and the power of our hybrid-SaaS model. In the fourth quarter, we delivered record revenue, billings and deferred revenue while generating $187.5 million in cash flow from operations and $171.2 million in free cash flow. We ended the fiscal year with approximately $1.9 billion in cash, cash equivalents and investments and are pleased to announce a $500 million share repurchase authorization.”

Recent Highlights PALO ALTO NETWORKS REPORTS

  • Announced Executive Appointments Underscoring our commitment to scaling our operations for continued unprecedented growth, Dave Peranich joined us as our new executive vice president of worldwide sales, reporting to Mark Anderson. Mark Anderson has been promoted to president with responsibility for sales, our go-to-market strategies, customer support and business development, reporting to Mark McLaughlin, our chairman and chief executive officer. Dave brings a wealth of experience from global sales leadership roles held over his nine-year tenure at Riverbed Technology, Inc., as well as previous leadership positions at other leading global technology companies.
  • Recognized as a Leader Again – For the fifth consecutive year, we were recognized as a leader in the Gartner, Inc. Magic Quadrant for Enterprise Network Firewalls report.1
  • Teamed With Accenture – To help organizations better protect themselves and mitigate risk, we teamed with Accenture, Splunk and Tanium to develop an integrated security offering, wrapped with Accenture services, that includes our Next-Generation Security Platform.
  • Enhanced Traps™ Advanced Endpoint Protection With our new Traps offering, version 3.4, we further strengthened our malware and exploit prevention capabilities, continuing to alleviate the need for legacy antivirus products to protect endpoints.
  • Established WildFire™ EU Cloud Our WildFire EU cloud, hosted in a newly established data center in the Netherlands, enables European organizations with data privacy, protection and localization concerns to realize the full power of our cloud-based threat analysis and prevention capabilities.
  • Received ICSA Labs Certification – WildFire received ICSA Labs certification for the third quarter in a row as an Advanced Threat Defense solution. The combined power of our next-generation firewall, URL Filtering, WildFire service and Traps offering achieved this certification with a detection rate of 98 percent and the lowest false-positive rate of any product tested.
  • Hosted More Than 800 Channel Partners at Our 2017 Sales Kickoff – We continued our investment in our channel relationships by hosting more than 800 channel partners who participated side by side with our sales representatives in our annual sales training event in mid-August.

Financial Outlook PALO ALTO NETWORKS REPORTS

Palo Alto Networks provides guidance based on current market conditions and expectations.

For the fiscal first quarter 2017*, we expect:

  • Total fiscal first quarter revenue in the range of $396 to $402 million, representing year-over-year growth between 33 percent and 35 percent.
  • Diluted non-GAAP net income per share in the range of $0.51 to $0.53 using 92 to 94 million shares.

For the fiscal year 2017*, we expect:

  • Diluted non-GAAP net income per share in the range of $2.75 to $2.80 using 94 to 96 million shares.

* This guidance reflects a change in accounting policy that we expect to adopt effective the fiscal first quarter 2017 related to sales commissions that are incremental and directly related to customer sales contracts for which revenue is deferred. Under this anticipated change in accounting policy, these commission costs would be accrued and deferred upon execution of a non-cancelable customer contract, and subsequently expensed over the term of such contract in proportion to the related revenue. We anticipate this change to have no material benefit to fiscal first quarter 2017 guidance as the vast majority of the benefit occurs in the second half of fiscal 2017 due to the timing of accelerated commission payments.

Guidance for non-GAAP financial measures excludes share-based compensation related charges, including share-based payroll tax expense, acquisition related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, non-cash interest expense related to our convertible senior notes, the foreign currency gains (losses) and tax effects associated with these items, and certain non-recurring expenses. We have not reconciled diluted non-GAAP net income per share guidance to GAAP net income (loss) per diluted share because we do not provide guidance on GAAP net income (loss) and would not be able to present the various reconciling cash and non-cash items between GAAP net income (loss) and non-GAAP net income (loss) without unreasonable effort. Share-based compensation expense is impacted by the company’s future hiring and retention needs and, to a lesser extent, the future fair market value of the company’s common stock, all of which is difficult to predict and subject to constant change. The actual amount of share-based compensation in the fiscal first quarter and full fiscal year 2017 will have a significant impact on the company’s GAAP net income (loss) per diluted share. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

$500 Million Share Repurchase Authorization PALO ALTO NETWORKS REPORTS

 


On August 26, 2016, our board of directors authorized a $500 million share repurchase. This authorization allows the company to repurchase its shares opportunistically and will be funded from available working capital. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase authorization will expire on August 31, 2018, and may be suspended or discontinued at any time. The company had approximately 90.5 million shares of common stock outstanding as of July 31, 2016.