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2016-05-16

Mimecast Limited: Mimecast Announces Fourth Quarter and Full Year 2016 Financial Results

Fourth Quarter Highlights

* Constant currency Q4 revenue growth rate of 29% year-over-year
* Added 1,800 new customers. Total customers 18,000 globally
* Revenue retention rate of 109%
* Gross profit percentage of 70%
* Positive Adjusted EBITDA of $0.5 million

WATERTOWN, Mass., May 16, 2016 (GLOBE NEWSWIRE) --Mimecast Limited
(NASDAQ:MIME), a leading email and data security company, today announced
financial results for the fourth quarter and full year ended March 31, 2016.

"We are very pleased with our fourth quarter. It's a strong ending to another
record year for the company," stated Peter Bauer, CEO of Mimecast. "We
achieved better than expected results in revenue, new customer acquisition
and revenue retention. We benefited from increased demand for our advanced
email security offerings as organizations continue to grapple with business
email compromises, spear phishing and advanced persistent threats. Customers
are drawn to us because we provide a fast and simple way to achieve greater
cyber resiliency. Our single integrated suite of cloud services, all built on
Mime | OS, our SaaS operating system, helps customers to secure themselves in
an increasingly complex cloud and hybrid IT world."

"Mimecast continues to perform across our key metrics and has delivered strong
growth in the quarter and the year." said Peter Campbell, CFO of Mimecast.
"We are particularly pleased with the fact that for the fiscal year our
constant currency revenue growth was 30% and revenue retention grew to 109%
while at the same time we generated positive adjusted EBITDA of $15.8
million."

Fourth Quarter 2016 Financial Highlights

* Revenue: Revenue on a constant currency basis increased 29% compared to the
fourth quarter of 2015. Revenue for the fourth quarter of 2016 was $36.9
million, an increase of 20% compared to the $30.7 million of revenue
recognized in the fourth quarter of 2015.
* Customers: Added 1,800 net new customers in the fourth quarter of 2016. Net
new customer additions are up from 1,000 added in the third quarter of
2016. We now serve over 18,000 organizations of all sizes across every
sector.
* Revenue Retention Rate: Revenue retention rate was 109% in the fourth
quarter of 2016, consistent with the prior quarter and up from the 107% in
the fourth quarter of 2015.
* Gross Profit Percentage: Gross profit percentage was 70% for the fourth
quarter of 2016, consistent with the 70% realized in the fourth quarter of
2015.
* Adjusted EBITDA: Adjusted EBITDA was $0.5 million, representing an Adjusted
EBITDA margin of 1%.
* GAAP Net Loss: GAAP net loss was $2.0 million or ($0.04) per share based on
54.2 million weighted-average shares outstanding.
* Non-GAAP Net Loss: Non-GAAP net loss was $0.0 million or ($0.00) per share.

* Cash and Free Cash Flow: Mimecast generated $1.9 million of free cash flow
in the fourth quarter of 2016. Cash and cash equivalents as of March 31,
2016 were $106.1 million.

Full Year 2016 Financial Highlights

* Revenue: Revenue on a constant currency basis increased 30% compared to
2015. Revenue for 2016 was $141.8 million, an increase of 22% compared to
the $116.1 million of revenue recognized in 2015.
* Revenue Retention Rate: Revenue retention rate for the full year 2016 was
109% which compares to the 107% for the full year fiscal 2015.
* Gross Profit Percentage: Gross profit percentage was 71% for the full year
2016 compared to 68% in 2015.
* Adjusted EBITDA: Adjusted EBITDA for the full year 2016 was $15.8 million,
representing an Adjusted EBITDA margin of 11%.
* GAAP Net Loss: GAAP net loss was $3.2 million or ($0.08) per share based on
40.8 million weighted-average shares outstanding.
* Non-GAAP Net Income: Non-GAAP net income was $4.6 million or $0.11 per
share.
* Free Cash Flow: Mimecast generated $10.4 million of free cash flow in 2016
compared to $10.7 million in 2015.

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 are also
included below under the heading "Non-GAAP Financial Measures."

Fourth Quarter Business Highlights:

* We announced the addition of Impersonation Protect to Mimecast Targeted
Threat Protection product line. Impersonation Protect is the first service
available to tackle the growing threat from business email compromise
attacks, also called CEO Fraud or whaling. This attack, which bypasses
traditional security gateways as there is no malware to detect, uses social
engineering to target individual employees within specific departments
responsible for the data or finances that criminals are targeting.
* Sales of Targeted Threat Protection significantly increased during the
quarter, with more than 1,000 new customers signing up to purchase the
service. 19% of our customers are now using the service.
* 14% of customers are using Mimecast in conjunction with Microsoft® Office
365(TM) compared to 12% in the third quarter. Office 365(TM) continues to
be a catalyst for growth for the Company as more than 600 new customers in
the fourth quarter improved their security protection, data archiving and
service continuity by combining these two cloud-only services.
* We extended our leadership team with the addition of two experienced
executives: Alex Bender, Senior Vice President of Global Marketing and Mark
Basler, Senior Vice President of Product Management.
* We passed an independent Health Insurance Portability and Accountability
Act (HIPAA) Security Compliance Assessment and Service Organization Control
2 Type 1 (SOC 2 Type 1) Independent Service Audit allowing Mimecast to
better serve covered entities.

Business Outlook

Mimecast is providing guidance for the first quarter and full year 2017

First Quarter 2017 Guidance:

For the first quarter of 2017, we expect constant currency revenue growth to
be between 24% and 26% and revenue to be between $39.5 million to $39.9
million. Exchange rates in certain currencies we operate in have weakened in
the period due to the strengthening of the US dollar compared to the same
period in the prior year. Fluctuations in these rates have impacted our
revenue guidance by $1.8 million. Approximately $1.0 million of this impact
relates to the translation of South African Rand based revenue and the
remainder relates to British Pound based revenue. We believe that constant
currency revenue growth is a useful way to measure the underlying strength of
our business as it excludes these short term fluctuations. Adjusted EBITDA
is expected to be in the range of $0.3 million to $1.4 million.

Full Year 2017 Guidance:

For the full year 2017, we expect constant currency revenue growth to be
between 22% and 26% and revenue to be between $170.2 million to $175.9
million. Foreign exchange rate fluctuations are impacting this guidance by
$3.2 million of which $1.0 million relates to the South African Rand and $2.2
Million relates to the British Pound.

Conference Call and Webcast Information

Mimecast will host a conference call to discuss these financial results for
investors and analysts at 5:00 pm EDT (UTC-04:00) on May 16, 2016. 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 #96763926
. The call will also be webcast live on the investor relations section of the
Company's website at 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 #96763926
. In addition, an archive of the webcast will be available on the investor
relations section of the company's website at http://investors.mimecast.com.

About Mimecast Limited

Mimecast Limited (NASDAQ:MIME) makes business email and data safer for more
than 18,000 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(TM), Mimecast mitigates
single vendor exposure by strengthening security coverage, combating downtime
and improving archiving.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements, including, but not
limited to, the guidance provided under the heading "Business Outlook" above.
Statements regarding the value and effectiveness of Mimecast's products, the
introduction of product enhancements or additional products and Mimecast's
growth, expansion and market leadership, that involve risks, uncertainties,
assumptions and other factors which, if they do not materialize or prove
correct, could cause Mimecast's results to differ materially from those
expressed or implied by such forward-looking statements. 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. Actual results may differ materially from
those projected in such statements due to various factors, including but not
limited to: risks and uncertainties inherent in Mimecast's business;
Mimecast's ability to attract new customers and retain existing customers;
Mimecast's ability to effectively sell, service and support its products;
Mimecast's ability to adapt to changing licensing and go to market business
models; Mimecast's ability to manage its international operations; Mimecast's
ability to compete effectively; Mimecast's ability to develop and introduce
new products and add-ons or enhancements to existing products; Mimecast's
ability to continue to promote and maintain its brand in a cost-effective
manner; Mimecast's ability to manage growth; Mimecast's ability to attract
and retain key personnel; currency fluctuations that affect Mimecast's
revenu...

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