WBSN » Topics » Non-GAAP Financial Measures

This excerpt taken from the WBSN 8-K filed Oct 29, 2009.

Non-GAAP Financial Measures

This news release provides financial measures, including measures for revenue, operating expenses, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the applicable periods under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date. In addition, non-GAAP operating results exclude certain cash and non-cash expenses relating to the company’s acquisitions, including amortization of intangible assets and deferred financing fees, restructuring and integration related costs, as well as severance related costs for our reduction in force in the third quarter of 2009, stock based compensation expense and related tax effects. Based on the foregoing, the company’s presentation of non-GAAP revenue, operating expenses, income from operations, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures and a more detailed explanation of each non-GAAP financial measure and its uses are provided at the end of this news release.

This news release also provides guidance for the fiscal year 2009, including guidance for revenue and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the full year 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.

This news release also includes financial measures and guidance for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in news releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. The roll-forwards of deferred revenue for the third quarter of 2009 are set forth at the end of this news release.


This excerpt taken from the WBSN 8-K filed Jul 28, 2009.

Non-GAAP Financial Measures

This news release provides financial measures for the second quarter of 2009, including measures for revenue, gross margin, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the second quarter of 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date. In addition, second quarter GAAP operating results exclude certain cash and non-cash expenses relating to the company’s acquisitions, including amortization of intangible assets and deferred financing fees, restructuring costs relating to facility closures, integration travel, and professional fees, as well as stock based compensation expense and related tax effects. Based on the foregoing, the company’s presentation of non-GAAP revenue, gross margin, operating expenses, income from operations, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures for the second quarter and a more detailed explanation of each non-GAAP financial measure and its uses are provided at the end of this news release.

This news release also provides guidance for the fiscal year 2009 and 2010, including guidance for revenue, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the full year 2009 and 2010 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.

This news release also includes financial measures for billings for the second quarter and for guidance for the fiscal year 2009 that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in news releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. The roll-forwards of deferred revenue for the second quarter of 2009 are set forth at the end of this news release.

This excerpt taken from the WBSN 8-K filed Jul 7, 2009.

Non-GAAP Financial Measures

This news release provides financial measures for revenue and earnings per diluted share that are not calculated in accordance with generally accepted accounting principles (GAAP). These financial measures include revenue from SurfControl that would have been recognized during the applicable periods in 2008 and 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition, but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of the majority of SurfControl’s deferred revenue to fair value on the acquisition date. Additionally, non-GAAP earnings per diluted share excludes stock-based compensation expense, as well as certain cash and non-cash expenses related to the company’s acquisitions. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures for the second quarter of 2009 will be provided when our final second quarter financial results are released on July 28, 2009.

This news release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in news releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the second quarter of 2009 will be provided when final second quarter financial results are released on July 28, 2009.


This excerpt taken from the WBSN 8-K filed Apr 28, 2009.

Non-GAAP Financial Measures

This news release provides financial measures for the first quarter of 2009, including measures for revenue, gross margin, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the first quarter of 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date. In addition, first quarter GAAP operating results exclude certain cash and non-cash expenses relating the company’s acquisitions, including amortization of intangible assets and deferred financing fees, restructuring costs relating to facility closures, integration travel, and professional fees, as well as stock based compensation expense and related tax effects. Based on the foregoing, the company’s presentation of non-GAAP revenue, gross margin, operating expenses, income from operations, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the


company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures for the first quarter and a more detailed explanation of each non-GAAP financial measure and its uses are provided at the end of this news release.

This news release also provides guidance for the fiscal year 2009 and 2010, including guidance for revenue, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the full year 2009 and 2010 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.

This news release also includes financial measures for billings for the first quarter and for guidance for the fiscal year 2009 and 2010 that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in news releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. The roll-forward of deferred revenue for the first quarter of 2009 is set forth at the end of this news release.

This excerpt taken from the WBSN 8-K filed Apr 7, 2009.

Non-GAAP Financial Measures

This news release provides financial measures for revenue and earnings per diluted share that are not calculated in accordance with generally accepted accounting principles (GAAP). These financial measures include revenue from SurfControl that would have been recognized during the applicable periods in 2008 and 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition, but will not be recognized as revenue on a post-acquisition basis under GAAP due


to the impact of the write-down of the majority of SurfControl’s deferred revenue to fair value on the acquisition date. Additionally, non-GAAP earnings per diluted share excludes stock-based compensation expense, as well as certain cash and non-cash expenses related to the PortAuthority and SurfControl acquisitions. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures for the first quarter of 2009 will be provided when our final first quarter financial results are released on April 28, 2009.

This news release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in news releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the first quarter of 2009 will be provided when final first quarter financial results are released on April 28, 2009.

This excerpt taken from the WBSN 8-K filed Jan 27, 2009.

Non-GAAP Financial Measures

This press release provides financial measures for the fourth quarter and fiscal year 2008, including measures for revenue, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the fourth quarter and full year 2008 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date. In addition, fourth quarter and full year non-GAAP operating results exclude certain cash and non-cash expenses relating to the PortAuthority and SurfControl acquisitions, including restructuring costs relating to headcount reduction and facility closures, integration travel, retention bonuses, amortization of intangible assets and deferred financing fees, and professional fees, as well as stock based compensation expense and related tax effects. Full year results also exclude the benefit of the reversal of a tax provision based upon a favorable tax ruling. Based on the foregoing, the company’s presentation of non-GAAP revenue, gross margin, operating expenses, income from operations, net income and earnings per diluted share are not calculated in accordance with GAAP.


Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP financial measures for the quarter and the year and a more detailed explanation of each non-GAAP financial measure and its uses are provided at the end of this press release.

This press release also provides guidance for the fiscal years 2009 and 2010, including guidance for revenue, income from operations, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the full year 2009 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.

This press release also includes financial measures for billings for the fourth quarter and fiscal year 2008 and for guidance for fiscal years 2009 and 2010 that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. The roll-forward of deferred revenue for the fourth quarter of 2008 is set forth at the end of this press release.

This excerpt taken from the WBSN 8-K filed Oct 28, 2008.

Non-GAAP Financial Measures

 

This press release provides financial measures for the third quarter of 2008 and guidance for the full year, including guidance for revenue, operating margin, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the third quarter and full year 2008 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.  In addition, third quarter non-GAAP operating results and full year guidance exclude certain cash and non-cash expenses relating to the PortAuthority and SurfControl acquisitions, including restructuring costs relating to headcount reduction and facility closures, integration travel, retention bonuses, amortization of intangible assets and deferred financing fees, and professional fees, as well as stock-based compensation expense and related tax effects. Full year guidance also excludes the benefit of the reversal of a tax provision based upon a favorable tax ruling.  Based on the foregoing, the company’s presentation of non-GAAP revenue, operating margin, net income, earnings per diluted share and cash flow from operations are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP statements of operations for the quarter is provided at the end of this press release.

 

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This press release also includes financial measures for 2008 and 2009 billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods.  The reconciliation of billings to deferred revenue for the third quarter of 2008 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Jul 28, 2008.

Non-GAAP Financial Measures

 

This press release provides financial measures for the second quarter of 2008 and guidance for the full year, including guidance for revenue, operating margin, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the second quarter and full year 2008 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.  In addition, second quarter non-GAAP operating results and full year guidance exclude certain cash and non-cash expenses relating to the PortAuthority and SurfControl acquisitions, including restructuring costs relating to headcount reduction and facility closures, integration travel, retention bonuses, amortization of intangible assets and deferred financing fees, and professional fees, as well as stock based compensation expense and related tax effects. Full year guidance also excludes the benefit of the reversal of a tax provision based upon a favorable tax ruling.  Based on the foregoing, the company’s presentation of non-GAAP revenue, operating margin, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP statements of operations for the second quarter is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods.  The reconciliation of billings to deferred revenue for the second quarter of 2008 is set forth at the end of this press release.

 



 

This excerpt taken from the WBSN 8-K filed May 1, 2008.

Non-GAAP Financial Measures

 

This press release provides financial measures for the first quarter of 2008 and guidance for the full year, including guidance for revenue, operating margin, net income and earnings per diluted share, that include revenue from SurfControl that would have been recognized during the first quarter and full year 2008 under subscriptions that were included in deferred revenue as of the date of the acquisition but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of a majority of SurfControl’s deferred revenue to fair value as of the acquisition date.  In addition, first quarter non-GAAP operating results and full year guidance exclude certain cash and non-cash expenses relating to the PortAuthority and SurfControl acquisitions including restructuring costs relating to headcount reduction and facility closures, integration travel, retention bonuses, amortization of intangible assets and deferred financing fees, and professional fees, as well as stock based compensation expense and exclude the benefit of the reversal of a tax provision based upon a favorable tax ruling from the state of California.  Based on the foregoing, the company’s presentation of non-GAAP revenue, operating margin, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes

 

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that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP statements of operations for the first quarter is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods.  The reconciliation of billings to deferred revenue for the first quarter of 2008 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Apr 8, 2008.

Non-GAAP Financial Measures

 

This press release provides expected ranges for revenue, operating margin and earnings per diluted share that are not calculated in accordance with generally accepted accounting principles (GAAP).  Estimated ranges include revenue from SurfControl that would have been recognized during the first quarter and full year 2008 under subscriptions that were included in deferred revenue as of the date of the acquisition, but will not be recognized as revenue on a post-acquisition basis under GAAP due to the impact of the write-down of the majority of SurfControl’s deferred revenue to fair value on the acquisition date. Additionally, estimated ranges for

 



 

2008 operating margin and earnings per diluted share exclude stock-based compensation expense, as well as certain cash and non-cash expenses related to the PortAuthority and SurfControl acquisitions. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP statements of operations for the first quarter will be provided when final financial statements are issued on May 1, 2008.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the first quarter of 2008 will be provided when final first quarter financial results are released on May 1, 2008.

 

This excerpt taken from the WBSN 8-K filed Jan 29, 2008.

Non-GAAP Financial Measures

 

This press release provides financial measures for 2007 and guidance for 2008 for revenue, operating margin, net income and earnings per diluted share that exclude a portion of the impact of the write-down of SurfControl’s deferred revenue to fair value, restructuring costs relating to headcount reduction and facility closures, integration travel and professional fees, retention bonuses to former SurfControl employees that have been or will be terminated at the conclusion of their transition employment period, the net expense or gain associated with foreign exchange option contracts purchased in connection with the SurfControl acquisition, amortization of intangible assets and deferred financing fees, and charges for in-process research and development and retention bonuses in connection with the PortAuthority acquisition, as well as stock-based compensation expense and related tax effects.  All of the non-GAAP items are presented on a tax-effected basis.  These financial measures have also been adjusted due to payments for a legal settlement that were reduced from the initially agreed settlement amount from the second quarter.  Based on the foregoing, the company’s presentation of non-GAAP revenue, operating margin, net income and earnings per diluted share are not calculated in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP income statements for the fourth quarter and the year-to-date period is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods.  Reconciliation of billings to deferred revenue for the fourth quarter of 2007 is set forth at the end of this press release.

 

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This excerpt taken from the WBSN 8-K filed Jan 7, 2008.

Non-GAAP Financial Measures

 

This press release refers to billings and a previously anticipated range for billings that are not numerical measures that can be calculated in accordance with Generally Accepted Accounting Principles (GAAP). Billings represent the full amount of subscription contracts billed by the company to customers during the quarter and therefore provide a measure of the company’s sales activities in the quarter. This press release also refers to non-GAAP revenue and a previously anticipated range for non-GAAP revenue that

 

 



 

include revenue of SurfControl that would have been recognized under subscriptions that were included in SurfControl’s deferred revenue as of the date Websense acquired SurfControl, but will not be recognized by Websense as revenue in accordance with purchase accounting under GAAP.  Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historic operating results. A reconciliation of the company’s GAAP and non-GAAP results for the fourth quarter and 2007 will be provided when final financial statements are issued on January 29, 2008.

 

This excerpt taken from the WBSN 8-K filed Oct 30, 2007.

Non-GAAP Financial Measures

 

This press release provides financial measures for operating margin, net income and earnings per diluted share that exclude restructuring costs from the acquisition of SurfControl, the net expense or gain associated with foreign exchange option contracts purchased in connection with the SurfControl acquisition, amortization of intangible assets, and charges for in-process research and development and retention bonuses in connection with the PortAuthority acquisition, as well as stock based compensation expense and related tax effects, and therefore are not calculated in accordance with GAAP. All of the excluded items are presented on a tax-effected basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results, trends and prospects and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP income statements for the third quarter and the year-to-date period is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the third quarter of 2007 is set forth at the end of this press release.

 

This press release also provides guidance for future non-GAAP revenue, non-GAAP operating margin and non-GAAP earnings per diluted share that exclude the impact of the expected write-down of SurfControl’s deferred revenue, restructuring costs relating to headcountreduction and facility closures, integration travel and consultancy fees, system integration and Sarbanes Oxley compliance, the net expense or gain associated with foreign exchange option contracts purchased in connection with the

 

 



 

WEBSENSE, INC.

Q3 2007 EARNINGS RELEASE (PAGE 5)

 

SurfControl acquisition, amortization of intangible assets and capitalized financing fees and charges for in-process research and development and retention bonuses in connection with the PortAuthority and SurfControl acquisitions, as well as stock-based compensation expense. All of the excluded items are presented on a tax-effected basis, which results in a non-GAAP tax rate. Management believes that the guidance for these non-GAAP financial measures provides meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s future performance.

 

This excerpt taken from the WBSN 8-K filed Oct 10, 2007.

Non-GAAP Financial Measures

 

This press release provides an expected range for earnings per diluted share that excludes expenses as indicated throughout this press release, and therefore are not calculated in accordance with generally accepted accounting principles (GAAP). The non-GAAP presentation will exclude: the impact of the SurfControl deferred revenue write-down, restructuring costs relating to transitional employees, integration travel and consultancy fees, system integration and SOX compliance, the net expense associated with foreign exchange options purchased in connection with the SurfControl acquisition, amortization of intangible assets, charges for in-process research and development and retention bonuses in connection with the PortAuthority acquisition, as well as stock-based compensation expense. All of the excluded items are presented on a tax-effected basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP income statements for the third quarter and the year-to-date period will be provided when final financial statements are issued on October 30, 2007.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior

 



 

periods. A reconciliation of billings to deferred revenue for the third quarter of 2007 will be provided when final third quarter financial results are released on October 30, 2007.

 

In connection with the acquisition of SurfControl, Websense is in the process of converting SurfControl’s historical financial statements, including SurfControl’s September quarter results, to US GAAP standards. As part of this conversion, SurfControl’s September quarter results will reflect daily revenue recognition rather than the previously applied policy of monthly revenue recognition. Additionally, Websense expects that it will write down at least 90 percent of the deferred revenue of SurfControl as of the date of the acquisition.

 

This excerpt taken from the WBSN 8-K filed Jul 24, 2007.

Non-GAAP Financial Measures

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense, certain cash and non-cash expenses related to the PortAuthority acquisition and offer to purchase SurfControl and a litigation settlement and associated payroll taxes, and therefore are not calculated in accordance with generally accepted accounting principles (GAAP). All of the excluded items are presented on a tax-effected basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historic operating results. A reconciliation of the GAAP and non-GAAP income statements for the second quarter and the year-to-date period is provided at the end of this press release.

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the second quarter of 2007 is set forth at the end of this press release.




This excerpt taken from the WBSN 8-K filed May 2, 2007.

US Non-GAAP Financial Measures

SurfControl’s historical financial statements for its fiscal year ended 30 June 2006 and its subsequent fiscal quarters are prepared in accordance with the Financial Reporting Standards adopted by the European Union (IFRS). All pro forma combined financial information is based upon a combination of Websense’s historical financial statements prepared in accordance with United States generally accepted accounting principles (GAAP) and SurfControl’s historical financial statements prepared in accordance with IFRS. SurfControl has not reconciled its historical financial statements to U.S. GAAP.

This announcement also contains certain financial measures that are not calculated in accordance with GAAP, including pro forma revenue, pro forma earnings per share and pro forma operating cash flow. Websense management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the expected benefits of the Proposal to investors in Websense.

This excerpt taken from the WBSN 8-K filed Apr 24, 2007.

Non-GAAP Financial Measures

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and related tax effects, as well as certain cash and non-cash expenses related to the PortAuthority acquisition, and therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R and the acquisition of PortAuthority Technologies. A reconciliation of the GAAP and non-GAAP income statements for the first quarter are provided at the end of this press release.

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings to deferred revenue for the first quarter of 2007 is set forth at the end of this press release.




This excerpt taken from the WBSN 8-K filed Jan 30, 2007.

Non-GAAP Financial Measures

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, and therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of the GAAP and non-GAAP income statements for the fourth quarter and full year 2006 are provided at the end of this press release.

This press release provides financial measures for deferred revenue, revenue, net income and earnings per diluted share that exclude the effects of the company’s adoption of SAB 108 to adjust deferred revenue and retained earnings on the company’s balance sheet as of January 1, 2006 and to recalculate revenue during each of the quarters of 2006 under the company’s new daily revenue recognition policy and reflect the revenue, net income and earnings per diluted share under the company’s prior policy of recognizing revenue on  a monthly straight-line basis over the term of the subscription agreement.  These non-GAAP financial measures are included to provide meaningful comparison to performance during prior quarters that were reported using the monthly revenue recognition policy and the impact of the change in accounting policy on the results for these periods and in order to provide information on the impact of these changes on future performance. A reconciliation of

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WEBSENSE, INC.

Q4 2006 EARNINGS RELEASE

the GAAP and non-GAAP deferred revenue and income statement items for the fourth quarter and full year 2006 are provided at the end of this press release.

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the fourth quarter of 2006 is set forth at the end of this press release.

This excerpt taken from the WBSN 8-K filed Oct 24, 2006.
Non-GAAP Financial Measures

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, are therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of the GAAP and non-GAAP income statements for the third quarter is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the third quarter of 2006 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Jul 25, 2006.

Non-GAAP Financial Measures

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, are therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of the GAAP and non-GAAP income statements for the second quarter is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense provides this measurement in press releases reporting financial performance because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the second quarter of 2006 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Jul 10, 2006.

Non-GAAP Financial Measures

This press release provides financial measures for earnings per diluted share that exclude stock-based compensation expense and tax benefits related to stock-based compensation expense, are therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of historical GAAP and non-GAAP earnings per diluted share is available for the first quarter of 2006 in the investor section of the company’s website.

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of historical billings and deferred revenue is available through the first quarter of 2006 in the investor section of the company’s website.

The company is not able to provide a non-GAAP to GAAP reconciliation of billings or earnings per diluted share for the second quarter ended June 30, 2006 without unreasonable effort as our expected results are preliminary and may change as we complete the close process and customary quarter-end reviews.

This excerpt taken from the WBSN 8-K filed Apr 25, 2006.

Non-GAAP Financial Measures

 

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, are therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance

 

4



 

that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R. A reconciliation of the GAAP and non-GAAP income statements for the first quarter is provided at the end of this press release.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the first quarter of 2006 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Apr 5, 2006.

Non-GAAP Financial Measures

 

This press release provides financial measures for net income and earnings per diluted share that exclude stock-based compensation expense and the related tax effects, and therefore are not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of FAS 123R.

 

This press release also includes financial measures for billings that are not numerical measures that can be calculated in accordance with GAAP. Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of historical billings and deferred revenue is available through the end of 2005 in the investor section of the company’s website.

 

The company is not able to provide a non-GAAP to GAAP reconciliation of billings, net income and earnings per diluted share without unreasonable effort as our expected results are preliminary and may change as we complete the close process and customary quarter-end reviews.

 

This excerpt taken from the WBSN 8-K filed Jan 31, 2006.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the fourth quarter of 2005 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Oct 25, 2005.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the third quarter of 2005 is set forth at the end of this press release.

 

4



 

This excerpt taken from the WBSN 8-K filed Sep 1, 2005.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of historical billings, revenue and deferred revenue is available in the investor section of the company’s website at http://www.websense.com/investors.

 

This excerpt taken from the WBSN 8-K filed Jul 26, 2005.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the second quarter of 2005 is set forth at the end of this press release.

 

4



 

This excerpt taken from the WBSN 8-K filed Apr 26, 2005.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the first quarter of 2005 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Jan 26, 2005.

Non-GAAP Financial Measures

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of billings and deferred revenue for the fourth quarter of 2004 is set forth at the end of this press release.

 

This excerpt taken from the WBSN 8-K filed Jan 12, 2005.

Non-GAAP Financial Measures

 

This press release includes financial measures for billings that are not numerical measures that can be calculated in accordance with generally accepted accounting principles (GAAP). Websense has provided this measurement in press releases reporting financial performance, presently and in the past, because this measurement provides a consistent basis for understanding the company’s sales activities in the current period. The company believes the billings measurement is useful to investors because the GAAP measurements of revenue and deferred revenue in the current period include subscription contracts commenced in prior periods. A reconciliation of preliminary billings and preliminary, unaudited deferred revenue for the fourth quarter of 2004 is set forth at the end of this release.  A reconciliation to audited deferred revenue will be available on the company’s website when final GAAP financial results are released on January 26, 2005.

 

 

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