Post Earnings Coverage as Infoblox Reports Record FY16 Revenue
LONDON, UK / ACCESSWIRE / September 6, 2016 / Active Wall St. announces its post-earnings coverage on Infoblox Inc. (NYSE: BLOX). The company posted its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full fiscal 2016 (FY16) on August 31, 2016. The Santa Clara, California-based company reported better-than-expected fourth quarter earnings numbers and announced record total net revenue for full-year FY16. Register with us now for your free membership at: http://www.activewallst.com/register/.
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Earnings Reviewed
Infoblox reported total net revenue of $86.30 million in Q4 FY16 compared to $87.00 million in the prior year comparable quarter. Net sales topped market forecast of $84.5 million. The company reported a GAAP net loss of $10.30 million, or $0.18 loss per diluted share, in Q4 FY16, compared to a GAAP net loss of $4.73 million, or $0.08 loss per diluted share, in the previous year corresponding quarter.
However, non-GAAP net income for Q4 FY16 came in at $4.42 million, or $0.08 per diluted share versus non-GAAP net income of $7.29 million, or $0.12 per diluted share in Q4 FY15. The network infrastructure enterprise and service provider's non-GAAP net income also outperformed market expectation of $0.06 per diluted share.
During FY16, the company's total net revenue grew 17% y-o-y to a record $358.29 million from $306.13 million in FY15. Infoblox's GAAP net loss for FY16 stood at $13.71 million, or $0.24 loss per diluted share, down from GAAP net loss of $27.08 million, or $0.48 loss per diluted share, recorded in FY15. Additionally, the network control company's FY16 non-GAAP net income improved to $25.69 million, or $0.43 per diluted share, from $22.71 million, or $0.38 per diluted share, in FY15.
"We had a strong finish to fiscal 2016," stated Jesper Andersen, President and Chief Executive Officer of Infoblox, "We delivered this top line growth while generating strong cash flow and improving profitability in what continues to be a relatively challenging global business environment. Looking forward, we continue to see multiple growth drivers for our business and believe we are very well positioned to execute on the opportunities ahead."
In the quarter ended July 31, 2016, Infoblox added approximately 500 new customers, of which more than 20% of new customers have more than 10,000 employees or users on their network.
Margins
The company's GAAP gross margin for FY16 rose to 78.7% from 78.1% in the year-ago period. During FY16, the non-GAAP gross margin also increased to 80.5% from 80.0% in FY15. Infoblox's FY16 GAAP operating margin improved to (4.7%) from (8.3%) in the prior year period. Furthermore, its non-GAAP operating margin increased to 11.4% in FY16 from 8.0% in FY15.
Cash matters
Cash flow from operations grew 42% on y-o-y basis in FY16 to $68.11 million from $48.01 million in FY15. Infoblox had cash and cash equivalents worth $123.83 million at the close of its books on July 31, 2016, compared to $103.12 million as on July 31, 2015.
The company did not report any debt in its books as on July 31, 2016.
Outlook
In its guidance for first quarter fiscal 2017 (Q1 FY17), the company anticipates total net revenue to be in the range of $83 million to $87 million. It also expects GAAP and non- GAAP gross margins of 77.4% and 79.5%, respectively. The Infoblox's management forecasts GAAP net loss for Q1 FY17 to be in the range of $0.07 per share to $0.05 per share. While, non- GAAP EPS is expected to lie between $0.09 per share and $0.11per share for the quarter ending October 31, 2016.
For full FY17, Infoblox forecasts total net revenue range of $360 million to $380 million with GAAP and non-GAAP gross margins of 78.0% and 80.0%, respectively. GAAP operating margin for FY17 is expected to be the range of 2.1% to 2.7%. Furthermore, the company's non-GAAP operating margin is anticipated to be the range of 16.0% to 18.0% for the year ending July 31, 2017.
Stock Performance
On September 02, 2016, Infoblox's shares gained 2.71% to end the trading session at $22.74. The stock recorded a total volume of 1.12 million shares, which was above the 3 months average volume of 656.39 thousand shares. The company's stock has surged 23.19% in the past one month and 40.72% in the past six months.
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