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Zscaler Tops Forecasts

June 7, 2018 -

Zscaler reported financial results for its third fiscal quarter ended April 30, 2018. The cloud security firm had a loss per share of 2 cents vs. 8 cents which was expected. Revenue came in at $49.2 million vs. $46 million that investors anticipated.

"In our first quarter as a public company, we delivered very strong revenue and billings growth, as well as a solid year over year improvement in operating performance,” said Jay Chaudhry, Chairman and CEO of Zscaler. "Our results reflect the strength of our security cloud platform and the momentum we’re seeing as our customers embrace and accelerate their cloud transformation. We are also very pleased to generate positive free cash flow for the quarter. We have the opportunity to dramatically change the legacy security market and to significantly reduce the costs of networking and security infrastructure."

Third Quarter Fiscal 2018 Financial Highlights

Total revenue was $49.2 million, an increase of 49% year-over-year.

GAAP loss from operations was $9.0 million, or 18% of total revenue, compared to $7.6 million in the third quarter of fiscal 2017, or 23% of total revenue. Non-GAAP loss from operations was $2.9 million, or 6% of total revenue, compared to $5.0 million of the third quarter of fiscal 2017, or 15% of total revenue.

GAAP net loss was $8.8 million, compared to $7.6 million in the third quarter of fiscal 2017. Non-GAAP net loss was $2.6 million, compared to $5.0 million in the third quarter of fiscal 2017.

GAAP net loss per share was $0.14, compared to $0.34 for the third quarter of fiscal 2017. Pro forma non-GAAP net loss per share was $0.02, compared to $0.05 for the third quarter of fiscal 2017.

Net cash flow from operations was $8.1 million, compared to $0.2 million for the third quarter of fiscal 2017. Free cash flow was $3.7 million, or 7% of total revenue, compared to negative $1.8 million, or 5% of total revenue, in the third quarter of fiscal 2017.

Cash and cash equivalents were $287.4 million as of April 30, 2018.

Financial Outlook

For the fourth quarter of fiscal 2018

Total revenue of $50.0 to $51.0 million

Non-GAAP loss from operations of $6.0 to $7.0 million

Pro forma non-GAAP net loss per share of $0.05 to $0.06 using shares outstanding of approximately 120.0 million

For the full fiscal 2018:

Total revenue of $184.0 to $185.0 million

Non-GAAP loss from operations of $19.0 to $20.0 million

Pro forma non-GAAP net loss per share of $0.17 to $0.18 using shares outstanding of approximately 110.0 million

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