SAN JOSE: Apigee, developer of an intelligent API platform for digital business, today announced financial results for the first fiscal quarter ended October 31, 2015.
“We are pleased to deliver Q1 16 revenue, gross billings and non-GAAP operating loss exceeding our guidance ranges,” said Chet Kapoor, Apigee CEO. “Mobile devices and digital technologies continue to raise consumer expectations for real-time, interconnected and intelligent digital experiences. Apigee’s intelligent API platform is the foundation on which our customers – which include over 25 percent of the companies in the Fortune 100 – build and deliver these connected digital experiences to their customers, partners and employees. Our platform provides security, agility, scalability and reliability, which are required to accelerate digital business. It empowers enterprises to expand developer and partner ecosystems, spurring innovation internally and externally. In addition to our historical growth among retail and telco customers, we are building momentum in the financial services and healthcare verticals.”
First Quarter Fiscal 2016 Highlights:
For Q1 16, Apigee reported total revenue of $20.5 million, above the high end of its guidance range of $19.4 million to $20.0 million. Apigee reported Q1 16 product revenue (defined as license revenue plus subscription and support revenue) of $16.7 million, up 53% from $10.9 million in Q1 15. Q1 16 total revenue was up 32% compared to $15.6 million in Q1 15. Q1 16 gross billings were $22.3 million, up 51% from $14.8 million a year ago. Q1 16 gross product billings were $15.9 million up 50% from $10.6 million a year ago.
Apigee reported Q1 16 GAAP gross margin of 69%, up from 60% in Q1 15, and non-GAAP gross margin of 70%, up from 61% a year ago. Apigee reported Q1 16 GAAP operating loss of $12.8 million, compared to $15.5 million a year ago. Q1 16 non-GAAP operating loss was $11.0 million, compared to $14.6 million in Q1 15. Q1 16 GAAP net loss per share was $0.44. Q1 16 non-GAAP net loss per share was $0.38, better than its guidance range of non‑GAAP net loss per share of $0.40 to $0.42. Q1 16 operating cash flow was ($7.5) million, compared to ($9.3) million a year ago. Total deferred revenue was $42.5 million at the end of Q1 16, up 55% from $27.4 million at the end of Q1 15. The balance of cash and cash equivalents at the end of Q1 16 was $81.5 million.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
