MCLEAN, Va., Aug. 16, 2017 /PRNewswire/ -- Cyren (NASDAQ:
CYRN) today announced its second quarter 2017 financial results for
the period ending June 30, 2017.
The second quarter was highlighted by continued expansion of
Cyren's enterprise SaaS platform strategy. During the quarter,
Cyren increased the number of new enterprise customers using the
Cyren Cloud Security (CCS) platform for email, web, or DNS
security. In the first half of 2017, the company added
approximately 125 new enterprise SaaS customers, with over 500%
growth in North America compared
to the same period a year ago. In addition, Cyren's EMEA partner
program is expanding rapidly and the company has certified over 10
channel partners to sell Cyren's internet security services.
Cyren also won significant new and renewal contracts in the
Threat Intelligence Services business which will have a positive
impact on revenues beginning in the third and fourth quarter. Due
to timing of expiring contracts and ramp-up of revenue recognition
for new customer contracts, the second quarter shows a small
decline in revenue compared to the first quarter.
"Over the past quarter we saw unprecedented ransomware attacks,
most notably with the WannaCry and Petya outbreaks that affected
hundreds of thousands of computers globally. Fortunately Cyren's
customers were unaffected by these outbreaks, as our systems
detected and blocked all of the variants of these viruses without a
single customer infection reported," said Lior Samuelson, CEO and Chairman of the Board at
Cyren. "This is significant because it shows the ability of our
cloud platform to detect and block attacks before they impact the
endpoint. I believe that this fast time-to-protection provides us
with a significant advantage over our competitors and will lead to
increasing revenues in future quarters."
Second Quarter 2017 Financial Highlights:
- Revenues for the second quarter of 2017 were $7.8 million, up from $7.6
million for the second quarter of 2016. Revenues for the
first half of 2017 were $15.7 million
compared to $15.0 million for the
same period in 2016, an increase of 5%.
- GAAP net loss for the second quarter of 2017 was $2.7 million, compared to a net loss of
$0.8 million in the second quarter of
2016 and $2.5 million last
quarter.
- GAAP loss per basic and diluted share for the second quarter of
2017 was $0.07, compared to a loss of
$0.02 per basic and diluted share for
the second quarter of 2016 and $0.06
per share last quarter.
- Non-GAAP net loss for the second quarter of 2017 was
$2.5 million, compared to a Non-GAAP
net loss of $0.2 million for the
second quarter of 2016 and $2.4
million last quarter.
- Non-GAAP loss per basic and diluted share was $0.07 for the second quarter of 2017, compared to
a Non-GAAP loss of $0.00 per share in
second quarter of 2016.
- Operating cash usage during the second quarter was $1.8 million, compared to operating cash usage of
$0.2 million in the second quarter of
2016.
- Net cash usage during the second quarter was $2.0 million, compared to net cash usage of
$1.1 million during the second
quarter of 2016.
- Cash balance as of June 30, 2017
was $11.6 million, compared to
$13.5 million as of March 31, 2017. The company carries convertible
notes with a principal balance of $6.3
million which were issued at the end of Q1 2017.
For information regarding the non-GAAP financial measures
discussed in this release, please see "Use of Non-GAAP Financial
Measures" and "Reconciliation of Selected GAAP Measures to Non-GAAP
Measures."
Recent Business Highlights:
- Cyren signed a number of new customers who deployed multiple
services using Cyren's newly released CCS 4.0 platform, which
delivers email security, web security, DNS security and cloud
sandboxing all from the same integrated multi-tenant cloud
platform. Cyren's install base of over 1,000 enterprise accounts
represents a large upsell opportunity for Cyren customers to deploy
multiple cloud security services over the coming quarters.
- During the quarter, Cyren renewed and expanded several
customers using its Threat Intelligence Services, including more
than doubling the contract value of one of its largest customers to
total more than $6 million over the
next three years. The well-known marquee customer recently added
Cyren's Phishing Intelligence solution to protect millions of
enterprise users from advanced malware and phishing attacks.
- In June, Cyren was awarded a cybersecurity grant from the
Israeli Innovation Authority (IIA) at Israel's Ministry of Economy and Industry. The
grant follows similar awards in 2015 and 2016, and will offset
R&D expenses by approximately $930
thousand during 2017. The grant reduced R&D expenses by
approximately $487 thousand during
the quarter, though there was no cash impact during the
quarter.
Financial Results Conference Call:
The company will host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Wednesday,
August 16, 2017.
U.S. Dial-in
Number:
|
1-888-296-4215
|
Israel Dial-in
Number:
|
1-80-924-5905
|
International
Dial-in Number:
|
1-719-785-9446
|
The call will be simultaneously webcast live on the investor
relations section of Cyren's website at www.cyren.com/ir.html, or
by using the following link:
http://public.viavid.com/index.php?id=125720.
For those unable to participate in the live conference call, a
replay will be available until August 30,
2017. To access the replay, the U.S. dial in number is
1-844-512-2921 and the non-U.S. dial in number is 1-412-317-6671.
Callers will be prompted for replay conference ID number 3387763.
An archived version of the webcast will also be available on the
investor relations section of the company's website.
About Cyren:
More than 1.3 billion users around the world rely on Cyren's
100% cloud internet security solutions to protect them against
cyber attacks and data loss every day. Powered by the world's
largest security cloud, Cyren (NASDAQ and TASE: CYRN) delivers fast
time to protection from cyber threats with award-winning security
as a service for web, email, sandboxing, and DNS for enterprises,
and embedded threat intelligence solutions for security vendors and
service providers. Customers like Google, Microsoft and Check Point
are just a few of the businesses that depend on Cyren every day to
power their security. Learn more at www.Cyren.com.
Blog: http://blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc or
www.twitter.com/cyren_ir
Use of Non-GAAP Financial Measures:
Non-GAAP financial measures consist of GAAP financial
measures adjusted to exclude: stock-based compensation expenses,
amortization of acquired intangible assets, executive termination
costs, deferred taxes and deferred revenues related to
acquisitions, one-time gain from sale of investment in affiliate,
adjustments to earn-out obligations, capitalization of technology,
accretion of discount on convertible note and change in fair value
of the embedded conversion feature. The purpose of such adjustments
is to give an indication of the company's performance exclusive of
non-cash charges and other items that are considered by management
to be outside of the company's core operating results. The
company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures, and should be read only in conjunction with the company's
consolidated financial statements prepared in accordance with
GAAP.
Company management regularly uses supplemental non-GAAP
financial measures internally to understand, manage and evaluate
the business and make operating decisions.
These non-GAAP measures are among the primary factors
management uses in planning for and forecasting future periods. The
company believes this adjustment is useful to investors as a
measure of the ongoing performance of the business. The company
believes these non-GAAP financial measures provide consistent and
comparable measures to help investors understand the company's
current and future operating cash flow performance. These non-GAAP
financial measures may differ materially from the non-GAAP
financial measures used by other companies. Reconciliation between
results on a GAAP and non-GAAP basis is provided in a table
immediately following the Consolidated Statements of Income. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Management uses both GAAP and non-GAAP measures when evaluating the
business internally and therefore felt it important to make these
non-GAAP adjustments available to investors.
This press release contains forward-looking statements,
including projections about the company's business, within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. For example, statements
in the future tense, and statements including words such as
"expect," "plan," "estimate," "anticipate," or "believe" are
forward-looking statements. These statements are based on
information available at the time of the press release and the
company assumes no obligation to update any of them. The statements
in this press release are not guarantees of future performance and
actual results could differ materially from current expectations as
a result of numerous factors, including business conditions and
growth or deterioration in the internet security market,
technological developments, products offered by competitors,
availability of qualified staff, and technological difficulties and
resource constraints encountered in developing new products, as
well as those risks described in the company's Annual Reports on
Form 20-F and reports on Form 6-K, which are available through
www.sec.gov.
Company Contact
Mike
Myshrall, CFO
Cyren
+1.703.760.3320
mike.myshrall@cyren.com
Israel Investor Contact
Iris Lubitch
SmarTeam
+972.54.2528007
iris@smartteam.co.il
Media Contact
Matthew Zintel
Zintel Public
Relations
+1.281.444.1590
matthew.zintel@zintelpr.com
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
(in thousands of
U.S. dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
$
7,757
|
|
$
7,559
|
|
$
15,716
|
|
$
14,970
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,997
|
|
2,562
|
|
6,029
|
|
4,613
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,760
|
|
4,997
|
|
9,687
|
|
10,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
2,353
|
|
2,103
|
|
4,643
|
|
4,381
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
3,751
|
|
2,027
|
|
7,324
|
|
4,770
|
|
|
|
|
|
|
|
|
General and
administrative
|
1,679
|
|
1,691
|
|
3,242
|
|
3,388
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
7,783
|
|
5,821
|
|
15,209
|
|
12,539
|
|
|
|
|
|
|
|
|
Operating
loss
|
(3,023)
|
|
(824)
|
|
(5,522)
|
|
(2,182)
|
|
|
|
|
|
|
|
|
Other
income
|
450
|
|
-
|
|
451
|
|
7
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(130)
|
|
(40)
|
|
(205)
|
|
(133)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(2,703)
|
|
(864)
|
|
(5,276)
|
|
(2,308)
|
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
42
|
|
25
|
|
97
|
|
(26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(2,661)
|
|
$
(839)
|
|
$
(5,179)
|
|
$
(2,334)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.07)
|
|
$
(0.02)
|
|
$
(0.13)
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.07)
|
|
$
(0.02)
|
|
$
(0.13)
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,231
|
|
39,121
|
|
39,193
|
|
39,121
|
|
|
|
|
|
|
|
|
Diluted
|
39,231
|
|
39,121
|
|
39,193
|
|
39,121
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands of
U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(3,023)
|
|
$
(824)
|
|
$
(5,522)
|
|
$
(2,182)
|
Stock-based
compensation (1)
|
281
|
|
250
|
|
561
|
|
497
|
Amortization of
intangible assets (2)
|
1,117
|
|
855
|
|
2,157
|
|
1,249
|
Executive
terminations (5)
|
-
|
|
57
|
|
-
|
|
57
|
Adjustment to
deferred revenues (6)
|
-
|
|
24
|
|
-
|
|
66
|
Capitalization of
technology (8)
|
(595)
|
|
(459)
|
|
(1,721)
|
|
(1,406)
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
$
(2,220)
|
|
$
(97)
|
|
$
(4,525)
|
|
$
(1,719)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(2,661)
|
|
$
(839)
|
|
$
(5,179)
|
|
$
(2,334)
|
Stock-based
compensation (1)
|
281
|
|
250
|
|
561
|
|
497
|
Amortization of
intangible assets (2)
|
1,117
|
|
855
|
|
2,157
|
|
1,249
|
Adjustment to
earn-out liabilities and related expenses (3)
|
32
|
|
-
|
|
63
|
|
-
|
Amortization of
deferred tax assets (4)
|
(61)
|
|
(73)
|
|
(121)
|
|
(150)
|
Executive
terminations (5)
|
-
|
|
57
|
|
-
|
|
57
|
Adjustment to
deferred revenues (6)
|
-
|
|
24
|
|
-
|
|
66
|
Gain from sale of
investment in affiliate (7)
|
(450)
|
|
-
|
|
(450)
|
|
-
|
Capitalization of
technology (8)
|
(613)
|
|
(459)
|
|
(1,739)
|
|
(1,437)
|
Accretion of discount
on convertible note (9)
|
171
|
|
-
|
|
171
|
|
-
|
Change in fair value
of embedded conversion feature on convertible note (10)
|
(267)
|
|
-
|
|
(267)
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
$
(2,451)
|
|
$
(185)
|
|
$
(4,804)
|
|
$
(2,052)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.07)
|
|
$
(0.02)
|
|
$
(0.13)
|
|
$
(0.06)
|
Stock-based
compensation (1)
|
0.00
|
|
0.01
|
|
0.01
|
|
0.02
|
Amortization of
intangible assets (2)
|
0.03
|
|
0.02
|
|
0.06
|
|
0.03
|
Adjustment to
earn-out liabilities and related expenses (3)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Amortization of
deferred tax assets (4)
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
0.00
|
Executive
terminations (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Adjustment to
deferred revenues (6)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Gain from sale of
investment in affiliate (7)
|
(0.01)
|
|
0.00
|
|
(0.01)
|
|
0.00
|
Capitalization of
technology (8)
|
(0.02)
|
|
(0.01)
|
|
(0.05)
|
|
(0.04)
|
Accretion of discount
on convertible note (9)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Change in fair value
of embedded conversion feature on convertible note (10)
|
(0.00)
|
|
0.00
|
|
(0.00)
|
|
0.00
|
|
|
|
|
|
|
|
|
Non-GAAP loss per
share (diluted)
|
$
(0.06)
|
|
$
(0.00)
|
|
$
(0.12)
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
39,231
|
|
39,121
|
|
39,193
|
|
39,121
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
29
|
|
$
15
|
|
$
59
|
|
$
27
|
Research and
development
|
85
|
|
83
|
|
167
|
|
166
|
Sales and
marketing
|
58
|
|
54
|
|
113
|
|
106
|
General and
administrative
|
109
|
|
98
|
|
222
|
|
198
|
|
|
|
|
|
|
|
|
|
$
281
|
|
$
250
|
|
$
561
|
|
$
497
|
|
|
|
|
|
|
|
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
949
|
|
$
665
|
|
$
1,823
|
|
$
871
|
Sales and
marketing
|
168
|
|
190
|
|
334
|
|
378
|
|
|
|
|
|
|
|
|
|
$
1,117
|
|
$
855
|
|
$
2,157
|
|
$
1,249
|
|
|
|
|
|
|
|
|
(3) Adjustment to
earn-out liabilities and related expenses
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
32
|
|
$
-
|
|
$
63
|
|
$
-
|
|
|
|
|
|
|
|
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(61)
|
|
$
(73)
|
|
$
(121)
|
|
$
(150)
|
|
|
|
|
|
|
|
|
(5) Executive
terminations
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
-
|
|
$
57
|
|
$
-
|
|
$
57
|
|
|
|
|
|
|
|
|
(6) Adjustment to
deferred revenues
|
|
|
|
|
|
|
|
Revenues
|
$
-
|
|
$
24
|
|
$
-
|
|
$
66
|
|
|
|
|
|
|
|
|
(7) Gain from sale
of investment in affiliate
|
|
|
|
|
|
|
|
Other
Income
|
$
(450)
|
|
$
-
|
|
$
(450)
|
|
$
-
|
|
|
|
|
|
|
|
|
(8) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$
(595)
|
|
$
(459)
|
|
$
(1,721)
|
|
$
(1,406)
|
Financial expenses,
net
|
(18)
|
|
-
|
|
(18)
|
|
(31)
|
|
|
|
|
|
|
|
|
|
$
(613)
|
|
$
(459)
|
|
$
(1,739)
|
|
$
(1,437)
|
|
|
|
|
|
|
|
|
(9) Accretion of
discount on convertible note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
171
|
|
$
-
|
|
$
171
|
|
$
-
|
|
|
|
|
|
|
|
|
(10) Change in
fair value of embedded conversion feature on convertible
note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
(267)
|
|
$
-
|
|
$
(267)
|
|
$
-
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
June
30
|
|
December
31
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
11,568
|
|
$
10,621
|
Trade receivables,
net
|
3,364
|
|
3,061
|
Prepaid expenses and
other receivables
|
1,797
|
|
918
|
Total current
assets
|
16,729
|
|
14,600
|
|
|
|
|
Property and
equipment, net
|
2,027
|
|
2,081
|
Goodwill and
intangible assets, net
|
30,792
|
|
29,867
|
Severance pay
fund
|
606
|
|
604
|
Lease
deposits
|
410
|
|
380
|
Total long-term
assets
|
33,835
|
|
32,932
|
Total
assets
|
$
50,564
|
|
$
47,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Trade
payables
|
$
791
|
|
$
764
|
Employees and payroll
accruals
|
2,773
|
|
2,528
|
Accrued expenses and
other liabilities
|
1,015
|
|
755
|
Earn-out
consideration
|
3,364
|
|
3,041
|
Deferred
revenues
|
4,605
|
|
4,609
|
Total current
liabilities
|
12,548
|
|
11,697
|
|
|
|
|
Long term Convertible
Note
|
4,340
|
|
-
|
Embedded conversion
feature on Convertible Note
|
1,864
|
|
-
|
Deferred
revenues
|
1,246
|
|
1,788
|
Deferred tax
liability
|
1,378
|
|
1,374
|
Accrued severance
pay
|
871
|
|
816
|
Other
liabilities
|
128
|
|
119
|
Total long-term
liabilities
|
9,827
|
|
4,097
|
|
|
|
|
Shareholders'
equity
|
28,189
|
|
31,738
|
Total liabilities and
shareholders' equity
|
$
50,564
|
|
$
47,532
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30
|
|
June
30
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(2,661)
|
|
$
(839)
|
|
$
(5,179)
|
|
$
(2,334)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
1
|
|
1
|
|
1
|
|
3
|
Depreciation
|
280
|
|
320
|
|
555
|
|
643
|
Stock-based
compensation
|
281
|
|
250
|
|
561
|
|
497
|
Amortization of
intangible assets
|
1,117
|
|
855
|
|
2,157
|
|
1,249
|
Accrued interest and
accretion of discount on credit line
|
-
|
|
-
|
|
-
|
|
(19)
|
Accrued interest and
accretion of discount on convertible note
|
171
|
|
-
|
|
171
|
|
-
|
Change in fair value
of embedded conversion feature on convertible note
|
(267)
|
|
-
|
|
(267)
|
|
-
|
Other income related
to investment in affiliate
|
(450)
|
|
-
|
|
(450)
|
|
-
|
Other expenses
related to the earn-out consideration
|
33
|
|
-
|
|
64
|
|
-
|
Deferred
taxes
|
(42)
|
|
(47)
|
|
(95)
|
|
(120)
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
(414)
|
|
(31)
|
|
(389)
|
|
98
|
Prepaid expenses and
other receivables
|
(453)
|
|
(171)
|
|
(849)
|
|
(363)
|
Change in long-term
lease deposits
|
(5)
|
|
(214)
|
|
(27)
|
|
(228)
|
Trade
payables
|
(81)
|
|
155
|
|
9
|
|
(54)
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
703
|
|
154
|
|
485
|
|
114
|
Deferred
revenues
|
(57)
|
|
(580)
|
|
(546)
|
|
3,247
|
Accrued severance
pay, net
|
23
|
|
(18)
|
|
53
|
|
42
|
Other long-term
liabilities
|
-
|
|
(2)
|
|
-
|
|
(3)
|
Net cash provided
by (used in) operating activities
|
(1,821)
|
|
(167)
|
|
(3,746)
|
|
2,772
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
investment in affiiate
|
450
|
|
-
|
|
450
|
|
-
|
Capitalization of
technology, net of grants received
|
(613)
|
|
(459)
|
|
(1,739)
|
|
(1,437)
|
Purchase of property
and equipment
|
(119)
|
|
(386)
|
|
(473)
|
|
(649)
|
Net cash used in
investing activities
|
(282)
|
|
(845)
|
|
(1,762)
|
|
(2,086)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
convertible note
|
-
|
|
-
|
|
6,300
|
|
-
|
Payment of credit
line
|
-
|
|
-
|
|
-
|
|
(4,150)
|
Proceeds from options
exercised
|
61
|
|
-
|
|
67
|
|
-
|
Net cash provided
by (used in) financing activities
|
61
|
|
-
|
|
6,367
|
|
(4,150)
|
Effect of exchange
rate changes on cash
|
72
|
|
(46)
|
|
88
|
|
53
|
Increase
(decrease) in cash and cash equivalents
|
(1,970)
|
|
(1,058)
|
|
947
|
|
(3,411)
|
Cash and cash
equivalents at the beginning of the period
|
13,538
|
|
14,026
|
|
10,621
|
|
16,379
|
Cash and cash
equivalents at the end of the period
|
$
11,568
|
|
$
12,968
|
|
$
11,568
|
|
$
12,968
|
View original
content:http://www.prnewswire.com/news-releases/cyren-announces-second-quarter-2017-financial-results-300504795.html
SOURCE Cyren