MCLEAN, Va., Feb. 13, 2019 /PRNewswire/ -- Cyren (NASDAQ:
CYRN) today announced its fourth quarter and full year 2018
financial results for the period ending December 31, 2018.
During the fourth quarter, Cyren reported quarterly revenues of
$9.5 million – an increase of 26%
over the fourth quarter of 2017. For the full year ending
2018, Cyren reported revenues of $35.9
million, up 17% over the full year 2017, and representing
the highest annual revenue total the company has ever recorded.
"We are pleased with our fourth quarter performance that tops
off a record breaking year for Cyren," said Lior Samuelson, Chairman and CEO of Cyren.
"During the quarter, we brought a number of new enterprise
customers onto the Cyren Cloud Security platform, and renewed
contracts with two of our largest customers using our Threat
Intelligence Services. Throughout 2018, we had a number of
significant achievements including signing our largest CCS
enterprise customer, with over 100,000 active email accounts, and
the largest contract in our company's history. We plan on
launching some exciting new enterprise products over the coming two
quarters, and are looking forward to continued progress in
2019."
Cyren previously discussed that it plans to launch two
significant products during 2019. The company is developing a
next generation enterprise class anti-phishing solution which is
intended to allow enterprises to proactively remediate and remove
phishing emails after they have been delivered to a user's mailbox,
regardless of who the company is using as an email gateway for
their primary level of protection. Cyren also announced a
collaboration with Microsoft to integrate Cyren web security
technology directly into the Windows Defender Advanced Threat
Protection platform in order to provide an additional layer of
protection to Windows Defender enterprise customers. Both
products are anticipated to be generally available later in
2019.
Fourth Quarter 2018 Financial Highlights:
- Revenues for the fourth quarter of 2018 were $9.5 million, compared to $7.5 million for the fourth quarter of 2017.
- Revenues for the year ended December 31,
2018 were $35.9 million
compared to $30.8 million for fiscal
year 2017.
- GAAP net loss for the fourth quarter of 2018 was $5.6 million, compared to a net loss of
$7.2 million in the fourth quarter of
2017.
- GAAP net loss for the year ended December 31, 2018 was $19.4 million, compared to $15.6 million for 2017.
- GAAP loss per basic and diluted share for the fourth quarter of
2018 was $0.10, compared to a loss of
$0.16 for the fourth quarter of 2017.
For the full year 2018, GAAP loss per basic and diluted share was
$0.36, compared to a loss of
$0.38 for full year
2017.
- Non-GAAP net loss for the fourth quarter of 2018 was
$4.4 million, compared to a Non-GAAP
net loss of $4.3 million for the
fourth quarter of 2017.
- Non-GAAP net loss for the full
year 2018 was $16.1 million, compared
to a Non-GAAP net loss of $12.4
million for the year ended 2017.
- Non-GAAP loss per basic and diluted share was $0.07 for the fourth quarter of 2018, compared to
a Non-GAAP loss of $0.09 in fourth
quarter of 2017. Non-GAAP loss per basic and diluted share was
$0.29 for full year 2018, compared to
$0.29 during full year 2017.
- Cash balance as of December 31,
2018 was $17.6 million,
compared to $24.0 million as of
December 31, 2017. The cash balance
at year end includes net proceeds of $10
million from 3-year convertible notes which were issued in
November.
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:
- During the fourth quarter, Cyren expanded service to its
largest enterprise customer – an international company who selected
Cyren's CCS platform for email security and cloud sandboxing.
The multi-year, multi-million dollar contract which was previously
announced with 80,000 enterprise users, has grown to over 100,000
active enterprise users on the Cyren network.
- Also in the fourth quarter, Cyren renewed and expanded two of
the company's top 5 revenue customers using Cyren's Threat
Intelligence Services. One of the contracts was renewed at a
17% premium, and includes a significant multi-year prepayment, which
will have a positive impact on operating cash flow during the first
quarter of 2019.
- Cyren recently announced a partnership with Microsoft to
integrate its web security technology directly into Windows
Defender Advanced Threat Protection (ATP). The new integrated
offering will initially be made available as a private preview with
a select set of enterprise customers expected during the first half
of 2019, with the goal of reaching general availability for all
Windows Defender ATP customers later in the year.
- In January, Cyren announced that it will be voluntarily
delisting from the Tel Aviv Stock Exchange (TASE). Cyren will
continue to maintain its headquarters in Herzliya, Israel and operate as an Israeli-registered
company, but the move is an effort to simplify regulatory filings
and concentrate fragmented trading volume onto the Nasdaq
exchange. The delisting is expected to become effective in
April.
Financial Results Conference Call:
The company will also host a conference call at 10 a.m. Eastern Time (5
p.m. Israel Time) on Wednesday,
February 13, 2019.
US:
|
1-877-407-0312
|
Israel:
|
1-80-940-6247
|
International:
|
1-201-389-0899
|
The call will be simultaneously webcast live on the investor
relations section of Cyren's website at http://ir.cyren.com, or by
using the following link:
https://webcasts.eqs.com/cyren20190213.
For those unable to participate in the live conference call, a
replay will be available until February 27,
2019. To access the replay, the U.S. dial in number is
1-877-660-6853 and the non-U.S. dial in number is 1-201-612-7415.
Callers will be prompted for replay conference ID number 13686826.
An archived version of the webcast will also be available on the
investor relations section of the company's website at
http://ir.cyren.com/events.
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: 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: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc
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 and deferred taxes
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 and
current reports on Form 8-K, which are available through
www.sec.gov.
Company Contact
Mike
Myshrall, CFO
Cyren
+1.703.760.3320
mike.myshrall@cyren.com
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
|
|
Twelve months
ended
|
December
31
|
|
December
31
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Revenues
|
$
9,512
|
|
$
7,522
|
|
$
35,900
|
|
$
30,799
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,856
|
|
3,177
|
|
14,540
|
|
11,899
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,656
|
|
4,345
|
|
21,360
|
|
18,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
4,761
|
|
2,896
|
|
16,116
|
|
9,825
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
4,069
|
|
4,156
|
|
16,202
|
|
15,551
|
|
|
|
|
|
|
|
|
General and
administrative
|
2,192
|
|
2,313
|
|
8,343
|
|
7,286
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
11,022
|
|
9,365
|
|
40,661
|
|
32,662
|
|
|
|
|
|
|
|
|
Operating
loss
|
(5,366)
|
|
(5,020)
|
|
(19,301)
|
|
(13,762)
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
6
|
|
1
|
|
(11)
|
|
452
|
|
|
|
|
|
|
|
|
Financial expense,
net
|
(164)
|
|
(2,117)
|
|
(255)
|
|
(2,380)
|
|
|
|
|
|
|
|
|
Loss before
taxes
|
(5,524)
|
|
(7,136)
|
|
(19,567)
|
|
(15,690)
|
|
|
|
|
|
|
|
|
Tax
benefit
|
(48)
|
|
(106)
|
|
153
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(5,572)
|
|
$
(7,242)
|
|
$
(19,414)
|
|
$
(15,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
basic
|
$
(0.10)
|
|
$
(0.16)
|
|
$
(0.36)
|
|
$
(0.38)
|
|
|
|
|
|
|
|
|
Loss per share -
diluted
|
$
(0.10)
|
|
$
(0.16)
|
|
$
(0.36)
|
|
$
(0.38)
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
54,023
|
|
46,018
|
|
53,634
|
|
40,922
|
|
|
|
|
|
|
|
|
Diluted
|
54,023
|
|
46,018
|
|
53,634
|
|
40,922
|
CYREN
LTD.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
December
31
|
|
December
31
|
|
2018
|
|
2017
|
|
Unaudited
|
|
Audited
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash
equivalents
|
$
17,571
|
|
$
23,981
|
Trade receivables,
net
|
3,658
|
|
2,890
|
Deferred
commissions
|
887
|
|
-
|
Prepaid expenses and
other receivables
|
778
|
|
1,339
|
Total current
assets
|
22,894
|
|
28,210
|
|
|
|
|
Long-term deferred
commissions
|
1,880
|
|
-
|
Lease
deposits
|
821
|
|
379
|
Severance pay
fund
|
503
|
|
714
|
Property and
equipment, net
|
4,608
|
|
2,787
|
Intangible assets,
net
|
8,802
|
|
11,018
|
Goodwill
|
20,519
|
|
21,128
|
Total long-term
assets
|
37,133
|
|
36,026
|
Total
assets
|
$
60,027
|
|
$
64,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current Liabilities:
|
|
|
|
Trade
payables
|
$
1,668
|
|
$
1,017
|
Employees and payroll
accruals
|
3,959
|
|
3,239
|
Accrued expenses and
other liabilities
|
910
|
|
1,012
|
Earn-out
consideration
|
2,926
|
|
3,588
|
Deferred
revenues
|
5,773
|
|
5,032
|
Total current
liabilities
|
15,236
|
|
13,888
|
|
|
|
|
Deferred
revenues
|
503
|
|
524
|
Convertible
notes
|
10,000
|
|
-
|
Deferred tax
liability
|
1,130
|
|
1,355
|
Accrued severance
pay
|
598
|
|
930
|
Other
liabilities
|
700
|
|
438
|
Total long-term
liabilities
|
12,931
|
|
3,247
|
|
|
|
|
Shareholders'
equity
|
31,860
|
|
47,101
|
Total liabilities and
shareholders' equity
|
$
60,027
|
|
$
64,236
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
(in thousands of
U.S.dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
(5,366)
|
|
$
(5,020)
|
|
$(19,301)
|
|
$(13,762)
|
Stock-based
compensation (1)
|
409
|
|
1,251
|
|
1,440
|
|
2,060
|
Amortization of
intangible assets (2)
|
1,008
|
|
855
|
|
4,165
|
|
3,746
|
Capitalization of
technology (6)
|
(204)
|
|
(1,012)
|
|
(2,090)
|
|
(3,728)
|
Non-GAAP operating
loss
|
$
(4,153)
|
|
$
(3,926)
|
|
$(15,786)
|
|
$(11,684)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(5,572)
|
|
$
(7,242)
|
|
$(19,414)
|
|
$(15,648)
|
Stock-based
compensation (1)
|
409
|
|
1,251
|
|
1,440
|
|
2,060
|
Amortization of
intangible assets (2)
|
1,008
|
|
855
|
|
4,165
|
|
3,746
|
Adjustment to
earn-out liabilities (3)
|
22
|
|
26
|
|
97
|
|
117
|
Amortization of
deferred tax assets (4)
|
(58)
|
|
(63)
|
|
(246)
|
|
(249)
|
Gain from sale of
investment in affiliate (5)
|
-
|
|
-
|
|
-
|
|
(450)
|
Capitalization of
technology (6)
|
(208)
|
|
(1,057)
|
|
(2,094)
|
|
(3,822)
|
Accretion of discount
on convertible note (7)
|
-
|
|
150
|
|
-
|
|
480
|
Change in fair value
of embedded conversion feature on convertible note (8)
|
-
|
|
1,814
|
|
-
|
|
1,349
|
Non-GAAP net
loss
|
$
(4,399)
|
|
$
(4,266)
|
|
$(16,052)
|
|
$(12,417)
|
|
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$
(0.10)
|
|
$
(0.16)
|
|
$
(0.36)
|
|
$
(0.37)
|
Stock-based
compensation (1)
|
0.01
|
|
0.03
|
|
0.02
|
|
0.05
|
Amortization of
intangible assets (2)
|
0.02
|
|
0.02
|
|
0.08
|
|
0.11
|
Adjustment to
earn-out liabilities (3)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Amortization of
deferred tax assets (4)
|
0.00
|
|
(0.00)
|
|
0.00
|
|
(0.00)
|
Gain from sale of
investment in affiliate (5)
|
0.00
|
|
0.00
|
|
0.00
|
|
(0.01)
|
Capitalization of
technology (6)
|
0.00
|
|
(0.02)
|
|
(0.03)
|
|
(0.10)
|
Accretion of discount
on convertible note (7)
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
Change in fair value
of embedded conversion feature on convertible note (8)
|
0.00
|
|
0.04
|
|
0.00
|
|
0.03
|
Non-GAAP loss per
share (diluted)
|
$
(0.07)
|
|
$
(0.09)
|
|
$
(0.29)
|
|
$
(0.29)
|
|
|
|
|
|
|
|
|
Numbers of shares
used in computing non-GAAP loss per share (diluted)
|
54,023
|
|
46,018
|
|
53,634
|
|
40,922
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
50
|
|
$
131
|
|
$
174
|
|
$
207
|
Research and
development
|
110
|
|
277
|
|
407
|
|
505
|
Sales and
marketing
|
94
|
|
373
|
|
387
|
|
553
|
General and
administrative
|
155
|
|
470
|
|
472
|
|
795
|
|
$
409
|
|
$
1,251
|
|
$
1,440
|
|
$
2,060
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
861
|
|
$
687
|
|
$
3,553
|
|
$
3,071
|
Sales and
marketing
|
147
|
|
168
|
|
612
|
|
675
|
|
$
1,008
|
|
$
855
|
|
$
4,165
|
|
$
3,746
|
(3) Adjustment to
earn-out liabilities and related expenses
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
22
|
|
$
26
|
|
$
97
|
|
$
117
|
|
|
|
|
|
|
|
|
(4) Amortization
of deferred tax assets
|
|
|
|
|
|
|
|
Tax benefit
(expense)
|
$
(58)
|
|
$
(63)
|
|
$
(246)
|
|
$
(249)
|
|
|
|
|
|
|
|
|
(5) Gain from sale
of investment in affiliate
|
|
|
|
|
|
|
|
Other
Income
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(450)
|
|
|
|
|
|
|
|
|
(6) Capitalization
of technology
|
|
|
|
|
|
|
|
Research and
development
|
$
(204)
|
|
$
(1,012)
|
|
$
(2,090)
|
|
$
(3,728)
|
Financial expenses,
net
|
(4)
|
|
(45)
|
|
(4)
|
|
(94)
|
|
$
(208)
|
|
$
(1,057)
|
|
$
(2,094)
|
|
$
(3,822)
|
|
|
|
|
|
|
|
|
(7) Accretion of
discount on convertible note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
-
|
|
$
150
|
|
$
-
|
|
$
480
|
|
|
|
|
|
|
|
|
(8) Change in fair
value of embedded conversion feature on convertible
note
|
|
|
|
|
|
|
|
Financial expenses,
net
|
$
-
|
|
$
1,814
|
|
$
-
|
|
$
1,349
|
CYREN
LTD.
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED CASH FLOW DATA
|
|
|
|
|
|
|
|
|
(in thousands of U.S.
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
December
31
|
|
December
31
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Net loss
|
$
(5,572)
|
|
$
(7,242)
|
|
$(19,414)
|
|
$(15,648)
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
1
|
|
1
|
|
15
|
|
2
|
Depreciation
|
422
|
|
437
|
|
1,856
|
|
1,303
|
Stock-based
compensation
|
409
|
|
1,251
|
|
1,440
|
|
2,060
|
Amortization of
intangible assets
|
1,008
|
|
855
|
|
4,165
|
|
3,746
|
Amortization of
deferred commissions
|
346
|
|
-
|
|
1,351
|
|
-
|
Interest and
accretion of discount on convertible note
|
40
|
|
150
|
|
40
|
|
480
|
Change in fair value
of embedded conversion feature on convertible note
|
-
|
|
1,814
|
|
-
|
|
1,349
|
Other income related
to investment in affiliate
|
-
|
|
-
|
|
-
|
|
(450)
|
Other expenses
related to the earn-out consideration
|
22
|
|
26
|
|
97
|
|
117
|
Deferred
taxes
|
(30)
|
|
(29)
|
|
(182)
|
|
(175)
|
|
-
|
|
-
|
|
-
|
|
-
|
Changes in assets and
liabilities:
|
-
|
|
-
|
|
-
|
|
-
|
Trade
receivables
|
(304)
|
|
(291)
|
|
(596)
|
|
77
|
Prepaid expenses and
other receivables
|
922
|
|
284
|
|
530
|
|
(362)
|
Deferred
commissions
|
(510)
|
|
-
|
|
(2,307)
|
|
-
|
Change in long-term
lease deposits
|
5
|
|
122
|
|
(105)
|
|
28
|
Trade
payables
|
(42)
|
|
(45)
|
|
264
|
|
36
|
Employees and payroll
accruals, accrued expenses and other liabilities
|
(162)
|
|
567
|
|
515
|
|
780
|
Deferred
revenues
|
(2,319)
|
|
(1,085)
|
|
721
|
|
(841)
|
Accrued severance
pay, net
|
(1)
|
|
(62)
|
|
(121)
|
|
4
|
Other long-term
liabilities
|
203
|
|
302
|
|
274
|
|
302
|
Net cash used in
operating activities
|
(5,562)
|
|
(2,945)
|
|
(11,457)
|
|
(7,192)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of
fixed assets
|
1
|
|
-
|
|
1
|
|
-
|
Proceeds from sale of
investment in affiliate
|
-
|
|
-
|
|
-
|
|
450
|
Capitalization of
technology, net of grants received
|
(140)
|
|
(1,046)
|
|
(1,984)
|
|
(3,567)
|
Purchase of property
and equipment
|
(331)
|
|
(953)
|
|
(3,320)
|
|
(1,771)
|
Net cash used in
investing activities
|
(470)
|
|
(1,999)
|
|
(5,303)
|
|
(4,888)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
convertible note
|
10,000
|
|
-
|
|
10,000
|
|
6,300
|
Proceeds from private
capital raise
|
-
|
|
18,971
|
|
-
|
|
18,971
|
Payment of earnout
liability
|
-
|
|
-
|
|
(604)
|
|
-
|
Proceeds from options
exercised
|
117
|
|
18
|
|
1,393
|
|
93
|
Net cash provided
by financing activities
|
10,117
|
|
18,989
|
|
10,789
|
|
25,364
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(62)
|
|
21
|
|
(101)
|
|
98
|
Increase
(decrease) in cash, cash equivalents and restricted
cash
|
4,023
|
|
14,066
|
|
(6,072)
|
|
13,382
|
Cash, cash
equivalents and restricted cash at the beginning of the
period
|
14,133
|
|
10,162
|
|
24,228
|
|
10,846
|
Cash, cash
equivalents and restricted cash at the end of the
period
|
$
18,156
|
|
$
24,228
|
|
$
18,156
|
|
$
24,228
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash as shown in the
consolidated statements of cash flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 17,571
|
|
$ 23,981
|
|
$
17,571
|
|
$
23,981
|
Restricted cash
included in long-term restricted lease deposits
|
585
|
|
247
|
|
585
|
|
247
|
|
|
|
|
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
$
18,156
|
|
$
24,228
|
|
$
18,156
|
|
$
24,228
|
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SOURCE Cyren