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PROOFPOINT INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Jul 30, 2021. Its latest SEC filing is a 15-12B from Sep 10, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Sells cloud-based cybersecurity and compliance software that helps large and mid-sized organizations protect employees, communications and data, and manage archiving and regulatory requirements.

How Did They Make Money?

Customers mainly pay subscription fees for access to the security platform and its components over a contract term; invoices are payable after billing. Proofpoint also licenses solutions to strategic partners and sells some hardware and services.

FY2020 revenue

Who Were Their Customers?

Proofpoint sells mainly to large and mid-sized organizations across industries, both directly through its sales teams and through distributors, resellers and technology partners. Partners may resell Proofpoint subscriptions, hardware and services or bundle its products with their own.

Customers above 10% of revenue, FY2020
of revenue from two customers (13%, 11%)
FY2018: 12% from one customer

Did Revenues Turn Into Profits?

Not on paper. It lost $163.8M in FY2020, but brought in more cash than it spent: $192.1M of free cash flow.

Operating income, FY2020
−9% of revenue
▼ −9% (Loss) vs FY2019 (−$104.9M, −12%)
Net income, FY2020
−16% of revenue
▲ +26% (Loss) vs FY2019 (−$130.3M, −15%)
Free cash flow, FY2020
18% of revenue
▼ −7% vs FY2019 ($207.3M, 23%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q2 FY2021, the three months to Jun 30, 2021
Revenue
▲ +19%
vs $258.4M in Q2 FY2020
Net income
▲ +250% (Loss)
vs −$15.1M in Q2 FY2020
  • Aug 31, 2021 Thoma Bravo completes acquisition of Proofpoint Proofpoint became privately held, and its common stock ceased trading on Nasdaq.

Grew. Revenue grew 2.8x in 4 years, from $375.5M in FY2016 to $1.1B in FY2020, about 29% a year.

End-user security training The latest overview adds end-user resilience training to the described work of protecting users, preventing information loss, archiving communications, and responding to security issues.

Who Did They Compete With?

Competes with Broadcom, Cisco Systems, FireEye, Google, Microsoft, Mimecast, Micro Focus International, Veritas Technologies, Forcepoint, McAfee, and Netskope

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