Proofpoint,Inc. (NASDAQ:PFPT) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
On September7, 2017, Paul Auvil, Proofpoint’s Chief Financial Officer, reaffirmed the company’s 2017 financial guidance, during its 2017 Analyst and Investor Day webcast. This guidance was originally provided on its Q2 earnings results call, which was also webcast, and filed on Form8-K on July27, 2017. Proofpoint’s policy is not to reiterate or adjust financial guidance unless it is also done through a public disclosure such as a press release or Form8-K.
During this event, the company also updated its 2020 Operating Model. A copy of certain slides updating the 2020 Operating Model is being furnished as Exhibit99.1 to this Current Report on Form8-K and a full copy of the slides will be available at our investor relations website at www.investors.proofpoint.com. Note that the 2020 operating model includes guidance for non-GAAP gross margin, non-GAAP operating margin, free cash flow, and free cash flow margin. The Non-GAAP gross margin measure excludes stock-based compensation expense and amortization expense of acquired intangible assets. The Non-GAAP operating margin measure excludes stock-based compensation expense, amortization expense of acquired intangible assets, acquisition and litigation related expenses. The Company defines free cash flow as net cash provided by operating activities minus capital expenditures. We are not providing a GAAP to Non-GAAP reconciliation to the 2020 Operating Model update because we are not able to present reconciling items without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measures, such as stock-based compensation expenses, the impact and timing of potential acquisitions, potential litigation expenses, and capital expenditures. The actual amounts of such reconciling items will have a significant impact on the company’s GAAP results.
The information in this Current Report on Form8-K (the “7.01 Information”) is being furnished to Item 7.01 of Form8-K and will not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor will the 7.01 Information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 7.01. Financial Statements and Exhibits.
(d) Exhibits.