Mimecast Limited (NASDAQ:MIME) Q1 2021 Earnings Conference Call - Final Transcript

Aug 03, 2020 • 04:30 pm ET


Mimecast Limited (NASDAQ:MIME) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Mimecast First Quarter 2021 Earnings Conference Call. [Operator Instructions] After the speakers presentation there will be a question-and-answer session. [Operator Instructions].

At this time, I would like to turn the conference over to Mr. Robert Sanders, Director of Investor Relations. Sir, please begin.

Robert Sanders

Good evening. Welcome to Mimecast's Earnings Call for the Fiscal First Quarter 2021 Ended June 30, 2020. I'm Robert Sanders, Director of Investor Relations. With me on the call tonight are Peter Bauer, our Co-Founder, Chairman and CEO; and Rafe Brown our CFO. Tonight's conference call is being broadcast live. A replay of this call will be available after the live call has ended.

We will make forward-looking statements regarding future events and the future financial performance of the company. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

We caution you to consider the important risk factors that could cause actual results to differ from those in the forward-looking statements contained in today's press release and on this conference call. These risk factors are further defined in Mimecast's most recent Form 10-Q filed with the Securities and Exchange Commission.

During this call, we will present both GAAP and non-GAAP financial measures. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results. A reconciliation of GAAP to non-GAAP measures and the reasons for our representation of the non-GAAP information is included in today's press release, which can be found in the Investor Relations section of our website.

The date of this call is August 3, 2020, any forward-looking statements we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

Now I'd like to turn the call over to Peter Bauer.

Peter C. Bauer

Good evening, and thank you all for joining us. On tonight's call, I'll begin with an overview of our first quarter results and discuss the cybersecurity landscape as we continue to see attackers applying their craft causing impactful business disruptions. Next, I'll discuss our cyber resilient site that we recently hosted with partners and customers. Then I'll take you through some exciting new identity graft technology we have added to our platform with the acquisition of MessageControl. And finally, we'll look at some examples of how Mimecast is protecting customers and the types of solutions the market is demanding before I hand over the call to Ray to cover our financial results in more detail.

So we began our fiscal year 2021 with solid financial performance exceeding the high end of our guidance for both revenue and adjusted EBITDA. First quarter revenue totaled $115.2 million exceeding the high end of our guidance by $1.4 million. This outperformance during difficult economic conditions is a testament to