Fourth quarter revenue of $31.0 million increases 3% year-over-year
Fourth quarter GAAP operating loss of $3.5 million and non-GAAP operating income of $0.4 million
Full year revenue of $100.8 million decreases 2% year-over-year
Full year GAAP operating loss of $33.9 million and non-GAAP operating loss of $18.5 million

Boston, MA and Tel Aviv, Israel – February 12, 2021- Tufin (NYSE: TUFN), a company pioneering a policy-centric approach to security and IT operations, today announced financial results for the fourth quarter and the year ended December 31, 2020.

“We finished the year on a strong note with a return to growth and record revenues in the fourth quarter. While 2020 began as a challenging year, I am pleased with our improved execution and recovery in the second half of the year along with the progress we made on SecureCloud which launched early in the year,” said Ruvi Kitov, CEO and Co-Founder. “I am excited to announce that we began a transition to a subscription revenue model this year, which we believe will dramatically improve the quality of our business over time. We will primarily focus on transitioning new logos initially. As I look forward to 2021, I am optimistic about our opportunities as we work to drive durable long-term growth and expand our leadership in the growing Security Policy Management market. As we achieve these goals, we will also create enhanced long-term value, for our shareholders as well as other stakeholders.”

Financial Highlights for the Fourth Quarter Ended December 31, 2020

Revenue:

  • Total revenue was $31.0 million, up 3% compared with the fourth quarter of 2019.
  • Product revenue was $15.0 million, up 5% compared with the fourth quarter of 2019.
  • Maintenance and professional services revenue was $16.0 million, up 1% compared with the fourth quarter of 2019.

Gross Profit:

  • GAAP gross profit was $25.6 million, or 83% of total revenue, compared to $24.1 million in the fourth quarter of 2019, or 80% of total revenue.
  • Non-GAAP gross profit was $26.1 million, or 84% of total revenue, compared to $24.8 million in the fourth quarter of 2019, or 82% of total revenue.

Operating Income (Loss):

  • GAAP operating loss was $3.5 million, compared to operating loss of $7.4 million in the fourth quarter of 2019.
  • Non-GAAP operating income was $0.4 million, compared to non-GAAP operating loss of $1.9 million in the fourth quarter of 2019.

Net Income (Loss):

  • GAAP net loss was $4.4 million, or a loss of $0.12 per diluted share, compared to a GAAP net loss of $7.2 million, or $0.21 per diluted share, in the fourth quarter of 2019.
  • Non-GAAP net loss was $1.0 million, or a loss of $0.03 per diluted share, compared to non-GAAP net loss of $2.4 million, or $0.07 per diluted share, in the fourth quarter of 2019.

Financial Highlights for the Full Year Ended December 31, 2020

Revenue:

  • Total revenue was $100.8 million, down 2% compared with 2019.
  • Product revenue was $38.7 million, down 18% compared with 2019.
  • Maintenance and professional services revenue was $62.1 million, up 11% compared with 2019.

Gross Profit:

  • GAAP gross profit was $80.6 million, or 80% of total revenue, compared to $83.4 million in 2019, or 81% of total revenue.
  • Non-GAAP gross profit was $82.6 million, or 82% of total revenue, compared to $84.9 million in 2019, or 82% of total revenue.

Operating loss:

  • GAAP operating loss was $33.9 million, compared to operating loss of $27.0 million in 2019.
  • Non-GAAP operating loss was $18.5 million, compared to non-GAAP operating loss of $15.2 million in 2019.

Net Loss:

  • GAAP net loss was $35.4 million, or a loss of $0.99 per diluted share, compared to GAAP net loss of $28.1 million, or $1.04 per diluted share, in 2019.
  • Non-GAAP net loss was $20.6 million, or a loss of $0.58 per diluted share, compared to non-GAAP net loss of $17.1 million, or $0.63 per diluted share, in 2019.

Balance Sheet and Cash Flow:

  • Cash flow used in operating activities during the twelve months ended December 31, 2020 was $17.4 million, compared to cash flow used in operating activities of $9.6 million during the twelve months ended December 31, 2019.
  • Total cash, cash equivalents, restricted cash and marketable securities as of December 31, 2020 were $104.0 million, compared to $121.7 million as of December 31, 2019.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and twelve months ended December 31, 2020 and 2019. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights

  • Appointed Raymond Brancato Chief Revenue Officer. Mr. Brancato brings to Tufin an accomplished 27-year sales management track record of delivering revenue growth, implementing strong sales strategies across global organizations, and successfully executing go-to-market transformation in software companies. He joins Tufin from AnyVision, a fast-growing private artificial intelligence company with a subscription-based revenue model, where he was Chief Revenue Officer.
  • Announced Tufin SecureCloud™ integration with AWS Network Firewall to deliver security policy management across Amazon Virtual Private Clouds.
  • Announced that Tufin SecureCloud™ supports the Google Cloud Platform, allowing customers to use SecureCloud to define and monitor compliance with security guardrails. Tufin customers can now operate secured applications across the three leading cloud providers – Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

Business Outlook

Based on information available as of February 12, 2021, Tufin is issuing guidance as indicated below:

First Quarter 2021: 

  • Total revenue between $20.6 and $24.6 million.
  • Non-GAAP Operating loss between $10.6 and $7.2 million.

Full Year 2021:

  • Total revenue between $105.0 and $113.0 million.
  • Non-GAAP Operating loss between $38.4 and $31.6 million.

Our guidance reflects an expectation that approximately one third of total new business bookings will come from subscription in 2021. 

Video Webcast information

The company will host a video webcast at 8:00 a.m. Eastern Time on February 12, 2021 to discuss these results and provide a comprehensive discussion of its business and product strategy for 2021 and going forward. The live video webcast will be accessible on Tufin’s Investor Relations website at investors.tufin.com. A replay will be available three hours after the conclusion of the webcast.

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2,000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Non-GAAP Financial Measures

We believe that providing non-GAAP financial measures that exclude, as applicable, share-based compensation expense and certain non-recurring costs, as well as, the tax effect of these non-GAAP adjustments, allows for more meaningful comparisons between our operating results from period to period. These non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our operating results over different periods:

  • We define non-GAAP gross profit as gross profit excluding share-based compensation expense.
  • We define non-GAAP operating income (loss) as operating income (loss) excluding share-based compensation expense, shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries and secondary offering costs.
  • We define non-GAAP net income (loss) as net income (loss) excluding share-based compensation expense, shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries, secondary offering costs and the tax effect of these non-GAAP adjustments.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expense, we believe that providing non-GAAP financial measures that exclude non-cash share-based compensation expense allow for more meaningful comparisons between our operating results from period to period. In addition, we believe that providing non-GAAP financial measures that exclude shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries and secondary offering costs allows for more meaningful comparisons between our operating results from period to period since these non-recurring costs are not representative or indicative of our ongoing operations. We also believe that the tax effects related to the non-GAAP adjustments set forth above do not reflect the performance of our core business and would impact period-to-period comparability.

Other companies, including companies in our industry, may calculate non-GAAP gross profit, non-GAAP operating income (loss) and non-GAAP net income (loss) differently or not at all, which reduces the usefulness these non-GAAP financial measures for comparison. You should consider these non-GAAP financial measures along with other financial performance measures, including gross profit, operating income (loss) and net income (loss), and our financial results presented in accordance with U.S. GAAP. Tufin urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense and certain non-recurring costs, as applicable. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense and certain non-recurring costs, as applicable, that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.

Cautionary Language Concerning Forward-Looking Statements

This release contains forward-looking statements, which express the current beliefs and expectations of Tufin’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: the impact of COVID-19 on the budgets of our clients and on economic conditions generally; changes in the rapidly evolving enterprise network landscape; failure to effectively manage growth; potential near-term declines in our operating and net profit margins and our revenue growth rate; real or perceived shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system, or the failure of the Company’s customers or channel partners to correctly implement the Company’s solutions; fluctuations in quarterly results of operations; the inability to acquire new customers or sell additional products and services to existing customers; competition from a wide variety of competitive vendors; the Company’s ability to successfully integrate potential future acquisitions; and other factors discussed under the heading “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2020

 

Assets

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

 

118,661

 

 

 

58,449

 

Restricted bank deposits

 

 

224

 

 

 

-

 

Marketable Securities - short term

 

 

-

 

 

 

19,586

 

Accounts receivable (net of allowance for credit losses of $77 and $85 at December 31, 2019   

and December 31, 2020, respectively)

 

 

16,222

 

 

 

16,674

 

Prepaid expenses and other current assets

 

 

4,773

 

 

 

7,159

 

Total current assets

 

 

139,880

 

 

 

101,868

 

NON CURRENT ASSETS:

 

 

 

 

 

 

 

 

Long-term restricted bank deposits

 

 

2,844

 

 

 

3,268

 

Marketable Securities - long term

 

 

-

 

 

 

22,705

 

Property and equipment, net

 

 

4,177

 

 

 

4,502

 

Operating lease assets

 

 

20,958

 

 

 

18,802

 

Deferred costs

 

 

5,640

 

 

 

6,348

 

Deferred tax assets

 

 

1,659

 

 

 

1,346

 

Other non-current assets

 

 

1,574

 

 

 

1,512

 

Total non-current assets

 

 

36,852

 

 

 

58,483

 

Total assets

 

 

176,732

 

 

 

160,351

 

 

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share data)

(Unaudited)

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2020

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Trade payables

 

 

4,394

 

 

 

4,147

 

Employee and payroll accrued expenses

 

 

15,422

 

 

 

17,985

 

Other accounts payables

 

 

1,568

 

 

 

578

 

Operating lease liabilities – current

 

 

2,533

 

 

 

3,185

 

Deferred revenues

 

 

22,725

 

 

 

24,940

 

Total current liabilities

 

 

46,642

 

 

 

50,835

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Long-term deferred revenues

 

 

12,838

 

 

 

12,815

 

Non-current operating lease liabilities

 

 

22,000

 

 

 

20,240

 

Other non-current liabilities

 

 

930

 

 

 

1,282

 

Total non-current liabilities

 

 

35,768

 

 

 

34,337

 

Total liabilities

 

 

82,410

 

 

 

85,172

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Ordinary shares of NIS 0.015 par value; 150,000,000 shares authorized at December 31, 2019 and December 31, 2020; 35,230,253 and 35,972,470 shares issued and outstanding at December 31, 2019 and December 31, 2020;

 

 

145

 

 

 

148

 

Additional paid-in capital

 

 

162,609

 

 

 

178,864

 

Accumulated other comprehensive income

 

 

-

 

 

 

5

 

Accumulated deficit

 

 

(68,432)

 

 

 

(103,838)

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

94,322

 

 

 

75,179

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

176,732

 

 

 

160,351

 

 

 

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share amounts)

(Unaudited)

 

Three Months Ended

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Product

 

14,335

 

 

14,985

 

 

47,365

 

 

 

38,690

 

 

Maintenance and professional services

 

15,780

 

 

15,967

 

 

55,905

 

 

 

62,144

 

 

Total revenues

 

30,115

 

 

30,952

 

 

103,270

 

 

 

100,834

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

578

 

 

1,204

 

 

2,716

 

 

 

2,940

 

 

Maintenance and professional services

 

5,413

 

 

4,150

 

 

17,141

 

 

 

17,307

 

 

Total cost of revenues

 

5,991

 

 

5,354

 

 

19,857

 

 

 

20,247

 

 

Gross profit

 

24,124

 

 

25,598

 

 

83,413

 

 

 

80,587

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

9,273

 

 

8,696

 

 

31,571

 

 

 

34,978

 

 

Sales and marketing

 

17,068

 

 

15,031

 

 

63,981

 

 

 

59,484

 

 

General and administrative

 

5,163

 

 

5,332

 

 

14,884

 

 

 

20,050

 

 

Total operating expenses

 

31,504

 

 

29,059

 

 

110,436

 

 

 

114,512

 

 

Operating loss

 

(7,380)

 

 

(3,461)

 

 

(27,023)

 

 

 

(33,925)

 

 

Financial income (loss), net

 

494

 

 

(562)

 

 

(85)

 

 

 

114

 

 

Loss before taxes on income

 

(6,886)

 

 

(4,023)

 

 

(27,108)

 

 

 

(33,811)

 

 

Taxes on income

 

(289)

 

 

(379)

 

 

(1,011)

 

 

 

(1,595)

 

 

Net loss

 

(7,175)

 

 

(4,402)

 

 

(28,119)

 

 

 

(35,406)

 

 

Basic and diluted net loss per ordinary share

 

(0.21)

 

 

(0.12)

 

 

(1.04)

 

 

 

(0.99)

 

 

Weighted average number of shares used in computing net loss per ordinary share- basic and diluted

 

34,657

 

 

35,833

 

 

27,088

 

 

 

35,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                     

 

Share-based Compensation Expense:

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

Cost of revenues

627

 

 

488

 

 

1,514

 

 

2,024

 

 

Research and development

 

1,250

 

 

1,010

 

 

2,370

 

 

 

4,437

 

Sales and marketing

 

1,766

 

 

1,308

 

 

4,849

 

 

 

4,635

 

General and administrative

 

949

 

 

1,035

 

 

2,194

 

 

 

3,929

 

Total share-based compensation expense

 

4,592

 

 

3,841

 

 

10,927

 

 

 

15,025

 

 

 

                                           

 

 

 

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

 

 

Year Ended

 

 

 

December 31,

 

 

 

2019

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

 

)28,119)

 

 

 

)35,406)

 

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

1,205

 

 

 

1,523

 

Share-based compensation

 

 

10,927

 

 

 

15,025

 

Amortization of premium and accretion of discount on marketable securities, net

 

 

-

 

 

 

95

 

Exchange rate differences on cash, cash equivalents and restricted cash

 

 

(712)

 

 

 

(1,146)

 

Other

 

 

28

 

 

 

-

 

Change in operating assets and liabilities items:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(1,506)

 

 

 

(452)

 

Prepaid expenses and other current assets

 

 

928

 

 

 

(2,640)

 

Deferred costs

 

 

(648)

 

 

 

(665)

 

Deferred taxes and other non-current assets

 

 

(1,994)

 

 

 

375

 

Trade payables

 

 

1,027

 

 

 

(247)

 

Employee and payroll accrued expenses

 

 

4,191

 

 

 

3,275

 

Other accounts payable and non-current liabilities

 

 

(1,923)

 

 

 

(416)

 

Net change in operating lease accounts

 

 

2,876

 

 

 

1,048

 

Deferred revenues

 

 

4,099

 

 

 

2,192

 

Net cash used in operating activities

 

 

(9,621)

 

 

 

(17,439)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of fixed assets

 

 

(2,548)

 

 

 

(2,070)

 

Investment in marketable securities

 

 

-

 

 

 

(44,381)

 

Proceeds from maturities of marketable securities

 

 

-

 

 

 

2,069

 

Other investing activities

 

 

(173)

 

 

 

-

 

Net cash used in investing activities

 

 

(2,721)

)

 

 

(44,451)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

    Proceeds from initial public offering, net of underwriters' discounts

 

 

115,292

 

 

 

-

 

Payments of offering costs related to initial public offering

 

 

(2,645)

 

 

 

-

 

Proceeds from exercise of stock options

 

 

2,081

 

 

 

1,376

 

Changes in withholding tax related to employee stock plans

 

 

1,255

 

 

 

(713)

 

Payment of long-term loan

 

 

(222)

 

 

 

-

 

Net cash provided by financing activities

 

 

115,761

 

 

 

663

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

712

 

 

 

1,146

 

 

 

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

104,131

 

 

 

(60,012)

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR

 

 

17,598

 

 

 

121,729

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR

 

 

121,729

 

 

 

61,717

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Property and equipment purchased but not yet paid

 

 

271

 

 

 

49

 

Operating lease liabilities arising from obtaining operating right of use assets

 

 

10,063

 

 

 

-

 

Exercise of share options

 

 

228

 

 

 

84

 

 

 

Reconciliation of Gross Profit to Non-GAAP Gross Profit:

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 Gross profit

24,124

 

 

25,598

 

 

83,413

 

 

80,587

 

 Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 Share-based compensation

 

627

 

 

488

 

 

1,514

 

 

 

2,024

 

 Non-GAAP gross profit

 

24,751

 

 

26,086

 

 

84,927

 

 

 

82,611

 

 

 

Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss):

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 Operating loss

(7,380)

 

 

(3,461)

 

 

(27,023)

 

 

(33,925)

 

 Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 Share-based compensation

 

4,592

 

 

3,841

 

 

10,927

 

 

 

15,025

 

 Shelf registration costs

 

-

 

 

-

 

 

-

 

 

 

126

 

 One-time reorganization charges

 

-

 

 

-

 

 

-

 

 

 

322

 

 Secondary offering costs

 

862

 

 

-

 

 

862

 

 

 

-

 

 Non-GAAP Operating income (loss)

 

(1,926)

 

 

380

 

 

(15,234)

 

 

 

(18,452)

 

 

 

 

 

Reconciliation of Net Loss to Non-GAAP Net Loss:

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 Net loss

(7,175)

 

 

(4,402)

 

 

(28,119)

 

 

(35,406)

 

 Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 Share-based compensation

 

4,592

 

 

3,841

 

 

10,927

 

 

 

15,025

 

 Shelf registration costs

 

-

 

 

-

 

 

-

 

 

 

126

 

 One-time reorganization charges

 

-

 

 

-

 

 

-

 

 

 

322

 

 Secondary offering costs

 

862

 

 

-

 

 

862

 

 

 

-

 

 Taxes on income related to non-GAAP adjustments

 

(724)

 

 

(416)

 

 

(724)

 

 

 

(701)

 

 Non-GAAP Net loss

 

(2,445)

 

 

(977)

 

 

(17,054)

 

 

 

(20,634)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss per share - basic and diluted 

 

(0.07)

 

 

(0.03)

 

 

(0.63)

 

 

 

(0.58)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares – basic and diluted 

 

34,657

 

 

35,833

 

 

27,088

 

 

 

35,674

 

 

 

                                 

 

 

About Tufin 

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility. 

Find out more at: www.tufin.com

Follow Tufin on Twitter: @TufinTech

Read more on Tufin’s blog: Suite Talk

Investor Relations Contact:
Ryan Burkart
investors@tufin.com

Susan Rivera
Corporate Communications Manager
susan.rivera@tufin.com

Source: Tufin