The stock of email security solution provider Zix Corp (ZIXI) has added 7.05% to its value in the after-hours trading on Friday. The company saw its’ share price falling more than 20% during the regular session on the day.
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What does the company do?
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Zix Corporation is one of the leading email security providers trusted by the biggest players in healthcare, finance and government. Zix provides superior experience and easy-to-use solutions for email encryption and data loss prevention, unified information archiving, advanced threat protection, secure mobile access, management, and control. Zix enables its clients to protect their business communications and meet compliance needs by concentrating on data security and data protection.
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Zix Corporation on Friday announced financial results for the fourth quarter and full year ended December 31, 2020.
For the Q4 2020:
- During the quarter, the company generated $57.9 million in revenue, an increase of 15% on last year’s revenue.
- Net loss under GAAP was $2.9 million compared with a net loss of $3 million a year ago.
- Despite the weaker results, the Company’s recurring revenue (ARR) increased by 14% to $237.7 million.
- ARR coming from the cloud services grew by 21% to $206.6 million making 87% of the company’s total ARR.
- The company reported a net GAAP loss of -$5.3 million or -$0.10, that came flat to the net loss of -$5.2 million or -$0.10 in fourth quarter of 2019.
- With cash balances of $21.4 million at the end of the quarter, the company was able to meet its obligations.
The company also shared recent operational updates, highlights of which are as follows:
- Recently acquired CloudAlly expanded Zix’s Office 365 backup offerings, complementing AppRiver’s channel of Managed Service Providers and Zix’s value-added resellers and direct channels.
- The company’s new Zix Secure Cloud platform powered 99% of all new customers in Q4 2020, providing easy provisioning of multiple security solutions to Cloud clients.
- By the end of 2020, more than 1.2 million productivity mailboxes have been added to the Zix cloud.
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- 3 259 trial authorizations were initiated by Direct Customers and MSP Partners in Q4 2020 for SecureTide, ZixEncrypt and ZixArchive.