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mimecast Mimecast Announces First Quarter 2022 Financial Results August 3 , 2021 LEXINGTON , Mass . , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) -- Mimecast Limited ( NASDAQ : MIME ) , a leading email security and cyber resilience company , today announced financial results for the first fiscal quarter ended June 30 , 2021 . First Quarter 2022 Highlights • Achieved total revenue of $ 142.5 million , up 24 % year - over - year on a GAAP basis and 15 % in constant currency . • Solid execution of multi - product strategy drove average services per customer to 3.6 from 3.4 in the same quarter last year . • Increased average order value per customer to $ 14,000 , up approximately 9 % year - over - year in constant currency . • Achieved a net revenue retention rate of 105 % driven by upsell of 113 % , with strength across the Email Security 3.0 solution framework , including DMARC Analyzer , Awareness Training and CyberGraph ™ • Generated $ 40.7 million in operating cash flow and $ 31.6 million in free cash flow , representing a 22.2 % free cash flow margin . • Generated GAAP gross profit percentage of 76.5 % , Non - GAAP gross profit percentage of 78.3 % . • Delivered GAAP EPS of $ 0.15 per diluted share , Non - GAAP EPS of $ 0.32 per diluted share . Peter Bauer , chief executive officer of Mimecast , said , “ Our results this quarter underscore the strength of our multi - product platform and continued improvement in our business in our largest geographies . We delivered sequential improvement in our net revenue retention rate , driven by improving upsell and reduced downsell and churn rates . We believe the actions we have taken to strengthen our marketing team and build an integrated product organization will help us continue our sales momentum and accelerate product development to meet our customer's evolving needs . " First Quarter 2022 Financial and Operating Highlights • Revenue : Revenue for the first quarter of 2022 was $ 142.5 million , an increase of 24 % compared to revenue of $ 115.2 million in the first quarter of 2021. Revenue on a constant currency basis increased 15 % compared to the first quarter of 2021 . • Customers : Added 600 net new customers in the first quarter of 2022 , and now serve 40,600 organizations globally . • Net Revenue Retention Rate : Net revenue retention rate was 105 % in the first quarter of 2022 . • Gross Profit Percentage : Gross profit percentage was 76.5 % in the first quarter of 2022 , compared to 75.3 % in the first quarter of 2021 . • Non - GAAP Gross Profit Percentage : Non - GAAP gross profit percentage was 78.3 % in the first quarter of 2022 , compared to 77.1 % in the first quarter of 2021 . • Net Income : Net income was $ 10.1 million , or $ 0.15 per diluted share , based on 66.9 million diluted shares outstanding in the first quarter of 2022 , compared to net income of $ 3.1 million , or $ 0.05 per diluted share , based on 64.7 million diluted shares outstanding in the first quarter of 2021 . • Non - GAAP Net Income : Non - GAAP net income was $ 21.7 million , or $ 0.32 per diluted share , based on 66.9 million diluted shares outstanding in the first quarter of 2022 , compared to non - GAAP net income of $ 14.1 million ( as recast ) or $ 0.22 ( as recast ) per diluted share , based on 64.7 million diluted shares outstanding in the first quarter of 2021. See " Non - GAAP Financial Measures " for a description of a change in calculation method for the income tax effect of Non - GAAP adjustments commencing April 1 , 2021 . • Adjusted EBITDA : Adjusted EBITDA was $ 38.6 million in the first quarter of 2022 , representing an Adjusted EBITDA margin of 27.1 % , up from 22.3 % in the first quarter of 2021 . Operating Cash Flow : Operating cash flow was $ 40.7 million in the first quarter of 2022 , compared to $ 29.3 million in the first quarter of 2021 . • Free Cash Flow and Cash : Free cash flow was $ 31.6 million in the first quarter of 2022 , compared to $ 18.5 million in the first quarter of 2021. Cash and cash equivalents as of June 30 , 2021 were $ 338.4 million .