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© 2015 Imperva, Inc. All rights reserved.Imperva, the Imperva logo, SecureSphere, Incapsula and Skyfence aretrademarks of Imperva, Inc. and its subsidiaries.
Imperva Financial Analyst DaWelcome!
September 10, 2015
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Safe Harbor
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward loabout our market opportunity, our technology, products and investments in products, our growth strategy, our customers, areas and our target long-term model. The matters covered by such forward-looking statements involve risks, uncertaintie
If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results couldfrom the results expressed or implied by the forward-looking statements. The risks and uncertainties referred to above inclimited to, the risk that: demand for our cyber security solutions may not increase and may decrease; we may not timely inproducts or versions of our products and that they may not be accepted by the market; competitors may be perceived by better positioned to help handle cyber security threats and protect their businesses from major risk; our growth may be loanticipated; we may not adequately expand and manage our distribution channels; any failure or perceived failure of our against malicious attacks theft and fraud; litigation and regulatory issues, including any intellectual property challenges; alosses, ability to achieve profitability and fluctuations in our operating results.
Further information on these and other factors that could affect the company’s financial results is included in filings it makSecurities and Exchange Commission from time to time, including the section entitled “Risk Factors” included in the comp
Report on Form 10-Q that was filed on August 7, 2015, which should be read in conjunction with these financial results. T
are available on the SEC Filings section of the Investors page of the company's website at http://www.imperva.com/compExcept as otherwise noted, the information provided in this presentation is as of September 10, 2015, and Imperva underupdate this information, except as required by applicable law.
2 Confidential
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Today’s Agenda
• 1:00 Welcome Terry Schmid
• 1:15 The Evolving Threat Landscape Amichai Shulman• 1:45 Imperva Overview Anthony Bettencourt
• 2:00 Fireside Chat: Product Overview Amichai Shulman, Marc Gaffan, M
• 2:45 Customer Presentation: Verisk Ted Cooney
• 3:15 Break
• 3:30 Addressing the Weakest Security Link Amichai Shulman, Morgan Gerha
• 4:00 The Sales and Marketing Engine Mike Mooney, Kim DeCarlis• 4:20 Financial Model Terry Schmid
• 4:45 Q&A Exec Team
• 5:00 Reception
Confidential3
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The Evolving Threat Landsca Amichai Shulman
September 10, 2015
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DirectExternal Attacks
Username johnsmith
Password ••••••••••
ApplicationLayer
MobileExposed
Functionality
DirectExternal Attacks
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Internal Attacks
Dear Customer,
Please use the form below toconfirm your information.
Click Here for Confirmation Form
Thank you, Your Trusted Vendor
IncreasedInfections
CriminalsInside the
Organization
Internal Attacks
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The Internetof Things
A dramatic increasenetworked devices lea
to more opportunities f
ATTACK
The Internetof Things
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Big DataBig Data
A breach of catastrophic
magnitude caused by amalicious insider is a clear
DANGER
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© 2015 Imperva, Inc. All rights reserved. Confidential10
DirectEXTERNAL
Attacks
PersistentINTERNAL
Attacks
You AREunder attack
You WILL becompromised
They ayour
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Protecting What Matters Mos Anthony Bettencourt
September 10, 2015
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Video Playing…
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Significant
economic
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There are two kinds of big companiesin the United States. There are thosewho’ve been hacked… and those who
don’t know they’ve been hacked.
FBI Director, James Comey
October 2014
15
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PERIM
Traditional
security
isn’t enough
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Complicated
by the move
to the Cloud
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Protecting
is exactly what Imperva does
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Imperva products
Products that cover both Protect and Comply
Partners
User RightsManagement for File
Data Loss
Prevention
SecureSphereFile Firewall
File ActivityMonitor
SecureSphere Database Assessment Server
SecureSphereDatabase Firewall
SecureSpherefor Big Data
SecureSphere Database Activity Monitor
User RightsManagement
Data Masking
Vulnerability
Assessment
IncapsulaBack Door Detection
IncapsulaWebsite Security
SecureSphereWAF ThreatRadar
IncapsulaInfrastructure Protecti
IncapsulaWebsite Protection
IncapsulaName Server Protecti
SecureSphereWAF
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Marc Gaffan
VP and GM, Incapsula
Amichai Shulman
Co-founder and CTO
Morgan G
VP, Product
21
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Gartner “Magic Quadrant for Web Application Firewalls” by Jeremy D'Hoinne, Adam Hils, Greg Young, Nicole Papadopoulos, 15 June 2015.
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of theenti re document. The Gartner document is available
upon request from Imperva. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not adv ise technology users to select only thosevendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed asstatements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of m erchantability or fitness for a particular purpose.
THE ONLY LEADERTWO CONSECUTIVE
YEARS
Gartner MagicQuadrant for
Web ApplicationFirewalls, 2015
22
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Scotts Sports Customer Vide
23
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A Leader with HighestRanking in ‘Current
Offering’ Category
Forrester Wave forDDoS Providers,
2015
The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc.The Forrester Wave™ is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed
scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave.Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.24
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Extended Stay Customer Vid
25
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Big PictureCompetitive
Environment - DCAP
Source: Gartner, Market Guide for Data-Centric Audit and protection, 22 November 2014
Figure 2. Schematic Representation of the DCAP Market Showing How a SaVendors Operates Across Different Data Silos
Detection tools may be applicable across multiple silos through a single manag
console but other functionality is limited
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Republic Bank Customer Vid
27
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Verisk Analytics, Inc. All rights reserved. Confidential and Proprietary. Do not release publicly or share with third parties without prior approval
Our Perspective
Ted CooneyVerisk
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Verisk Analytics, Inc. All rights reserved. Confidential and Proprietary. Do not release publicly or share with third parties without prior approval
About Verisk
• Our services are Risk Assessment and Decision Analprofessionals in many fields, including:
–property/casualty insurance
– financial services – healthcare – energy – government – human resources
• Global information provider for risk managers in all
• Verisk's mission is to help risk-bearing businesses undand manage their risk
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Verisk Analytics, Inc. All rights reserved. Confidential and Proprietary. Do not release publicly or share with third parties without prior approval
Verisk is Required to Keep Data and App
• Process extreme volumes of data, mostly sensitive in naPHI, NPPI, PCI)
• Subject to global regulation (i.e., HIPAA, SOX, PCI ComData Protection)
• Constantly under regulatory examination, internal/extecustomer/contractual reviews against our control struc
•MUST demonstrate adequate control implementation amaintenance to secure our assets and ensure client daprotected
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Verisk Analytics, Inc. All rights reserved. Confidential and Proprietary. Do not release publicly or share with third parties without prior approval
Why We Selected Imperva• Imperva was identified as a best-in-breed security company
or exceeded our requirements above competitors
• Our requirements included: – Solutions that meet our regulatory & compliance needs – Technical Expertise – Performance – Scalability – Management / Monitoring / Reporting – Intelligence
–Cost
– Ease of Procurement
• Strategic partner – We’re currently using DAM, WAF and SkyFence to protect sensitive in
continue to deploy the tool at all Verisk Family companies – Expanding to Cloud WAF & DAM as well as non-relational database
monitoring
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Verisk Analytics, Inc. All rights reserved. Confidential and Proprietary. Do not release publicly or share with third parties without prior approval
Experience and Observations
• Imperva has become a strategic partner for many – Superior Technical Support and overall Security Acumen a
organization
– Sales process was fluid and clear; Test Case artifacts demthe value almost immediately
– Capability to centrally manage Application and Databasfrom a central console
–Scalability and Performance goals were met
– Design meets SLA requirements without impact to uptimemaintaining maintain the ability to meet reporting require
– Numerous attack and APTs have been thwarted by the Imsolutions
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Questions
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ITP Amichai Shulman, CTO
Ophir Bleiberg, Sr. Director Emerging Products
Morgan Gerhart, VP Product Marketing
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People are theWEAK LINK
Confidential36
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MaliciouCarelessCompromised
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MaliciouCarelessCompromisedLoss of IP Loss of Customer Data
Regulatory, Compliance and Audit Fails
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KEEPINGTHEM OUT
39 Confidential
Existing Solutions Fail
DETIF TH
TOOL
They focus on the
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© 2015 Imperva, Inc. All rights reserved.40 Confidential
Existing Solutions Fail
Totally Backwards!
TA
DEFIN
ATTACK
NOT the
TOOL
They focus on the
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Various
Existing Solutions Fail
Confidential41 Confidential41
Various
Solutions
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Existing Solutions Fail
Confidential42 Confidential42
Various
E-Retail
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Existing Solutions Fail
Confidential44 Confidential44
Various
Broadcasting
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© 2015 Imperva, Inc. All rights reserved. Confidential45
How do I r
QUICif no
Exactly
WHOIs accessing my data?
?
Truly Detecting and Containing Breaches Requires Addr
OK?Is the access
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BLOCQUARA
BLOCQUARA
Breach Detection Solution
Confidential46
LEARN AND DETECTMONITORMONITOR
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Breach Detection Solution
LEARN AND DETECT BLOCQUARA
MONITOR
AnalysisMachine
Learning
Visibility
ContainandInvestigate
Verification Deception
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© 2015 Imperva, Inc. All rights reserved. Confidential48
In early accessat several accounts
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Compromised
IndicatorDetected
PotentialRisk
Final Assessment
Data: Direct query ofdata historically only
accessed via app
User: Non-technical;does not directlyquery DBMSs
Compromised useraccount
Theft of data
User Quarantined
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Careless
IndicatorDetected
PotentialRisk
Final Assessment
Deception: triggeredby unsanctioned
cloud backup
Sensitive data nowoutside IT controls
Controls of targetcloud are unknown
Cloud tools can beco-opted byhackers
Careless action
Cloud backupsoftware removed
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Putting It Together
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Confidential53 LEARN AND DETECTMONITOR
Slow exfiltrationof large numberof files from a
fileshare
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Confidential54 MONITOR LEARN AND DETECT
User is fromFinance
Engineering
files
First-timeaccess by user
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Cyber criminals
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56
Finding dangeroususer activity requires
data understanding
The biggeuncertaintdata is us
Cyber criminalsare after
enterprise data
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© 2015 Imperva, Inc. All rights reserved.
Imperva, the Imperva logo, SecureSphere, Incapsula and Skyfence aretrademarks of Imperva, Inc. and its subsidiaries.
The Sales andMarketing EngineMike Mooney, CRO
Kim DeCarlis, CMO
September 10, 2015
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TAM Is Large and Growing
Confidential59
0
2
4
6
8
10
2015 2016 2017 2018 2019
Gro
24pe
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Confidential60
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Sales Coverage Model
Confidential61
Inside Sales Regional SalesManagers
StrategicDire
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Leveraging the Channel
Confidential62
Partner
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Targeted Demand Generation
Confidential64 Confidential64 Confidential64 © 2015 Imperva, Inc. All rights reserved.
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Targeted Demand Generation
Confidential65 Confidential65 Confidential65 Confidential65 © 2015 Imperva, Inc. All rights reserved.
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MomExecutionGreat
ProductsMarketingSales
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Financial HighlightsTerry Schmid, CFO
September 10, 2015
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Financial Highlights
• Strong historical revenue growth
• Diversity across a broad customer base
• Diversified revenue stream from multiple product lines
• Significant recurring revenue
• Accelerating success in large deals
• Business model with potential for significant operating leverage
• Strong balance sheet
70 Confidential
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17.732.1
39.3
55.4
78.3
104.2
137.8
164.0
70.0
98.2
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
2007 2008 2009 2010 2011 2012 2013 2014 YTD 2014 YTD 201
Strong Historical Revenue Growth
Confidential71
Revenue ($M) YTD through 6/30/15
Account Growth:
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Account Growth:Diversified Revenue Stream
Confidential72
Predictable Recurring Revenue Model
• Perpetual software licensesthrough appliance sales
• Licenses for additionalusers and add-on modules
• Subscription products
YTD 2015
Products andSubscriptions
• Maintenance and support
• Professional services
• Training
YTD 2015As of 6/30/15
Services
Prosubs
6
Maintenance& Support,
31.6%
ProfessionalServices &Training,
7.2%
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Account Growth: Recurring Business
Confidential73
Recurring Revenue ($K)As of 6/30/15
Subscription Revenue ($KAs of 6/30/15
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2009 2010 2011 2012 2013 2014 YTD2014
YTD2015
Maintenance & Support Subscriptions
0
5,000
10,000
15,000
20,000
25,000
Subscriptions
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Diversity of Customer Base: Geography
Confidential75
Revenue by Region – YTD 2015As of 6/30/15
Revenue Growth by Region –
YTD 2015 vs. 2014
Americas,62.7%
EMEA,24.9%
APAC,12.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Americas EMEA AP
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© 2015 Imperva, Inc. All rights reserved. CONFIDENTIAL - Imperva76
Average Product Deal Size
7473
8286
60
96
8889
87
-10
10
30
50
70
90
110
130
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
T h o u s a n d s
Avg. Products Deal Size 4 Qtrs Trailing Avg.
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Strong Balance Sheet
Confidential77
As of 6/30/15$ in Millions
Cash, Cash Equivalents and Short-Term Investments $245
Total Assets $350
Deferred Revenue $86
Total Debt $0
Total Liabilities $129
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Reiterating Q3 and FY’15 Guidance
• Q3
– Revenue of $55 - $57MM, or 31.5% year-over-year at the midpoint
– Non-GAAP Gross Margin of 80% – Non-GAAP Operating Loss of ($1.5MM) to ($1.0MM)
– Non-GAAP EPS of ($0.06) to ($0.05)
• FY’15
– Revenue of $215 - $217MM, or 31.5% year-over-year at the midpoint
– Non-GAAP Gross Margin of 80%
– Non-GAAP Operating Loss of ($12.0MM) to ($11.0MM)
– Non-GAAP EPS of ($0.46) to ($0.44)
• Note: Non-GAAP excludes stock-based compensation, amortization of purchasedintangibles and acquisition-related expenses
79 Confidential
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© 2015 Imperva, Inc. All rights reserved. Confidential81
Marc GaffanVP & GM,Incapsula
Trâm PhiSVP, General
Counsel
Sunil NagdevSVP, WW Services &
Support
Mike MooneyChief Revenue
Officer
Terry SchmidChief Financial
Officer
AnthonyBettencourt
President and CEO
Kim DeCarlisChief Marketing
Officer
Grant McCormickChief Information
Officer
Brett Hooper SVP, People
Executive Q&A
VOphir Bleiberg
Sr. Dir. EmergingProducts
8/18/2019 Imperva Analyst
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