SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K

 
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
 
For the month of February 2022
 
Commission File Number: 001-38866
 
Tufin Software Technologies Ltd.
(Translation of registrant’s name into English)

 
Tufin Software Technologies Ltd.
5 HaShalom Road, ToHa Tower
Tel Aviv 6789205, Israel
 (Address of principal executive offices)

 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ☒      Form 40-F
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):


 
EXPLANATORY NOTE
 
On February 10, 2022, Tufin Software Technologies Ltd. (the “Company”, “Tufin” or “we”) issued a press release entitled “Tufin Announces Fourth Quarter and Full Year 2021 Results” announcing its financial results for the fourth quarter and the full year ended December 31, 2021. A copy of this press release is furnished as Exhibit 99.1 herewith.
 
Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

The U.S. GAAP financial information contained in (i) the consolidated balance sheets (Unaudited), (ii) the consolidated statements of operations (Unaudited) and (iii) the consolidated statement of cash flows (Unaudited) included in the press release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s registration statements on Form F-3 (File No. 333-239715) and Form S-8 (File Nos. 333-231985, 333-237291 and 333-253994).
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
TUFIN SOFTWARE TECHNOLOGIES LTD.
 
 
 
 
 
Date: February 10, 2022
By:
/s/ Reuven Kitov
 
 
 
Reuven Kitov
 
 
 
CEO & Chairman of the Board of Directors
 
 
 2

EXHIBIT INDEX
 
 
 
 
Exhibit
 
Description
 
 

 
 
 
 
3



 
Exhibit 99.1

Tufin Announces Fourth Quarter and Full Year 2021 Results

Fourth quarter revenue of $35.8 million increased 16% year-over-year
Fourth quarter GAAP operating loss of $3.1 million and non-GAAP operating income of $0.1 million
Full year revenue of $110.9 million increased 10% year-over-year
Full year GAAP operating loss of $36.3 million and non-GAAP operating loss of $22.4 million

Boston, MA and Tel Aviv, Israel – February 10, 2022- 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, 2021.

“I am pleased to report another strong quarter, bolstered by healthy growth in new logos, as well as continued momentum in our land-and-expand with existing customers,” said Ruvi Kitov, Tufin’s CEO and Co-Founder. “We signed a record number of larger deals, including our most significant deal in the last three years. Full year revenues were a record $110.9 million, with subscriptions representing approximately 56% of new license bookings for the year, positioning us well in our transition to a subscription-based model. We made significant progress strengthening our sales team, improving our lead generation efforts, signing new logos, and adding subscription-based services.”

Kitov continued, “We are experiencing increased awareness of security breaches and corporations are allocating more resources to implement policy-driven automation to address the security threats of tomorrow. We are proud of the progress we’ve made as we reach the one-year mark of announcing the transition to subscription, and are continuing to execute on our strategic objectives in 2022.”

Financial Highlights for the Fourth Quarter Ended December 31, 2021
 
Revenue:
•          Total revenue was $35.8 million, up 16% compared with the fourth quarter of 2020.
•          Product revenue was $19.1 million, up 27% compared with the fourth quarter of 2020.
•          Maintenance and professional services revenue was $16.8 million, up 5% compared with the fourth quarter of 2020.
 
Gross Profit:
•          GAAP gross profit was $29.7 million, or 83% of total revenue, compared to $25.6 million in the fourth quarter of 2020, or 83% of total revenue.
•          Non-GAAP gross profit was $30.1 million, or 84% of total revenue, compared to $26.1 million in the fourth quarter of 2020, or 84% of total revenue.
 
Operating Income (Loss):
•          GAAP operating loss was $3.1 million, compared to operating loss of $3.5 million in the fourth quarter of 2020.
•          Non-GAAP operating income was $0.1 million, compared to non-GAAP operating income of $0.4 million in the fourth quarter of 2020.
 
Net Loss:
•          GAAP net loss was $4.0 million, or a loss of $0.11 per diluted share, compared to a GAAP net loss of $4.4 million, or $0.12 per diluted share, in the fourth quarter of 2020. 
•          Non-GAAP net loss was $1.6 million, or a loss of $0.04 per diluted share, compared to non-GAAP net loss of $1.0 million, or $0.03 per diluted share, in the fourth quarter of 2020.


Financial Highlights for the Full Year Ended December 31, 2021
 
Revenue:
 
•       Total revenue was $110.9 million, up 10% compared with 2020.
•       Product revenue was $46.6 million, up 20% compared with 2020.
•       Maintenance and professional services revenue was $64.4 million, up 4% compared with 2020.
 
Gross Profit:
 
•       GAAP gross profit was $87.8 million, or 79% of total revenue, compared to $80.6 million in 2020, or 80% of total revenue.
 
•       Non-GAAP gross profit was $89.6 million, or 81% of total revenue, compared to $82.6 million in 2020, or 82% of total revenue.
 
Operating Loss:
•      GAAP operating loss was $36.3 million, compared to operating loss of $33.9 million in 2020. 
•      Non-GAAP operating loss was $22.4 million, compared to non-GAAP operating loss of $18.5 million in 2020.
 
 
Net Loss:
•      GAAP net loss was $36.9 million, or a loss of $0.99 per diluted share, compared to GAAP net loss of $35.4 million, or $0.99 per diluted share, in 2020.  
•      Non-GAAP net loss was $25.8 million, or a loss of $0.69 per diluted share, compared to non-GAAP net loss of $20.6 million, or $0.58 per diluted share, in 2020.
 
Balance Sheet and Cash Flow:
•      Cash flow used in operating activities during the twelve months ended December 31, 2021 was $14.2 million, compared to cash flow used in operating activities of $17.4 million during the twelve months ended December 31, 2020.
•      Total cash, cash equivalents, restricted cash and marketable securities as of December 31, 2021 were $89.4 million, compared to $104.0 million as of December 31, 2020.

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, 2021 and 2020. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”



Recent Business Highlights
 
•       Introduced Security Policy Builder App to Marketplace which automates the design of corporate security access policies across the hybrid environment, reducing complexity and time for organizations.
•       Tufin Orchestration Suite Named Best Network Security Solution by the 2021 Tech Ascension Awards.
•       Extended Security Policy Management Leadership to SASE which provides unified visibility and simplified policy management for cloud-enabled organizations.
•       Named Policy Management Solution of the Year by CyberSecurity Breakthrough Awards.
•       Signed largest deal in the past three years.

Business Outlook

Based on information available as of February 10, 2022, Tufin is issuing guidance as indicated below:

First Quarter 2022:
 
 
•       Total revenue between $23.0 and $27.0 million.
 
•       Non-GAAP operating loss between $11.5 and $8.1 million.

Full Year 2022:
 
 
•       Total revenue between $123.0 and $129.0 million.
 
•       Non-GAAP operating loss between $28.9 and $23.8 million.
 
Conference Call Information

In conjunction with this announcement, the Company will host a conference call today, February 10, 2022, at 8:00 a.m. Eastern Time. To participate in the call, please dial 877-407-2988 in the U.S. or 201-389-0923 for international participants and enter Conference ID# 13726295. The call will also be webcast live on Tufin’s Investor Relations website at investors.tufin.com.
 
Following the conference call, an archive of the webcast will be available on the investor relations section of the Company website three hours after the live call ends.
 
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 and one-time expenses associated with the reorganization of one of our subsidiaries.
 
We define non-GAAP net income (loss) as net income (loss) excluding share-based compensation expense, shelf registration costs and one-time expenses associated with the reorganization of one of our subsidiaries 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 and one-time expenses associated with the reorganization of one of our subsidiaries allow 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 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 the novel coronavirus (“COVID-19”) on the budgets of our clients and on economic conditions generally; successful management of our business model, as well as current and future growth, particularly with respect to our plans to transition to a subscription-based business model over time; political conditions and economic downturns, particularly in the areas where we operate; compliance, managerial and regulatory risks associated with international sales and operations; our expectation that policy-centric, automated solutions will garner a growing share of enterprise security spending; our expectations for growth in certain key verticals and geographic regions and our intention to expand internationally; our ability to maintain effective internal controls over financial reporting; our expectations concerning seasonality and the predictability of our sales cycle; our expectations regarding customer relationships developed by our hybrid sales model; our expectations regarding customer relationships, including our ability to acquire new customers or sell additional products and services to existing customers; competition from a wide variety of competitive vendors; our ability to compete and increase positive market awareness of our brand; our ability to align future and past performance by generating sufficient revenue; the compatibility of our offerings with the existing technologies of our customers; plans to deploy additional cloud-based subscription products over time; reliance on certain products and customers to generate large portions of our revenue, as well as reliance on a single third-party manufacture to fulfill certain orders; our intention to make further investments in our products, including the Tufin Orchestration Suite; our expectations regarding sales of our newest business product, SecureCloud, as well as sales driven by channel partners and technology alliance partners through joint selling efforts; out dependence on a single manufacturer to fulfill certain software license orders; the effect of cybersecurity threats or attacks on our technologies, products or services; real or perceived shortcomings, defects or vulnerabilities in our solutions or internal network system; compliance with laws, regulations and requirements in the jurisdictions where we operate; expectations regarding the outcome of current litigation; ability to protect and defend our intellectual property rights; effectively managing, investing in, growing and maintaining key personnel; growth in the enterprise security and network management product markets; volatility of our share price and trading market activity; impact of being incorporated and located in Israel; expectations regarding our tax classifications; 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,
 
 
 
2020
   
2021
 
Assets
           
CURRENT ASSETS:
           
Cash and cash equivalents
   
58,449
     
44,439
 
                 
Marketable Securities - short term
   
19,586
     
18,177
 
Accounts receivable (net of allowance for credit losses of $85 on December 31, 2020 and December 31, 2021)
   
16,674
     
19,156
 
Prepaid expenses and other current assets
   
7,159
     
8,765
 
Total current assets
   
101,868
     
90,537
 
NON-CURRENT ASSETS:
               
Long-term restricted bank deposits
   
3,268
     
3,251
 
Marketable Securities - long term
   
22,705
     
23,514
 
Property and equipment, net
   
4,502
     
5,007
 
Operating lease assets
   
18,802
     
16,457
 
Deferred costs
   
6,348
     
8,728
 
Deferred tax assets
   
1,346
     
2,533
 
Other non-current assets
   
1,512
     
1,366
 
Total non-current assets
   
58,483
     
60,856
 
Total assets
   
160,351
     
151,393
 
 


TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
(Unaudited)

 
 
December 31,
   
December 31,
 
 
 
2020
   
2021
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
           
CURRENT LIABILITIES:
           
Accounts payable
   
4,147
     
5,191
 
Employee and payroll accrued expenses
   
17,985
     
21,123
 
Other accounts payable
   
578
     
677
 
Operating lease liabilities – current
   
3,185
     
3,437
 
Deferred revenues
   
24,940
     
28,386
 
Total current liabilities
   
50,835
     
58,814
 
NON-CURRENT LIABILITIES:
               
Long-term deferred revenues
   
12,815
     
18,740
 
Non-current operating lease liabilities
   
20,240
     
17,837
 
Other non-current liabilities
   
1,282
     
1,681
 
Total non-current liabilities
   
34,337
     
38,258
 
Total liabilities
   
85,172
     
97,072
 
COMMITMENTS AND CONTINGENCIES
               
                 
SHAREHOLDERS’ EQUITY:
               
Ordinary shares of NIS 0.015 par value; 150,000,000 shares authorized at December 31, 2020 and December 31, 2021; 35,972,470 and 37,851,120 shares issued and outstanding at December 31, 2020 and December 31, 2021;
   
148
     
157
 
Additional paid-in capital
   
178,864
     
195,041
 
Accumulated other comprehensive income (loss)
   
5
     
(113
)
Accumulated deficit
   
(103,838
)
   
(140,764
)
TOTAL SHAREHOLDERS’ EQUITY
   
75,179
     
54,321
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
160,351
     
151,393
 
 



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,
 
 
 
2020
   
2021
   
2020
   
2021
 
Revenues:
                       
Product
   
14,985
     
19,081
     
38,690
     
46,593
 
Maintenance and professional services
   
15,967
     
16,755
     
62,144
     
64,356
 
Total revenues
   
30,952
     
35,836
     
100,834
     
110,949
 
Cost of revenues:
                               
Product
   
1,204
     
1,116
     
2,940
     
3,291
 
Maintenance and professional services
   
4,150
     
4,984
     
17,307
     
19,821
 
Total cost of revenues
   
5,354
     
6,100
     
20,247
     
23,112
 
Gross profit
   
25,598
     
29,736
     
80,587
     
87,837
 
Operating expenses:
                               
Research and development
   
8,696
     
9,856
     
34,978
     
39,584
 
Sales and marketing
   
15,031
     
16,691
     
59,484
     
60,378
 
General and administrative
   
5,332
     
6,291
     
20,050
     
24,204
 
Total operating expenses
   
29,059
     
32,838
     
114,512
     
124,166
 
Operating loss
   
(3,461
)
   
(3,102
)
   
(33,925
)
   
(36,329
)
Financial income (expense), net
   
(562
)
   
(478
)
   
114
     
(1,104
)
Loss before taxes on income
   
(4,023
)
   
(3,580
)
   
(33,811
)
   
(37,433
)
Taxes on income
   
(379
)
   
(452
)
   
(1,595
)
   
507
 
Net loss
   
(4,402
)
   
(4,032
)
   
(35,406
)
   
(36,926
)
Basic and diluted net loss per ordinary share
   
(0.12
)
   
(0.11
)
   
(0.99
)
   
(0.99
)
Weighted average number of shares used in computing net loss per ordinary share- basic and diluted
   
35,833
     
37,807
     
35,674
     
37,180
 




Share-based Compensation Expense:
           
 
 
Three Months Ended
   
Year Ended
 
 
 
December 31,
   
December 31,
   
December 31,
   
December 31,
 
 
 
2020
   
2021
   
2020
   
2021
 
Cost of revenues
   
488
     
358
     
2,024
     
1,812
 
Research and development
   
1,010
     
659
     
4,437
     
3,867
 
Sales and marketing
   
1,308
     
1,035
     
4,635
     
3,772
 
General and administrative
   
1,035
     
1,130
     
3,929
     
4,445
 
Total share-based compensation expense
   
3,841
     
3,182
     
15,025
     
13,896
 



TUFIN SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
(Unaudited)

 
 
Year Ended
 
 
 
December 31,
 
 
 
2020
   
2021
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net loss
   
(35,406
)
   
(36,926
)
Adjustment to reconcile net loss to net cash used in operating activities:
               
Depreciation
   
1,523
     
1,904
 
Share-based compensation
   
15,025
     
13,896
 
Amortization of premium and accretion of discount on marketable securities, net
   
95
     
308
 
Exchange rate differences on cash, cash equivalents and restricted cash
   
(1,146
)
   
179
 
                 
Change in operating assets and liabilities items:
               
Accounts receivable, net
   
(452
)
   
(2,482
)
Prepaid expenses and other current assets
   
(2,640
)
   
(2,174
)
Deferred costs
   
(665
)
   
(2,344
)
Deferred taxes
   
313
     
(1,187
)
Other non-current assets
   
62
     
146
 
Accounts payable
   
(247
)
   
1,044
 
Employee and payroll accrued expenses
   
3,275
     
3,627
 
Other accounts payable and non-current liabilities
   
(416
)
   
202
 
Net change in operating lease accounts
   
1,048
     
194
 
Deferred revenues
   
2,192
     
9,371
 
Net cash used in operating activities
   
(17,439
)
   
(14,242
)
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Purchase of fixed assets
   
(2,070
)
   
(1,678
)
Investment in marketable securities
   
(44,381
)
   
(29,227
)
Proceeds from maturities of marketable securities
   
2,069
     
29,414
 
                 
Net cash used in investing activities
   
(44,382
)
   
(1,491
)
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from exercise of stock options
   
1,376
     
2,374
 
Changes in proceeds from withholdings related to stock plans
   
(713
)
   
(489
)
                 
Net cash provided by financing activities
   
663
     
1,885
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
   
1,146
     
(179
)
 
               
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
   
(60,012
)
   
(14,027
)
 
               
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR
   
121,729
     
61,717
 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR
   
61,717
     
47,690
 




Reconciliation of Gross Profit to Non-GAAP Gross Profit:
           
             
 
 
Three Months Ended
   
Year Ended
 
 
 
December 31,
   
December 31,
   
December 31,
   
December 31,
 
 
 
2020
   
2021
   
2020
   
2021
 
 Gross profit
   
25,598
     
29,736
     
80,587
     
87,837
 
 Plus:
                               
 Share-based compensation
   
488
     
358
     
2,024
     
1,812
 
 Non-GAAP gross profit
   
26,086
     
30,094
     
82,611
     
89,649
 

Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss):
           
 
 
Three Months Ended
   
Year Ended
 
 
 
December 31,
   
December 31,
   
December 31,
   
December 31,
 
 
 
2020
   
2021
   
2020
   
2021
 
 Operating loss
   
(3,461
)
   
(3,102
)
   
(33,925
)
   
(36,329
)
 Plus:
                               
 Share-based compensation
   
3,841
     
3,182
     
15,025
     
13,896
 
 Shelf registration costs
   
-
     
-
     
126
     
-
 
 One-time reorganization charges
   
-
     
-
     
322
     
-
 
     
-
     
-
     
-
     
-
 
 Non-GAAP Operating income (loss)
   
380
     
80
     
(18,452
)
   
(22,433
)

Reconciliation of Net Loss to Non-GAAP Net Loss:
           
 
 
Three Months Ended
   
Year Ended
 
 
 
December 31,
   
December 31,
   
December 31,
   
December 31,
 
 
 
2020
   
2021
   
2020
   
2021
 
 Net loss
   
(4,402
)
   
(4,032
)
   
(35,406
)
   
(36,926
)
 Plus:
                               
 Share-based compensation
   
3,841
     
3,182
     
15,025
     
13,896
 
 Shelf registration costs
   
-
     
-
     
126
     
-
 
 One-time reorganization charges
   
-
     
-
     
322
     
-
 
 Taxes on income related to non-GAAP adjustments
   
(416
)
   
(713
)
   
(701
)
   
(2,790
)
 Non-GAAP Net loss
   
(977
)
   
(1,563
)
   
(20,634
)
   
(25,820
)
                                 
Non-GAAP net loss per share - basic and diluted 
   
(0.03
)
   
(0.04
)
   
(0.58
)
   
(0.69
)
                                 
Weighted average number of shares – basic and diluted 
   
35,833
     
37,807
     
35,674
     
37,180