Zix Corporation / Estimates

Fiscal Year	Revenue	Net income	Net margin	Free cash flow	FCF margin
2020	€188.23M +26.0%	-€5.54M -56.1%	-2.9% +0.055 pp	€42.47M +92.5%	22.6% +0.078 pp
2019	€149.42M +146.1%	-€12.62M -194.8%	-8.4% -0.30 pp	€22.06M +22.8%	14.8% -0.15 pp
2018	€60.72M +7.3%	€13.31M -291.7%	21.9% +0.34 pp	€17.96M -1.9%	29.6% -0.028 pp
2017	€56.57M +9.2%	-€6.94M -238.0%	-12.3% -0.22 pp	€18.30M +22.2%	32.4% +0.034 pp
2016	€51.82M +9.9%	€5.03M +16.4%	9.7% +0.0054 pp	€14.98M -1.0%	28.9% -0.032 pp
2015	€47.14M +8.7%	€4.32M +22.3%	9.2% +0.010 pp	€15.14M +5.1%	32.1% -0.011 pp
2014	€43.38M +4.6%	€3.53M -60.7%	8.1% -0.14 pp	€14.40M +12.3%	33.2% +0.023 pp
2013	€41.47M +11.0%	€9.01M -5.0%	21.7% -0.037 pp	€12.83M +5.9%	30.9% -0.015 pp
2012	€37.35M +13.7%	€9.48M -51.2%	25.4% -0.34 pp	€12.12M -4.2%	32.4% -0.061 pp
2011	€32.86M +15.4%	€19.43M -45.3%	59.1% -0.66 pp	€12.66M +69.2%	38.5% +0.12 pp
2010	€28.49M +7.9%	€35.51M -1,029.3%	124.6% +1.4 pp	€7.48M +397.8%	26.3% +0.21 pp
2009	€26.41M +9.3%	-€3.82M -18.5%	-14.5% +0.049 pp	€1.50M -47.2%	5.7% -0.061 pp
2008	€24.15M +16.3%	-€4.69M -32.8%	-19.4% +0.14 pp	€2.84M -27,616.7%	11.8% +0.12 pp
2007	€20.78M +31.4%	-€6.98M -58.5%	-33.6% +0.73 pp	-€10.34K -99.9%	-0.0% +0.84 pp
2006	€15.82M +31.5%	-€16.81M -55.3%	-106.3% +2.1 pp	-€13.30M -33.4%	-84.1% +0.82 pp
2005	€12.03M -1.2%	-€37.56M +3.7%	-312.2% -0.15 pp	-€19.96M +19.6%	-165.9% -0.29 pp
2004	€12.17M +141.9%	-€36.22M +52.4%	-297.6% +1.7 pp	-€16.69M +17.2%	-137.1% +1.5 pp
2003	€5.03M +249.3%	-€23.76M -17.5%	-472.2% +15 pp	-€14.24M -12.2%	-283.0% +8.4 pp
2002	€1.44M +427.4%	-€28.81M -41.1%	-1,999.8% +160 pp	-€16.23M -27.2%	-1,126.4% +70 pp
2001	€273.11K -19.5%	-€48.89M +16.1%	-17,900.9% -55 pp	-€22.27M +40.9%	-8,155.5% -35 pp
2000	€339.45K +294.0%	-€42.11M +42.5%	-12,406.3% +220 pp	-€15.81M -732.7%	-4,656.9% -76 pp
1999	€86.15K +0.0%	-€29.55M -230.4%	-34,300.0% -610 pp	€2.50M -68.1%	2,900.0% -62 pp
1998	€86.15K -99.9%	€22.66M -249.4%	26,300.0% +260 pp	€7.84M -750.0%	9,100.0% +91 pp
1997	€101.40M +1.0%	-€15.16M +2,833.3%	-15.0% -0.14 pp	-€1.21M -153.8%	-1.2% -0.034 pp
1996	€100.37M +45.4%	-€516.93K -85.4%	-0.5% +0.046 pp	€2.24M -29.7%	2.2% -0.024 pp
1995	€69.01M +30.2%	-€3.53M -153.2%	-5.1% -0.18 pp	€3.19M -72.0%	4.6% -0.17 pp
1994	€52.99M +3.5%	€6.63M -53.0%	12.5% -0.15 pp	€11.37M -34.0%	21.5% -0.12 pp
1993	€51.18M +48.9%	€14.13M +124.7%	27.6% +0.093 pp	€17.23M +239.0%	33.7% +0.19 pp
1992	€34.38M +113.4%	€6.29M -246.0%	18.3% +0.45 pp	€5.08M +15.7%	14.8% -0.12 pp
1991	€16.11M +26.4%	-€4.31M -28.6%	-26.7% +0.21 pp	€4.39M -164.6%	27.3% +0.81 pp
1990	€12.75M	-€6.03M	-47.3%	-€6.81M	-53.4%