SAN JOSE, Calif., March 7, 2017 /PRNewswire/ --
- Q4FY2017 Revenue growth accelerates; up 30%
year-over-year
- Continued strong All Flash array momentum; AFA total
bookings increase 67% sequentially from Q3FY2017 to an annualized
run-rate of over $160M
- Over 750 new customers added in Q4; installed base now
exceeds 10,200 customers
- Nimble Cloud Volumes, announced in February as the only
enterprise-grade multicloud block storage service for Amazon
Web Services (AWS) and Microsoft Azure
Nimble Storage (NYSE: NMBL), the leader in predictive cloud
infrastructure, today reported financial results for the fiscal
fourth quarter and fiscal year 2017.
Recent Acquisition Announcement
In light of the recently announced pending acquisition by
Hewlett Packard Enterprise, Nimble Storage will not hold a
conference call to discuss these financial results and will not
provide Q1FY18 guidance.
Fourth Quarter Fiscal 2017 Key Financial Results:
- Total revenue increased 30% to $117.0
million, up from $90.1 million
in the fourth quarter of fiscal 2016. Excluding fluctuations
in foreign currency, revenue would have been $118.7 million representing a 32% increase over
the fourth quarter of fiscal 2016.
- GAAP gross margin was 63.5% compared to 64.4% in the fourth
quarter of fiscal 2016. Non-GAAP gross margin was 65.8% compared to
66.4% in the fourth quarter of fiscal 2016.
- GAAP operating loss was $36.1
million, compared to a loss of $31.9
million in the fourth quarter of fiscal 2016. Non-GAAP
operating loss was $10.6 million,
compared to a loss of $9.4 million in
the fourth quarter of fiscal 2016.
- GAAP operating margin was negative 31%, compared to negative
35% in the fourth quarter of fiscal 2016. Non-GAAP operating
margin was negative 9%, compared to negative 10% in the fourth
quarter of fiscal 2016.
- GAAP net loss was $36.4 million,
or $0.41 per basic and diluted share,
compared with a net loss in the fourth quarter of fiscal 2016 of
$32.4 million, or $0.40 per basic and diluted share. Non-GAAP
net loss was $10.9 million, or
$0.12 per basic and diluted share,
compared with a net loss of $9.9
million in the fourth quarter of fiscal 2016, or
$0.12 per basic and diluted share.
Fiscal Year 2017 Key Financial Results:
- Total revenue was $402.6 million,
compared to $322.2 million in fiscal
2016, representing growth of 25% year-over-year. GAAP gross margin
was 63.8% compared to 65.0% in fiscal 2016. Non-GAAP gross
margin was 66.1% compared to 67.1% in fiscal 2016.
- GAAP operating loss was $156.6
million, compared to a loss of $118.6
million in fiscal 2016. Non-GAAP operating loss was
$61.1 million compared to a loss of
$35.3 million in fiscal 2016.
- GAAP operating margin was negative 39% compared to negative 37%
in fiscal 2016. Non-GAAP operating margin was negative 15%
compared to negative 11% in fiscal 2016.
- GAAP net loss was $158.3 million,
or $1.85 per basic and diluted share,
compared with a net loss in fiscal 2016 of $120.1 million, or $1.52 per basic and diluted share. Non-GAAP net
loss was $62.8 million, or
$0.73 per basic and diluted share,
compared with a net loss of $36.8
million in fiscal 2016, or $0.47 per basic and diluted share.
In computing non-GAAP financial measures, the effects of
stock-based compensation, which is a recurring non-cash expense for
the company, are excluded. The company has provided a
reconciliation below of non-GAAP financial measures to the most
directly comparable GAAP financial measures.
Business Highlights
- Introduced Nimble Cloud Volumes, the First Multicloud
Storage Service. Nimble Cloud Volumes is the only
enterprise-grade multicloud block storage service for running
applications in Amazon Web Services (AWS) and Microsoft Azure. This
service, announced in February, will enable the next wave of
applications – traditional transactional workloads – to be moved to
the cloud with enterprise-grade availability and data
services.
- Achieved Six-Nines Availability Powered by InfoSight
Predictive Analytics. This is a new standard for uptime in
the infrastructure industry. This level of availability translates
to an impact of fewer than 25 seconds annually, empowering IT staff
to focus on business priorities instead of routine maintenance with
an infrastructure that gets smarter every single day.
- Nimble All Flash Arrays Awarded the 2016 Product of the Year
Award by Storage Magazine/ SearchStorage.com. The
AF-Series All Flash arrays won the Gold award and were named as the
All-Flash Systems Product of the Year. The CS-Series Adaptive Flash
arrays were also recognized with the Silver award in the Disk and
Hybrid Systems category.
- InfoSight Wins 2016 Technology Leadership Award from Ventana
Research in IT Analytics. Nimble Storage end user Flexi-Van
Leasing was recognized for its use of InfoSight. The Ventana
Research award identifies businesses and IT leaders who are using
technologies and applying best practices to create the best
possible outcomes in productivity, performance and support of an
organization's goals and objectives.
- Bob Kelly Appointed to Nimble Storage Board of
Directors. Mr. Kelly serves as a member of the nominating and
corporate governance committee. Mr. Kelly is a General Partner at
Ignition Partners. He most recently served as the Corporate Vice
President of Merger & Acquisition Strategy and Business
Development for the Cloud and Enterprise Division at Microsoft
Corporation.
- Vice President of Worldwide Channels Named a 2017 CRN
Channel Chief. Leonard Iventosch
was recognized on this annual list that represents top leaders in
the IT channel who excel at driving growth and revenue in their
organizations through channel partners.
Non-GAAP Financial Measures
To provide investors with additional information regarding our
financial results, Nimble Storage has disclosed in this release and
the accompanying tables non-GAAP financial measures that are not
calculated in accordance with generally accepted accounting
principles in the United States,
or GAAP. The company provides non-GAAP gross margin, non-GAAP
operating loss, non-GAAP operating margin, non-GAAP net loss, and
non-GAAP net loss per share. In computing these non-GAAP financial
measures, the company excludes the effects of stock-based
compensation, which is a recurring non-cash expense for the
company. The company has provided reconciliation below of non-GAAP
financial measures to the most directly comparable GAAP financial
measures.
The company discloses these non-GAAP financial measures because
they are key measures used by the company's management and board of
directors to understand and evaluate operating performance and
trends, to prepare and approve the annual budget and to develop
short-term and long-term operational and compensation plans. In
particular, the exclusion of certain expenses in calculating
non-GAAP financial measures can provide a useful measure for
period-to-period comparisons of the company's business.
Accordingly, the company believes that these non-GAAP financial
measures provide useful information to investors and others in
understanding and evaluating the company's operating results in the
same manner as the company's management and board of directors.
Non-GAAP financial measures have limitations as analytical tools
and, as such, should not be considered in isolation or as
substitutes for analysis of the company's results as reported under
GAAP. Some of these limitations are:
- Non-GAAP financial measures do not consider the potentially
dilutive impact of equity-based compensation, which is an ongoing
expense for the company; and
- Other companies, including companies in our industry, may
calculate non-GAAP financial measures differently, which reduces
their usefulness as comparative measures.
Nimble Storage Resources
- Nimble Storage Website
- Case Studies and Videos
- Follow Nimble Storage on Twitter: @NimbleStorage
- Follow Nimble Storage on LinkedIn
- Visit Nimble Storage on Facebook
- Visit the NimbleConnect Community
About Nimble Storage
Nimble Storage (NYSE: NMBL) is
the leader in predictive cloud infrastructure. Its Predictive Cloud
Platform gives users fast, reliable access to data. By combining
predictive analytics with flash storage, IT teams radically
simplify operations in their data center and in the cloud. Over
10,000 customers rely on Nimble to power their businesses. Find out
more at www.nimblestorage.com (NYSE:NMBL) and follow us on Twitter:
@NimbleStorage.
Nimble Storage, the Nimble Storage logo, Nimble Cloud
Volumes, Predictive Cloud Platform, CASL, InfoSight, SmartStack and
NimbleConnect are trademarks or registered trademarks of Nimble
Storage. Other trade names or words used in this document are the
properties of their respective owners.
Press Contact:
Kristalle
Cooks
408-514-3313
Kristalle@nimblestorage.com
Investor Relations Contact:
John Nunziati
408-514-3399
IR@nimblestorage.com
|
Nimble
Storage, Inc.
|
|
|
|
|
|
|
|
Preliminary
Consolidated Statements of Operations
|
|
|
|
|
|
(In
thousands, except per share amounts)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
January
31,
|
|
January
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
|
$
94,814
|
|
$
73,083
|
|
$
322,114
|
|
$
265,602
|
|
Support and
service
|
22,214
|
|
17,008
|
|
80,483
|
|
56,613
|
|
Total
revenue
|
117,028
|
|
90,091
|
|
402,597
|
|
322,215
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Product
(1)
|
32,870
|
|
24,866
|
|
110,651
|
|
86,506
|
|
Support and
service (1)
|
9,832
|
|
7,175
|
|
35,002
|
|
26,129
|
|
Total cost of
revenue
|
42,702
|
|
32,041
|
|
145,653
|
|
112,635
|
|
Total gross
profit
|
74,326
|
|
58,050
|
|
256,944
|
|
209,580
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development (1)
|
31,744
|
|
24,806
|
|
116,222
|
|
93,990
|
|
Sales and
marketing (1)
|
67,853
|
|
55,823
|
|
254,919
|
|
197,979
|
|
General and
administrative (1)
|
10,813
|
|
9,288
|
|
42,420
|
|
36,247
|
|
Total operating
expenses
|
110,410
|
|
89,917
|
|
413,561
|
|
328,216
|
|
Loss from
operations
|
(36,084)
|
|
(31,867)
|
|
(156,617)
|
|
(118,636)
|
|
Interest
income, net
|
78
|
|
45
|
|
274
|
|
240
|
|
Other expense,
net
|
(30)
|
|
(312)
|
|
(629)
|
|
(656)
|
|
Loss before
provision for income taxes
|
(36,036)
|
|
(32,134)
|
|
(156,972)
|
|
(119,052)
|
|
Provision for
income taxes
|
375
|
|
266
|
|
1,343
|
|
1,017
|
|
Net
loss
|
$
(36,411)
|
|
$
(32,400)
|
|
$
(158,315)
|
|
$
(120,069)
|
|
Net loss per
share, basic and diluted
|
$
(0.41)
|
|
$
(0.40)
|
|
$
(1.85)
|
|
$
(1.52)
|
|
Weighted-average shares used to compute net
loss per share, basic and diluted
|
88,145
|
|
81,175
|
|
85,541
|
|
78,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
$
813
|
|
$
502
|
|
$
2,860
|
|
$
1,972
|
|
Cost of support
and service revenue
|
1,843
|
|
1,256
|
|
6,394
|
|
4,743
|
|
Research and
development
|
8,807
|
|
6,302
|
|
30,027
|
|
23,259
|
|
Sales and
marketing
|
9,672
|
|
11,016
|
|
39,636
|
|
39,648
|
|
General and
administrative
|
4,398
|
|
3,392
|
|
16,625
|
|
13,682
|
|
Total
stock-based compensation expense
|
$
25,533
|
|
$
22,468
|
|
$
95,542
|
|
$
83,304
|
|
Nimble
Storage, Inc.
|
|
|
|
Preliminary
Consolidated Balance Sheets
|
|
|
(In
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
January
31,
|
|
January
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
184,814
|
|
$
211,160
|
|
Restricted
cash, current
|
|
409
|
|
793
|
|
Accounts
receivable, net
|
|
64,336
|
|
50,432
|
|
Inventories
|
|
21,944
|
|
15,994
|
|
Prepaid
expenses and other current assets
|
|
8,540
|
|
5,212
|
|
Total current
assets
|
|
280,043
|
|
283,591
|
|
Property and
equipment, net
|
|
51,258
|
|
47,404
|
|
Intangible
assets, net
|
|
1,007
|
|
-
|
|
Other long-term
assets
|
|
712
|
|
754
|
|
Total
assets
|
|
$
333,020
|
|
$
331,749
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
33,008
|
|
$
24,330
|
|
Accrued
compensation and benefits
|
|
28,914
|
|
19,325
|
|
Deferred
revenue, current portion
|
|
71,121
|
|
54,580
|
|
Other current
liabilities
|
|
12,724
|
|
8,933
|
|
Total current
liabilities
|
|
145,767
|
|
107,168
|
|
Deferred
revenue, non-current portion
|
|
72,943
|
|
60,265
|
|
Other long-term
liabilities
|
|
7,280
|
|
8,708
|
|
Total
liabilities
|
|
225,990
|
|
176,141
|
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock
|
|
79
|
|
75
|
|
Additional
paid-in capital
|
|
586,111
|
|
476,271
|
|
Accumulated
other comprehensive loss
|
|
(838)
|
|
(731)
|
|
Accumulated
deficit
|
|
(478,322)
|
|
(320,007)
|
|
Total
stockholders' equity
|
|
107,030
|
|
155,608
|
|
Total
liabilities and stockholders' equity
|
$
333,020
|
|
$
331,749
|
|
Nimble
Storage, Inc.
|
|
|
|
|
|
Preliminary
Consolidated Statements of Cash Flows
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
January
31,
|
|
January
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(36,411)
|
|
$
(32,400)
|
|
$
(158,315)
|
|
$
(120,069)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,121
|
|
4,613
|
|
22,596
|
|
15,598
|
|
Stock-based
compensation expense
|
|
25,533
|
|
22,468
|
|
95,542
|
|
83,304
|
|
Loss on disposal of
property and equipment
|
|
55
|
|
22
|
|
145
|
|
182
|
|
Provision
(recoveries) for allowance for doubtful accounts
|
|
6
|
|
(56)
|
|
3
|
|
25
|
|
Provision for excess
and obsolete inventories
|
|
226
|
|
77
|
|
635
|
|
157
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(5,085)
|
|
(5,858)
|
|
(13,907)
|
|
(15,186)
|
|
Inventories
|
|
(2,364)
|
|
(1,350)
|
|
(9,018)
|
|
(3,930)
|
|
Prepaid expenses and
other assets
|
|
(756)
|
|
392
|
|
(3,611)
|
|
(663)
|
|
Short term restricted
cash
|
|
(329)
|
|
(793)
|
|
464
|
|
(793)
|
|
Accounts
payable
|
|
(82)
|
|
1,537
|
|
8,890
|
|
7,661
|
|
Deferred
revenue
|
|
10,336
|
|
9,396
|
|
29,219
|
|
40,399
|
|
Accrued and other
liabilities
|
|
10,831
|
|
4,242
|
|
11,761
|
|
(930)
|
|
Net cash provided by
(used in) operating activities
|
|
8,081
|
|
2,290
|
|
(15,596)
|
|
5,755
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(5,461)
|
|
(6,392)
|
|
(23,928)
|
|
(29,423)
|
|
Purchase of
intangible asset
|
|
-
|
|
-
|
|
(938)
|
|
-
|
|
Change in restricted
cash
|
|
-
|
|
3,904
|
|
(6)
|
|
3,909
|
|
Net cash used in
investing activities
|
|
(5,461)
|
|
(2,488)
|
|
(24,872)
|
|
(25,514)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options, net of repurchases
|
|
1,372
|
|
1,658
|
|
4,097
|
|
8,146
|
|
Proceeds from
issuance of stock under employee stock purchase plan
|
-
|
|
-
|
|
10,131
|
|
14,321
|
|
Excess tax benefit
from employee stock plans
|
|
-
|
|
325
|
|
-
|
|
551
|
|
Net cash provided by
financing activities
|
|
1,372
|
|
1,983
|
|
14,228
|
|
23,018
|
|
Foreign exchange
impact on cash and cash equivalents
|
|
83
|
|
(337)
|
|
(106)
|
|
(493)
|
|
Net increase
(decrease) in cash and cash equivalents
|
4,075
|
|
1,448
|
|
(26,346)
|
|
2,766
|
|
Cash and cash
equivalents, beginning of period
|
|
180,739
|
|
209,712
|
|
211,160
|
|
208,394
|
|
Cash and cash
equivalents, end of period
|
|
$
184,814
|
|
$
211,160
|
|
$
184,814
|
|
$
211,160
|
|
Nimble
Storage, Inc.
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
|
|
|
(In
thousands, except percentages and per share
amounts)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
|
January 31,
2017
|
|
January 31,
2016
|
|
January 31,
2017
|
|
January 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
117,028
|
|
$
90,091
|
|
$
402,597
|
|
$
322,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
$
74,326
|
|
$
58,050
|
|
$
256,944
|
|
$
209,580
|
|
Stock-based
compensation
|
2,656
|
|
1,758
|
|
9,254
|
|
6,715
|
|
Non-GAAP
gross margin
|
$
76,982
|
|
$
59,808
|
|
$
266,198
|
|
$
216,295
|
|
GAAP gross
margin %
|
63.5%
|
|
64.4%
|
|
63.8%
|
|
65.0%
|
|
Stock-based
compensation %
|
2.3%
|
|
2.0%
|
|
2.3%
|
|
2.1%
|
|
Non-GAAP
gross margin %
|
65.8%
|
|
66.4%
|
|
66.1%
|
|
67.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
$
(36,084)
|
|
$
(31,867)
|
|
$
(156,617)
|
|
$
(118,636)
|
|
Stock-based
compensation
|
25,533
|
|
22,468
|
|
95,542
|
|
83,304
|
|
Non-GAAP
operating margin
|
$
(10,551)
|
|
$
(9,399)
|
|
$
(61,075)
|
|
$
(35,332)
|
|
GAAP operating
margin %
|
-31%
|
|
-35%
|
|
-39%
|
|
-37%
|
|
Stock-based
compensation %
|
22%
|
|
25%
|
|
24%
|
|
26%
|
|
Non-GAAP
operating margin %
|
-9%
|
|
-10%
|
|
-15%
|
|
-11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
(36,411)
|
|
$
(32,400)
|
|
$
(158,315)
|
|
$
(120,069)
|
|
Stock-based
compensation
|
25,533
|
|
22,468
|
|
95,542
|
|
83,304
|
|
Non-GAAP net
loss
|
$
(10,878)
|
|
$
(9,932)
|
|
$
(62,773)
|
|
$
(36,765)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
per share, basic and diluted
|
$
(0.41)
|
|
$
(0.40)
|
|
$
(1.85)
|
|
$
(1.52)
|
|
Stock-based
compensation
|
0.29
|
|
0.28
|
|
1.12
|
|
1.05
|
|
Non-GAAP net
loss per share
|
$
(0.12)
|
|
$
(0.12)
|
|
$
(0.73)
|
|
$
(0.47)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
to compute GAAP and Non-GAAP net loss per
share
|
88,145
|
|
81,175
|
|
85,541
|
|
78,932
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nimble-storage-announces-financial-results-for-fourth-quarter-and-fiscal-year-2017-300419020.html
SOURCE Nimble Storage