Tintri,
Inc., a leading enabler of enterprise cloud, today
reported results for its second quarter fiscal 2018 ended July 31, 2017.
"While
the company's revenue came in at the low end of our expectations, we
delivered stronger than projected profitability and cash flow
improvements," said Ken Klein, Chairman and CEO at Tintri. "We remain
confident in our competitive position and in the strength of our value
proposition. In the quarter we received the largest order in the
company's history and added new enterprise logos. Additionally, we
experienced continued momentum in our land-and-expand strategy with more
purchases from current customers. We enter the second half of our
fiscal year having just announced a new all-flash platform and
additional software offerings-these further enhance our differentiation
and better enable our customers to transition to the enterprise cloud."
Q2 Key Quarterly Business and Financial Highlights
- Quarterly revenue: $34.9 million, up 27% year-over-year.
- Net
Loss per Share Attributable to Common Stockholders: ($2.05) per share
GAAP, improved from ($7.53) per share in the year-ago quarter; and
($0.91) per share non-GAAP, improved from ($1.03) per share in the
year-ago quarter.
- Cash
and cash equivalents, and short-term investments: $80.6 million as of
July 31, 2017, compared to $48.0 million as of January 31, 2017.
- New customers: added new enterprise and CSP customers, increasing total customer count to over 1,400.
- Launched
new enterprise cloud offerings: Tintri EC6000 all-flash storage
platform, Tintri Cloud Connector for integration to Amazon Web Services
and IBM Cloud Object Storage, and advancements to machine
learning-powered Tintri Analytics.
- Announced integration with Cisco UCS Director.
Second Quarter Fiscal 2018 Financial Highlights
The
following tables summarize our consolidated financial results for the
fiscal quarters ended July 31, 2017 and 2016 ($ and share count in
millions except per share amounts, unaudited):
|
GAAP Quarterly Financial Information |
| | | | Three Months Ended July 31, 2017 | | | Three Months Ended July 31, 2016 | | | Year-over-Year Change |
Revenue | | | | $34.9 | | | $27.6 | | | 27% |
Gross Profit | | | | $19.7 | | | $17.8 | | | $1.9 |
Gross Margin | | | | 56.5% | | | 64.7% | | | (8.2 ppts) |
Operating Loss | | | | ($49.1) | | | ($24.5) | | | ($24.6) |
Operating Margin | | | | (141.0%) | | | (89.0%) | | | (52.0 ppts) |
Net Loss | | | | ($51.7) | | | ($25.7) | | | ($26.0) |
Net Loss Attributable to Common Stockholders | | | | ($25.3) | | | ($25.7) | | | $0.4 |
Net Loss per Share Attributable to Common Stockholders | | | | ($2.05) | | | ($7.53) | | | $5.48 |
Weighted-Average Shares (Basic and Diluted) | | | | 12.3 | | | 3.4 | | | 8.9 |
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Non-GAAP Quarterly Financial Information |
| | | | Three Months Ended July 31, 2017 | | | Three Months Ended July 31, 2016 | | | Year-over-Year Change |
Gross Margin | | | | 60.1% | | | 65.3% | | | (5.2 ppts) |
Operating Loss | | | | ($24.9) | | | ($20.9) | | | ($4.0) |
Operating Margin | | | | (71.4%) | | | (75.8%) | | | 4.4 ppts |
Net Loss | | | | ($27.4) | | | ($22.0) | | | ($5.4) |
Net Loss per Share | | | | ($0.91) | | | ($1.03) | | | $0.12 |
Weighted-Average Shares (Basic and Diluted) | | | | 30.2 | | | 21.4 | | | 8.8 |
Free Cash Flow | | | | ($23.9) | | | ($21.8) | | | ($2.1) |
Free Cash Flow % of Revenue | | | | (68.4%) | | | (79.0%) | | | 10.6 ppts |
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A reconciliation between GAAP and non-GAAP information is provided at the end of this release.
Third Quarter Fiscal 2018 Financial Outlook
As we look ahead, we are providing the following outlook for the quarter ending October 31, 2017. We expect:
- Revenue in the range of $36 to $37 million;
- Non-GAAP loss per share in the range of ($0.77) to ($0.81), using 31.2 million weighted-average shares outstanding.
All
forward-looking non-GAAP financial measures contained in this section
titled "Third Quarter Fiscal 2018 Financial Outlook" exclude stock-based
compensation expense, payroll tax expense related to stock-based
activities, and, as applicable, other special items. We have not
reconciled guidance for non-GAAP loss per share to its most directly
comparable GAAP measure because the items that have been excluded are
uncertain and cannot be reasonably predicted. Accordingly, a
reconciliation of the non-GAAP financial measure guidance to the
corresponding GAAP measures is not available without unreasonable
effort.