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Nimble Storage Reports Fourth Quarter and Fiscal Year 2014 Financial Results

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SOURCE Nimble Storage

-Company achieves record quarterly revenue of $41.7 million, up 107% year-over-year

-Adds over 500 new end-customers in the fourth quarter, reaching 2,645 total end-customers

SAN JOSE, Calif., Feb. 27, 2014 /PRNewswire/ -- Nimble Storage (NYSE: NMBL), a leading provider of flash-optimized hybrid storage solutions, today reported financial results for the fourth quarter and fiscal year ended January 31, 2014.  The Company has released a discussion of these results by posting the current Shareholder Letter on its website.  Please visit the Nimble Storage investor relations website at http://investors.nimblestorage.com to view the letter.

Fiscal Fourth Quarter 2014 Financial Highlights:

  • Revenues for the fourth quarter of fiscal 2014 were $41.7 million, compared to $20.2 million in the fourth quarter of fiscal 2013, representing growth of 107% year-over-year.
  • Non-GAAP Gross Margins of 67.2% for the fourth quarter of fiscal 2014, compared to 61.8% in the fourth quarter of fiscal 2013.
  • Non-GAAP Operating Margins of negative 20.9% for the fourth quarter of fiscal 2014, compared to negative 45.8% in the fourth quarter of fiscal 2013.
  • GAAP net loss for the fiscal fourth quarter was $13.2 million, or $0.29 per basic and diluted share, compared with a net loss of $10.2 million, or $0.53 per basic and diluted share in the fiscal fourth quarter of 2013.
  • Non-GAAP net loss for the fiscal fourth quarter was $9.1 million, or $0.14 per basic and diluted share, compared with a net loss of $9.3 million, or $0.16 per basic and diluted share in the fiscal fourth quarter of 2013.

Fiscal Year 2014 Financial Highlights:

  • Revenues for fiscal 2014 were $125.7 million, compared to $53.8 million in fiscal 2013, representing growth of 134% year-over-year.
  • Non-GAAP Gross Margins of 65.4% for fiscal 2014, compared to 62.3% in fiscal 2013.
  • Non-GAAP Operating Margins of negative 26.6% for fiscal 2014, compared to negative 46.7% in fiscal 2013.
  • GAAP net loss for fiscal 2014 was $43.1 million, or $1.61 per basic and diluted share, compared with a net loss of $27.9 million, or $1.53 per basic and diluted share in fiscal 2013.
  • Non-GAAP net loss for fiscal 2014 was $34.0 million, or $0.56 per basic and diluted share, compared with a net loss of $25.3 million, or $0.46 per basic and diluted share in fiscal 2013.

"Fiscal 2014 was an exciting year for Nimble Storage.  We completed our IPO and achieved strong year-over-year revenue growth of 134%," said Suresh Vasudevan, chief executive officer, Nimble Storage. "We ended fiscal 2014 with over 2,600 end-customers and over 900 channel partners, while further expanding our customer base of large enterprise companies and service providers.  We view this success and our continued momentum as market validation of our differentiated platform, built on our innovative CASL file system software and InfoSight, our cloud based management software."

Recent Business Highlights:

  • Announced a new Nimble Storage SmartStack converged infrastructure solution that allows enterprises to address the storage performance challenges for desktop and server virtualization workloads in a single converged infrastructure stack.
  • Signed an exclusive master distribution agreement with Toshiba, which will distribute Nimble Storage hybrid arrays through its value-added distributor and reseller partner community in Japan. In addition, Toshiba will provide local language 24x7 on-site support for all Nimble hybrid storage products throughout Japan.
  • Announced that its Nimble Storage CS-Series Arrays have been selected as the Best Hybrid Flash Storage Product by TechTarget's storage magazine Modern Infrastructure Magazine.
  • Raised $176.7 million in net proceeds from its December 12, 2013 initial public offering

Conference Call Information:

As previously announced, Nimble Storage will host a live question & answer conference call and webcast today at 5:00 p.m. ET (2:00 p.m. PT) to discuss its financial results for the fourth quarter and fiscal year ended January 31, 2014.

To access the conference call, dial 877-941-8416, using conference code 4667492. Callers outside the U.S. and Canada should dial 480-629-9808, using conference code 4667492. A replay of the conference call will be available through Thursday, March 6, 2014. To access the replay, please dial 800-406-7325 and enter pass code 4667492. Callers outside the U.S. and Canada should dial 303-590-3030 and enter pass code 4667492. 

The live webcast will be accessible on Nimble Storage's investor relations website at http://investors.nimblestorage.com/ and will be archived and available on this site for 45 days.

Non-GAAP Financial Measures

To provide investors with additional information regarding its financial results, Nimble Storage has disclosed in this release 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 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 expense for the Company.  The Company has provided a 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 the core 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 core 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.

The use of non-GAAP financial measures has limitations as analytical tools, as such, non-GAAP financial measures 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.

Forward Looking Statements

This press release contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management.  We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our business plans and objectives, potential growth opportunities, competitive position, industry environment and potential market opportunities.

Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors including, but not limited to, those related to our future financial performance, market acceptance of our solutions, our ability to increase sales of our solutions, including to attract and retain customers and to selling additional solutions to our existing customers, our ability to develop new solutions and bring them to market in a timely manner, pricing pressure (as a result of competition or otherwise), our ability to maintain, protect and enhance our brand and intellectual property, and our ability to continue to expand our business and manage our growth.  Moreover, we operate in very competitive and rapidly changing environments, and new risks may emerge from time to time.  It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and other factors that could affect our financial results are included in our filings we make with the Securities and Exchange Commission, and may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur.  Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by law.

Nimble Storage Resources

About Nimble Storage
Nimble Storage believes enterprises should not have to compromise on performance, capacity, ease of use, or price. Nimble has developed a hybrid storage architecture engineered from the ground up to seamlessly integrate flash and high-capacity drives. Our customers enjoy fast application performance, enhanced backup and disaster recovery, and stress-free operations-all while lowering their TCO. Nimble Storage solutions are available through a global network of world-class channel partners. For more information, visit www.nimblestorage.com and follow us on Twitter: @nimblestorage.

©Nimble Storage, 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 Contacts:
Kristalle Cooks
650-346-7810
Kristalle@nimblestorage.com

Investor Relations Contact:
Cynthia Hiponia and Alice Kousoum
The Blueshirt Group
408-514-3475
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, 






2014


2013


2014


2013

 Revenue: 












 Product 





$    37,162


$    18,627


$   112,812


$    49,765

 Support and service 




4,558


1,552


12,921


4,075

 Total revenue 




41,720


20,179


125,733


53,840

 Cost of revenue: 











 Product (1) 




11,536


6,409


36,231


17,266

 Support and service (1) 



2,445


1,357


7,980


3,184

 Total cost of revenue 



13,981


7,766


44,211


20,450

 Total gross profit 




27,739


12,413


81,522


33,390

 Operating expenses: 











 Research and development (1) 



11,510


5,120


35,247


16,135

 Sales and marketing (1) 



23,777


15,489


75,107


39,851

 General and administrative (1) 



5,265


1,930


13,737


5,168

 Total operating expenses 



40,552


22,539


124,091


61,154

 Loss from operations 



(12,813)


(10,126)


(42,569)


(27,764)

 Interest income (expense), net 



(6)


11


21


32

 Other expense, net 




(161)


(23)


(150)


(26)

 Loss before provision for income taxes 


(12,980)


(10,138)


(42,698)


(27,758)

 Provision for income taxes 



173


73


425


99

 Net loss 




(13,153)


(10,211)


(43,123)


(27,857)

 Accretion of redeemable convertible preferred stock 

(5)


(10)


(36)


(34)

 Net loss attributable to common stockholders 


$  (13,158)


$  (10,221)


$   (43,159)


$  (27,891)

 Net loss per share attributable to common stockholders,
       basic and diluted 

$       (0.29)


$       (0.53)


$        (1.61)


$       (1.53)

 Weighted-average shares used to compute net loss per share
       attributable to common stockholders, basic and diluted 

45,278


19,218


26,772


18,236

























 (1) Includes stock-based compensation expense as follows: 








 Cost of product revenue 



$          102


$             29


$           232


$             48

 Cost of support and service revenue 


210


37


468


114

 Research and development 



1,354


295


3,049


874

 Sales and marketing 




1,703


357


3,674


1,029

 General and administrative 



733


164


1,726


539

 Total stock-based compensation expense 


$       4,102


$          882


$        9,149


$       2,604

 

 Nimble Storage, Inc. 

 Preliminary Consolidated Balance Sheets 

 (In thousands) 

 (Unaudited) 














 As of January 31, 






2014


2013

 Assets

 








 Current assets: 







 Cash and cash equivalents 



$     208,486


$    49,205

 Accounts receivable, net 



17,676


13,725

 Inventories 




5,412


4,359

 Prepaid expenses and other current assets 


3,176


1,153

 Total current assets 



234,750


68,442

 Property and equipment, net 



20,209


4,061

 Restricted cash, non-current 



3,900


-

 Other long-term assets 




212


60

 Total assets 




$     259,071


$    72,563









 Liabilities, Redeemable Convertible Preferred Stock and
      Stockholders' Equity (Deficit) 




 Current liabilities: 







 Accounts payable 




$          9,093


$       6,467

 Accrued compensation and benefits 



9,837


6,773

 Deferred revenue, current portion 



16,178


5,465

 Other current liabilities 



3,855


902

 Total current liabilities 



38,963


19,607

 Deferred revenue, non-current portion 



17,331


5,431

 Other long-term liabilities 



11,091


2,628

 Total liabilities 




67,385


27,666

 Commitments and contingencies 






 Redeemable convertible preferred stock 


-


98,559

 Stockholders' equity (deficit): 






 Common stock 




67


17

 Additional paid-in capital 



292,686


5,835

 Notes receivable from stockholders 



-


(1,562)

 Accumulated other comprehensive income 


25


17

 Accumulated deficit 




(101,092)


(57,969)

 Total stockholders' equity (deficit) 


191,686


(53,662)

 Total liabilities, redeemable convertible preferred stock
      and stockholders' equity (deficit) 

$     259,071


$    72,563

 

 Nimble Storage, Inc. 

 Preliminary Consolidated Statements of Cash Flows 

 (In thousands) 

 (Unaudited) 


















 Three Months Ended 


 Year Ended 






 January 31, 


 January 31, 






2014


2013


2014


2013

Cash flows from operating activities:











Net loss





$    (13,153)


$   (10,211)


$    (43,123)


$   (27,857)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:








Depreciation and amortization




1,729


446


4,177


1,118

Stock-based compensation expense




4,102


882


9,149


2,604

Loss on disposal of property and equipment



72


-


148


-

Provision (recoveries) for allowance for doubtful accounts


55


(21)


104


-

Provision for excess and obsolete inventories



177


194


252


421

Changes in operating assets and liabilities:










Accounts receivable




(1,066)


(1,753)


(4,055)


(9,187)

Inventories




423


(1,627)


(1,304)


(3,043)

Prepaid expenses and other assets



996


205


(2,182)


(570)

Accounts payable




(2,567)


1,251


333


4,318

Deferred revenue




7,128


3,406


22,613


8,868

Accrued and other liabilities




4,289


3,330


7,146


4,574

Net cash provided by (used in) operating activities


2,185


(3,898)


(6,742)


(18,754)

Cash flows from investing activities:











Purchase of property and equipment




(5,461)


(1,424)


(13,613)


(3,954)

Proceeds from sale of property and equipment



-


-


27


-

Change in restricted cash




-


-


(3,900)


400

Net cash used in investing activities



(5,461)


(1,424)


(17,486)


(3,554)

Cash flows from financing activities:











Proceeds from issuance of of common stock, net of issuance costs


176,729


-


176,729


-

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

-


-


-


40,604

Proceeds from exercise of stock options, net of repurchases


357


719


5,201


2,096

Proceeds from repayment of loans from stockholders



-


-


1,571


-

Net cash provided by financing activities



177,086


719


183,501


42,700

Foreign exchange impact on cash and cash equivalents



(43)


20


8


17

Net increase (decrease) in cash and cash equivalents 


173,767


(4,583)


159,281


20,409

Cash and cash equivalents, beginning of period



34,719


53,788


49,205


28,796

Cash and cash equivalents, end of period



$    208,486


$      49,205


$    208,486


$      49,205

 

Nimble Storage, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)


















Three Months Ended


Year Ended






January 31,


January 31,






2014


2013


2014


2013













GAAP gross margin




$ 27,739


$ 12,413


$ 81,522


$ 33,390

Stock-based compensation



312


66


700


162

Non-GAAP gross margin




$ 28,051


$ 12,479


$ 82,222


$ 33,552













GAAP operating margin




$ (12,813)


$ (10,126)


$ (42,569)


$ (27,764)

Stock-based compensation



4,102


882


9,149


2,604

Non-GAAP operating margin




$ (8,711)


$ (9,244)


$ (33,420)


$ (25,160)













GAAP net loss





$ (13,153)


$ (10,211)


$ (43,123)


$ (27,857)

Stock-based compensation



4,102


882


9,149


2,604

Non-GAAP net loss




$ (9,051)


$ (9,329)


$ (33,974)


$ (25,253)













GAAP net loss per share, basic and diluted



$ (0.29)


$ (0.53)


$ (1.61)


$ (1.53)

Stock-based compensation



0.09


0.05


0.34


0.14

Impact of difference in number of GAAP and non-GAAP shares

0.06


0.32


0.71


0.93

Non-GAAP net loss per share



$ (0.14)


$ (0.16)


$ (0.56)


$ (0.46)

Shares used to compute GAAP net loss per share attributable to
common stockholders, basic and diluted

45,278


19,218


26,772


18,236

Weighted average effect of the assumed conversion of convertible
preferred stock from the date of issuance

19,856


38,868


34,076


36,651

Shares used to compute Non-GAAP net loss per share

65,134


58,086


60,848


54,887

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