Nimble Storage Reports Financial Results for First Quarter 2015

       Nimble Storage Reports Financial Results for First Quarter 2015  -Achieves record quarterly total revenue of $46.5 million, up 110% year-over-year  -Adds over 450 new end-customers in the first quarter, reaching 3,097 total end-customers  PR Newswire  SAN JOSE, Calif., May 29, 2014  SAN JOSE, Calif., May 29, 2014 /PRNewswire/ -- Nimble Storage (NYSE: NMBL), a leading provider of flash-optimized hybrid storage solutions, today reported financial results for the first quarter 2015. 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 to view the letter.  Nimble Storage  Fiscal First Quarter 2015 Financial Highlights:    oTotal Revenue for the first quarter of fiscal 2015 was $46.5 million,     compared to $22.1 million in the first quarter of fiscal 2014,     representing growth of 110% year-over-year.   oNon-GAAP Gross Margin of 66.2% for the first quarter of fiscal 2015,     compared to 61.8% in the first quarter of fiscal 2014.   oNon-GAAP Operating Margin of negative 22% for the first quarter of fiscal     2015, compared to negative 36% in the first quarter of fiscal 2014.   oGAAP net loss for the fiscal first quarter was $19.6 million, or $0.28 per     basic and diluted share, compared with a net loss of $9.4 million, or     $0.47 per basic and diluted share in the fiscal first quarter of 2014.   oNon-GAAP net loss for the fiscal first quarter was $10.0 million, or $0.14     per basic and diluted share, compared with a non-GAAP net loss of $8.2     million, or $0.14 per basic and diluted share in the fiscal first quarter     of 2014.  "Our performance during the first quarter of fiscal year 2015 continues to validate our belief that a major transition is underway within the storage industry driven by flash as a disruptive ingredient. Our execution during the quarter underscores our belief that we have built the leading next generation flash storage platform," said Suresh Vasudevan, chief executive officer, Nimble Storage.  "During Q1, we executed very well against our financial goals and maintained our focus on operational excellence," said Anup Singh, chief financial officer, Nimble Storage. "Our financial priorities remain driving strong revenue growth and increasing our market share, maintaining industry leading gross margins and steadily progressing towards achieving our long term target financial model by delivering sequential improvement in operating margin every year."  Recent Business Highlights:    oAnnounced that more than 200 enterprise customers have implemented     SmartStack converged infrastructure solutions to accelerate deployment and     eliminate risks associated with their datacenter infrastructure. Since     late 2012, Nimble Storage has rolled out a series of SmartStack solutions,     built on Cisco UCS and pre-validated through ecosystem partners including     Citrix, Microsoft, Oracle, and VMware, to deliver aggressive performance,     shorten deployment times, and reduce project risk.   oGeneral availability of Nimble Storage scale-out storage architecture,     with over 1,200 systems deployed. The scale-to-fit approach enables     customers to grow capacity and increase performance beyond the physical     limits of a singe storage array.   oAnnounced a pan-European distribution agreement with Ingram Micro, the     world's largest wholesale technology distributor and a global leader in IT     supply-chain and mobile device lifecycle services that enables the     distributor to sell Nimble Storage's portfolio of flash storage arrays.     Through the distribution agreement, Ingram Micro Europe's Advanced     Solutions Division will also offer Nimble Storage's SmartStack converged     infrastructure solutions to the Nimble Storage partner community and     Ingram's broader reseller partners across Europe.   oAnnounced that its flash-optimized storage solutions have been verified as     part of the Citrix Ready® VDI Capacity Program Verified for Citrix     XenDesktop®.  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 first quarter 2015.  To access the conference call, dial 877-941-2068, using conference code 4681069. Callers outside the U.S. and Canada should dial 480-629-9712, using conference code 4681069. A replay of the conference call will be available through June 5, 2014. To access the replay, please dial 800-406-7325 and enter pass code 4681069. Callers outside the U.S. and Canada should dial 303-590-3030 and enter pass code 4681069.  The live webcast will be accessible on Nimble Storage's investor relations website at and will be archived and available on this site for 45 days.  Non-GAAP Financial Measures  To provide investors with additional information regarding our 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, non-GAAP net loss per share and adjusted EBITDA. 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 areconciliation 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:    oNon-GAAP financial measures do not consider the potentially dilutive     impact of equity-based compensation, which is an ongoing expense for the     Company; and   oOther 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 press release, including information concerning our future results, 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 which is inherently uncertain, uncertainty of market acceptance of our solutions, our ability to increase sales of our solutions, our ability 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, the effectiveness of our channel partners, 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 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    oNimble Storage Website   oCase Studies and Videos   oFollow Nimble Storage on Twitter: @NimbleStorage   oJoin the Nimble Storage Group on LinkedIn   oVisit Nimble Storage on Facebook  About Nimble Storage Nimble Storage (NYSE: NMBL) 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.comand follow us on Twitter: @nimblestorage.  Nimble Storage, the Nimble Storage logo, 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  Investor Relations Contact: Edelita Tichepco 408-514-3379      Nimble Storage, Inc. Preliminary Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)                                                   Three Months Ended                                                   April 30,                                                   2014           2013 Revenue:  Product                                      $  41,235     $ 20,046  Support and service                          5,312          2,078  Total revenue                                46,547         22,124 Cost of revenue:  Product (1)                                  13,011         6,895  Support and service (1)                      3,324          1,648  Total cost of revenue                        16,335         8,543 Total gross profit                              30,212         13,581 Operating expenses:  Research and development (1)                 14,217         6,318  Sales and marketing (1)                      29,202         14,160  General and administrative (1)               6,437          2,301  Total operating expenses                     49,856         22,779  Loss from operations                         (19,644)       (9,198) Interest income (expense), net                  (4)            6 Other income (expense), net                     209            (133)  Loss before provision for income taxes       (19,439)       (9,325) Provision for income taxes                      156            46  Net loss                                     (19,595)       (9,371) Accretion of redeemable convertible preferred    -              (10) stock  Net loss attributable to common stockholders $ (19,595)     $ (9,381) Net loss per share attributable to common stockholders,                                     $   (0.28)  $  (0.47)  basic and diluted Weighted-average shares used to compute net loss per share                                         70,319         19,805  attributable to common stockholders, basic and diluted (1) Includes stock-based compensation expense as follows:  Cost of product revenue                      $     231  $     40  Cost of support and service revenue          393            43  Research and development                     2,440          367  Sales and marketing                          4,921          498  General and administrative                   1,572          207  Total stock-based compensation expense       $   9,557   $  1,155      Nimble Storage, Inc. Preliminary Consolidated Balance Sheets (In thousands) (Unaudited)                                                 As of                                                 April 30,  January 31,                                                 2014         2014 Assets Current assets:  Cash and cash equivalents                  $ 204,251   $    208,486  Accounts receivable, net                   25,803       17,676  Inventories                                7,275        5,412  Prepaid expenses and other current assets  4,209        3,176  Total current assets                       241,538      234,750 Property and equipment, net                   23,142       20,209 Restricted cash, non-current                  3,900        3,900 Other long-term assets                        202          212  Total assets                               $ 268,782   $    259,071 Liabilities and Stockholders' Equity Current liabilities:  Accounts payable                           $  14,401  $      9,093  Accrued compensation and benefits          13,224       9,837  Deferred revenue, current portion          20,291       16,178  Other current liabilities                  6,022        3,855  Total current liabilities                  53,938       38,963 Deferred revenue, non-current portion         21,805       17,331 Other long-term liabilities                   10,699       11,091  Total liabilities                          86,442       67,385 Commitments and contingencies Stockholders' equity:  Common stock                               68           67  Additional paid-in capital                 302,863      292,686  Accumulated other comprehensive income     96           25  Accumulated deficit                        (120,687)    (101,092)  Total stockholders' equity                 182,340      191,686  Total liabilities and stockholders' equity $ 268,782   $    259,071      Nimble Storage, Inc. Preliminary Consolidated Statements of Cash Flows (In thousands) (Unaudited)                                                        Three Months Ended                                                        April 30,                                                        2014         2013 Cash flows from operating activities: Net loss                                               $ (19,595)  $ (9,371) Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  Depreciation                                        1,758        617  Stock-based compensation expense                    9,557        1,155  Recoveries for allowance for doubtful accounts      (25)         -  Provision (recoveries) for excess and obsolete      (18)         230 inventories  Changes in operating assets and liabilities:  Accounts receivable                                 (8,102)      2,028  Inventories                                         (1,845)      (889)  Prepaid expenses and other assets                   (1,023)      (912)  Accounts payable                                    5,618        191  Deferred revenue                                    8,587        3,983  Accrued and other liabilities                       5,540        (1,908)  Net cash provided by (used in) operating activities 452          (4,876) Cash flows from investing activities: Purchase of property and equipment                     (3,728)      (1,884) Change in restricted cash                              -            (3,900)  Net cash used in investing activities               (3,728)      (5,784) Cash flows from financing activities: Payment of issuance costs related to issuance of       (1,210)      - common stock Proceeds from exercise of stock options, net of        306          1,524 repurchases Payment of taxes related to net settlement of          (125)        - restricted stock units  Net cash provided by (used in) financing activities (1,029)      1,524 Foreign exchange impact on cash and cash equivalents   70           10  Net decrease in cash and cash equivalents          (4,235)      (9,126) Cash and cash equivalents, beginning of period         208,486      49,205 Cash and cash equivalents, end of period               $ 204,251   $ 40,079      Nimble Storage, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts) (Unaudited)                                                          Three Months Ended                                                          April 30,                                                          2014        2013 GAAP gross margin                                        $ 30,212    $ 13,581 Stock-based compensation                                 624         83 Non-GAAP gross margin                                    $ 30,836    $ 13,664 GAAP operating margin                                    $ (19,644)  $ (9,198) Stock-based compensation                                 9,557       1,155 Non-GAAP operating margin                                $ (10,087)  $ (8,043) GAAP net loss                                            $ (19,595)  $ (9,371) Stock-based compensation                                 9,557       1,155 Non-GAAP net loss                                        $ (10,038)  $ (8,216) Interest income (expense), net                           4           (6) Provision for income taxes                               156         46 Depreciation                                             1,758       617 Adjusted EBITDA                                          $ (8,120)   $ (7,559) GAAP net loss per share, basic and diluted               $ (0.28)    $ (0.47) Stock-based compensation                                 0.14        0.06 Impact of difference in number of GAAP and non-GAAP      -           0.27 shares Non-GAAP net loss per share                              $ (0.14)    $ (0.14) Shares used to compute GAAP net loss per share attributable to                                          70,319      19,805 common stockholders, basic and diluted Weighted average effect of the assumed conversion of convertible                                              -           38,868 preferred stock from the date of issuance Shares used to compute Non-GAAP net loss per share       70,319      58,673  Logo -  SOURCE Nimble Storage  Website:  
Press spacebar to pause and continue. Press esc to stop.