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2017 Press Releases

September 11, 2017

Tintri Remain Confident In Its Competitive Position And In The Strength Of Its Value Proposition

Tintri, Inc. 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

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

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.