Nimble Storage: Fiscal 1Q15 Financial Results
Revenue and net loss approximately doubling
This is a Press Release edited by StorageNewsletter.com on May 30, 2014 at 2:55 pm| (in $ million) | 1Q14 | 1Q15 |
| Revenue | 22.1 | 46.5 |
| Growth | 110% | |
| Net income (loss) |
(9.4) | (19.6) |
Nimble Storage, Inc. reported financial results for the first quarter 2015.
Fiscal First Quarter 2015 Financial Highlights:
- Total Revenue was $46.5 million, compared to $22.1 million in the first quarter of fiscal 2014, representing growth of 110% year-over-year.
- Non-GAAP Gross Margin of 66.2%, compared to 61.8% in the first quarter of fiscal 2014.
- Non-GAAP Operating Margin of negative 22%, compared to negative 36% in the first quarter of fiscal 2014.
- GAAP net loss 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.
- Non-GAAP net loss 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, CEO.
“During Q1, we executed very well against our financial goals and maintained our focus on operational excellence,” said Anup Singh, CFO. “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:
- Announced 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, 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 performance, shorten deployment times, and reduce project risk.
- Availability of 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.
- Announced a pan-European distribution agreement with Ingram Micro 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 SmartStack converged infrastructure solutions to the Nimble Storage partner community and Ingram’s reseller partners across Europe.
- Announced that its flash-optimized storage solutions have been verified as part of the Citrix Ready VDI Capacity Program Verified for Citrix XenDesktop.
Comments
Abstracts of the earnings call transcript:
Suresh Vasudevan, CEO:
"We now have over 200 Global 5000 customers more than double the number we had a year ago including three of the Fortune 10 companies and several Fortune 500 companies. Similarly our focus on serving cloud service providers has also paid rich dividend with over 280 cloud service providers as customers.
"International revenues accounted for 19% of our total revenues, up from 12% a year ago as we now have presence in 14 countries and distribution agreements in 21 additional countries.
"I would start by saying the mix of who we see if I look at the top four competitors that we encounter EMC, NetApp, Dell and HP now continue to account for four out of five deals that we compete in."
Anup Singh, CFO:
"Even though Q1 is typically our seasonally slowest quarter, we added over 450 new customers to end with an install base of nearly 3,100 accounts, more than two-fold increase from a year ago.
"We had almost 400 orders above $100,000 during the last period, 12 months compared to less than 200 orders in the prior year ago period.
"Moving on to guidance for Q2, we expect our revenue in the range of $49 million to $51 million and operating losses between $11 million and $12 million."
Subscribe to our free daily newsletter
