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Q3 FY17 Earnings Deck

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Q3 fy17 earnings deck

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Q3 FY17 Earnings Deck

  1. 1. © 2016 Nimble Storage | Confidential: Do Not Distribute Q3 FY2017 Earnings Results Suresh Vasudevan, Chief Executive Officer Anup Singh, Chief Financial Officer November 22, 2016
  2. 2. © 2016 Nimble Storage | Confidential: Do Not Distribute 2 Safe Harbor This presentation and the accompanying oral presentation contain “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 financial outlook, 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, global economic conditions 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. In addition to GAAP financial information, this presentation includes certain non-GAAP financial measures. The non-GAAP measures have limitations and you should not consider them in isolation or as a substitute for our GAAP financial information. There are limitations to the use of non-GAAP measures. For example, bookings and free cash flow are not substitutes for revenues or cash provided by operations. In addition, non-GAAP operating expenses exclude the impact of stock-based compensation expense, which is a recurring expense for us. See the Appendix for a reconciliation of these non-GAAP financial measures to their nearest GAAP equivalent.
  3. 3. © 2016 Nimble Storage | Confidential: Do Not Distribute 3 $53.8 $125.7 $227.7 $322.2 $86.4 $97.1 $102.0 FY2013 FY2014 FY2015 FY2016 Q1FY17 Q2FY17 Q3FY17 Product Revenue Support & Service Revenue Revenue ($M) YoY 21% Strong Revenue Growth YoY 21% YoY 26%
  4. 4. © 2016 Nimble Storage | Confidential: Do Not Distribute 4 Gross Margin Remain Above Long Term Model Gross Margin* *Reflects Non-GAAP Gross Margin, which excludes stock based compensation expense. See slide 16 for reconciliation. Long-term Gross Margin target range is 63%-65%. Operating* & EBITDA Margin -24% -16% -13% -15%-21% -15% -8% -9% Q3FY14 Q3FY15 Q3FY16 Q3FY17 Operating Margin Adjusted EBITDA Margin 66.4% 67.1% 66.9% 66.0% Q3FY14 Q3FY15 Q3FY16 Q3FY17 Long Term Gross Margin Target Range 63%-65%*
  5. 5. © 2016 Nimble Storage | Confidential: Do Not Distribute 5 Average Annual Bookings per Commercial Sales Team Year 1 Year 2 Year 3 Average Bookings per Sales Team to Support Break Even Target Average Bookings per Sales Team to Support Long-Term Profitability Target Commercial sales teams operate at breakeven levels of productivity during their 2nd year and above target operating margin levels in their 3rd year. Improving Sales Productivity Drives Business Model
  6. 6. © 2016 Nimble Storage | Confidential: Do Not Distribute 6 Cash Balance In Line With Expectations Cash Flow from Operations ($M) Free Cash Flow ($M) $205.0 $209.7 $180.7 Q3FY15 Q3FY16 Q3FY17 Ending Cash ($M) -$6.5 -$3.1 -$11.3 Q3FY15 Q3FY16 Q3FY17 -$11.5 -$12.2 -$18.0 Q3FY15 Q3FY16 Q3FY17
  7. 7. © 2016 Nimble Storage | Confidential: Do Not Distribute 7 Strategy For Revenue Growth Diversified Customer Base Continuedexpansioninto international, largeenterpriseand cloudservice providercustomers New Customer Acquisition Investing to increase opportunities and drive channel leverage Larger Transactions Expansionintolargertransactionswith uniqueScale- to-fitcapabilities,UnifiedFlashFabricandAFA Land & Expand Drive repeatbusinesswith growinginstallbase throughInfoSightpredictiveanalyticsand industry leadingcustomersatisfaction Driving Revenue Growth
  8. 8. © 2016 Nimble Storage | Confidential: Do Not Distribute 8 Rapid Pace Of New Customer Acquisition Cumulative Customer Base* 4,300 6,800 9,500 Q3FY15 Q3FY16 Q3FY17 *Rounded to the nearest hundred +2,500 customers +2,700 customers
  9. 9. © 2016 Nimble Storage | Confidential: Do Not Distribute 9 Land And Expand Drives Repeat Business Cumulative Bookings 44% 49% 56% 51% TTM Q3FY16 TTM Q3FY17 Existing Customers New Customers % New vs. Existing Customer Bookings 1.4X 1.8X 2.3X 1.7X 2.5X 3.4X 1.8X 2.7X 3.7X Year 1 Year 2 Year 3 Overall Repeat Bookings Enterprise Repeat Bookings Cloud SP Repeat Bookings (Excludes Support renewals)
  10. 10. © 2016 Nimble Storage | Confidential: Do Not Distribute 10 Large Enterprise And Cloud Customers Driving Growth Large Enterprise Bookings G5K Bookings $ Cloud SP Bookings Cloud SP Bookings $ G5K Bookings % 53% Q3FY16 Q3FY17 16% 13% 16% Q3FY15 Q3FY16 Q3FY17 65% Q3FY16 Q3FY17 Cloud SP Bookings % 16% 18% 24% Q3FY15 Q3FY16 Q3FY17
  11. 11. © 2016 Nimble Storage | Confidential: Do Not Distribute 11 Large Deals Continue To Increase Bookings % Bookings $ Growth 35% Q3FY16 Q3FY17 > $100K Deals Bookings $ Growth > $250K Deals 75% Q3FY16 Q3FY17 43% 45% 50% Q3FY15 Q3FY16 Q3FY17 Bookings % 16% 17% 24% Q3FY15 Q3FY16 Q3FY17
  12. 12. © 2016 Nimble Storage | Confidential: Do Not Distribute 12 AFA Gaining Strong Momentum AFA Product as % of Total Product Bookings 9% 17% 24% Q1FY17 Q2FY17 Q3FY17 Fast Growing Customer Base (Cumulative) 55 183 392 Q1FY17 Q2FY17 Q3FY17 AFA Only Unified Flash Fabric AFA Array as % of Total Array Bookings 12% 23% 30% Q1FY17 Q2FY17 Q3FY17 New vs. Existing Customers (In Quarter Purchase) 53% 41% 47%47% 59% 53% Q1FY17 Q2FY17 Q3FY17 Existing Customers New Customers
  13. 13. © 2016 Nimble Storage | Confidential: Do Not Distribute 13 International Growth Remains Healthy International Revenue as % of Total Revenue 20% 22% 23% Q3FY15 Q3FY16 Q3FY17 International Revenue Growth* 34% Q3FY16 Q3FY17 *Excluding foreign exchange fluctuations, International Revenue grew Y/Y by 40%
  14. 14. © 2016 Nimble Storage | Confidential: Do Not Distribute 14 Q4 Fiscal Year 2017 Financial Guidance Q4 FY17 Guidance Revenue $112M ~ $115M Non-GAAP Operating Loss* ($11M) ~ ($13M) Non-GAAP EPS* ($0.13) ~ ($0.15) Weighted Average Basic Shares Outstanding ~ 88.0M *Reflects Non-GAAP operating loss and EPS which excludes stock based compensation expense. See slide 16 for reconciliation.
  15. 15. © 2016 Nimble Storage | Confidential: Do Not Distribute 15 Target Operating Model *Reflects Non-GAAP Gross Margin, R&D, S&M, G&A and Operating Margin, see slide 16 for reconciliation Note: due to rounding, numbers presented above may not sum to total. FY15 FY16 Q3FY17 Long-Term Model Gross Margin* 67.0% 67.1% 66.0 % Currently operating above target model 63%–65% R&D as % of Revenue* 24% 22% 21% Leverage from investments we have made in our rich product roadmap 11%–13% S&M as % of Revenue* 51% 49% 54% Improved sales productivity driven by higher ASPs, maturity of sales teams, growth in repeat business and increase in channel leverage 28%–31% G&A as % of Revenue* 9% 7% 6% Continuous efficiency and economies of scale 5%–6% Non-GAAP Operating Margin* -17% -11% -15% 16%–20% How We Get There
  16. 16. © 2016 Nimble Storage | Confidential: Do Not Distribute 16 ($ in thousands) FY15 FY16 Q3FY14 Q3FY15 Q3FY16 Q3FY17 GAAP Gross Profit 148,720 209,580 22,022 38,432 52,690 65,056 % GAAP Gross Margin 65.3% 65.0% 65.9% 65.0% 65.3% 63.8% (+) Stock-based Compensation 3,888 6,715 179 1,235 1,291 2,302 Non-GAAP Gross Profit 152,608 216,295 22,201 39,667 53,981 67,358 % Non-GAAP Gross Margin 67.0% 67.1% 66.4% 67.1% 66.9% 66.0% GAAP Research and Development 70,338 93,990 9,361 19,679 22,936 28,738 (-) Stock-based Compensation 15,137 23,259 781 4,595 4,888 7,301 Non-GAAP Research and Development 55,201 70,731 8,580 15,084 18,048 21,437 % of Revenue 24% 22% 26% 26% 22% 21% GAAP Sales and Marketing 143,575 197,979 19,902 36,994 49,853 64,944 (-) Stock-based Compensation 27,752 39,648 850 7,575 9,132 9,624 Non-GAAP Sales and Marketing 115,823 158,331 19,052 29,419 40,721 55,320 % of Revenue 51% 49% 57% 50% 50% 54% GAAP General and Administrative 30,884 36,247 3,130 8,887 8,249 10,373 (-) Stock-based Compensation 10,290 13,682 455 4,001 2,219 4,372 Non-GAAP General and Administrative 20,594 22,565 2,675 4,886 6,030 6,001 % of Revenue 9% 7% 8% 8% 7% 6% GAAP Operating Loss (96,077) (118,636) (10,371) (27,128) (28,348) (38,999) % of Revenue -42% -37% -31% -46% -35% -38% (+) Stock-based Compensation 57,067 83,304 2,265 17,406 17,530 23,599 Non-GAAP Operating Loss (39,010) (35,332) (8,106) (9,722) (10,818) (15,400) % Non-GAAP Operating Margin -17% -11% -24% -16% -13% -15% GAAP Net Loss (98,846) (120,069) (10,136) (28,389) (28,574) (39,272) (+) Stock-based Compensation 57,067 83,304 2,265 17,406 17,530 23,599 Non-GAAP Net Loss (41,779) (36,765) (7,871) (10,983) (11,044) (15,673) (+) Interest Expense (Income), Net (139) (240) (5) (71) (66) (76) (+) Provision for Income Taxes 837 1,017 76 219 251 313 (+) Depreciation and Amortization 8,753 15,598 940 2,213 4,047 5,897 Adjusted EBITDA (32,328) (20,390) (6,860) (8,622) (6,812) (9,539) % Non-GAAP Adjusted EBITDA Margin -14% -6% -21% -15% -8% -9% Net Cash Provided by (Used in) Operating Activities 5,376 5,755 (271) (6,522) (3,104) (11,310) (-) Property and Equipment, Net 20,820 29,423 4,726 4,933 9,073 6,689 Free Cash Flow (15,444) (23,668) (4,997) (11,455) (12,177) (17,999) GAAP to Non-GAAP Reconciliation

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