Wed Dec 13, 2017 4:05pm EST
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    Dec. 13, 2017 21:05 UTC

    MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Tintri, Inc. (NASDAQ: TNTR), a leading enabler of enterprise cloud, today reported results for its third quarter fiscal 2018 ended October 31, 2017.

    “We made progress in the quarter by expanding our differentiated technology portfolio with two new all-flash product lines and software that integrates our products with leading public cloud storage solutions. These innovations helped us to increase our footprint with existing customers. However, we are disappointed with Q3 revenue. The company was impacted by delayed and reduced purchases by some accounts, but some of the delayed transactions closed in November,” said Ken Klein, Chairman and CEO at Tintri. “Despite the lower revenue, we saw improvement in our gross margin and our non-GAAP earnings per share met consensus expectations. We are exploring strategic options available to the company to deliver value to our stockholders, including retaining investment bank advisors to assist us in this process and optimizing our operating model to reduce our cash burn rate and shorten the time to generate positive cash flow.”

    Q3 Key Quarterly and Year-to-Date Business and Financial Highlights

    • Quarterly revenue: $31.8 million, down 6% year-over-year, and year-to-date revenue: $97.0 million, up 15% year-over-year.
    • Gross margin increased sequentially 300 basis points to 59.5% GAAP, and 170 basis points to 61.7% non-GAAP.
    • Quarterly net loss per share: ($1.21) per share GAAP, and ($0.79) per share non-GAAP, within the company’s guidance range.
    • Launched Tintri EC6000 all-flash series for enterprises and the T1000 for remote office and departmental use cases.
    • Announced Tintri Cloud Connector to integrate Tintri on-premises with AWS S3 and IBM Cloud Object Storage public cloud.
    • Named visionary in the Gartner Magic Quadrant for General-Purpose Disk Arrays for the fourth year in a row.
    • New customers: added new enterprise and CSP customers, increasing total customer count to over 1,490.
    • Customers spending more than $1M lifetime-to-date increased 59% year-over-year.

    Third Quarter Fiscal 2018 Financial Highlights

    The following tables summarize our consolidated financial results for the fiscal quarters and nine-months ended October 31, 2016, and October 31, 2017 (unaudited):

     
    GAAP Quarterly Financial Information
    (in millions, except percentages and per share data)  

    Three
    Months
    Ended
    October
    31, 2016

       

    Three
    Months
    Ended
    October
    31, 2017

       

    Year-
    over-Year
    Change

       

    Nine
    Months
    Ended
    October
    31, 2016

       

    Nine
    Months
    Ended
    October
    31, 2017

       

    Year-
    over-Year
    Change

    Revenue   $33.9     $31.8     -6%     $84.3     $97.0     15%
    Gross Profit   $22.5     $18.9     ($3.6)     $55.2     $57.0     $1.8
    Gross Margin   66.5%     59.5%     -7 ppts     65.5%     58.8%     -6.7 ppts
    Operating Loss   ($22.5)     ($35.8)     ($13.3)     ($76.5)     ($114.2)     ($37.7)
    Operating Margin   -66.4%     -112.5%     -46.1 ppts     -90.7%     -117.7%     -27 ppts
    Net Loss   ($23.8)     ($37.9)     ($14.1)     ($80.3)     ($120.3)     ($40.0)
    Net Loss Attributable to Common Stockholders   ($23.8)     ($37.9)     ($14.1)     ($80.3)     ($100.5)     ($20.2)
    Net Loss per Share Attributable to Common Stockholders   ($6.87)     ($1.21)     $5.66     ($23.52)     ($6.33)     $17.19
    Weighted-Average Shares (Basic and Diluted)   3.5     31.3     27.8     3.4     15.9     12.5
                         
     
    Non-GAAP Quarterly Financial Information
    (in millions, except percentages and per share data)  

    Three
    Months
    Ended
    October
    31, 2016

       

    Three
    Months
    Ended
    October
    31, 2017

       

    Year-
    over-Year
    Change

       

    Nine
    Months
    Ended
    October
    31, 2016

       

    Nine
    Months
    Ended
    October
    31, 2017

       

    Year-
    over-Year
    Change

    Gross Margin   66.9%     61.7%     -5.2 ppts     66.0%     61.0%     -5 ppts
    Operating Loss   ($19.2)     ($22.5)     ($3.3)     ($65.8)     ($73.3)     ($7.5)
    Operating Margin   -56.6%     -71.0%     -14.4 ppts     -78.0%     -75.5%     2.5 ppts
    Net Loss   ($20.5)     ($24.7)     ($4.2)     ($69.4)     ($79.3)     ($9.9)
    Net Loss per Share   ($0.95)     ($0.79)     $0.16     ($3.24)     ($2.86)     $0.38
    Weighted-Average Shares (Basic and Diluted)   21.5     31.3     9.8     21.4     27.8     6.4
    Free Cash Flow   ($19.8)     ($32.2)     ($12.4)     ($61.6)     ($75.7)     ($14.1)
    Free Cash Flow % of Revenue   -58.4%     -101.4%     -43 ppts     -73.1%     -78.1%     -5 ppts
                         

    A reconciliation between GAAP and non-GAAP information is provided at the end of this release.

    Fourth Quarter Fiscal 2018 Financial Outlook

    As we look ahead, we are providing the following outlook for the quarter ending January 31, 2018. We expect:

    • Revenue in the range of $25 to $27 million;
    • Non-GAAP loss per share in the range of ($0.79) to ($0.83), using 31.4 million weighted-average shares outstanding.

    All forward-looking non-GAAP financial measures contained in this section titled "Fourth Quarter Fiscal 2018 Financial Outlook" exclude stock-based compensation expense, payroll tax expense related to stock-based activities, legal fees related to securities lawsuits, 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.

    Conference Call and Webcast

    Tintri is hosting a conference call for analysts and investors to discuss its third quarter fiscal 2018 results and outlook for its fourth quarter at 2:00 p.m. Pacific Time today, December 13, 2017. Participants can listen in via webcast by visiting the Investor Relations section of Tintri's website at ir.tintri.com. Please go to the website at least 15 minutes early to register, download, and install any necessary audio software. A replay of the webcast will be available for 7 days after the call. The conference call can also be accessed by dialing 1-844-379-5957 or +1-209-905-5964 and using the conference ID 5868359. Following the call, an audio replay will also be available by calling 1-855-859-2056 or +1-404-537-3406 and entering the conference ID 5868359. The audio replay will be available through 5:00 p.m. Pacific Time on December 20, 2017.

    Forward-Looking Statements

    This press release contains forward-looking statements, including but not limited to statements relating to our exploration of strategic options, the continued availability of customer transactions that failed to close in Q3, estimated revenues and non-GAAP loss per share for future fiscal periods, our competitive position and environment, sales trends, and product releases. These forward-looking statements are not historical facts, and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events, and involves risks, uncertainties, and other factors beyond our control that may cause these statements to be inaccurate and cause our actual results, performance, or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the availability and timing of, and our ability to execute on, potential strategic options; the rapid evolution of the markets in which we compete; our ability to sustain or manage future growth effectively; factors that could result in the significant fluctuation of our future quarterly operating results, including, among other things, our revenue mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions; the introduction or acceleration of adoption of competing solutions; failure to develop, or unexpected difficulties or delays in developing, new product features or technology on a timely or cost-effective basis; and other risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our reports on file with the U.S. Securities and Exchange Commission (“SEC”), which are available on our investor relations website at https://ir.tintri.com and on the SEC website at www.sec.gov, or that we may file with the SEC following the date of this press release, including our Quarterly Report on Form 10-Q for the quarter ended July 31, 2017. All statements provided in this release speak only as of the date of this press release and, except as required by law, we assume no obligation to update any forward-looking statements to reflect actual results or subsequent events or circumstances.

    Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures and other key performance measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, pro forma non-GAAP net loss per share, free cash flow, and free cash flow as a percentage of revenue. In computing these non-GAAP financial measures, we exclude the effects of certain items such as stock-based compensation expense, restructuring charges, legal fees related to securities lawsuits and other one-off activities, IPO-related expenses not netted against IPO proceeds, deemed dividend to Series E and E-1 Convertible Preferred Stock, adjustment to Series E, E-1, and F Convertible Preferred Stock related to our IPO, and income tax-related impact. Free cash flow is a performance measure that our management believes provides useful information to management and investors about the amount of cash generated by the business after necessary capital expenditures, and we define free cash flow as net cash used in operating activities less purchases of property and equipment. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures and key performance measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity, and planning, forecasting, and analyzing future periods. However, these non-GAAP financial and key performance measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, pro forma non-GAAP net loss per share, and free cash flow are not substitutes for gross profit, gross margin, operating expenses, loss from operations, operating margin, net loss or net loss attributable to common stockholders, net loss per share or net loss per share attributable to common stockholders, net loss per share or net loss per share attributable to common stockholders, or net cash used in operating activities, respectively. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures,” and “Reconciliation of GAAP Net Cash Used In Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business.

    About Tintri

    Tintri (NASDAQ: TNTR) offers an enterprise cloud infrastructure built on a public cloud-like web services architecture and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds—to build agile development environments for cloud native applications and to run mission critical enterprise applications. Tintri enables users to guarantee the performance of their applications, automate common IT tasks to reduce operating expenses, troubleshoot across their infrastructure, and predict an organization’s needs to scale—the underpinnings of a modern data center. That’s why leading cloud service providers and enterprises, including Comcast, Chevron, NASA, Toyota, United Healthcare and 20% of the Fortune 100 companies, trust Tintri with enterprise cloud. For more information, visit www.tintri.com and follow us on Twitter: @Tintri. Tintri has used, and intends to continue to use, its Investor Relations website and the Twitter account of @Tintri as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    © 2017 Tintri, Inc. All rights reserved. Tintri and the Tintri logo are registered trademarks or trademarks of Tintri, Inc. in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be trademarks of their respective holder(s).

       
    TINTRI, INC.
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
     
    As of January 31, As of October 31,
    2017 2017
    Assets
    Current assets:
    Cash and cash equivalents $ 48,048 $ 48,899
    Short-term investments 5,994
    Accounts receivable, net 30,749 21,161
    Inventories, net 6,509 6,958
    Prepaid and other current assets   6,202     4,698  
    Total current assets 91,508 87,710
    Property and equipment, net 10,410 10,223
    Other long-term assets   2,984     3,011  
    Total assets $ 104,902   $ 100,944  
    Liabilities, Convertible Preferred Stock and Stockholders’ Deficit
    Current liabilities:
    Accounts payable $ 15,674 $ 15,424
    Accrued and other current liabilities 20,668 18,417
    Deferred revenue, current 28,056 31,414
    Long-term debt, current portion       18,962  
    Total current liabilities 64,398 84,217
    Deferred revenue, non-current 28,389 30,366
    Long-term debt 48,914 49,607
    Other long-term liabilities   5,041     5,150  
    Total liabilities   146,742     169,340  
    Commitments and contingencies
    Convertible preferred stock 257,141
    Stockholders’ deficit:
    Common stock 1 2
    Additional paid-in capital 41,745 373,126
    Notes receivables from stockholders (1,544 ) (747 )
    Accumulated other comprehensive loss (466 ) (325 )
    Accumulated deficit (338,717 ) (439,241 )
    Treasury stock       (1,211 )
    Total stockholders’ deficit   (298,981 )   (68,396 )
    Total liabilities, convertible preferred stock and stockholders’ deficit $ 104,902   $ 100,944  
     
           
    TINTRI, INC.
    Condensed Consolidated Statements of Operations
    (in thousands, except share and per share data, unaudited)
     
    Three Months Ended October 31, Nine Months Ended October 31,
    2016 2017 2016 2017
    Revenue:
    Product $ 26,871 $ 22,758 $ 64,316 $ 71,474
    Support and maintenance   7,046     9,014     20,033     25,519  
    Total revenue   33,917     31,772     84,349     96,993  
    Cost of revenue:
    Product 8,953 9,757 22,049 30,136
    Support and maintenance   2,424     3,095     7,064     9,816  
    Total cost of revenue   11,377     12,852     29,113     39,952  
    Gross profit:
    Product 17,918 13,001 42,267 41,338
    Support and maintenance   4,622     5,919     12,969     15,703  
    Total gross profit   22,540     18,920     55,236     57,041  
    Operating expenses:
    Research and development 13,227 17,287 39,875 55,290
    Sales and marketing 27,862 28,435 77,324 88,484
    General and administrative 3,955 8,061 14,541 26,564
    Restructuring charges   -     890     -     890  
    Total operating expenses   45,044     54,673     131,740     171,228  
    Loss from operations (22,504 ) (35,753 ) (76,504 ) (114,187 )
    Other expense, net:
    Interest expense (1,231 ) (2,170 ) (4,044 ) (6,242 )
    Other income, net   54     130     735     585  
    Total other expense, net   (1,177 )   (2,040 )   (3,309 )   (5,657 )
    Loss before provision for income taxes (23,681 ) (37,793 ) (79,813 ) (119,844 )
    Provision for income taxes   89     132     440     428  
    Net loss $ (23,770 ) $ (37,925 ) $ (80,253 ) $ (120,272 )
    Deemed dividend to Series E and E-1 Convertible Preferred Stock $ - $ - $ - $ (6,588 )

    Impact of adjustment to Series E, E-1 and F Convertible Preferred Stock

    $ -   $ -   $ -   $ 26,336  
    Net loss attributable to common stockholders $ (23,770 ) $ (37,925 ) $ (80,253 ) $ (100,524 )

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

    $ (6.87 ) $ (1.21 ) $ (23.52 ) $ (6.33 )

    Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted

      3,459,860     31,291,513     3,412,447     15,873,071  
     
       
    TINTRI, INC.
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
    Nine Months Ended October 31,
    2016 2017
    Cash flows from operating activities:
    Net loss $ (80,253 ) $ (120,272 )
    Adjustments to reconcile net loss to net cash used in operating activities:
    Depreciation and amortization 7,137 5,330
    Stock-based compensation expense 10,742 37,770
    Excess tax benefit from stock-based compensation 47
    Accretion of balloon payment 501 1,221
    Amortization of debt issuance cost, credit facility fees and debt discounts 230 172
    Restructuring charges (940 )
    Other (27 ) (13 )
    Changes in operating assets and liabilities:
    Accounts receivable (4,132 ) 9,588
    Inventories (1,352 ) (449 )
    Prepaid expenses and other assets (1,436 ) (659 )
    Payment of offering costs (2,113 ) (3,892 )
    Accounts payable 4,462 (1,859 )
    Deferred revenue 7,710 5,335
    Accrued and other liabilities   280     (2,943 )
    Net cash used in operating activities   (58,204 )   (71,611 )
    Cash flows from investing activities:
    Purchase of property and equipment (3,431 ) (4,100 )
    Purchase of investments (13,807 ) (11,513 )
    Proceeds from maturities of investments   66,692     5,519  
    Net cash provided by (used in) investing activities   49,454     (10,094 )
    Cash flows from financing activities:
    Payment on capital lease financing (178 ) (216 )
    Proceeds from revolving line of credit 6,962 5,000
    Proceeds from term loan 15,000
    Proceeds from initial public offering, net of underwriting discounts and commissions 62,314
    Proceeds from repayment of employee notes receivable 101
    Proceeds from exercise of stock options   1,459     470  
    Net cash provided by financing activities 8,344 82,568
    Foreign exchange impact on cash and cash equivalents   (48 )   (12 )
    Net increase (decrease) in cash and cash equivalents (454 ) 851
    Cash and cash equivalents, beginning of period   50,716     48,048  
    Cash and cash equivalents, end of period $ 50,262   $ 48,899  
     
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (in thousands, except share and per share data)
      GAAP   Non-GAAP Adjustments   Non-GAAP
       

    Three Months
    Ended October
    31, 2016

     

    Stock-based
    compensation

     

    Income tax
    effect on non-
    GAAP
    adjustments

     

    Three Months
    Ended October
    31, 2016

    Gross profit   22,540     139         22,679  
    Gross margin   66.5 %           66.9 %
    Operating expenses                
    Research and development   13,227     (1,230 )       11,997  
    Sales and marketing   27,862     (959 )       26,903  
    General and administrative   3,955     (973 )       2,982  
    Total operating expenses   45,044     (3,162 )       41,882  
    Loss from operations   (22,504 )   3,301         (19,203 )
    Operating margin   -66.4 %           -56.6 %
                     
    Net loss attributable to common stockholders   (23,770 )   3,301     (15 )   (20,484 )
                     
    Net loss per share attributable to common stockholders, basic and diluted   (6.87 )            
    Pro forma net loss per share, basic and diluted   (1.11 )   0.16     -     (0.95 )
                     
    Weighted-shares outstanding, basic and diluted   3,459,860             3,459,860  
    Pro forma adjustment (1)   17,992,973             17,992,973  
    Pro forma weighted-shares outstanding, basic and diluted   21,452,833             21,452,833  
         
    (1) To reflect assumed conversion of convertible preferred stock as of the beginning of the period
     
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (in thousands, except share and per share data)
      GAAP   Non-GAAP Adjustments   Non-GAAP
       

    Three Months
    Ended October
    31, 2017

     

    Stock-based
    compensation

     

    Other
    non-GAAP
    adjustments (1)

     

    Income tax
    effect on
    non-GAAP
    adjustments

     

    Three Months
    Ended October
    31, 2017

    Gross profit   18,920     692             19,612  
    Gross margin   59.5 %               61.7 %
    Operating expenses                    
    Research and development   17,287     (5,116 )   -         12,171  
    Sales and marketing   28,435     (2,468 )   -         25,967  
    General and administrative   8,061     (3,576 )   (463 )       4,022  
    Restructuring charges   890         (890 )       -  
    Total operating expenses   54,673     (11,160 )   (1,353 )       42,160  
    Loss from operations   (35,753 )   11,852     1,353         (22,548 )
    Operating margin   -112.5 %               -71.0 %
                         
    Net loss attributable to common stockholders   (37,925 )   11,852     1,353     2   (24,718 )
                         
    Net loss per share attributable to common stockholders, basic and diluted   (1.21 )   0.38     0.04     -   (0.79 )
                         
    Weighted-shares outstanding, basic and diluted   31,291,513                 31,291,513  
           
    (1) Restructuring charges, legal fees related to securities lawsuits and other one-off activities, and IPO-related expenses not netted against IPO proceeds.
     
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (in thousands, except share and per share data)
      GAAP   Non-GAAP Adjustments   Non-GAAP
       

    Nine Months
    Ended October
    31, 2016

     

    Stock-based
    compensation

     

    Income tax
    effect on non-
    GAAP
    adjustments

     

    Nine Months
    Ended October
    31, 2016

    Gross profit   55,236     440         55,676  
    Gross margin   65.5 %           66.0 %
    Operating expenses                
    Research and development   39,875     (4,090 )       35,785  
    Sales and marketing   77,324     (3,209 )       74,115  
    General and administrative   14,541     (3,003 )       11,538  
    Total operating expenses   131,740     (10,302 )       121,438  
    Loss from operations   (76,504 )   10,742         (65,762 )
    Operating margin   -90.7 %           -78.0 %
                     
    Net loss attributable to common stockholders   (80,253 )   10,742     81   (69,430 )
                     
    Net loss per share attributable to common stockholders, basic and diluted   (23.52 )            
    Pro forma net loss per share, basic and diluted   (3.75 )   0.51     -   (3.24 )
                     
    Weighted-shares outstanding, basic and diluted   3,412,447             3,412,447  
    Pro forma adjustment (1)   17,992,973             17,992,973  
    Pro forma weighted-shares outstanding, basic and diluted   21,405,420             21,405,420  
         
    (1) To reflect assumed conversion of convertible preferred stock as of the beginning of the period
     
     
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (in thousands, except share and per share data)
      GAAP   Non-GAAP Adjustments   Non-GAAP
       

    Nine Months
    Ended October
    31, 2017

     

    Stock-based
    compensation

     

    Other
    non-GAAP
    adjustments (1)

     

    Income tax
    effect on
    non-GAAP
    adjustments

     

    Nine Months
    Ended October
    31, 2017

    Gross profit   57,041     2,106             59,147  
    Gross margin   58.8 %               61.0 %
    Operating expenses                    
    Research and development   55,290     (14,772 )   (20 )       40,498  
    Sales and marketing   88,484     (8,150 )   (984 )       79,350  
    General and administrative   26,564     (12,742 )   (1,268 )       12,554  
    Restructuring charges   890         (890 )       -  
    Total operating expenses   171,228     (35,664 )   (3,162 )       132,402  
    Loss from operations   (114,187 )   37,770     3,162         (73,255 )
    Operating margin   -117.7 %               -75.5 %
                         
    Net loss   (120,272 )   37,770     3,162     28   (79,312 )
    Deemed dividend   (6,588 )       6,588         -  
    Net loss adjustment (2)   26,336         (26,336 )       -  
    Net loss attributable to common stockholders   (100,524 )   37,770     (16,586 )   28   (79,312 )
                         
    Net loss per share attributable to common stockholders, basic and diluted   (6.33 )                
    Pro forma net loss per share attributable to common stockholders, basic and diluted   (3.62 )   1.36     (0.60 )   -   (2.86 )
                         
    Weighted-shares outstanding, basic and diluted   15,873,071                 15,873,071  
    Pro forma adjustment (3)   11,892,693                 11,892,693  
    Pro forma weighted-shares outstanding, basic and diluted   27,765,764                 27,765,764  
           
    (1) Restructuring charges, legal fees related to securities lawsuits and other one-off activities, IPO-related expenses not netted against IPO proceeds, and deemed dividend to Series E and E-1 Convertible Preferred Stock.
    (2) Adjustment to Series E, E-1, and F Convertible Preferred Stock related to IPO.
    (3) To reflect assumed conversion of convertible preferred stock as of beginning of the year, and IPO shares as of the beginning of Q2.
     
     
    Reconciliation of GAAP Net Cash Used In Operating Activities to Non-GAAP Free Cash Flow
    (in thousands)
       

    Three Months Ended
    October 31, 2016

       

    Three Months Ended
    October 31, 2017

       

    Nine Months Ended
    October 31, 2016

       

    Nine Months Ended
    October 31, 2017

    Net cash used in operating activities   (18,692)     (30,156)     (58,204)     (71,611)
    Less: Purchase of property and equipment   (1,100)     (2,046)     (3,431)     (4,100)
    Free cash flow   (19,792)     (32,202)     (61,635)     (75,711)
    Free cash flow % revenue   -58.4%     -101.4%     -73.1%     -78.1%
                 

    Contacts

    Tintri, Inc.
    David Jew, 650-772-3838
    Investor Relations
    ir@tintri.com


    Source: Tintri, Inc.


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