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Tintri Reports Third Quarter Fiscal 2018 Financial Results

MOUNTAIN VIEW, Calif, December 13, 2017 – 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         29,113         39,952  
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         171,227  
Loss from operations         (22,504)         (35,753 )       (76,504 )       (114,178 )
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 July 31,
2017

Gross profit       18,920         692                             19,612  
Gross margin       59.5%                           61.1%  
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  
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 attributable to common stockholders       (25,331)         22,453         (24,527)           (32)       (27,437)  
                               

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       66.5%                     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

   

Ohter 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  
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)   (19,816)  
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%

 

 

AT TINTRI:

 

Investor Relations Contact: David Jew, 650.772.3838, ir@tintri.com

 

 

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