Pivotal Software, Inc. (PVTL) SEC Filing 10-K Annual report for the fiscal year ending Friday, February 1, 2019

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Pivotal Software, Inc.
Ticker: PVTL CIK: 1574135

Exhibit 99.1

Pivotal Reports Fourth Quarter and Full Fiscal Year 2019 Financial Results


•	Subscription revenue grows 50% year over year in 4Q19 and 55% year over year for FY19


•	Total revenue grows 27% year over year in 4Q19 and 29% year over year for FY19


•	Subscription customers increased 18% year over year to 377


•	Dollar-based net expansion rate of 149%

SAN FRANCISCO — March 14, 2019 – Pivotal Software, Inc. (NYSE: PVTL), a leading cloud-native platform provider, today reported results for the fourth quarter and full fiscal year 2019 ended February 1, 2019.

“Pivotal delivered a strong fourth quarter, wrapping up a successful initial year as a public company. Our unique combination of software and services is attracting new customers, and driving many of our existing customers to grow their investments with us,” said Rob Mee, CEO of Pivotal Software. “We are still in the early stages of this high-growth market. To capitalize on the digital transformation opportunity, we will continue to fuel innovation by investing in R&D, and at the same time, continue our relentless focus on satisfying customers as they move more mission-critical apps to our multi-cloud platform.”

Fourth Quarter Fiscal Year 2019 Financial Results

Revenue: Subscription revenue was $112.5 million, an increase of 50% year over year. Total revenue was $169.2 million, an increase of 27% year over year.

Operating Loss: GAAP operating loss was $42.0 million, or 25% of total revenue, compared to a loss of $45.2 million in Q4 of last year. Non-GAAP operating loss was $20.8 million, or 12% of total revenue, compared to a loss of $34.0 million in Q4 of last year.

Net Loss: GAAP net loss was $38.9 million, compared to a loss of $37.2 million in Q4 of last year. GAAP net loss per share was $0.15, compared to a loss of $0.54 in Q4 of last year. Non-GAAP net loss was $17.7 million, compared to a loss of $26.1 million in Q4 of last year. Non-GAAP net loss per share was $0.07, compared to a loss of $0.12 in Q4 of last year.

Cash Flow: Operating cash flow was $8.0 million compared to negative operating cash flow of $15.7 million in Q4 of last year.

Cash and cash equivalents were $701.7 million as of February 1, 2019.

Full Year Fiscal 2019 Financial Results

Revenue: Subscription revenue was $400.9 million, an increase of 55% year over year. Total revenue was $657.5 million, an increase of 29% year over year.

Operating Loss: GAAP operating loss was $146.8 million, or 22% of total revenue, compared to a loss of $168.3 million in FY18. Non-GAAP operating loss was $71.3 million, or 11% of total revenue, compared to a loss of $128.5 million in FY18.

Net Loss: GAAP net loss was $141.9 million, compared to a loss of $163.5 million in FY18. GAAP net loss per share was $0.64, compared to a loss of $2.38 in FY18. Non-GAAP net loss was $69.6 million, compared to a loss of $123.7 million in FY18. Non-GAAP net loss per share was $0.28, compared to a loss of $0.57 in FY18.

Cash Flow: Operating cash flow was negative $5.4 million compared to operating cash flow of negative $116.5 million for FY18.

Recent Business Highlights


•	Subscription customers grew 18% year over year to 377 in Q4


•	Dollar-based net expansion rate was 149%


•	Released new features to Pivotal Cloud Foundry to help enterprises achieve meaningful business outcomes through the continuous delivery of high-quality software and simplification of operations including:

The following information was filed by Pivotal Software, Inc. (PVTL) on Thursday, March 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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