Exhibit 99.1

 

 

Pivotal Reports Third Quarter Fiscal Year 2019 Financial Results

 

·                  Subscription revenue grew 53% year over year; Total revenue grew 30% year over year

·                  Subscription customers increased to 368; 17% growth year over year

·                  Dollar-based net expansion rate of 150%

 

SAN FRANCISCO — December 11, 2018 — Pivotal Software, Inc. (NYSE: PVTL), a leading cloud-native platform provider, today reported results for the fiscal 2019 third quarter ended November 2, 2018.

 

“We generated strong revenue growth in our third quarter and continued to deliver innovative products across our portfolio. We also saw meaningful transactions with both new and existing customers as organizations across industries continue to choose Pivotal as their strategic partner for digital transformation,” said Rob Mee, CEO of Pivotal Software. “While enterprises face a fast moving market environment and a complex technology landscape, we remain confident that our unique combination of Pivotal Cloud Foundry and Labs provide customers with a proven model to innovate and modernize at scale.”

 

Third Quarter Fiscal Year 2019 Financial Results

 

Revenue: Subscription revenue was $100.8 million, an increase of 53% year over year. Total revenue was $168.1 million, an increase of 30% year over year.

 

Operating Loss: GAAP operating loss was $35.9 million, or 21% of total revenue, compared to a loss of $36.5 million in Q3 of last year. Non-GAAP operating loss was $14.8 million, or 9% of total revenue, compared to a loss of $25.0 million year over year.

 

Net Loss: GAAP net loss was $34.9 million, compared to a loss of $39.3 million year over year. GAAP net loss per share was $0.13, compared to a loss of $0.57 in Q3 of last year. Non-GAAP net loss was $13.8 million, compared to a loss of $27.9 million year over year. Non-GAAP net loss per share was $0.05, compared to a loss of $0.13 in Q3 of last year.

 

Cash Flow: Operating cash flow for the quarter was negative $36.2 million compared to negative operating cash flow of $39.8 million in Q3 of last year.

 

Cash and cash equivalents were $664.8 million as of November 2, 2018.

 


 

Recent Business Highlights

 

·                  Subscription customers grew 17% year over year to 368 in Q3

·                  Dollar-based net expansion rate was 150%

·                  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:

·                  PAS 2.3 added greater support for the .NET Framework and simplifies how development teams securely share data across microservices

·                  PKS 1.2 expanded multi-cloud support to include AWS and includes the latest Kubernetes release maintaining constant compatibility with Google Kubernetes Engine

·                  PKS winner of CRN’s 2018 Tech Innovator award

 

Financial Outlook

 

For the fourth quarter of fiscal 2019, Pivotal currently expects:

 

·                  Subscription revenue of $109.5 to $110.5 million

·                  Total revenue of $169 to $171 million

·                  Non-GAAP loss from operations of $26 to $25 million

·                  Non-GAAP net loss per share of 10¢ to 9¢ assuming weighted average shares outstanding of approximately 264 million

 

For the full fiscal year 2019, Pivotal currently expects:

 

·                  Subscription revenue of $398 to $399 million

·                  Total revenue of $657 to $659 million

·                  Non-GAAP loss from operations of $76.5 to $75.5 million

·                  Non-GAAP net loss per share of 32¢ to 31¢, assuming weighted average shares outstanding of approximately 251 million

 

Pivotal has not reconciled these forward-looking non-GAAP measures to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future. Accordingly, a reconciliation is not available without unreasonable effort.

 

Conference Call and Webcast Information

 

Pivotal will host a conference call at 2:00pm PDT (5:00pm EDT) today to discuss our financial results. A live audio webcast of the conference call will be accessible on Pivotal’s investor relations web page at https://pivotal.io/investors. A replay of the webcast will be available following the conference call.

 


 

About Pivotal

 

Pivotal combines our cloud-native platform, developer tools, and unique methodology to help the world’s largest companies transform the way they build and run their most important applications. Our technology is used by Global 2000 companies to achieve strategic advantages in software development and IT operations. Learn more at pivotal.io.

 

Non-GAAP Financial Measures

 

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “About Non-GAAP Financial Measures.”

 

Key Metric Definitions

 

Subscription Customers: Pivotal defines the number of subscription customers as the organizations that have a subscription contract for Pivotal’s software resulting in at least $50,000 of annual revenue in that period.

 

Dollar-Based Net Expansion Rate: Pivotal’s dollar-based net expansion rate compares its subscription revenue from a common group of customers across comparable periods. Pivotal calculates its dollar-based net expansion rate for all periods on a trailing four-quarter basis.

 

Forward-Looking Statements

 

This press release contains statements relating to Pivotal’s expectations, projections, beliefs, and prospects (including statements regarding Pivotal’s financial outlook), which are “forward-looking statements” within the meaning of the federal securities laws and by their nature are uncertain. Words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plans,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of many factors, including but not limited to: (i) Pivotal’s limited operating history as an independent company, which makes it difficult to evaluate Pivotal’s prospects; (ii) the substantial losses Pivotal has incurred and the risks of not being able to generate sufficient revenue to achieve and sustain profitability; (iii) Pivotal’s future success depending in large part on the growth of Pivotal’s target markets; (iv) Pivotal’s future growth depending largely on Pivotal Cloud Foundry and Pivotal’s platform-related services; (v) Pivotal’s subscription revenue growth rate not being indicative of Pivotal’s future performance or ability to grow; (vi) Pivotal’s business and prospects being harmed if customers do not renew their subscriptions or expand their use of Pivotal’s platform; (vii) any failure by Pivotal to compete effectively; (viii) Pivotal’s long and unpredictable sales cycles that vary seasonally and which can cause significant variation in the number and size of transactions that can close in a particular quarter; (ix) Pivotal’s lack of control of and inability to predict the future course of open-source technologies, including those used in Pivotal Cloud Foundry; and (x) any security or privacy breaches. All information set forth in this release is current as of the date of this release. These forward-looking statements are based on current expectations and are subject to uncertainties, risks, assumptions, and changes in condition, significance, value and effect as well as other risks disclosed previously and from time to time in documents filed by us with the U.S. Securities and Exchange Commission (SEC), including Pivotal’s prospectus dated April 19, 2018, and filed pursuant to Rule 424(b) under the U.S. Securities Act of 1933, as amended. Additional information will be made available in Pivotal’s quarterly report on Form 10-Q and other future reports that Pivotal may file with the SEC, which could cause actual results to vary from expectations. Pivotal disclaims any obligation to, and does not currently intend to, update any such forward-looking statements, whether written or oral, that may be made from time to time except as required by law.

 


 

Pivotal Software, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts); (unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

November 2,

 

November 3,

 

November 2,

 

November 3,

 

 

 

2018

 

2017

 

2018

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

 

Subscription

 

$

100,775

 

$

66,050

 

$

288,390

 

$

184,039

 

Services

 

67,368

 

62,922

 

199,896

 

192,153

 

Total revenue

 

168,143

 

128,972

 

488,286

 

376,192

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Subscription

 

7,813

 

7,627

 

24,047

 

22,743

 

Services

 

53,179

 

47,875

 

157,470

 

148,136

 

Total cost of revenue

 

60,992

 

55,502

 

181,517

 

170,879

 

Gross profit

 

107,151

 

73,470

 

306,769

 

205,313

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Sales and marketing

 

70,620

 

54,295

 

210,308

 

159,327

 

Research and development

 

51,880

 

40,232

 

143,309

 

119,911

 

General and administrative

 

20,546

 

15,405

 

57,979

 

49,182

 

Total operating expenses

 

143,046

 

109,932

 

411,596

 

328,420

 

Loss from operations

 

(35,895

)

(36,462

)

(104,827

)

(123,107

)

Other income (expense), net

 

1,866

 

(2,101

)

2,412

 

530

 

Loss before provision for income taxes

 

(34,029

)

(38,563

)

(102,415

)

(122,577

)

Provision for income taxes

 

776

 

786

 

549

 

3,618

 

Net loss

 

(34,805

)

(39,349

)

(102,964

)

(126,195

)

Less: Net loss (income) attributable to non-controlling interest

 

(45

)

 

(8

)

(84

)

Net loss attributable to Pivotal

 

$

(34,850

)

$

(39,349

)

$

(102,972

)

$

(126,279

)

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

 

$

(0.13

)

$

(0.57

)

$

(0.50

)

$

(1.85

)

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

 

258,408

 

68,753

 

207,072

 

68,345

 

 


 

Pivotal Software, Inc.

Condensed Consolidated Balance Sheets

(in thousands); (unaudited)

 

 

 

November 2,

 

February 2,

 

 

 

2018

 

2018

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

664,804

 

$

73,012

 

Accounts receivable, less allowance for doubtful accounts of $4,920 and $3,264 as of November 2, 2018 and February 2, 2018, respectively

 

163,848

 

210,677

 

Due from Parent

 

1,459

 

31,096

 

Deferred sales commissions, current

 

32,891

 

38,937

 

Other assets, current

 

16,498

 

13,012

 

Total current assets

 

879,500

 

366,734

 

Property, plant and equipment, net

 

28,799

 

31,985

 

Intangible assets, net

 

20,120

 

26,651

 

Goodwill

 

696,226

 

696,226

 

Deferred income taxes

 

255

 

463

 

Deferred sales commissions, noncurrent

 

24,238

 

24,890

 

Other assets, noncurrent

 

4,416

 

6,448

 

Total assets

 

$

1,653,554

 

$

1,153,397

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

15,344

 

$

17,214

 

Due to Parent

 

11,172

 

15,451

 

Accrued expenses

 

46,860

 

64,251

 

Income taxes payable

 

1,396

 

1,748

 

Deferred revenue, current

 

246,136

 

260,341

 

Other liabilities, current

 

10,274

 

1,109

 

Total current liabilities

 

331,182

 

360,114

 

Deferred revenue, noncurrent

 

60,946

 

57,126

 

Deferred income taxes

 

111

 

427

 

Debt, noncurrent

 

 

20,000

 

Other liabilities, noncurrent

 

8,980

 

7,931

 

Total liabilities

 

401,219

 

445,598

 

Redeemable convertible preferred stock

 

 

1,248,327

 

Stockholders’ equity (deficit):

 

 

 

 

 

Class A common stock

 

867

 

43

 

Class B common stock

 

1,755

 

650

 

Additional paid-in capital

 

2,489,039

 

595,113

 

Accumulated deficit

 

(1,245,572

)

(1,142,600

)

Accumulated other comprehensive income

 

5,526

 

5,554

 

Total Pivotal stockholders’ equity (deficit)

 

1,251,615

 

(541,240

)

Non-controlling interest

 

720

 

712

 

Total stockholders’ equity (deficit)

 

1,252,335

 

(540,528

)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

 

$

1,653,554

 

$

1,153,397

 

 


 

Pivotal Software, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands); (unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

November 2,

 

November 3,

 

November 2,

 

November 3,

 

 

 

2018

 

2017

 

2018

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,805

)

$

(39,349

)

$

(102,964

)

$

(126,195

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4,470

 

5,659

 

13,824

 

16,732

 

Stock-based compensation expense

 

19,428

 

8,525

 

49,233

 

19,934

 

Provision for doubtful accounts

 

1,742

 

80

 

2,361

 

80

 

Deferred income taxes

 

258

 

106

 

(147

)

315

 

Gain on sale of investment

 

 

 

(3,234

)

 

Other

 

30

 

(5

)

1,491

 

850

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(32,445

)

438

 

43,895

 

14,202

 

Due from Parent

 

273

 

(658

)

37

 

(658

)

Deferred sales commissions

 

2,425

 

782

 

6,697

 

3,806

 

Other assets

 

(301

)

3,404

 

(2,758

)

(342

)

Accounts payable

 

(1,494

)

9,301

 

(2,041

)

13,941

 

Due to Parent

 

(152

)

(10,896

)

(3,337

)

(34,024

)

Deferred revenue

 

365

 

(7,826

)

(10,189

)

(15,600

)

Accrued expenses

 

27

 

(9,458

)

(16,186

)

4,010

 

Other liabilities

 

4,011

 

95

 

9,970

 

2,181

 

Net cash provided by (used in) operating activities

 

(36,168

)

(39,802

)

(13,348

)

(100,768

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(2,877

)

(2,591

)

(6,929

)

(11,049

)

Proceeds from sale of investment

 

 

 

3,234

 

 

Net cash used in investing activities

 

(2,877

)

(2,591

)

(3,695

)

(11,049

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from the initial public offering, net of issuance costs paid

 

 

 

544,674

 

 

Proceeds from the issuance of common stock

 

32,428

 

2,615

 

41,852

 

6,550

 

Contribution from DellEMC

 

 

 

41,277

 

25,800

 

Borrowings on credit facility

 

 

(855

)

15,000

 

(855

)

Repayments on credit facility

 

 

 

(35,000

)

 

Net cash provided by financing activities

 

32,428

 

1,760

 

607,803

 

31,495

 

Effect of exchange rate changes on cash and cash equivalents

 

(287

)

476

 

1,032

 

(1,322

)

Net increase (decrease) in cash and cash equivalents

 

(6,904

)

(40,157

)

591,792

 

(81,644

)

Cash and cash equivalents at beginning of period

 

671,708

 

92,386

 

73,012

 

133,873

 

Cash and cash equivalents at end of period

 

$

664,804

 

$

52,229

 

$

664,804

 

$

52,229

 

 


 

Pivotal Software, Inc.

GAAP to Non-GAAP Reconciliation

(in thousands, except percentages and per share amounts); (unaudited)

 

 

 

Three Months Ended November 2, 2018

 

 

 

GAAP

 

Stock-based
compensation
expense

 

Amortization of
acquired
intangibles

 

Gain on sale of
investment

 

Non-GAAP

 

Cost of subscription revenue

 

$

7,813

 

$

(404

)

$

(340

)

$

 

$

7,069

 

Subscription gross margin

 

92.2

%

0.4

%

0.3

%

%

93.0

%

Cost of services revenue

 

53,179

 

(4,248

)

 

 

48,931

 

Services gross margin

 

21.1

%

6.3

%

%

%

27.4

%

Gross profit

 

107,151

 

4,652

 

340

 

 

112,143

 

Gross margin

 

63.7

%

2.8

%

0.2

%

%

66.7

%

Sales and marketing

 

70,620

 

(5,854

)

(909

)

 

63,857

 

Research and development

 

51,880

 

(5,521

)

 

 

46,359

 

General and administrative

 

20,546

 

(3,401

)

(383

)

 

16,762

 

Total operating expenses

 

143,046

 

(14,776

)

(1,292

)

 

126,978

 

Loss from operations

 

(35,895

)

19,428

 

1,632

 

 

(14,835

)

Operating margin

 

(21.3

)%

11.6

%

1.0

%

%

(8.8

)%

Other income (expense), net

 

1,866

 

 

 

 

1,866

 

Net loss attributable to Pivotal

 

$

(34,850

)

$

19,428

 

$

1,632

 

$

 

$

(13,790

)

Net loss per share, basic and diluted (1)

 

$

(0.13

)

 

 

 

 

 

 

$

(0.05

)

 


(1) GAAP and Non-GAAP net loss per common share calculated based upon 258,408 basic and diluted weighted average shares outstanding of common stock.

 

 

 

Three Months Ended November 3, 2017

 

 

 

GAAP

 

Stock-based
compensation
expense

 

Amortization of
acquired
intangibles

 

Gain on sale of
investment

 

Non-GAAP

 

Cost of subscription revenue

 

$

7,627

 

$

(162

)

$

(1,318

)

$

 

$

6,147

 

Subscription gross margin

 

88.5

%

0.2

%

2.0

%

%

90.7

%

Cost of services revenue

 

47,875

 

(2,055

)

 

 

45,820

 

Services gross margin

 

23.9

%

3.3

%

%

%

27.2

%

Gross profit

 

73,470

 

2,217

 

1,318

 

 

77,005

 

Gross margin

 

57.0

%

1.7

%

1.0

%

%

59.7

%

Sales and marketing

 

54,295

 

(2,574

)

(1,232

)

 

50,489

 

Research and development

 

40,232

 

(2,355

)

 

 

37,877

 

General and administrative

 

15,405

 

(1,379

)

(359

)

 

13,667

 

Total operating expenses

 

109,932

 

(6,308

)

(1,591

)

 

102,033

 

Loss from operations

 

(36,462

)

8,525

 

2,909

 

 

(25,028

)

Operating margin

 

(28.3

)%

6.6

%

2.3

%

%

(19.4

)%

Other income (expense), net

 

(2,101

)

 

 

 

(2,101

)

Net loss attributable to Pivotal

 

$

(39,349

)

$

8,525

 

$

2,909

 

$

 

$

(27,915

)

Net loss per share, basic and diluted (1)

 

$

(0.57

)

 

 

 

 

 

 

$

(0.13

)

 


(1) GAAP net loss per common share calculated based upon 68,753 basic and diluted weighted average shares outstanding of common stock. Non-GAAP net loss per common share calculated based upon 216,632 basic and diluted weighted average shares outstanding of common stock.

 


 

 

 

Nine Months Ended November 2, 2018

 

 

 

GAAP

 

Stock-based
compensation
expense

 

Amortization of
acquired
intangibles

 

Gain on sale of
investment

 

Non-GAAP

 

Cost of subscription revenue

 

$

24,047

 

$

(1,042

)

$

(1,204

)

$

 

$

21,801

 

Subscription gross margin

 

91.7

%

0.4

%

0.4

%

%

92.4

%

Cost of services revenue

 

157,470

 

(10,726

)

 

 

146,744

 

Services gross margin

 

21.2

%

5.4

%

%

%

26.6

%

Gross profit

 

306,769

 

11,768

 

1,204

 

 

319,741

 

Gross margin

 

62.8

%

2.4

%

0.2

%

%

65.5

%

Sales and marketing

 

210,308

 

(15,112

)

(2,724

)

 

192,472

 

Research and development

 

143,309

 

(13,771

)

 

 

129,538

 

General and administrative

 

57,979

 

(8,582

)

(1,149

)

 

48,248

 

Total operating expenses

 

411,596

 

(37,465

)

(3,873

)

 

370,258

 

Loss from operations

 

(104,827

)

49,233

 

5,077

 

 

(50,517

)

Operating margin

 

(21.5

)%

10.1

%

1.0

%

%

(10.3

)%

Other income (expense), net

 

2,412

 

 

 

(3,234

)

(822

)

Net loss attributable to Pivotal

 

$

(102,972

)

$

49,233

 

$

5,077

 

$

(3,234

)

$

(51,896

)

Net loss per share, basic and diluted (1)

 

$

(0.50

)

 

 

 

 

 

 

$

(0.21

)

 


(1) GAAP net loss per common share calculated based upon 207,072 basic and diluted weighted average shares outstanding of common stock. Non-GAAP net loss per common share calculated based upon 246,615 basic and diluted weighted average shares outstanding of common stock.

 

 

 

Nine Months Ended November 3, 2017

 

 

 

GAAP

 

Stock-based
compensation
expense

 

Amortization of
acquired
intangibles

 

Gain on sale of
investment

 

Non-GAAP

 

Cost of subscription revenue

 

$

22,743

 

$

(342

)

$

(3,936

)

$

 

$

18,465

 

Subscription gross margin

 

87.6

%

0.2

%

2.1

%

%

90.0

%

Cost of services revenue

 

148,136

 

(4,560

)

 

 

143,576

 

Services gross margin

 

22.9

%

2.4

%

%

%

25.3

%

Gross profit

 

205,313

 

4,902

 

3,936

 

 

214,151

 

Gross margin

 

54.6

%

1.3

%

1.0

%

%

56.9

%

Sales and marketing

 

159,327

 

(5,926

)

(3,701

)

 

149,700

 

Research and development

 

119,911

 

(5,439

)

 

 

114,472

 

General and administrative

 

49,182

 

(3,667

)

(1,069

)

 

44,446

 

Total operating expenses

 

328,420

 

(15,032

)

(4,770

)

 

308,618

 

Loss from operations

 

(123,107

)

19,934

 

8,706

 

 

(94,467

)

Operating margin

 

(32.7

)%

5.3

%

2.3

%

%

(25.1

)%

Other income (expense), net

 

530

 

 

 

 

530

 

Net loss attributable to Pivotal

 

$

(126,279

)

$

19,934

 

$

8,706

 

$

 

$

(97,639

)

Net loss per share, basic and diluted (1)

 

$

(1.85

)

 

 

 

 

 

 

$

(0.45

)

 


(1) GAAP net loss per common share calculated based upon 68,345 basic and diluted weighted average shares outstanding of common stock. Non-GAAP net loss per common share calculated based upon 216,224 basic and diluted weighted average shares outstanding of common stock.

 


 

Pivotal Software, Inc.

GAAP to Non-GAAP Weighted Average Shares Outstanding Reconciliation

(in thousands); (unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

November 2,

 

November 3,

 

November 2,

 

November 3,

 

 

 

2018

 

2017

 

2018

 

2017

 

GAAP weighted average shares outstanding, basic and diluted

 

258,408

 

68,753

 

207,072

 

68,345

 

Assumed preferred stock conversion

 

 

147,879

 

39,543

 

147,879

 

Non-GAAP weighted average shares outstanding, basic and diluted

 

258,408

 

216,632

 

246,615

 

216,224

 

 


 

About Non-GAAP Financial Measures

 

To supplement Pivotal’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Pivotal provides investors with certain non-GAAP financial measures, including but not limited to: non-GAAP cost of subscription, non-GAAP cost of services, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, and non-GAAP weighted average shares outstanding. Certain of these non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets and gain on sale of investment. For more information on the comparable GAAP to non-GAAP financial measures, please see the reconciliation table included with this release.

 

Management believes non-GAAP information is useful in evaluating the operating results, ongoing operations, and for internal planning and forecasting purposes. Management also believes that non-GAAP financial measures provide consistency and comparability with past financial performance and assist investors with comparing Pivotal to other companies some of which use similar non-GAAP financial measures to supplement their GAAP results.

 

Management believes non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies.

 

Pivotal excludes stock-based compensation because it is non-cash in nature and excludes it in order to facilitate comparisons to other companies’ results. Pivotal excludes amortization of intangible assets because it is consistent with how management evaluates operating results and prepares financial plans and forecasts. While the purchase accounting for an acquisition reflects the accounting value assigned to intangible assets, management believes the GAAP impact of acquired intangible assets is not representative of long term operating results. Pivotal excludes gains/losses on sales of strategic investments because management believes these are more reflective of discrete events and less reflective of results in a particular period.

 

Source: Pivotal Investor Relations

 

Pivotal Software

Investor Contact:

Helyn Corcos

hcorcos@pivotal.io

 

or

 

Media Contact:

press@pivotal.io

 

©2018 Pivotal Software, Inc. All rights reserved. Pivotal is a trademark and/or registered trademark of Pivotal Software, Inc. in the United States and/or other countries.

 


 

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