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Earnings Highlights and Summary

For the first quarter of the fiscal year 2019, ended May 04, 2018, Pivotal Software's total revenues surged 28% to $155.7 million compared to $121.2 million in Q1 FY18, driven by a strong expansion of existing customers along with a continued growth in the Company's customer base. Pivotal Software's revenue numbers topped analysts' estimates of $140.4 million.

During Q1 FY19, Pivotal Software's total gross margin was 64% compared to 54% in Q1 FY18, driven by a higher subscription revenue mix combined with slightly higher subscription margins.

For Q1 FY19, Pivotal Software recorded a GAAP operating loss of $33.5 million compared to a loss of $48.4 million in Q1 FY18. The Company's non-GAAP operating loss was $21.0 million in the reported quarter compared to $39.5 million in the year earlier same quarter.

Pivotal Software's GAAP net loss was $32.5 million, or $0.31 loss per share, in Q1 FY19 compared to a loss of $51.5 million, or $0.76 loss per share, in Q1 FY18. The Company?s non-GAAP net loss was $23.3 million, or $0.10 loss per share, in the reported quarter versus a loss of $42.7 million, or $0.20 loss per share, in the year earlier comparable quarter, and was lower than Wall Street's estimates for earnings of $0.10 per share.

Segment Results

During Q1 FY19, Pivotal Software's Subscription segment's revenues soared 69% to $90.1 million compared to $53.4 million in Q1 FY18, and represented 58% of the Company's total revenues in the reported quarter, up 44% from the year earlier corresponding quarter. The Subscription segment's gross margin was 92% in Q1 FY19, up 3% from Q1 FY18.

For Q1 FY19, Pivotal Software's Services segment's revenues decreased 3% to $65.6 million compared to $67.8 million in Q1 FY18, primarily driven by the continued decline of maintenance revenues associated with the Company?s legacy products, which was less than 2% of total revenues in Q1 FY19. The segment's revenues of $65.6 million represented 42% of the Company's total revenues in the reported quarter. The Services segment's gross margin was 26% in Q1 FY19, which was consistent with Q1 FY18.

Pivotal Software added 20 net new subscription customers from Q4 FY18, resulting in a total of 339 subscription customers at the end of the reported quarter.

Cash Matters

During Q1 FY19, Pivotal Software's operating cash flow was $4.5 million compared to a negative operating cash flow of $4.4 million in Q1 FY18. The Company's free cash flow was positive $2.6 million in the reported quarter, which also was its first ever quarter of positive free cash flow.

As of May 04, 2018, Pivotal Software's cash and cash equivalents were $645.5 million.

Financial Outlook

For the second quarter of the fiscal year 2019, Pivotal Software is forecasting Subscription revenues of $92 million to $93 million, and total revenues in the range of $157 million to $159 million. The Company is expecting non-GAAP loss from operations to be in the band of $23 million to $22 million, and non-GAAP net loss per share to be in the range of $0.10 to $0.09.

For the full fiscal year 2019, Pivotal Software is projecting Subscription revenues of $380 million to $384 million, and total revenues in the band of $642 million to $649 million. The Company is expecting non-GAAP loss from operations to be in the range of $96 million to $91 million, and non-GAAP net loss per share of $0.39 to $0.37.

Stock Performance Snapshot

July 09, 2018 - At Monday's closing bell, Pivotal Software's stock advanced 3.45%, ending the trading session at $24.56.

Volume traded for the day: 1.3 million shares.

Stock performance in the last month - up 21.83%; and year-to-date - up 56.13%

After yesterday's close, Pivotal Software's market cap was at $6.35 billion.

The stock is part of the Technology sector, categorized under the Application Software industry. This sector was up 0.7% at the end of the session.

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