Company: Pivotal Software, Inc.
Symbol: PVTL
Description: They provide a leading cloud-native platform that makes software development and IT operations a strategic advantage for their customers.
Trade Date: 4/20
Shares: 37.0 million
Price Range: $14.00-$16.00
Underwriter(s): Morgan Stanley, Goldman Sachs & Co., Citigroup
Co-Manager(s): BofA Merrill Lynch, Barclays, Credit Suisse, RBC Capital, UBS Investment Bank, Wells Fargo Securities, KeyBanc Capital Markets, William Blair, Mischler Financial, Ramirez & Co., Siebert Cisneros Shank & Co., The Williams Capital Gorup
Terms Added: 4-9-18
Business: Their cloud-native platform, Pivotal Cloud Foundry (“PCF”), accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications. This enables their customers’ development and IT operations teams to spend more time writing code, waste less time on mundane tasks and focus on activities that drive business value – building and deploying great software. PCF customers can accelerate their adoption of a modern software development process and their business success using their platform through their complementary strategic services, Pivotal Labs (“Labs”). Enterprises across industries have adopted their platform to build, deploy and operate software, including enterprises in the automotive and transportation, industrial and business services, financial services, healthcare and insurance, technology and media, consumer and communications and government sectors.
Financials: Their subscription revenue was $95.0 million, $150.0 million and $259.0 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively, representing year-over-year growth of 58% and 73% for their two most recent fiscal years. Their total revenue was $280.9 million, $416.3 million and $509.4 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively, representing year-over-year growth of 48% and 22% for their two most recent fiscal years. Fiscal 2018 was the first year in which subscription revenue exceeded their services revenue, and they expect that over time subscription revenue will become a larger percentage of their total revenue as customers continue to adopt PCF and as their SI partner ecosystem ramps to directly deliver strategic services to their customers. Their net loss was $282.7 million, $232.9 million and $163.5 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively.
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