$50.9 M

Violin Memory Revenue FY, 2016
Violin Memory Revenue growth (FY, 2015 - FY, 2016), %(36%)
Violin Memory Gross profit (FY, 2016)22.3 M
Violin Memory Gross profit margin (FY, 2016), %43.8%
Violin Memory Net income (FY, 2016)-99.1 M
Violin Memory EBIT (FY, 2016)-92.2 M
Violin Memory Cash, 31-Dec-201623.9 M
Violin Memory EV108.1 M

Violin Memory Revenue

Violin Memory revenue was $50.87 m in FY, 2016 which is a 35.6% year over year decrease from the previous period.

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Violin Memory Revenue Breakdown

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Violin Memory revenue breakdown by geographic segment: 14.6% from Asia Pacific, 22.1% from Europe and 63.3% from Americas

Violin Memory Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

107.7 m79 m50.9 m

Revenue growth, %

(27%)(36%)

Cost of goods sold

64.8 m58.8 m28.6 m

Gross profit

42.9 m20.2 m22.3 m

Gross profit Margin, %

40%26%44%

Sales and marketing expense

81.1 m61.9 m55.6 m

R&D expense

73.7 m52.1 m41.7 m

General and administrative expense

29.6 m20.6 m17.2 m

Operating expense total

184.5 m134.6 m114.5 m

EBIT

(146.8 m)(100.7 m)(92.2 m)

EBIT margin, %

(136%)(127%)(181%)

Pre tax profit

(149.7 m)(108.8 m)(98.9 m)

Income tax expense

76 k123 k142 k

Net Income

(149.8 m)(108.9 m)(99.1 m)

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

28.3 m18.1 m18.6 m21.7 m12.1 m15.3 m12.5 m9.7 m7.5 m

Cost of goods sold

12.9 m8.6 m8.9 m10.6 m7 m8.7 m6.2 m5.8 m7.3 m

Gross profit

15.4 m9.6 m9.7 m11.2 m5.2 m6.6 m6.4 m3.9 m206 k

Gross profit Margin, %

54%53%52%51%43%43%51%40%3%

Sales and marketing expense

21.3 m16.2 m15.1 m15.7 m13.4 m13.7 m14 m9 m7.5 m

R&D expense

20.1 m15.8 m13 m12.5 m11.5 m10.6 m10.1 m10.2 m8.6 m

General and administrative expense

6.6 m5.8 m5.2 m4.9 m5.2 m4.7 m3.5 m3.4 m3.2 m

Operating expense total

48.4 m39.7 m17.8 m33.1 m30.1 m28.9 m27.6 m24.4 m19.1 m

EBIT

(33 m)(30.1 m)(8.1 m)(21.9 m)(25 m)(22.3 m)(21.2 m)(20.5 m)(18.9 m)

EBIT margin, %

(117%)(166%)(43%)(101%)(206%)(146%)(169%)(211%)(252%)

Interest expense

1.1 m168 k124 k

Pre tax profit

(34.1 m)(30.1 m)(8.4 m)(23.5 m)(26.5 m)(24.3 m)(22.8 m)(22.1 m)(20.5 m)

Income tax expense

18 k6 k30 k44 k41 k42 k(98 k)10 k30 k

Net Income

(34.1 m)(30.1 m)(8.4 m)(23.5 m)(26.5 m)(24.4 m)(22.7 m)(22.2 m)(20.6 m)

Violin Memory Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

40.3 m93.4 m23.9 m

Accounts Receivable

21.1 m15.1 m5.3 m

Inventories

39.7 m10.3 m12 m

Current Assets

166.2 m187.6 m97.5 m

PP&E

13.7 m9.9 m9.3 m

Total Assets

184.7 m204.2 m112.8 m

Accounts Payable

18.4 m11.1 m3.7 m

Short-term debt

10 m13.4 m

Current Liabilities

69.2 m54.7 m43.7 m

Long-term debt

116 m117.5 m

Total Debt

126 m130.9 m

Total Liabilities

80.9 m182.8 m167.7 m

Common Stock

8 k9 k10 k

Additional Paid-in Capital

456.2 m482.7 m505.3 m

Retained Earnings

(352.6 m)(461.5 m)(560.6 m)

Total Equity

103.7 m21.4 m(54.9 m)

Debt to Equity Ratio

5.9 x-2.4 x

Debt to Assets Ratio

0.6 x1.2 x

Financial Leverage

1.8 x9.5 x-2.1 x

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

82.4 m47.9 m54.8 m130.1 m55.1 m43.5 m29.6 m20.2 m19.1 m

Accounts Receivable

23.4 m15.2 m12.1 m18.5 m7.5 m5.7 m9.5 m3.9 m2.6 m

Inventories

34.4 m38.2 m33.9 m28.7 m15.7 m13 m12.3 m11.5 m9.8 m

Current Assets

196.8 m149.5 m134.5 m229.1 m159 m142.7 m122.5 m67.5 m50.2 m

PP&E

14.4 m13.5 m11.9 m10.8 m9 m9 m9.8 m9.4 m8.5 m

Total Assets

217.3 m168.1 m152.1 m253.2 m178.1 m161.2 m141.3 m82.6 m64.2 m

Accounts Payable

20.7 m22.8 m17.1 m13.1 m13.4 m5.9 m6.4 m1.9 m2.2 m

Short-term debt

9.8 m10.9 m4 m13.7 m13.9 m

Current Liabilities

63.7 m75.8 m61.2 m58.7 m47.2 m49.8 m49.3 m31.5 m31.6 m

Long-term debt

7.5 m5.8 m7.1 m

Total Debt

7.5 m9.8 m10.9 m4 m13.7 m13.9 m5.8 m7.1 m

Total Liabilities

75.5 m87.8 m73 m191.2 m177.6 m178.3 m177.1 m155.5 m154.5 m

Additional Paid-in Capital

437.9 m463.1 m470.4 m476.7 m488.2 m494.8 m498.9 m509.3 m512.5 m

Retained Earnings

(296.1 m)(382.8 m)(391.2 m)(414.7 m)(488 m)(512.4 m)(535.1 m)(582.8 m)(603.3 m)

Total Equity

141.8 m80.3 m79.2 m62 m449 k(17.1 m)(35.7 m)(72.9 m)(90.2 m)

Financial Leverage

1.5 x2.1 x1.9 x4.1 x396.6 x-9.4 x-4 x-1.1 x-0.7 x

Violin Memory Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

(149.8 m)(108.9 m)(99.1 m)

Depreciation and Amortization

12.6 m11 m8.7 m

Accounts Receivable

957 k6 m9.8 m

Inventories

(24.3 m)9.1 m(1.6 m)

Accounts Payable

2.9 m(11.8 m)(7.8 m)

Cash From Operating Activities

(81.5 m)(79.5 m)(78.6 m)

Purchases of PP&E

(9.3 m)(11.7 m)(6.9 m)

Cash From Investing Activities

(69 m)7.6 m4.2 m

Cash From Financing Activities

173.4 m125 m4.6 m

Interest Paid

972 k419 k5.2 m

Income Taxes Paid

47 k115 k388 k

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Net Income

(34.1 m)(30.1 m)(8.4 m)(23.5 m)(26.5 m)(50.9 m)(73.6 m)(22.2 m)(42.7 m)

Depreciation and Amortization

4.7 m6.7 m2 m4.1 m

Accounts Receivable

23.4 m15.2 m12.1 m18.5 m7.5 m9.3 m5.6 m1.4 m2.7 m

Inventories

34.4 m38.2 m33.9 m28.7 m15.7 m(2.5 m)(1.8 m)(140 k)(1.8 m)

Accounts Payable

20.7 m22.8 m17.1 m13.1 m13.4 m(5.6 m)(5.3 m)(2.3 m)(1.3 m)

Cash From Operating Activities

(37.8 m)(59.9 m)(18.7 m)(32.2 m)

Purchases of PP&E

(3.1 m)(5.5 m)(610 k)(1.2 m)

Cash From Investing Activities

(17.1 m)(9 m)22.4 m33.5 m

Cash From Financing Activities

4.7 m4.9 m(7.6 m)(6.2 m)

Interest Paid

2.7 m5.2 m2.6 m2.6 m

Income Taxes Paid

18 k6 k30 k44 k41 k15 k18 k17 k17 k

Violin Memory Ratios

USDY, 2016

EV/EBIT

-1.2 x

EV/CFO

-1.4 x

Revenue/Employee

184 k

Debt/Equity

-2.4 x

Debt/Assets

1.2 x

Financial Leverage

-2.1 x
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Violin Memory Operating Metrics

Violin Memory's Enterprise Customers was reported to be 350 in FY, 2016.
FY, 2016

Channel Partners

100

Enterprise Customers

350

Patent Applications

88

Patents (US)

45

Patents (foreign)

65
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