Q1 total revenue growth of 18%,
year-over-year
Subscription services ARR over $1.4 billion
SANTA
CLARA, Calif., May 29, 2024
/PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT
pioneer that delivers the world's most advanced data storage
technologies and services, announced financial results for its
first quarter fiscal year 2025 ended May 5,
2024.
"Pure Storage is uniquely positioned to integrate fragmented
data storage environments, which hinders enterprises from easily
deploying artificial intelligence, hybrid cloud, and modern
application deployment," said Charles
Giancarlo, Chairman and CEO, Pure Storage. "At our June
Accelerate conference, global customers will see how our latest
innovations enable enterprises to adapt to rapid technological
change with a platform that fuses data centers and cloud
environments."
First Quarter Financial Highlights
- Revenue $693.5 million, an
increase of 18% year-over-year
- Subscription services revenue $346.1
million, up 23% year-over-year
- Subscription annual recurring revenue (ARR) $1.4 billion, up 25% year-over-year
- Remaining performance obligations (RPO) $2.3 billion, up 27% year-over-year
- GAAP gross margin 71.5%; non-GAAP gross margin 73.9%
- GAAP operating loss $(41.8)
million; non-GAAP operating income $100.4 million
- GAAP operating margin (6.0%); non-GAAP operating margin
14.5%
- Q1 operating cash flow $221.5
million; free cash flow $172.7
million
- Total cash, cash equivalents, and marketable securities
$1.7 billion
"We are pleased with the strong start to our year as Q1 revenue
growth of 18 percent and profitability both outperformed," said
Kevan Krysler, Chief Financial
Officer, Pure Storage. "We are well positioned with our highly
differentiated data storage platform for substantial long-term
growth."
At the Pure//Accelerate annual customer event next month, the
company will be delivering industry-first innovations in the Pure
data storage platform to address the most pressing topics critical
to customers, including AI and Cyber Resiliency.
First Quarter Company Highlights
- Accelerating Enterprise AI: Through integrations with
NVIDIA, Pure delivered new validated reference architectures for
running generative AI use cases, including a new NVIDIA OVX-ready
validated reference architecture, adding more options for customers
in addition to the previously announced NVIDIA BasePod
certification. As a leader in AI, Pure Storage, in collaboration
with NVIDIA, is arming global customers with a proven framework to
manage the high-performance data and compute requirements they need
to drive successful AI deployments.
- Subscription Services Innovation: New self-service
capabilities across its Pure1® storage management platform and
Evergreen® portfolio empower customers with more control over their
data storage environment via a single management layer, simplifying
end-to-end operations.
Awards and Accolades
- Financial Times The Americas' Fastest Growing Companies
2024
- Data Breakthrough Awards "Overall Data Storage Company of the
Year"
- CRN AI 100 list in the Data Center and Edge category
Second Quarter and FY25 Guidance
|
Q2FY25
|
|
Revenue
|
$755M
|
|
Revenue YoY Growth
Rate
|
9.6 %
|
|
Non-GAAP Operating
Income
|
$125M
|
|
Non-GAAP Operating
Margin
|
16.6 %
|
|
|
FY25
|
|
Revenue
|
$3.1B
|
|
Revenue YoY Growth
Rate
|
10.5 %
|
|
TCV Sales for
Evergreen//One & Evergreen//Flex
Subscription Service Offerings
|
$600M
|
|
TCV Sales for
Evergreen//One & Evergreen//Flex
Subscription Service Offerings YoY Growth Rate
|
Approximately
50%
|
|
Non-GAAP Operating
Income
|
$532M
|
|
Non-GAAP Operating
Margin
|
17 %
|
These statements are forward-looking and actual results may
differ materially. Refer to the Forward Looking Statements section
below for information on the factors that could cause our actual
results to differ materially from these statements. Pure has not
reconciled its guidance for non-GAAP operating income and non-GAAP
operating margin to their most directly comparable GAAP measures
because certain items that impact these measures are not within
Pure's control and/or cannot be reasonably predicted. Accordingly,
reconciliations of these non-GAAP financial measures guidance to
the corresponding GAAP measures are not available without
unreasonable effort.
Pure//Accelerate 2024
Register for Pure//Accelerate® 2024 in Las Vegas from June
18-21, 2024 and discover how to embrace the new age of data.
Be front and center as we make history, changing the future of
storage and the industry. Pure Storage executives and world-leading
experts - including Pure Storage CEO, Charles Giancarlo, and World Champion &
Mental Health Advocate, Michael
Phelps - will share insights, strategies, and their vision
for the future.
Conference Call Information
Pure will host a teleconference to discuss the first quarter
fiscal 2025 results at 2:00 pm PT
today, May 29, 2024. A live audio broadcast of the conference
call will be available on the Pure Storage Investor Relations
website. Pure will also post its earnings presentation and prepared
remarks to this website concurrent with this release.
A replay will be available following the call on the Pure
Storage Investor Relations website or for two weeks at
1-800-770-2030 (or 1-647-362-9199 for international callers) with
passcode 5667482.
Additionally, Pure is scheduled to participate at the following
investor conferences:
Bank of America Global Technology Conference
Date:
Tuesday, June 4, 2024
Time: 2:00 p.m. PT / 5:00 p.m. ET
Founder & Chief Visionary Officer John
"Coz" Colgrove
Chief Financial Officer Kevan
Krysler
William Blair Growth Stock Conference
Date:
Thursday, June 6, 2024
Time: 9:20 a.m. PT / 12:20 p.m. ET
Chief Technology Officer Rob Lee
Product & Technology-Focused Meeting for Financial
Analysts at Pure//Accelerate 2024
Date: Thursday, June 20, 2024
Time: 1:00 p.m. PT / 4:00 p.m. ET
The presentations will be webcast live and archived on Pure's
Investor Relations website at investor.purestorage.com.
About Pure Storage
Pure Storage (NYSE: PSTG) delivers the industry's best platform
to store, manage, and protect the world's data. With a cloud
experience across a unified storage operating environment, Pure
empowers every organization with the agility to meet evolving data
requirements at speed and scale, while reducing total cost of
ownership. Pure believes it can make a meaningful impact in
reducing data center emissions worldwide by providing a storage
platform that enables customers to significantly reduce their
carbon and energy footprint. Pure is proud to be a customer-first
organization, as evidenced by the highest Net Promoter Score in the
industry. For more information, visit www.purestorage.com.
Analyst Recognition
Leader in the 2023 Gartner Magic
Quadrant for Primary Storage
Leader in the 2023 Gartner Magic Quadrant for Distributed File
Systems & Object Storage
Connect with Pure
Blog
LinkedIn
Twitter
Facebook
Pure Storage, the Pure P Logo, Portworx, and the marks on the
Pure Trademark List at
www.purestorage.com/legal/productenduserinfo.html are trademarks of
Pure Storage, Inc. Other names are trademarks of their respective
owners.
Forward Looking Statements
This press release contains forward-looking statements regarding
our products, business and operations, including but not limited to
our views relating to future period financial and business results,
demand for our products and subscription services, including
Evergreen//One, our technology and product strategy, specifically
customer priorities around sustainability, the benefits to our
customers of using our products, our ability to perform during
current macro conditions and expand market share, our
sustainability goals and benefits, our ability to capture storage
workloads for AI environments and hyperscalers, the timing and
magnitude of large orders, the impact of inflation, economic or
supply chain disruptions, our expectations regarding our product
and technology differentiation, including the E//Family, new
customer acquisition, and other statements regarding our products,
business, operations and results. Forward-looking statements are
subject to known and unknown risks and uncertainties and are based
on potentially inaccurate assumptions that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements.
Actual results may differ materially from the results predicted,
and reported results should not be considered as an indication of
future performance. The potential risks and uncertainties that
could cause actual results to differ from the results predicted
include, among others, those risks and uncertainties included under
the caption "Risk Factors" and elsewhere in our filings and reports
with the U.S. Securities and Exchange Commission, which are
available on our Investor Relations website at
investor.purestorage.com and on the SEC website at www.sec.gov.
Additional information is also set forth in our Annual Report on
Form 10-K for the year ended February 4,
2024. All information provided in this release and in the
attachments is as of May 29, 2024,
and Pure undertakes no duty to update this information unless
required by law.
Key Performance Metrics
Subscription ARR is a key business metric that refers to total
annualized contract value of all active subscription agreements on
the last day of the quarter, plus on-demand revenue for the quarter
multiplied by four.
Total Contract Value (TCV) Sales, or bookings, of Pure's
Evergreen//One and Evergreen//Flex offerings is an operating
metric, representing the value of orders received and/or expected
to be received during the fiscal year.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial
statements, which are prepared and presented in accordance with
GAAP, Pure uses the following non-GAAP financial measures: non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating income
(loss), non-GAAP operating margin, non-GAAP net income (loss),
non-GAAP net income (loss) per share, and free cash flow.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. Our management believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance and liquidity by excluding
certain expenses such as stock-based compensation expense, payments
to former shareholders of acquired companies, payroll tax expense
related to stock-based activities, amortization of debt issuance
costs related to debt, amortization of intangible assets acquired
from acquisitions, acquisition-related transaction and integration
expenses, restructuring costs related to severance and termination
benefits, and costs associated with the impairment and early exit
of certain leased facilities that may not be indicative of our
ongoing core business operating results. Pure believes that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing our performance and when analyzing
historical performance and liquidity and planning, forecasting, and
analyzing future periods. The presentation of these non-GAAP
financial measures is not meant to be considered in isolation or as
a substitute for our financial results prepared in accordance with
GAAP, and our non-GAAP measures may be different from non-GAAP
measures used by other companies.
For a reconciliation of these non-GAAP financial measures to
GAAP measures, please see the tables captioned "Reconciliations of
non-GAAP results of operations to the nearest comparable GAAP
measures" and "Reconciliation from net cash provided by operating
activities to free cash flow," included at the end of this
release.
|
PURE STORAGE,
INC.
Condensed Consolidated Balance Sheets
(in
thousands, unaudited)
|
|
|
|
At the End
of
|
|
|
First Quarter of
Fiscal 2025
|
|
Fiscal
2024
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
900,615
|
|
$
702,536
|
|
Marketable
securities
|
|
823,397
|
|
828,557
|
|
Accounts receivable,
net of allowance of $965 and $1,060
|
|
423,454
|
|
662,179
|
|
Inventory
|
|
40,674
|
|
42,663
|
|
Deferred commissions,
current
|
|
85,386
|
|
88,712
|
|
Prepaid expenses and
other current assets
|
|
174,238
|
|
173,407
|
|
Total current
assets
|
|
2,447,764
|
|
2,498,054
|
|
Property and equipment,
net
|
|
368,153
|
|
352,604
|
|
Operating lease
right-of-use-assets
|
|
126,435
|
|
129,942
|
|
Deferred commissions,
non-current
|
|
211,240
|
|
215,620
|
|
Intangible assets,
net
|
|
29,156
|
|
33,012
|
|
Goodwill
|
|
361,427
|
|
361,427
|
|
Restricted
cash
|
|
9,595
|
|
9,595
|
|
Other assets,
non-current
|
|
69,840
|
|
55,506
|
|
Total
assets
|
|
$
3,623,610
|
|
$
3,655,760
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
55,709
|
|
$
82,757
|
|
Accrued compensation
and benefits
|
|
137,669
|
|
250,257
|
|
Accrued expenses and
other liabilities
|
|
127,885
|
|
135,755
|
|
Operating lease
liabilities, current
|
|
44,819
|
|
44,668
|
|
Deferred revenue,
current
|
|
860,221
|
|
852,247
|
|
Total current
liabilities
|
|
1,226,303
|
|
1,365,684
|
|
Long-term
debt
|
|
100,000
|
|
100,000
|
|
Operating lease
liabilities, non-current
|
|
120,709
|
|
123,201
|
|
Deferred revenue,
non-current
|
|
741,255
|
|
742,275
|
|
Other liabilities,
non-current
|
|
61,370
|
|
54,506
|
|
Total
liabilities
|
|
2,249,637
|
|
2,385,666
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
|
2,890,317
|
|
2,749,627
|
|
Accumulated other
comprehensive loss
|
|
(5,584)
|
|
(3,782)
|
|
Accumulated
deficit
|
|
(1,510,760)
|
|
(1,475,751)
|
|
Total stockholders'
equity
|
|
1,373,973
|
|
1,270,094
|
|
Total liabilities and
stockholders' equity
|
|
$
3,623,610
|
|
$
3,655,760
|
|
PURE STORAGE,
INC.
Condensed Consolidated Statements of
Operations
(in thousands, except per share data,
unaudited)
|
|
|
First Quarter of Fiscal
|
|
2025
|
|
2024
|
|
|
|
|
|
Revenue:
|
|
|
|
|
Product
|
$
347,384
|
|
$
308,963
|
|
Subscription
services
|
346,095
|
|
280,344
|
|
Total
revenue
|
693,479
|
|
589,307
|
|
Cost of
revenue:
|
|
|
|
|
Product
(1)
|
100,753
|
|
96,213
|
|
Subscription services
(1)
|
97,020
|
|
79,747
|
|
Total cost of
revenue
|
197,773
|
|
175,960
|
|
Gross profit
|
495,706
|
|
413,347
|
|
Operating
expenses:
|
|
|
|
|
Research and
development (1)
|
193,820
|
|
185,331
|
|
Sales and marketing
(1)
|
250,972
|
|
232,446
|
|
General and
administrative (1)
|
76,787
|
|
67,384
|
|
Restructuring and
impairment (2)
|
15,901
|
|
—
|
|
Total operating
expenses
|
537,480
|
|
485,161
|
|
Loss from
operations
|
(41,774)
|
|
(71,814)
|
|
Other income (expense),
net
|
14,091
|
|
11,749
|
|
Loss before provision
for income taxes
|
(27,683)
|
|
(60,065)
|
|
Income tax
provision
|
7,326
|
|
7,336
|
|
Net loss
|
$
(35,009)
|
|
$
(67,401)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
(0.11)
|
|
$
(0.22)
|
|
Weighted-average shares
used in computing net loss per share attributable to common
stockholders, basic and diluted
|
322,589
|
|
305,863
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
Cost of revenue --
product
|
$
2,782
|
|
$
2,655
|
|
Cost of revenue --
subscription services
|
8,871
|
|
5,647
|
|
Research and
development
|
50,294
|
|
38,232
|
|
Sales and
marketing
|
23,519
|
|
17,181
|
|
General and
administrative
|
27,528
|
|
14,115
|
|
Total stock-based
compensation expense
|
$
112,994
|
|
$
77,830
|
|
|
(2) Includes expenses
for severance and termination benefits related to workforce
realignment and lease impairment and
abandonment charges associated with cease-use of our former
corporate headquarters.
|
|
PURE STORAGE,
INC.
Condensed Consolidated Statements of Cash
Flows
(in thousands, unaudited)
|
|
|
First Quarter of Fiscal
|
|
2025
|
|
2024
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
Net loss
|
$
(35,009)
|
|
$
(67,401)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
33,943
|
|
29,690
|
|
Stock-based
compensation expense
|
112,994
|
|
77,830
|
|
Lease impairment and
abandonment charges
|
6,375
|
|
—
|
|
Other
|
2,343
|
|
(1,804)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable,
net
|
238,768
|
|
221,205
|
|
Inventory
|
2,406
|
|
308
|
|
Deferred
commissions
|
7,707
|
|
(2,331)
|
|
Prepaid expenses and
other assets
|
(9,219)
|
|
(6,095)
|
|
Operating lease
right-of-use assets
|
8,122
|
|
11,001
|
|
Accounts
payable
|
(26,581)
|
|
(3,993)
|
|
Accrued compensation
and other liabilities
|
(116,716)
|
|
(89,082)
|
|
Operating lease
liabilities
|
(10,587)
|
|
(6,100)
|
|
Deferred
revenue
|
6,954
|
|
10,019
|
|
Net cash provided by
operating activities
|
221,500
|
|
173,247
|
|
Cash flows from
investing activities
|
|
|
|
|
Purchases of property
and equipment (1)
|
(48,818)
|
|
(51,424)
|
|
Purchases of
marketable securities and other
|
(165,123)
|
|
(128,788)
|
|
Sales of marketable
securities
|
37,689
|
|
43,040
|
|
Maturities of
marketable securities
|
127,857
|
|
288,373
|
|
Net cash provided by
(used in) investing activities
|
(48,395)
|
|
151,201
|
|
Cash flows from
financing activities
|
|
|
|
|
Net proceeds from
exercise of stock options
|
13,223
|
|
4,630
|
|
Proceeds from issuance
of common stock under employee stock purchase plan
|
25,328
|
|
21,219
|
|
Principal payments on
borrowings and finance lease obligations
|
(1,099)
|
|
(576,780)
|
|
Proceeds from
borrowing
|
—
|
|
100,000
|
|
Tax withholding on
vesting of equity awards
|
(12,478)
|
|
(6,759)
|
|
Repurchases of common
stock
|
—
|
|
(69,911)
|
|
Net cash provided by
(used in) financing activities
|
24,974
|
|
(527,601)
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
198,079
|
|
(203,153)
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
712,131
|
|
591,398
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$
910,210
|
|
$
388,245
|
|
|
(1)
Includes capitalized internal-use software costs of
$4.5 million and $5.3 million for the first quarter of fiscal
2025 and 2024.
|
Reconciliations of non-GAAP results of operations to the
nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue
source before certain items (in thousands except percentages,
unaudited):
|
|
First Quarter of Fiscal
2025
|
|
First Quarter of Fiscal
2024
|
|
|
GAAP
results
|
|
GAAP
gross
margin (a)
|
|
Adjustment
|
|
|
|
Non-
GAAP
results
|
|
Non-
GAAP
gross
margin (b)
|
|
GAAP
results
|
|
GAAP
gross
margin (a)
|
|
Adjustment
|
|
|
|
Non-
GAAP
results
|
|
Non-
GAAP
gross
margin (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,782
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$ 2,655
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
296
|
|
(d)
|
|
|
|
|
|
|
|
|
|
147
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
20
|
|
(e)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
3,306
|
|
(f)
|
|
|
|
|
|
|
|
|
|
3,306
|
|
(f)
|
|
|
|
|
|
Gross profit --
product
|
|
$
246,631
|
|
71.0 %
|
|
$ 6,404
|
|
|
|
$ 253,035
|
|
72.8 %
|
|
$
212,750
|
|
68.9 %
|
|
$ 6,108
|
|
|
|
$
218,858
|
|
70.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 8,871
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$ 5,647
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
867
|
|
(d)
|
|
|
|
|
|
|
|
|
|
338
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
309
|
|
(e)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
(g)
|
|
|
|
|
|
Gross profit --
subscription
services
|
|
$
249,075
|
|
72.0 %
|
|
$
10,047
|
|
|
|
$ 259,122
|
|
74.9 %
|
|
$
200,597
|
|
71.6 %
|
|
$ 5,998
|
|
|
|
$
206,595
|
|
73.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
11,653
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$ 8,302
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
1,163
|
|
(d)
|
|
|
|
|
|
|
|
|
|
485
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
329
|
|
(e)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
3,306
|
|
(f)
|
|
|
|
|
|
|
|
|
|
3,306
|
|
(f)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
(g)
|
|
|
|
|
|
Total gross
profit
|
|
$
495,706
|
|
71.5 %
|
|
$
16,451
|
|
|
|
$ 512,157
|
|
73.9 %
|
|
$
413,347
|
|
70.1 %
|
|
$
12,106
|
|
|
|
$
425,453
|
|
72.2 %
|
|
|
(a) GAAP gross margin
is defined as GAAP gross profit divided by revenue.
|
|
(b) Non-GAAP gross
margin is defined as non-GAAP gross profit divided by
revenue.
|
|
(c) To eliminate
stock-based compensation expense.
|
|
(d) To eliminate
payroll tax expense related to stock-based activities.
|
|
(e) To eliminate
expenses for severance and termination benefits related to
workforce realignment.
|
|
(f) To eliminate
amortization expense of acquired intangible assets.
|
|
(g) To eliminate
payments to former shareholders of acquired company.
|
The following table presents certain non-GAAP consolidated
results before certain items (in thousands, except per share
amounts and percentages, unaudited):
|
First Quarter of Fiscal
2025
|
|
First Quarter of Fiscal
2024
|
|
GAAP
results
|
|
GAAP
operating
margin (a)
|
|
Adjustment
|
|
|
|
Non-
GAAP
results
|
|
Non-
GAAP
operating
margin (b)
|
|
GAAP
results
|
|
GAAP
operating
margin (a)
|
|
Adjustment
|
|
|
Non-
GAAP
results
|
|
Non-
GAAP
operating
margin (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
112,994
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$ 77,830
|
|
(c)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
885
|
|
(d)
|
|
|
|
|
|
|
|
|
9,400
|
|
(e)
|
|
|
|
|
|
|
|
|
|
4,815
|
|
(e)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
4,070
|
|
(f)
|
|
|
|
|
|
|
|
|
3,536
|
|
(g)
|
|
|
|
|
|
|
|
|
|
3,839
|
|
(g)
|
|
|
|
|
|
|
|
|
9,855
|
|
(h)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
6,375
|
|
(i)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
Operating
income (loss)
|
$
(41,774)
|
|
-6.0 %
|
|
$
142,160
|
|
|
|
$
100,386
|
|
14.5 %
|
|
$
(71,814)
|
|
-12.2 %
|
|
$ 91,439
|
|
|
$
19,625
|
|
3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
112,994
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$ 77,830
|
|
(c)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
885
|
|
(d)
|
|
|
|
|
|
|
|
|
9,400
|
|
(e)
|
|
|
|
|
|
|
|
|
|
4,815
|
|
(e)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
4,070
|
|
(f)
|
|
|
|
|
|
|
|
|
3,536
|
|
(g)
|
|
|
|
|
|
|
|
|
|
3,839
|
|
(g)
|
|
|
|
|
|
|
|
|
9,855
|
|
(h)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
6,375
|
|
(i)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
153
|
|
(j)
|
|
|
|
|
|
|
|
|
|
647
|
|
(j)
|
|
|
|
|
Net income
(loss)
|
$
(35,009)
|
|
|
|
$
142,313
|
|
|
|
$
107,304
|
|
|
|
$
(67,401)
|
|
|
|
$ 92,086
|
|
|
$
24,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per
share -- diluted
|
$ (0.11)
|
|
|
|
|
|
|
|
$ 0.32
|
|
|
|
$
(0.22)
|
|
|
|
|
|
|
$ 0.08
|
|
|
|
Weighted-
average
shares used in
per share
calculation --
diluted
|
322,589
|
|
|
|
15,959
|
|
(k)
|
|
338,548
|
|
|
|
305,863
|
|
|
|
11,134
|
|
(k)
|
316,997
|
|
|
|
|
(a) GAAP operating
margin is defined as GAAP operating loss divided by
revenue.
|
|
(b) Non-GAAP operating
margin is defined as non-GAAP operating income divided by
revenue.
|
|
(c) To eliminate
stock-based compensation expense.
|
|
(d) To eliminate
payments to former shareholders of acquired company.
|
|
(e) To eliminate
payroll tax expense related to stock-based activities.
|
|
(f) To eliminate
duplicate lease costs during the transition of our corporate
headquarters.
|
|
(g) To eliminate
amortization expense of acquired intangible assets.
|
|
(h) To eliminate
expenses for severance and termination benefits related to
workforce realignment.
|
|
(i) To eliminate lease
impairment and abandonment charges associated with cease-use of our
former corporate headquarters.
|
|
(j) To eliminate
amortization expense of debt issuance costs related to our
debt.
|
|
(k) To include effect
of dilutive securities (employee stock options, restricted stock,
and shares from employee stock purchase plan).
|
Reconciliation from net cash provided by operating activities
to free cash flow (in thousands except percentages,
unaudited):
|
First Quarter of Fiscal
|
|
2025
|
|
2024
|
|
Net cash provided by
operating activities
|
$
221,500
|
|
$
173,247
|
|
Less: purchases of
property and equipment (1)
|
(48,818)
|
|
(51,424)
|
|
Free cash flow
(non-GAAP)
|
$
172,682
|
|
$
121,823
|
|
|
(1) Includes
capitalized internal-use software costs of $4.5 million and
$5.3 million for the first quarter of fiscal 2025 and
2024.
|
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SOURCE Pure Storage