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    Pure Storage Announces Second Quarter Fiscal 2025 Financial Results

    8/28/24 4:05:00 PM ET
    $PSTG
    Electronic Components
    Technology
    Get the next $PSTG alert in real time by email

    Q2 total revenue growth of 11% year-over-year

    Subscription services ARR growing 24% year-over-year

    SANTA CLARA, Calif., Aug. 28, 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 second quarter fiscal year 2025 ended August 4, 2024.

    www.purestorage.com (PRNewsFoto/Pure Storage) (PRNewsfoto/Pure Storage)

    "In a world where energy demands are soaring, the power savings of Pure Storage alone make the move from hard disks to Pure technology a smart choice for both hyperscaler and enterprise data centers," said Pure Storage Chairman and CEO Charles Giancarlo. "Businesses can grow their data storage and reduce their energy footprint with Pure on a platform that eliminates existing data silos and simplifies customers' data centers with guaranteed service-level agreements."

    Second Quarter Financial Highlights 

    • Revenue $763.8 million, an increase of 11% year-over-year
    • Subscription services revenue $361.2 million, up 25% year-over-year
    • Subscription annual recurring revenue (ARR) $1.5 billion, up 24% year-over-year
    • Remaining performance obligations (RPO) $2.3 billion, up 24% year-over-year
    • GAAP gross margin 70.7%; non-GAAP gross margin 72.8%
    • GAAP operating income $24.9 million; non-GAAP operating income $138.6 million
    • GAAP operating margin 3.3%; non-GAAP operating margin 18.1%
    • Q2 operating cash flow $226.6 million; free cash flow $166.6 million
    • Total cash, cash equivalents, and marketable securities $1.8 billion

    "We delivered strong financial results through the first half of our fiscal year, highlighting the effectiveness of our strategic initiatives," said Kevan Krysler, Chief Financial Officer, Pure Storage. "Our highly differentiated data storage platform strategy is demonstrating success with our customers."

    Second Quarter Company Highlights

    • Platform Innovation: The Pure platform delivers agility and risk reduction with a consistent, as-a-service experience across the broadest set of use cases and IT environments. At its annual Pure//Accelerate conference, Pure Storage announced critical new platform capabilities to further improve the ability for enterprises to deploy AI, improve cyber resilience, and modernize applications, including Evergreen//One for AI, the first purpose-built AI storage as-a-service, enhancements to Pure Fusion, delivering first-of-its-kind storage automation, and an industry-first generative AI copilot for storage. Additionally, Pure continued to extend its Storage as-a-Service (STaaS) leadership with new service level agreements (SLAs), now delivering the industry's most comprehensive set of SLAs.



    • ESG Leadership: Pure Storage released its third Environmental, Social, and Governance (ESG) report, offering visibility into current metrics and setting commitments for meaningful progress towards a more sustainable future. The latest report outlines that Pure Storage's platform requires up to 10x less energy than mechanical spinning disk storage (HDD) and up to 5x less than solid state drives (SSDs).



    • Enterprise AI Momentum: Pure Storage continued to accelerate enterprise AI adoption, announcing that it will be a certified storage solution for NVIDIA DGX SuperPOD by the end of 2024. Additionally, Pure joined the Ultra Ethernet Consortium (UEC), a Linux Foundation initiative, underscoring its commitment to expanding the capabilities of high performance Ethernet for large-scale AI and HPC initiatives.

    Awards and Accolades

    • Fortune Best Large Workplaces in the Bay Area (Ranked #15)
    • Fortune Best Workplaces for Millennials (Ranked #34)
    • Business Intelligence Group's 2024 Sustainability Leadership Award

    Third Quarter and FY25 Guidance

    Q3FY25

    Revenue

    $815M

    Revenue YoY Growth Rate

    6.8 %

    Non-GAAP Operating Income

    $140M

    Non-GAAP Operating Margin

    17.2 %



    FY25

    Revenue

    $3.1B

    Revenue YoY Growth Rate

    10.5 %

    TCV Sales for Subscription-as-a-Service Offerings

    $500M

    TCV Sales for Subscription-as-a-Service Offerings YoY

    Growth Rate

    Approximately 25%

    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.

    Conference Call Information

    Pure will host a teleconference to discuss the second quarter fiscal 2025 results at 2:00 pm PT today, August 28, 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 conference:

    Goldman Sachs Communacopia + Technology Conference

    Date: Wednesday, September 11, 2024

    Time: 12:25 p.m. PT / 3:25 p.m. ET

    Chairman and CEO Charles Giancarlo and Chief Financial Officer Kevan Krysler

    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 most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, 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 Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be 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 environmental and energy saving 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 August 28, 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, 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





    Second Quarter of

    Fiscal 2025



    Fiscal 2024











    Assets









    Current assets:









    Cash and cash equivalents



    $           965,028



    $           702,536

    Marketable securities



    855,453



    828,557

    Accounts receivable, net of allowance of $959 and $1,060



    416,501



    662,179

    Inventory



    43,548



    42,663

    Deferred commissions, current



    87,424



    88,712

    Prepaid expenses and other current assets



    185,072



    173,407

    Total current assets



    2,553,026



    2,498,054

    Property and equipment, net



    396,676



    352,604

    Operating lease right-of-use-assets



    138,781



    129,942

    Deferred commissions, non-current



    210,755



    215,620

    Intangible assets, net



    27,004



    33,012

    Goodwill



    361,427



    361,427

    Restricted cash



    14,779



    9,595

    Other assets, non-current



    78,825



    55,506

    Total assets



    $        3,781,273



    $        3,655,760











    Liabilities and Stockholders' Equity









    Current liabilities:









    Accounts payable



    $             68,104



    $             82,757

    Accrued compensation and benefits



    176,553



    250,257

    Accrued expenses and other liabilities



    119,430



    135,755

    Operating lease liabilities, current



    49,575



    44,668

    Deferred revenue, current



    869,332



    852,247

    Total current liabilities



    1,282,994



    1,365,684

    Long-term debt



    100,000



    100,000

    Operating lease liabilities, non-current



    128,674



    123,201

    Deferred revenue, non-current



    754,328



    742,275

    Other liabilities, non-current



    62,116



    54,506

    Total liabilities



    2,328,112



    2,385,666

    Stockholders' equity:









    Common stock and additional paid-in capital



    2,925,540



    2,749,627

    Accumulated other comprehensive income (loss)



    2,707



    (3,782)

    Accumulated deficit



    (1,475,086)



    (1,475,751)

    Total stockholders' equity



    1,453,161



    1,270,094

    Total liabilities and stockholders' equity



    $        3,781,273



    $        3,655,760

     

    PURE STORAGE, INC.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share data, unaudited)





    Second Quarter of Fiscal



    First Two Quarters of Fiscal



    2025



    2024



    2025



    2024

















    Revenue:















    Product

    $         402,595



    $         399,738



    $         749,979



    $         708,701

    Subscription services

    361,176



    288,933



    707,271



    569,277

    Total revenue

    763,771



    688,671



    1,457,250



    1,277,978

    Cost of revenue:















    Product (1)

    129,723



    120,605



    230,476



    216,818

    Subscription services (1)

    93,968



    81,473



    190,988



    161,220

    Total cost of revenue

    223,691



    202,078



    421,464



    378,038

    Gross profit

    540,080



    486,593



    1,035,786



    899,940

    Operating expenses:















    Research and development (1)

    195,490



    182,492



    389,310



    367,823

    Sales and marketing (1)

    250,267



    232,732



    501,239



    465,178

    General and administrative (1)

    69,445



    60,831



    146,232



    128,215

    Restructuring and impairment (2)

    —



    16,766



    15,901



    16,766

    Total operating expenses

    515,202



    492,821



    1,052,682



    977,982

    Income (loss) from operations

    24,878



    (6,228)



    (16,896)



    (78,042)

    Other income (expense), net

    19,437



    6,686



    33,528



    18,435

    Income (loss) before provision for income taxes

    44,315



    458



    16,632



    (59,607)

    Income tax provision

    8,641



    7,573



    15,967



    14,909

    Net income (loss)

    $           35,674



    $           (7,115)



    $               665



    $         (74,516)

















    Net income (loss) per share attributable to common stockholders, basic

    $               0.11



    $             (0.02)



    $              0.00



    $             (0.24)

    Net income (loss) per share attributable to common stockholders, diluted

    $               0.10



    $             (0.02)



    $              0.00



    $             (0.24)

    Weighted-average shares used in computing net income (loss) per share

    attributable to common stockholders, basic

    326,326



    309,510



    324,458



    307,687

    Weighted-average shares used in computing net income (loss) per share

    attributable to common stockholders, diluted

    343,443



    309,510



    341,509



    307,687



    (1) Includes stock-based compensation expense as follows:



















    Cost of revenue -- product

    $             3,445



    $             2,958



    $             6,227



    $             5,613

    Cost of revenue -- subscription services

    7,961



    6,851



    16,832



    12,498

    Research and development

    50,869



    44,085



    101,163



    82,317

    Sales and marketing

    24,418



    19,493



    47,937



    36,674

    General and administrative

    18,197



    16,060



    45,725



    30,175

    Total stock-based compensation expense                                                   

    $         104,890



    $           89,447



    $         217,884



    $         167,277



    (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)





    Second Quarter of Fiscal



    First Two Quarters of Fiscal



    2025



    2024



    2025



    2024

















    Cash flows from operating activities















    Net income (loss)

    $               35,674



    $                (7,115)



    $                     665



    $              (74,516)

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















    Depreciation and amortization

    35,884



    30,223



    69,827



    59,913

    Stock-based compensation expense

    104,890



    89,447



    217,884



    167,277

    Noncash portion of lease impairment and abandonment

    —



    16,766



    3,270



    16,766

    Other

    1,120



    (1,225)



    2,726



    (3,029)

    Changes in operating assets and liabilities:















    Accounts receivable, net

    6,953



    (133,974)



    245,721



    87,231

    Inventory

    (4,956)



    4,152



    (6,661)



    4,460

    Deferred commissions

    (1,554)



    (7,229)



    6,153



    (9,560)

    Prepaid expenses and other assets

    (17,787)



    5,737



    (27,006)



    (358)

    Operating lease right-of-use assets

    8,406



    8,634



    16,528



    19,635

    Accounts payable

    13,423



    30,304



    (13,158)



    26,311

    Accrued compensation and other liabilities

    30,392



    31,558



    (78,732)



    (57,524)

    Operating lease liabilities

    (8,031)



    (7,033)



    (18,257)



    (13,133)

    Deferred revenue

    22,183



    41,373



    29,137



    51,392

    Net cash provided by operating activities

    226,597



    101,618



    448,097



    274,865

    Cash flows from investing activities















    Purchases of property and equipment (1)

    (60,035)



    (55,105)



    (108,853)



    (106,529)

    Purchases of marketable securities and other

    (105,328)



    (117,829)



    (270,451)



    (246,617)

    Sales of marketable securities

    10,735



    5,708



    48,424



    48,748

    Maturities of marketable securities

    70,127



    98,330



    197,984



    386,703

    Net cash provided by (used in) investing activities

    (84,501)



    (68,896)



    (132,896)



    82,305

    Cash flows from financing activities















    Net proceeds from exercise of stock options

    4,545



    25,218



    17,768



    29,848

    Proceeds from issuance of common stock under employee stock purchase plan

    —



    —



    25,328



    21,219

    Principal payments on borrowings and finance lease obligations

    (2,836)



    (287)



    (3,935)



    (577,067)

    Proceeds from borrowing

    —



    —



    —



    100,000

    Tax withholding on vesting of equity awards

    (74,208)



    (5,068)



    (86,686)



    (11,827)

    Repurchases of common stock

    —



    (21,970)



    —



    (91,881)

    Net cash used in financing activities

    (72,499)



    (2,107)



    (47,525)



    (529,708)

    Net increase (decrease) in cash, cash equivalents and restricted cash

    69,597



    30,615



    267,676



    (172,538)

    Cash, cash equivalents and restricted cash, beginning of period

    910,210



    388,245



    712,131



    591,398

    Cash, cash equivalents and restricted cash, end of period

    $             979,807



    $             418,860



    $             979,807



    $             418,860



    (1) Includes capitalized internal-use software costs of $5.3 million for both the second quarter of fiscal 2025 and 2024 and $9.8 million and $10.6 million for the first two quarters 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):





    Second Quarter of Fiscal 2025



    Second 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)































































    $      3,445



    (c)



















    $      2,958



    (c)





















    224



    (d)



















    135



    (d)





















    —























    402



    (e)





















    3,306



    (f)



















    3,306



    (f)









    Gross profit --product



    $  272,872



    67.8 %



    $      6,975







    $ 279,847



    69.5 %



    $  279,133



    69.8 %



    $      6,801







    $  285,934



    71.5 %































































    $      7,961



    (c)



















    $      6,851



    (c)





















    658



    (d)



















    481



    (d)





















    —























    413



    (e)





















    —























    5



    (g)









    Gross profit --

    subscription services



    $  267,208



    74.0 %



    $      8,619







    $ 275,827



    76.4 %



    $  207,460



    71.8 %



    $      7,750







    $  215,210



    74.5 %































































    $    11,406



    (c)



















    $      9,809



    (c)





















    882



    (d)



















    616



    (d)





















    —























    815



    (e)





















    3,306



    (f)



















    3,306



    (f)





















    —























    5



    (g)









    Total gross profit



    $  540,080



    70.7 %



    $    15,594







    $ 555,674



    72.8 %



    $  486,593



    70.7 %



    $    14,551







    $  501,144



    72.8 %



    (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 duplicate lease costs during the transition of our corporate headquarters.

    (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):



    Second Quarter of Fiscal 2025



    Second 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)

























































    $    104,890



    (c)



















    $     89,447



    (c)

















    —























    876



    (d)

















    5,292



    (e)



















    4,507



    (e)

















    3,536



    (f)



















    3,837



    (f)

















    —























    2,617



    (g)

















    —























    16,766



    (h)







    Operating income (loss)

    $   24,878



    3.3 %



    $    113,718







    $  138,596



    18.1 %



    $     (6,228)



    -0.9 %



    $    118,050





    $  111,822



    16.2 %

























































    $    104,890



    (c)



















    $     89,447



    (c)

















    —























    876



    (d)

















    5,292



    (e)



















    4,507



    (e)

















    3,536



    (f)



















    3,837



    (f)

















    —























    2,617



    (g)

















    —























    16,766



    (h)

















    153



    (i)



















    153



    (i)







    Net income (loss)

    $   35,674







    $    113,871







    $  149,545







    $    (7,115)







    $    118,203





    $  111,088



















































    Net income (loss) per share -- diluted  

    $       0.10















    $     0.44







    $     (0.02)













    $      0.34





    Weighted-average shares used in per

    share calculation --  diluted

    343,443







    —







    343,443







    309,510







    17,060



    (j)

    326,570







    (a) GAAP operating margin is defined as GAAP operating income (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 amortization expense of acquired intangible assets.

    (g) To eliminate duplicate lease costs during the transition of our corporate headquarters.

    (h) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.

    (i) To eliminate amortization expense of debt issuance costs related to our debt.

    (j) 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):



    Second Quarter of Fiscal



    2025



    2024

    Net cash provided by operating activities

    $               226,597



    $             101,618

    Less: purchases of property and equipment (1)

    (60,035)



    (55,105)

    Free cash flow (non-GAAP)

    $               166,562



    $               46,513



    (1) Includes capitalized internal-use software costs of $5.3 million for both the second quarter of fiscal 2025 and 2024.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pure-storage-announces-second-quarter-fiscal-2025-financial-results-302233325.html

    SOURCE Pure Storage

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