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    Pure Storage Announces Third Quarter Fiscal 2025 Financial Results

    12/3/24 4:05:00 PM ET
    $PSTG
    Electronic Components
    Technology
    Get the next $PSTG alert in real time by email

    Awarded industry-first design win from a top-four hyperscaler

    SANTA CLARA, Calif., Dec. 3, 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 third quarter fiscal year 2025 ended November 3, 2024.

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

    "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," said Pure Storage Chairman and CEO Charles Giancarlo. "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption."

    Third Quarter Financial Highlights 

    • Revenue $831.1 million, an increase of 9% year-over-year
    • Subscription services revenue $376.4 million, up 22% year-over-year
    • Subscription annual recurring revenue (ARR) $1.6 billion, up 22% year-over-year
    • Remaining performance obligations (RPO) $2.4 billion, up 16% year-over-year
    • GAAP gross margin 70.1%; non-GAAP gross margin 71.9%
    • GAAP operating income $59.7 million; non-GAAP operating income $167.3 million
    • GAAP operating margin 7.2%; non-GAAP operating margin 20.1%
    • Q3 operating cash flow $97.0 million; free cash flow $35.2 million
    • Total cash, cash equivalents, and marketable securities $1.6 billion
    • Returned approximately $182 million in the third quarter to stockholders through share repurchases of 3.6 million shares

    "Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models," said Kevan Krysler, Pure Storage CFO. "We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape."

    Third Quarter Company Highlights

    • Leading the Hyperscale Opportunity: With its industry-first design win with a top-four hyperscaler, Pure Storage is extending its DirectFlash® technology into massive scale environments today dominated by hard disks. The unmatched capabilities of Pure's DirectFlash® technology deliver new levels of innovation, performance, and scalability to an industry with demanding requirements, enabling hyperscalers to fully modernize their infrastructure, significantly improve operational efficiency, and dramatically free up scarce electrical power.



      Pure Storage also deepened its collaboration with Kioxia, a global leader of NAND Flash technology, to develop cutting-edge technology and manufacturing capacity to address the growing need for high-performance, scalable storage infrastructure for tomorrow's hyperscale environments.



    • Advancing Enterprise AI: Pure Storage expanded its ability to serve the world's largest AI training environments with recent certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, which optimizes performance, power, and space efficiency. Pure also entered into a strategic partnership with CoreWeave to better serve AI customers by making Pure Storage available as a standard option within the CoreWeave dedicated cloud environment. With its introduction of the new Pure Storage GenAI Pod, Pure Storage is providing a set of full-stack solutions which reduce the time, cost, and expertise required to deploy generative AI projects.



    • Delivering Platform Innovation: With the Pure Storage platform, Pure is driving the biggest shift in enterprise storage since Flash. Pure Storage will be delivering v2.0 of Pure Fusion™ in its fourth quarter, which will enable customers to create their own enterprise data cloud, opening their data storage environment like the hyperscalers operate theirs. During the quarter Pure Storage unveiled solutions enabling seamless VMware migrations to Microsoft Azure, delivering enterprise-scale flexibility. And the new Pure Storage FlashArray™ with AWS Outposts brings together Amazon Web Services and Pure's enterprise-grade storage on AWS Outposts, giving customers the flexibility to run cloud services on an enterprise-grade storage platform within their own data centers.

    Industry Recognition and Accolades

    • Leader for Fifth Consecutive Year in the 2024 Gartner® Magic Quadrant™ for Primary Storage Platforms
    • Leader for Fourth Consecutive Year in the 2024 Gartner® Magic Quadrant™ for File and Object Storage Platforms
    • Forbes Most Trusted Companies in America 2025 (Ranked #144)
    • Fortune Best Places to Work in Technology 2024 (Ranked #14)

    Fourth Quarter and FY25 Guidance

    Q4FY25

    Revenue

        $867M     

    Revenue YoY Growth Rate

    9.7 %

    Non-GAAP Operating Income                                                                      

      $135M    

    Non-GAAP Operating Margin

    15.6 %



    FY25

    Revenue

    $3.15B   

    Revenue YoY Growth Rate

    11.5 %

    Non-GAAP Operating Income

    $540M   

    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 third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 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:

    Wells Fargo 8th Annual TMT Summit

    Date: Wednesday, December 4, 2024

    Time: 1:30 p.m. PT / 4:30 p.m. ET

    Chief Technology Officer Rob Lee

    27th Annual Needham Growth Conference

    Date: Thursday, January 16, 2025

    Time: 9:45 a.m. PT / 12:45 p.m. ET

    Founder & Chief Visionary Officer John "Coz" Colgrove

    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.

    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 our opportunity with hyperscale and AI environments, our ability to meet hyperscalers' performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, 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, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, 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 December 3, 2024, and Pure undertakes no duty to update this information unless required by law.

    Key Performance Metric

    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.

    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, and amortization of intangible assets acquired from acquisitions 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





    Third Quarter of

    Fiscal 2025



    Fiscal 2024

    Assets









    Current assets:









    Cash and cash equivalents



    $           894,569



    $           702,536

    Marketable securities



    753,960



    828,557

    Accounts receivable, net of allowance of $956 and $1,060



    578,224



    662,179

    Inventory



    41,571



    42,663

    Deferred commissions, current



    86,839



    88,712

    Prepaid expenses and other current assets



    204,485



    173,407

    Total current assets



    2,559,648



    2,498,054

    Property and equipment, net



    431,353



    352,604

    Operating lease right-of-use-assets



    157,574



    129,942

    Deferred commissions, non-current



    210,671



    215,620

    Intangible assets, net



    23,039



    33,012

    Goodwill



    361,427



    361,427

    Restricted cash



    11,249



    9,595

    Other assets, non-current



    99,504



    55,506

    Total assets



    $        3,854,465



    $        3,655,760











    Liabilities and Stockholders' Equity









    Current liabilities:









    Accounts payable



    $           102,021



    $             82,757

    Accrued compensation and benefits



    155,652



    250,257

    Accrued expenses and other liabilities



    141,846



    135,755

    Operating lease liabilities, current



    47,941



    44,668

    Deferred revenue, current



    897,174



    852,247

    Debt, current



    100,000



    —

    Total current liabilities



    1,444,634



    1,365,684

    Long-term debt



    —



    100,000

    Operating lease liabilities, non-current



    146,390



    123,201

    Deferred revenue, non-current



    784,282



    742,275

    Other liabilities, non-current



    68,573



    54,506

    Total liabilities



    2,443,879



    2,385,666

    Stockholders' equity:









    Common stock and additional paid-in capital



    2,821,010



    2,749,627

    Accumulated other comprehensive income (loss)



    1,023



    (3,782)

    Accumulated deficit



    (1,411,447)



    (1,475,751)

    Total stockholders' equity



    1,410,586



    1,270,094

    Total liabilities and stockholders' equity



    $        3,854,465



    $        3,655,760

     

    PURE STORAGE, INC.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share data, unaudited)

     



    Third Quarter of Fiscal



    First Three Quarters of Fiscal



    2025



    2024



    2025



    2024

    Revenue:















    Product

    $         454,735



    $         453,277



    $      1,204,714



    $      1,161,978

    Subscription services

    376,337



    309,561



    1,083,608



    878,838

    Total revenue

    831,072



    762,838



    2,288,322



    2,040,816

    Cost of revenue:















    Product (1)

    154,970



    126,770



    385,446



    343,588

    Subscription services (1)

    93,180



    83,321



    284,168



    244,541

    Total cost of revenue

    248,150



    210,091



    669,614



    588,129

    Gross profit

    582,922



    552,747



    1,618,708



    1,452,687

    Operating expenses:















    Research and development (1)

    200,086



    182,100



    589,396



    549,923

    Sales and marketing (1)

    255,830



    231,707



    757,069



    696,885

    General and administrative (1)

    67,319



    64,729



    213,551



    192,944

    Restructuring and impairment (2)

    —



    —



    15,901



    16,766

    Total operating expenses

    523,235



    478,536



    1,575,917



    1,456,518

    Income (loss) from operations

    59,687



    74,211



    42,791



    (3,831)

    Other income (expense), net

    17,156



    5,184



    50,684



    23,619

    Income before provision for income taxes

    76,843



    79,395



    93,475



    19,788

    Income tax provision

    13,204



    9,006



    29,171



    23,915

    Net income (loss)

    $           63,639



    $           70,389



    $           64,304



    $           (4,127)

















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

    $              0.19



    $              0.22



    $              0.20



    $             (0.01)

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

    $              0.19



    $              0.21



    $              0.19



    $             (0.01)

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

    attributable to common stockholders, basic

    327,675



    314,153



    325,530



    309,842

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

    attributable to common stockholders, diluted

    340,564



    330,255



    341,490



    309,842



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

















    Cost of revenue -- product

    $             3,216



    $             1,443



    $             9,443



    $             7,056

    Cost of revenue -- subscription services

    7,800



    6,849



    24,632



    19,347

    Research and development

    49,227



    43,908



    150,390



    126,225

    Sales and marketing

    24,393



    19,209



    72,330



    55,883

    General and administrative

    16,436



    16,557



    62,161



    46,732

    Total stock-based compensation expense

    $         101,072



    $           87,966



    $         318,956



    $         255,243



    (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)

     



    Third Quarter of Fiscal



    First Three Quarters of Fiscal



    2025



    2024



    2025



    2024

















    Cash flows from operating activities















    Net income (loss)

    $               63,639



    $               70,389



    $               64,304



    $                (4,127)

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















    Depreciation and amortization

    29,272



    31,647



    99,099



    91,560

    Stock-based compensation expense

    101,072



    87,966



    318,956



    255,243

    Noncash portion of lease impairment and abandonment

    —



    —



    3,270



    16,766

    Other

    2,381



    (2,815)



    5,107



    (5,844)

    Changes in operating assets and liabilities:















    Accounts receivable, net

    (161,723)



    (111,190)



    83,998



    (23,959)

    Inventory

    5,071



    818



    (1,590)



    5,278

    Deferred commissions

    669



    (9,501)



    6,822



    (19,061)

    Prepaid expenses and other assets

    (40,008)



    20,044



    (67,014)



    19,686

    Operating lease right-of-use assets

    9,383



    7,634



    25,911



    27,269

    Accounts payable

    33,755



    7,533



    20,597



    33,844

    Accrued compensation and other liabilities

    7,781



    4,767



    (70,951)



    (52,757)

    Operating lease liabilities

    (12,096)



    (8,324)



    (30,353)



    (21,457)

    Deferred revenue

    57,797



    59,464



    86,934



    110,856

    Net cash provided by operating activities

    96,993



    158,432



    545,090



    433,297

    Cash flows from investing activities















    Purchases of property and equipment (1)

    (61,788)



    (45,062)



    (170,641)



    (151,591)

    Purchases of marketable securities and other

    (43,632)



    (105,108)



    (314,083)



    (351,725)

    Sales of marketable securities

    12,817



    3,747



    61,241



    52,495

    Maturities of marketable securities

    131,994



    109,196



    329,978



    495,899

    Net cash provided by (used in) investing activities

    39,391



    (37,227)



    (93,505)



    45,078

    Cash flows from financing activities















    Proceeds from exercise of stock options

    3,426



    3,056



    21,194



    32,904

    Proceeds from issuance of common stock under employee stock purchase plan

    26,408



    23,870



    51,736



    45,089

    Proceeds from borrowings

    —



    6,890



    —



    106,890

    Principal payments on borrowings and finance lease obligations

    (1,786)



    (7,515)



    (5,721)



    (584,582)

    Tax withholding on vesting of equity awards

    (54,905)



    (4,755)



    (141,591)



    (16,582)

    Repurchases of common stock

    (181,999)



    (22,460)



    (181,999)



    (114,341)

    Net cash used in financing activities

    (208,856)



    (914)



    (256,381)



    (530,622)

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

    (72,472)



    120,291



    195,204



    (52,247)

    Cash, cash equivalents and restricted cash, beginning of period

    979,807



    418,860



    712,131



    591,398

    Cash, cash equivalents and restricted cash, end of period

    $             907,335



    $             539,151



    $             907,335



    $             539,151



    (1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024 and $15.8 million and $15.7 million for the first three 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):





    Third Quarter of Fiscal 2025



    Third 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)































































    $      3,216



    (c)



















    $      1,443



    (c)





















    103



    (d)



















    75



    (d)





















    3,306



    (e)



















    3,306



    (e)









    Gross

    profit --

    product



    $  299,765



    65.9 %



    $      6,625







    $ 306,390



    67.4 %



    $  326,507



    72.0 %



    $      4,824







    $  331,331



    73.1 %































































    $      7,800



    (c)



















    $      6,849



    (c)





















    368



    (d)



















    329



    (d)









    Gross

    profit --

    subscription

    services



    $  283,157



    75.2 %



    $      8,168







    $ 291,325



    77.4 %



    $  226,240



    73.1 %



    $      7,178







    $  233,418



    75.4 %































































    $    11,016



    (c)



















    $      8,292



    (c)





















    471



    (d)



















    404



    (d)





















    3,306



    (e)



















    3,306



    (e)









    Total gross profit



    $  582,922



    70.1 %



    $    14,793







    $ 597,715



    71.9 %



    $  552,747



    72.5 %



    $    12,002







    $  564,749



    74.0 %



    (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 amortization expense of acquired intangible assets.

    The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):



    Third Quarter of Fiscal 2025



    Third 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)

























































    $    101,072



    (c)



















    $     87,966



    (c)

















    —























    580



    (d)

















    2,991



    (e)



















    2,604



    (e)

















    3,536



    (f)



















    3,718



    (f)







    Operating income

    $   59,687



    7.2 %



    $    107,599







    $  167,286



    20.1 %



    $   74,211



    9.7 %



    $     94,868





    $  169,079



    22.2 %

























































    $    101,072



    (c)



















    $     87,966



    (c)

















    —























    580



    (d)

















    2,991



    (e)



















    2,604



    (e)

















    3,536



    (f)



















    3,718



    (f)

















    154



    (g)



















    153



    (g)







    Net income

    $   63,639







    $    107,753







    $  171,392







    $   70,389







    $     95,021





    $  165,410



















































    Net income per share -- diluted

    $       0.19















    $     0.50







    $       0.21













    $      0.50





    Weighted-average shares used in per share calculation -- diluted

    340,564







    —







    340,564







    330,255







    —





    330,255







    (a) GAAP operating margin is defined as GAAP operating income 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 amortization expense of debt issuance costs related to our debt.

    Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):



    Third Quarter of Fiscal



    2025



    2024

    Net cash provided by operating activities

    $                  96,993



    $             158,432

    Less: purchases of property and equipment (1)

    (61,788)



    (45,062)

    Free cash flow (non-GAAP)

    $                  35,205



    $             113,370



    (1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pure-storage-announces-third-quarter-fiscal-2025-financial-results-302321516.html

    SOURCE Pure Storage

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