MOUNTAIN VIEW, Calif.,
May 21, 2018 /PRNewswire/ -- Pure Storage (NYSE: PSTG),
the all-flash storage platform that helps innovators build a better
world with data, today announced financial results for its first
quarter ended April 30, 2018.
Key quarterly financial highlights include:
- Revenue: $255.9 million, up 40%
Y/Y, exceeding the high end of our guidance;
- Operating margin: -24.2% GAAP; -6.0% non-GAAP, up 7.7 ppts and
7.9 ppts Y/Y, respectively;
- Operating cash flow: $18.6
million, free cash flow without ESPP impact: $8.6 million.
"Pure has delivered another strong quarter as we lead the
industry in delivering new data-centric architectures that enable
enterprises to succeed both today and tomorrow," said Pure Storage
CEO Charles Giancarlo. "The
combination of our innovative business model, first-to-market
technology innovations, and focus on customer success drove
continued momentum in Q1."
Approximately 300 new customers joined Pure Storage in the
quarter, increasing the total to more than 4,800 organizations. New
customer wins in the quarter include: ALDI International, Barnes
& Noble Education, Inc., U.S. Department of Energy, Paige.AI,
and Panasonic Taiwan.
"Q1 marked a great start to fiscal 2019, growing 40%
year-over-year in revenue and exceeding our operating margin goal,"
said Tim Riitters, CFO of Pure
Storage. "We are focused on driving industry-leading growth and
profitability in our business."
New Revenue Accounting Standard
Pure Storage adopted ASC 606, the new standard related to
revenue recognition effective February 1,
2018. Prior period financial information in this press
release has been adjusted to reflect the adoption of this new
standard. Please also refer to our earnings presentation on
investor.purestorage.com for further information.
First Quarter Fiscal 2019 Financial Highlights
The following tables summarize our consolidated financial
results for the fiscal quarters ended April 30, 2018 and 2017
(in millions except percentages, per share amounts and headcount,
unaudited):
GAAP Quarterly
Financial Information
|
|
|
Three Months
Ended
April 30, 2018
|
|
Three Months
Ended
April 30, 2017
|
|
Y/Y
Change
|
Revenue
|
|
$255.9
|
|
$182.6
|
|
40%
|
Gross
Margin
|
|
65.0%
|
|
65.2%
|
|
-0.2 ppts
|
Product Gross
Margin
|
|
66.0%
|
|
67.3%
|
|
-1.3 ppts
|
Support Subscription
Gross Margin
|
|
61.6%
|
|
57.5%
|
|
4.1 ppts
|
Operating
Loss
|
|
-$61.9
|
|
-$58.2
|
|
-$3.7
|
Operating
Margin
|
|
-24.2%
|
|
-31.9%
|
|
7.7 ppts
|
Net Loss
|
|
-$64.3
|
|
-$57.2
|
|
-$7.1
|
Net Loss per Share
(Basic and Diluted)
|
|
-$0.29
|
|
-$0.28
|
|
-$0.01
|
Weighted-Average
Shares
|
|
223.8
|
|
205.8
|
|
18.0
|
Headcount
|
|
>2,300
|
|
>1,800
|
|
~500
|
|
|
Non-GAAP Quarterly
Financial Information
|
|
|
Three Months
Ended
April 30, 2018
|
|
Three Months
Ended April 30, 2017
|
|
Y/Y
Change
|
Gross
Margin
|
|
66.3%
|
|
66.4%
|
|
-0.1 ppts
|
Product Gross
Margin
|
|
66.3%
|
|
67.6%
|
|
-1.3 ppts
|
Support Subscription
Gross Margin
|
|
66.3%
|
|
62.1%
|
|
4.2 ppts
|
Operating
Loss
|
|
-$15.3
|
|
-$25.3
|
|
$10.0
|
Operating
Margin
|
|
-6.0%
|
|
-13.9%
|
|
7.9 ppts
|
Net Loss
|
|
-$16.2
|
|
-$24.3
|
|
$8.1
|
Net Loss per
Share
|
|
-$0.07
|
|
-$0.12
|
|
$0.05
|
Weighted-Average
Shares
|
|
223.8
|
|
205.8
|
|
18.0
|
A reconciliation between GAAP and non-GAAP information is
provided at the end of this release.
Financial Outlook
Pure Storage's second quarter fiscal 2019 guidance is as
follows:
- Revenue in the range of $296
million to $304 million
- Non-GAAP gross margin in the range of 63.5% to 66.5%
- Non-GAAP operating margin in the range of -7.0% to -3.0%
Pure Storage's full year fiscal 2019 guidance is as follows:
- Revenue in the range of $1.320
billion to $1.370 billion
- Non-GAAP gross margin in the range of 63.5% to 66.5%
- Non-GAAP operating margin in the range of 0% to 4%
All forward-looking non-GAAP financial measures contained in
this section titled "Financial Outlook" exclude stock-based
compensation expense, payroll tax expense related to stock-based
activities, amortization of debt discount and debt issuance costs
and any applicable anti-dilutive share count impact of the
convertible debt hedge agreements and, as applicable, other special
items. We have not reconciled guidance for non-GAAP gross margin
and non-GAAP operating margin to their most directly comparable
GAAP measures because such items that impact these measures are not
within our control and/or cannot be reasonably predicted.
Accordingly, a reconciliation of the non-GAAP financial measure
guidance to the corresponding GAAP measures is not available
without unreasonable effort.
Conference Call Information
Pure Storage will host a teleconference to discuss the first
quarter fiscal 2019 results at 2:00 p.m.
(PT) on May 21, 2018. Pure Storage will post its
supplemental earnings presentation to the investor relations
website at investor.purestorage.com following the conference
call.
Teleconference details are as follows:
- To Listen via Telephone: (877) 201-0168 or (647) 788-4901 (for
international callers).
- To Listen via the Internet: A live and replay audio broadcast
of the conference call with corresponding slides will be available
at investor.purestorage.com.
- Replay: A telephone playback of this conference call is
scheduled to be available two hours after the call ends on
Monday, May 21, 2018, through
June 4, 2018. The replay will be
accessible by calling (800) 585-8367 or (416) 621-4642 (for
international callers), with conference ID 9572519. The call runs
24 hours per day, including weekends.
2018 Annual Meeting of Stockholders
Pure Storage will hold its 2018 annual meeting of stockholders
on Thursday, June 21, 2018 at
10:00 a.m. (PT). The meeting will be
held virtually, via live webcast at
www.virtualshareholdermeeting.com/PSTG2018. The record date
for the meeting was April 25, 2018,
and only stockholders of record on that date are eligible to
participate in the meeting. Other interested persons may listen to
the live webcast of the meeting and can view the 2018 proxy
statement and Annual Report on Form 10-K at
investor.purestorage.com.
Upcoming Events
Pure Storage will host an investor session at its annual
conference, Pure//Accelerate 2018, on May
23, 2018 at 2:00 p.m. (PT).
The event will be a live webcast on the investor relations website
at investor.purestorage.com. Pure Storage will also be
participating in financial conferences on June 6th,7th, and 12th of
2018.
About Pure Storage
Pure Storage (NYSE: PSTG) helps
innovators build a better world with data. Pure's data solutions
enable SaaS companies, cloud service providers, and enterprise and
public sector customers to deliver real-time, secure data to power
their mission-critical production, DevOps, and modern analytics
environments in a multi-cloud environment. One of the fastest
growing enterprise IT companies in history, Pure Storage enables
customers to quickly adopt next-generation technologies, including
artificial intelligence and machine learning, to help maximize the
value of their data for competitive advantage. And with a
Satmetrix-certified NPS customer satisfaction score in the top one
percent of B2B companies, Pure's ever-expanding list of customers
are among the happiest in the world.
Analyst Recognition:
Gartner Magic Quadrant for
Solid-State Arrays
IDC MarketScape for All-Flash Arrays
Pure Storage, Evergreen, FlashBlade, FlashStack and the "P" Logo
mark are trademarks of Pure Storage, Inc. All other trademarks or
names referenced in this document are the property of their
respective owners.
Forward Looking Statements
This press release contains
forward-looking statements regarding our products, business and
operations, including our growth prospects and expectations
regarding technology differentiation, and our outlook for the
second quarter and full year fiscal 2019, and 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 captions "Risk
Factors" and elsewhere in our filings and reports with the U.S.
Securities and Exchange Commission, including, 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
available in our Annual Report on Form 10-K for the year ended
January 31, 2018. All information
provided in this release and in the attachments is as of
May 21, 2018,and we undertake no duty to update this
information unless required by law.
Non-GAAP Financial Measures
To supplement our
condensed consolidated financial statements, which are prepared and
presented in accordance with GAAP, we use the following non-GAAP
financial measures: non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating loss, non-GAAP operating margin, non-GAAP net
loss, non-GAAP net loss per share, free cash flow, free cash flow
as a percentage of revenue, free cash flow without ESPP impact, and
free cash flow without ESPP impact as a percentage of revenue. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP.
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 and expenditures such as stock-based compensation
expense and amortization of debt discount and debt issuance costs
that may not be indicative of our ongoing core business operating
results. We believe 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 (used in)
operating activities to free cash flow and free cash flow without
ESPP impact," included at the end of this release.
PURE STORAGE,
INC.
|
Condensed
Consolidated Balance Sheets
|
(in thousands,
unaudited)
|
|
|
As
of April 30, 2018
|
|
As
of January 31, 2018
|
|
|
|
(As
Adjusted*)
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
735,140
|
|
|
$
|
244,057
|
|
Marketable
securities
|
362,817
|
|
|
353,289
|
|
Accounts receivable,
net of allowance of $999 and $1,062
|
195,926
|
|
|
243,001
|
|
Inventory
|
38,540
|
|
|
34,497
|
|
Deferred commissions,
current
|
20,122
|
|
|
21,088
|
|
Prepaid expenses and
other current assets
|
35,652
|
|
|
47,552
|
|
Total current
assets
|
1,388,197
|
|
|
943,484
|
|
Property and
equipment, net
|
94,280
|
|
|
89,142
|
|
Intangible assets,
net
|
4,681
|
|
|
5,057
|
|
Deferred income
taxes, non-current
|
1,175
|
|
|
1,060
|
|
Restricted
cash
|
16,499
|
|
|
14,763
|
|
Deferred commissions,
non-current
|
65,922
|
|
|
66,225
|
|
Other assets,
non-current
|
5,305
|
|
|
4,264
|
|
Total
assets
|
$
|
1,576,059
|
|
|
$
|
1,123,995
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
63,994
|
|
|
$
|
84,420
|
|
Accrued compensation
and benefits
|
30,778
|
|
|
59,898
|
|
Accrued expenses and
other liabilities
|
25,629
|
|
|
26,829
|
|
Deferred revenue,
current
|
199,622
|
|
|
191,229
|
|
Liability related to
early exercised stock options
|
—
|
|
|
320
|
|
Total current
liabilities
|
320,023
|
|
|
362,696
|
|
Long term
debt
|
430,253
|
|
|
—
|
|
Deferred revenue,
non-current
|
188,992
|
|
|
182,873
|
|
Other liabilities,
non-current
|
5,171
|
|
|
4,025
|
|
Total
liabilities
|
944,439
|
|
|
549,594
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
1,602,144
|
|
|
1,479,905
|
|
Accumulated other
comprehensive loss
|
(2,633)
|
|
|
(1,917)
|
|
Accumulated
deficit
|
(967,891)
|
|
|
(903,587)
|
|
Total stockholders'
equity
|
631,620
|
|
|
574,401
|
|
Total liabilities and
stockholders' equity
|
$
|
1,576,059
|
|
|
$
|
1,123,995
|
|
|
* Prior period
information has been adjusted to reflect the adoption impact of ASC
606, which we adopted on February 1, 2018.
|
|
|
|
PURE STORAGE,
INC.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data, unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2018
|
|
2017
|
|
|
|
(As
Adjusted*)
|
Revenue:
|
|
|
|
Product
|
$
|
195,449
|
|
|
$
|
142,850
|
|
Support
subscription
|
60,496
|
|
|
39,795
|
|
Total
revenue
|
255,945
|
|
|
182,645
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
Product
(1)
|
66,420
|
|
|
46,645
|
|
Support
subscription(1)
|
23,210
|
|
|
16,903
|
|
Total cost of
revenue
|
89,630
|
|
|
63,548
|
|
|
|
|
|
Gross
profit
|
166,315
|
|
|
119,097
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Research and
development (1)
|
78,492
|
|
|
65,428
|
|
Sales and marketing
(1)
|
122,367
|
|
|
91,763
|
|
General and
administrative (1)
|
27,330
|
|
|
20,096
|
|
Total operating
expenses
|
228,189
|
|
|
177,287
|
|
|
|
|
|
Loss from
operations
|
(61,874)
|
|
|
(58,190)
|
|
Other income
(expense), net
|
(999)
|
|
|
1,995
|
|
Loss before provision
for income taxes
|
(62,873)
|
|
|
(56,195)
|
|
Provision for income
taxes
|
1,431
|
|
|
964
|
|
Net loss
|
$
|
(64,304)
|
|
|
$
|
(57,159)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.29)
|
|
|
$
|
(0.28)
|
|
Weighted-average
shares used in computing net loss per share attributable to
common stockholders, basic and
diluted
|
223,768
|
|
|
205,783
|
|
|
* Prior period
information has been adjusted to reflect the adoption impact of ASC
606, which we adopted on February 1, 2018.
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
Cost of revenue --
product
|
$
|
608
|
|
|
$
|
397
|
|
Cost of revenue --
support subscription
|
2,684
|
|
|
1,774
|
|
Research and
development
|
21,090
|
|
|
15,588
|
|
Sales and
marketing
|
13,940
|
|
|
10,626
|
|
General and
administrative
|
5,633
|
|
|
3,834
|
|
Total stock-based
compensation expense
|
$
|
43,955
|
|
|
$
|
32,219
|
|
|
|
|
PURE STORAGE,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2018
|
|
2017
|
|
|
|
(As
Adjusted*)
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(64,304)
|
|
|
$
|
(57,159)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
16,417
|
|
|
14,825
|
|
Amortization of debt
discount and debt issuance costs
|
1,455
|
|
|
—
|
|
Stock-based
compensation expense
|
43,955
|
|
|
32,219
|
|
Other
|
152
|
|
|
451
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
47,143
|
|
|
36,571
|
|
Inventory
|
(4,429)
|
|
|
(16,105)
|
|
Deferred
commissions
|
1,269
|
|
|
(1,367)
|
|
Prepaid expenses and
other assets
|
11,111
|
|
|
(3,944)
|
|
Accounts
payable
|
(18,802)
|
|
|
(3,982)
|
|
Accrued compensation
and other liabilities
|
(29,881)
|
|
|
(24,194)
|
|
Deferred
revenue
|
14,510
|
|
|
8,384
|
|
Net cash provided by
(used in) operating activities
|
18,596
|
|
|
(14,301)
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(22,296)
|
|
|
(12,769)
|
|
Purchases of
marketable securities
|
(81,702)
|
|
|
(55,976)
|
|
Sales of marketable
securities
|
10,454
|
|
|
5,384
|
|
Maturities of
marketable securities
|
61,023
|
|
|
46,321
|
|
Net cash used in
investing activities
|
(32,521)
|
|
|
(17,040)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Net proceeds from
exercise of stock options
|
9,614
|
|
|
2,257
|
|
Proceeds from
issuance of common stock under employee stock purchase
plan
|
19,698
|
|
|
14,166
|
|
Proceeds from
issuance of convertible debt, net of issuance costs
|
562,062
|
|
|
—
|
|
Payment for purchase
of capped call
|
(64,630)
|
|
|
—
|
|
Repurchase of common
stock
|
(20,000)
|
|
|
—
|
|
Net cash provided by
financing activities
|
506,744
|
|
|
16,423
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
492,819
|
|
|
(14,918)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
258,820
|
|
|
196,409
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
751,639
|
|
|
$
|
181,491
|
|
|
* Prior period
information has been adjusted to reflect the adoption impact of ASC
606 and ASU 2016-18, which we adopted on February 1,
2018.
|
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):
|
|
|
|
Three Months Ended
April 30, 2018
|
|
Three Months Ended
April 30, 2017 (As Adjusted*)
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
608
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
397
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
25
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
5
|
|
|
(d)
|
|
|
|
|
Gross profit
-- product
|
|
$
|
129,029
|
|
|
66.0
|
%
|
|
$
|
633
|
|
|
|
|
$
|
129,662
|
|
|
66.3
|
%
|
|
$
|
96,205
|
|
|
67.3
|
%
|
|
$
|
402
|
|
|
|
|
$
|
96,607
|
|
|
67.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,684
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
1,774
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
142
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
31
|
|
|
(d)
|
|
|
|
|
Gross profit
-- support subscription
|
|
$
|
37,286
|
|
|
61.6
|
%
|
|
$
|
2,826
|
|
|
|
|
$
|
40,112
|
|
|
66.3
|
%
|
|
$
|
22,892
|
|
|
57.5
|
%
|
|
$
|
1,805
|
|
|
|
|
$
|
24,697
|
|
|
62.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,292
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
2,171
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
167
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
36
|
|
|
(d)
|
|
|
|
|
Total gross
profit
|
|
$
|
166,315
|
|
|
65.0
|
%
|
|
$
|
3,459
|
|
|
|
|
$
|
169,774
|
|
|
66.3
|
%
|
|
$
|
119,097
|
|
|
65.2
|
%
|
|
$
|
2,207
|
|
|
|
|
$
|
121,304
|
|
|
66.4
|
%
|
|
* Prior period
information has been adjusted to reflect the adoption impact of ASC
606, which we adopted on February 1, 2018.
|
|
(a) GAAP gross margin
is defined as 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.
|
The following table
presents certain non-GAAP consolidated results before certain items
(in thousands, except per share amounts and percentages,
unaudited):
|
|
|
Three Months Ended
April 30, 2018
|
|
Three Months Ended
April 30, 2017 (As Adjusted*)
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,955
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
32,219
|
|
(c)
|
|
|
|
|
|
|
|
|
2,667
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
651
|
|
(d)
|
|
|
|
Loss
from operations
|
$
|
(61,874)
|
|
|
-24.2
|
%
|
|
$
|
46,622
|
|
|
|
|
$
|
(15,252)
|
|
|
-6.0
|
%
|
|
$
|
(58,190)
|
|
|
-31.9
|
%
|
|
$
|
32,870
|
|
|
$
|
(25,320)
|
|
|
-13.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,955
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
32,219
|
|
(c)
|
|
|
|
|
|
|
|
|
2,667
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
651
|
|
(d)
|
|
|
|
|
|
|
|
|
1,455
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
Net
loss
|
$
|
(64,304)
|
|
|
|
|
$
|
48,077
|
|
|
|
|
$
|
(16,227)
|
|
|
|
|
$
|
(57,159)
|
|
|
|
|
$
|
32,870
|
|
|
$
|
(24,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
--basic and diluted
|
$
|
(0.29)
|
|
|
|
|
|
|
|
|
$
|
(0.07)
|
|
|
|
|
$
|
(0.28)
|
|
|
|
|
|
|
$
|
(0.12)
|
|
|
|
Weighted-average
shares used in per share calculation -- basic and diluted
|
223,768
|
|
|
|
|
|
|
|
|
223,768
|
|
|
|
|
205,783
|
|
|
|
|
|
|
205,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Prior period
information has been adjusted to reflect the adoption impact of ASC
606, which we adopted on February 1, 2018.
|
|
(a) GAAP operating
margin is defined as loss from operations divided by
revenue.
|
(b) Non-GAAP
operating margin is defined as non-GAAP loss from operations
divided by revenue.
|
(c) To eliminate
stock-based compensation expense.
|
(d) To eliminate
payroll tax expense related to stock-based activities.
|
(e) To eliminate the
amortization expense of debt discount and debt issuance costs
related to our convertible debt.
|
Reconciliation
from net cash provided by (used in) operating activities to free
cash flow and free cash flow without ESPP impact (in thousands
except percentages, unaudited):
|
|
|
Three Months Ended
April 30,
|
|
2018
|
|
2017
|
Net cash provided by
(used in) operating activities
|
$
|
18,596
|
|
|
$
|
(14,301)
|
|
Less: purchases of
property and equipment
|
(22,296)
|
|
|
(12,769)
|
|
Free cash flow
(non-GAAP)
|
$
|
(3,700)
|
|
|
$
|
(27,070)
|
|
Adjust: ESPP
impact
|
12,252
|
|
|
9,698
|
|
Free cash flow
without ESPP impact (non-GAAP)
|
$
|
8,552
|
|
|
$
|
(17,372)
|
|
|
|
|
|
Free cash flow as
% of revenue
|
-1.4
|
%
|
|
-14.8
|
%
|
Free cash flow
without ESPP impact as % of revenue
|
3.3
|
%
|
|
-9.5
|
%
|
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SOURCE Pure Storage