MOUNTAIN VIEW, Calif.,
May 26, 2021 /PRNewswire/ -- Today
Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage
as-a-service in a multi-cloud world, announced financial results
for its fiscal first quarter ended May 2, 2021.
"Pure Storage expanded our strong growth trend from last quarter
with balanced contributions across all aspects of our business,"
said Charles Giancarlo, Chairman and
CEO, Pure Storage. "Our growing customer base loves our Modern Data
Experience consisting of the industry's most advanced platforms,
unique Evergreen and Pure as-a-Service models, with leading
reliability and total cost of ownership."
First Quarter Financial Highlights
- Revenue $412.7 million, up 12%
year-over-year
- Subscription services revenue $162.8
million, up 35% year-over-year
- GAAP gross margin 68.3%; non-GAAP gross margin 70.5%
- GAAP operating loss $(76.2)
million; non-GAAP operating income $0.3 million
- Operating cash flow $21.4
million; free cash flow $(6.4)
million
- Total cash and investments $1.2
billion
- Deferred revenue $866.2 million,
up 23% year-over-year
- Remaining performance obligations (RPO) exceeding $1.1 billion, up 24% year-over-year
"We are very pleased with the strong start to the year returning
to double digit revenue growth," said Kevan
Krysler, CFO, Pure Storage. "Broad-based performance in the
quarter included early signs of strength in our commercial business
and continuing accelerated momentum of FlashArray//C."
First Quarter Company Highlights and Achievements
- Industry Accolades: FlashBlade® was named a
leader in the GigaOm Radar Report for High-Performance Object
Storage and a Gartner Peer Insights Customers' Choice for
Distributed File Systems and Object Storage.
- Purity software enhancements across Pure's portfolio enable
new use cases: Updates to the flagship Purity software for
FlashBlade and FlashArrayTM accelerate Windows
applications; deliver ransomware protection across file, block, and
native cloud-based apps; and make hybrid storage for both
departmental and data center workloads obsolete with the
FlashArray//C all-QLC platform.
- New Bare Metal as-a-Service solution with Equinix: Pure
Storage on Equinix Metal is a full stack, bare metal solution that
delivers a unified, connected platform for any stage of an
organization's cloud journey.
- Pure Cloud Block Store is now generally available on both
AWS and Microsoft Azure: Cloud Block Store eliminates common
storage tradeoffs by combining high-performance, efficiency,
reliability, and simplicity into a cloud native solution, now
available on multiple hyperscalers.
Second Quarter Guidance
|
Q2
FY22
|
Revenue
|
$ 470
Million
|
Non-GAAP Operating
Income
|
$ 15
Million
|
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 (loss) to the
most directly comparable GAAP measure because certain items that
impact this measure are not within Pure's control and/or cannot be
reasonably predicted. Accordingly, a reconciliation of this
non-GAAP financial measure guidance to the corresponding GAAP
measure is not available without unreasonable effort.
Conference Call Information
Pure will host a teleconference to discuss the first quarter
fiscal 2022 results at 2:00 pm PT
today, May 26, 2021. A live audio broadcast of the conference
call will be available at the Pure Storage Investor Relations
website, investor.purestorage.com. Pure will also post its earnings
presentation to this website in advance of the call and post its
prepared remarks to this website within 24 hours of completion of
the call. A replay will be available following the call on the Pure
Storage Investor Relations website and in addition, for two weeks
at (855) 859-2056 (or 404-537-3406 for international callers) with
passcode 9699895.
Upcoming Events
Pure is scheduled to participate virtually at the following
investor conferences:
William Blair 41st Annual
Growth Stock Conference
Date: Tuesday, June 1, 2021
Time: 10:00 am PT
Pure Presenters: Charles Giancarlo,
Chairman and CEO and Kevan Krysler,
CFO
Pure Participants: Matt Kixmoeller,
VP, Strategy and Sanjot Khurana, VP of Investor Relations
Cowen 49th Annual Technology, Media & Telecom
Conference
Date: Thursday, June 3,
2021
Pure Participants: Kevan Krysler,
CFO, Rob Lee, VP and Chief Architect
and Sanjot Khurana, VP of Investor Relations
Bank of America 2021 Global Technology
Conference
Date: Tuesday, June 8,
2021
Time: 11:30 am PT
Pure Presenters: Charles Giancarlo,
Chairman and CEO and Kevan Krysler,
CFO
Pure Participants: Matt Kixmoeller,
VP, Strategy and Sanjot Khurana, VP of Investor Relations
The presentations will be webcast live and archived on Pure's
Investor Relations website at investor.purestorage.com.
_______
About Pure Storage
Pure Storage gives technologists their time back. Pure delivers
a modern data experience that empowers organizations to run their
operations as a true, automated, storage as-a-service model
seamlessly across multiple clouds. Pure helps customers put data to
use while reducing the complexity and expense of managing the
infrastructure behind it. And with a certified 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
Pure Storage has been named a Leader in the 2020 Gartner Magic
Quadrant for Primary Storage Arrays.
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 outcomes, our continued
momentum and growth potential, the scope and duration of the
COVID-19 pandemic and its impact on our business operations,
liquidity and capital resources, employees, customers, supply
chain, financial results and the economy, our expectations
regarding product and technology differentiation, including our new
offerings, strategy and adoption of subscription services, growing
customer adoption, the continued success of the Portworx
technology, 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 captions "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 January 31, 2021. All information
provided in this release and in the attachments is as of
May 26, 2021, and Pure undertakes no duty to update this
information unless required by law.
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 and expenditures such as stock-based compensation
expense, payments to former shareholders of acquired companies,
payroll tax expense related to stock-based activities, amortization
of debt discount and debt issuance costs related to long-term debt,
amortization of intangible assets acquired from acquisitions,
acquisition-related transaction and integration expenses,
restructuring activities, and expenses directly related to the
COVID-19 pandemic 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 2022
|
|
Fiscal
2021
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
300,808
|
|
|
$
|
337,147
|
|
Marketable
securities
|
|
933,376
|
|
|
916,388
|
|
Accounts receivable,
net of allowance of $1,046 and $1,033
|
|
327,507
|
|
|
460,879
|
|
Inventory
|
|
49,287
|
|
|
46,733
|
|
Deferred commissions,
current
|
|
55,212
|
|
|
57,183
|
|
Prepaid expenses and
other current assets
|
|
117,880
|
|
|
89,836
|
|
Total current
assets
|
|
1,784,070
|
|
|
1,908,166
|
|
Property and
equipment, net
|
|
172,381
|
|
|
163,041
|
|
Operating lease
right-of-use-assets
|
|
129,582
|
|
|
134,668
|
|
Deferred commissions,
non-current
|
|
130,663
|
|
|
130,741
|
|
Intangible assets,
net
|
|
72,351
|
|
|
76,648
|
|
Goodwill
|
|
358,736
|
|
|
358,736
|
|
Restricted
cash
|
|
10,544
|
|
|
10,544
|
|
Other assets,
non-current
|
|
39,611
|
|
|
36,896
|
|
Total
assets
|
|
$
|
2,697,938
|
|
|
$
|
2,819,440
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
40,563
|
|
|
$
|
67,530
|
|
Accrued compensation
and benefits
|
|
84,322
|
|
|
160,817
|
|
Accrued expenses and
other liabilities
|
|
52,823
|
|
|
61,754
|
|
Operating lease
liabilities, current
|
|
33,886
|
|
|
32,231
|
|
Deferred revenue,
current
|
|
458,705
|
|
|
438,321
|
|
Total current
liabilities
|
|
670,299
|
|
|
760,653
|
|
Long-term
debt
|
|
763,064
|
|
|
755,814
|
|
Operating lease
liabilities, non-current
|
|
114,304
|
|
|
120,361
|
|
Deferred revenue,
non-current
|
|
407,455
|
|
|
405,376
|
|
Other liabilities,
non-current
|
|
27,343
|
|
|
27,230
|
|
Total
liabilities
|
|
1,982,465
|
|
|
2,069,434
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock and
additional paid-in capital
|
|
2,359,923
|
|
|
2,307,608
|
|
Accumulated other
comprehensive income
|
|
4,768
|
|
|
7,410
|
|
Accumulated
deficit
|
|
(1,649,218)
|
|
|
(1,565,012)
|
|
Total stockholders'
equity
|
|
715,473
|
|
|
750,006
|
|
Total liabilities and
stockholders' equity
|
|
$
|
2,697,938
|
|
|
$
|
2,819,440
|
|
PURE STORAGE,
INC.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data, unaudited)
|
|
|
First Quarter of
Fiscal
|
|
2022
|
|
2021
|
|
|
|
|
Revenue:
|
|
|
|
Product
|
$
|
249,888
|
|
|
$
|
246,939
|
|
Subscription
services
|
162,819
|
|
|
120,180
|
|
Total
revenue
|
412,707
|
|
|
367,119
|
|
Cost of
revenue:
|
|
|
|
Product
(1)
|
79,064
|
|
|
69,285
|
|
Subscription
services(1)
|
51,777
|
|
|
41,009
|
|
Total cost of
revenue
|
130,841
|
|
|
110,294
|
|
Gross
profit
|
281,866
|
|
|
256,825
|
|
Operating
expenses:
|
|
|
|
Research and
development (1)
|
131,381
|
|
|
112,446
|
|
Sales and marketing
(1)
|
183,496
|
|
|
173,433
|
|
General and
administrative (1)
|
43,146
|
|
|
41,125
|
|
Restructuring and
other (2)
|
—
|
|
|
14,702
|
|
Total operating
expenses
|
358,023
|
|
|
341,706
|
|
Loss from
operations
|
(76,157)
|
|
|
(84,881)
|
|
Other income
(expense), net
|
(4,727)
|
|
|
(3,416)
|
|
Loss before provision
for income taxes
|
(80,884)
|
|
|
(88,297)
|
|
Income tax
provision
|
3,322
|
|
|
2,297
|
|
Net loss
|
$
|
(84,206)
|
|
|
$
|
(90,594)
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
|
(0.30)
|
|
|
$
|
(0.34)
|
|
Weighted-average
shares used in computing net loss per share attributable to common
stockholders, basic and diluted
|
280,331
|
|
|
262,935
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
|
|
|
Cost of revenue --
product
|
$
|
1,347
|
|
|
$
|
996
|
|
Cost of revenue --
subscription services
|
4,406
|
|
|
3,392
|
|
Research and
development
|
30,421
|
|
|
28,711
|
|
Sales and
marketing
|
16,808
|
|
|
16,272
|
|
General and
administrative
|
8,352
|
|
|
9,323
|
|
Total stock-based
compensation expense
|
$
|
61,334
|
|
|
$
|
58,694
|
|
|
(2) Includes expenses
related to restructuring and incremental expenses directly related
to COVID-19
|
PURE STORAGE,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
First Quarter of
Fiscal
|
|
2022
|
|
2021
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(84,206)
|
|
|
$
|
(90,594)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
18,826
|
|
|
15,133
|
|
Amortization of debt
discount and debt issuance costs
|
7,403
|
|
|
6,936
|
|
Stock-based
compensation expense
|
61,334
|
|
|
58,694
|
|
Other
|
2,621
|
|
|
1,705
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable,
net
|
133,380
|
|
|
109,441
|
|
Inventory
|
(3,508)
|
|
|
(1,370)
|
|
Deferred
commissions
|
2,049
|
|
|
(3,159)
|
|
Prepaid expenses and
other assets
|
(30,407)
|
|
|
(6,298)
|
|
Operating lease
right-of-use assets
|
7,581
|
|
|
6,706
|
|
Accounts
payable
|
(24,354)
|
|
|
(14,294)
|
|
Accrued compensation
and other liabilities
|
(84,837)
|
|
|
(49,643)
|
|
Operating lease
liabilities
|
(6,897)
|
|
|
(6,926)
|
|
Deferred
revenue
|
22,463
|
|
|
8,772
|
|
Net cash provided by
operating activities
|
21,448
|
|
|
35,103
|
|
Cash flows from
investing activities
|
|
|
|
Purchases of property
and equipment
|
(27,829)
|
|
|
(23,782)
|
|
Purchases of
marketable securities
|
(171,563)
|
|
|
(98,161)
|
|
Sales of marketable
securities
|
85,537
|
|
|
17,657
|
|
Maturities of
marketable securities
|
65,740
|
|
|
95,375
|
|
Net cash used in
investing activities
|
(48,115)
|
|
|
(8,911)
|
|
Cash flows from
financing activities
|
|
|
|
Net proceeds from
exercise of stock options
|
8,016
|
|
|
9,275
|
|
Proceeds from issuance
of common stock under employee stock purchase plan
|
17,726
|
|
|
16,021
|
|
Proceeds from
borrowings
|
—
|
|
|
4,950
|
|
Repayments of
borrowings
|
(344)
|
|
|
—
|
|
Tax withholding on
vesting of equity awards
|
(5,050)
|
|
|
(1,374)
|
|
Repurchases of common
stock
|
(30,020)
|
|
|
(70,119)
|
|
Net cash used in
financing activities
|
(9,672)
|
|
|
(41,247)
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
(36,339)
|
|
|
(15,055)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
347,691
|
|
|
377,922
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
311,352
|
|
|
$
|
362,867
|
|
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 2022
|
|
First Quarter of
Fiscal 2021
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,347
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
996
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
78
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
36
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
438
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
|
3,067
|
|
|
(f)
|
|
|
|
|
|
|
|
|
|
2,004
|
|
|
(f)
|
|
|
|
|
Gross profit
-- product
|
|
$
|
170,824
|
|
|
68.4
|
%
|
|
$
|
4,492
|
|
|
|
|
$
|
175,316
|
|
|
70.2
|
%
|
|
$
|
177,654
|
|
|
71.9
|
%
|
|
$
|
3,474
|
|
|
|
|
$
|
181,128
|
|
|
73.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,406
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
3,392
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
243
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
99
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
190
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
(g)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Gross profit
--subscription services
|
|
$
|
111,042
|
|
|
68.2
|
%
|
|
$
|
4,673
|
|
|
|
|
$
|
115,715
|
|
|
71.1
|
%
|
|
$
|
79,171
|
|
|
65.9
|
%
|
|
$
|
3,681
|
|
|
|
|
$
|
82,852
|
|
|
68.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,753
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
4,388
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
|
321
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
135
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
628
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
|
3,067
|
|
|
(f)
|
|
|
|
|
|
|
|
|
|
2,004
|
|
|
(f)
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
(g)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
Total gross
profit
|
|
$
|
281,866
|
|
|
68.3
|
%
|
|
$
|
9,165
|
|
|
|
|
$
|
291,031
|
|
|
70.5
|
%
|
|
$
|
256,825
|
|
|
70.0
|
%
|
|
$
|
7,155
|
|
|
|
|
$
|
263,980
|
|
|
71.9
|
%
|
|
(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 directly related to COVID-19 pandemic including hazard pay
premiums.
|
(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 2022
|
|
First Quarter of
Fiscal 2021
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
61,334
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
58,694
|
|
|
(c)
|
|
|
|
|
|
|
|
|
5,675
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
1,872
|
|
|
(d)
|
|
|
|
|
|
|
|
|
3,791
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
1,623
|
|
|
(e)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
9,531
|
|
|
(f)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
5,799
|
|
|
(g)
|
|
|
|
|
|
|
|
|
3,600
|
|
|
(h)
|
|
|
|
|
|
|
|
|
|
2,004
|
|
|
(h)
|
|
|
|
|
|
|
|
|
2,043
|
|
|
(i)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
Operating Income
(loss)
|
$
|
(76,157)
|
|
|
-18.5
|
%
|
|
$
|
76,443
|
|
|
|
|
$
|
286
|
|
|
0.1
|
%
|
|
$
|
(84,881)
|
|
|
-23.1
|
%
|
|
$
|
79,523
|
|
|
|
$
|
(5,358)
|
|
|
-1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
61,334
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
$
|
58,694
|
|
|
(c)
|
|
|
|
|
|
|
|
|
5,675
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
1,872
|
|
|
(d)
|
|
|
|
|
|
|
|
|
3,791
|
|
|
(e)
|
|
|
|
|
|
|
|
|
|
1,623
|
|
|
(e)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
9,531
|
|
|
(f)
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
5,799
|
|
|
(g)
|
|
|
|
|
|
|
|
|
3,600
|
|
|
(h)
|
|
|
|
|
|
|
|
|
|
2,004
|
|
|
(h)
|
|
|
|
|
|
|
|
|
2,043
|
|
|
(i)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
7,403
|
|
|
(j)
|
|
|
|
|
|
|
|
|
|
6,936
|
|
|
(j)
|
|
|
|
Net
loss
|
$
|
(84,206)
|
|
|
|
|
$
|
83,846
|
|
|
|
|
$
|
(360)
|
|
|
|
|
$
|
(90,594)
|
|
|
|
|
$
|
86,459
|
|
|
|
$
|
(4,135)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
-- basic and diluted
|
$
|
(0.30)
|
|
|
|
|
|
|
|
|
$
(0.00)
|
|
|
|
|
$
|
(0.34)
|
|
|
|
|
|
|
|
$
|
(0.02)
|
|
|
|
Weighted-average
shares used in per share calculation -- basic
and
diluted
|
280,331
|
|
|
|
|
|
|
|
|
280,331
|
|
|
|
|
262,935
|
|
|
|
|
|
|
|
262,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) GAAP operating
margin is defined as GAAP operating loss divided by
revenue.
|
(b) Non-GAAP
operating margin is defined as non-GAAP operating loss divided by
revenue.
|
(c) To eliminate
stock-based compensation expense.
|
(d) To eliminate
payments to former shareholders of acquired companies.
|
(e) To eliminate
payroll tax expense related to stock-based activities.
|
(f) To eliminate
expenses directly related to COVID-19 pandemic. These expenses
included marketing commitments no longer deemed to have value and
hazard pay premiums.
|
(g) To eliminate
restructuring expenses resulting from workforce reduction in
February 2020.
|
(h) To eliminate
amortization expense of acquired intangible assets.
|
(i) To eliminate
acquisition-related transaction and integration
expenses.
|
(j) To eliminate
amortization expense of debt discount and debt issuance costs
related to our long-term debt.
|
Reconciliation from net cash provided by operating activities
to free cash flow (in thousands except percentages,
unaudited):
|
First Quarter of
Fiscal
|
|
2022
|
|
2021
|
Net cash provided by
operating activities
|
$
|
21,448
|
|
|
$
|
35,103
|
|
Less: purchases of
property and equipment
|
(27,829)
|
|
|
(23,782)
|
|
Free cash flow
(non-GAAP)
|
$
|
(6,381)
|
|
|
$
|
11,321
|
|
View original
content:http://www.prnewswire.com/news-releases/pure-storage-announces-first-quarter-fiscal-2022-financial-results-301300294.html
SOURCE Pure Storage