MOUNTAIN VIEW, Calif., Nov. 19, 2018 /PRNewswire/ -- Pure Storage (NYSE: PSTG), the all-flash storage leader that helps innovators build a better world with data, today announced financial results for its third quarter ended October 31, 2018.
Key quarterly business and financial highlights:
- Revenue: $372.8 million, up 34% Y/Y, exceeding the high end of our guidance;
- Gross margin: 66.8% GAAP; 68.1% non-GAAP, representing an all-time high;
- Operating margin: -7.3% GAAP; 9.1% non-GAAP, up 3.4 ppts and 5.4 ppts Y/Y, respectively.
"Pure delivered another excellent quarter, and today we're announcing the extension of Pure's data centric architecture to the cloud," said Charles Giancarlo, Chairman and CEO, Pure Storage. "With the launch of our new Pure Storage Cloud Data Services, we're bringing our storage software directly to the public cloud in partnership with AWS."
"Q3 was a strong quarter for Pure with revenue and margins exceeding our expectations," said Tim Riitters, CFO, Pure Storage. "As we finish the fiscal year we are excited about the opportunities ahead, and have raised FY19 guidance to reflect the momentum we are seeing in our business."
Announcing Pure Storage Cloud Data Services
Today the company announced Pure Storage Cloud Data Services, a suite of new cloud offerings that run natively on Amazon Web Services (AWS). With these new products, customers will be able to invest in a single storage architecture that unifies application deployments on-premises and in the public cloud to flexibly turn data into value virtually anywhere.
- Join the virtual on-demand launch event on November 19 at 1:10 p.m. (PT) featuring 45 minutes of industry-changing insight.
- Read the press release for additional details on our products, strategy and availability.
Third Quarter Fiscal 2019 Financial Highlights
The following tables summarize our consolidated financial results for the fiscal quarters ended October 31, 2018 and 2017 (in millions except percentages, per share amounts and headcount, unaudited):
GAAP Quarterly Financial Information |
|||
Three Months Ended |
Three Months Ended |
Y/Y Change |
|
Revenue |
$372.8 |
$277.6 |
34% |
Gross Margin |
66.8% |
65.5% |
1.3 ppts |
Product Gross Margin |
67.7% |
66.9% |
0.8 ppts |
Support Subscription Gross Margin |
63.4% |
58.9% |
4.5 ppts |
Operating Loss |
$(27.2) |
$(29.6) |
$2.4 |
Operating Margin |
-7.3% |
-10.7% |
3.4 ppts |
Net Loss |
$(28.2) |
$(29.4) |
$1.2 |
Net Loss per Share – Basic and Diluted |
$(0.12) |
$(0.14) |
$0.02 |
Weighted-Average Shares |
235.2 |
213.3 |
21.9 |
Headcount |
>2,650 |
>2,000 |
~650 |
Non-GAAP Quarterly Financial Information |
|||
Three Months Ended |
Three Months Ended |
Y/Y Change |
|
Gross Margin |
68.1% |
66.4% |
1.7 ppts |
Product Gross Margin |
68.1% |
67.0% |
1.1 ppts |
Support Subscription Gross Margin |
68.1% |
63.9% |
4.2 ppts |
Operating Income |
$33.9 |
$10.2 |
$23.7 |
Operating Margin |
9.1% |
3.7% |
5.4 ppts |
Net Income |
$35.4 |
$10.4 |
$25.0 |
Net Income per Share – Diluted |
$0.13 |
$0.04 |
$0.09 |
Weighted-Average Shares – Diluted |
266.5 |
242.9 |
23.6 |
A reconciliation between GAAP and non-GAAP information is provided at the end of this release.
Financial Outlook
Pure Storage's fourth quarter fiscal 2019 guidance is as follows:
- Revenue in the range of $438 million to $446 million
- Non-GAAP gross margin in the range of 64.5% to 67.5%
- Non-GAAP operating margin in the range of 8% to 12%
Pure Storage's full year fiscal 2019 guidance is as follows:
- Revenue in the range of $1.376 billion to $1.384 billion
- Non-GAAP gross margin in the range of 66.6% to 67.6%
- Non-GAAP operating margin in the range of 3.9% to 5.3%
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, amortization of intangible asset acquired from acquisition, any applicable anti-dilutive share count impact of our 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 the 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 third quarter fiscal 2019 results at 2:00 p.m. (PT) on November 19, 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 approximately two hours after the call ends on Monday, November 19, 2018, through December 3, 2018. The replay will be accessible by calling (800) 585-8367 or (416) 621-4642 (for international callers), with conference ID 2157679.
Upcoming Events
Management will participate in an upcoming financial Q&A discussion at the 2018 Wells Fargo Tech Summit on December 5, 2018 at 10:50 a.m. (PT). Pure Storage will post a link to this event on the investor relations website at investor.purestorage.com for both live and archived webcasts.
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 new Pure Storage Cloud Data Services, and our outlook for the fourth 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, which are available on our investor relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information will also be available in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2018. All information provided in this release and in the tables attached hereto is as of November 19, 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 income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (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.
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, amortization of debt discount and debt issuance costs, and amortization of intangible asset acquired from acquisition 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, or superior to, 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 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 |
As of |
||||||
(As Adjusted*) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
406,641 |
$ |
244,057 |
|||
Marketable securities |
737,020 |
353,289 |
|||||
Accounts receivable, net of allowance of $1,052 and $1,062 |
305,649 |
243,001 |
|||||
Inventory |
50,737 |
34,497 |
|||||
Deferred commissions, current |
24,100 |
21,088 |
|||||
Prepaid expenses and other current assets |
44,657 |
47,552 |
|||||
Total current assets |
1,568,804 |
943,484 |
|||||
Property and equipment, net |
115,266 |
89,142 |
|||||
Deferred commissions, non-current |
72,340 |
66,225 |
|||||
Intangible assets, net |
21,126 |
5,057 |
|||||
Goodwill |
10,997 |
— |
|||||
Deferred income taxes, non-current |
1,766 |
1,060 |
|||||
Restricted cash |
15,822 |
14,763 |
|||||
Other assets, non-current |
5,245 |
4,264 |
|||||
Total assets |
$ |
1,811,366 |
$ |
1,123,995 |
|||
Liabilities and stockholders' equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
101,979 |
$ |
84,420 |
|||
Accrued compensation and benefits |
53,213 |
59,898 |
|||||
Accrued expenses and other liabilities |
43,633 |
26,829 |
|||||
Deferred revenue, current |
232,570 |
191,229 |
|||||
Liability related to early exercised stock options |
— |
320 |
|||||
Total current liabilities |
431,395 |
362,696 |
|||||
Convertible senior notes, net |
443,212 |
— |
|||||
Deferred revenue, non-current |
228,618 |
182,873 |
|||||
Other liabilities, non-current |
5,813 |
4,025 |
|||||
Total liabilities |
1,109,038 |
549,594 |
|||||
Stockholders' equity: |
|||||||
Common stock and additional paid-in capital |
1,761,621 |
1,479,905 |
|||||
Accumulated other comprehensive loss |
(3,099) |
(1,917) |
|||||
Accumulated deficit |
(1,056,194) |
(903,587) |
|||||
Total stockholders' equity |
702,328 |
574,401 |
|||||
Total liabilities and stockholders' equity |
$ |
1,811,366 |
$ |
1,123,995 |
* Prior period information has been adjusted to reflect the adoption impact of Accounting Standards Codification 606, Revenue from Contracts with Customers (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 October 31, |
Nine Months Ended October 31, |
||||||||||||||
2018 |
2017 |
2018 |
2017 |
||||||||||||
(As Adjusted*) |
(As Adjusted*) |
||||||||||||||
Revenue: |
|||||||||||||||
Product |
$ |
298,863 |
$ |
227,772 |
$ |
735,449 |
$ |
550,291 |
|||||||
Support subscription |
73,916 |
49,819 |
202,159 |
134,615 |
|||||||||||
Total revenue |
372,779 |
277,591 |
937,608 |
684,906 |
|||||||||||
Cost of revenue: |
|||||||||||||||
Product (1) |
96,610 |
75,392 |
241,292 |
179,289 |
|||||||||||
Support subscription(1) |
27,049 |
20,467 |
74,716 |
56,569 |
|||||||||||
Total cost of revenue |
123,659 |
95,859 |
316,008 |
235,858 |
|||||||||||
Gross profit |
249,120 |
181,732 |
621,600 |
449,048 |
|||||||||||
Operating expenses: |
|||||||||||||||
Research and development (1) |
90,783 |
68,927 |
253,306 |
203,716 |
|||||||||||
Sales and marketing (1) |
146,903 |
116,971 |
413,019 |
326,286 |
|||||||||||
General and administrative (1) |
38,651 |
25,406 |
99,572 |
67,664 |
|||||||||||
Total operating expenses |
276,337 |
211,304 |
765,897 |
597,666 |
|||||||||||
Loss from operations |
(27,217) |
(29,572) |
(144,297) |
(148,618) |
|||||||||||
Other income (expense), net |
(2,889) |
1,138 |
(7,920) |
6,399 |
|||||||||||
Loss before provision for income taxes |
(30,106) |
(28,434) |
(152,217) |
(142,219) |
|||||||||||
Income tax provision (benefit) |
(1,926) |
970 |
390 |
2,755 |
|||||||||||
Net loss |
$ |
(28,180) |
$ |
(29,404) |
$ |
(152,607) |
$ |
(144,974) |
|||||||
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.12) |
$ |
(0.14) |
$ |
(0.66) |
$ |
(0.69) |
|||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
235,205 |
213,274 |
229,505 |
209,456 |
|||||||||||
* 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 |
$ |
862 |
$ |
143 |
$ |
2,190 |
$ |
898 |
|||||||
Cost of revenue -- support subscription |
3,327 |
2,422 |
8,940 |
6,441 |
|||||||||||
Research and development |
24,634 |
18,073 |
67,956 |
51,632 |
|||||||||||
Sales and marketing |
18,681 |
12,104 |
49,890 |
34,169 |
|||||||||||
General and administrative |
10,825 |
6,121 |
26,962 |
14,780 |
|||||||||||
Total stock-based compensation expense |
$ |
58,329 |
$ |
38,863 |
$ |
155,938 |
$ |
107,920 |
PURE STORAGE, INC. |
|||||||||||||||
Condensed Consolidated Statements of Cash Flows |
|||||||||||||||
(in thousands, unaudited) |
|||||||||||||||
Three Months Ended October 31, |
Nine Months Ended October 31, |
||||||||||||||
2018 |
2017 |
2018 |
2017 |
||||||||||||
(As Adjusted*) |
(As Adjusted*) |
||||||||||||||
Cash flows from operating activities |
|||||||||||||||
Net loss |
$ |
(28,180) |
$ |
(29,404) |
$ |
(152,607) |
$ |
(144,974) |
|||||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||||||||||||||
Depreciation and amortization |
17,791 |
15,525 |
51,381 |
45,525 |
|||||||||||
Amortization of debt discount and debt issuance costs |
6,525 |
— |
14,414 |
— |
|||||||||||
Stock-based compensation expense |
58,329 |
38,863 |
155,938 |
107,920 |
|||||||||||
Other |
(5,119) |
82 |
(5,037) |
879 |
|||||||||||
Changes in operating assets and liabilities, net of effects of acquisition: |
|||||||||||||||
Accounts receivable, net |
(63,330) |
(33,655) |
(62,623) |
(33,630) |
|||||||||||
Inventory |
(8,203) |
(3,827) |
(17,103) |
(14,314) |
|||||||||||
Deferred commissions |
(4,972) |
(4,382) |
(9,127) |
(13,969) |
|||||||||||
Prepaid expenses and other assets |
(9,138) |
74 |
1,996 |
(112) |
|||||||||||
Accounts payable |
29,935 |
11,607 |
11,800 |
11,808 |
|||||||||||
Accrued compensation and other liabilities |
15,050 |
3,352 |
7,592 |
359 |
|||||||||||
Deferred revenue |
47,861 |
30,013 |
87,005 |
54,264 |
|||||||||||
Net cash provided by operating activities |
56,549 |
28,248 |
83,629 |
13,756 |
|||||||||||
Cash flows from investing activities |
|||||||||||||||
Purchases of property and equipment |
(28,074) |
(14,251) |
(70,807) |
(44,351) |
|||||||||||
Acquisition, net of cash acquired |
(13,899) |
— |
(13,899) |
— |
|||||||||||
Purchases of marketable securities |
(63,741) |
(56,640) |
(558,248) |
(151,998) |
|||||||||||
Sales of marketable securities |
5,217 |
12,538 |
18,802 |
46,067 |
|||||||||||
Maturities of marketable securities |
58,256 |
25,340 |
156,049 |
99,021 |
|||||||||||
Net cash used in investing activities |
(42,241) |
(33,013) |
(468,103) |
(51,261) |
|||||||||||
Cash flows from financing activities |
|||||||||||||||
Net proceeds from exercise of stock options |
14,275 |
8,968 |
43,342 |
15,761 |
|||||||||||
Proceeds from issuance of common stock under employee stock purchase plan |
13,746 |
7,971 |
33,444 |
22,137 |
|||||||||||
Proceeds from issuance of convertible senior notes, net of issuance costs |
— |
— |
562,062 |
— |
|||||||||||
Payment for purchase of capped calls |
— |
— |
(64,630) |
— |
|||||||||||
Repayment of debt acquired from acquisition |
(6,101) |
— |
(6,101) |
— |
|||||||||||
Repurchase of common stock |
— |
— |
(20,000) |
— |
|||||||||||
Net cash provided by financing activities |
21,920 |
16,939 |
548,117 |
37,898 |
|||||||||||
Net increase in cash, cash equivalents and restricted cash |
36,228 |
12,174 |
163,643 |
393 |
|||||||||||
Cash, cash equivalents and restricted cash, beginning of period |
386,235 |
184,628 |
258,820 |
196,409 |
|||||||||||
Cash, cash equivalents and restricted cash, end of period |
$ |
422,463 |
$ |
196,802 |
$ |
422,463 |
$ |
196,802 |
* Prior period information has been adjusted to reflect the adoption impact of ASC 606 and ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, 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 October 31, 2018 |
Three Months Ended October 31, 2017 (As Adjusted*) |
||||||||||||||||||||||||||||
GAAP |
GAAP |
Adjustment |
Non- |
Non- |
GAAP |
GAAP |
Adjustment |
Non- |
Non- |
||||||||||||||||||||
$ |
862 |
(c) |
$ |
143 |
(c) |
||||||||||||||||||||||||
29 |
(d) |
5 |
(d) |
||||||||||||||||||||||||||
503 |
(e) |
— |
|||||||||||||||||||||||||||
Gross profit -- product |
$ |
202,253 |
67.7 |
% |
$ |
1,394 |
$ |
203,647 |
68.1 |
% |
$ |
152,380 |
66.9 |
% |
$ |
148 |
$ |
152,528 |
67.0 |
% |
|||||||||
$ |
3,327 |
(c) |
$ |
2,422 |
(c) |
||||||||||||||||||||||||
155 |
(d) |
71 |
(d) |
||||||||||||||||||||||||||
Gross profit -- support subscription |
$ |
46,867 |
63.4 |
% |
$ |
3,482 |
$ |
50,349 |
68.1 |
% |
$ |
29,352 |
58.9 |
% |
$ |
2,493 |
$ |
31,845 |
63.9 |
% |
|||||||||
$ |
4,189 |
(c) |
$ |
2,565 |
(c) |
||||||||||||||||||||||||
184 |
(d) |
76 |
(d) |
||||||||||||||||||||||||||
503 |
(e) |
— |
|||||||||||||||||||||||||||
Total gross profit |
$ |
249,120 |
66.8 |
% |
$ |
4,876 |
$ |
253,996 |
68.1 |
% |
$ |
181,732 |
65.5 |
% |
$ |
2,641 |
$ |
184,373 |
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 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 intangible asset acquired from StorReduce acquisition. |
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Three Months Ended October 31, 2018 |
Three Months Ended October 31, 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) |
||||||||||||||||||||
$ |
58,329 |
(c) |
$ |
38,863 |
(c) |
||||||||||||||||||||||||
2,282 |
(d) |
902 |
(d) |
||||||||||||||||||||||||||
503 |
(e) |
— |
|||||||||||||||||||||||||||
Operating income (loss) |
$ |
(27,217) |
-7.3 |
% |
$ |
61,114 |
$ |
33,897 |
9.1 |
% |
$ |
(29,572) |
-10.7 |
% |
$ |
39,765 |
$ |
10,193 |
3.7 |
% |
|||||||||
$ |
58,329 |
(c) |
$ |
38,863 |
(c) |
||||||||||||||||||||||||
2,282 |
(d) |
902 |
(d) |
||||||||||||||||||||||||||
503 |
(e) |
— |
|||||||||||||||||||||||||||
6,525 |
(f) |
— |
|||||||||||||||||||||||||||
(4,083) |
(g) |
— |
|||||||||||||||||||||||||||
Net income (loss) |
$ |
(28,180) |
$ |
63,556 |
$ |
35,376 |
$ |
(29,404) |
$ |
39,765 |
$ |
10,361 |
|||||||||||||||||
Net income (loss) per share -- diluted |
$ |
(0.12) |
$ |
0.13 |
$ |
(0.14) |
$ |
0.04 |
|||||||||||||||||||||
Weighted-average shares used in per share calculation -- diluted |
235,205 |
31,328 |
(h) |
266,533 |
213,274 |
29,613 |
(h) |
242,887 |
* 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 GAAP operating loss divided by revenue. |
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue. |
(c) To eliminate stock-based compensation expense. |
(d) To eliminate payroll tax expense related to stock-based activities. |
(e) To eliminate amortization expense of intangible asset acquired from StorReduce acquisition. |
(f) To eliminate amortization expense of debt discount and debt issuance costs related to our convertible debt. |
(g) Release of valuation allowance due to StorReduce acquisition. |
(h) To include effect of dilutive securities (employee stock options, restricted stock units, and shares from employee stock purchase plan (ESPP)). |
Reconciliation from net cash provided by operating activities to free cash flow and free cash flow without ESPP impact (in thousands except percentages, unaudited):
Three Months Ended October 31, |
|||||||
2018 |
2017 |
||||||
Net cash provided by operating activities |
$ |
56,549 |
$ |
28,248 |
|||
Less: purchases of property and equipment |
(28,074) |
(14,251) |
|||||
Free cash flow (non-GAAP) |
$ |
28,475 |
$ |
13,997 |
|||
Adjust: ESPP impact |
2,104 |
2,478 |
|||||
Free cash flow without ESPP impact (non-GAAP) |
$ |
30,579 |
$ |
16,475 |
|||
Free cash flow as % of revenue |
7.6 |
% |
5.0 |
% |
|||
Free cash flow without ESPP impact as % of revenue |
8.2 |
% |
5.9 |
% |
SOURCE Pure Storage
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