Pure Storage Announces First Quarter Fiscal 2018 Financial Results

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PR Newswire

MOUNTAIN VIEW, Calif., May 24, 2017

MOUNTAIN VIEW, Calif., May 24, 2017 /PRNewswire/ -- Pure Storage (NYSE: PSTG) today announced financial results for its first quarter ended April 30, 2017.

www.purestorage.com (PRNewsFoto/Pure Storage)

Key quarterly business and financial highlights include:

Quarterly revenue: $182.6 million, up 31% Y-Y, 4% ahead of midpoint of guidance
Quarterly gross margin: 65.2% GAAP; 66.4% non-GAAP, reflecting strength in our core FlashArray business and a strong performance from our FlashBlade business
Quarterly operating margin: -34.7% GAAP; -16.7% non-GAAP, up 11.5 ppts and 12.7 ppts Y-Y, respectively
First shipments of FlashArray//X lead next-gen industry transformation to NVMe

"Pure Storage has built the data platform for the cloud era," said Pure Storage CEO Scott Dietzen. "We are pursuing one of the biggest available markets in tech in supporting new data-driven applications including AI, the rapid adoption of cloud computing and the revamping of the enterprise data center. With our best year of innovation yet, we could not be more excited about the road ahead."

"Q1 was a strong quarter for Pure, with our results notably exceeding both top line and bottom line guidance," said Pure Storage CFO Tim Riitters. "We continue to drive strong year over year improvement in operating leverage as we drive to our $1 billion full year revenue target."

In the quarter, approximately 300 new customers joined Pure Storage, increasing the total to more than 3,350 organizations, including nearly 25% of the Fortune 500. New customer wins in the quarter include: Churchill Downs Incorporated, Fujitsu Cloud Technologies, Henry Schein, Inc., telecommunications and Cloud IaaS service provider IP Telecom, MacStadium, Oppenheimer & Co. and Securitas Direct. New FlashBlade customer wins include: Black Duck Software, the City of Davenport and nuclear power plant KKG.

First Quarter Fiscal 2018 Financial Highlights

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The following tables summarize our consolidated financial results for the fiscal quarters ended April 30, 2017 and 2016 ($ in millions except per share amounts, unaudited):

GAAP Quarterly Financial Information
	Three Months Ended April 30, 2017	Three Months Ended April 30, 2016	Y/Y Change
Revenue	$182.6	$139.9	31%
Gross Margin	65.2%	66.4%	-1.2 ppts
Product Gross Margin	66.3%	69.5%	-3.2 ppts
Support Gross Margin	61.8%	54.1%	7.7 ppts
Operating Loss	-$63.4	-$64.7	$1.3
Operating Margin	-34.7%	-46.2%	11.5 ppts
Net Loss	-$62.4	-$63.8	$1.4
Net Loss per Share	-$0.30	-$0.34	$0.04
Weighted-Average Shares (Basic and Diluted)	205.8	189.3	N/A


Non-GAAP Quarterly Financial Information
	Three Months Ended April 30, 2017	Three Months Ended April 30, 2016	Y/Y Change
Gross Margin	66.4%	67.3%	-0.9 ppts
Product Gross Margin	66.6%	69.6%	-3.0 ppts
Support Gross Margin	65.8%	58.0%	7.8 ppts
Operating Loss	-$30.5	-$41.1	$10.6
Operating Margin	-16.7%	-29.4%	12.7 ppts
Net Loss	-$29.5	-$40.3	$10.8
Net Loss per Share	-$0.14	-$0.21	$0.07
Free Cash Flow	-$27.1	-$17.4	-$9.7

A reconciliation between GAAP and non-GAAP information is provided at the end of this release.

Financial Outlook

Pure Storage's second quarter fiscal 2018 guidance is as follows:

Revenue in the range of $214 million to $222 million
Non-GAAP gross margin in the range of 63.5% to 66.5%
Non-GAAP operating margin in the range of -16% to -12%

Pure Storage's full year fiscal 2018 guidance is as follows:

Revenue in the range of $975 million to $1.025 billion
Non-GAAP gross margin in the range of 63.5% to 66.5%
Non-GAAP operating margin in the range of -9% to -5%

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 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 2018 results at 1:30 p.m. (PT) on May 24, 2017. 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 Wednesday, May 24, 2017, through June 7, 2017. The replay will be accessible by calling 800-585-8367 or 416-621-4642 (for international callers), with conference ID 14674669. The call runs 24 hours per day, including weekends.

CEO Commentary

Pure Storage has posted a blog from its CEO discussing first quarter fiscal 2018 results at investor.purestorage.com and blog.purestorage.com.

2017 Annual Meeting of Stockholders

Pure Storage will hold its 2017 annual meeting of stockholders on Tuesday, June 20, 2017 at 10:00 a.m. (PT). The meeting will be held virtually, via live webcast at www.virtualshareholdermeeting.com/PSTG2017. The record date for the meeting was April 25, 2017, 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 2017 proxy statement and Annual Report on Form 10-K at investor.purestorage.com.

2017 Investor Day

Pure Storage will host its 2017 investor day from 1:00 p.m. to 4:00 p.m. (PT) on June 13, 2017, in conjunction with its second annual technology conference, Pure//Accelerate. A live video webcast will be available at investor.purestorage.com. This event is designed for financial analysts and institutional investors.

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