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Pure Storage Announces Record Fourth Quarter and Fiscal Year 2017 Financial Results

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PR Newswire

MOUNTAIN VIEW, Calif., March 1, 2017

MOUNTAIN VIEW, Calif., March 1, 2017 /PRNewswire/ -- Pure Storage (NYSE: PSTG) today announced financial results for its fourth quarter and fiscal year ended January 31, 2017.

Key quarterly business and financial highlights include:

Record quarterly revenue of $227.9 million, up 52% Y/Y, 2.2% above midpoint of guidance
Record full year revenue of $728.0 million, up 65% Y/Y, 3.3% above midpoint of guidance
Record quarterly operating leverage, GAAP margin of -18.6%, 10.0 ppts improvement Y/Y and non-GAAP margin of -1.9%, 12.0 ppts improvement Y/Y
Positive momentum in unstructured data market with FlashBlade now generally available

"Pure Storage is delivering the data platform for the cloud era, helping customers put data to work for their businesses," said Pure Storage CEO Scott Dietzen. "This year, Pure expects to reach $1 billion in revenue - a remarkable achievement and evidence that we're only just getting started. We could not be more excited about the opportunities ahead."

"Q4 was a solid quarter and a strong end to our fiscal 2017 with consistent year-over-year revenue growth and a strong improvement in our operating leverage," said Pure Storage CFO Tim Riitters. "We are confident in our outlook for fiscal 2018 and remain focused on executing steadily on our business model for continued growth and industry leadership."

A record 450 new customers joined Pure Storage this quarter, increasing the total to more than 3,000 organizations, including more than 20% of the Fortune 500. New customer wins in the quarter include: Hulu, KONAMI, Optus Business, Royal Philips, Phreesia and Subway. New FlashBlade customer wins include: the National Hockey League, law firm Keker, Van Nest & Peters and geoscience solutions provider ION.

Fourth Quarter Fiscal 2017 Financial Highlights

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The following tables summarize our consolidated financial results for the fiscal quarters ended January 31, 2016 and 2017 (in millions except per share amounts, unaudited):

GAAP Quarterly Financial Information
	Three Months Ended January 31, 2016	Three Months Ended January 31, 2017	Y/Y Change
Revenue	$150.2	$227.9	52%
Gross Margin	65.3%	65.3%	0.0 ppts
Product Gross Margin	68.2%	66.5%	-1.7 ppts
Support Gross Margin	49.5%	59.6%	10.1 ppts
Operating Loss	-$42.9	-$42.5	$0.4
Operating Margin	-28.6%	-18.6%	10.0 ppts
Net Loss	-$44.3	-$42.9	$1.4
Net Loss per Share	-$0.24	-$0.21	$0.03
Weighted-Average Shares (Basic and Diluted)	187.4	201.0	13.6

Non-GAAP Quarterly Financial Information
	Three Months Ended January 31, 2016	Three Months Ended January 31, 2017	Y/Y Change
Gross Margin	66.0%	66.1%	0.1 ppts
Product Gross Margin	68.3%	66.6%	-1.7 ppts
Support Gross Margin	53.4%	63.6%	10.2 ppts
Operating Loss	-$20.9	-$4.4	$16.5
Operating Margin	-13.9%	-1.9%	12.0 ppts
Net Loss	-$22.3	-$4.8	$17.5
Net Loss per Share	-$0.12	-$0.02	$0.10
Weighted-Average Shares (Basic and Diluted)	187.4	201.0	13.6
Free Cash Flow	$32.1	$25.3	-$6.8

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

Financial Outlook

Full Year Fiscal 2018 Guidance:

Revenue in the range of $975 million to $1,025 million
Non-GAAP gross margin in the range of 63.5% to 66.5%
Non-GAAP operating margin in the range of -9% to -5%

First Quarter Fiscal 2018 Guidance:

Revenue in the range of $171 million to $179 million
Non-GAAP gross margin in the range of 63.5% to 66.5%
Non-GAAP operating margin in the range of -27% to -23%

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 fourth quarter and fiscal year 2017 results at 2:00 p.m. (PT) on March 1, 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 March 1, 2017, through March 8, 2017. The replay will be accessible by calling 1-800-585-8367 or 1-416-621-4642 (for international callers), with conference ID 59578076. The call runs 24 hours per day, including weekends.

CEO Commentary

Pure Storage has posted a blog from its CEO discussing fourth quarter and fiscal year 2017 results at investor.purestorage.com and blog.purestorage.com.

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