Pure Storage Announces Record Fourth Quarter and Full Year Fiscal 2018 Financial Results

Eine Tageszeitung (Symbolbild). pixabay.com

PR Newswire

MOUNTAIN VIEW, Calif., March 1, 2018

MOUNTAIN VIEW, Calif., March 1, 2018 /PRNewswire/ -- Pure Storage (NYSE: PSTG) today announced financial results for its fourth quarter and full year ended January 31, 2018.

www.purestorage.com (PRNewsFoto/Pure Storage) (PRNewsfoto/Pure Storage)

Key quarterly financial highlights include:

Record revenue: $338.3 million, up 48% Y/Y, 2% ahead of the midpoint of guidance; Record full year revenue: $1.023 billion, up 41% Y/Y.
Record operating margin: -4.7% GAAP; 8.3% non-GAAP, up 13.9 ppts and 10.2 ppts Y/Y, respectively, marking Pure's first profitable quarter on a non-GAAP basis.
Record operating cash flow of $59.0 million and free cash flow of $38.3 million, and record full-year operating cash flow of $72.8 million and free cash flow of $7.7 million.

"This quarter marks an important milestone for Pure surpassing $1 billion in annual sales and achieving non-GAAP profitability," said Charles Giancarlo, CEO of Pure Storage. "Momentum in the business is strong as we continue our drive to help customers turn data into intelligence and advantage."

Approximately 500 customers joined Pure Storage in the quarter, increasing the total to more than 4,500 organizations. A few new customer wins in the quarter include: Advance Financial Corporation, Jenny Craig, Mid America Pet Food, Portland Trail Blazers, Suzuki Motor of America and the Texas Rangers.

"Pure Storage delivered another outstanding quarter to finish the year, growing nearly 50% over the year-ago quarter," said Tim Riitters, CFO of Pure Storage. "As we look ahead to next year, we remain focused on driving both growth and leverage in our business, including achieving our first full-year of non-GAAP profitability."

Fourth Quarter Fiscal 2018 Financial Highlights

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The following tables summarize our consolidated financial results for the fiscal quarters ended January 31, 2018 and 2017 (in millions except percentages and per share amounts, unaudited):

GAAP Quarterly Financial Information
	Three Months Ended January 31, 2018	Three Months Ended January 31, 2017	Y/Y Change
Revenue	$338.3	$227.9	48%
Gross Margin	65.1%	65.3%	-0.2 ppts
Product Gross Margin	65.4%	66.5%	-1.1 ppts
Support Gross Margin	63.9%	59.6%	4.3 ppts
Operating Loss	-$15.8	-$42.5	$26.7
Operating Margin	-4.7%	-18.6%	13.9 ppts
Net Loss	-$11.9	-$42.9	$31.0
Net Loss per Share (Basic and Diluted)	-$0.05	-$0.21	$0.16
Weighted-Average Shares (Basic and Diluted)	218.0	201.0	N/A
Headcount	>2,100	>1,700	~400


Non-GAAP Quarterly Financial Information
	Three Months Ended January 31, 2018	Three Months Ended January 31, 2017	Y/Y Change
Gross Margin	66.2%	66.1%	0.1 ppts
Product Gross Margin	65.7%	66.6%	-0.9 ppts
Support Gross Margin	68.3%	63.6%	4.7 ppts
Operating Income (Loss)	$27.9	-$4.4	$32.3
Operating Margin	8.3%	-1.9%	10.2 ppts
Net Income (Loss)	$31.8	-$4.8	$36.6
Net Income (Loss) per Share (Diluted)	$0.13	-$0.02	$0.15
Weighted-Average Shares (Diluted)	250.8	201.0	N/A

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

Financial Outlook

Our first quarter and full year fiscal 2019 guidance numbers are based on the new revenue standard (ASC 606) that is effective beginning February 1, 2018. Please refer to our earnings presentation on investor.purestorage.com for further information on the adoption impact of ASC 606 on our results of operations.

Pure Storage's first quarter fiscal 2019 guidance is as follows:

Revenue in the range of $246 million to $254 million
Non-GAAP gross margin in the range of 63.5% to 66.5%
Non-GAAP operating margin in the range of -13.0% to -9.0%

Pure Storage's full year fiscal 2019 guidance is as follows:

Revenue in the range of $1.310 billion to $1.360 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 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 2018 results at 2:00 p.m. (PT) on March 1, 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: (833) 245-9656 or (647) 689-4543 (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 Thursday, March 1, 2018, through March 15, 2018. The replay will be accessible by calling (800) 585-8367 or (416) 621-4642 (for international callers), with conference ID 8485299. The call runs 24 hours per day, including weekends.

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