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Pure Storage Announces Fourth Quarter and Full Year Fiscal 2021 Financial Results

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Completed record number of eight deals greater than $10 million in Q4

Annual Subscription Services revenue exceeding $500 million and achieving 33% growth

Consecutive record sales quarters for FlashBlade and FlashArray//C

MOUNTAIN VIEW, Calif., Feb. 24, 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 fourth quarter and full year ended January 31, 2021.

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

"Pure ended fiscal 2021 with great strength and growth, setting new revenue and sales records for the quarter and for the full fiscal year," said Charles Giancarlo, Chairman and CEO, Pure Storage. "I am confident in our opportunity, our long-term strategy, and our ability to accelerate growth. Our Q4 results are a leading indicator of that acceleration. We saw broad based growth year over year, including in our subscription services, our enterprise and cloud segments, our new product lines, and in every theater."

Fourth Quarter and Full Year Financial Highlights

  • Q4 revenue $502.7 million, up 2.2% year-over-year

  • Full-year revenue $1.684 billion, up 2.5% year-over-year

  • Q4 GAAP gross margin 67.8%; non-GAAP gross margin 69.4%

  • Full-year GAAP gross margin 68.2%; non-GAAP gross margin 70.0%

  • Q4 GAAP operating loss $46.8 million; non-GAAP operating income $36.7 million

  • Full-year GAAP operating loss $261.0 million; non-GAAP operating income $46.0 million

  • Q4 operating cash flow $69.0 million; and full-year operating cash flow $187.6 million

  • Q4 free cash flow $47.7 million; and full-year free cash flow $92.7 million

  • Total cash and investments $1.25 billion

  • Remaining performance obligations (RPO) $1.1 billion, up 24% year-over-year; and deferred revenue $843.7 million, up 21% year-over-year

"We are very pleased to be exiting this year on a high note as sales and revenue have surpassed our expectations with particular strength from our enterprise customers," said Kevan Krysler, CFO, Pure Storage. "The momentum we are seeing is the result of our consistent focus on investing in innovation for our customers."

Fourth Quarter and Full Year Company Highlights and Achievements

  • Leader in the Gartner Magic Quadrant for Primary Storage Arrays: Pure was named the clear leader, positioned highest on the ability to execute axis and furthest on the completeness of vision axis in the 2020 Gartner Magic Quadrant.

  • Strong Subscription Services Momentum: Only Pure delivers true flexible storage consumption, a cloud experience on-prem, an easy path to move data to the cloud, and aligns spend with actual consumption. In Q4, Pure expanded the Pure as-a-Service offering with a new Service Catalog aimed at revolutionizing the industry by publishing transparent pricing for on-prem and hybrid cloud storage delivered as-a-Service, providing a seamless purchasing model for customers.

  • Market-Leading Portfolio Innovation: Pure continued its pace of innovation across the portfolio to enable new use cases and render hybrid arrays obsolete. Among this year's new offerings, Pure expanded the industry-defining unified, fast file and object FlashBlade® with scale-out native SMB support and the industry's first all-QLC solution with the third generation FlashArray//C. Both products achieved consecutive record sales quarters in FY21.

  • Extending Kubernetes Market Leadership with Portworx: With Portworx® fully integrated into Pure, the company delivers the industry's most complete Kubernetes Data Services Platform, supporting cloud native applications on any infrastructure, on-prem or in-cloud. In Q4, we saw significant growth of in-cloud deployments of Portworx and traction through the IBM partnership both in-cloud and on-prem via our best-in-class support for Red Hat OpenShift. In FY21, Portworx was named a leader in the GigaOm Radar for Data Storage for Kubernetes and for Kubernetes Data Protection.

Guidance: Q1 FY22 and Annual FY22


Q1 FY22

FY22

Revenue

$405 Million

14%-15% Y/Y Growth

Non-GAAP Operating Income (Loss)

$(20) Million

~$90 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 fourth quarter and full year fiscal 2021 results at 2:00 pm PT today, February 24, 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 supplemental earnings presentation and prepared conference call remarks to the Investor Relations website in advance of the call for reference. A replay will be available following the call on the Pure Storage Investor Relations website for two weeks at (855) 859-2056 (or 404-537-3406 for international callers) with passcode 6395722.

Upcoming IR Events

  • Pure will be presenting at the Morgan Stanley Technology, Media and Telecom Virtual Conference on March 2 at 9:30 am PT.

  • Pure will be presenting at the Raymond James Institutional Investors Virtual Conference on March 3 at 8:40 am PT.

The presentations from these events will be webcast live, and all information will be available on the Investor Relations website at investor.purestorage.com.

Share Repurchase Authorization

Pure's board of directors has authorized incremental share repurchases of up to an additional $200 million under its stock repurchase program. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management's discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.

About Pure Storage

Pure Storage (NYSE: PSTG) 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. One of the fastest-growing enterprise IT companies in history, 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. For more information, visit www.purestorage.com.

Analyst Recognition

Pure Storage has been named a Leader in the 2020 Gartner Magic Quadrant for Primary Storage Arrays.

Connect with Pure

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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 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, the success of the Portworx acquisition and 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 February 24, 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 Fiscal



2021


2020






Assets





Current assets:





Cash and cash equivalents


$

337,147



$

362,635


Marketable securities


916,388



936,518


Accounts receivable, net of allowance of $1,033 and $542


460,879



458,643


Inventory


46,733



38,518


Deferred commissions, current


57,183



37,148


Prepaid expenses and other current assets


89,836



56,930


Total current assets


1,908,166



1,890,392


Property and equipment, net


163,041



122,740


Operating lease right-of-use assets


134,668



112,854


Deferred commissions, non-current


130,741



102,056


Intangible assets, net


76,648



58,257


Goodwill


358,736



37,584


Restricted cash


10,544



15,287


Other assets, non-current


36,896



25,034


Total assets


$

2,819,440



$

2,364,204







Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

67,530



$

77,651


Accrued compensation and benefits


160,817



106,592


Accrued expenses and other liabilities


61,754



47,223


Operating lease liabilities, current


32,231



27,264


Deferred revenue, current


438,321



356,011


Total current liabilities


760,653



614,741


Long-term debt


755,814



477,007


Operating lease liabilities, non-current


120,361



92,977


Deferred revenue, non-current


405,376



341,277


Other liabilities, non-current


27,230



8,084


Total liabilities


2,069,434



1,534,086


Stockholders' equity:





Common stock and additional paid-in capital


2,307,608



2,107,605


Accumulated other comprehensive income


7,410



5,449


Accumulated deficit


(1,565,012)



(1,282,936)


Total stockholders' equity


750,006



830,118


Total liabilities and stockholders' equity


$

2,819,440



$

2,364,204


PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)




Fourth Quarter of Fiscal


Fiscal Year Ended



2021


2020


2021


2020










Revenue:









Product


$

350,380



$

376,517



$

1,144,098



$

1,238,654


Subscription services


152,338



115,487



540,081



404,786


Total revenue


502,718



492,004



1,684,179



1,643,440


Cost of revenue:









Product (1)


112,310



103,510



352,987



362,970


Subscription services (1)


49,551



40,284



182,268



146,916


Total cost of revenue


161,861



143,794



535,255



509,886


Gross profit


340,857



348,210



1,148,924



1,133,554


Operating expenses:









Research and development (1)


130,388



114,904



480,467



433,662


Sales and marketing (1)


198,865



190,389



716,014



728,022


General and administrative (1)


50,414



43,611



182,477



163,153


Restructuring and other (2)


8,009





30,999




Total operating expenses


387,676



348,904



1,409,957



1,324,837


Loss from operations


(46,819)



(694)



(261,033)



(191,283)


Other income (expense), net


(2,427)



(924)



(9,127)



(3,383)


Loss before provision for income taxes


(49,246)



(1,618)



(270,160)



(194,666)


Income tax provision


3,047



3,033



11,916



6,321


Net loss


$

(52,293)



$

(4,651)



$

(282,076)



$

(200,987)











Net loss per share attributable to common
stockholders, basic and diluted


$

(0.19)



$

(0.02)



$

(1.05)



$

(0.79)


Weighted-average shares used in computing net
loss per share attributable to common
stockholders, basic and diluted


274,421



259,218



267,824



252,820



(1) Includes stock-based compensation expense as follows:


















Cost of revenue -- product


$

988



...

$

889



$

4,001



$

3,732


Cost of revenue -- subscription services


4,018



3,302



14,979



14,403


Research and development


29,450



26,726



117,220



107,658


Sales and marketing


17,230



16,389



65,248



67,560


General and administrative


10,903



8,857



40,896



33,352


Total stock-based compensation expense


$

62,589



$

56,163



$

242,344



$

226,705



(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)




Fourth Quarter of Fiscal


Fiscal Year Ended



2021


2020


2021


2020










Cash flows from operating activities









Net loss


$

(52,293)



$

(4,651)



$

(282,076)



$

(200,987)


Adjustments to reconcile net loss to net cash provided by operating activities:









Depreciation and amortization


20,231



22,925



70,042



89,710


Amortization of debt discount and debt issuance costs


7,545



6,993



29,070



27,179


Stock-based compensation expense


62,589



56,163



242,344



226,705


Impairment of long-lived assets






7,505




Other


3,229



1,819



7,340



1,336


Changes in operating assets and liabilities, net of effects of acquisitions:









Accounts receivable, net


(82,810)



(96,521)



410



(79,442)


Inventory


(3,966)



(329)



(8,690)



2,393


Deferred commissions


(35,836)



(16,073)



(48,721)



(24,231)


Prepaid expenses and other assets


3,624



(18,198)



(33,982)



(16,734)


Operating lease right-of-use assets


7,370



6,549



28,804



26,511


Accounts payable


(22,930)



16,388



(14,364)



(18,856)


Accrued compensation and other liabilities


86,709



47,059



76,972



20,296


Operating lease liabilities


(6,874)



(6,357)



(27,318)



(25,377)


Deferred revenue


82,445



54,091



140,305



161,071


Net cash provided by operating activities


69,033



69,858



187,641



189,574


Cash flows from investing activities









Purchases of property and equipment


(21,332)



(13,641)



(94,975)



(87,847)


Acquisitions, net of cash acquired


165





(339,641)



(51,594)


Purchase of intangible assets








(9,000)


Purchases of marketable securities


(119,568)



(155,556)



(573,959)



(795,580)


Sales of marketable securities


39,323



83,733



171,530



200,251


Maturities of marketable securities


99,156



73,402



423,936



419,059


Other






(5,000)




Net cash used in investing activities


(2,256)



(12,062)



(418,109)



(324,711)


Cash flows from financing activities









Net proceeds from exercise of stock options


33,695



17,095



59,372



42,899


Proceeds from issuance of common stock under employee stock purchase plan




7



32,439



43,298


Proceeds from borrowings, net of issuance costs






251,892




Repayment of borrowings


(33)





(33)




Repayment of debt assumed from acquisition








(11,555)


Tax withholding on vesting of equity awards


(4,178)



(1,592)



(8,258)



(10,379)


Repurchases of common stock


(23,621)



(15,017)



(135,175)



(15,017)


Net cash provided by financing activities


5,863



493



200,237



49,246


Net increase (decrease) in cash and cash equivalents and restricted cash


72,640



58,289



(30,231)



(85,891)


Cash, cash equivalents and restricted cash, beginning of period


275,051



319,633



377,922



463,813


Cash, cash equivalents and restricted cash, end of period


$

347,691



$

377,922



$

347,691



$

377,922


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):


Fourth Quarter of Fiscal


Fourth Quarter of Fiscal


2021


2020


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)


























$

988


(c)









$

889


(c)









18


(d)









14


(d)









3,062


(e)









2,074


(e)




Gross profit --
product

$

238,070



67.9

%


$

4,068



$

242,138



69.1

%


$

273,007



72.5

%


$

2,977



$

275,984



73.3

%


























$

4,018


(c)









$

3,302


(c)









64


(d)









88


(d)









25


(f)














Gross profit --
subscription services

$

102,787



67.5

%


$

4,107



$

106,894



70.2

%


$

75,203



65.1

%


$

3,390



$

78,593



68.1

%


























$

5,006


(c)









$

4,191


(c)









82


(d)









102


(d)









3,062


(e)









2,074


(e)









25


(f)














Total gross profit

$

340,857



67.8

%


$

8,175



$

349,032



69.4

%


$

348,210



70.8

%


$

6,367



$

354,577



72.1

%



(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 acquired intangible assets.

(f)

To eliminate payments to former shareholders of acquired company.

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):


Fiscal Year Ended


2021


GAAP results


GAAP gross margin (a)


Adjustment




Non-
GAAP
results


Non-
GAAP
gross
margin (b)


















$

4,001



(c)










84



(d)










735



(e)










9,465



(f)





Gross profit -- product

$

791,111



69.1

%


$

14,285





$

805,396



70.4

%


















$

14,979



(c)










267



(d)










190



(e)










32



(g)





Gross profit -- subscription services

$

357,813



66.3

%


$

15,468





$

373,281



69.1

%


















$

18,980



(c)










351



(d)










925



(e)










9,465



(f)










32



(g)





Total gross profit

$

1,148,924



68.2

%


$

29,753





$

1,178,677



70.0

%



(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):


Fourth Quarter of Fiscal


Fourth Quarter of Fiscal


2021


2020


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)


























$

62,589


(c)









$

56,163


(c)









6,435


(d)









1,935


(d)









2,024


(e)









1,401


(e)









7,977


(f)



















3,594


(g)









2,074


(g)









921


(h)














Operating income (loss)

$

(46,819)



-9.3

%


$

83,540



$

36,721



7.3

%


$

(694)



-0.1

%


$

61,573



$

60,879



12.4

%


























$

62,589


(c)









$

56,163


(c)









6,435


(d)









1,935


(d)









2,024


(e)









1,401


(e)









7,977


(f)



















3,594


(g)









2,074


(g)









921


(h)



















7,545


(i)









6,993


(i)




Net income (loss)

$

(52,293)





$

91,085



$

38,792





$

(4,651)





$

68,566



$

63,915




Net income (loss) per share -- diluted

$

(0.19)







$

0.13





$

(0.02)







$

0.23




Weighted-average shares used in per share calculation -- diluted

274,421





22,786


(j)

297,207





259,218





17,984


(j)

277,202










































(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 payments to former shareholders of acquired companies.

(e)

To eliminate payroll tax expense related to stock-based activities.

(f)

To eliminate restructuring expenses related to (1) workforce reductions and (2) the cease-use of certain facilities.

(g)

To eliminate amortization expense of acquired intangible assets.

(h)

To eliminate acquisition-related transaction and integration expenses.

(i)

To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.

(j)

To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):


Fiscal Year Ended


2021


GAAP results


GAAP
operating
margin (a)


Adjustment


Non- GAAP results


Non- GAAP
operating
margin (b)
















$

242,344


(c)









13,849


(d)









6,040


(e)









9,869


(f)









22,055


(g)









10,174


(h)









2,683


(i)




Operating income (loss)

$

(261,033)



-15.5

%


$

307,014



$

45,981



2.7

%





















(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 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 related to (1) workforce reductions and (2) the cease-use of certain facilities.

(h)

To eliminate amortization expense of acquired intangible assets.

(i)

To eliminate acquisition-related transaction and integration expenses.

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):



Fourth Quarter of Fiscal


Fiscal Year Ended



2021


2020


2021


2020

Net cash provided by operating activities


$

69,033



$

69,858



$

187,641



$

189,574


Less: purchases of property and equipment


(21,332)



(13,641)



(94,975)



(87,847)


Free cash flow (non-GAAP)


$

47,701



$

56,217



$

92,666



$

101,727


Cision
Cision

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SOURCE Pure Storage