Pure Storage Announces Fourth Quarter and Full Year Fiscal 2022 Financial Results

Rhea-AI Summary

Pure Storage (NYSE: PSTG) announced impressive financial results for its fiscal fourth quarter and full year ending February 6, 2022. Q4 revenue reached $708.6 million, marking a 41% increase year-over-year, while full-year revenue totaled $2.18 billion, up 29%. Subscription services revenue also showcased strong growth, with Q4 and full-year increases of 42% and 37%, respectively. Operating cash flow for Q4 was $138.2 million, contributing to a total cash balance of $1.41 billion. Guidance for Q1 FY23 anticipates revenue of approximately $520 million.

Positive

• Q4 revenue of $708.6 million, up 41% year-over-year
• Full-year revenue of $2.18 billion, up 29% year-over-year
• Subscription services revenue increased by 37% year-over-year
• Strong cash flow with $138.2 million in Q4, total cash of $1.41 billion
• Guidance for FY23 projects revenue growth of 19%-20%

Negative

• GAAP operating loss of $(98.4) million for the full year
• Non-GAAP operating margin expected to drop to approximately 3% in Q1 FY23

MOUNTAIN VIEW, Calif., March 2, 2022 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the most advanced data storage technology and services, announced financial results for its fiscal fourth quarter and full year ended February 6, 2022.

"By every measure, Pure had an outstanding quarter and fiscal year," said Charles Giancarlo, Chairman and CEO, Pure Storage. "As evidenced by the 41% growth in Q4, our strategy to deliver an innovative portfolio of data storage and services, with industry-leading customer experiences and flexible, efficient operations continues to position Pure as the trusted provider for all organizations."

Fourth Quarter and Full Year Financial Highlights 

• Q4 revenue $708.6 million, up 41% year-over-year
• Full-year revenue $2.18 billion, up 29% year-over-year

• Q4 subscription services revenue $216.0 million, up 42% year-over-year
• Full-year subscription services revenue $738.5 million, up 37% year-over-year
• Q4 subscription annual recurring revenue (ARR) $848.8 million, up 31% year-over-year
• Remaining performance obligations (RPO) $1.4 billion, up 29% year-over-year

• Q4 GAAP gross margin 67.2%; non-GAAP gross margin 68.8%
• Full-year GAAP gross margin 67.5%; non-GAAP gross margin 69.4%

• Q4 GAAP operating income $29.8 million; non-GAAP operating income $118.7 million
• Q4 GAAP operating margin 4.2%; non-GAAP operating margin 16.8%
• Full-year GAAP operating loss $(98.4) million; non-GAAP operating income $235.0 million
• Full-year GAAP operating margin (4.5)%; non-GAAP operating margin 10.8%

• Q4 operating cash flow $138.2 million; free cash flow $117.2 million
• Full-year operating cash flow $410.1 million; free cash flow $307.8 million

• Total cash, cash equivalents, and investments of $1.41 billion

• Returned approximately $69 million and $200 million in Q4 and FY22, respectively, to stockholders through share repurchases and completed our Board authorized amount of $200 million

"We are thrilled to be capping off the year in a position of leadership and strength," said Kevan Krysler, CFO, Pure Storage. "The momentum we are experiencing is the year's culmination of relentless focus on innovating for our customers." 

Fourth Quarter and Full Year Company Highlights

• Surpassed the 10,000 Customer Mark: Pure's customer base further expanded across a wide and balanced range of use cases, industries, and geographies. In Q4, Meta announced Pure as the storage partner to deliver robust and scalable storage capabilities to power its AI Research SuperCluster (RSC).
• Strong Subscription Services Momentum: Pure's subscription services revenue grew 37% YoY in FY22 and Pure unveiled two new service offerings to be generally available in Q1 FY23, Pure Fusion and Portworx Data Services.
• Market-Leading Portfolio Innovation: Pure introduced the new FlashArray//XL to provide unmatched performance and scale to platinum tier applications and expanded features and functionality across the FlashArray and FlashBlade platforms with new Purity software, all available through Pure as-a-Service. Pure also delivered new releases of Portworx Enterprise and PX-Backup.
• Industry and Customer Recognition: Pure set a high-bar with an 85.2 third-party certified Net Promoter Score (NPS). Pure was named a leader in the Gartner Magic Quadrants for both Primary Storage and Distributed File Systems & Object Storage, marking its 8th consecutive year as a leader.
• Expansion of Research & Development Centers: Pure opened a new R&D site in Bangalore, India, joining global R&D centers in Mountain View, CA, Bellevue, WA, and Vancouver, Canada in North America; and Prague, Czech Republic in EMEA.

First Quarter and FY23 Guidance

	Q1 FY23	FY23
Revenue	Approx. $520 Million	Approx. $2.6 Billion Est. 19%-20% Y/Y Growth
Non-GAAP Operating Income	$16 Million	$300 Million
Non-GAAP Operating Margin	Approx. 3%	Approx. 11.5%

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 and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures guidance to the corresponding GAAP measures is not available without unreasonable effort.

Share Repurchase Authorization

Pure's board of directors has authorized incremental share repurchases of up to an additional $250 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.

Conference Call Information 

Pure will host a teleconference to discuss the fourth quarter and full year fiscal 2022 results at 2:30 pm PT today, March 2, 2022. 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 earnings presentation to this website in advance of the call and post its prepared remarks to this website within 24 hours of completion of the call. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 800-585-8367 (or 416-621-4642 for international callers) with passcode 8379776.

Upcoming Events

Pure is scheduled to participate at the following investor conferences:

Susquehanna Eleventh Annual Technology Conference
Date: Friday, March 4, 2022
Pure Participants: Kevan Krysler, CFO, Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer

Morgan Stanley Technology, Media & Telecom Conference
Date: Monday, March 7, 2022
Time: 11:30 am PST
Pure Presenters: Charles Giancarlo, Chairman and CEO, and Kevan Krysler, CFO
Pure Participants: Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer

KeyBanc Emerging Technology Summit (ETS)
Date: Tuesday, March 8, 2022
Pure Participants: Kevan Krysler, CFO, and Rob Lee, CTO

Raymond James 43rd Annual Institutional Investors Conference
Date: Wednesday, March 9, 2022
Pure Participants: Ajay Singh, CPO, and Sanjot Khurana, VP, Investor Relations and Treasurer

The presentation will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com.
 
About Pure Storage

Pure Storage 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. 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.

Analyst Recognition

Leader in the 2021 Gartner Magic Quadrant for Primary Storage Arrays 
Leader in the 2021 Gartner Magic Quadrant for Distributed File Systems & Object Storage

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 financial results, our sustainable growth strategy, our continued momentum and growth potential, particularly within our enterprise customer segment, the potential for supply chain disruptions, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, financial results and the economy, demand for our products and subscription services, including Pure as-a-Service, our expectations regarding our product and technology differentiation, new customer acquisition, the continued success of the Portworx 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 caption "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, including as set forth in our Annual Report on Form 10-K for the year ended January 31, 2021, quarterly reports on Form 10-Q, and current reports on Form 8-K. All information provided in this release and in the attachments is as of March 2, 2022, and Pure undertakes no duty to update this information unless required by law.

Key Business Metric

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements, including Evergreen, on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

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
		2022		2021
Assets
Current assets:
Cash and cash equivalents		$         466,199		$         337,147
Marketable securities		947,073		916,388
Accounts receivable, net of allowance of $945 and $1,033		542,144		460,879
Inventory		38,942		46,733
Deferred commissions, current		81,589		57,183
Prepaid expenses and other current assets		116,232		89,836
Total current assets		2,192,179		1,908,166
Property and equipment, net		195,282		163,041
Operating lease right-of-use assets		111,763		134,668
Deferred commissions, non-current		164,718		130,741
Intangible assets, net		62,646		76,648
Goodwill		358,736		358,736
Restricted cash		10,544		10,544
Other assets, non-current		39,447		36,896
Total assets		$      3,135,315		$      2,819,440
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$           70,704		$           67,530
Accrued compensation and benefits		205,431		160,817
Accrued expenses and other liabilities		78,511		61,754
Operating lease liabilities, current		35,098		32,231
Deferred revenue, current		562,576		438,321
Total current liabilities		952,320		760,653
Long-term debt		786,779		755,814
Operating lease liabilities, non-current		93,479		120,361
Deferred revenue, non-current		517,296		405,376
Other liabilities, non-current		31,105		27,230
Total liabilities		2,380,979		2,069,434
Stockholders' equity:
Common stock and additional paid-in capital		2,470,972		2,307,608
Accumulated other comprehensive income (loss)		(8,365)		7,410
Accumulated deficit		(1,708,271)		(1,565,012)
Total stockholders' equity		754,336		750,006
Total liabilities and stockholders' equity		$      3,135,315		$      2,819,440

 

PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited)
		Fourth Quarter of Fiscal				Fiscal Year Ended
		2022		2021		2022		2021
Revenue:
Product		$   492,602		$   350,380		$ 1,442,338		$ 1,144,098
Subscription services		215,968		152,338		738,510		540,081
Total revenue		708,570		502,718		2,180,848		1,684,179
Cost of revenue:
Product (1)		167,964		112,310		477,899		352,987
Subscription services (1)		64,772		49,551		230,430		182,268
Total cost of revenue		232,736		161,861		708,329		535,255
Gross profit		475,834		340,857		1,472,519		1,148,924
Operating expenses:
Research and development (1)		162,639		130,388		581,935		480,467
Sales and marketing (1)		231,947		198,865		799,001		716,014
General and administrative (1)		51,481		50,414		189,981		182,477
Restructuring and other (2)		—		8,009		—		30,999
Total operating expenses		446,067		387,676		1,570,917		1,409,957
Income (loss) from operations		29,767		(46,819)		(98,398)		(261,033)
Other income (expense), net		(10,008)		(2,427)		(30,098)		(9,127)
Income (loss) before provision for income taxes		19,759		(49,246)		(128,496)		(270,160)
Income tax provision		4,816		3,047		14,763		11,916
Net income (loss)		$     14,943		$    (52,293)		$  (143,259)		$  (282,076)
Net income (loss) per share attributable to common    stockholders, basic and diluted		$         0.05		$        (0.19)		$        (0.50)		$        (1.05)
Weighted-average shares used in computing net    income (loss) per share attributable to common    stockholders, basic		291,351		274,421		285,882		267,824
Weighted-average shares used in computing net    income (loss) per share attributable to common    stockholders, diluted		317,268		274,421		285,882		267,824
(1) Includes stock-based compensation expense as follows:
Cost of revenue -- product		$       1,787		$         988		$       6,334		$       4,001
Cost of revenue -- subscription services		6,142		4,018		21,240		14,979
Research and development		39,921		29,450		142,264		117,220
Sales and marketing		17,122		17,230		71,439		65,248
General and administrative		14,228		10,903		45,686		40,896
Total stock-based compensation expense		$     79,200		$     62,589		$   286,963		$   242,344
(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
		2022		2021		2022		2021
Cash flows from operating activities
Net income (loss)		$       14,943		$       (52,293)		$    (143,259)		$    (282,076)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		23,546		20,231		83,151		70,042
Amortization of debt discount and debt issuance costs		8,566		7,545		31,577		29,070
Stock-based compensation expense		79,200		62,589		286,963		242,344
Impairment of long-lived assets		—		—		471		7,505
Other		4,499		3,229		13,075		7,340
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable, net		(188,035)		(82,810)		(81,247)		410
Inventory		4,080		(3,966)		4,118		(8,690)
Deferred commissions		(37,988)		(35,836)		(58,383)		(48,721)
Prepaid expenses and other assets		(13,505)		3,624		(25,788)		(33,982)
Operating lease right-of-use assets		7,891		7,370		29,952		28,804
Accounts payable		20,967		(22,930)		6,711		(14,364)
Accrued compensation and other liabilities		94,212		86,709		58,961		76,972
Operating lease liabilities		(10,257)		(6,874)		(32,351)		(27,318)
Deferred revenue		130,122		82,445		236,176		140,305
Net cash provided by operating activities		138,241		69,033		410,127		187,641
Cash flows from investing activities
Purchases of property and equipment(1)		(21,070)		(21,332)		(102,287)		(94,975)
Acquisition, net of cash acquired		—		165		—		(339,641)
Purchases of marketable securities		(114,605)		(119,568)		(617,043)		(573,959)
Sales of marketable securities		53,548		39,323		200,482		171,530
Maturities of marketable securities		63,007		99,156		366,165		423,936
Other		—		—		(600)		(5,000)
Net cash used in investing activities		(19,120)		(2,256)		(153,283)		(418,109)
Cash flows from financing activities
Net proceeds from exercise of stock options		14,966		33,695		48,709		59,372
Proceeds from issuance of common stock under employee stock purchase plan		—		—		36,641		32,439
Proceeds from borrowings, net of issuance costs		—		—		—		251,892
Repayments of borrowing		(267)		(33)		(1,137)		(33)
Principal payments on finance lease obligations		(586)		—		(1,000)		—
Tax withholding on vesting of equity awards		(2,165)		(4,178)		(10,835)		(8,258)
Repurchases of common stock		(69,562)		(23,621)		(200,170)		(135,175)
Net cash (used in) provided by financing activities		(57,614)		5,863		(127,792)		200,237
Net increase (decrease) in cash and cash equivalents and restricted cash		61,507		72,640		129,052		(30,231)
Cash, cash equivalents and restricted cash, beginning of period		415,236		275,051		347,691		377,922
Cash, cash equivalents and restricted cash, end of period		$     476,743		$      347,691		$     476,743		$      347,691
(1) Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.

 

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
	2022										2021
	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)
					$      1,787	(c)									$         988	(c)
					42	(d)									18	(d)
					3,462	(e)									3,062	(e)
Gross profit --    product	$ 324,638		65.9  %		$      5,291		$ 329,929		67.0  %		$ 238,070		67.9  %		$      4,068		$ 242,138		69.1  %
					$      6,142	(c)									$      4,018	(c)
					253	(d)									64	(d)
					24	(f)									25	(f)
Gross profit --   subscription services	$ 151,196		70.0  %		$      6,419		$ 157,615		73.0  %		$ 102,787		67.5  %		$      4,107		$ 106,894		70.2  %
					$      7,929	(c)									$      5,006	(c)
					295	(d)									82	(d)
					3,462	(e)									3,062	(e)
					24	(f)									25	(f)
Total gross profit	$ 475,834		67.2  %		$    11,710		$ 487,544		68.8  %		$ 340,857		67.8  %		$      8,175		$ 349,032		69.4  %
(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
	2022
	GAAP results		GAAP gross margin (a)		Adjustment			Non- GAAP results		Non- GAAP gross margin (b)
					$         6,334	(c)
					225	(d)
					12,803	(e)
Gross profit -- product	$     964,439		66.9 %		$       19,362			$     983,801		68.2 %
					$       21,240	(c)
					971	(d)
					96	(f)
Gross profit -- subscription services	$     508,080		68.8 %		$       22,307			$     530,387		71.8 %
					$       27,574	(c)
					1,196	(d)
					12,803	(e)
					96	(f)
Total gross profit	$  1,472,519		67.5 %		$       41,669			$  1,514,188		69.4 %
(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 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
	2022										2021
	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)
					$    79,200	(c)									$    62,589	(c)
					3,390	(d)									6,435	(d)
					2,302	(e)									2,024	(e)
					—										7,977	(f)
					4,034	(g)									3,594	(g)
					—										921	(h)
Operating income (loss)	$ 29,767		4.2     %		$    88,926		$  118,693		16.8       %		$  (46,819)		-9.3      %		$    83,540		$ 36,721		7.3     %
					$    79,200	(c)									$    62,589	(c)
					3,390	(d)									6,435	(d)
					2,302	(e)									2,024	(e)
					—										7,977	(f)
					4,034	(g)									3,594	(g)
					—										921	(h)
					8,566	(i)									7,545	(i)
Net income (loss)	$ 14,943				$    97,492		$  112,435				$  (52,293)				$    91,085		$ 38,792
Net income (loss) per share -- diluted	$     0.05						$     0.36				$      (0.19)						$     0.13
Weighted- average shares used in per share calculation -- diluted	317,268				(2,357)	(j)	314,911				274,421				22,786	(k)	297,207
(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 exclude the dilutive effect from convertible note under treasury stock method.
(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employees 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
	2022
	GAAP results		GAAP operating margin (a)		Adjustment		Non- GAAP results		Non- GAAP operating margin (b)
					$     286,963	(c)
					17,524	(d)
					10,805	(e)
					551	(f)
					14,973	(g)
					2,596	(h)
Operating income (loss)	$      (98,398)		-4.5   %		$     333,412		$     235,014		10.8  %
(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 impairment of right-of-use assets associated with cease-use of a certain facility.
(g) To eliminate amortization expense of acquired intangible assets.
(h) 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
		2022		2021		2022		2021
Net cash provided by operating activities		$           138,241		$               69,033		$         410,127		$         187,641
Less: purchases of property and equipment(1)		(21,070)		(21,332)		(102,287)		(94,975)
Free cash flow (non-GAAP)		$           117,171		$               47,701		$         307,840		$           92,666
(1) Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.

 

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SOURCE Pure Storage

FAQ

What were Pure Storage's Q4 financial results?

Pure Storage reported Q4 revenue of $708.6 million, a 41% increase year-over-year.

How much did Pure Storage's full-year revenue grow?

Pure Storage's full-year revenue reached $2.18 billion, reflecting a 29% growth compared to the previous year.

What is Pure Storage's guidance for Q1 FY23?

Pure Storage anticipates revenue of approximately $520 million for Q1 FY23.

How did Pure Storage's subscription services perform?

Subscription services revenue grew by 37% year-over-year, totaling $738.5 million for the full year.