Pure Storage Announces Third Quarter Fiscal 2023 Financial Results
Pure Storage (NYSE: PSTG) reported a 20% year-over-year revenue growth for Q3, achieving $676 million in revenue. Subscription services revenue grew 30%, reaching $244.8 million, with Subscription Annual Recurring Revenue (ARR) surpassing $1 billion. The company increased its FY23 non-GAAP operating income guidance to $430 million. GAAP gross margin stood at 69%, while non-GAAP gross margin was 70.9%. Operating cash flow was $154.7 million. Pure continues to expand on sustainability efforts and launched a new managed service for Portworx.
- 20% year-over-year revenue growth, reaching $676 million
- Subscription services revenue increased by 30% to $244.8 million
- Subscription ARR exceeded $1 billion, up 30% year-over-year
- Increased FY23 non-GAAP operating income guidance to $430 million
- GAAP gross margin recorded at 69%; non-GAAP gross margin at 70.9%
- Operating cash flow of $154.7 million; free cash flow of $114.8 million
- Returned approximately $24.5 million to stockholders through share repurchases
- None.
Q3 revenue growth of
Subscription services ARR exceeded
Increased FY23 non-GAAP operating income guidance
MOUNTAIN VIEW, Calif., Nov. 30, 2022 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technology and services, announced financial results for its fiscal third quarter ended November 6, 2022.
"An ever growing number of customers around the world trust Pure to provide the most advanced, reliable, and energy-efficient technology to satisfy their mission-critical data storage and management needs," said Charles Giancarlo, Chairman and CEO, Pure Storage. "With the power of our unique Flash-optimized technology and differentiated business model, we look forward to managing increasingly more of their data storage requirements."
Third Quarter Financial Highlights
- Revenue
$676.0 million , up20% year-over-year - Subscription Services revenue
$244.8 million , up30% year-over-year - Subscription Annual Recurring Revenue (ARR)
$1.0 billion , up30% year-over-year - Remaining Performance Obligations (RPO)
$1.6 billion , up26% year-over-year - GAAP gross margin
69.0% ; non-GAAP gross margin70.9% - GAAP operating income
$9.1 million ; non-GAAP operating income$107.2 million - GAAP operating margin
1.4% ; non-GAAP operating margin15.9% - Operating cash flow
$154.7 million ; free cash flow$114.8 million - Total cash, cash equivalents, and marketable securities
$1.5 billion - Returned approximately
$24.5 million in Q3 to stockholders, repurchased 888 thousand shares
"Through solid execution, we delivered strong financial results in Q3 by growing revenue 20 percent and increasing our operating profits," said Kevan Krysler, CFO, Pure Storage. "Our leadership in Flash management, enabled with our software, and declining cost of Flash is accelerating our progress in replacing traditional disk solutions and substantially reducing data center energy consumption."
Third Quarter Company Highlights
- Extending Leadership in Sustainability: Pure introduced advancements in its sustainability efforts, helping customers dramatically reduce their energy use and environmental footprint. The Pure1® Sustainability Assessment gives customers visibility on their environmental impact and proactively suggests optimization opportunities, including power savings analysis and a greenhouse gas emissions monitor.
- Portworx, Delivered as-a-Service: Pure announced a new fully managed service for Portworx® Enterprise to bring a Kubernetes-ready data plane to every developer that works on containerized applications. Now, the full suite of Portworx offerings can be consumed as a fully managed service. This provides ease of use and faster deployment of Kubernetes data on any cloud or on-premises storage, enabling DevOps and platform teams to operate and scale containerized apps into production in seconds.
- Gartner Magic Quadrant: A leader for nine consecutive years:
- Magic Quadrant for Primary Storage Arrays: Pure positioned highest on the ability to execute axis and furthest on the completeness of vision axis.
- Magic Quadrant for Distributed File Systems and Object Storage: Pure named a leader in the rapidly growing storage market for unstructured data.
Fourth Quarter and FY23 Guidance
Q4 FY23 (Approx.) | FY23 (Approx.) | |
Revenue | ||
Non-GAAP Operating Income | ||
Non-GAAP Operating Margin | 16.0 % | 15.6 % |
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.
Conference Call Information
Pure will host a teleconference to discuss the third quarter fiscal 2023 results at 2:00 pm PT today, November 30, 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 following completion of the call.
A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-866-813-9403 (or +44 204 525 0658 for international callers) with passcode 884841.
Upcoming Events
Pure is scheduled to participate at the following investor conferences:
Credit Suisse 26th Annual Technology Conference
Date: Thursday, December 1, 2022
Time: 6:35 a.m. PT/ 9:35 a.m. ET
Ajay Singh, Chief Product Officer (CPO)
Wells Fargo 6th Annual TMT Summit
Date: Thursday, December 1, 2022
Time: 11:20 a.m. PT/ 2:20 p.m. ET
Rob Lee, Chief Technology Officer (CTO)
UBS Global TMT Conference
Date: Tuesday, December 6, 2022
Time: 8:40 a.m. PT/ 11:40 a.m. ET
Charles Giancarlo, Chairman and CEO and Kevan Krysler, CFO
Raymond James Technology Investors Conference
Date: Tuesday, December 6, 2022
Time: 10:40 a.m. PT/ 1:40 p.m. ET
Charles Giancarlo, Chairman and CEO and Kevan Krysler, CFO
Barclays Global TMT Conference
Date: Thursday, December 8, 2022
Time: 8:40 a.m. PT/ 11:40 a.m. ET
Rob Lee, CTO and Kevan Krysler, CFO
The presentation(s) will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com.
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About Pure Storage
Pure Storage (NYSE: PSTG) uncomplicates data storage, forever. Pure delivers a cloud experience that empowers every organization to get the most from their data while reducing the complexity and expense of managing the infrastructure behind it. Pure's commitment to providing true storage as-a-service gives customers the agility to meet changing data needs at speed and scale, whether they are deploying traditional workloads, modern applications, containers, or more. Pure believes it can make a significant impact in reducing data center emissions worldwide through its environmental sustainability efforts, including designing products and solutions that enable customers to reduce their carbon and energy footprint. 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
Leader in the 2022 Gartner Magic Quadrant for Primary Storage Arrays
Leader in the 2022 Gartner Magic Quadrant for Distributed File Systems & Object Storage
Connect with Pure
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 technology and product strategy, specifically customer priorities around sustainability, our growth potential, particularly within certain customer segments, our sustainability goals and benefits, the timing and magnitude of large orders, the potential for inflation, economic or supply chain disruptions, the COVID-19 pandemic and its lingering impacts, demand for our products and subscription services, including Evergreen//One, 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. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 6, 2022. All information provided in this release and in the attachments is as of November 30, 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 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, and costs associated with the exit of certain operations 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 | ||||
Third Quarter of | Fiscal 2022 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 795,931 | $ 466,199 | ||
Marketable securities | 669,173 | 947,073 | ||
Accounts receivable, net of allowance of | 435,618 | 542,144 | ||
Inventory | 61,355 | 38,942 | ||
Deferred commissions, current | 69,397 | 81,589 | ||
Prepaid expenses and other current assets | 176,741 | 116,232 | ||
Total current assets | 2,208,215 | 2,192,179 | ||
Property and equipment, net | 248,606 | 195,282 | ||
Operating lease right-of-use-assets | 163,676 | 111,763 | ||
Deferred commissions, non-current | 165,735 | 164,718 | ||
Intangible assets, net | 53,379 | 62,646 | ||
Goodwill | 361,427 | 358,736 | ||
Restricted cash | 10,544 | 10,544 | ||
Other assets, non-current | 40,785 | 39,447 | ||
Total assets | $ 3,252,367 | $ 3,135,315 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 102,879 | $ 70,704 | ||
Accrued compensation and benefits | 159,231 | 205,431 | ||
Accrued expenses and other liabilities | 108,514 | 78,511 | ||
Operating lease liabilities, current | 31,114 | 35,098 | ||
Deferred revenue, current | 647,116 | 562,576 | ||
Debt, current | 573,855 | — | ||
Total current liabilities | 1,622,709 | 952,320 | ||
Long-term debt | — | 786,779 | ||
Operating lease liabilities, non-current | 147,110 | 93,479 | ||
Deferred revenue, non-current | 601,103 | 517,296 | ||
Other liabilities, non-current | 40,937 | 31,105 | ||
Total liabilities | 2,411,859 | 2,380,979 | ||
Stockholders' equity: | ||||
Common stock and additional paid-in capital | 2,475,794 | 2,470,972 | ||
Accumulated other comprehensive loss | (23,753) | (8,365) | ||
Accumulated deficit | (1,611,533) | (1,708,271) | ||
Total stockholders' equity | 840,508 | 754,336 | ||
Total liabilities and stockholders' equity | $ 3,252,367 | $ 3,135,315 | ||
PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) | |||||||
Third Quarter of Fiscal | First Three Quarters of Fiscal | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Revenue: | |||||||
Product | $ 431,281 | $ 374,913 | $ 1,247,045 | $ 949,736 | |||
Subscription services | 244,769 | 187,827 | 696,182 | 522,542 | |||
Total revenue | 676,050 | 562,740 | 1,943,227 | 1,472,278 | |||
Cost of revenue: | |||||||
Product (1) | 135,546 | 129,721 | 395,322 | 309,935 | |||
Subscription services(1) | 74,169 | 58,227 | 211,576 | 165,658 | |||
Total cost of revenue | 209,715 | 187,948 | 606,898 | 475,593 | |||
Gross profit | 466,335 | 374,792 | 1,336,329 | 996,685 | |||
Operating expenses: | |||||||
Research and development (1) | 180,008 | 147,808 | 506,971 | 419,296 | |||
Sales and marketing (1) | 212,140 | 193,172 | 637,129 | 567,054 | |||
General and administrative (1) | 65,054 | 51,890 | 173,300 | 138,500 | |||
Total operating expenses | 457,202 | 392,870 | 1,317,400 | 1,124,850 | |||
Income (loss) from operations | 9,133 | (18,078) | 18,929 | (128,165) | |||
Other income (expense), net | (2,814) | (7,953) | (8,410) | (20,090) | |||
Income (loss) before provision for income taxes | 6,319 | (26,031) | 10,519 | (148,255) | |||
Income tax provision | 7,106 | 2,700 | 11,919 | 9,947 | |||
Net loss | $ (787) | $ (28,731) | $ (1,400) | $ (158,202) | |||
Net loss per share attributable to common | $ (0.00) | $ (0.10) | $ (0.00) | $ (0.56) | |||
Weighted-average shares used in computing net | 300,984 | 287,462 | 298,101 | 283,918 | |||
(1) Includes stock-based compensation expense as follows: | |||||||
Cost of revenue -- product | $ 2,984 | $ 1,634 | $ 7,454 | $ 4,547 | |||
Cost of revenue -- subscription services | 5,814 | 5,555 | 16,978 | 15,098 | |||
Research and development | 42,390 | 36,797 | 120,482 | 102,343 | |||
Sales and marketing | 18,441 | 19,151 | 54,740 | 54,317 | |||
General and administrative | 17,350 | 12,863 | 45,460 | 31,458 | |||
Total stock-based compensation expense | $ 86,979 | $ 76,000 | $ 245,114 | $ 207,763 | |||
PURE STORAGE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) | |||||||
Third Quarter of Fiscal | First Three Quarters of Fiscal | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Cash flows from operating activities | |||||||
Net loss | $ (787) | $ (28,731) | $ (1,400) | $ (158,202) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 25,719 | 21,506 | 72,268 | 59,605 | |||
Amortization of debt discount and debt issuance costs | 803 | 7,857 | 2,406 | 23,011 | |||
Stock-based compensation expense | 86,979 | 76,000 | 245,114 | 207,763 | |||
Impairment of long-lived assets | — | 471 | — | 471 | |||
Other | (1,361) | 2,060 | 67 | 8,576 | |||
Changes in operating assets and liabilities, net of effect of acquisition: | |||||||
Accounts receivable, net | (33,791) | 4,282 | 106,216 | 106,788 | |||
Inventory | (5,489) | 3,280 | (17,981) | 38 | |||
Deferred commissions | 549 | (12,354) | 11,175 | (20,395) | |||
Prepaid expenses and other assets | (38,504) | 12,672 | (54,067) | (12,283) | |||
Operating lease right-of-use assets | 9,253 | 7,243 | 26,073 | 22,061 | |||
Accounts payable | 29,065 | (4,989) | 22,536 | (14,256) | |||
Accrued compensation and other liabilities | 19,628 | 5,701 | (18,196) | (35,251) | |||
Operating lease liabilities | (6,897) | (7,889) | (28,339) | (22,094) | |||
Deferred revenue | 69,529 | 39,937 | 168,336 | 106,054 | |||
Net cash provided by operating activities | 154,696 | 127,046 | 534,208 | 271,886 | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment(1) | (39,916) | (25,718) | (97,910) | (81,217) | |||
Acquisition, net of cash acquired | — | — | (1,989) | — | |||
Purchases of marketable securities | (74,878) | (185,667) | (92,129) | (503,038) | |||
Sales of marketable securities | — | 32,896 | — | 146,934 | |||
Maturities of marketable securities | 111,302 | 133,388 | 352,295 | 303,158 | |||
Net cash (used in) provided by investing activities | (3,492) | (45,101) | 160,267 | (134,163) | |||
Cash flows from financing activities | |||||||
Net proceeds from exercise of stock options | 3,867 | 22,580 | 19,131 | 33,743 | |||
Proceeds from issuance of common stock under employee stock purchase plan | 20,569 | 18,915 | 39,965 | 36,641 | |||
Principal payments on borrowings and finance lease obligations | (4,568) | (679) | (256,145) | (1,284) | |||
Tax withholding on vesting of equity awards | (3,143) | (2,106) | (16,130) | (8,670) | |||
Repurchases of common stock | (24,565) | (56,215) | (151,564) | (130,608) | |||
Net cash used in financing activities | (7,840) | (17,505) | (364,743) | (70,178) | |||
Net increase in cash, cash equivalents and restricted cash | 143,364 | 64,440 | 329,732 | 67,545 | |||
Cash, cash equivalents and restricted cash, beginning of period | 663,111 | 350,796 | 476,743 | 347,691 | |||
Cash, cash equivalents and restricted cash, end of period | $ 806,475 | $ 415,236 | $ 806,475 | $ 415,236 | |||
(1) | Includes capitalized internal-use software costs of |
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):
Third Quarter of Fiscal 2023 | Third Quarter of Fiscal 2022 | |||||||||||||||||||||||
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) | |||||||||||||||
$ 2,984 | (c) | $ 1,634 | (c) | |||||||||||||||||||||
46 | (d) | 42 | (d) | |||||||||||||||||||||
251 | (e) | — | ||||||||||||||||||||||
3,306 | (f) | 3,207 | (f) | |||||||||||||||||||||
Gross profit -- | $ 295,735 | 68.6 % | $ 6,587 | 70.1 % | $ 245,192 | 65.4 % | $ 4,883 | $ 250,075 | 66.7 % | |||||||||||||||
$ 5,814 | (c) | $ 5,555 | (c) | |||||||||||||||||||||
204 | (d) | 279 | (d) | |||||||||||||||||||||
269 | (e) | — | ||||||||||||||||||||||
24 | (g) | 24 | (g) | |||||||||||||||||||||
Gross profit -- | $ 170,600 | 69.7 % | $ 6,311 | 72.3 % | $ 129,600 | 69.0 % | $ 5,858 | $ 135,458 | 72.1 % | |||||||||||||||
$ 8,798 | (c) | $ 7,189 | (c) | |||||||||||||||||||||
250 | (d) | 321 | (d) | |||||||||||||||||||||
520 | (e) | — | ||||||||||||||||||||||
3,306 | (f) | 3,207 | (f) | |||||||||||||||||||||
24 | (g) | 24 | (g) | |||||||||||||||||||||
Total gross | $ 466,335 | 69.0 % | $ 12,898 | 70.9 % | $ 374,792 | 66.6 % | $ 10,741 | $ 385,533 | 68.5 % | |||||||||||||||
(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 duplicate lease costs during the transition of our corporate headquarters. |
(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):
Third Quarter of Fiscal 2023 | Third Quarter of Fiscal 2022 | |||||||||||||||||||||
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) | |||||||||||||
$ 86,979 | (c) | $ 76,000 | (c) | |||||||||||||||||||
1,479 | (d) | 4,230 | (d) | |||||||||||||||||||
2,098 | (e) | 2,631 | (e) | |||||||||||||||||||
— | 551 | (f) | ||||||||||||||||||||
3,676 | (g) | — | ||||||||||||||||||||
3,838 | (h) | 3,739 | (h) | |||||||||||||||||||
— | 382 | (i) | ||||||||||||||||||||
Operating | $ 9,133 | 1.4 % | $ 98,070 | $ 107,203 | 15.9 % | $ (18,078) | -3.2 % | $ 87,533 | $ 69,455 | 12.3 % | ||||||||||||
$ 86,979 | (c) | $ 76,000 | (c) | |||||||||||||||||||
1,479 | (d) | 4,230 | (d) | |||||||||||||||||||
2,098 | (e) | 2,631 | (e) | |||||||||||||||||||
— | 551 | (f) | ||||||||||||||||||||
3,676 | (g) | — | ||||||||||||||||||||
3,838 | (h) | 3,739 | (h) | |||||||||||||||||||
— | 382 | (i) | ||||||||||||||||||||
803 | (j) | 7,857 | (j) | |||||||||||||||||||
Net income | $ (787) | $ 98,873 | $ (28,731) | $ 95,390 | $ 66,659 | |||||||||||||||||
Net income | $ (0.00) | $ 0.31 | $ (0.10) | $ 0.22 | ||||||||||||||||||
Weighted- | 300,984 | 15,431 | (k) | 316,415 | 287,462 | 20,835 | (k) | 308,297 | ||||||||||||||
(a) | GAAP operating margin is defined as GAAP operating income (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 company. |
(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 duplicate lease costs during the transition of our corporate headquarters. |
(h) | To eliminate amortization expense of acquired intangible assets. |
(i) | To eliminate acquisition-related transaction and integration expenses. |
(j) | To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt. |
(k) | To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan). |
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
Third Quarter of Fiscal | |||
2023 | 2022 | ||
Net cash provided by operating activities | $ 154,696 | $ 127,046 | |
Less: purchases of property and equipment(1) | (39,916) | (25,718) | |
Free cash flow (non-GAAP) | $ 114,780 | $ 101,328 | |
(1) | Includes capitalized internal-use software costs of |
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SOURCE Pure Storage
FAQ
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