Slide 1: Q1 Fiscal 2024 Results
Q1 Fiscal 2024 Results May 31, 2023
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Such forward- looking statements include statements concerning our possible or expected future financial or operating results
Slide 3: Company Overview
©) puresToRAGE’ Company Overview
Slide 4: Who are we?
Who are we? Pure delivers a modern data experience that helps customers put data to use and allows them to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Uncomplicate UncomplicateData DataStorage, Storage,Forever 4 4 © 2023Pure ©2023 PureStor
Slide 5: Pure Storage At A Glance Q1FY24
Pure Storage At A Glance Q1FY24 Revenue (2) Total Cash & $589M Subscription ARR Record Marketable Securities (3) Evergreen//One Non-GAAP Operating Income (1) $20M $1.16B Subscription Sales $1.18B Non-GAAP Operating Margin (1) 29% Y/Y Growth 3.3% Shipped First Q4 FY23 Customers Satisfaction FlashBlad
Slide 6: Four Unique Sustainable Competitive Advantages
Four Unique Sustainable Competitive Advantages Only Pure has Direct-to-Flash Management Evergreen Lifecycle ● Far better efficiency, reliability, performance, ● Never obsolete, never disrupted durability ● Not having to spend time staying modernized, managing ● Leaving HDD in the dust - SSDs falling
Slide 7: Pure's Portfolio
Pure’s Portfolio Uncomplicate Data Storage, Forever Modernizing Applications Delivering the Hybrid Cloud Platform Pure Cloud Block Store™ for Tomorrow’s Data Applications Modernizing Operations Automating Storage to Deliver the Cloud as-a-Service Experience Modernizing Infrastructure All-Flash Stora
Slide 8: New FlashBlade//E: Economical for multi-petabyte scale
New FlashBlade//E: Economical for multi-petabyte scale Competitive acquisition cost vs. Under disk, including: 20 ¢ • 3 years of service per GB • 40% lower TCO over six years • Non-disruptive upgrades Not including data reduction Uncomplicate Data Storage, Forever 88 © 2023Pure ©2023 PureStorage Sto
Slide 9: Customers
Customers >11,500 Customers >10,000 Customers >9,000 Customers >7,500 ~58% Customers of Fortune ~54% 500 ~49% of Fortune 500 ~276 of Fortune Q1FY24 New ~45% 500 Customer Additions of Fortune 500 Q1FY21 Q1FY22 Q1FY23 Q1FY24 © 2023 Pure Storage Uncomplicate Data Storage, Forever 9
Slide 10: Financial Overview
©) puresToRAGE’ Financial Overview
Slide 11: Q1FY24 Highlights
Q1FY24 Highlights 1 Highest all-time sales for Evergreen//One subscription 2 FlashBlade//E experienced the fastest first quarter pipeline growth for any new Pure product 3 Released a major upgrade to FlashArray Unified Block and File software 4 We are THE data storage infrastructure go-to partner fo
Slide 12: Q1FY24 Financial Summary
Q1FY24 Financial Summary Financial Metrics Guidance Actuals (1) Subscription Annual Recurring Revenue $1.2 Billion Revenue $560 Million $589 Million (2) Non-GAAP Operating Income Approximately $10 Million $20 Million (2) Non-GAAP Operating Margin 3.3% Operating Cash Flow $173 Million (1) Subscriptio
Slide 13: Q1 Select Financial Measures
Q1 Select Financial Measures (1) Non-GAAP Gross Profit & Margin 73.7% Revenue 71.5% 72.2% 71.1% 70.6% $620M 70.8% $589M 70.5% 70.0% $219M 70.2% $438M $426M $413M $280M $291M $157M $207M $163M $116M $401M $281M $309M $175M $219M $250M Q1FY22 Q1FY23 Q1FY24 Q1FY22 Q1FY23 Q1FY24 Product Gross Profit Sub
Slide 14: Annual Select Financial Measures
Annual Select Financial Measures (1) Non-GAAP Gross Profit & Margin Revenue 72.8% 71.8% 70.4% $2.8B 70.0% 69.4% 70.7% 69.6% $2.18B $961M 69.1% 68.2% $1.95B $1.68B $1.51B $700M $739M $1.18B $530M $540M $373M $1.79B $1.44B $1,246M $1.14B $805M $984M FY21 FY22 FY23 FY21 FY22 FY23 Product Revenue Subscr
Slide 15: Remaining Performance Obligations
Remaining Performance Obligations +26% RPO Q1FY24 YoY Growth (1) $1,800M $1,753M $1,575M $367M $404M $1,499M $1,410M $1,428M $327M $1,248M $320M $1,195M $330M $316M $1,129M $298M $285M $263M $1,396M $1,386M $1,248M $1,179M $1,112M $1,080M $910M $950M $866M Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q
Slide 16: Subscription Annual Recurring Revenue
(1) Subscription Annual Recurring Revenue 33% 30% 30% 31% 29% 31% 30% 30% 29% $1,157M $1,101M $1,027M $955M $900M $849M $788M $697M $728M Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 ARR YoY ARR Growth (1) Subscription ARR is a key business metric that refers to total annualized co
Slide 17: Cash Flow
Cash Flow (1) Annual Cash Flow (1) Q1 Cash Flow $767M $158M $220M $33M $173M $410M $609M $51M $102M $188M $187M $308M $122M $95M $21M $93M $27M -$6M FY21 FY22 FY23 Q1FY22 Q1FY23 Q1FY24 Free Cash Flow CapEx Free Cash Flow CapEx (1) See GAAP to non-GAAP reconciliations in our appendix. © 2023 Pure Sto
Slide 18: Guidance
Guidance FY24 Guidance Revenue Mid to High Single Digit Growth Y/Y (1) Non-GAAP Operating Margin 15% Q2FY24 Guidance Revenue $680 Million (1) Non-GAAP Operating Income $90 Million (1) Non-GAAP Operating Margin 13% (1) We have not reconciled guidance for non-GAAP operating income and non-GAAP operati
Slide 19: Appendix
©) puresToRAGE’ Appendix
Slide 20: Gross Profit & Margin
Gross Profit & Margin GAAP to Non-GAAP Reconciliation © 2023 Pure Storage Uncomplicate Data Storage, Forever 20
Slide 21: Operating Expenses
Operating Expenses GAAP to Non-GAAP Reconciliation © 2023 Pure Storage Uncomplicate Data Storage, Forever 21
Slide 22: Operating Income & Margin, Free Cash Flow
Operating Income (Loss) & Margin GAAP to Non-GAAP Reconciliation (1) Free Cash Flow GAAP to Non-GAAP Reconciliation (1) Includes capitalized internal-use software costs of $1.3 million, $2.9 million and $5.3 million for Q1 FY22, Q1 FY23 and Q1 FY24 and $2.3 million, $8.8 million and $13.7 million fo
Slide 23: Uncomplicate Data Storage, Forever
Uncomplicate Data Storage, Forever