Everpure, Inc. · NYSE:P
Everpure — Pure Storage — Q1 FY2021 Earnings Presentation
15 slides from Everpure's earnings presentation, May 28, 2020
Slide 1: Q1 Fiscal 2021 Results
Q1 FISCAL 2021 RESULTS MAY 28, 2020 1 © 2018 PURE 2020 PURE STORAGE INC. STORAGE INC.
Slide 2: Forward Looking Statements and Non-GAAP Information
FORWARD LOOKING STATEMENTS AND NON-GAAP INFORMATION 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 finan
Slide 3: Highlights from Q1 FY21
HIGHLIGHTS FROM Q1 FY21 1 Delivered solid revenue growth and broad-based financial metrics 2 Strong performance and resiliency of our supply chain and customer and technical support 3 Increased adoption of Subscription Services, including our flexible multi-cloud consumption model 4 Competitive diff
Slide 4: Total Customers
~7800 CUSTOMERS TO DATE TOTAL CUSTOMERS 26% 7500 TOTAL GROWTH 6500 CUSTOMERS Y/Y 5500 45% OF FORTUNE 500 ~7800 ~$2 ~7500 ~7000 4500 ~6600 ~6200 Incremental purchases from all ~5850 customers within 24 months of ~5450 initial purchase of $1 ~5150 3500 ~$10 Incremental purchases from top 25 customers
Slide 5: Total Revenue
+12% FY21 Y/Y REVENUE GROWTH TOTAL REVENUE $492 500 50% 450 $422 $428 $396 400 37% $373 $116 $367 40% 34% $82 $327 350 $96 $105 $309 $74 28% 30% 300 28% 24% $68 $88 $120 250 17% 20% 200 15% 12% 150 10% 100 $241 $299 $340 $239 $300 $323 $377 $247 50 0% FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3
Slide 6: Deferred Revenue
+25% ~7500 FY21 Y/Y DEFERRED REVENUE DEFERRED REVENUE GROWTH CUSTOMERS TO DATE 800 700 600 500 400 $697.3 $706.1 300 $607.3 $643.2 $535.9 $564.2 $461.2 200 $413.2 100 0 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 Deferred Revenue (Millions) 6 © 2019 PURE 2020 PURE STORAGE INC. ST
Slide 7: Gross Margin & Profit
72% GROSS MARGIN & PROFIT Q1 FY21 GROSS MARGIN NON-GAAP AS A PERCENTAGE OF REVENUE LONG-TERM 71.7% 72.1% 71.9% GM TARGET 69.4% 68.0% 68.1% 70% 67.6% 68.1% 65% $354.6 $307.1 $285.6 $275.0 $253.9 $264.0 $210.0 $222.4 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 Non-GAAP Gross Profit
Slide 8: Operating Expense Change
-4.2pts OPERATING EXPENSE Q1 FY21 vs Q1 FY20 OPERATING EXPENSE CHANGE NON-GAAP AS A PERCENTAGE OF REVENUE 90.00% 80.00% 77.6% 73.4% 70.2% 67.7% 64.9% 70.00% 60.3% 23.1% 59.0% 59.7% 22.1% 60.00% 19.5% 19.7% 18.3% 50.00% 17.6% 17.0% 17.4% 40.00% 45.0% 30.00% 42.8% 42.7% 40.6% 39.1% 34.0% 36.6% 35.3% 2
Slide 9: Operating Profit / Margin
+8.1pts Y/Y PTS CHANGE OPERATING PROFIT / MARGIN NON-GAAP AS A PERCENTAGE OF REVENUE $60.9 $33.9 $31.1 $29.1 9.1% 12.4% 7.4% 6.8% $0.9 0.3% -0.8% -1.5% -9.6% $(3.2) $(5.4) $(31.2) FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 Non-GAAP Operating Income (Loss) (Millions) Non-GAAP Ope
Slide 10: Cash Flow
$35M Q1 FY21 CASH FLOW OPERATING CASH FLOW Operating Cash Flow (Millions) OPERATING $80.8 CASH $64.3 FLOW (2) $56.6 $69.9 $48.8 $35.1 $8.5 $6.6 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 Free Cash Flow (Millions) Free Cash Flow as % of Revenue $51.4 $43.3 $56.2 Free (2) $28.5 (2
Slide 11: Quarterly & Annual Guidance
QUARTERLY & ANNUAL GUIDANCE Pure had a solid fiscal Q1 and the core fundamentals of our business remain strong. However, the company is withdrawing its fiscal 2021 annual guidance and will not provide specific fiscal Q2 guidance due to the global economic contraction caused by COVID-19. The company’
Slide 12: Appendix
APPENDIX 12 © 2018 PURE 2020 PURE STORAGE INC. STORAGE INC.
Slide 13: Gross Margin, Operating Expenses & Margin
GROSS MARGIN, OPERATING EXPENSES & MARGIN GAAP TO NON-GAAP RECONCILIATION 13 © 2019 PURE 2020 PURE STORAGE INC. STORAGE INC. See GAAP to non-GAAP reconciliation in our appendix
Slide 14: Free Cash Flow
FREE CASH FLOW GAAP TO NON-GAAP RECONCILIATION 14 © 2019 PURE 2020 PURE STORAGE INC. STORAGE INC.
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