Everpure, Inc. · NYSE:P
Everpure — Q4 2024 Earnings Presentation
29 slides from Everpure's earnings presentation, Feb 28, 2024
Slide 1: Fiscal Q4 & Full Year 2024 Financial Results
Fiscal Q4 & Full Year 2024 Financial Results February 28, 2024
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: Pure Storage At A Glance
Pure Storage At A Glance FY24 Revenue Q4FY24 (1) Evergreen//One and Q4FY24 Total Cash & Subscription ARR Evergreen//Flex (3) Marketable Securities $2.83B $1.37B Annual TCV sales (2) exceeding $400M $1.53B and growing over 3% Y/Y Growth 25% Y/Y Growth 100% FY24 Non-GAAP Q4FY24 Remaining Customers Sat
Slide 5: Q4 & FY24 Highlights
Q4 & FY24 Highlights 1 Annual total contract value sales of Evergreen//One & Evergreen//Flex grew over 100% in FY24, exceeding $400M 2 Remaining Performance Obligations associated solely with subscription service offerings grew 29% YoY in Q4 3 Total Remaining Performance Obligations, including non-c
Slide 6: World's Most Consistent, Modern, Reliable Product Line
World’s Most Consistent, Modern, Reliable Product Line. + Cloud Block Store Scale Up Direct to Flash Scale Out Integrated Cloud Native Cloud Operating Unified Block & File Block, File, Object File and Object SaaS Mgt Kubernetes Data Model Low Latency On Prem and In Cloud High Throughput Management A
Slide 7: Pure DirectFlash Storage Portfolio
Pure DirectFlash Storage Portfolio Able to Satisfy the Full Range of Enterprise Storage Needs Extreme Performance FB//S500 Block Balanced Performance/ Capacity Performance (IOPS or BW) FA//XL File FA//X FB//S200 FA//C Object Ultimate Capacity FB//E FA//E Capacity (TB) © 2024 Pure Storage Uncomplicat
Slide 8: Pure's Unique, Sustainable Competitive Advantages
Pure’s Unique, Sustainable Competitive Advantages Direct-to-Flash Highly Consistent Cloud Operating Evergreen Lifecycle Management Portfolio Model Efficiency Purity Pools of Storage Never obsolete Reliability DFMs Managed as a Fleet Never disruptive Longevity Pure1 Available As-a-Service Always Mode
Slide 9: We Deliver Outcomes
We Deliver Outcomes 50%+* Products Are Never- Lower Obsolete Always-Improving, Non- 2-5x* TCO 5-10x Disruptively Less Power & Less Labor to Space Operate 10x vs Existing Hard Disk Systems >10x Automation-Driven Cloud Operating Model Most Consistent More Product Line 1 Purity, 2 HW Reliable Architect
Slide 10: Supporting the World's AI Projects
Supporting the World’s AI Projects Major GPU Cloud Provider …and over 100 other AI Customers © 2024 Pure Storage Uncomplicate Data Storage, Forever 10
Slide 11: The Data Center Sustainability Challenge
The Data Center Sustainability Challenge 1-2% Consumed by Data Centers 20-25% From Storage Pure flash storage consumes 80% less power © 2024 Pure Storage Uncomplicate Data Storage, Forever 11
Slide 12: Customers
Customers >12,500 Customers >11,000 Customers >10,000 Customers ~60% >8,000 of Fortune Customers ~58% 500 ~52% of Fortune 500 ~349 of Fortune New Customer Additions ~48% 500 of Fortune Including 6 new Fortune 500 500 Customers Q4FY21 Q4FY22 Q4FY23 Q4FY24 © 2024 Pure Storage Uncomplicate Data Storage
Slide 13: Financial Overview
©) puresToRAGE’ Financial Overview
Slide 14: Q4FY24 Financial Summary
Q4FY24 Financial Summary Financial Metrics Guidance Actuals (1) Subscription Annual Recurring Revenue $1.37 Billion Revenue $782 Million $790 Million (2) Non-GAAP Operating Income $150 Million $158 Million (2) Non-GAAP Operating Margin 19% 20% Operating Cash Flow $244 Million (1) Subscription ARR is
Slide 15: FY24 Financial Summary
FY24 Financial Summary Financial Metrics Guidance Actuals (1) Subscription Annual Recurring Revenue $1.37 Billion Revenue $2.82 Billion $2.83 Billion (2) Non-GAAP Operating Income $450 Million $458 Million (2) Non-GAAP Operating Margin 16% 16.2% Operating Cash Flow $678 Million (1) Subscription ARR
Slide 16: FY24 Revenue Growth Rate Perspectives
FY24 Revenue Growth Rate Perspectives Provided on Q3FY24 Earnings Call FY24 Actual Results FY24 updated annual revenue growth rate FY24 actual annual revenue growth rate 2.5% 2.8% guidance Headwind due to $41M sale to a telco customer Headwind due to $41M sale to a telco customer 1.5% 1.5% in Q3FY24
Slide 17: Q4 Select Financial Measures
Q4 Select Financial Measures (1) Non-GAAP Gross Profit & Margin Revenue 73.0% 74.2% 74.1% 73.7% 70.8% 73.4% $810M 68.8% 69.2% $790M $709M 67.0% $265M $574M $582M $329M $488M $216M $197M $244M $158M $545M $330M $377M $338M $493M $461M Q4FY22 Q4FY23 Q4FY24 Q4FY22 Q4FY23 Q4FY24 Product Gross Profit Sub
Slide 18: Annual Select Financial Measures
Annual Select Financial Measures (1) Non-GAAP Gross Profit & Margin Revenue 72.8% 74.4% 71.8% 73.2% $2.75B $2.83B 70.7% 72.4% 69.4% 69.6% $2.18B $2.07B $961M $1.21B 68.2% $1.95B $739M $1.51B $899M $700M $530M $1.79B $1.62B $1.44B $1.25B $1.17B $984M FY22 FY23 FY24 FY22 FY23 FY24 Product Revenue Subs
Slide 19: Remaining Performance Obligations
Remaining Performance Obligations +31% RPO Q4FY24 YoY Growth (1) $2,304M $2,046M $1,886M $709M $1,753M $1,800M $549M $1,575M $449M $1,499M $404M $367M $1,410M $1,428M $327M $320M $330M $316M $1,595M $1,497M $1,396M $1,437M $1,386M $1,248M $1,179M $1,112M $1,080M Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1
Slide 20: Subscription Annual Recurring Revenue
Subscription Annual Recurring Revenue (1) 31% 29% 31% 30% 30% 29% 27% 26% 25% (2) $1,374M $1,296M $1,216M $1,101M $1,157M $1,027M $900M $955M $849M Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 ARR YoY ARR Growth (1) Subscription ARR is a key business metric that refers to total ann
Slide 21: Cash Flow
Cash Flow Annual Operating Cash Flow (1) Q4 Operating Cash Flow (1) $767M $678M $158M $233M $244M $195M $410M $43M $60M $102M $483M $138M $609M $21M $173M $201M $308M $117M FY22 FY23 FY24 Q4FY22 Q4FY23 Q4FY24 Free Cash Flow CapEx Free Cash Flow CapEx (1) See GAAP to non-GAAP reconciliations in our a
Slide 22: Guidance
Guidance Q1FY25 Guidance Revenue $680 Million Revenue YoY Growth Rate 15.4% (1) Non-GAAP Operating Income $68M (1) Non-GAAP Operating Margin 10% (1) We have not reconciled guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because ite
Slide 23: Guidance
Guidance FY25 Guidance Revenue $3.1 Billion Revenue YoY Growth Rate 10.5% TCV Sales for Evergreen//One & Evergreen//Flex $600M Subscription Service Offerings TCV Sales for Evergreen//One & Evergreen//Flex Approximately 50% Subscription Service Offerings YoY Growth Rate (1) Non-GAAP Operating Income
Slide 24: FY25 Revenue Growth Rate Perspectives
FY25 Revenue Growth Rate Perspectives Provided on Q4FY24 Earnings Call 10.5% FY25 revenue growth rate guidance ~4% Net impact of Evergreen//One and Evergreen//Flex strength* Mid-teens FY25 annual revenue growth rate, absent headwinds *Unfavorable impact from new FY25 Evergreen//One and Evergreen//Fl
Slide 25: Appendix
©) puresToRAGE’ Appendix
Slide 26: Gross Profit & Margin
Gross Profit & Margin GAAP to Non-GAAP Reconciliation © 2024 Pure Storage Uncomplicate Data Storage, Forever 26
Slide 27: Operating Expenses
Operating Expenses GAAP to Non-GAAP Reconciliation © 2024 Pure Storage Uncomplicate Data Storage, Forever 27
Slide 28: Operating Income (Loss) & Margin Free Cash Flow
Operating Income (Loss) & Margin GAAP to Non-GAAP Reconciliation (1) Free Cash Flow GAAP to Non-GAAP Reconciliation © 2024 Pure Storage Uncomplicate Data Storage, Forever 28
Slide 29: Uncomplicate Data Storage, Forever
Uncomplicate Data Storage, Forever