Everpure, Inc. · NYSE:P

Everpure — Pure Storage — Q3 FY2021 Earnings Presentation

16 slides from Everpure's earnings presentation, Nov 24, 2020

  1. Slide 1: Q3 Fiscal 2021 Results

    Q3 FISCAL 2021 RESULTS NOVEMBER 24, 2020

  2. 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

  3. Slide 3: Q3 FY21 Highlights

    Q3 FY21 HIGHLIGHTS Significant growth of Subscription Services, 29% y/y growth from existing and new customers Advancing unified Pure as-a-Service subscription, with the launch of Pure Service Catalog and addition of new service tiers Acquired Portworx, creating the industry's most complete Kubernet

  4. Slide 4: 1H 2020 YoY Growth Rate

    1H 2020 YoY Growth Rate 10.0% 6.9% 5.0% 2.2% Peer Total Set Market 0.0% -5.0% -6.7% -7.4% -10.0% -9.3% -15.0% -14.9% -15.9% -16.0% -20.0%

  5. Slide 5: Total and New Customers

    >8,000 TOTAL AND NEW CUSTOMERS CUSTOMERS TO DATE 8500 316 7500 New Customer Additions 379 316 NEW CUSTOMER ADDITIONS ~48% 6500 5500 OF FORTUNE 500 >8,000 >8,000 4500 >6,000 >7,000 >7,000 >7,000 ~$2* 3500 ~$10* 2500 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Total Customers

  6. Slide 6: Total Revenue

    -4% Q3 FY21 Y/Y TOTAL REVENUE REVENUE GROWTH $492 55% 470 $428 45% $404 $410 410 $396 $115 $367 35% 28% $105 350 $132 $96 25% 290 17% $136 15% $120 15% 230 12% 2% 5% 170 -4% 110 -5% $300 $323 $377 $247 $272 $274 50 -15% FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Product Revenue (Millions) Subsc

  7. Slide 7: Remaining Performance Obligations

    +25% REMAINING PERFORMANCE OBLIGATIONS ~7500 Q3 FY21 Y/Y REMAINING PERFORMANCE OBLIGATIONS GROWTH CUSTOMERS TO DATE 1200 $1,010 $956 $912 900 $880 $811 $770 $248 $206 $232 $183 $168 $163 600 $724 $762 $697 $706 300 $607 $643 0 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Deferred Revenue (Million

  8. Slide 8: Gross Margin & Profit

    69.1% GROSS MARGIN & PROFIT Q3 FY21 GROSS MARGIN LONG-TERM 71.7% 72.1% GM TARGET 71.9% 69.4% 69.8% 69.1% 70% 65% $355 $307 $275 $282 $284 $264 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Non-GAAP Gross Profit (Millions) Non-GAAP Gross Margin

  9. Slide 9: Operating Expense

    +3.4pts OPERATING EXPENSE Q3 FY21 Y/Y OPERATING EXPENSE CHANGE 90.00% 80.00% 73.4% 70.2% 68.3% 70.00% 67.0% 64.9% 59.7% 22.1% 60.00% 19.5% 18.3% 20.4% 21.9% 50.00% 17.4% 40.00% 30.00% 42.8% 42.7% 39.1% 38.1% 38.1% 35.3% 20.00% 10.00% 7.9% 7.5% 7.0% 8.6% 8.5% 8.3% 0.00% FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q

  10. Slide 10: Operating Profit / Margin

    $3.4M OPERATING PROFIT / MARGIN Q3 FY21 OPERATING PROFIT $60.9 $29.1 12.4% 6.8% $11.2 $3.4 -0.8% -1.5% 2.8% 0.8% $(3.2) $(5.4) FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Non-GAAP Operating Income (Loss) (Millions) Non-GAAP Operating Margin

  11. Slide 11: Cash Flow

    $33M Q3 FY21 CASH FLOW OPERATING CASH FLOW Operating Cash Flow (Millions) OPERATING $64 CASH $70 (2) $51 FLOW $49 $33 $35 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 Free Cash Flow (Millions) Free Cash Flow as % of Revenue $56 $43 Free (2) (2) 11.4% Cash $20 10.1% $11 $26 $8 Flow 6.4% 5.0% 3.1%

  12. Slide 12: Guidance

    GUIDANCE Consistent with the prior quarter, Pure is sharing its internal expectations of Q4 business outlook, but will not provide formal guidance due to the resurgence and continued uncertainty of COVID-19. Pure’s current internal view of fiscal Q4 outcomes, which should not be viewed as guidance,

  13. Slide 13: Appendix

    APPENDIX 13 2020 PURE STORAGE INC ©) purestorace

  14. Slide 14: Gross Margin, Operating Expenses & Margin

    GROSS MARGIN, OPERATING EXPENSES & MARGIN

  15. Slide 15: Free Cash Flow GAAP to Non-GAAP Reconciliation

    FREE CASH FLOW GAAP TO NON-GAAP RECONCILIATION Fiscal Quarter £$ in millions) Q2FY20 G3FY20 Q4FY20 QIFY21 Q2FY21 O3FY21 Cash provided by operations (GAAP) $488 $643 $699 $351 $507 $328 Less: Capital expenditures -28.9 -210 137-238 —-250 —-249 Free cash flow (non-GAAP) 19.9 43.3 56.2 1.3 257 79 Free

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