Pure Storage: 1FQ22 Financial Results

Pure Storage, Inc. announced financial results for its fiscal first quarter ended May 2, 2021.

“Pure Storage expanded our strong growth trend from last quarter with balanced contributions across all aspects of our business,” said Charles Giancarlo, chairman and CEO. “Our growing customer base loves our Modern Data Experience consisting of the industry’s most advanced platforms, unique Evergreen and Pure as-a-Service models, with leading reliability and TCO.”

1FQ22 Highlights 
• Revenue $412.7 million, up 12% Y/Y
• Subscription services revenue $162.8 million, up 35% Y/Y
• GAAP gross margin 68.3%; non-GAAP gross margin 70.5%
• GAAP operating loss $(76.2) million; non-GAAP operating income $0.3 million
• Operating cash flow $21.4 million; free cash flow $(6.4) million
• Total cash and investments $1.2 billion
• Deferred revenue $866.2 million, up 23% Y/Y
• Remaining performance obligations (RPO) exceeding $1.1 billion, up 24% Y/Y

“We are very pleased with the strong start to the year returning to double digit revenue growth,” said Kevan Krysler, CFO. “Broad-based performance in the quarter included early signs of strength in our commercial business and continuing accelerated momentum of FlashArray//C.”

2FQ22 expectations:

• Revenue: $470 million
• Non-GAAP Operating Income: $15 million