FY24 TCV sales growth of Evergreen//One and Evergreen//Flex offerings exceeding 100%
Q4 RPO growing 31% year-over-year
SANTA CLARA, Calif., Feb. 28, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, announced financial results for its fiscal fourth quarter and full year 2024 ended February 4, 2024.
“Our data platform strategy is revolutionizing the storage industry. It helps enterprises and service providers unify fragmented data environments into a seamless, modern, and efficient system—a system performance-ready for artificial intelligence,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “And this can all be done now with Flash reliability, performance and economics, even at hard disk system price levels.”
Fourth Quarter and Full Year Financial Highlights
Q4 revenue $789.8 million, a decrease of 3% year-over-yearFull-year revenue $2.8 billion, up 3% year-over-year
Q4 subscription services revenue $328.9 million, up 24% year-over-yearFull-year subscription services revenue $1.2 billion, up 26% year-over-year
Q4 subscription annual recurring revenue (ARR) $1.4 billion, up 25% year-over-yearRemaining performance obligations (RPO) $2.3 billion, up 31% year-over-year
Q4 GAAP gross margin 72.0%; non-GAAP gross margin 73.7%Full-year GAAP gross margin 71.4%; non-GAAP gross margin 73.2%
Q4 GAAP operating income $57.4 million; non-GAAP operating income $157.8 millionFull-year GAAP operating income $53.6 million; non-GAAP operating income $458.4 million
Q4 GAAP operating margin 7.3%; non-GAAP operating margin 20.0%Full-year GAAP operating margin 1.9%; non-GAAP operating margin 16.2%
Q4 operating cash flow $244.4 million; free cash flow $200.9 millionFull-year operating cash flow $677.7 million; free cash flow $482.6 million
Total cash, cash equivalents, and marketable securities $1.5 billion
Returned approximately $21.4 million and $135.7 million in Q4 and FY24, respectively, to stockholders through share repurchases of 0.6 million shares and 4.7 million shares, respectively.
Authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program.
“We closed FY24 delivering strong RPO growth, and exceeded our revenue and operating margin guidance in Q4,” said Kevan Krysler, Chief Financial Officer, Pure Storage. “Looking to FY25, we expect double-digit revenue growth and strong growth of RPO, fueled by our highly differentiated data storage platform, and strength of our Evergreen and Portworx consumption and subscription offerings.”
Full Year Company Highlights
Strong Subscription Services Momentum: Pure Storage set a new industry standard in FY24 with eight total service level agreements (SLAs) across its Evergreen portfolio, including the first and only Paid Power & Rack commitment for Evergreen//One and Evergreen//Flex, in addition to first-of-its-kind energy efficiency and ransomware recovery guarantees.Market-Leading Platform Innovation: In FY24, Pure Storage introduced the cost-optimized E//Family with FlashBlade//E, followed by FlashArray//E, enabling customers to leverage flash storage for any workload. Additionally, Pure delivered its largest ever performance, efficiency, and security advancements with the next generation FlashArray//X and FlashArray//C, expanded its strategic partnership with Microsoft with the introduction of Pure Cloud Block Store for Azure VMware Solution, and delivered the first and only native, unified block and file experience purpose-built for flash storage with the GA of File Services for FlashArray.AI Customer Impact: Among the first enterprise data storage vendors to receive the NVIDIA DGX BasePOD certification, and delivering critical validated designs with key alliance partners, Pure Storage continued to add to its 100+ customers across a wide variety of AI use cases, including self-driving cars, financial services, genomics, gaming, manufacturing, and many more.Industry Recognition and Accolades: In FY24, Pure Storage was recognized as a leader for the tenth consecutive year in the Gartner Magic Quadrant for Primary Storage, and the third consecutive year in the Gartner Magic Quadrant for Distributed File Systems and Object Storage. Additionally, Pure Storage was named a leader in the inaugural IDC MarketSpace: Worldwide Container Data Management 2023 Vendor Assessment.
First Quarter and FY25 Guidance
Q1 and FY25 revenue and revenue growth rates are reflective of continuing outperformance and increased momentum in Evergreen//One Storage-as-a-Service.
Q1FY25
Revenue
$680M
Revenue YoY Growth Rate
15.4 %
Non-GAAP Operating Income
$68M
Non-GAAP Operating Margin
10 %
FY25
Revenue
$3.1B
Revenue YoY Growth Rate
10.5 %
TCV Sales for Evergreen//One &
Evergreen//Flex Subscription Service
Offerings
$600M
TCV Sales for Evergreen//One &
Evergreen//Flex Subscription Service
Offerings YoY Growth Rate
Approximately 50%
Non-GAAP Operating Income
$532M
Non-GAAP Operating Margin
17 %
These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.
Share Repurchase Authorization
Pure’s audit committee has approved incremental share repurchases of up to an additional $250 million under its stock repurchase program, in addition to the $145 million remaining under the existing program authorization. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management’s discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.
Conference Call Information
Pure will host a teleconference to discuss the fiscal fourth quarter and full year 2024 results at 2:00 pm PT today, February 28, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.
A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.
Additionally, Pure is scheduled to participate at the following investor conferences:
KeyBanc Capital Markets Emerging Technology Summit
Date: Tuesday, March 5, 2024
Time: 11:30 a.m. PT / 2:30 p.m. ET
Chief Financial Officer Kevan Krysler and Chief Technology Officer Rob Lee
Morgan Stanley Technology, Media & Telecom Conference
Date: Wednesday, March 6, 2024
Time: 10:15 a.m. PT / 1:15 p.m. ET
Chairman and CEO Charles Giancarlo and Chief Financial Officer Kevan Krysler
The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.
About Pure Storage
Pure Storage (NYSE: PSTG) uncomplicates data storage, forever. Pure delivers a cloud experience that empowers every organization to get the most from their data while reducing the complexity and expense of managing the infrastructure behind it. Pure’s commitment to providing true storage as-a-service gives customers the agility to meet changing data needs at speed and scale, whether they are deploying traditional workloads, modern applications, containers, or more. Pure believes it can make a significant impact in reducing data center emissions worldwide through its environmental sustainability efforts, including designing products and solutions that enable customers to reduce their carbon and energy footprint. And with the highest Net Promoter Score in the industry, Pure’s ever-expanding list of customers are among the happiest in the world. For more information, visit www.purestorage.com.
Analyst Recognition
Leader in the 2023 Gartner Magic Quadrant for Primary Storage
Leader in the 2023 Gartner Magic Quadrant for Distributed File Systems & Object Storage
Connect with Pure
Blog
LinkedIn
Twitter
Facebook
Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial and business results, demand for our products and subscription services, including Evergreen//One, our technology and product strategy, specifically customer priorities around sustainability, the benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the timing and magnitude of large orders, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, including the E//Family, new customer acquisition, the continued success of the Portworx technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 5, 2023. All information provided in this release and in the attachments is as of February 28, 2024, and Pure undertakes no duty to update this information unless required by law.
Key Performance Metrics
Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.
Total Contract Value (TCV) Sales, or bookings, of Pure’s Evergreen//One and Evergreen//Flex offerings is an operating metric, representing the value of orders received and/or expected to be received during the fiscal year.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring costs related to severance and termination benefits, and costs associated with the impairment and early exit of certain leased facilities that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.
PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
At the End of Fiscal
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 702,536
$ 580,854
Marketable securities
828,557
1,001,352
Accounts receivable, net of allowance of $1,060 and $1,057
662,179
612,491
Inventory
42,663
50,152
Deferred commissions, current
88,712
68,617
Prepaid expenses and other current assets
173,407
161,391
Total current assets
2,498,054
2,474,857
Property and equipment, net
352,604
272,445
Operating lease right-of-use assets
129,942
158,912
Deferred commissions, non-current
215,620
177,239
Intangible assets, net
33,012
49,222
Goodwill
361,427
361,427
Restricted cash
9,595
10,544
Other assets, non-current
55,506
38,814
Total assets
$ 3,655,760
$ 3,543,460
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 82,757
$ 67,121
Accrued compensation and benefits
250,257
232,636
Accrued expenses and other liabilities
135,755
123,749
Operating lease liabilities, current
44,668
33,707
Deferred revenue, current
852,247
718,149
Debt, current
—
574,506
Total current liabilities
1,365,684
1,749,868
Long-term debt
100,000
—
Operating lease liabilities, non-current
123,201
142,473
Deferred revenue, non-current
742,275
667,501
Other liabilities, non-current
54,506
42,385
Total liabilities
2,385,666
2,602,227
Stockholders’ equity:
Common stock and additional paid-in capital
2,749,627
2,493,799
Accumulated other comprehensive loss
(3,782)
(15,504)
Accumulated deficit
(1,475,751)
(1,537,062)
Total stockholders’ equity
1,270,094
941,233
Total liabilities and stockholders’ equity
$ 3,655,760
$ 3,543,460
PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2024
2023
2024
2023
Revenue:
Product
$ 460,891
$ 545,108
$ 1,622,869
$ 1,792,153
Subscription services
328,914
265,099
1,207,752
961,281
Total revenue
789,805
810,207
2,830,621
2,753,434
Cost of revenue:
Product (1)
128,842
174,471
472,430
569,793
Subscription services (1)
92,459
74,419
337,000
285,995
Total cost of revenue
221,301
248,890
809,430
855,788
Gross profit
568,504
561,317
2,021,191
1,897,646
Operating expenses:
Research and development (1)
186,841
185,557
736,764
692,528
Sales and marketing (1)
248,136
246,480
945,021
883,609
General and administrative (1)
59,299
64,696
252,243
237,996
Restructuring, impairment and other (2)
16,846
—
33,612
—
Total operating expenses
511,122
496,733
1,967,640
1,814,133
Income from operations
57,382
64,584
53,551
83,513
Other income (expense), net
13,416
16,705
37,035
8,295
Income before provision for income taxes
70,798
81,289
90,586
91,808
Income tax provision
5,360
6,818
29,275
18,737
Net income
$ 65,438
$ 74,471
$ 61,311
$ 73,071
Net income per share attributable to common
stockholders, basic
$ 0.21
$ 0.25
$ 0.20
$ 0.24
Net income per share attributable to common
stockholders, diluted
$ 0.20
$ 0.22
$ 0.19
$ 0.23
Weighted-average shares used in computing net
income per share attributable to common
stockholders, basic
317,731
303,614
311,831
299,478
Weighted-average shares used in computing net
income per share attributable to common
stockholders, diluted
332,014
339,699
332,568
339,184
(1) Includes stock-based compensation expense as follows:
Cost of revenue — product
$ 2,614
$ 2,791
$ 9,670
$ 10,245
Cost of revenue — subscription services
6,065
5,652
25,412
22,630
Research and development
41,069
41,212
167,294
161,694
Sales and marketing
18,863
17,767
74,746
72,507
General and administrative
7,573
15,081
54,305
60,541
Total stock-based compensation expense
$ 76,184
$ 82,503
$ 331,427
$ 327,617
(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment
and abandonment charges associated with cease-use of our former corporate headquarters.
PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 65,438
$ 74,471
$ 61,311
$ 73,071
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
32,856
28,164
124,416
100,432
Stock-based compensation expense
76,184
82,503
331,427
327,617
Lease impairment and abandonment charges
—
—
16,766
—
Other
7,403
4,882
1,559
7,355
Changes in operating assets and liabilities, net of effects of
acquisition:
Accounts receivable, net
(25,728)
(176,940)
(49,687)
(70,724)
Inventory
1,532
5,722
6,810
(10,619)
Deferred commissions
(39,415)
(10,724)
(58,476)
451
Prepaid expenses and other assets
(45,355)
24,584
(25,669)
(31,580)
Operating lease right-of-use assets
8,230
7,740
35,499
33,813
Accounts payable
(20,376)
(29,611)
13,468
(7,075)
Accrued compensation and other liabilities
96,074
89,823
43,317
72,084
Operating lease liabilities
(10,434)
(5,020)
(31,891)
(33,359)
Deferred revenue
98,016
137,432
208,872
305,768
Net cash provided by operating activities
244,425
233,026
677,722
767,234
Cash flows from investing activities
Purchases of property and equipment(1)
(43,570)
(60,229)
(195,161)
(158,139)
Acquisition, net of cash acquired
—
—
—
(1,989)
Purchases of marketable securities
(119,776)
(409,306)
(471,501)
(501,435)
Sales of marketable securities
6,558
6,155
59,053
6,155
Maturities of marketable securities and other
114,956
81,700
610,855
433,995
Net cash provided by (used in) investing activities
(41,832)
(381,680)
3,246
(221,413)
Cash flows from financing activities
Net proceeds from exercise of stock options
6,866
5,647
39,770
24,778
Proceeds from issuance of common stock under employee stock
purchase plan
—
—
45,089
39,965
Proceeds from borrowings
—
—
106,890
—
Principal payments on borrowings and finance lease obligations
(1,617)
(1,095)
(586,199)
(257,240)
Tax withholding on equity awards
(13,402)
(3,471)
(29,984)
(19,601)
Repurchases of common stock
(21,460)
(67,504)
(135,801)
(219,068)
Net cash used in financing activities
(29,613)
(66,423)
(560,235)
(431,166)
Net increase (decrease) in cash and cash equivalents and
restricted cash
172,980
(215,077)
120,733
114,655
Cash, cash equivalents and restricted cash, beginning of period
539,151
806,475
591,398
476,743
Cash, cash equivalents and restricted cash, end of period
$ 712,131
$ 591,398
$ 712,131
$ 591,398
(1) Includes capitalized internal-use software costs of $3.7 million and $3.2 million for the fourth quarter of fiscal 2024 and 2023 and $19.4 million and $13.7 million for fiscal 2024 and 2023.
Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2024
2023
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 2,614
(c)
$ 2,791
(c)
58
(d)
37
(d)
177
(e)
—
—
292
(f)
3,306
(g)
3,306
(g)
Gross profit —
product
$ 332,049
72.0 %
$ 6,155
$ 338,204
73.4 %
$ 370,637
68.0 %
$ 6,426
$ 377,063
69.2 %
$ 6,065
(c)
$ 5,652
(c)
276
(d)
159
(d)
985
(e)
—
—
306
(f)
—
16
(h)
Gross profit —
subscription
services
$ 236,455
71.9 %
$ 7,326
$ 243,781
74.1 %
$ 190,680
71.9 %
$ 6,133
$ 196,813
74.2 %
$ 8,679
(c)
$ 8,443
(c)
334
(d)
196
(d)
1,162
(e)
—
—
598
(f)
3,306
(g)
3,306
(g)
—
16
(h)
Total gross
profit
$ 568,504
72.0 %
$ 13,481
$ 581,985
73.7 %
$ 561,317
69.3 %
$ 12,559
$ 573,876
70.8 %
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate duplicate lease costs during the transition of our corporate headquarters.
(g) To eliminate amortization expense of acquired intangible assets.
(h) To eliminate payments to former shareholders of acquired company.
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fiscal Year Ended
2024
GAAP
results
GAAP gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 9,670
(c)
415
(d)
402
(e)
177
(f)
13,224
(g)
Gross profit — product
$ 1,150,439
70.9 %
$ 23,888
$ 1,174,327
72.4 %
$ 25,412
(c)
1,424
(d)
413
(e)
985
(f)
18
(h)
Gross profit — subscription services
$ 870,752
72.1 %
$ 28,252
$ 899,004
74.4 %
$ 35,082
(c)
1,839
(d)
815
(e)
1,162
(f)
13,224
(g)
$ 18
(h)
Total gross profit
$ 2,021,191
71.4 %
$ 52,140
$ 2,073,331
73.2 %
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate duplicate lease costs during the transition of our corporate headquarters.
(f) To eliminate expenses for severance and termination benefits related to workforce realignment.
(g) To eliminate amortization expense of acquired intangible assets.
(h) To eliminate payments to former shareholders of acquired company.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2024
2023
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
$ 76,184
(c)
$ 82,503
(c)
—
888
(d)
2,722
(e)
1,799
(e)
3,536
(f)
3,839
(f)
—
5,004
(g)
18,009
(h)
—
Operating
income
$ 57,382
7.3 %
$ 100,451
$ 157,833
20.0 %
$ 64,584
8.0 %
$ 94,033
$ 158,617
19.6 %
$ 76,184
(c)
$ 82,503
(c)
—
888
(d)
2,722
(e)
1,799
(e)
3,536
(f)
3,839
(f)
—
5,004
(g)
18,009
(h)
—
154
(i)
804
(i)
—
357
(j)
Net income
$ 65,438
$ 100,605
$ 166,043
$ 74,471
$ 95,194
$ 169,665
Net income
per share —
diluted
$ 0.20
$ 0.50
$ 0.22
$ 0.53
Weighted-
average
shares used in
per share
calculation —
diluted
332,014
—
332,014
339,699
(21,884)
(k)
317,815
(a) GAAP operating margin is defined as GAAP operating income divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payments to former shareholders of acquired company.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate amortization expense of acquired intangible assets.
(g) To eliminate duplicate lease costs during the transition of our corporate headquarters.
(h) To eliminate expenses for severance and termination benefits related to workforce realignment.
(i) To eliminate amortization expense of debt issuance costs related to our debt.
(j) To eliminate net loss from legal settlement in connection with a facility abandoned in the second quarter of fiscal 2021.
(k) To exclude the dilutive effect from convertible note due to the related capped call hedge.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fiscal Year Ended
2024
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non- GAAP
results
Non- GAAP
operating
margin (b)
$ 331,427
(c)
2,341
(d)
14,648
(e)
6,687
(f)
16,766
(g)
18,009
(h)
$ 14,930
(i)
Operating income
$ 53,551
1.9 %
$ 404,808
$ 458,359
16.2 %
(a) GAAP operating margin is defined as GAAP operating income divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payments to former shareholders of acquired company.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate duplicate lease costs during the transition of our corporate headquarters.
(g) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
(h) To eliminate expenses for severance and termination benefits related to workforce realignment.
(i) To eliminate amortization expense of acquired intangible assets.
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fiscal Year Ended
2024
2023
2024
2023
Net cash provided by operating activities
$ 244,425
$ 233,026
$ 677,722
$ 767,234
Less: purchases of property and equipment(1)
(43,570)
(60,229)
(195,161)
(158,139)
Free cash flow (non-GAAP)
$ 200,855
$ 172,797
$ 482,561
$ 609,095
(1) Includes capitalized internal-use software costs of $3.7 million and $3.2 million for the fourth quarter of fiscal 2024 and 2023 and $19.4 million and $13.7 million for fiscal 2024 and 2023.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pure-storage-announces-fiscal-fourth-quarter-and-full-year-2024-financial-results-302074647.html
SOURCE Pure Storage
Technology4 days ago
Near Videos5 days ago
Technology4 days ago
Technology3 days ago
Coin Market2 days ago