Pure Storage delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage-as-a-service model seamlessly across multiple clouds. Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. The company announced Q1 fiscal 2020 financial results.
Pure Storage delivered solid Q1 financial results
As the company progresses through fiscal 2021, Pure expects to continue to see strength in sales and the adoption of its subscription services. Pure as-a-Service and Cloud Block Store unified subscription offerings continue to gain momentum, increasing flexibility for customers by providing a cloud-like business model. Charles Giancarlo, Chairman and CEO, Pure Storage said,
“We are extremely proud of this quarter’s solid results and growth, especially during the current global crisis. The entire company adapted quickly and delivered the technology and services that our customers needed to keep their organizations up and running. Pure continues to deliver on the Modern Data Experience to enable customers to transform their storage operations to be simple, reliable, fast, and flexible.”
First Quarter Financial Highlights
Pure Storage 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’s current view of fiscal Q2 outcomes, which should not be viewed as guidance, is that sales will be near flat year-over-year and operating profit will be near break-even.
- Revenue $367.1 million, up 12% year-over-year
- Subscription Services revenue $120.2 million, up 37% year-over-year
- GAAP gross margin 70.0%; non-GAAP gross margin 71.9%
- GAAP operating loss $(84.9) million; non-GAAP operating loss $(5.4) million
- Operating cash flow was $35.1 million, up $28.5 million year-over-year
- Free cash flow was $11.3 million, up $29.0 million year-over-year
- Total cash and investments of $1.3 billion