Pure Storage, Inc. Files 2024 Form 10-K

TL;DR

<b>Pure Storage, Inc. has filed its 2024 Form 10-K detailing its financial performance and business operations for the fiscal year ending February 4, 2024.</b>

AI Summary

Pure Storage, Inc. (PSTG) filed a Annual Report (10-K) with the SEC on April 1, 2024. Pure Storage, Inc. filed its annual report on Form 10-K for the fiscal year ending February 4, 2024. The filing covers the period from February 6, 2023, to February 4, 2024. The company's principal business is in Computer Storage Devices. Incorporated in Delaware, with headquarters in Santa Clara, California. The filing includes financial data for the fiscal years ending February 4, 2024, February 5, 2023, and February 6, 2022.

Why It Matters

For investors and stakeholders tracking Pure Storage, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pure Storage's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Pure Storage, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate, significant positive or negative news that would drastically alter its risk profile without further analysis of the specific figures and narrative sections.

Analyst Insight

Investors should review the detailed financial statements, management's discussion and analysis, and risk factors in the 10-K to understand Pure Storage's performance and outlook.

Key Numbers

• 2024-02-04 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-01 — Filing Date (The date the 10-K was filed with the SEC.)
• 3572 — SIC Code (Standard Industrial Classification for Computer Storage Devices.)
• DE — State of Incorporation (Delaware.)

Key Players & Entities

• Pure Storage, Inc. (company) — Filer name
• 2024-02-04 (date) — Fiscal year end date
• 2555 Augustine Drive (address) — Business street address
• Santa Clara (location) — Business city
• DE (location) — State of incorporation
• 001-37570 (filing_id) — SEC file number
• 3572 (sic_code) — Standard Industrial Classification code
• 2024-04-01 (date) — Filing date

FAQ

Industry Context

Pure Storage operates in the computer storage devices industry, a sector focused on hardware and software solutions for data storage and management.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and management.

What Investors Should Do

1. Analyze the revenue and net income trends for the fiscal years 2022, 2023, and 2024.
2. Review the company's debt-to-equity ratio and cash position to assess financial stability.
3. Examine the identified risk factors to understand potential challenges and their impact on the business.

Key Dates

• 2024-02-04: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year ending February 4, 2024. Comparative data from previous filings will be available within the document itself.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share PSTG New York Stock Exchange

Filing Documents

• pstg-20240204.htm (10-K) — 1945KB
• ex21110kfy2024.htm (EX-21.1) — 19KB
• ex23110kfy2024.htm (EX-23.1) — 2KB
• ex31110kfy2024.htm (EX-31.1) — 13KB
• ex31210kfy2024.htm (EX-31.2) — 13KB
• ex32110kfy2024.htm (EX-32.1) — 12KB
• ex97110kfy2024.htm (EX-97.1) — 39KB
• pstg-20240204_g1.jpg (GRAPHIC) — 100KB
• pstg-20240204_g2.jpg (GRAPHIC) — 29KB
• 0001628280-24-013860.txt (&nbsp;) — 11202KB
• pstg-20240204.xsd (EX-101.SCH) — 63KB
• pstg-20240204_cal.xml (EX-101.CAL) — 131KB
• pstg-20240204_def.xml (EX-101.DEF) — 353KB
• pstg-20240204_lab.xml (EX-101.LAB) — 920KB
• pstg-20240204_pre.xml (EX-101.PRE) — 651KB
• pstg-20240204_htm.xml (XML) — 1649KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34 Item 1C. C ybersecurity 34

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[Reserved]

Item 6. [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 87

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 88

Executive Compensation

Item 11. Executive Compensation 88

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 88

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 88 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 89

Form 10-K Summary

Item 16. Form 10-K Summary 91

Signatures

Signatures 92 2 NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "design," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "project," "should," "will" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements regarding macroeconomic conditions, including, among other issues, high inflation, rising interest rates, and a slowdown in demand, our ability to sustain or manage our growth and profitability, our expectations regarding demand for our products and services, trends in the external storage market, our ability to expand market share, our expectations that sales prices may decrease or fluctuate over time, our plans to expand and continue to invest internationally, our plans to continue investing in marketing, sales, support and research and development, our shift to subscription services, including as-a-Service offerings, our expectations regarding fluctuations in our revenue and operating results, our expectations that we may continue to experience losses despite revenue growth, our ability to successfully attract, motivate, and retain qualified personnel and maintain our culture, our expectations regar

Business

Item 1. Business. Overview Data is foundational to our customers' business transformation, and we are focused on delivering an innovative and disruptive data storage platform that enables customers to maximize the value of their data. We are a global leader in data storage and management with a mission to redefine the storage experience by simplifying how people consume and interact with data. Our vision of an all-flash data center integrates our foundation of simplicity and reliability with four major market trends that are impacting all organizations large and small: (1) increasing demand to consume data storage as a service; (2) the shift to modernizing today's data infrastructure with all-flash; (3) the increase of modern cloud-native applications; and (4) increasing demand for data storage to support the acceleration in artificial intelligence (AI) adoption while managing rising energy costs. Our data storage platform supports a wide range of structured and unstructured data, at scale and across any data workloads in hybrid and public cloud environments, and includes mission-critical production, test and development, analytics, disaster recovery, backup and restore, AI and machine learning. Our Strategic Growth Pillars Our four strategic growth pillars, driven by the above four market trends, are as follows: 1. Grow our subscription services business and drive differentiation with as-a-Service and Cloud operating model We are leading in the storage as-a-service market by leveraging our Evergreen upgradable architecture that brings the benefits of the cloud operating model to an on-premises storage purchase. Evergreen//One extends the Evergreen architecture and subscription to deliver data storage to customers as capacity and performance SLAs in a much more flexible, optimized and efficient manner. We are focused on providing these services through our technology rather than merely creating a financial and professional services construct. 2. Expand Al

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