Pure Storage Files 10-Q for Period Ending May 5, 2024

TL;DR

Pure Storage 10-Q filed. Financials for period ending May 5, 2024 are in. Check it.

AI Summary

Pure Storage, Inc. filed its 10-Q for the period ending May 5, 2024. The company reported its financial results and provided updates on its business operations. Key financial data and operational details are included in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Pure Storage, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.

Key Players & Entities

• Pure Storage, Inc. (company) — Filer of the 10-Q
• 20240505 (date) — End of the reporting period
• 2555 Augustine Drive, Santa Clara, CA 95054 (address) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• pstg-20240505.htm (10-Q) — 1324KB
• ex-311q1fy2025.htm (EX-31.1) — 11KB
• ex-312q1fy2025.htm (EX-31.2) — 11KB
• ex-321q1fy2025.htm (EX-32.1) — 9KB
• 0001628280-24-027955.txt ( ) — 7852KB
• pstg-20240505.xsd (EX-101.SCH) — 52KB
• pstg-20240505_cal.xml (EX-101.CAL) — 107KB
• pstg-20240505_def.xml (EX-101.DEF) — 224KB
• pstg-20240505_lab.xml (EX-101.LAB) — 729KB
• pstg-20240505_pre.xml (EX-101.PRE) — 494KB
• pstg-20240505_htm.xml (XML) — 1147KB

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

Signatures

Signatures Table of Contents NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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 profitability and growth, our expectations regarding demand for our products and subscription services, including Evergreen//One, 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, including the timing and magnitude of large customer orders, our expectations that we may continue to experience losses despite revenue growth, our abil

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, except per share data, unaudited) At the End of Fiscal 2024 First Quarter of Fiscal 2025 ASSETS Current assets: Cash and cash equivalents $ 702,536 $ 900,615 Marketable securities 828,557 823,397 Accounts receivable, net of allowance of $ 1,060 and $ 965 662,179 423,454 Inventory 42,663 40,674 Deferred commissions, current 88,712 85,386 Prepaid expenses and other current assets 173,407 174,238 Total current assets 2,498,054 2,447,764 Property and equipment, net 352,604 368,153 Operating lease right-of-use assets 129,942 126,435 Deferred commissions, non-current 215,620 211,240 Intangible assets, net 33,012 29,156 Goodwill 361,427 361,427 Restricted cash 9,595 9,595 Other assets, non-current 55,506 69,840 Total assets $ 3,655,760 $ 3,623,610 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 82,757 $ 55,709 Accrued compensation and benefits 250,257 137,669 Accrued expenses and other liabilities 135,755 127,885 Operating lease liabilities, current 44,668 44,819 Deferred revenue, current 852,247 860,221 Total current liabilities 1,365,684 1,226,303 Long-term debt 100,000 100,000 Operating lease liabilities, non-current 123,201 120,709 Deferred revenue, non-current 742,275 741,255 Other liabilities, non-current 54,506 61,370 Total liabilities 2,385,666 2,249,637 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, par value of $ 0.0001 per share— 20,000 shares authorized; no shares issued and outstanding — — Class A and Class B common stock, par value of $ 0.0001 per share— 2,250,000 (Class A 2,000,000 , Class B 250,000 ) shares authorized; 319,523 and 325,181 Class A shares issued and outstanding 32 33 Additional paid-in capital 2,749,595 2,890,284 Accumulated other comprehensive loss ( 3,782 ) ( 5,584 ) Accumulated deficit ( 1,475,751 ) ( 1,510,760 ) Total stockholders

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View this 10-Q filing on SEC EDGAR