Pure Storage Files 10-Q for August 4, 2024

TL;DR

Pure Storage filed its Q2 10-Q, check financials for Aug 4.

AI Summary

Pure Storage, Inc. filed its 10-Q for the period ending August 4, 2024. The company, headquartered in Santa Clara, CA, reported on its financial performance and business operations. Key financial data and operational details are included in this filing.

Why It Matters

This filing provides investors and analysts with an updated view of Pure Storage's financial health and operational status, crucial for making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

• 20240804 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240911 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Pure Storage, Inc. (company) — Filer of the 10-Q
• August 4, 2024 (date) — End of the reporting period
• Santa Clara, CA (location) — Company headquarters
• 0001474432 (company_id) — Central Index Key for Pure Storage, Inc.
• 20240804 (date) — Conformed period of report

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-20240804.htm (10-Q) — 1592KB
• ex-311q2fy2025.htm (EX-31.1) — 11KB
• ex-312q2fy2025.htm (EX-31.2) — 11KB
• ex-321q2fy2025.htm (EX-32.1) — 9KB
• 0001628280-24-040066.txt ( ) — 8471KB
• pstg-20240804.xsd (EX-101.SCH) — 51KB
• pstg-20240804_cal.xml (EX-101.CAL) — 107KB
• pstg-20240804_def.xml (EX-101.DEF) — 219KB
• pstg-20240804_lab.xml (EX-101.LAB) — 742KB
• pstg-20240804_pre.xml (EX-101.PRE) — 493KB
• pstg-20240804_htm.xml (XML) — 1297KB

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 Income ( Loss ) 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

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 Second Quarter of Fiscal 2025 ASSETS Current assets: Cash and cash equivalents $ 702,536 $ 965,028 Marketable securities 828,557 855,453 Accounts receivable, net of allowance of $ 1,060 and $ 959 662,179 416,501 Inventory 42,663 43,548 Deferred commissions, current 88,712 87,424 Prepaid expenses and other current assets 173,407 185,072 Total current assets 2,498,054 2,553,026 Property and equipment, net 352,604 396,676 Operating lease right-of-use assets 129,942 138,781 Deferred commissions, non-current 215,620 210,755 Intangible assets, net 33,012 27,004 Goodwill 361,427 361,427 Restricted cash 9,595 14,779 Other assets, non-current 55,506 78,825 Total assets $ 3,655,760 $ 3,781,273 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 82,757 $ 68,104 Accrued compensation and benefits 250,257 176,553 Accrued expenses and other liabilities 135,755 119,430 Operating lease liabilities, current 44,668 49,575 Deferred revenue, current 852,247 869,332 Total current liabilities 1,365,684 1,282,994 Long-term debt 100,000 100,000 Operating lease liabilities, non-current 123,201 128,674 Deferred revenue, non-current 742,275 754,328 Other liabilities, non-current 54,506 62,116 Total liabilities 2,385,666 2,328,112 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 327,465 Class A shares issued and outstanding 32 33 Additional paid-in capital 2,749,595 2,925,507 Accumulated other comprehensive income (loss) ( 3,782 ) 2,707 Accumulated deficit ( 1,475,751 ) ( 1,475,086 ) Total stock

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View this 10-Q filing on SEC EDGAR