Pure Storage Files Q3 2024 10-Q

TL;DR

Pure Storage dropped its Q3 10-Q. Check financials.

AI Summary

Pure Storage, Inc. filed its 10-Q for the period ending November 3, 2024. The company, headquartered in Santa Clara, CA, reported its financial performance and business operations. Key financial data and disclosures are included in this filing, which is a standard quarterly report for publicly traded companies.

Why It Matters

This filing provides investors and analysts with a detailed look into Pure Storage's financial health and operational progress during the third quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 20241103 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20241212 — 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
• 20241103 (date) — End of reporting period
• 20241212 (date) — Filing date
• Santa Clara, CA (location) — Company headquarters

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-20241103.htm (10-Q) — 1611KB
• ex-311q3fy2025.htm (EX-31.1) — 11KB
• ex-312q3fy2025.htm (EX-31.2) — 11KB
• ex-321q3fy2025.htm (EX-32.1) — 9KB
• 0001628280-24-050852.txt ( ) — 8517KB
• pstg-20241103.xsd (EX-101.SCH) — 52KB
• pstg-20241103_cal.xml (EX-101.CAL) — 108KB
• pstg-20241103_def.xml (EX-101.DEF) — 218KB
• pstg-20241103_lab.xml (EX-101.LAB) — 747KB
• pstg-20241103_pre.xml (EX-101.PRE) — 497KB
• pstg-20241103_htm.xml (XML) — 1288KB

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 3 Condensed Consolidated Statements of Stockhold ers ' 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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

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, inflation, 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, including timing of sales in connection with our design win announcement with a major Hyperscaler, our

—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 Third Quarter of Fiscal 2025 ASSETS Current assets: Cash and cash equivalents $ 702,536 $ 894,569 Marketable securities 828,557 753,960 Accounts receivable, net of allowance of $ 1,060 and $ 956 662,179 578,224 Inventory 42,663 41,571 Deferred commissions, current 88,712 86,839 Prepaid expenses and other current assets 173,407 204,485 Total current assets 2,498,054 2,559,648 Property and equipment, net 352,604 431,353 Operating lease right-of-use assets 129,942 157,574 Deferred commissions, non-current 215,620 210,671 Intangible assets, net 33,012 23,039 Goodwill 361,427 361,427 Restricted cash 9,595 11,249 Other assets, non-current 55,506 99,504 Total assets $ 3,655,760 $ 3,854,465 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 82,757 $ 102,021 Accrued compensation and benefits 250,257 155,652 Accrued expenses and other liabilities 135,755 141,846 Operating lease liabilities, current 44,668 47,941 Deferred revenue, current 852,247 897,174 Debt, current — 100,000 Total current liabilities 1,365,684 1,444,634 Long-term debt 100,000 — Operating lease liabilities, non-current 123,201 146,390 Deferred revenue, non-current 742,275 784,282 Other liabilities, non-current 54,506 68,573 Total liabilities 2,385,666 2,443,879 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 327,132 Class A shares issued and outstanding 32 33 Additional paid-in capital 2,749,595 2,820,977 Accumulated other comprehensive income (loss) ( 3,782 ) 1,023 Accumulated deficit ( 1,475,751 ) ( 1,411,

View Full Filing

View this 10-Q filing on SEC EDGAR