Pure Storage, Inc. (PSTG) Tops Q1 EPS by 6c, Revenues Beat; Offers 2Q Revenues Guidance Above Consensus

Pure Storage, Inc. (NYSE: PSTG) reported Q1 EPS of $0.00, $0.06 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $412.7 million versus the consensus estimate of $405.87 million.

First Quarter Financial Highlights

• Revenue $412.7 million, up 12% year-over-year
• Subscription services revenue $162.8 million, up 35% year-over-year
• GAAP gross margin 68.3%; non-GAAP gross margin 70.5%
• GAAP operating loss $(76.2) million; non-GAAP operating income $0.3 million
• Operating cash flow $21.4 million; free cash flow $(6.4) million
• Total cash and investments $1.2 billion
• Deferred revenue $866.2 million, up 23% year-over-year
• Remaining performance obligations (RPO) exceeding $1.1 billion, up 24% year-over-year

"Pure Storage expanded our strong growth trend from last quarter with balanced contributions across all aspects of our business," said Charles Giancarlo, Chairman and CEO, Pure Storage. "Our growing customer base loves our Modern Data Experience consisting of the industry's most advanced platforms, unique Evergreen and Pure as-a-Service models, with leading reliability and total cost of ownership."

"We are very pleased with the strong start to the year returning to double digit revenue growth," said Kevan Krysler, CFO, Pure Storage. "Broad-based performance in the quarter included early signs of strength in our commercial business and continuing accelerated momentum of FlashArray//C."

GUIDANCE:

Pure Storage, Inc. sees Q2 2022 revenue of $470 million, versus the consensus of $455.85 million.

For earnings history and earnings-related data on Pure Storage, Inc. (PSTG) click here.

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