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Pure Storage Announces First Quarter 2022 Financial Results

Pure Storage Announces First Quarter Fiscal 2022Financial ResultsReturn to double digit revenue growth of 12% year-over-yearNew customer additions of approximately 330 this quarter,up 15% year-over-yearContinued strength and momentum of Subscription ServicesMOUNTAIN VIEW, Calif. — May 26, 2021 — Today PureStorage (NYSE: PSTG), the IT pioneerthat delivers storage as-a-service in a multi-cloudworld, announced financial results for its fiscalfirst quarter ended May 2, 2021.“Pure Storage expanded our strong growth trend fromlast quarter with balanced contributionsacross all aspects of our business,” said CharlesGiancarlo, Chairman and CEO, Pure Storage.“Our growing customer base loves our Modern Data Experienceconsisting of the industry’smost advanced platforms, unique Evergreen and Pureas-a-Service models, with leadingreliability and total cost of ownership.”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 operatingincome $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“We are very pleased with the strong start to theyear returning to double digit revenue growth,”said Kevan Krysler, CFO, Pure Storage. “Broad-basedperformance in the quarter included earlysigns of strength in our commercial business and continuingaccelerated momentum ofFlashArray//C.”First Quarter Company Highlights and Achievements●Industry Accolades:FlashBlade®was named a leaderin the GigaOm Radar Report forHigh-Performance Object Storage and a Gartner PeerInsights Customers’ Choice forDistributed File Systems and Object Storage.●Purity software enhancements across Pure’s portfolioenable new use cases:Updates to the flagship Purity software for FlashBladeand FlashArrayTMaccelerateWindows applications; deliver ransomware protectionacross file, block, and nativecloud-based apps; and make hybrid storage for bothdepartmental and data centerworkloads obsolete with the FlashArray//C all-QLCplatform.●New Bare Metal as-a-Service solution with Equinix:Pure Storage on Equinix Metal isa full stack, bare metal solution that delivers aunified, connected platform for any stageof an organization's cloud journey.

●Pure Cloud Block Store is now generally available on both AWS and MicrosoftAzure: Cloud Block Store eliminates common storagetradeoffs by combininghigh-performance, efficiency, reliability, and simplicityinto a cloud native solution, nowavailable on multiple hyperscalers.Second Quarter GuidanceQ2 FY22Revenue$470 MillionNon-GAAP Operating Income$15 MillionThese statements are forward-looking and actual resultsmay differ materially. Refer to theForward Looking Statements section below for informationon the factors that could cause ouractual results to differ materially from these statements.Pure has not reconciled its guidance fornon-GAAP operating income (loss) to the most directlycomparable GAAP measure becausecertain items that impact this measure are not withinPure’s control and/or cannot be reasonablypredicted. Accordingly, a reconciliation of this non-GAAPfinancial measure guidance to thecorresponding GAAP measure is not available withoutunreasonable effort.Conference Call InformationPure will host a teleconference to discuss the firstquarter fiscal 2022 results at 2:00 pm PTtoday, May 26, 2021. A live audio broadcast of theconference call will be available at the PureStorage Investor Relations website,investor.purestorage.com.Pure will also post its earningspresentation to this website in advance of the calland post its prepared remarks to this websitewithin 24 hours of completion of the call. A replaywill be available following the call on the PureStorage Investor Relations website and in addition,for two weeks at (855) 859-2056 (or404-537-3406 for international callers) with passcode9699895.Upcoming EventsPure is scheduled to participate virtually at thefollowing investor conferences:William Blair 41st Annual Growth Stock ConferenceDate: Tuesday, June 1, 2021Time: 10:00 am PTPure Presenters: Charles Giancarlo, Chairman and CEOand Kevan Krysler, CFOPure Participants: Matt Kixmoeller, VP, Strategy andSanjot Khurana, VP of Investor RelationsCowen 49th Annual Technology, Media & Telecom ConferenceDate: Thursday, June 3, 2021