Pure Storage : Announces Fourth Quarter and Full Year Fiscal 2022 Financial Results - Form 8-K
March 03, 2022 at 03:02 am IST
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Pure Storage Announces Fourth Quarter and Full Year Fiscal 2022 Financial Results
Q4 revenue grew 41% year-over-year
Subscription Services ARR $849 million, up 31% year-over-year
Doubled growth of annual operating cash flow, exceeding $400 million
MOUNTAIN VIEW, Calif. - March 2, 2022 -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the most advanced data storage technology and services, announced financial results for its fiscal fourth quarter and full year ended February 6, 2022.
"By every measure, Pure had an outstanding quarter and fiscal year," said Charles Giancarlo, Chairman and CEO, Pure Storage. "As evidenced by the 41% growth in Q4, our strategy to deliver an innovative portfolio of data storage and services, with industry-leading customer experiences and flexible, efficient operations continues to position Pure as the trusted provider for all organizations."
Fourth Quarter and Full Year Financial Highlights
•Q4 revenue $708.6 million, up 41% year-over-year
•Full-year revenue $2.18 billion, up 29% year-over-year
•Q4 subscription services revenue $216.0 million, up 42% year-over-year
•Full-year subscription services revenue $738.5 million, up 37% year-over-year
•Total cash, cash equivalents, and investments of $1.41 billion
•Returned approximately $69 million and $200 million in Q4 and FY22, respectively, to stockholders through share repurchases and completed our Board authorized amount of $200 million
"We are thrilled to be capping off the year in a position of leadership and strength," said Kevan Krysler, CFO, Pure Storage. "The momentum we are experiencing is the year's culmination of relentless focus on innovating for our customers."
Fourth Quarter and Full Year Company Highlights
•Surpassed the 10,000 Customer Mark: Pure's customer base further expanded across a wide and balanced range of use cases, industries, and geographies. In Q4, Meta announced Pure as the storage partner to deliver robust and scalable storage capabilities to power its AI Research SuperCluster (RSC).
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•Strong Subscription Services Momentum: Pure's subscription services revenue grew 37% YoY in FY22 and Pure unveiled two new service offerings to be generally available in Q1 FY23, Pure Fusion and Portworx Data Services.
•Market-Leading Portfolio Innovation: Pure introduced the new FlashArray//XL to provide unmatched performance and scale to platinum tier applications and expanded features and functionality across the FlashArray and FlashBlade platforms with new Purity software, all available through Pure as-a-Service. Pure also delivered new releases of Portworx Enterprise and PX-Backup.
•Industry and Customer Recognition: Pure set a high-bar with an 85.2 third-party certified Net Promoter Score (NPS). Pure was named a leader in the Gartner Magic Quadrants for both Primary Storage and Distributed File Systems & Object Storage, marking its 8th consecutive year as a leader.
•Expansion of Research & Development Centers: Pure opened a new R&D site in Bangalore, India, joining global R&D centers in Mountain View, CA, Bellevue, WA, and Vancouver, Canada in North America; and Prague, Czech Republic in EMEA.
First Quarter and FY23 Guidance
Q1 FY23
FY23
Revenue
Approx. $520 Million
Approx. $2.6 Billion
Est. 19%-20% Y/Y Growth
Non-GAAP Operating Income
$16 Million
$300 Million
Non-GAAP Operating Margin
Approx. 3%
Approx. 11.5%
These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures guidance to the corresponding GAAP measures is not available without unreasonable effort.
Share Repurchase Authorization
Pure's board of directors has authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management's discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.
Conference Call Information
Pure will host a teleconference to discuss the fourth quarter and full year fiscal 2022 results at 2:30 pm PT today, March 2, 2022. A live audio broadcast of the conference call will be available at the Pure Storage Investor Relations website, investor.purestorage.com. Pure will also post its earnings presentation to this website in advance of the call and post its prepared remarks to this website within 24 hours of completion of the call. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 800-585-8367 (or 416-621-4642 for international callers) with passcode 8379776.
Upcoming Events
Pure is scheduled to participate at the following investor conferences:
Susquehanna Eleventh Annual Technology Conference
Date: Friday, March 4, 2022
Pure Participants: Kevan Krysler, CFO, Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer
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Morgan Stanley Technology, Media & Telecom Conference
Date: Monday, March 7, 2022
Time: 11:30 am PST
Pure Presenters: Charles Giancarlo, Chairman and CEO, and Kevan Krysler, CFO
Pure Participants: Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer
KeyBanc Emerging Technology Summit (ETS)
Date: Tuesday, March 8, 2022
Pure Participants: Kevan Krysler, CFO, and Rob Lee, CTO
Raymond James 43rd Annual Institutional Investors Conference
Date: Wednesday, March 9, 2022
Pure Participants: Ajay Singh, CPO, and Sanjot Khurana, VP, Investor Relations and Treasurer
The presentation will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com.
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About Pure Storage
Pure Storage gives technologists their time back. Pure delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure's ever-expanding list of customers are among the happiest in the world.
Analyst Recognition
Leader in the 2021 Gartner Magic Quadrant for Primary Storage Arrays
Leader in the 2021 Gartner Magic Quadrant for Distributed File Systems & Object Storage
Connect with Pure
Blog
LinkedIn
Twitter
Facebook
Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial results, our sustainable growth strategy, our continued momentum and growth potential, particularly within our enterprise customer segment, the potential for supply chain disruptions, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, financial results and the economy, demand for our products and subscription services, including Pure as-a-Service, our expectations regarding our product and technology differentiation, new customer acquisition, the continued success of the Portworx technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
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Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov, including as set forth in our Annual Report on Form 10-K for the year ended January 31, 2021, quarterly reports on Form 10-Q, and current reports on Form 8-K. All information provided in this release and in the attachments is as of March 2, 2022, and Pure undertakes no duty to update this information unless required by law.
Key Business Metric
Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements, including Evergreen, on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs related to long-term debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring activities, and expenses directly related to the COVID-19 pandemic that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release.
Contacts
Sanjot Khurana - Investor Relations, Pure Storage
ir@purestorage.com
Rena Fallstrom - Global Communications, Pure Storage
pr@purestorage.com
###
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PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
At the End of Fiscal
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
466,199
$
337,147
Marketable securities
947,073
916,388
Accounts receivable, net of allowance of $945 and $1,033
542,144
460,879
Inventory
38,942
46,733
Deferred commissions, current
81,589
57,183
Prepaid expenses and other current assets
116,232
89,836
Total current assets
2,192,179
1,908,166
Property and equipment, net
195,282
163,041
Operating lease right-of-use assets
111,763
134,668
Deferred commissions, non-current
164,718
130,741
Intangible assets, net
62,646
76,648
Goodwill
358,736
358,736
Restricted cash
10,544
10,544
Other assets, non-current
39,447
36,896
Total assets
$
3,135,315
$
2,819,440
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
70,704
$
67,530
Accrued compensation and benefits
205,431
160,817
Accrued expenses and other liabilities
78,511
61,754
Operating lease liabilities, current
35,098
32,231
Deferred revenue, current
562,576
438,321
Total current liabilities
952,320
760,653
Long-term debt
786,779
755,814
Operating lease liabilities, non-current
93,479
120,361
Deferred revenue, non-current
517,296
405,376
Other liabilities, non-current
31,105
27,230
Total liabilities
2,380,979
2,069,434
Stockholders' equity:
Common stock and additional paid-in capital
2,470,972
2,307,608
Accumulated other comprehensive income (loss)
(8,365)
7,410
Accumulated deficit
(1,708,271)
(1,565,012)
Total stockholders' equity
754,336
750,006
Total liabilities and stockholders' equity
$
3,135,315
$
2,819,440
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PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2022
2021
2022
2021
Revenue:
Product
$
492,602
$
350,380
$
1,442,338
$
1,144,098
Subscription services
215,968
152,338
738,510
540,081
Total revenue
708,570
502,718
2,180,848
1,684,179
Cost of revenue:
Product (1)
167,964
112,310
477,899
352,987
Subscription services (1)
64,772
49,551
230,430
182,268
Total cost of revenue
232,736
161,861
708,329
535,255
Gross profit
475,834
340,857
1,472,519
1,148,924
Operating expenses:
Research and development (1)
162,639
130,388
581,935
480,467
Sales and marketing (1)
231,947
198,865
799,001
716,014
General and administrative (1)
51,481
50,414
189,981
182,477
Restructuring and other (2)
-
8,009
-
30,999
Total operating expenses
446,067
387,676
1,570,917
1,409,957
Income (loss) from operations
29,767
(46,819)
(98,398)
(261,033)
Other income (expense), net
(10,008)
(2,427)
(30,098)
(9,127)
Income (loss) before provision for income taxes
19,759
(49,246)
(128,496)
(270,160)
Income tax provision
4,816
3,047
14,763
11,916
Net income (loss)
$
14,943
$
(52,293)
$
(143,259)
$
(282,076)
Net income (loss) per share attributable to common
stockholders, basic and diluted
$
0.05
$
(0.19)
$
(0.50)
$
(1.05)
Weighted-average shares used in computing net
income (loss) per share attributable to common
stockholders, basic
291,351
274,421
285,882
267,824
Weighted-average shares used in computing net
income (loss) per share attributable to common
stockholders, diluted
317,268
274,421
285,882
267,824
(1) Includes stock-based compensation expense as follows:
Cost of revenue -- product
$
1,787
$
988
$
6,334
$
4,001
Cost of revenue -- subscription services
6,142
4,018
21,240
14,979
Research and development
39,921
29,450
142,264
117,220
Sales and marketing
17,122
17,230
71,439
65,248
General and administrative
14,228
10,903
45,686
40,896
Total stock-based compensation expense
$
79,200
$
62,589
$
286,963
$
242,344
(2) Includes expenses related to restructuring and incremental expenses directly related to COVID-19.
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PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2022
2021
2022
2021
Cash flows from operating activities
Net income (loss)
$
14,943
$
(52,293)
$
(143,259)
$
(282,076)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
23,546
20,231
83,151
70,042
Amortization of debt discount and debt issuance costs
8,566
7,545
31,577
29,070
Stock-based compensation expense
79,200
62,589
286,963
242,344
Impairment of long-lived assets
-
-
471
7,505
Other
4,499
3,229
13,075
7,340
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable, net
(188,035)
(82,810)
(81,247)
410
Inventory
4,080
(3,966)
4,118
(8,690)
Deferred commissions
(37,988)
(35,836)
(58,383)
(48,721)
Prepaid expenses and other assets
(13,505)
3,624
(25,788)
(33,982)
Operating lease right-of-use assets
7,891
7,370
29,952
28,804
Accounts payable
20,967
(22,930)
6,711
(14,364)
Accrued compensation and other liabilities
94,212
86,709
58,961
76,972
Operating lease liabilities
(10,257)
(6,874)
(32,351)
(27,318)
Deferred revenue
130,122
82,445
236,176
140,305
Net cash provided by operating activities
138,241
69,033
410,127
187,641
Cash flows from investing activities
Purchases of property and equipment(1)
(21,070)
(21,332)
(102,287)
(94,975)
Acquisition, net of cash acquired
-
165
-
(339,641)
Purchases of marketable securities
(114,605)
(119,568)
(617,043)
(573,959)
Sales of marketable securities
53,548
39,323
200,482
171,530
Maturities of marketable securities
63,007
99,156
366,165
423,936
Other
-
-
(600)
(5,000)
Net cash used in investing activities
(19,120)
(2,256)
(153,283)
(418,109)
Cash flows from financing activities
Net proceeds from exercise of stock options
14,966
33,695
48,709
59,372
Proceeds from issuance of common stock under employee stock purchase plan
-
-
36,641
32,439
Proceeds from borrowings, net of issuance costs
-
-
-
251,892
Repayments of borrowing
(267)
(33)
(1,137)
(33)
Principal payments on finance lease obligations
(586)
-
(1,000)
-
Tax withholding on vesting of equity awards
(2,165)
(4,178)
(10,835)
(8,258)
Repurchases of common stock
(69,562)
(23,621)
(200,170)
(135,175)
Net cash (used in) provided by financing activities
(57,614)
5,863
(127,792)
200,237
Net increase (decrease) in cash and cash equivalents and restricted cash
61,507
72,640
129,052
(30,231)
Cash, cash equivalents and restricted cash, beginning of period
415,236
275,051
347,691
377,922
Cash, cash equivalents and restricted cash, end of period
$
476,743
$
347,691
$
476,743
$
347,691
(1) Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.
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Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2022
2021
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$
1,787
(c)
$
988
(c)
42
(d)
18
(d)
3,462
(e)
3,062
(e)
Gross profit --
product
$
324,638
65.9
%
$
5,291
$
329,929
67.0
%
$
238,070
67.9
%
$
4,068
$
242,138
69.1
%
$
6,142
(c)
$
4,018
(c)
253
(d)
64
(d)
24
(f)
25
(f)
Gross profit --
subscription services
$
151,196
70.0
%
$
6,419
$
157,615
73.0
%
$
102,787
67.5
%
$
4,107
$
106,894
70.2
%
$
7,929
(c)
$
5,006
(c)
295
(d)
82
(d)
3,462
(e)
3,062
(e)
24
(f)
25
(f)
Total gross profit
$
475,834
67.2
%
$
11,710
$
487,544
68.8
%
$
340,857
67.8
%
$
8,175
$
349,032
69.4
%
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate amortization expense of acquired intangible assets.
(f) To eliminate payments to former shareholders of acquired company.
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The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fiscal Year Ended
2022
GAAP results
GAAP gross margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$
6,334
(c)
225
(d)
12,803
(e)
Gross profit -- product
$
964,439
66.9
%
$
19,362
$
983,801
68.2
%
$
21,240
(c)
971
(d)
96
(f)
Gross profit -- subscription services
$
508,080
68.8
%
$
22,307
$
530,387
71.8
%
$
27,574
(c)
1,196
(d)
12,803
(e)
96
(f)
Total gross profit
$
1,472,519
67.5
%
$
41,669
$
1,514,188
69.4
%
(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate amortization expense of acquired intangible assets.
(f) To eliminate payments to former shareholders of acquired company.
9
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2022
2021
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
$
79,200
(c)
$
62,589
(c)
3,390
(d)
6,435
(d)
2,302
(e)
2,024
(e)
-
7,977
(f)
4,034
(g)
3,594
(g)
-
921
(h)
Operating income (loss)
$
29,767
4.2
%
$
88,926
$
118,693
16.8
%
$
(46,819)
-9.3
%
$
83,540
$
36,721
7.3
%
$
79,200
(c)
$
62,589
(c)
3,390
(d)
6,435
(d)
2,302
(e)
2,024
(e)
-
7,977
(f)
4,034
(g)
3,594
(g)
-
921
(h)
8,566
(i)
7,545
(i)
Net income (loss)
$
14,943
$
97,492
$
112,435
$
(52,293)
$
91,085
$
38,792
Net income (loss) per share -- diluted
$
0.05
$
0.36
$
(0.19)
$
0.13
Weighted-average shares used in per share calculation -- diluted
317,268
(2,357)
(j)
314,911
274,421
22,786
(k)
297,207
(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payments to former shareholders of acquired companies.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate restructuring expenses related to (1) workforce reductions and (2) the cease-use of certain facilities.
(g) To eliminate amortization expense of acquired intangible assets.
(h) To eliminate acquisition-related transaction and integration expenses.
(i) To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.
(j) To exclude the dilutive effect from convertible note under treasury stock method.
(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employees stock purchase plan).
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The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fiscal Year Ended
2022
GAAP results
GAAP operating margin (a)
Adjustment
Non- GAAP results
Non- GAAP operating margin (b)
$
286,963
(c)
17,524
(d)
10,805
(e)
551
(f)
14,973
(g)
2,596
(h)
Operating income (loss)
$
(98,398)
-4.5
%
$
333,412
$
235,014
10.8
%
(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payments to former shareholders of acquired companies.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate impairment of right-of-use assets associated with cease-use of a certain facility.
(g) To eliminate amortization expense of acquired intangible assets.
(h) To eliminate acquisition-related transaction and integration expenses.
11
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fiscal Year Ended
2022
2021
2022
2021
Net cash provided by operating activities
$
138,241
$
69,033
$
410,127
$
187,641
Less: purchases of property and equipment(1)
(21,070)
(21,332)
(102,287)
(94,975)
Free cash flow (non-GAAP)
$
117,171
$
47,701
$
307,840
$
92,666
(1)Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.
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Pure Storage Inc. published this content on 02 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2022 21:29:40 UTC.
Pure Storage, Inc. is a data storage and management company. The Company is focused on delivering a disruptive data storage platform, which supports a range of structured and unstructured data, at scale and across any data workload in hybrid and public cloud environments, and includes mission-critical production, test and development, analytics, disaster recovery, backup and restore, artificial intelligence (AI) and machine learning. Its integrated hardware systems include FlashArray and FlashBlade. Its cloud-native storage includes Portworx by Pure Storage and Portworx Data Services. It delivers modern cloud-oriented services, management and automation to customers across their on-premises, private and public cloud environments. Its cloud operating model is delivered through its Pure Fusion, Evergreen architecture and Pure1 cloud management plane. The Company sells its products and subscription services using a direct sales force and its channel partners.