Exhibit 99.1
 
Pure Storage Announces Third Quarter Fiscal 2019 Financial Results
 
MOUNTAIN VIEW, Calif., November 19, 2018 – Pure Storage (NYSE: PSTG), the all-flash storage leader that helps innovators build a better world with data, today announced financial results for its third quarter ended October 31, 2018.

Key quarterly business and financial highlights: 

Revenue: $372.8 million, up 34% Y/Y, exceeding the high end of our guidance;
Gross margin: 66.8% GAAP; 68.1% non-GAAP, representing an all-time high;
Operating margin: -7.3% GAAP; 9.1% non-GAAP, up 3.4 ppts and 5.4 ppts Y/Y, respectively.

“Pure delivered another excellent quarter, and today we’re announcing the extension of Pure's data centric architecture to the cloud," said Charles Giancarlo, Chairman and CEO, Pure Storage. “With the launch of our new Pure Storage Cloud Data Services, we’re bringing our storage software directly to the public cloud in partnership with AWS.”

“Q3 was a strong quarter for Pure with revenue and margins exceeding our expectations,” said Tim Riitters, CFO, Pure Storage. “As we finish the fiscal year we are excited about the opportunities ahead, and have raised FY19 guidance to reflect the momentum we are seeing in our business."

Announcing Pure Storage Cloud Data Services

Today the company announced Pure Storage Cloud Data Services, a suite of new cloud offerings that run natively on Amazon Web Services (AWS). With these new products, customers will be able to invest in a single storage architecture that unifies application deployments on-premises and in the public cloud to flexibly turn data into value virtually anywhere.

Join the virtual on-demand launch event on November 19 at 1:10 p.m. (PT) featuring 45 minutes of industry-changing insight.
Read the press release for additional details on our products, strategy and availability.

Third Quarter Fiscal 2019 Financial Highlights
 
The following tables summarize our consolidated financial results for the fiscal quarters ended October 31, 2018 and 2017 (in millions except percentages, per share amounts and headcount, unaudited):
 
GAAP Quarterly Financial Information
 
 
Three Months Ended October 31, 2018
 
Three Months Ended October 31, 2017
 
Y/Y Change
Revenue
 
$372.8
 
$277.6
 
34%
Gross Margin
 
66.8%
 
65.5%
 
1.3 ppts
Product Gross Margin
 
67.7%
 
66.9%
 
0.8 ppts
Support Subscription Gross Margin
 
63.4%
 
58.9%
 
4.5 ppts
Operating Loss
 
$(27.2)
 
$(29.6)
 
$2.4
Operating Margin
 
-7.3%
 
-10.7%
 
3.4 ppts
Net Loss
 
$(28.2)
 
$(29.4)
 
$1.2
Net Loss per Share – Basic and Diluted
 
$(0.12)
 
$(0.14)
 
$0.02
Weighted-Average Shares
 
235.2
 
213.3
 
21.9
Headcount
 
>2,650
 
>2,000
 
~650
 

1

The following information was filed by Pure Storage, Inc. (PSTG) on Monday, November 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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