Exhibit 99.1
 
Pure Storage Announces First Quarter Fiscal 2020 Financial Results
 
MOUNTAIN VIEW, Calif., May 21, 2019 – Pure Storage (NYSE: PSTG), the data solutions leader that helps innovators build a better world with data, today announced financial results for its first quarter ended April 30, 2019.

“Pure continues to gain market share with innovation, a differentiated business model, and our laser focus on customer delight,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “As enterprises embark on their hybrid cloud journeys, Pure is excited to play a role in modernizing their business.”

Q1 Key Business and Financial Highlights: 

Revenue: $326.7 million, up 28% year over year
Gross margin: GAAP 66.2%; non-GAAP 68.1%
Operating margin: GAAP -29.8%; non-GAAP -9.6%

Recent Company Highlights:

During Pure’s first quarter of fiscal year 2020, the Company:

Announced the acquisition of Compuverde - a leading developer of file software solutions for enterprises and cloud providers. The acquisition will expand Pure Storage’s file capabilities by providing a unified storage offering, as well as empowering customers to implement true hybrid architectures.
Released ObjectEngineTM for General Availability - the industry’s first data protection platform purpose-built for flash and cloud. ObjectEngine unifies cloud and on-premises with seamless, rapid backup and recovery across both on-prem and the cloud and enables customers to modernize their entire data protection strategy to a “flash-to-flash-to-cloud” model.
Announced expansion of EvergreenTM Storage Service (ES2) - to enable a unified subscription model across hybrid environments. This allows organizations to leverage Pure’s best-in-class storage-as-a-service model on-premises, hosted and in the cloud, without the need to manage multiple subscriptions or purchase separate or overlapping capacity.

“Q1 was a solid beginning of the year for Pure," said Tim Riitters, CFO, Pure Storage. “We continued to demonstrate strong growth, industry-leading margins, and innovation across our product portfolio."

First Quarter Fiscal 2020 Financial Highlights
 
The following tables summarize our consolidated financial results for the fiscal quarters ended April 30, 2019 and 2018 (in millions except percentages, per share amounts and headcount, unaudited):
 
GAAP Quarterly Financial Information
 
 
Three Months Ended April 30, 2019
 
Three Months Ended April 30, 2018
 
Y/Y Change
Revenue
 
$326.7
 
$255.9
 
28%
Gross Margin
 
66.2%
 
65.0%
 
1.2 ppts
Product Gross Margin
 
67.9%
 
66.0%
 
1.9 ppts
Support Subscription Gross Margin
 
61.7%
 
61.6%
 
0.1 ppts
Operating Loss
 
$(97.4)
 
$(61.9)
 
$(35.5)
Operating Margin
 
-29.8%
 
-24.2%
 
-5.6 ppts
Net Loss
 
$(100.3)
 
$(64.3)
 
$(36.0)
Net Loss per Share – Basic and Diluted
 
$(0.41)
 
$(0.29)
 
$(0.12)
Weighted-Average Shares
 
245.3
 
223.8
 
21.5
Headcount
 
>3,150
 
>2,300
 
~850

1

The following information was filed by Pure Storage, Inc. (PSTG) on Tuesday, May 21, 2019 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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