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May 03, 2020
Pure Storage Q1 2021 Earnings Report
Delivered solid Q1 financial results with revenue growth and subscription services revenue growth.
Key Takeaways
Pure Storage announced solid financial results for its first quarter ended May 3, 2020. Revenue grew 12% year-over-year and subscription services revenue grew 37% year-over-year. The company is withdrawing its fiscal 2021 annual guidance and will not provide specific fiscal Q2 guidance due to the global economic contraction caused by COVID-19.
Revenue was $367.1 million, up 12% year-over-year.
Subscription Services revenue was $120.2 million, up 37% year-over-year.
GAAP operating loss was $(84.9) million; non-GAAP operating loss was $(5.4) million.
Free cash flow was $11.3 million, up $29.0 million year-over-year.
Revenue by Segment
Forward Guidance
Pure had a solid fiscal Q1 and the core fundamentals of our business remain strong. However, the company is withdrawing its fiscal 2021 annual guidance and will not provide specific fiscal Q2 guidance due to the global economic contraction caused by COVID-19. The company’s current view of fiscal Q2 outcomes, which should not be viewed as guidance, is that sales will be near flat year-over-year and operating profit will be near break-even.
Positive Outlook
- Core fundamentals of the business remain strong.
- Expects to continue to see strength in sales and adoption of its subscription services.
- Pure as-a-Service and Cloud Block Store unified subscription offerings continue to gain momentum.
- Increasing flexibility for customers by providing a cloud-like business model.
- Solid fiscal Q1
Challenges Ahead
- Withdrawing its fiscal 2021 annual guidance.
- Will not provide specific fiscal Q2 guidance.
- Due to the global economic contraction caused by COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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