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Pure Storage Announces Third Quarter Fiscal 2018 Financial Results

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MOUNTAIN VIEW, Calif., Nov. 28, 2017 /PRNewswire/ — Pure Storage (NYSE: PSTG) today announced financial results for its third quarter ended October 31, 2017.

Key quarterly business and financial highlights include:

Record quarterly revenue: $278 million, up 41% Y/Y, 2% ahead of midpoint of guidance Quarterly gross margin: 65.5% GAAP; 66.4% non-GAAP Quarterly operating margin: -15.1% GAAP; -0.7% non-GAAP, up 24.6 ppts and 9.1 ppts Y/Y, respectively Raising full-year fiscal 2018 revenue guidance to between $1.012 billion and $1.020 billion and non-GAAP operating margin guidance to between -4.9% and -3.5%

“Pure has built a platform that allows customers to build a better world with data,” said Pure Storage CEO Charlie Giancarlo. “Pure offers a simpler, more effective, and agile solution for data-rich applications like artificial intelligence.”

In the quarter, more than 300 new customers joined Pure Storage, increasing the total to more than 4,000 organizations, including more than 25% of the Fortune 500. A few new customer wins in the quarter include: NASA Goddard, Krispy Kreme, John Lewis PLC, Movado Group, Weave Communications, Comodo Group, and Pronto Software.

“We had an excellent quarter, highlighted by strong revenue growth, positive free cash flow, and a continued march toward profitability,” said Pure Storage CFO Tim Riitters. “We are excited to be fast approaching the $1 billion annual revenue mark and our first profitable quarter on a non-GAAP basis.”

Third Quarter Fiscal 2018 Financial Highlights

The following tables summarize our consolidated financial results for the fiscal quarters ended October 31, 2017 and 2016 (in millions except percentages and per share amounts, unaudited):

GAAP Quarterly Financial Information

Three Months Ended
October 31, 2017

Three Months Ended
October 31, 2016

Y/Y Change

Revenue

$277.7

$197.0

41%

Gross Margin

65.5%

64.8%

0.7 ppts

Product Gross Margin

66.2%

65.9%

0.3 ppts

Support Gross Margin

62.4%

59.9%

2.5 ppts

Operating Loss

-$41.8

-$78.2

$36.4

Operating Margin

-15.1%

-39.7%

24.6 ppts

Net Loss

-$41.6

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