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Pure Storage Announces First Quarter Fiscal 2022 Financial Results investor.purestorage.com/news-and-events/press-releases/press-release-details/2021/Pure-Storage-Announces-First-Quarter-Fiscal-2022-Financial-Results/default.aspx 05.26.2021 Return to double digit revenue growth of 12 % year - over - year New customer additions of approximately 330 this quarter , up 15 % year - over - year Continued strength and momentum of Subscription Services MOUNTAIN VIEW , Calif . , May 26 , 2021 / PRNewswire / -- Today Pure Storage ( NYSE : PSTG ) , the IT pioneer that delivers storage as - a service in a multi - cloud world , announced financial results for its fiscal first quarter ended May 2 , 2021 . " Pure Storage expanded our strong growth trend from last quarter with balanced contributions across all aspects of our business , " said Charles Giancarlo , Chairman and CEO , Pure Storage . " Our growing customer base loves our Modern Data Experience consisting of the industry's most advanced platforms , unique Evergreen and Pure as - a - Service models , with leading reliability and total cost of ownership . " First Quarter Financial Highlights • Revenue $ 412.7 million , up 12 % year - over - year Subscription services revenue $ 162.8 million , up 35 % year - over - year • GAAP gross margin 68.3 % ; non - GAAP gross margin 70.5 % • GAAP operating loss $ ( 76.2 ) million ; non - GAAP operating income $ 0.3 million Operating cash flow $ 21.4 million ; free cash flow $ ( 6.4 ) million • Total cash and investments $ 1.2 billion • Deferred revenue $ 866.2 million , up 23 % year - over - year Remaining performance obligations ( RPO ) exceeding $ 1.1 billion , up 24 % year - over - year ● " We are very pleased with the strong start to the year returning to double digit revenue growth , " said Kevan Krysler , CFO , Pure Storage . " Broad - based performance in the quarter included early signs of strength in our commercial business and continuing accelerated momentum of FlashArray // C . " First Quarter Company Highlights and Achievements Industry Accolades : FlashBlade® was named a leader in the GigaOm Radar Report for High - Performance Object Storage and a Gartner Peer Insights Customers ' Choice for Distributed File Systems and Object Storage . Purity software enhancements across Pure's portfolio enable new use cases : Updates to the flagship Purity software for FlashBlade and FlashArrayTM accelerate Windows applications ; deliver ransomware protection across file , block , and native cloud based apps ; and make hybrid storage for both departmental and data center workloads obsolete with the FlashArray // C all - QLC platform . • New Bare Metal as - a - Service solution with Equinix : Pure Storage on Equinix Metal is a full stack , bare metal solution that delivers a unified , connected platform for any stage of an organization's cloud journey . • Pure Cloud Block Store is now generally available on both AWS and Microsoft Azure : Cloud Block Store eliminates common storage tradeoffs by combining high - performance , efficiency , reliability , and simplicity into a cloud native solution , now available on multiple hyperscalers . Second Quarter Guidance Revenue Non - GAAP Operating Income Q2 FY22 $ 470 Million $ 15 Million 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 ( loss ) to the most directly comparable GAAP measure because certain items that impact this measure are not within Pure's control and / or cannot be reasonably predicted . Accordingly , a reconciliation of this non - GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort . Conference Call Information Pure will host a teleconference to discuss the first quarter fiscal 2022 results at 2:00 pm PT today , May 26 , 2021. 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 and in addition , for two weeks at ( 855 ) 859-2056 ( or 404-537-3406 for international callers ) with passcode 9699895 . Upcoming Events Pure is scheduled to participate virtually at the following investor conferences : 1/8