$PSTG
Pure Storage, Inc.

2015 Q4 Form 10-Q Financial Statement

#000156459015011439 Filed on December 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $131.4M $49.19M
YoY Change 167.06%
Cost Of Revenue $51.05M $20.50M
YoY Change 149.0%
Gross Profit $80.31M $28.69M
YoY Change 179.97%
Gross Profit Margin 61.14% 58.32%
Selling, General & Admin $92.83M $45.64M
YoY Change 103.39%
% of Gross Profit 115.58% 159.1%
Research & Development $43.07M $22.86M
YoY Change 88.36%
% of Gross Profit 53.62% 79.7%
Depreciation & Amortization $8.500M $4.100M
YoY Change 107.32%
% of Gross Profit 10.58% 14.29%
Operating Expenses $135.9M $68.50M
YoY Change 98.37%
Operating Profit -$55.58M -$39.82M
YoY Change 39.59%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$171.0K -$410.0K
YoY Change -58.29%
Pretax Income -$55.75M -$40.23M
YoY Change 38.59%
Income Tax $751.0K $171.0K
% Of Pretax Income
Net Earnings -$56.50M -$40.40M
YoY Change 39.86%
Net Earnings / Revenue -43.01% -82.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$757.4K -$1.428M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $573.3M
YoY Change
Cash & Equivalents $573.3M $237.4M
Short-Term Investments
Other Short-Term Assets $27.60M
YoY Change
Inventory $25.55M
Prepaid Expenses
Receivables $112.1M
Other Receivables $0.00
Total Short-Term Assets $738.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $47.12M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.10M
YoY Change
Total Long-Term Assets $79.41M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $738.6M
Total Long-Term Assets $79.41M
Total Assets $818.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.68M
YoY Change
Accrued Expenses $14.44M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $91.30M
YoY Change
Total Long-Term Liabilities $91.30M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $142.8M
Total Long-Term Liabilities $91.30M
Total Liabilities $234.1M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.095B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $584.0M
YoY Change
Total Liabilities & Shareholders Equity $818.0M
YoY Change

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$56.50M -$40.40M
YoY Change 39.86%
Depreciation, Depletion And Amortization $8.500M $4.100M
YoY Change 107.32%
Cash From Operating Activities -$5.400M -$26.70M
YoY Change -79.78%
INVESTING ACTIVITIES
Capital Expenditures -$7.700M -$12.70M
YoY Change -39.37%
Acquisitions
YoY Change
Other Investing Activities -$2.500M $0.00
YoY Change
Cash From Investing Activities -$10.20M -$12.70M
YoY Change -19.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.5M 2.400M
YoY Change 19087.5%
NET CHANGE
Cash From Operating Activities -5.400M -26.70M
Cash From Investing Activities -10.20M -12.70M
Cash From Financing Activities 460.5M 2.400M
Net Change In Cash 444.9M -37.00M
YoY Change -1302.43%
FREE CASH FLOW
Cash From Operating Activities -$5.400M -$26.70M
Capital Expenditures -$7.700M -$12.70M
Free Cash Flow $2.300M -$14.00M
YoY Change -116.43%

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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates. Such estimates include, but are not limited to, the determination of best estimate of selling price included in multiple-deliverable revenue arrangements, sales commissions, useful lives of intangible assets and property and equipment, fair values of stock-based awards, provision for income taxes, including related reserves, among others. Management bases its estimates on historical experience and on various other assumptions which are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</p></div>
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7500000
CY2015Q4 pstg Deferred Commissions Noncurrent
DeferredCommissionsNoncurrent
11800000
CY2014Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
11700000
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
21800000
CY2015Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
1100000
CY2015Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
16500000
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
38600000
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
62317000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
90683000
CY2015Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22458000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
43566000
CY2014Q4 us-gaap Depreciation
Depreciation
4100000
CY2015Q4 us-gaap Depreciation
Depreciation
8500000
us-gaap Depreciation
Depreciation
9200000
us-gaap Depreciation
Depreciation
22100000
CY2014Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
306000
CY2015Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
326000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
515000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
978000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
326000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1304000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1304000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1304000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1304000
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1764000
CY2015Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
591000
CY2015Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
583000
CY2015Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1502000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2149000
CY2015Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
1138000
CY2015Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
1264000
CY2015Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
779000
CY2015Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
941000
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2096000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6786000
CY2015Q1 pstg Accrued Deferred Offering Costs Current
AccruedDeferredOfferingCostsCurrent
0
CY2015Q4 pstg Accrued Deferred Offering Costs Current
AccruedDeferredOfferingCostsCurrent
2717000
CY2015Q1 pstg Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
6106000
CY2015Q4 pstg Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
14440000
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
19700000
CY2015Q3 pstg Operating Leases Expiration Period
OperatingLeasesExpirationPeriod
2023
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3300000
pstg Letter Of Credit Maturity Month And Year
LetterOfCreditMaturityMonthAndYear
2023-03
CY2015Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2015Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2015Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2015Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
122280679
pstg Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
2
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
54284474
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
18159824
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1784066
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1730681
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
68929551
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
21903812
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
66851238
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.22
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.02
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
15.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.09
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.29
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
523654000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
348767000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
763519000
CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
210700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y10M6D
CY2014Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6731000
CY2015Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15539000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44874000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36198000
CY2014Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
180554000
CY2015Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67056000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
174890000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63460000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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