$PSTG
Pure Storage, Inc.

2016 Q2 Form 10-Q Financial Statement

#000156459016020289 Filed on June 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $139.9M $74.08M
YoY Change 88.92% 201.13%
Cost Of Revenue $46.98M $29.64M
YoY Change 58.52% 155.48%
Gross Profit $92.97M $44.44M
YoY Change 109.19% 239.24%
Gross Profit Margin 66.43% 59.99%
Selling, General & Admin $104.7M $61.02M
YoY Change 71.55% 103.4%
% of Gross Profit 112.6% 137.3%
Research & Development $52.94M $31.68M
YoY Change 67.09% 147.52%
% of Gross Profit 56.94% 71.29%
Depreciation & Amortization $10.10M $6.200M
YoY Change 62.9% 181.82%
% of Gross Profit 10.86% 13.95%
Operating Expenses $157.6M $92.70M
YoY Change 70.03% 116.59%
Operating Profit -$64.65M -$48.26M
YoY Change 33.96% 62.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.282M -$703.0K
YoY Change -282.36% 603.0%
Pretax Income -$63.37M -$48.96M
YoY Change 29.42% 63.76%
Income Tax $420.0K $157.0K
% Of Pretax Income
Net Earnings -$63.79M -$49.12M
YoY Change 29.86% 63.73%
Net Earnings / Revenue -45.58% -66.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$337.0K -$265.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $607.0M $173.2M
YoY Change 250.46%
Cash & Equivalents $286.1M $173.2M
Short-Term Investments $320.9M
Other Short-Term Assets $35.30M $22.30M
YoY Change 58.3%
Inventory $21.98M $23.10M
Prepaid Expenses
Receivables $97.16M $55.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $761.4M $273.5M
YoY Change 178.4%
LONG-TERM ASSETS
Property, Plant & Equipment $71.26M $43.70M
YoY Change 63.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.53M $20.20M
YoY Change 6.59%
Total Long-Term Assets $100.0M $71.90M
YoY Change 39.15%
TOTAL ASSETS
Total Short-Term Assets $761.4M $273.5M
Total Long-Term Assets $100.0M $71.90M
Total Assets $861.5M $345.4M
YoY Change 149.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.44M $14.20M
YoY Change 198.9%
Accrued Expenses $15.97M $15.70M
YoY Change 1.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $188.8M $85.00M
YoY Change 122.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.643M $54.40M
YoY Change -96.98%
Total Long-Term Liabilities $1.643M $54.40M
YoY Change -96.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.8M $85.00M
Total Long-Term Liabilities $1.643M $54.40M
Total Liabilities $320.1M $139.4M
YoY Change 129.6%
SHAREHOLDERS EQUITY
Retained Earnings -$618.8M
YoY Change
Common Stock $1.159B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $541.4M $206.0M
YoY Change
Total Liabilities & Shareholders Equity $861.5M $345.4M
YoY Change 149.41%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$63.79M -$49.12M
YoY Change 29.86% 63.73%
Depreciation, Depletion And Amortization $10.10M $6.200M
YoY Change 62.9% 181.82%
Cash From Operating Activities $6.993M -$14.10M
YoY Change -149.6% -47.58%
INVESTING ACTIVITIES
Capital Expenditures $24.38M $6.742M
YoY Change 261.55% -161.29%
Acquisitions
YoY Change
Other Investing Activities -$319.4M $0.00
YoY Change -100.0%
Cash From Investing Activities -$343.8M -$6.700M
YoY Change 5031.48% -46.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $18.17M 1.400M
YoY Change 1197.86% -99.38%
NET CHANGE
Cash From Operating Activities $6.993M -14.10M
Cash From Investing Activities -$343.8M -6.700M
Cash From Financing Activities $18.17M 1.400M
Net Change In Cash -$318.6M -19.40M
YoY Change 1542.51% -110.37%
FREE CASH FLOW
Cash From Operating Activities $6.993M -$14.10M
Capital Expenditures $24.38M $6.742M
Free Cash Flow -$17.38M -$20.84M
YoY Change -16.6% 31.08%

Facts In Submission

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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:Arial;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:Arial;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 and contingent liabilities, 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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Depreciation
6200000
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
34000
CY2016Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
349712000
CY2016Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
28813000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
64414000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
255678000
CY2016Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
320092000
CY2016Q2 us-gaap Depreciation
Depreciation
10100000
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
841000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
326000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
326000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
978000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1304000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1304000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1304000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1304000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
460000
CY2016Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
299000
CY2016Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
151000
CY2016Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3044000
CY2016Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2777000
CY2016Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
2684000
CY2016Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
3804000
CY2016Q1 pstg Accrued Travel And Entertainment Expenses
AccruedTravelAndEntertainmentExpenses
2182000
CY2016Q2 pstg Accrued Travel And Entertainment Expenses
AccruedTravelAndEntertainmentExpenses
2458000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
64456000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
256443000
CY2016Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
320899000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
57091000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
34000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
104838000
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133413000
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
52209000
CY2016Q2 pstg Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
15970000
CY2016Q2 pstg Operating Leases Expiration Period
OperatingLeasesExpirationPeriod
2021-06
CY2016Q2 pstg Number Of Lease Agreements
NumberOfLeaseAgreements
3
CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
10500000
CY2016Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
7100000
CY2016Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
6400000
CY2016Q2 pstg Letter Of Credit Maturity Month And Year
LetterOfCreditMaturityMonthAndYear
2023-03
CY2016Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
14000000
CY2016Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2016Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2016Q2 pstg Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
2
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
68879087
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1891000
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2181055
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
691251
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
67897781
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
25495004
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
65641943
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.43
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.75
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.40
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.27
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.72
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.64
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.64
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y8M12D
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
562758000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
304484000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
549018000
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
179100000
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y6M
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8859000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22134000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
182012000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
72812000
CY2016Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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