Pure Storage, Inc. [PSTG] Filings

10-Q 1 pstg-20230806.htm 10-Q pstg-20230806

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 6, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-37570


Pure Storage, Inc.
(Exact Name of Registrant as Specified in its Charter)


Delaware						27-1069557
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

2555 Augustine Dr.

Santa Clara, California 95054

(Address of principal executive offices, including zip code)

(800) 379-7873

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

PSTG

New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of September 8, 2023, the registrant had 311,956,031 shares of its Class A common stock outstanding.

Table of Contents

PURE STORAGE, INC.

FORM 10-Q for the Quarter Ended August 6, 2023

Table of Contents


		Page
Note About Forward-Looking Statements		ii
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Condensed Consolidated Statements of Stockholders' Equity	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	36
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
Signatures

Table of Contents

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will” or the negative of these terms or other similar expressions.

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding macroeconomic conditions, including, among other issues, high inflation, rising interest rates, and a slowdown in demand, our ability to sustain or manage our profitability and growth, our expectations regarding demand for our products and services and trends in the external storage market, our ability to expand market share, our expectations that sales prices may decrease or fluctuate over time, our plans to expand and continue to invest internationally, our plans to continue investing in marketing, sales, support and research and development, our shift to subscription services, including as-a-Service offerings, our expectations regarding fluctuations in our revenue and operating results, including the timing and magnitude of large customer orders, our expectations that we may continue to experience losses despite revenue growth, our ability to successfully attract, motivate, and retain qualified personnel and maintain our culture, our expectations regarding our technological leadership and market opportunity, including our ability to continue capturing storage workloads for AI environments, our ability to realize benefits from our investments, including development efforts and acquisitions like Portworx, our ability to innovate and introduce new or enhanced products, our expectations regarding technology and product strategy and technology differentiation, specifically customer priorities around sustainability, our sustainability goals and the benefits to our customers of using our products, our competitive position and the effects of competition and industry dynamics, including alternative offerings from incumbent, emerging and public cloud vendors, the potential disruptions to our contract manufacturers or supply chain, our expectations about the impact of, and trends relating to, component pricing, our expectations concerning relationships with third parties, including our partners, customers, suppliers and contract manufacturers, the adequacy of our intellectual property rights, expectations concerning potential legal proceedings and related costs, and the impact of adverse economic conditions on our business, operating results, cash flows and/or financial condition.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors.” These risks are not exhaustive. Other sections of this report include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.

Investors should not rely upon forward-looking statements as predictions of future events. We cannot assure investors that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report or to conform these statements to actual results or to changes in our expectations. Investors should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

PURE STORAGE, INC.

Condensed Consolidated Balance Sheets

(in thousands, except per share data, unaudited)


	At the End of
	Fiscal 2023		Second Quarter of Fiscal 2024

ASSETS
Current assets:
Cash and cash equivalents	$	580,854	$	408,900
Marketable securities	1,001,352		819,777
Accounts receivable, net of allowance of $1,057 and $1,062	612,491		525,260
Inventory	50,152		47,498
Deferred commissions, current	68,617		71,344
Prepaid expenses and other current assets	161,391		168,283
Total current assets	2,474,857		2,041,062
Property and equipment, net	272,445		325,783
Operating lease right-of-use assets	158,912		133,066
Deferred commissions, non-current	177,239		184,073
Intangible assets, net	49,222		40,906
Goodwill	361,427		361,427

Restricted cash	10,544		9,960

Other assets, non-current	38,814		37,645
Total assets	$	3,543,460	$	3,133,922
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	67,121	$	98,008
Accrued compensation and benefits	232,636		165,394
Accrued expenses and other liabilities	123,749		128,842
Operating lease liabilities, current	33,707		41,697
Deferred revenue, current	718,149		769,871
Debt, current	574,506		—
Total current liabilities	1,749,868		1,203,812
Long-term debt	—		100,000
Operating lease liabilities, non-current	142,473		132,191
Deferred revenue, non-current	667,501		667,172

Other liabilities, non-current	42,385		44,419
Total liabilities	2,602,227		2,147,594
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, par value of $0.0001 per share— 20,000 shares authorized; no shares issued and outstanding	—		—
Class A and Class B common stock, par value of $0.0001 per share— 2,250,000 (Class A 2,000,000, Class B 250,000) shares authorized; 304,076 and 311,839 Class A shares issued and outstanding	30		31
Additional paid-in capital	2,493,769		2,610,482
Accumulated other comprehensive loss	(15,504)		(12,607)
Accumulated deficit	(1,537,062)		(1,611,578)
Total stockholders’ equity	941,233		986,328
Total liabilities and stockholders’ equity	$	3,543,460	$	3,133,922

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024

Revenue:
Product	$	414,603	$	399,738	$	815,764	$	708,701
Subscription services	232,169		288,933		451,413		569,277
Total revenue	646,772		688,671		1,267,177		1,277,978
Cost of revenue:
Product	134,292		120,605		259,776		216,818
Subscription services	68,912		81,473		137,407		161,220
Total cost of revenue	203,204		202,078		397,183		378,038
Gross profit	443,568		486,593		869,994		899,940
Operating expenses:
Research and development	165,690		182,492		326,963		367,823
Sales and marketing	206,836		232,732		424,989		465,178
General and administrative	56,679		60,831		108,246		128,215
Impairment and other	—		16,766		—		16,766
Total operating expenses	429,205		492,821		860,198		977,982
Income (loss) from operations	14,363		(6,228)		9,796		(78,042)
Other income (expense), net	585		6,686		(5,596)		18,435
Income (loss) before provision for income taxes	14,948		458		4,200		(59,607)
Provision for income taxes	4,026		7,573		4,813		14,909
Net income (loss)	$	10,922	$	(7,115)	$	(613)	$	(74,516)
Net income (loss) per share attributable to common stockholders, basic	$	0.04	$	(0.02)	$	(0.00)	$	(0.24)
Net income (loss) per share attributable to common stockholders, diluted	$	0.03	$	(0.02)	$	(0.00)	$	(0.24)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	297,475		309,510		296,659		307,687
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	312,720		309,510		296,659		307,687

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands, unaudited)


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024

Net income (loss)	$	10,922	$	(7,115)	$	(613)	$	(74,516)
Other comprehensive income (loss):
Unrealized net gains (losses) on available-for-sale securities	(1,222)		(1,685)		(11,709)		3,181
Less: reclassification adjustment for net gains on available-for-sale securities included in net income (loss)	(32)		(16)		(25)		(284)
Change in unrealized net gains (losses) on available-for-sale securities	(1,254)		(1,701)		(11,734)		2,897
Comprehensive income (loss)	$	9,668	$	(8,816)	$	(12,347)	$	(71,619)

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, unaudited)


	Second Quarter of Fiscal 2023
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at the end of the first quarter of fiscal 2023	297,132	$	30	$	2,367,577	$	(18,845)	$	(1,621,668)	$	727,094

Issuance of common stock upon exercise of stock options	624	—		3,828		—		—		3,828
Stock-based compensation expense	—	—		84,140		—		—		84,140
Vesting of restricted stock units	3,542	—		—		—		—		—
Tax withholding on vesting of restricted stock units	(110)	—		(2,793)		—		—		(2,793)



Repurchases of common stock	(2,387)	—		(60,579)		—		—		(60,579)

Other comprehensive loss	—	—		—		(1,254)		—		(1,254)
Net income	—	—		—		—		10,922		10,922
Balance at the end of the second quarter of fiscal 2023	298,801	$	30	$	2,392,173	$	(20,099)	$	(1,610,746)	$	761,358


	Second Quarter of Fiscal 2024
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at the end of the first quarter of fiscal 2024	306,453	$	31	$	2,521,145	$	(10,906)	$	(1,604,463)	$	905,807
Issuance of common stock upon exercise of stock options	2,610	—		25,263		—		—		25,263
Stock-based compensation expense	—	—		91,012		—		—		91,012
Vesting of restricted stock units	3,505	—		—		—		—		—
Tax withholding on vesting of restricted stock units	(134)	—		(5,068)		—		—		(5,068)


Repurchases of common stock	(595)	—		(21,970)		—		—		(21,970)

Issuance of common stock upon conversion of convertible senior notes	—	—		100		—		—		100
Other comprehensive loss	—	—		—		(1,701)		—		(1,701)
Net loss	—	—		—		—		(7,115)		(7,115)
Balance at the end of the second quarter of fiscal 2024	311,839	$	31	$	2,610,482	$	(12,607)	$	(1,611,578)	$	986,328

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, unaudited)


	First Two Quarters of Fiscal 2023
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at the end of fiscal 2022	292,633	$	29	$	2,470,943	$	(8,365)	$	(1,708,271)	$	754,336
Cumulative-effect adjustment from adoption of ASU 2020-06	—	—		(133,265)		—		98,138		(35,127)
Issuance of common stock upon exercise of stock options	1,857	—		15,261		—		—		15,261
Stock-based compensation expense	—	—		159,825		—		—		159,825
Vesting of restricted stock units	7,150	1		(1)		—		—		—
Tax withholding on vesting of equity awards	(405)	—		(12,987)		—		—		(12,987)

Common stock issued under employee stock purchase plan	2,087	—		19,396		—		—		19,396
Repurchases of common stock	(4,521)	—		(126,999)		—		—		(126,999)

Other comprehensive loss	—	—		—		(11,734)		—		(11,734)
Net loss	—	—		—		—		(613)		(613)
Balance at the end of the second quarter of fiscal 2023	298,801	$	30	$	2,392,173	$	(20,099)	$	(1,610,746)	$	761,358


	First Two Quarters of Fiscal 2024
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount
Balance at the end of fiscal 2023	304,076	$	30	$	2,493,769	$	(15,504)	$	(1,537,062)	$	941,233
Issuance of common stock upon exercise of stock options	3,400	—		29,882		—		—		29,882
Stock-based compensation expense	—	—		169,677		—		—		169,677
Vesting of restricted stock units	7,175	1		(1)		—		—		—
Tax withholding on vesting of restricted stock units	(415)	—		(11,827)		—		—		(11,827)

Common stock issued under employee stock purchase plan	1,069	—		21,219		—		—		21,219
Repurchases of common stock	(3,467)	—		(91,881)		—		—		(91,881)

Issuance of common stock upon conversion of convertible senior notes	1	—		(356)		—		—		(356)
Other comprehensive income	—	—		—		2,897		—		2,897
Net loss	—	—		—		—		(74,516)		(74,516)
Balance at the end of the second quarter of fiscal 2024	311,839	$	31	$	2,610,482	$	(12,607)	$	(1,611,578)	$	986,328

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)


	First Two Quarters of Fiscal
		2023		2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(613)	$	(74,516)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		46,549		59,913

Stock-based compensation expense		158,135		167,277
Lease impairment and abandonment charges		—		16,766

Other		3,031		(3,029)
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable, net		140,007		87,231
Inventory		(12,492)		4,460
Deferred commissions		10,626		(9,560)
Prepaid expenses and other assets		(15,563)		(358)
Operating lease right-of-use assets		16,820		19,635
Accounts payable		(6,529)		26,311
Accrued compensation and other liabilities		(37,824)		(57,524)
Operating lease liabilities		(21,442)		(13,133)
Deferred revenue		98,807		51,392
Net cash provided by operating activities		379,512		274,865
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(57,994)		(106,529)
Acquisition, net of cash acquired		(1,989)		—


Purchases of marketable securities		(17,251)		(246,617)
Sales of marketable securities		—		48,748
Maturities of marketable securities		240,993		386,703


Net cash provided by investing activities		163,759		82,305
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from exercise of stock options		15,264		29,848
Proceeds from issuance of common stock under employee stock purchase plan		19,396		21,219
Principal payments on borrowings and finance lease obligations		(251,577)		(577,067)
Proceeds from borrowings		—		100,000


Tax withholding on vesting of equity awards		(12,987)		(11,827)
Repurchases of common stock		(126,999)		(91,881)
Net cash used in financing activities		(356,903)		(529,708)
Net increase (decrease) in cash, cash equivalents and restricted cash		186,368		(172,538)
Cash, cash equivalents and restricted cash, beginning of period		476,743		591,398
Cash, cash equivalents and restricted cash, end of period		$	663,111	$	418,860

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
Cash and cash equivalents		$	652,567	$	408,900
Restricted cash		10,544		9,960
Cash, cash equivalents and restricted cash, end of period		$	663,111	$	418,860

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest		$	742	$	2,139
Cash paid for income taxes		$	4,817	$	13,988


SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION
Property and equipment purchased but not yet paid		$	11,187	$	18,406

See the accompanying notes to condensed consolidated financial statements.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1. Business Overview

Pure Storage, Inc. (the Company, we, us, or other similar pronouns) was originally incorporated in the state of Delaware in October 2009 under the name OS76, Inc. In January 2010, we changed our name to Pure Storage, Inc. We are headquartered in Santa Clara, California and have wholly owned subsidiaries throughout the world.

Note 2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

We operate using a 52/53 week fiscal year ending on the first Sunday after January 30, which for fiscal 2023 was February 5, 2023 and for fiscal 2024 will be February 4, 2024. The second quarter of fiscal 2023 and 2024 ended on August 7, 2022 and August 6, 2023. Unless otherwise stated, all dates refer to our fiscal year and fiscal quarters.

The condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Unaudited Interim Consolidated Financial Information

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2023.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2024 or any future period.

Use of Estimates

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 and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations when the price at which the performance obligation sold separately or observable past transactions are not available, useful lives of intangible assets and property and equipment, the period of benefit for deferred contract costs for commissions, stock-based compensation, provision for income taxes including related reserves, fair value of equity assumed, intangible and tangible assets acquired and liabilities assumed for business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Restricted Cash

Restricted cash is comprised of cash collateral for letters of credit related to our leases and for a vendor credit card program. At the end of fiscal 2023 and the second quarter of fiscal 2024, we had restricted cash of $10.5 million and $10.0 million.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 3. Financial Instruments

Fair Value Measurements

We define fair value as the exchange price that would be received from sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure our financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Three levels of inputs may be used to measure fair value:

•Level 1 - Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2 - Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments; and

•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on our own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.

Cash Equivalents, Marketable Securities and Restricted Cash

We measure our cash equivalents, marketable securities, and restricted cash at fair value on a recurring basis. We classify our cash equivalents, marketable securities and restricted cash within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of our marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. The following tables summarize our cash equivalents, marketable securities and restricted cash by significant investment categories and their classification within the fair value hierarchy at the end of fiscal 2023 and the second quarter of fiscal 2024 (in thousands):

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)


	At the End of Fiscal 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	49,733	$	39,189	$	—	$	10,544
Level 2

U.S. government treasury notes	425,977		170		(4,229)		421,918		32,008		389,910		—
U.S. government agencies	23,795		—		(289)		23,506		—		23,506		—
Corporate debt securities	527,164		901		(9,300)		518,765		—		518,765		—
Foreign government bonds	4,797		—		(44)		4,753		—		4,753		—
Asset-backed securities	61,371		281		(1,016)		60,636		—		60,636		—
Municipal bonds	3,950		—		(168)		3,782		—		3,782		—
Total	$	1,047,054	$	1,352	$	(15,046)	$	1,083,093	$	71,197	$	1,001,352	$	10,544


	At the End of the Second Quarter of Fiscal 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash
Level 1
Money market accounts	$	—	$	—	$	—	$	19,656	$	9,696	$	—	$	9,960
Level 2
U.S. government treasury notes	335,879		29		(3,949)		331,959		—		331,959		—
U.S. government agencies	7,394		—		(13)		7,381		—		7,381		—
Corporate debt securities	425,392		146		(6,077)		419,461		—		419,461		—
Foreign government bonds	590		—		(31)		559		—		559		—
Asset-backed securities	57,370		13		(809)		56,574		—		56,574		—
Municipal bonds	3,950		—		(107)		3,843		—		3,843		—
Total	$	830,575	$	188	$	(10,986)	$	839,433	$	9,696	$	819,777	$	9,960

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

The amortized cost and estimated fair value of our marketable securities are shown below by contractual maturity (in thousands):


	At the End of the Second Quarter of Fiscal 2024
	Amortized Cost		Fair Value
Due within one year	$	367,487	$	363,005
Due in one to five years	463,088		456,772

Total	$	830,575	$	819,777

Unrealized losses on our marketable securities have not been recorded into income because we do not intend to sell nor is it more likely than not that we will be required to sell these investments prior to recovery of their amortized cost basis. The decline in fair value of our marketable securities is largely due to the rising interest rate environment driven by current market conditions that has resulted in higher credit spreads. The credit ratings associated with our marketable securities are highly rated and the issuers continue to make timely principal and interest payments. As a result, there were no credit or non-credit impairment charges recorded in the second quarter and the first two quarters of fiscal 2023 and 2024.

The following table presents gross unrealized losses and fair values for those investments that were in a continuous unrealized loss position at the end of fiscal 2023 and the second quarter of fiscal 2024, aggregated by investment category (in thousands):


	At the End of Fiscal 2023
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government treasury notes	$	250,046	$	(130)	$	127,976	$	(4,099)	$	378,022	$	(4,229)
U.S. government agencies	5,194		(5)		18,312		(284)		23,506		(289)
Corporate debt securities	99,446		(330)		277,717		(8,970)		377,163		(9,300)
Foreign government bonds	3,200		(5)		551		(39)		3,751		(44)
Asset-backed securities	3,060		(25)		22,221		(991)		25,281		(1,016)
Municipal bonds	—		—		3,782		(168)		3,782		(168)
Total	$	360,946	$	(495)	$	450,559	$	(14,551)	$	811,505	$	(15,046)


	At the End of the Second Quarter of Fiscal 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. government treasury notes	$	222,964	$	(1,659)	$	81,980	$	(2,290)	$	304,944	$	(3,949)
U.S. government agencies	4,388		(6)		2,993		(7)		7,381		(13)
Corporate debt securities	186,849		(908)		183,833		(5,169)		370,682		(6,077)
Foreign government bonds	—		—		559		(31)		559		(31)
Asset-backed securities	37,161		(139)		17,334		(670)		54,495		(809)
Municipal bonds	—		—		3,843		(107)		3,843		(107)
Total	$	451,362	$	(2,712)	$	290,542	$	(8,274)	$	741,904	$	(10,986)

Realized gains or losses on sale of marketable securities were not significant for all periods presented.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 4. Balance Sheet Components

Inventory

Inventory consists of the following (in thousands):


	At the End of
	Fiscal 2023		Second Quarter of Fiscal 2024
Raw materials	$	24,896	$	21,050
Finished goods	25,256		26,448
Inventory	$	50,152	$	47,498

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	At the End of
	Fiscal 2023		Second Quarter of Fiscal 2024
Test equipment	$	315,290	$	347,310
Computer equipment and software	262,574		288,831
Furniture and fixtures	9,693		9,882
Leasehold improvements	71,235		92,782
Capitalized software development costs	15,806		25,663
Total property and equipment	674,598		764,468
Less: accumulated depreciation and amortization	(402,153)		(438,685)
Property and equipment, net	$	272,445	$	325,783

Depreciation and amortization expense related to property and equipment was $19.5 million and $27.2 million for the second quarter of fiscal 2023 and 2024, and $38.8 million and $53.8 million for the first two quarters of fiscal 2023 and 2024.

Intangible Assets, Net

Intangible assets, net consist of the following (in thousands):


	At the End of
	Fiscal 2023						Second Quarter of Fiscal 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount		Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Technology patents	$	19,125	$	(14,826)	$	4,299	$	19,125	$	(15,467)	$	3,658
Developed technology	83,211		(43,366)		39,845		83,211		(49,978)		33,233
Customer relationships	6,459		(2,166)		4,293		6,459		(2,626)		3,833
Trade name	3,623		(2,838)		785		3,623		(3,441)		182
Intangible assets, net	$	112,418	$	(63,196)	$	49,222	$	112,418	$	(71,512)	$	40,906

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Intangible assets amortization expense was $4.1 million for the second quarter of fiscal 2023 and 2024, and $8.2 million and $8.3 million for the first two quarters of fiscal 2023 and 2024. At the end of the second quarter of fiscal 2024, the weighted-average remaining amortization period was 1.3 years for technology patents, 2.5 years for developed technology, 4.2 years for customer relationships, and 0.2 years for trade name. We record amortization of technology patents in general and administrative expenses due to their defensive nature, developed technology in cost of product revenue, and customer relationships and trade name in sales and marketing expenses in the condensed consolidated statements of operations.

At the end of the second quarter of fiscal 2024, future expected amortization expense for intangible assets is as follows (in thousands):


Fiscal Years Ending	Estimated Future Amortization Expense
Remainder of 2024	$	7,894
2025	15,425
2026	12,830
2027	3,107
2028	1,054
Thereafter	596
Total	$	40,906

Goodwill

As of the end of fiscal 2023 and the second quarter of fiscal 2024, goodwill was $361.4 million. There were no impairments to goodwill for any period during fiscal 2023 and 2024.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	At the End of
	Fiscal 2023		Second Quarter of Fiscal 2024
Taxes payable	$	16,615	$	10,091
Accrued marketing	14,228		14,650
Accrued cloud and outside services	7,644		6,037
Supply chain-related accruals (1)	23,545		30,148
Accrued service logistics and professional services	7,927		7,454
Acquisition earn-out and deferred consideration	3,556		5,299
Finance lease liabilities, current	5,432		7,223
Customer deposits from contracts with customers	17,824		17,869
Other accrued liabilities	26,978		30,071
Total accrued expenses and other liabilities	$	123,749	$	128,842

_________________________________

(1) Primarily consists of warranty reserves and accruals related to our inventory and inventory purchase commitments with our contract manufacturers.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 5. Deferred Revenue and Commissions

Deferred Commissions

Deferred commissions consist of incremental costs paid to our sales force to obtain customer contracts.

Changes in total deferred commissions during the periods presented are as follows (in thousands):


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024
Beginning balance	$	230,998	$	248,188	$	246,307	$	245,856
Additions	36,638		45,028		63,122		80,129
Recognition of deferred commissions	(31,955)		(37,799)		(73,748)		(70,568)
Ending balance	$	235,681	$	255,417	$	235,681	$	255,417

Of the $255.4 million total deferred commissions balance at the end of the second quarter of fiscal 2024, we expect to recognize approximately 28% as commission expense over the next 12 months and the remainder thereafter.

There was no impairment related to capitalized commissions for the second quarter and first two quarters of fiscal 2023 and 2024.

Deferred Revenue

Deferred revenue primarily consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services.

Changes in total deferred revenue during the periods presented are as follows (in thousands):


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024
Beginning balance	$	1,112,473	$	1,395,670	$	1,079,872	$	1,385,650
Additions	296,676		326,173		541,256		606,441
Recognition of deferred revenue	(230,458)		(284,800)		(442,437)		(555,048)
Ending balance	$	1,178,691	$	1,437,043	$	1,178,691	$	1,437,043

Revenue recognized during the second quarter of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $201.4 million and $255.9 million. Revenue recognized during the first two quarters of fiscal 2023 and 2024 from deferred revenue at the beginning of each respective period was $341.7 million and $430.3 million.

Remaining Performance Obligations

Total remaining performance obligations (RPO) which is contracted but not recognized revenue was $1.9 billion at the end of the second quarter of fiscal 2024. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods. Product orders are generally cancelable until delivery has occurred, and as such, unfulfilled product orders are excluded from RPO. Of the $1.9 billion RPO at the end of the second quarter of fiscal 2024, we expect to recognize approximately 47% over the next 12 months, and the remainder thereafter.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 6. Debt

Revolving Credit Facility

In August 2020, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured revolving credit facility of $300.0 million (Credit Facility). Proceeds from the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or early termination by us, on the earlier of (i) August 24, 2025 or (ii) 91 days prior to the stated maturity of the Notes unless, on such date and each subsequent day until the Notes are paid in full, the sum of our cash, cash equivalents and marketable securities and the aggregate unused commitments then available to us exceed $625.0 million.

In March 2023, we amended the Credit Facility to transition LIBOR to the Secured Overnight Financing Rate (SOFR) effective April 1, 2023. The annual interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% or term SOFR (based on one, three or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% to 2.25%. Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval if the interest period is longer than three months). We are also required to pay a commitment fee on the unused portion of the commitments ranging from 0.25% to 0.40% per annum, payable quarterly in arrears.

In April 2023, we borrowed $100.0 million under the Credit Facility which remained outstanding at the end of the second quarter of fiscal 2024. The outstanding loan bore weighted-average interest at an annual rate of 6.53% and 6.49% based on a one-month term SOFR period resulting in interest expense of $1.7 million and $2.1 million during the second quarter and first two quarters of fiscal 2024.

Loans under the Credit Facility are collateralized by substantially all of our assets and subject to certain restrictions and two financial ratios measured as of the last day of each fiscal quarter: a Consolidated Leverage Ratio not to exceed 4.5:1 and an Interest Coverage Ratio not to be less than 3:1. We were in compliance with all covenants under the Credit Facility at the end of the second quarter of fiscal 2024.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Convertible Senior Notes

In April 2018, we issued $575.0 million of 0.125% convertible senior notes (the Notes) due April 15, 2023, in a private placement to qualified institutional buyers. The Notes were senior unsecured obligations and interest was payable semi-annually in arrears on April 15 and October 15 of each year. In April 2023, we repaid the entire principal balance with approximately $575.0 million in cash and 1,065 shares of our common stock.

The Notes consisted of the following (in thousands):


	At the End of
	Fiscal 2023		Second Quarter of Fiscal 2024
Principal	$	575,000	$	—

Less: debt issuance costs, net of amortization	(494)		—
Net carrying amount of the Notes	$	574,506	$	—

Prior to repayment, the effective interest rate on the Notes was 0.6%. The following table sets forth total interest expense recognized related to the Notes (in thousands):


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024
Amortization of debt issuance costs	$	649	$	—	$	1,297	$	494
Contractual interest expense	179		—		358		136
Total interest expense	$	828	$	—	$	1,655	$	630

In connection with the issuance of the Notes, we entered into capped call transactions with certain of the underwriters and their affiliates (the Capped Calls), which gave us the option to purchase up to a total of 21.9 million shares of our common stock to offset the economic dilution in excess of the principal amount upon conversion of the Notes at maturity up to a cap of $39.66 per share. The Capped Calls were not exercised and expired in April 2023.

Note 7. Commitments and Contingencies

Letters of Credit

At the end of fiscal 2023 and the second quarter of fiscal 2024, we had outstanding letters of credit in the aggregate amount of $8.0 million in connection with our facility leases. The letters of credit are collateralized by either restricted cash or the Credit Facility and mature on various dates through September 2030.

Legal Matters

From time to time, we have become involved in claims and other legal matters arising in the normal course of business. We investigate these claims as they arise. Although claims are inherently unpredictable, we currently are not aware of any matters that we expect to have a material adverse effect on our business, financial position, results of operations or cash flows. Accordingly, no material loss contingency has been recorded on our condensed consolidated balance sheet as of the end of the second quarter of fiscal 2024.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Indemnification

Our arrangements generally include certain provisions for indemnifying customers against liabilities if our products or services infringe a third party’s intellectual property rights. Other guarantees or indemnification arrangements include guarantees of product and service performance and standby letters of credit for lease facilities. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any material costs as a result of such obligations and have not accrued any liabilities related to such obligations in the condensed consolidated financial statements. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions.

Note 8. Leases

We lease office facilities under non-cancelable operating lease agreements expiring through July 2032. Our lease agreements do not contain any material residual value guarantees or restrictive covenants.

In June 2022, we entered into an eight-year sublease through July 2030 for a new headquarters facility in Santa Clara, California with total lease payments of $100.2 million that include rent escalation and abatement clauses. The sublease of space with total lease payments of $89.4 million commenced in August 2022. Additional space with lease payments of $10.8 million will commence in May 2024 and end in July 2030, and are excluded from our future lease payments disclosure below.

During the second quarter of fiscal 2024, we ceased use of our former corporate headquarters and recorded an impairment charge to operating lease right-of-use assets of $15.9 million and an abandonment charge of $0.9 million related to these leases, which are presented in Impairment and Other in the condensed consolidated statement of operations. The impairment charge represents the amount that the carrying value of the assets exceeded their estimated fair values, which were determined by utilizing an undiscounted cash flow approach that incorporated a sublease assumption.

We also lease certain engineering test equipment under financing agreements. These finance leases have a lease term of three years and contain a bargain purchase option at the end of the respective lease term. It is reasonably certain that the bargain purchase option will be exercised.

The components of lease costs during the periods presented were as follows (in thousands):


	Second Quarter of Fiscal				First Two Quarters of Fiscal
	2023		2024		2023		2024
Fixed operating lease cost	$	10,753	$	12,652	$	21,071	$	26,653

Variable lease cost (1)	1,932		3,590		3,822		5,674
Short-term lease cost (12 months or less)	764		1,075		1,616		2,133

Finance lease cost:
Amortization of finance lease right-of-use assets	535		1,100		1,003		2,200
Interest on finance lease liabilities	59		128		99		257
Total finance lease cost	$	594	$	1,228	$	1,102	$	2,457

Total lease cost	$	14,043	$	18,545	$	27,611	$	36,917

____________________________________

(1) Variable lease cost predominantly included common area maintenance charges.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Supplemental information related to leases is as follows (in thousands):


	At the End of
	Fiscal 2023			Second Quarter of Fiscal 2024
Operating leases:
Weighted-average remaining lease term (in years)	5.2			5.2
Weighted-average discount rate	6.1		%	6.9		%

Finance leases:
Finance lease right-of-use assets, gross (1)	$	17,596		$	17,596
Accumulated amortization (1)	(3,412)			(5,612)
Finance lease right-of-use assets, net (1)	$	14,184		$	11,984
Finance lease liabilities, current (2)	5,432			7,223
Finance lease liabilities, non-current (3)	4,765			2,869
Total finance lease liabilities	$	10,197		$	10,092
Weighted-average remaining lease term (in years)	3.3			2.8
Weighted-average discount rate	5.1		%	5.1		%

____________________________________

(1) Included in the condensed consolidated balance sheets within property and equipment, net.

(2) Included in the condensed consolidated balance sheets within accrued expenses and other liabilities.

(3) Included in the condensed consolidated balance sheets within other liabilities, non-current.

Supplemental cash flow information related to leases is as follows (in thousands):


	First Two Quarters of Fiscal
	2023		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	27,150	$	18,643
Financing cash outflows for finance leases	$	1,124	$	1,540
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	77,449	$	10,840
Finance leases	$	7,737	$	—

Future lease payments under our non-cancelable leases at the end of the second quarter of fiscal 2024 were as follows (in thousands):


Fiscal Years Ending	Operating Leases		Finance Leases
The remainder of 2024	$	26,350	$	5,459
2025	50,579		4,728
2026	38,891		183
2027	21,654		—
2028	24,020		—
Thereafter	47,688		—
Total future lease payments	209,182		10,370
Less: imputed interest	(35,294)		(278)
Present value of total lease liabilities	$	173,888	$	10,092

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 9. Stockholders’ Equity

Preferred Stock

We have 20.0 million authorized shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors. At the end of the second quarter of fiscal 2024, there were no shares of preferred stock issued or outstanding.

Class A and Class B Common Stock

We have two classes of authorized common stock, Class A common stock, which we refer to as our "common stock", and Class B common stock. At the end of the second quarter of fiscal 2024, we had 2.0 billion authorized shares of Class A common stock and 250.0 million authorized shares of Class B common stock, with each class having a par value of $0.0001 per share. At the end of the second quarter of fiscal 2024, 311.8 million shares of Class A common stock were issued and outstanding.

Share Repurchase Program

In March 2023, our Board of Directors authorized the repurchase of up to an additional $250.0 million of our common stock. During the second quarter of fiscal 2024, we repurchased and retired approximately 0.6 million shares of common stock at an average purchase price of $36.89 per share for an aggregate repurchase price of $22.0 million. During the first two quarters of fiscal 2024, we repurchased and retired approximately 3.5 million shares of common stock at an average purchase price of $26.48 per share for an aggregate repurchase price of $91.8 million. At the end of the second quarter of fiscal 2024, $189.3 million remained available for future share repurchases under our current repurchase authorization.

Note 10. Equity Incentive Plans

Equity Incentive Plans

We maintain two equity incentive plans: the 2009 Equity Incentive Plan (the 2009 Plan) and the 2015 Equity Incentive Plan (the 2015 Plan). The 2015 Plan serves as the successor to our 2009 Plan and provides for grants of incentive stock options to our employees and non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance stock awards, performance cash awards, and other forms of stock awards to our employees, directors and consultants. Our equity awards generally vest over a two to four year period and expire no later than ten years from the date of grant.

We net-share settle equity awards held by certain employees by withholding shares upon vesting to satisfy tax withholding obligations. The shares withheld to satisfy employee tax withholding obligations are returned to our 2015 Plan and will be available for future issuance. Payments for employees’ tax obligations to the tax authorities are recognized as a reduction to additional paid-in capital and reflected as a financing activity in our condensed consolidated statements of cash flows.

Table of Contents

PURE STORAGE, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

2015 Amended and Restated Employee Stock Purchase Plan

Under our Amended and Restated 2015 Employee Stock Purchase Plan (2015 ESPP), our Board of Directors (or a committee thereof) has the authority to establish the length and terms of the offering periods and purchase periods and the purchase price of the shares of common stock which may be purchased under the plan. The current offering terms allow eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 30% of their eligible compensation, subject to a cap of 3,000 shares on any purchase date, a dollar cap of $7,500 per purchase period, or $25,000 in any calendar year (as determined under applicable tax rules). The current terms also allow for a 24-month offering period beginning March 16th and September 16th of each year, with each offering period consisting of four 6-month purchase periods, subject to a reset provision. Further, currently, on each purchase date, eligible employees may purchase our common stock at a price per share equal to 85% of the lesser of the fair market value of our common stock (1) on the first trading day of the applicable offering period or (2) the purchase date.

Under the reset provision currently authorized, if the closing stock price on the offering date of a new offering falls below the closing stock price on the offering date of an ongoing offering, the ongoing offering would terminate immediately following the purchase of ESPP shares on the purchase date immediately preceding the new offering and participants in the terminated offering would automatically be enrolled in the new offering (ESPP reset), resulting in a modification charge to be recognized over the new offering period. An ESPP reset occurred during the first quarter of fiscal 2024 that resulted in a modification charge of $16.7 million, which is being recognized over the new offering period ending March 15, 2025.

Stock-based compensation expense related to our 2015 ESPP was $4.9 million and $6.5 million during the second quarter of fiscal 2023 and 2024, and $11.8 million and $12.6 million during the first two quarters of fiscal 2023 and 2024. At the end of the second quarter of fiscal 2024, total unrecognized stock-based compensation cost related to our 2015 ESPP was $42.3 million, which is expected to be recognized over a weighted-average period of 1.6 years.

Stock Options

A summary of the stock option activity under our equity incentive plans and related information is as follows:


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value (in thousands)
Balance at the end of fiscal 2023	9,268,498	$	10.90	2.7	$	176,674

Options exercised	(3,400,405)	8.79
Options forfeited	(1,778)	1.90

Pure Storage, Inc. [PSTG] Filings
10-Q	[2023-09-14]
10-Q	[2023-06-16]
10-K	[2023-04-03]
10-Q	[2022-12-15]
10-Q	[2022-09-15]
10-Q	[2022-06-16]
10-K	[2022-04-07]
10-Q	[2021-12-07]
10-Q	[2021-09-08]
10-Q	[2021-06-08]
10-K	[2021-03-25]
10-Q	[2020-12-09]
10-Q	[2020-09-11]
10-Q	[2020-06-11]
10-K	[2020-03-27]
10-Q	[2019-12-09]
10-Q	[2019-08-30]
10-Q	[2019-06-07]
10-K	[2019-03-26]
10-Q	[2018-12-06]
10-Q	[2018-09-04]
10-Q	[2018-06-08]
10-K	[2018-03-26]
10-Q	[2017-12-08]
10-Q	[2017-09-05]
10-Q	[2017-06-07]
10-K	[2017-03-29]
10-Q	[2016-12-13]
10-Q	[2016-09-06]
10-Q	[2016-06-03]
10-K	[2016-03-25]
10-Q	[2015-12-11]
S-1	[2015-08-12]