Pure Storage Non-GAAP EPS of $0.36 beats by $0.10, revenue of $708.6M beats by $77.67M

• Pure Storage press release (NYSE:PSTG): Q4 Non-GAAP EPS of $0.36 beats by $0.10.
• Revenue of $708.6M (+41.0% Y/Y) beats by $77.67M.
• Guidance Q1 FY23: Revenue Approx. $520 Million (vs. consensus $517.65M); Non-GAAP Operating Income $16 Million; Non-GAAP Operating Margin Approx. 3%
• Guidance FY23: Revenue Approx. $2.6 Billion (vs. consensus $2.52B); Est. 19%-20% Y/Y Growth; Non-GAAP Operating Income $300 Million; Non-GAAP Operating Margin Approx. 11.5%

Comments

[pjv115]

Author has GAAP and non-GAAP confused. They did $0.05 GAAP & $0.36 non-GAAP EPS beating by $0.10 cents.

[pjv115]

@pjv115 thank you for your correction!

[Druncle Joe]

Great all around.. hoping for a dip in the morning. Guidance on operating income for next year 33% above the street with new $250 mil buyback.

[ccp4u]

This quarter shows that the model is working and that this solution is world class and driving more and more adoption.

-- Q4 revenue $708.6 million, up 41% year-over-year
-- Full-year revenue $2.18 billion, up 29% year-over-year
-- Q4 subscription services revenue $216.0 million, up 42% year-over-year
-- Full-year subscription services revenue $738.5 million, up 37%
year-over-year
-- Q4 subscription annual recurring revenue (ARR) $848.8 million, up 31%

-- Full-year GAAP operating loss $(98.4) million

They are now growing faster than historical rates and with more and better clients. FB/Meta could have chosen ANYONE and they chose Pure. The metaverse could possibly be the most storage intense application (alternative world?) ever. How big these numbers could get is a real unknown. I am obviously bullish and very long this name. But we do have to eventually make money. This may have Mr. Market to carve back the 14% jump today. If they do...I will be buying again. By the way, I am very short the overall market...so this long position is a rarity in my current portfolio. I was hoping for numbers like these...and they delivered.

[DomL]

@ccp4u Still short? looks like this thing is about to blast off

[ccp4u]

@DomL Still short the market and bonds. Long oil and select names (PSTG). Bear market rallies can and will rip your face off. Manage leverage and maintain liquidity.

[Kanye Cheetos]

Quit with the non-GAAP already, first off.
Other than to mislead, how is this useful?

Digging deeper, into actual GAAP numbers, they lost $98.4 million.

The report states they profited 36c a share?

They lose $8m a month.

They've diluted another 5% YoY from 272m to 289m shares outstanding.

So actual eps is -.34.

Or am I missing something?

[alphatraz]

@Kanye Cheetos you are missing that their revenue is not only growing but accelerating, and that their costs itemized in GAAP are fixed, in the long term, **relative to** their growth. In other words your comment demonstrates that you don't understand growth investing.

[LeonInvestor]

Wrong recap "Q4 Non-GAAP EPS of $0.05 misses by $0.21."
It's in fact: +$0.36. Beat by $0.15.

[Illuminati Investments]

LOL, the market loves that they lost an extra $61M but gained $78M of revenue...

[ddeatkine]

looks good...long PSTG