Q1 2025 Pure Storage Inc Earnings Call Transcript
Key Points
- Pure Storage Inc (PSTG) returned to double-digit revenue growth in Q1 FY 2025.
- The company saw strong customer demand for its FlashBlade solutions, including FlashBlade E.
- Subscription services annual recurring revenue (ARR) grew 25% to over $1.4 billion.
- Pure Storage Inc (PSTG) achieved a new high record for Q1 operating profit at $100 million.
- The company continues to make significant progress in penetrating the hyperscaler market with its Purity and DirectFlash technology.
- The macro spending environment remains uncertain, with no major inflection in IT spending observed.
- Q1 TCV sales for storage as a service offerings were $56 million, which was slower than expected.
- Headcount decreased slightly to approximately 5,500 employees, raising concerns about sales capacity.
- Gross margins may face pressure from aggressive pricing in secondary and lower storage tiers.
- The company did not repurchase shares of stock during Q1 due to trading restrictions.
Good day. Welcome to the Pure Storage First Quarter Fiscal 2025 Financial Results Conference Call. Today's conference is being recorded. (Operator Instructions) At this time, I'd like to turn the call over to Paul Ziots. Vice President of Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone, and welcome to Pure's First Quarter Fiscal Year 2025 Earnings Conference Call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Kevan's prepared remarks, we will take questions.
Our press release was issued after post market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com. On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial outlook in operations, our strategy, technology and its advantages, our current
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