Everpure, Inc. Class A common stock

Good day, ladies and gentlemen. Thank you for standing by and welcome to the Peer Storage Third Quarter Fiscal Year 2022 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. At the conclusion of our prepared remarks, there will be a question and answer session. If anyone should require assistance during the conference, please press star zero on your touch-tone pad at any time. As a reminder, this call is being recorded. I'd now like to introduce your host for today's conference call, Mr. Sanjot Khurana. Mr. Khurana, please go ahead.

Thank you and good afternoon. Welcome to the Pure Storage third quarter fiscal 2022 earnings conference call. My name is Sanjot Khurana, Vice President of Investor Relations at Pure Storage. Joining me today are our CEO, Charlie Giancarlo, our CFO, Kevin Chrysler, and our CTO, Rob Lee. Before we begin, I would like to remind you that during the call, management will make some forward-looking statements which are subject to various risks and uncertainties. These include statements regarding the COVID-19 pandemic and related disruptions, our growth and sales prospects, competitive industry and technology trends, our strategy and its advantages, our current and future product offerings, and our business and operations. Any forward-looking statements that we make are based on facts and assumptions as of today, and we undertake no obligation to update them. Our actual results may differ materially from the results forecasted, and reported results should not be considered as an indication of future performance. A discussion of some of the risks and uncertainties relating to our business is contained in our filings with the SEC, and we refer you to these public filings. During this call, we will discuss non-GAAP measures in talking about the company's performance and reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. Additionally, when we refer to sales in our prepared remarks, we mean total bookings, excluding cancelable orders. This call is being broadcast live on the Pure Storage Investor Relations website and is being recorded for playback purposes. An archive of the webcast will be available on the IR website and is the property of Pure Storage. With that, I'll turn the call over to our CEO, Charlie Giancarlo.

Welcome, everyone. As American families and many of you get ready for Thanksgiving, all of us at Pure extend to you our thanks for joining us today to discuss another terrific quarter. We are very pleased with our Q3 results. which demonstrate what can be achieved when great innovation and enthusiastic customer focus work together. Our Q3 revenue was up 37% year-over-year, with double-digit quarter-over-quarter growth across all product lines and across both US and international markets. We are also pleased with our strong profitability trend continuing through this fiscal year. With a sustained and steady growth across all key regions, products, and customer segments, Pure continues to take share in this large and growing market. Our strategy to deliver a modern data experience to our customers and partners continues to lead the industry with new firsts almost every quarter as we deliver on all aspects of the modern data experience, modernizing data infrastructure, operations, and applications. This quarter, we announced the latest additions to our product portfolio that bring storage and applications even closer together. PureFusion, our new software-defined multi-cloud self-service storage environment, is a major advance that will allow customers to better manage their data in a multi-cloud environment while enabling developers to deploy sophisticated data storage services on demand. We also announced Portworx Data Services, which will further allow those self-samed developers to quickly deploy production-grade data services on Kubernetes. Together with advances in our Pure One digital experience, Pure is enabling a cloud operating model for enterprises everywhere, and engagement has been strong. Our next announcement on December 8th will push infrastructure modernization even further and extend the breadth of our FlashArray platform. Today, all of Pure's capabilities are available as a service. We continue to see strong growth across Evergreen, Pure as a Service, and Portworx, which together represent a third of our revenues. Gartner has once again validated Pure's leadership in both of their storage magic quadrants. recognizing our execution and vision in primary storage and in the rapidly growing file and object market for unstructured data. Given our speed and breadth of innovation, it should not be a surprise that more and more customers are purchasing the full Pure portfolio. This quarter, the Commonwealth of Massachusetts chose a full Pure as-a-service solution with FlashArray and FlashStack for block performance and capacity, FlashBlade for unified fast file and object, and our Portworx suite to containerize and modernize applications. The Commonwealth of Massachusetts said that what put PURE ahead of the competition was our ability to provide them with what they describe as a data plane as a service offering that can work with any data type, provide ransomware protection and rapid recovery, and scale seamlessly, all delivered through an SLA for transparency, reliability, and cost effectiveness. One of their first use cases will be to modernize an application for Massachusetts law enforcement. Using PURE and Portworx, they will provide fast, distributed access to criminal record information with no degradation even under heavy load, increasing the safety of their law enforcement personnel and the public. PURE continues to see strong adoption in the public sector. State and local governments and agencies have long been a strong segment for PURE. I am pleased that we are seeing steady progress and traction with U.S. federal and international governmental agencies. For instance, we now have deployments in all three branches of the U.S. federal government and three branches of the U.S. Department of Defense. Enterprise and commercial markets continue to experience strong growth. Pure is proud to deliver our modern data experience to now more than 50% of Fortune 500 companies and almost 50% of Fortune's global 500 list companies, which speaks to the universal appeal of our portfolio. I will now turn briefly to two topics very much in the news and on investors' minds. Our global customers and prospects are beginning to appreciate the power and green advantage of Pure. And by power, I am not referring to IOPS or throughput, and by green, I am not referring to our evergreen subscriptions. Simply speaking, Pure's products use dramatically less energy and create far less waste than competitive offerings. We take this expanded scope and responsibility very seriously, and look forward to publishing our first environmental, social, and governance report early next calendar year. When customers learn how much our solutions reduce energy, space, and waste in their environmental footprint, Pure becomes a true partner in helping them achieve their ESG objectives. Supply chains are on everyone's mind and no company is immune to this disruption. As we have reported in the past, Pure has built a very robust supply chain based on strong, open and trusted relationships with our partners. Our strategy incorporates manufacturing and operations in multiple sites and on multiple continents to enable flexibility, resilience and global responsiveness. This past quarter, global semiconductor availability was more challenging than last quarter. and we expect this environment to continue into next year. However, our operations team and the strong partnerships we've built with our suppliers have continued to work well, minimizing impacts to our customers and our business. Knowing that our products are helping people all over the world is incredibly motivating to our team. I am proud of how well Pure employees have innovated executed and delivered our modern data experience to customers despite the continuing COVID environment and the many other challenges they may individually face. I'd like to give a special shout out and congratulations to our new Chief Revenue Officer, Dan Fitzsimmons, who in his six years at Pure has risen to every challenge we've thrown at him, most recently leading our America's business to increasing excellence. Dan's elevation is indicative of the deep leadership and bench strength we have across the company. Given the effectiveness of our team, the quality of our products, and the strength of our customer and partner relationships, the future remains bright for Pure. Kevin, over to you.