Everpure, Inc. Class A common stock

the call over to Paul Dyets, Vice President of Investor Relations. Please go ahead.

Thank you. Good afternoon everyone and welcome to PUR's first quarter fiscal year 2025 earnings conference call. On the call we have Charlie Giancarlo, Chief Executive Officer, Kevin Chrysler, Chief Financial Officer, and Rob Lee, Chief Technology Officer. Following Charlie's and Kevin's prepared remarks, we will take questions. Our press release was issued after closed 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 and operations, our strategy, technology and its advantage is trends. Any forward-looking see 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 those public filings. During this call, all financial metrics and associated growth rates are non-GAAP measures other than revenue, remaining performance obligations, or RPO, and cash and investments. Reconciliations to the most directly comparable GAAP measures are provided in our earnings press release and slides. This call is being broadcast live on the Peer 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 Peer Storage. Our second quarter fiscal 2025 quiet period begins at the close of business Friday, July 19, 2024. With that, I'll turn it over to Charlie.

Thank you, Paul. Good afternoon, everyone, and welcome to our Q1 fiscal 2025 earnings call. Thank you for joining us today. We are pleased with our Q1 performance, returning to double-digit revenue growth for the quarter. Our highly differentiated platform strategy continues to demonstrate success and rings true with customers. The recent advances in AI have opened up multiple opportunities for Pure in several market segments. Of greatest interest to the media and financial analysts has been the high performance data storage market for large public or private GPU farms. A second opportunity is providing specialized storage for enterprise inference engine or RAG environments. The third opportunity, which we believe to be the largest in the long term, is upgrading all enterprise storage to perform as a storage cloud, simplifying data access and management and eliminating data silos, enabling easier data access for AI. Pure is seeing early success in all three of these AI-based opportunities, and we can address them all with our unified Purity platform. Unlike other vendors, we do not require different operating system software to address different storage needs. AI inevitably calls customers' attention to the fragmented state of their data caused by their disparate data storage infrastructure. Data stored on widely diverse platforms with different operating and management systems, which are siloed and individually managed, are unable to feed real-time data to AI inference engines. The Pure Storage Platform Strategy provides a unified and integrated data storage and delivery system across customers' various data environments. It facilitates seamless management and data access across data centers and the cloud. With simplified universal policies and management, we will be announcing significant new advances to this platform strategy next month at our Accelerate Customer and Partner Conference. Our platform vision played a crucial role in securing several strategic enterprise deals this quarter. The ease of use of our platform and a notable interest in saving power and reduced environmental impact led to a notable win with a managed service provider specializing in high performance computing. Their accelerated environment for both large language models and inferencing delivers top tier AI infrastructure and training solutions for their financial services, energy and life sciences customers. Enterprise and international market segments were strong this last quarter. Our E family continues its strong growth and was also a key enabler in our discussions with hyperscalers. FlashBlade had a record Q1, including in AI workloads. We are seeing broader adoption across geographies, including both prospects and existing customers. FlashBlade's ability to span the price performance spectrum from the highest sustained performance required for AI to low-cost applications such as backup is incredibly compelling. We continue to make significant progress in penetrating every area of online data storage with our Purity and Direct Flash technology, both in the enterprise and in the cloud. The quantity and quality of our discussions with hyperscalers have advanced considerably this past quarter. Hyperscalers have a broad range of storage environments. These include high performance storage based on SSDs, multiple levels of lower cost HDD based nearline storage, and tape based offline storage. We are in a unique position to provide our purity and direct flash technology for both their high performance and their nearline environments. which make up the majority of their storage purchases. Our most advanced engagements now include both testing and commercial discussions. As such, we continue to believe we will see a design win this year. Pure storage technology brings multiple advantages to hyperscaler infrastructure. Data storage is either first or second in power and space consumption in data centers. First, Purity and DirectFlash reduces the power space and cooling requirements for hyperscale data storage by a factor of 10 or more. Second, Pure reduces the need for sophisticated caching and other technologies that hyperscalers use to make up for the relatively low performance of hard drives. Third, Pure's technology improves server performance by accelerating data delivery. And finally, Pure's technology significantly improves both the reliability and the longevity of their storage, thereby significantly reducing costs. Increased energy use is a major issue in cost for both hyperscalers and enterprise data centers. This is even more important as introducing AI in data centers promises to consume ever greater amounts of power and cooling. Pure storage can dramatically reduce the power usage in existing data centers by upwards of 20%, bringing significant power and cooling for AI workloads. Another reason why hyperscalers are interested in pure technology. In the enterprise, we are seeing continued momentum and opening new opportunities with our cloud operating model. Enterprises want their data centers to operate the same way as cloud companies operate theirs. Customers should be able to automate and manage storage as virtualized clouds of storage, whether located on-prem or in the cloud. Delivering a complete cloud operating model, Evergreen One allows our customers to consume storage as a service based entirely on guaranteed service level agreements, enabling them to store their data whenever and wherever they want with guaranteed reliability and performance. It provides customers with hands-free storage services where and when they need it, managed entirely through our Pure One management portal. Additionally, hybrid cloud has now become the standard design practice by enterprises. They now expect the same cloud experience of self-service, flexibility, and agility from their private data center infrastructure. It's no longer only about price performance and features. Pure Fusion solves the complexity of traditional IT and storage by joining storage arrays into virtual storage pools. Managers can manage their entire fleet of arrays by policy and are able to set up custom storage services for both IT and developers. Pure Fusion combines enterprise storage with a cloud operating model, cloud agility and scalability, and enables easier access to real-time data stores for applications such as AI. Hear more about Pure Fusion at next month's Pure Accelerate event. Moving on to the market as a whole, we have not seen a significant change in the overall macro environment or customers' intentions to buy. While we have great enthusiasm for our opportunities in AI, Spending on AI may put pressure on other parts of IT budgets. We believe that the storage market will fare relatively well in this IT economy, but have yet to see a major inflection. Overall, we believe that we are well positioned in all of the segments we compete in, and we will continue to gain share across our markets. Our leadership position is now clearly demonstrated by our competitors' increased fervor to mimic our strategy and our messages. We also believe that long term secular trends for data storage are no longer based on the expectation of commoditized storage, but rather on high technology data storage systems and run very much in our favor. We will discuss these long term trends in more detail at our upcoming financial analyst session at Accelerate. With that, I'll turn it over to Kevin.