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Pure Storage Announces Fiscal Fourth Quarter and Full Year 2024 Financial Results

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1 year ago

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FY24 TCV sales growth of Evergreen//One and Evergreen//Flex offerings exceeding 100%
Q4 RPO growing 31% year-over-year

SANTA CLARA, Calif., Feb. 28, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, announced financial results for its fiscal fourth quarter and full year 2024 ended February 4, 2024.

“Our data platform strategy is revolutionizing the storage industry. It helps enterprises and service providers unify fragmented data environments into a seamless, modern, and efficient system—a system performance-ready for artificial intelligence,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “And this can all be done now with Flash reliability, performance and economics, even at hard disk system price levels.”

Fourth Quarter and Full Year Financial Highlights

Q4 revenue $789.8 million, a decrease of 3% year-over-yearFull-year revenue $2.8 billion, up 3% year-over-year

Q4 subscription services revenue $328.9 million, up 24% year-over-yearFull-year subscription services revenue $1.2 billion, up 26% year-over-year

Q4 subscription annual recurring revenue (ARR) $1.4 billion, up 25% year-over-yearRemaining performance obligations (RPO) $2.3 billion, up 31% year-over-year

Q4 GAAP gross margin 72.0%; non-GAAP gross margin 73.7%Full-year GAAP gross margin 71.4%; non-GAAP gross margin 73.2%

Q4 GAAP operating income $57.4 million; non-GAAP operating income $157.8 millionFull-year GAAP operating income $53.6 million; non-GAAP operating income $458.4 million

Q4 GAAP operating margin 7.3%; non-GAAP operating margin 20.0%Full-year GAAP operating margin 1.9%; non-GAAP operating margin 16.2%

Q4 operating cash flow $244.4 million; free cash flow $200.9 millionFull-year operating cash flow $677.7 million; free cash flow $482.6 million

Total cash, cash equivalents, and marketable securities $1.5 billion

Returned approximately $21.4 million and $135.7 million in Q4 and FY24, respectively, to stockholders through share repurchases of 0.6 million shares and 4.7 million shares, respectively.

Authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program.

“We closed FY24 delivering strong RPO growth, and exceeded our revenue and operating margin guidance in Q4,” said Kevan Krysler, Chief Financial Officer, Pure Storage. “Looking to FY25, we expect double-digit revenue growth and strong growth of RPO, fueled by our highly differentiated data storage platform, and strength of our Evergreen and Portworx consumption and subscription offerings.”

Full Year Company Highlights

Strong Subscription Services Momentum: Pure Storage set a new industry standard in FY24 with eight total service level agreements (SLAs) across its Evergreen portfolio, including the first and only Paid Power & Rack commitment for Evergreen//One and Evergreen//Flex, in addition to first-of-its-kind energy efficiency and ransomware recovery guarantees.Market-Leading Platform Innovation: In FY24, Pure Storage introduced the cost-optimized E//Family with FlashBlade//E, followed by FlashArray//E, enabling customers to leverage flash storage for any workload. Additionally, Pure delivered its largest ever performance, efficiency, and security advancements with the next generation FlashArray//X and FlashArray//C, expanded its strategic partnership with Microsoft with the introduction of Pure Cloud Block Store for Azure VMware Solution, and delivered the first and only native, unified block and file experience purpose-built for flash storage with the GA of File Services for FlashArray.AI Customer Impact: Among the first enterprise data storage vendors to receive the NVIDIA DGX BasePOD certification, and delivering critical validated designs with key alliance partners, Pure Storage continued to add to its 100+ customers across a wide variety of AI use cases, including self-driving cars, financial services, genomics, gaming, manufacturing, and many more.Industry Recognition and Accolades: In FY24, Pure Storage was recognized as a leader for the tenth consecutive year in the Gartner Magic Quadrant for Primary Storage, and the third consecutive year in the Gartner Magic Quadrant for Distributed File Systems and Object Storage. Additionally, Pure Storage was named a leader in the inaugural IDC MarketSpace: Worldwide Container Data Management 2023 Vendor Assessment.

First Quarter and FY25 Guidance

Q1 and FY25 revenue and revenue growth rates are reflective of continuing outperformance and increased momentum in Evergreen//One Storage-as-a-Service.

Q1FY25

Revenue

$680M

Revenue YoY Growth Rate

15.4 %

Non-GAAP Operating Income

$68M

Non-GAAP Operating Margin

10 %

FY25

Revenue

$3.1B

Revenue YoY Growth Rate

10.5 %

TCV Sales for Evergreen//One &
Evergreen//Flex Subscription Service
Offerings

$600M

TCV Sales for Evergreen//One &
Evergreen//Flex Subscription Service
Offerings YoY Growth Rate

Approximately 50%

Non-GAAP Operating Income

$532M

Non-GAAP Operating Margin

17 %

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Share Repurchase Authorization

Pure’s audit committee has approved incremental share repurchases of up to an additional $250 million under its stock repurchase program, in addition to the $145 million remaining under the existing program authorization. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management’s discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.

Conference Call Information

Pure will host a teleconference to discuss the fiscal fourth quarter and full year 2024 results at 2:00 pm PT today, February 28, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

KeyBanc Capital Markets Emerging Technology Summit
Date: Tuesday, March 5, 2024
Time: 11:30 a.m. PT / 2:30 p.m. ET
Chief Financial Officer Kevan Krysler and Chief Technology Officer Rob Lee

Morgan Stanley Technology, Media & Telecom Conference
Date: Wednesday, March 6, 2024
Time: 10:15 a.m. PT / 1:15 p.m. ET
Chairman and CEO Charles Giancarlo and Chief Financial Officer Kevan Krysler

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.

About Pure Storage

Pure Storage (NYSE: PSTG) uncomplicates data storage, forever. Pure delivers a cloud experience that empowers every organization to get the most from their data while reducing the complexity and expense of managing the infrastructure behind it. Pure’s commitment to providing true storage as-a-service gives customers the agility to meet changing data needs at speed and scale, whether they are deploying traditional workloads, modern applications, containers, or more. Pure believes it can make a significant impact in reducing data center emissions worldwide through its environmental sustainability efforts, including designing products and solutions that enable customers to reduce their carbon and energy footprint. And with the highest Net Promoter Score in the industry, Pure’s ever-expanding list of customers are among the happiest in the world. For more information, visit www.purestorage.com.

Analyst Recognition
Leader in the 2023 Gartner Magic Quadrant for Primary Storage
Leader in the 2023 Gartner Magic Quadrant for Distributed File Systems & Object Storage

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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners. 

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial and business results, demand for our products and subscription services, including Evergreen//One, our technology and product strategy, specifically customer priorities around sustainability, the benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the timing and magnitude of large orders, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, including the E//Family, new customer acquisition, the continued success of the Portworx technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 5, 2023. All information provided in this release and in the attachments is as of February 28, 2024, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metrics

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

Total Contract Value (TCV) Sales, or bookings, of Pure’s Evergreen//One and Evergreen//Flex offerings is an operating metric, representing the value of orders received and/or expected to be received during the fiscal year.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring costs related to severance and termination benefits, and costs associated with the impairment and early exit of certain leased facilities that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

 

PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)

At the End of Fiscal

2024

2023

Assets

Current assets:

Cash and cash equivalents

$         702,536

$         580,854

Marketable securities

828,557

1,001,352

    Accounts receivable, net of allowance of $1,060 and $1,057

662,179

612,491

Inventory

42,663

50,152

Deferred commissions, current

88,712

68,617

Prepaid expenses and other current assets

173,407

161,391

Total current assets

2,498,054

2,474,857

Property and equipment, net

352,604

272,445

Operating lease right-of-use assets

129,942

158,912

Deferred commissions, non-current

215,620

177,239

Intangible assets, net

33,012

49,222

Goodwill

361,427

361,427

Restricted cash

9,595

10,544

Other assets, non-current

55,506

38,814

Total assets

$      3,655,760

$      3,543,460

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$           82,757

$           67,121

Accrued compensation and benefits

250,257

232,636

Accrued expenses and other liabilities

135,755

123,749

Operating lease liabilities, current

44,668

33,707

Deferred revenue, current

852,247

718,149

Debt, current

—

574,506

Total current liabilities

1,365,684

1,749,868

Long-term debt

100,000

—

Operating lease liabilities, non-current

123,201

142,473

Deferred revenue, non-current

742,275

667,501

Other liabilities, non-current

54,506

42,385

Total liabilities

2,385,666

2,602,227

Stockholders’ equity:

Common stock and additional paid-in capital

2,749,627

2,493,799

Accumulated other comprehensive loss

(3,782)

(15,504)

Accumulated deficit

(1,475,751)

(1,537,062)

Total stockholders’ equity

1,270,094

941,233

Total liabilities and stockholders’ equity

$      3,655,760

$      3,543,460

 

PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)

Fourth Quarter of Fiscal

Fiscal Year Ended

2024

2023

2024

2023

Revenue:

Product

$   460,891

$   545,108

$ 1,622,869

$ 1,792,153

Subscription services

328,914

265,099

1,207,752

961,281

Total revenue

789,805

810,207

2,830,621

2,753,434

Cost of revenue:

Product (1)

128,842

174,471

472,430

569,793

Subscription services (1)

92,459

74,419

337,000

285,995

Total cost of revenue

221,301

248,890

809,430

855,788

Gross profit

568,504

561,317

2,021,191

1,897,646

Operating expenses:

Research and development (1)

186,841

185,557

736,764

692,528

Sales and marketing (1)

248,136

246,480

945,021

883,609

General and administrative (1)

59,299

64,696

252,243

237,996

Restructuring, impairment and other (2)

16,846

—

33,612

—

Total operating expenses

511,122

496,733

1,967,640

1,814,133

Income from operations

57,382

64,584

53,551

83,513

Other income (expense), net

13,416

16,705

37,035

8,295

Income before provision for income taxes

70,798

81,289

90,586

91,808

Income tax provision

5,360

6,818

29,275

18,737

Net income

$     65,438

$     74,471

$     61,311

$     73,071

Net income per share attributable to common

   stockholders, basic

$        0.21

$        0.25

$        0.20

$        0.24

Net income per share attributable to common

   stockholders, diluted

$        0.20

$        0.22

$        0.19

$        0.23

Weighted-average shares used in computing net

   income per share attributable to common

   stockholders, basic

317,731

303,614

311,831

299,478

Weighted-average shares used in computing net

   income per share attributable to common

   stockholders, diluted

332,014

339,699

332,568

339,184

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product

$       2,614

$       2,791

$       9,670

$     10,245

Cost of revenue — subscription services

6,065

5,652

25,412

22,630

Research and development

41,069

41,212

167,294

161,694

Sales and marketing

18,863

17,767

74,746

72,507

General and administrative

7,573

15,081

54,305

60,541

Total stock-based compensation expense

$     76,184

$     82,503

$   331,427

$   327,617

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment
and abandonment charges associated with cease-use of our former corporate headquarters.

 

PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)

Fourth Quarter of Fiscal

Fiscal Year Ended

2024

2023

2024

2023

Cash flows from operating activities

Net income

$       65,438

$        74,471

$        61,311

$        73,071

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

32,856

28,164

124,416

100,432

Stock-based compensation expense

76,184

82,503

331,427

327,617

Lease impairment and abandonment charges

—

—

16,766

—

Other

7,403

4,882

1,559

7,355

Changes in operating assets and liabilities, net of effects of
acquisition:

Accounts receivable, net

(25,728)

(176,940)

(49,687)

(70,724)

Inventory

1,532

5,722

6,810

(10,619)

Deferred commissions

(39,415)

(10,724)

(58,476)

451

Prepaid expenses and other assets

(45,355)

24,584

(25,669)

(31,580)

Operating lease right-of-use assets

8,230

7,740

35,499

33,813

Accounts payable

(20,376)

(29,611)

13,468

(7,075)

Accrued compensation and other liabilities

96,074

89,823

43,317

72,084

Operating lease liabilities

(10,434)

(5,020)

(31,891)

(33,359)

Deferred revenue

98,016

137,432

208,872

305,768

Net cash provided by operating activities

244,425

233,026

677,722

767,234

Cash flows from investing activities

Purchases of property and equipment(1)

(43,570)

(60,229)

(195,161)

(158,139)

Acquisition, net of cash acquired

—

—

—

(1,989)

Purchases of marketable securities

(119,776)

(409,306)

(471,501)

(501,435)

Sales of marketable securities

6,558

6,155

59,053

6,155

Maturities of marketable securities and other

114,956

81,700

610,855

433,995

Net cash provided by (used in) investing activities

(41,832)

(381,680)

3,246

(221,413)

Cash flows from financing activities

Net proceeds from exercise of stock options

6,866

5,647

39,770

24,778

Proceeds from issuance of common stock under employee stock
purchase plan

—

—

45,089

39,965

Proceeds from borrowings

—

—

106,890

—

Principal payments on borrowings and finance lease obligations

(1,617)

(1,095)

(586,199)

(257,240)

Tax withholding on equity awards

(13,402)

(3,471)

(29,984)

(19,601)

Repurchases of common stock

(21,460)

(67,504)

(135,801)

(219,068)

Net cash used in financing activities

(29,613)

(66,423)

(560,235)

(431,166)

Net increase (decrease) in cash and cash equivalents and
restricted cash

172,980

(215,077)

120,733

114,655

Cash, cash equivalents and restricted cash, beginning of period

539,151

806,475

591,398

476,743

Cash, cash equivalents and restricted cash, end of period

$     712,131

$      591,398

$     712,131

$      591,398

(1) Includes capitalized internal-use software costs of $3.7 million and $3.2 million for the fourth quarter of fiscal 2024 and 2023 and $19.4 million and $13.7 million for fiscal 2024 and 2023.

 

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Fourth Quarter of Fiscal

Fourth Quarter of Fiscal

2024

2023

GAAP

results

GAAP

gross

margin  (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin  (b)

GAAP

results

GAAP

gross

margin  (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin  (b)

$      2,614

(c)

$      2,791

(c)

58

(d)

37

(d)

177

(e)

—

—

292

(f)

3,306

(g)

3,306

(g)

Gross profit —

   product

$  332,049

72.0 %

$      6,155

$  338,204

73.4 %

$  370,637

68.0 %

$      6,426

$  377,063

69.2 %

$      6,065

(c)

$      5,652

(c)

276

(d)

159

(d)

985

(e)

—

—

306

(f)

—

16

(h)

Gross profit —

  subscription
services

$  236,455

71.9 %

$      7,326

$  243,781

74.1 %

$  190,680

71.9 %

$      6,133

$  196,813

74.2 %

$      8,679

(c)

$      8,443

(c)

334

(d)

196

(d)

1,162

(e)

—

—

598

(f)

3,306

(g)

3,306

(g)

—

16

(h)

Total gross
profit

$  568,504

72.0 %

$    13,481

$  581,985

73.7 %

$  561,317

69.3 %

$    12,559

$  573,876

70.8 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate expenses for severance and termination benefits related to workforce realignment.

(f) To eliminate duplicate lease costs during the transition of our corporate headquarters.

(g) To eliminate amortization expense of acquired intangible assets.

(h) To eliminate payments to former shareholders of acquired company.

 

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Fiscal Year Ended

2024

GAAP
results

GAAP gross
margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin (b)

$         9,670

(c)

415

(d)

402

(e)

177

(f)

13,224

(g)

Gross profit — product

$  1,150,439

70.9 %

$       23,888

$  1,174,327

72.4 %

$       25,412

(c)

1,424

(d)

413

(e)

985

(f)

18

(h)

Gross profit — subscription services

$     870,752

72.1 %

$       28,252

$     899,004

74.4 %

$       35,082

(c)

1,839

(d)

815

(e)

1,162

(f)

13,224

(g)

$              18

(h)

Total gross profit

$  2,021,191

71.4 %

$       52,140

$  2,073,331

73.2 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate duplicate lease costs during the transition of our corporate headquarters.

(f) To eliminate expenses for severance and termination benefits related to workforce realignment.

(g) To eliminate amortization expense of acquired intangible assets.

(h) To eliminate payments to former shareholders of acquired company.

 

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

Fourth Quarter of Fiscal

Fourth Quarter of Fiscal

2024

2023

GAAP

results

GAAP

operating

margin  (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

GAAP

results

GAAP

operating

margin  (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

$    76,184

(c)

$    82,503

(c)

—

888

(d)

2,722

(e)

1,799

(e)

3,536

(f)

3,839

(f)

—

5,004

(g)

18,009

(h)

—

Operating
income

$   57,382

7.3 %

$  100,451

$  157,833

20.0 %

$ 64,584

8.0 %

$    94,033

$  158,617

19.6 %

$    76,184

(c)

$    82,503

(c)

—

888

(d)

2,722

(e)

1,799

(e)

3,536

(f)

3,839

(f)

—

5,004

(g)

18,009

(h)

—

154

(i)

804

(i)

—

357

(j)

Net income

$   65,438

$  100,605

$  166,043

$ 74,471

$    95,194

$  169,665

Net income
per share —
diluted

$       0.20

$     0.50

$     0.22

$     0.53

Weighted-
average
shares used in
per share
calculation —
diluted

332,014

—

332,014

339,699

(21,884)

(k)

317,815

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f)  To eliminate amortization expense of acquired intangible assets.

(g) To eliminate duplicate lease costs during the transition of our corporate headquarters.

(h) To eliminate expenses for severance and termination benefits related to workforce realignment.

(i) To eliminate amortization expense of debt issuance costs related to our debt.

(j) To eliminate net loss from legal settlement in connection with a facility abandoned in the second quarter of fiscal 2021.

(k) To exclude the dilutive effect from convertible note due to the related capped call hedge.

 

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

Fiscal Year Ended

2024

GAAP
results

GAAP
operating
margin (a)

Adjustment

Non- GAAP
results

Non- GAAP
operating
margin (b)

$     331,427

(c)

2,341

(d)

14,648

(e)

6,687

(f)

16,766

(g)

18,009

(h)

$       14,930

(i)

Operating income

$       53,551

1.9 %

$     404,808

$     458,359

16.2 %

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate duplicate lease costs during the transition of our corporate headquarters.

(g) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.

(h) To eliminate expenses for severance and termination benefits related to workforce realignment.

(i) To eliminate amortization expense of acquired intangible assets.

 

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

Fourth Quarter of Fiscal

Fiscal Year Ended

2024

2023

2024

2023

Net cash provided by operating activities

$           244,425

$             233,026

$         677,722

$         767,234

Less: purchases of property and equipment(1)

(43,570)

(60,229)

(195,161)

(158,139)

Free cash flow (non-GAAP)

$           200,855

$             172,797

$         482,561

$         609,095

(1) Includes capitalized internal-use software costs of $3.7 million and $3.2 million for the fourth quarter of fiscal 2024 and 2023 and $19.4 million and $13.7 million for fiscal 2024 and 2023.

 

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SOURCE Pure Storage

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Technology

Covet™ Unveils AI-Powered Estate Management Platform at Finovate, Captivating RIAs with Vision for Next-Gen Wealth Management

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May 12, 2025

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SAN DIEGO, May 12, 2025 /PRNewswire/ — The future of wealth management arrived at Finovate as Covet.Life, a breakout platform harnessing the power of AI to advance estate asset management, took center stage. The live demonstration was met with resounding enthusiasm among Registered Investment Advisors (RIAs) eager to gain an unprecedented, holistic view of their clients’ complete estate landscape.

Covet is Advisors’ Bridge to the Next Generation

The Silent Threat to AUM: The Heirs’ Exodus

The wealth management industry faces a critical challenge: up to 80% of heirs transfer assets away from their parents’ advisor. This isn’t a reflection of service quality, but a generational disconnect. Advisors risk losing significant Assets Under Management (AUM) simply because they weren’t the inheritors’ trusted partner.

Covet is the Bridge to the Next Generation

Covet offers RIAs a powerful solution to not only mitigate this risk but to proactively cultivate lasting relationships with the next generation. This groundbreaking platform goes beyond traditional planning tools, acting as a dynamic management and continuity engine designed to:

Unlock Hidden Assets, Fuel AUM Growth: Covet’s AI diligently uncovers previously unseen assets, from held-away IRAs to dormant accounts, providing immediate opportunities to expand RIAs managed portfolio.Forge Unbreakable Multigenerational Bonds: By offering shared, transparent visibility into the entire estate, Covet empowers advisors to engage with the whole family, fostering trust and strengthening relationships across generations.Retain Heirs Before the Transfer: Positions the advisor as a vital resource for the entire family and beneficiaries, ensuring continuity and loyalty long before wealth transitions occur.

Beyond Vaults and Planning–Introducing the Covet Management Engine

Covet is purpose-built for advisors who are focused on organic growth and long-term client relationships. This isn’t just a static vault for documents or another planning tool. Covet leverages AI to actively manage all estate assets, visualize consolidated estate value and generate estate documents enabling you to:

Illuminate the Shadows: Effortlessly identify and catalog often-overlooked assets, including held-away retirement accounts and forgotten investments.Orchestrate Diverse Holdings: Seamlessly manage real estate, valuable possessions, and even digital assets within a unified platform.Elevate Advisor Value: Deliver true family-level planning, building profound trust and becoming an indispensable partner.

Experience the Covet Advantage

Covet isn’t just software; it’s a strategic advantage. It’s the key to deepening client relationships, achieving a comprehensive understanding of their wealth, and securing assets for generations to come.

Covet was recently added to Kitces 2025 AdvisorTech Map; yet, further validation of Covet’s market impact.

About – Covet’s mission is to help people take control of their personal asset management with dynamic valuation of their personal property and financial accounts by creating a living record–as fluid as their lives. Developed for digital-first customers, Covet is the destination for active management of all estate assets–including the often overlooked cataloging of personal property, valuables and digital files. Covet is SOC2 certified having met rigorous standards to assure confidentiality, integrity, and availability of an individual’s personal data. Website: Covet.Life Contact: Press Inquiries: Rob Buchner, rob.buchner@covet.life; Investor & Partnership Inquiries: Michael Larsen, michael.larsen@covet.life. Estate Lawyers & Advisors: Christy Wong, christy.wong@covet.life Covet™ is owned and operated by BQuest, Inc. Disclaimer: This press release is for informational purposes only and does not constitute legal or financial advice.

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SOURCE Covet

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E&R Showcases Advanced Packaging Innovations at IEEE ECTC 2025 in Texas

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May 12, 2025

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KAOHSIUNG, May 12, 2025 /PRNewswire/ — E&R Engineering Corp. is excited to participate in the 75th IEEE Electronic Components and Technology Conference (ECTC), taking place from May 27–30, 2025 at the Gaylord Texan Resort & Convention Center in Texas.

This year, E&R will highlight its latest solutions in Advanced Packaging, including high-precision laser drilling for 2.5D/3D ICs, multi-beam laser application, and plasma systems with excellent uniformity and thermal stability. E&R will also showcase its comprehensive Flip Chip solution—featuring pre-die bond and pre-underfill plasma cleaning, as well as on-boat/tray laser marking for high-integrity traceability.

Our Marketing Director Kevin Chang and Sales Supervisor Leo Lee, both with extensive experience in the North American market, will be present to engage with partners and customers.

E&R will be co-exhibiting at the booth of our valued partner Scientech. We warmly invite you to visit us and explore how our advanced technologies can help shape the future of semiconductor packaging.

Booth Information
Booth Number: 438
Date: May 27–30, 2025
Location: Gaylord Texan Resort & Convention Center, Texas
Address:  1501 Gaylord Trail, Grapevine, Texas, USA, 76051
Visit us at Scientech’s Booth!

E&R Website: https://en.enr.com.tw/

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Ultra-Low-Power Microcontroller Market is expected to generate a revenue of USD 9.06 Billion by 2031, Globally, at 8.92% CAGR: Verified Market Research®

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38 minutes ago

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May 12, 2025

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LEWES, Del., May 12, 2025 /PRNewswire/ — Strategically, the Ultra-Low-Power Microcontroller Market presents high-growth opportunities in segments like IoT, wearables, and energy-harvesting devices, especially in innovation-driven regions like North America. While the market is fueled by rising demand for energy efficiency and edge computing, entry strategies must address challenges like limited processing power and integration complexity. Companies aiming to capture market share should focus on vertical-specific customization, invest in ecosystem partnerships, and offer development tools that reduce time-to-market. Targeting high-potential sectors with scalable, low-power solutions will be key to sustaining long-term growth.

The Global Ultra-Low-Power Microcontroller Market Size is projected to grow at a CAGR of 8.92% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 4.57 Billion in 2024 and is expected to reach USD 9.06 Billion by the end of the forecast period.

The ultra-low-power microcontroller market is witnessing steady growth due to increased demand in wearable tech, smart home devices, and energy-efficient applications. These microcontrollers are crucial in enabling longer battery life and compact designs for next-gen electronic products.

Key Highlights of the Report:

Market Size & Forecast: Valuation, CAGR, and projected market size from 2024 to 2031Growth Drivers & Restraints: Clear breakdown of core enablers and roadblocks to adoptionSegment Analysis: Includes detailed breakdown by Peripheral Devices, Packaging Type, End-Use Industry, and Region.Competitive Landscape: In-depth profiling of major players, including their strategies, innovations, and market positioning.Regional Outlook: Comparative market share across North America, Europe, Asia Pacific

Why This Report Matters:

This report empowers B2B stakeholders to identify strategic investment areas, understand evolving end-user needs, and align product innovations with future market demands. It provides actionable data-driven insights for staying ahead in a rapidly changing tech ecosystem.

Who You Should Read This Report:

Semiconductor ManufacturersElectronics OEMs & ODMsIoT Product DevelopersIndustrial Automation FirmsVenture Capital & Investors in TechMarket Research Analysts & Consultants

For more information or to purchase the report, please contact us at: https://www.verifiedmarketresearch.com/download-sample?rid=261681

Browse in-depth TOC on ‘Global Ultra-Low-Power Microcontroller Market Size‘
202 – Pages
126 – Tables
37 – Figures

Report Scope

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2021-2031

BASE YEAR

2024

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2021-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Microchip Technology, Texas Instruments, Renesas Electronic Corporation, STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Silicon Laboratories, Panasonic Corporation, ON Semiconductor, and Intel Corporation.

SEGMENTS COVERED

By Peripheral Devices, By Packaging Type, By End-Use Industry, and By Geography

CUSTOMIZATION SCOPE

Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope

Global Ultra-Low-Power Microcontroller Market Overview

Market Driver

Surge in IoT and Connected Device Deployments: The rapid increase in the implementation of IoT and interconnected devices across diverse sectors, such as smart cities, agriculture, and home automation, serves as a primary growth accelerator. These applications require extended battery longevity and reliable performance in challenging or isolated conditions. Ultra-low-power microcontrollers (ULP MCUs) provide optimal energy consumption, facilitating smooth integration into tiny, wirelessly connected devices where energy conservation is paramount.

Rising Demand for Wearable and Portable Medical Devices: The surge in wearable technology, especially in fitness trackers, medical monitoring devices, and portable diagnostic tools, is substantially propelling the demand for ULP MCUs. These devices necessitate ultra-low standby power, rapid wake-up periods, and real-time data processing—attributes exclusively offered by ULP microcontrollers. Original Equipment Manufacturers in the healthcare and consumer electronics industries depend on these components to provide small, high-performance solutions with prolonged battery life.

Integration with Energy Harvesting and Edge Computing Technologies: The transition to decentralized processing via edge computing and the demand for self-sustaining electronic systems have fostered an environment conducive to the development of ultra-low-power microcontrollers (ULP MCUs). These controllers are progressively integrated into sensor nodes and devices that employ solar, vibrational, or thermal energy harvesting. Their capacity to operate on limited power renders them optimal for predictive maintenance systems and industrial IoT applications, where uninterrupted functionality with minimal intervention is crucial.

To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/select-licence?rid=261681

Market Restraint

Processing Power and Memory Limitations: Notwithstanding their energy efficiency, ULP MCUs generally have restricted processor speeds and limited memory capacity. This limits their applicability in computationally intensive or multifunctional domains such as edge machine learning, sophisticated image recognition, or AI-driven processing. Organizations may require the augmentation or substitution of ULP MCUs with higher-capacity controllers, hence negating the advantages of low power consumption in specific advanced applications.

Complex System Integration and Compatibility Challenges: ULP MCUs frequently exhibit incompatibility with established software ecosystems or older platforms, necessitating bespoke firmware development and particular design frameworks. This complicates integration into bigger systems, particularly when synchronization with numerous components is necessary. These complications increase engineering overhead and may extend time-to-market, discouraging enterprises pursuing expedited product development cycles.

High Initial R&D and Development Costs: Developing solutions with ultra-low-power microcontrollers can be cost-prohibitive, particularly during the prototyping and testing phases. Specialized development boards, simulation tools, and software frameworks are often essential. The employees must get training on power-optimized coding and hardware configurations. These preliminary investments may be considerable, especially for SMEs and startups, limiting broader market penetration.

Geographical Dominance

North America leads the Ultra-Low-Power Microcontroller Market, driven by improved IoT integration, strong semiconductor research and development, and a substantial presence of major technological firms. The region’s significant demand for energy-efficient solutions in healthcare, industrial automation, and smart home applications drives growth, positioning it as a pivotal hub for research and early technological adoption.

Key Players

The ‘Global Ultra-Low-Power Microcontroller Market’ study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Microchip Technology, Texas Instruments, Renesas Electronic Corporation, STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Silicon Laboratories, Panasonic Corporation, ON Semiconductor, and Intel Corporation.

Ultra-Low-Power Microcontroller Market Segment Analysis

Based on the research, Verified Market Research has segmented the global market into Peripheral Devices, Packaging Type, End-Use Industry, and Geography.

Ultra-Low-Power Microcontroller Market, by Peripheral DevicesAnalog DevicesDigital DevicesUltra-Low-Power Microcontroller Market, by Packaging Type8-bit16-bit32-bitUltra-Low-Power Microcontroller Market, by End-User IndustryAerospace & DefenseAutomotiveServers and Data CentersConsumer ElectronicsTelecommunicationsHealthcareMedia and EntertainmentManufacturingOthersUltra-Low-Power Microcontroller Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin America

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Visualize Ultra-Low-Power Microcontroller Market using Verified Market Intelligence -:

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With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.

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