Technology
Pure Storage Announces First Quarter Fiscal 2025 Financial Results
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4 months agoon
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Q1 total revenue growth of 18%, year-over-year
Subscription services ARR over $1.4 billion
SANTA CLARA, Calif., May 29, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its first quarter fiscal year 2025 ended May 5, 2024.
“Pure Storage is uniquely positioned to integrate fragmented data storage environments, which hinders enterprises from easily deploying artificial intelligence, hybrid cloud, and modern application deployment,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “At our June Accelerate conference, global customers will see how our latest innovations enable enterprises to adapt to rapid technological change with a platform that fuses data centers and cloud environments.”
First Quarter Financial Highlights
Revenue $693.5 million, an increase of 18% year-over-yearSubscription services revenue $346.1 million, up 23% year-over-yearSubscription annual recurring revenue (ARR) $1.4 billion, up 25% year-over-yearRemaining performance obligations (RPO) $2.3 billion, up 27% year-over-yearGAAP gross margin 71.5%; non-GAAP gross margin 73.9%GAAP operating loss $(41.8) million; non-GAAP operating income $100.4 millionGAAP operating margin (6.0%); non-GAAP operating margin 14.5%Q1 operating cash flow $221.5 million; free cash flow $172.7 millionTotal cash, cash equivalents, and marketable securities $1.7 billion
“We are pleased with the strong start to our year as Q1 revenue growth of 18 percent and profitability both outperformed,” said Kevan Krysler, Chief Financial Officer, Pure Storage. “We are well positioned with our highly differentiated data storage platform for substantial long-term growth.”
At the Pure//Accelerate annual customer event next month, the company will be delivering industry-first innovations in the Pure data storage platform to address the most pressing topics critical to customers, including AI and Cyber Resiliency.
First Quarter Company Highlights
Accelerating Enterprise AI: Through integrations with NVIDIA, Pure delivered new validated reference architectures for running generative AI use cases, including a new NVIDIA OVX-ready validated reference architecture, adding more options for customers in addition to the previously announced NVIDIA BasePod certification. As a leader in AI, Pure Storage, in collaboration with NVIDIA, is arming global customers with a proven framework to manage the high-performance data and compute requirements they need to drive successful AI deployments.
Subscription Services Innovation: New self-service capabilities across its Pure1® storage management platform and Evergreen® portfolio empower customers with more control over their data storage environment via a single management layer, simplifying end-to-end operations.
Awards and Accolades
Financial Times The Americas’ Fastest Growing Companies 2024Data Breakthrough Awards “Overall Data Storage Company of the Year”CRN AI 100 list in the Data Center and Edge category
Second Quarter and FY25 Guidance
Q2FY25
Revenue
$755M
Revenue YoY Growth Rate
9.6 %
Non-GAAP Operating Income
$125M
Non-GAAP Operating Margin
16.6 %
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.
Pure//Accelerate 2024
Register for Pure//Accelerate® 2024 in Las Vegas from June 18-21, 2024 and discover how to embrace the new age of data. Be front and center as we make history, changing the future of storage and the industry. Pure Storage executives and world-leading experts – including Pure Storage CEO, Charles Giancarlo, and World Champion & Mental Health Advocate, Michael Phelps – will share insights, strategies, and their vision for the future.
Conference Call Information
Pure will host a teleconference to discuss the first quarter fiscal 2025 results at 2:00 pm PT today, May 29, 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:
Bank of America Global Technology Conference
Date: Tuesday, June 4, 2024
Time: 2:00 p.m. PT / 5:00 p.m. ET
Founder & Chief Visionary Officer John “Coz” Colgrove
Chief Financial Officer Kevan Krysler
William Blair Growth Stock Conference
Date: Thursday, June 6, 2024
Time: 9:20 a.m. PT / 12:20 p.m. ET
Chief Technology Officer Rob Lee
Product & Technology-Focused Meeting for Financial Analysts at Pure//Accelerate 2024
Date: Thursday, June 20, 2024
Time: 1:00 p.m. PT / 4:00 p.m. ET
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) delivers the industry’s best platform to store, manage, and protect the world’s data. With a cloud experience across a unified storage operating environment, Pure empowers every organization with the agility to meet evolving data requirements at speed and scale, while reducing total cost of ownership. Pure believes it can make a meaningful impact in reducing data center emissions worldwide by providing a storage platform that enables customers to significantly reduce their carbon and energy footprint. Pure is proud to be a customer-first organization, as evidenced by the highest Net Promoter Score in the industry. 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
Connect with Pure
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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, our ability to capture storage workloads for AI environments and hyperscalers, 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, 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 4, 2024. All information provided in this release and in the attachments is as of May 29, 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 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
First Quarter of
Fiscal 2025
Fiscal 2024
Assets
Current assets:
Cash and cash equivalents
$ 900,615
$ 702,536
Marketable securities
823,397
828,557
Accounts receivable, net of allowance of $965 and $1,060
423,454
662,179
Inventory
40,674
42,663
Deferred commissions, current
85,386
88,712
Prepaid expenses and other current assets
174,238
173,407
Total current assets
2,447,764
2,498,054
Property and equipment, net
368,153
352,604
Operating lease right-of-use-assets
126,435
129,942
Deferred commissions, non-current
211,240
215,620
Intangible assets, net
29,156
33,012
Goodwill
361,427
361,427
Restricted cash
9,595
9,595
Other assets, non-current
69,840
55,506
Total assets
$ 3,623,610
$ 3,655,760
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 55,709
$ 82,757
Accrued compensation and benefits
137,669
250,257
Accrued expenses and other liabilities
127,885
135,755
Operating lease liabilities, current
44,819
44,668
Deferred revenue, current
860,221
852,247
Total current liabilities
1,226,303
1,365,684
Long-term debt
100,000
100,000
Operating lease liabilities, non-current
120,709
123,201
Deferred revenue, non-current
741,255
742,275
Other liabilities, non-current
61,370
54,506
Total liabilities
2,249,637
2,385,666
Stockholders’ equity:
Common stock and additional paid-in capital
2,890,317
2,749,627
Accumulated other comprehensive loss
(5,584)
(3,782)
Accumulated deficit
(1,510,760)
(1,475,751)
Total stockholders’ equity
1,373,973
1,270,094
Total liabilities and stockholders’ equity
$ 3,623,610
$ 3,655,760
PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
First Quarter of Fiscal
2025
2024
Revenue:
Product
$ 347,384
$ 308,963
Subscription services
346,095
280,344
Total revenue
693,479
589,307
Cost of revenue:
Product (1)
100,753
96,213
Subscription services (1)
97,020
79,747
Total cost of revenue
197,773
175,960
Gross profit
495,706
413,347
Operating expenses:
Research and development (1)
193,820
185,331
Sales and marketing (1)
250,972
232,446
General and administrative (1)
76,787
67,384
Restructuring and impairment (2)
15,901
—
Total operating expenses
537,480
485,161
Loss from operations
(41,774)
(71,814)
Other income (expense), net
14,091
11,749
Loss before provision for income taxes
(27,683)
(60,065)
Income tax provision
7,326
7,336
Net loss
$ (35,009)
$ (67,401)
Net loss per share attributable to common stockholders, basic and diluted
$ (0.11)
$ (0.22)
Weighted-average shares used in computing net loss per share attributable to common
stockholders, basic and diluted
322,589
305,863
(1) Includes stock-based compensation expense as follows:
Cost of revenue — product
$ 2,782
$ 2,655
Cost of revenue — subscription services
8,871
5,647
Research and development
50,294
38,232
Sales and marketing
23,519
17,181
General and administrative
27,528
14,115
Total stock-based compensation expense
$ 112,994
$ 77,830
(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)
First Quarter of Fiscal
2025
2024
Cash flows from operating activities
Net loss
$ (35,009)
$ (67,401)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
33,943
29,690
Stock-based compensation expense
112,994
77,830
Lease impairment and abandonment charges
6,375
—
Other
2,343
(1,804)
Changes in operating assets and liabilities:
Accounts receivable, net
238,768
221,205
Inventory
2,406
308
Deferred commissions
7,707
(2,331)
Prepaid expenses and other assets
(9,219)
(6,095)
Operating lease right-of-use assets
8,122
11,001
Accounts payable
(26,581)
(3,993)
Accrued compensation and other liabilities
(116,716)
(89,082)
Operating lease liabilities
(10,587)
(6,100)
Deferred revenue
6,954
10,019
Net cash provided by operating activities
221,500
173,247
Cash flows from investing activities
Purchases of property and equipment (1)
(48,818)
(51,424)
Purchases of marketable securities and other
(165,123)
(128,788)
Sales of marketable securities
37,689
43,040
Maturities of marketable securities
127,857
288,373
Net cash provided by (used in) investing activities
(48,395)
151,201
Cash flows from financing activities
Net proceeds from exercise of stock options
13,223
4,630
Proceeds from issuance of common stock under employee stock purchase plan
25,328
21,219
Principal payments on borrowings and finance lease obligations
(1,099)
(576,780)
Proceeds from borrowing
—
100,000
Tax withholding on vesting of equity awards
(12,478)
(6,759)
Repurchases of common stock
—
(69,911)
Net cash provided by (used in) financing activities
24,974
(527,601)
Net increase (decrease) in cash, cash equivalents and restricted cash
198,079
(203,153)
Cash, cash equivalents and restricted cash, beginning of period
712,131
591,398
Cash, cash equivalents and restricted cash, end of period
$ 910,210
$ 388,245
(1) Includes capitalized internal-use software costs of $4.5 million and $5.3 million for the first quarter of fiscal 2025 and 2024.
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):
First Quarter of Fiscal 2025
First Quarter of Fiscal 2024
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)
$ 2,782
(c)
$ 2,655
(c)
296
(d)
147
(d)
20
(e)
—
3,306
(f)
3,306
(f)
Gross profit —
product
$ 246,631
71.0 %
$ 6,404
$ 253,035
72.8 %
$ 212,750
68.9 %
$ 6,108
$ 218,858
70.8 %
$ 8,871
(c)
$ 5,647
(c)
867
(d)
338
(d)
309
(e)
—
—
13
(g)
Gross profit —
subscription
services
$ 249,075
72.0 %
$ 10,047
$ 259,122
74.9 %
$ 200,597
71.6 %
$ 5,998
$ 206,595
73.7 %
$ 11,653
(c)
$ 8,302
(c)
1,163
(d)
485
(d)
329
(e)
—
3,306
(f)
3,306
(f)
—
13
(g)
Total gross
profit
$ 495,706
71.5 %
$ 16,451
$ 512,157
73.9 %
$ 413,347
70.1 %
$ 12,106
$ 425,453
72.2 %
(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 expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate amortization expense of acquired intangible assets.
(g) 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):
First Quarter of Fiscal 2025
First Quarter of Fiscal 2024
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)
$ 112,994
(c)
$ 77,830
(c)
—
885
(d)
9,400
(e)
4,815
(e)
—
4,070
(f)
3,536
(g)
3,839
(g)
9,855
(h)
—
6,375
(i)
—
Operating
income (loss)
$ (41,774)
-6.0 %
$ 142,160
$ 100,386
14.5 %
$ (71,814)
-12.2 %
$ 91,439
$ 19,625
3.3 %
$ 112,994
(c)
$ 77,830
(c)
—
885
(d)
9,400
(e)
4,815
(e)
—
4,070
(f)
3,536
(g)
3,839
(g)
9,855
(h)
—
6,375
(i)
—
153
(j)
647
(j)
Net income
(loss)
$ (35,009)
$ 142,313
$ 107,304
$ (67,401)
$ 92,086
$ 24,685
Net income
(loss) per
share — diluted
$ (0.11)
$ 0.32
$ (0.22)
$ 0.08
Weighted-
average
shares used in
per share
calculation —
diluted
322,589
15,959
(k)
338,548
305,863
11,134
(k)
316,997
(a) GAAP operating margin is defined as GAAP operating loss 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 amortization expense of acquired intangible assets.
(h) To eliminate expenses for severance and termination benefits related to workforce realignment.
(i) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
(j) To eliminate amortization expense of debt issuance costs related to our debt.
(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
First Quarter of Fiscal
2025
2024
Net cash provided by operating activities
$ 221,500
$ 173,247
Less: purchases of property and equipment (1)
(48,818)
(51,424)
Free cash flow (non-GAAP)
$ 172,682
$ 121,823
(1) Includes capitalized internal-use software costs of $4.5 million and $5.3 million for the first quarter of fiscal 2025 and 2024.
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SOURCE Pure Storage
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IFIC Monthly Investment Fund Statistics – August 2024
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Mutual fund and exchange-traded fund (ETF) assets and sales
TORONTO, Sept. 20, 2024 /CNW/ – The Investment Funds Institute of Canada (IFIC) today announced investment fund net sales and net assets for August 2024.
Mutual fund assets totalled $2.145 trillion at the end of August, up by $7.7 billion or 0.4 per cent since July. Mutual fund net sales were $2.4 billion in August.
ETF assets totalled $464.0 billion at the end of August, up by $5.9 billion or 1.3 per cent since July. ETF net sales were $4.3 billion in August.
August insights
Mutual fund net sales were positive for the second consecutive month.Year to date, mutual funds experienced inflows of $3.6 billion, compared to outflows of $23.2 billion over the same period last year.Money market funds experienced the largest single month of outflows since November 2021, largely the result of outflows from high-interest saving account funds.Year to date, ETFs experienced inflows of $41.6 billion, which is 82 per cent higher than inflows over the same period last year.
Mutual fund net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
(1,383)
(1,025)
(4,750)
(21,271)
(31,002)
Equity
1,093
2,088
(2,152)
1,212
(13,584)
Bond
2,538
3,307
(427)
16,339
8,591
Specialty
547
800
366
5,157
2,642
Total long-term funds
2,795
5,169
(6,963)
1,436
(33,353)
Total money market funds
(420)
31
1,302
2,194
10,142
Total
2,375
5,200
(5,661)
3,630
(23,211)
Mutual fund net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
964.3
962.9
893.6
904.3
Equity
823.5
821.3
701.3
714.4
Bond
268.7
264.7
234.5
242.3
Specialty
34.1
33.7
25.8
27.0
Total long-term funds
2,090.6
2,082.6
1,855.2
1,888.0
Total money market funds
54.4
54.8
45.7
50.7
Total
2,145.0
2,137.4
1,900.9
1,938.7
*
See below for important information about this data.
ETF net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
464
558
140
3,305
1,103
Equity
1,748
2,380
330
22,822
6,776
Bond
1,176
1,463
641
13,359
7,085
Specialty
991
254
(280)
1,288
1,047
Total long-term funds
4,378
4,655
832
40,775
16,011
Total money market funds
(94)
310
1,051
863
6,864
Total
4,285
4,965
1,883
41,638
22,875
ETF net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
20.2
19.6
13.9
15.1
Equity
290.5
286.6
219.7
232.5
Bond
109.2
107.7
86.3
94.6
Specialty
17.8
17.7
11.7
14.4
Total long-term funds
437.8
431.7
331.6
356.7
Total money market funds
26.3
26.4
23.1
25.3
Total
464.0
458.1
354.7
382.0
*
See below for important information about data.
IFIC direct survey data (which accounts for approximately 87 per cent of total mutual fund industry assets and approximately 80 per cent of total ETF industry assets) is complemented by estimated data to provide comprehensive industry totals.
IFIC makes every effort to verify the accuracy, currency, and completeness of the information, however, IFIC does not guarantee, warrant, represent or undertake that the information provided is correct, accurate or current.
© The Investment Funds Institute of Canada. No reproduction or republication in whole or in part is permitted without permission.
* Important information about investment fund data
Mutual fund data is adjusted to remove double counting arising from mutual funds that invest in other mutual funds.Starting with January 2022 data, ETF data is adjusted to remove double counting arising from Canadian-listed ETFs that invest in units of other Canadian-listed ETFs. Any references to IFIC ETF assets and sales figures prior to 2022 data should indicate that the data has not been adjusted for ETF of ETF double counting.The balanced funds category includes funds that invest directly in a mix of stocks and bonds or obtain exposure through investing in other funds.Mutual fund data reflects the investment activity of Canadian retail investors.ETF data reflects the investment activity of Canadian retail and institutional investors.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. Learn more about IFIC
SOURCE The Investment Funds Institute of Canada
Technology
VINFAST REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULTS
Published
48 mins agoon
September 20, 2024By
SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s only pure-play electric vehicle manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2024.
VinFast delivered 13,172 EVs in Q2, up by 44% QoQ and 43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period last year.The Company recorded $357 million in revenue for Q2, up by 33% QoQ and 9% YoY.Vietnam, where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.
Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving.”
VinFast EV Deliveries Rose 44% QoQ and Revenue Grew 33% QoQ
During the quarter, VinFast delivered 13,172 vehicles, a 44% increase compared to the previous quarter and a 43% increase year-over-year. This brings total deliveries for the first half of 2024 to 22,348 vehicles, representing a 101% increase compared to the same period last year.
One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a 108% year-over-year increase in B2C deliveries in Q2.
VinFast reported $357 million in revenue in Q2, up by 9% year-over-year and by 33% quarter-over-quarter.
The Company’s gross loss for Q2 was ($224) million, equivalent to a gross margin of (62.7%). This was primarily due to an impairment charge on Net Residual Value (NRV) of $104 million, compared to $5 million in Q1.
Expanding Global Footprint to Drive Sales
VinFast’s strategic expansion through dealership network has shown progress.
As of August 31, VinFast had 155 showrooms across all markets, of which around 70% were dealerships.
Strengthening Presence in Key Markets
Vietnam
VinFast achieved its highest year-over-year growth for Vietnam in the first half of 2024. The VF 5 model has been instrumental in driving the Company’s strong sales performance, securing the VF 5’s position as a domestic leader in its segment. Additionally, the Company began delivering its highly anticipated VF 3, VinFast’s mini electric SUV, in the third quarter of 2024.
North America
In the second quarter of 2024, VinFast continued to build its foundation in the U.S. by introducing its products and strategies to key dealerships. To bolster brand awareness, VinFast expanded customer outreach through its dealer network and established a Dealer Advisory Council to gain valuable insights. As of the second quarter, VinFast now operates in eight states, California, Connecticut, Florida, Kansas, Kentucky, North Carolina, New York, and Texas, with a combined network of dealer stores and VinFast-owned showrooms.
In Canada, VinFast recorded 15% quarter-over-quarter growth in the second quarter and is seeing this momentum continue in the third quarter, with July and August seeing its highest delivery levels for North America in the past year.
Southeast Asia
VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicle during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs. VinFast also broke ground its completely knocked down (CKD) facility in Indonesia.
VinFast’s innovative battery subscription offer has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also garnered positive feedback in the Philippines, further validating its commitment to making electric vehicles more accessible.
Building on the positive response from dealers in the Philippines, VinFast is eager to introduce additional models to the market in the coming months, further expanding its footprint and product offerings in the region.
Outlook for the Remainder of 2024
VinFast reaffirms its target to deliver approximately 80,000 units in 2024.
Vietnam is expected to play a key role in driving revenue for the remainder of 2024. The growing success of the VF 5 model, along with VinFast’s extensive charging infrastructure, flexible battery subscription program, and strong after-sales services, are expected to reinforce its leadership position in the Vietnamese electric vehicle market.
While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.
VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence./.
Conference Call
The Company’s management will host its second quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.
Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations – Email: ir@vinfastauto.com
Media Relations – Email: info@vingroup.com
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
Forward-Looking Statements
Forward-looking statements in this announcement, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the effect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships, performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) the availability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failure of the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’s research and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) product recalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/vinfast-reports-unaudited-second-quarter-2024-financial-results-302254421.html
SOURCE VinFast
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