Pure Storage Announces Fourth Quarter and Full Year Fiscal 2022 Financial Results

03.02.2022
Q4 revenue grew 41% year-over-year
Subscription Services ARR $849 million, up 31% year-over-year
Doubled growth of annual operating cash flow, exceeding $400 million

MOUNTAIN VIEW, Calif., March 2, 2022 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the most advanced data storage technology and services, announced financial results for its fiscal fourth quarter and full year ended February 6, 2022.

"By every measure, Pure had an outstanding quarter and fiscal year," said Charles Giancarlo, Chairman and CEO, Pure Storage. "As evidenced by the 41% growth in Q4, our strategy to deliver an innovative portfolio of data storage and services, with industry-leading customer experiences and flexible, efficient operations continues to position Pure as the trusted provider for all organizations."

Fourth Quarter and Full Year Financial Highlights 

  • Q4 revenue $708.6 million, up 41% year-over-year
  • Full-year revenue $2.18 billion, up 29% year-over-year
  • Q4 subscription services revenue $216.0 million, up 42% year-over-year
  • Full-year subscription services revenue $738.5 million, up 37% year-over-year
  • Q4 subscription annual recurring revenue (ARR) $848.8 million, up 31% year-over-year
  • Remaining performance obligations (RPO) $1.4 billion, up 29% year-over-year
  • Q4 GAAP gross margin 67.2%; non-GAAP gross margin 68.8%
  • Full-year GAAP gross margin 67.5%; non-GAAP gross margin 69.4%
  • Q4 GAAP operating income $29.8 million; non-GAAP operating income $118.7 million
  • Q4 GAAP operating margin 4.2%; non-GAAP operating margin 16.8%
  • Full-year GAAP operating loss $(98.4) million; non-GAAP operating income $235.0 million
  • Full-year GAAP operating margin (4.5)%; non-GAAP operating margin 10.8%
  • Q4 operating cash flow $138.2 million; free cash flow $117.2 million
  • Full-year operating cash flow $410.1 million; free cash flow $307.8 million
  • Total cash, cash equivalents, and investments of $1.41 billion
  • Returned approximately $69 million and $200 million in Q4 and FY22, respectively, to stockholders through share repurchases and completed our Board authorized amount of $200 million

"We are thrilled to be capping off the year in a position of leadership and strength," said Kevan Krysler, CFO, Pure Storage. "The momentum we are experiencing is the year's culmination of relentless focus on innovating for our customers." 

Fourth Quarter and Full Year Company Highlights

  • Surpassed the 10,000 Customer Mark: Pure's customer base further expanded across a wide and balanced range of use cases, industries, and geographies. In Q4, Meta announced Pure as the storage partner to deliver robust and scalable storage capabilities to power its AI Research SuperCluster (RSC).
  • Strong Subscription Services Momentum: Pure's subscription services revenue grew 37% YoY in FY22 and Pure unveiled two new service offerings to be generally available in Q1 FY23, Pure Fusion and Portworx Data Services.
  • Market-Leading Portfolio Innovation: Pure introduced the new FlashArray//XL to provide unmatched performance and scale to platinum tier applications and expanded features and functionality across the FlashArray and FlashBlade platforms with new Purity software, all available through Pure as-a-Service. Pure also delivered new releases of Portworx Enterprise and PX-Backup.
  • Industry and Customer Recognition: Pure set a high-bar with an 85.2 third-party certified Net Promoter Score (NPS). Pure was named a leader in the Gartner Magic Quadrants for both Primary Storage and Distributed File Systems & Object Storage, marking its 8th consecutive year as a leader.
  • Expansion of Research & Development Centers: Pure opened a new R&D site in Bangalore, India, joining global R&D centers in Mountain View, CA, Bellevue, WA, and Vancouver, Canada in North America; and Prague, Czech Republic in EMEA.

First Quarter and FY23 Guidance


Q1 FY23

FY23

Revenue

Approx. $520 Million

Approx. $2.6 Billion
Est. 19%-20% Y/Y Growth

Non-GAAP Operating Income

$16 Million

$300 Million

Non-GAAP Operating Margin

Approx. 3%

Approx. 11.5%

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, a reconciliation of these non-GAAP financial measures guidance to the corresponding GAAP measures is not available without unreasonable effort.

Share Repurchase Authorization

Pure's board of directors has authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program. 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 fourth quarter and full year fiscal 2022 results at 2:30 pm PT today, March 2, 2022. A live audio broadcast of the conference call will be available at the Pure Storage Investor Relations website, investor.purestorage.com. Pure will also post its earnings presentation to this website in advance of the call and post its prepared remarks to this website within 24 hours of completion of the call. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 800-585-8367 (or 416-621-4642 for international callers) with passcode 8379776.

Upcoming Events

Pure is scheduled to participate at the following investor conferences:

Susquehanna Eleventh Annual Technology Conference
Date: Friday, March 4, 2022
Pure Participants: Kevan Krysler, CFO, Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer

Morgan Stanley Technology, Media & Telecom Conference
Date: Monday, March 7, 2022
Time: 11:30 am PST
Pure Presenters: Charles Giancarlo, Chairman and CEO, and Kevan Krysler, CFO
Pure Participants: Rob Lee, CTO, and Sanjot Khurana, VP, Investor Relations and Treasurer

KeyBanc Emerging Technology Summit (ETS)
Date: Tuesday, March 8, 2022
Pure Participants: Kevan Krysler, CFO, and Rob Lee, CTO

Raymond James 43rd Annual Institutional Investors Conference
Date: Wednesday, March 9, 2022
Pure Participants: Ajay Singh, CPO, and Sanjot Khurana, VP, Investor Relations and Treasurer

The presentation will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com.
 
About Pure Storage

Pure Storage gives technologists their time back. Pure delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure's ever-expanding list of customers are among the happiest in the world.

Analyst Recognition

Leader in the 2021 Gartner Magic Quadrant for Primary Storage Arrays  
Leader in the 2021 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 results, our sustainable growth strategy, our continued momentum and growth potential, particularly within our enterprise customer segment, the potential for supply chain disruptions, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, financial results and the economy, demand for our products and subscription services, including Pure as-a-Service, our expectations regarding our product and technology differentiation, 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, including as set forth in our Annual Report on Form 10-K for the year ended January 31, 2021, quarterly reports on Form 10-Q, and current reports on Form 8-K. All information provided in this release and in the attachments is as of March 2, 2022, and Pure undertakes no duty to update this information unless required by law.

Key Business Metric

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

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 discount and debt issuance costs related to long-term debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring activities, and expenses directly related to the COVID-19 pandemic 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



2022


2021






Assets





Current assets:





Cash and cash equivalents


$         466,199


$         337,147

Marketable securities


947,073


916,388

Accounts receivable, net of allowance of $945 and $1,033


542,144


460,879

Inventory


38,942


46,733

Deferred commissions, current


81,589


57,183

Prepaid expenses and other current assets


116,232


89,836

Total current assets


2,192,179


1,908,166

Property and equipment, net


195,282


163,041

Operating lease right-of-use assets


111,763


134,668

Deferred commissions, non-current


164,718


130,741

Intangible assets, net


62,646


76,648

Goodwill


358,736


358,736

Restricted cash


10,544


10,544

Other assets, non-current


39,447


36,896

Total assets


$      3,135,315


$      2,819,440






Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$           70,704


$           67,530

Accrued compensation and benefits


205,431


160,817

Accrued expenses and other liabilities


78,511


61,754

Operating lease liabilities, current


35,098


32,231

Deferred revenue, current


562,576


438,321

Total current liabilities


952,320


760,653

Long-term debt


786,779


755,814

Operating lease liabilities, non-current


93,479


120,361

Deferred revenue, non-current


517,296


405,376

Other liabilities, non-current


31,105


27,230

Total liabilities


2,380,979


2,069,434

Stockholders' equity:





Common stock and additional paid-in capital


2,470,972


2,307,608

Accumulated other comprehensive income (loss)


(8,365)


7,410

Accumulated deficit


(1,708,271)


(1,565,012)

Total stockholders' equity


754,336


750,006

Total liabilities and stockholders' equity


$      3,135,315


$      2,819,440

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)




Fourth Quarter of Fiscal


Fiscal Year Ended



2022


2021


2022


2021










Revenue:









Product


$   492,602


$   350,380


$ 1,442,338


$ 1,144,098

Subscription services


215,968


152,338


738,510


540,081

Total revenue


708,570


502,718


2,180,848


1,684,179

Cost of revenue:









Product (1)


167,964


112,310


477,899


352,987

Subscription services (1)


64,772


49,551


230,430


182,268

Total cost of revenue


232,736


161,861


708,329


535,255

Gross profit


475,834


340,857


1,472,519


1,148,924

Operating expenses:









Research and development (1)


162,639


130,388


581,935


480,467

Sales and marketing (1)


231,947


198,865


799,001


716,014

General and administrative (1)


51,481


50,414


189,981


182,477

Restructuring and other (2)



8,009



30,999

Total operating expenses


446,067


387,676


1,570,917


1,409,957

Income (loss) from operations


29,767


(46,819)


(98,398)


(261,033)

Other income (expense), net


(10,008)


(2,427)


(30,098)


(9,127)

Income (loss) before provision for income taxes


19,759


(49,246)


(128,496)


(270,160)

Income tax provision


4,816


3,047


14,763


11,916

Net income (loss)


$     14,943


$    (52,293)


$  (143,259)


$  (282,076)










Net income (loss) per share attributable to common

   stockholders, basic and diluted


$         0.05


$        (0.19)


$        (0.50)


$        (1.05)

Weighted-average shares used in computing net

   income (loss) per share attributable to common

   stockholders, basic


291,351


274,421


285,882


267,824

Weighted-average shares used in computing net

   income (loss) per share attributable to common

   stockholders, diluted


317,268


274,421


285,882


267,824


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


Cost of revenue -- product


$       1,787


$         988


$       6,334


$       4,001

Cost of revenue -- subscription services


6,142


4,018


21,240


14,979

Research and development


39,921


29,450


142,264


117,220

Sales and marketing


17,122


17,230


71,439


65,248

General and administrative


14,228


10,903


45,686


40,896

Total stock-based compensation expense


$     79,200


$     62,589


$   286,963


$   242,344


(2) Includes expenses related to restructuring and incremental expenses directly related to COVID-19.

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)




Fourth Quarter of Fiscal


Fiscal Year Ended



2022


2021


2022


2021










Cash flows from operating activities









Net income (loss)


$       14,943


$       (52,293)


$    (143,259)


$    (282,076)

Adjustments to reconcile net income (loss) to net cash provided by
operating activities:









Depreciation and amortization


23,546


20,231


83,151


70,042

Amortization of debt discount and debt issuance costs


8,566


7,545


31,577


29,070

Stock-based compensation expense


79,200


62,589


286,963


242,344

Impairment of long-lived assets




471


7,505

Other


4,499


3,229


13,075


7,340

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









Accounts receivable, net


(188,035)


(82,810)


(81,247)


410

Inventory


4,080


(3,966)


4,118


(8,690)

Deferred commissions


(37,988)


(35,836)


(58,383)


(48,721)

Prepaid expenses and other assets


(13,505)


3,624


(25,788)


(33,982)

Operating lease right-of-use assets


7,891


7,370


29,952


28,804

Accounts payable


20,967


(22,930)


6,711


(14,364)

Accrued compensation and other liabilities


94,212


86,709


58,961


76,972

Operating lease liabilities


(10,257)


(6,874)


(32,351)


(27,318)

Deferred revenue


130,122


82,445


236,176


140,305

Net cash provided by operating activities


138,241


69,033


410,127


187,641

Cash flows from investing activities









Purchases of property and equipment(1)


(21,070)


(21,332)


(102,287)


(94,975)

Acquisition, net of cash acquired



165



(339,641)

Purchases of marketable securities


(114,605)


(119,568)


(617,043)


(573,959)

Sales of marketable securities


53,548


39,323


200,482


171,530

Maturities of marketable securities


63,007


99,156


366,165


423,936

Other




(600)


(5,000)

Net cash used in investing activities


(19,120)


(2,256)


(153,283)


(418,109)

Cash flows from financing activities









Net proceeds from exercise of stock options


14,966


33,695


48,709


59,372

Proceeds from issuance of common stock under employee stock
purchase plan




36,641


32,439

Proceeds from borrowings, net of issuance costs





251,892

Repayments of borrowing


(267)


(33)


(1,137)


(33)

Principal payments on finance lease obligations


(586)



(1,000)


Tax withholding on vesting of equity awards


(2,165)


(4,178)


(10,835)


(8,258)

Repurchases of common stock


(69,562)


(23,621)


(200,170)


(135,175)

Net cash (used in) provided by financing activities


(57,614)


5,863


(127,792)


200,237

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


61,507


72,640


129,052


(30,231)

Cash, cash equivalents and restricted cash, beginning of period


415,236


275,051


347,691


377,922

Cash, cash equivalents and restricted cash, end of period


$     476,743


$      347,691


$     476,743


$      347,691


(1) Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.

 

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


2022


2021


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)


























$      1,787

(c)









$         988

(c)









42

(d)









18

(d)









3,462

(e)









3,062

(e)




Gross profit --

   product

$ 324,638


65.9  %


$      5,291


$ 329,929


67.0  %


$ 238,070


67.9  %


$      4,068


$ 242,138


69.1  %


























$      6,142

(c)









$      4,018

(c)









253

(d)









64

(d)









24

(f)









25

(f)




Gross profit --

  subscription services

$ 151,196


70.0  %


$      6,419


$ 157,615


73.0  %


$ 102,787


67.5  %


$      4,107


$ 106,894


70.2  %


























$      7,929

(c)









$      5,006

(c)









295

(d)









82

(d)









3,462

(e)









3,062

(e)









24

(f)









25

(f)




Total gross profit

$ 475,834


67.2  %


$    11,710


$ 487,544


68.8  %


$ 340,857


67.8  %


$      8,175


$ 349,032


69.4  %


(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 amortization expense of acquired intangible assets.

(f) 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


2022


GAAP
results


GAAP gross
margin (a)


Adjustment



Non-

GAAP

results


Non-

GAAP

gross

margin (b)

















$         6,334

(c)










225

(d)










12,803

(e)





Gross profit -- product

$     964,439


66.9 %


$       19,362



$     983,801


68.2 %

















$       21,240

(c)










971

(d)










96

(f)





Gross profit -- subscription services

$     508,080


68.8 %


$       22,307



$     530,387


71.8 %

















$       27,574

(c)










1,196

(d)










12,803

(e)










96

(f)





Total gross profit

$  1,472,519


67.5 %


$       41,669



$  1,514,188


69.4 %


(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 amortization expense of acquired intangible assets.

(f) 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


2022


2021


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)


























$    79,200

(c)









$    62,589

(c)









3,390

(d)









6,435

(d)









2,302

(e)









2,024

(e)


















7,977

(f)









4,034

(g)









3,594

(g)


















921

(h)




Operating
income (loss)

$ 29,767


4.2     %


$    88,926


$  118,693


16.8       %


$  (46,819)


-9.3      %


$    83,540


$ 36,721


7.3     %


























$    79,200

(c)









$    62,589

(c)









3,390

(d)









6,435

(d)









2,302

(e)









2,024

(e)


















7,977

(f)









4,034

(g)









3,594

(g)


















921

(h)









8,566

(i)









7,545

(i)




Net income
(loss)

$ 14,943




$    97,492


$  112,435




$  (52,293)




$    91,085


$ 38,792



Net income
(loss) per
share --
diluted

$     0.05






$     0.36




$      (0.19)






$     0.13



Weighted-
average
shares used in
per share
calculation --
diluted

317,268




(2,357)

(j)

314,911




274,421




22,786

(k)

297,207




(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 companies.

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

(f)  To eliminate restructuring expenses related to (1) workforce reductions and (2) the cease-use of certain facilities.

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

(h) To eliminate acquisition-related transaction and integration expenses.

(i)  To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.

(j)  To exclude the dilutive effect from convertible note under treasury stock method.

(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employees stock purchase plan).

 

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


Fiscal Year Ended


2022


GAAP
results


GAAP
operating
margin (a)


Adjustment


Non- GAAP
results


Non- GAAP
operating
margin (b)
















$     286,963

(c)









17,524

(d)









10,805

(e)









551

(f)









14,973

(g)









2,596

(h)




Operating income (loss)

$      (98,398)


-4.5   %


$     333,412


$     235,014


10.8  %


(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 companies.

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

(f) To eliminate impairment of right-of-use assets associated with cease-use of a certain facility.

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

(h) To eliminate acquisition-related transaction and integration expenses.

 

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




Fourth Quarter of Fiscal


Fiscal Year Ended



2022


2021


2022


2021

Net cash provided by operating activities


$           138,241


$               69,033


$         410,127


$         187,641

Less: purchases of property and equipment(1)


(21,070)


(21,332)


(102,287)


(94,975)

Free cash flow (non-GAAP)


$           117,171


$               47,701


$         307,840


$           92,666


(1)  Includes capitalized internal-use software costs of $2.5 million and $2.0 million for the fourth quarter of fiscal 2022 and 2021 and $8.8 million and $2.3 million for fiscal 2022 and 2021.

 

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SOURCE Pure Storage