Pure Storage, Inc. (NYSE:PSTG) Q2 2024 Earnings Call Transcript

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Rob Lee: Yeah. No, I mean I would just add-on to that Charlie said, I think one of the things that really makes us unique is the integration that we’ve undertaken with in partnership with the Azure team really over the last year-plus to bring this service to-market. We have had a number of Cloud Block Store customers that have really been, pushing both of us in this direction and have been part of early previews and beta activities. And they’re very excited now to be able to move into production. And look, overall, we just see this as a continued validation of the benefit that customers are seeing from the Cloud Block Store technology, and reducing their cloud costs. And really, giving them a much better environment on the cloud.

Infrastructure to run their production workloads. As we mentioned last quarter, we had our largest individual sale, in the quarter, of cloud blocks to a large healthcare organization that organization is now moving into production and frankly it’s seeing, even better-than-expected cost reductions and savings, as a result of that. And so overall, we see this is just continued validation of the great technology, the ability to go drive meaningful savings for customers. And then now in partnership with Azure, tightly integrated to a very-very important use-case for our customers.

Paul Ziots: Thank you, Matt. It looks like we have time for one more question. And I’m happy to say we have a person who’s rejoined the queue. So this will be second step back. So our last question.

Operator: We will take that now from Mehdi Hosseini.

Mehdi Hosseini: Yes, sir. Thanks for opportunity. I want to go back to my original question. And as you’re engaged more of C level executives. Obviously, opportunities are reflected in your subscription, is there another metric that we could track and to better understand your longer-term revenue growth, because you’re spending — your OpEx growth is much higher than this year’s fiscal year revenue growth, but obviously it helps in sustainability of revenue growth. And I’m just wondering if there’s any other metric that we can look at to better measure your longer-term revenue growth?

Kevan Krysler: Nothing specific that Mehdi , I would point you to that other than the rich amount of in our portfolio and the opportunity associated with that portfolio across our entire data storage platform. So obviously navigating through this year, I provided a guide for this year and as we navigate through the second-half we will be looking at next year as well.

Paul Ziots: Thank you, Mehdi, before we conclude. I think Charlie has some final comments.

Charlie Giancarlo: Thank you. Customers appreciate our new capabilities and the positioning as I had mentioned, the only consistent, consolidated, data storage and management platform for all of their data storage needs. I want to thank our customers and partners, suppliers, employees and investors, your collaboration, your innovation, your hard work and your trust, propel us forward. So we look-forward to meeting you around the world. We have a number of accelerate roadshows set-up in various major cities around the world. We look-forward to seeing you all there. Thank you.

Operator: That concludes the Pure Storage second quarter fiscal year 2024 earnings conference call. Thank you all for your participation. You may now disconnect your lines.

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