Core Insights - The discussion is centered around Pure Storage's recent earnings call, indicating a timely opportunity for analysis and insights into the company's performance and future outlook [2] Group 1 - The event features a fireside chat with the team from Pure Storage, suggesting an informal yet informative setting for discussing the company's strategies and results [1] - The presentation includes forward-looking statements based on current expectations, highlighting the potential for variability in actual results compared to projections [1]

Summary of Everpure's Earnings Call Company Overview - **Company**: Everpure - **Industry**: Technology, specifically focusing on data storage and hyperscaler solutions Key Points and Arguments Hyperscaler Revenue Expectations - Everpure has increased expectations for hyperscaler shipments in FY27, particularly in the second half of the fiscal year, with most shipments expected in Q3 and Q4 due to hyperscaler build-out schedules [2][3] - Currently, the company is primarily shipping to one lead customer in the hyperscaler space, but is also exploring additional prospects [3][4] Business Model Evolution - The original business model was centered around software royalties for DirectFlash software, which constituted the bulk of revenue in FY26 [7] - The new standardized business model allows hyperscalers to procure components necessary for DirectFlash modules, which simplifies operations and enhances gross margin expectations to a range of 75-85 points [10][11] Demand Drivers - Robust demand across various segments, including enterprise and commercial sectors, is noted, with a significant focus on AI and infrastructure modernization projects [12][15] - KV caching is emerging as a new demand driver, particularly in the context of AI inferencing, although it currently represents a smaller portion of the overall business [16][17] Neocloud Service Providers - Traditional enterprises are the primary focus for demand strengthening, but Neocloud service providers are also being engaged for GPU infrastructure [20][21] - Neoclouds are seen as an opportunity due to their diverse customer needs, which align with Everpure's flexible technology offerings [24] Growth and Profitability Strategy - Everpure aims to drive significant growth while maintaining moderate operating margin improvements, targeting a point of operating margin growth annually [37] - The company is focused on sustainable growth across core and new markets, including hyperscalers and AI [26][29] 1touch Acquisition - The acquisition of 1touch is primarily targeted at enhancing enterprise capabilities, particularly in data discovery and classification, which will integrate into Everpure's existing technology [40][41] - This acquisition is expected to complement the unified control plane strategy, aiding in data consolidation and management [44] Supply Chain and Pricing - Everpure has strong visibility into its supply chain and maintains strategic agreements with suppliers, which have been strengthened over time [55][56] - The company has been shipping more QLC NAND than TLC, with a trend towards increasing QLC usage [59] - Pricing actions have been taken to recover gross margins affected by rapid input cost increases, with expectations for recovery starting in Q2 [60][62] Conclusion - Everpure is positioned for growth with a focus on hyperscalers, AI, and enterprise solutions, while managing supply chain challenges and pricing strategies to maintain profitability [26][29][61]

Core Insights - Everpure's (PSTG) shares initially rose by approximately 9% following the release of its fourth-quarter fiscal 2026 results, driven by strong revenue growth in a robust AI demand environment, but subsequently fell by about 10% in the next trading session, resulting in a net decline of around 3% since the earnings release [1][10]. Financial Performance - PSTG reported non-GAAP earnings per share (EPS) of 69 cents for Q4 fiscal 2026, surpassing the Zacks Consensus Estimate of 65 cents and up from 45 cents in the same quarter last year [5]. - Quarterly revenues increased by 20% year over year to $1.1 billion, exceeding the Zacks Consensus Estimate by 2.5%, marking the company's first billion-dollar quarter [6][10]. - For the full fiscal year, revenues reached $3.7 billion, reflecting a 16% year-over-year growth [6]. Market Position and Competitors - PSTG's stock has increased by 25.7% over the past year, underperforming the Zacks Computer-Storage Devices industry's growth of 187.2% and the Zacks Computer & Technology sector's growth of 29.1%, but outperforming the S&P 500's gain of 20.3% [2]. - The company has outperformed NetApp, Inc. (NTAP) but underperformed Seagate Technology Holdings plc (STX) and Sandisk Corporation (SNDK) in the storage space [3]. Growth Drivers - The company is benefiting from strong enterprise demand, accelerating AI-driven demand, and expanding hyperscale momentum, with over 600 customers adopting its Enterprise Data Cloud (EDC) architecture within a year of its introduction [14]. - AI-focused offerings, such as FlashBlade//EXA, have achieved industry-leading benchmark performance, contributing to strong market interest and demand [15]. - Subscription revenues increased by 14% year over year, with annual recurring revenues (ARR) growing 16% to $1.9 billion, indicating strong momentum in subscription and recurring revenue streams [17]. Challenges and Concerns - Management expressed concerns about global supply-chain imbalances, rising NAND and CPU costs, and competition from hyperscaler-native storage offerings, which could impact profitability [1][18]. - The company implemented an average product price increase of approximately 20% to address rising input costs, with expectations for first-quarter product gross margins to be at the lower end of the typical range [19]. Future Outlook - For Q1 fiscal 2027, PSTG expects revenues between $990 million and $1.01 billion, representing about 28% year-over-year growth at the midpoint [13]. - The company anticipates total revenues for fiscal 2027 to be between $4.3 billion and $4.4 billion, suggesting an 18.8% year-over-year growth [13]. - PSTG's shares are currently trading at a forward price/earnings ratio of 85.17X, significantly higher than the industry's average of 19.13X [20].

Company Overview - Pure Storage has recently changed its name to Everpure, indicating a potential rebranding strategy aimed at refreshing its market presence [3]. Earnings Summary - The company has just reported its earnings, although specific financial figures and performance metrics were not detailed in the provided text [3].

Summary of Everpure (NYSE:PSTG) FY Conference Call - February 26, 2026 Company Overview - **Company Name Change**: Pure Storage has rebranded to Everpure to reflect its expanded capabilities in the enterprise storage industry [11][14] - **Acquisition**: The company acquired 1touch to enhance its data management capabilities, allowing for better context and usability of stored data [13][19] Financial Performance - **Quarterly Earnings**: Everpure reported its first billion-dollar quarter with revenues of approximately $1.06 billion, marking a 16% year-over-year growth for the full year and a 20% growth in Q4 compared to the previous year [15][16] - **Future Guidance**: The company anticipates a 28% growth in Q1 year-over-year and a 19% growth for the entire year [15][16] - **Competitor Comparison**: Competitors are experiencing low single-digit growth rates, indicating Everpure's strong market position [16] Industry Dynamics - **NAND Flash Supply Chain**: Everpure has begun selling to hyperscalers, significantly increasing its responsibility for NAND flash supply. The company has long-term contracts in place but acknowledges the volatility in the spot market due to high demand and supply shortages [22][23][24] - **NAND Pricing**: The company noted that NAND prices have seen dramatic increases, with some products doubling in price within four months [23][24][90][96] - **Transition from HDD to Flash**: Everpure predicts that by 2028, virtually no new HDD enterprise data center systems will be sold, despite HDDs currently representing around 80% of gigabytes in hyperscalers [45][60] Competitive Positioning - **DirectFlash Technology**: Everpure's DirectFlash technology offers a 30%-40% price performance improvement over traditional SSDs, positioning the company uniquely in the market [66][67] - **Power and Cooling Efficiency**: Everpure's solutions require significantly less power, space, and cooling compared to HDDs and SSDs, making them attractive to hyperscalers [67][71] Market Trends - **AI and Data Management**: The company is focusing on making data more manageable and useful for analytics and AI, addressing the need for real-time data processing [135][136] - **Hyperscaler Demand**: Hyperscalers are currently price insensitive due to their urgent need for capacity, which is driving demand for Everpure's solutions [116][117] Strategic Partnerships - **Nutanix Partnership**: Everpure is seeing increased demand for alternatives to VMware, with Nutanix being a key partner in providing solutions for customers looking to transition away from VMware [172][173] Key Takeaways - **Market Share Growth**: Everpure is experiencing significant growth in its core business, with expectations to capture more market share in a $40 billion industry [187] - **Focus on Core Business**: The company emphasizes that the core business, which is growing rapidly, should receive more attention than the smaller AI segment, which currently contributes less than 10% of revenues [188][190] Conclusion - Everpure is positioned strongly in the enterprise storage market with innovative technology, robust financial performance, and strategic acquisitions. The company is navigating industry challenges effectively while focusing on long-term growth and market share expansion.

Group 1 - Dell Technologies Inc. is recognized as one of the 20 Best Investments for 2026, indicating strong future potential [1] - Morgan Stanley has reduced its price target for Dell from $111 to $101, assigning an Underweight rating due to expected solid but not exceptional performance in the upcoming quarters [3] - Dell continues to strengthen its partnership with McLaren Racing, providing advanced AI infrastructure and technology to enhance the team's performance and operations [4][5] Group 2 - Dell Technologies offers a wide range of IT hardware, software, and services, including servers, storage, networking, and cloud solutions, aimed at helping businesses and consumers manage digital infrastructures effectively [6] - Despite the potential of Dell as an investment, there are AI stocks perceived to have greater upside potential and lower downside risk, suggesting a competitive landscape in the tech sector [7]

Key Takeaways PSTG posts first $1B quarter as Q4 EPS of 69c beats estimates and revenue climbs 20%.Everpure grows RPO 40% and ARR 16% amid strong enterprise and hyperscaler demand.PSTG guides FY27 revenue of $4.3-$4.4B, sees ~19% growth and rising margins.Pure Storage (PSTG) reported fourth-quarter fiscal 2026 non-GAAP earnings per share (EPS) of 69 cents, which beat the Zacks Consensus Estimate of 65 cents. The company reported non-GAAP EPS of 45 cents in the prior-year quarter.From March 5, 2026, the comp ...

Pure Storage (PSTG) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +5.83%. A quarter ago, it was expected that this data storage company would post earnings of $0.59 per share when it actually produced earnings of $0.58, delivering a surprise of -1.69%.Over the last four quarters, th ...

Everpure (NYSE:PSTG) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsAmit Daryanani - Senior Managing Director of Equity ResearchCharlie Giancarlo - Chairman and CEOMax Michaelis - Equity Research AssociatePaul Ziots - VP of Investor RelationsRob Lee - CTO and Growth OfficerTarek Robbiati - CFOConference Call ParticipantsAaron Rakers - Managing Director and Senior Equity AnalystAsiya Merchant - Director and Equity Research AnalystErik Woodring - Head of U.S. IT Hardware Research and ...

Everpure (NYSE:PSTG) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsAmit Daryanani - Senior Managing Director of Equity ResearchCharlie Giancarlo - Chairman and CEOMax Michaelis - Equity Research AssociatePaul Ziots - VP of Investor RelationsRob Lee - Chief Technology and Growth OfficerTarek Robbiati - CFOConference Call ParticipantsAaron Rakers - Managing Director and Senior Equity AnalystAsiya Merchant - Director, Equity Research AnalystErik Woodring - Head of U.S. IT Hardware Res ...