Everpure, Inc 8-K, filed Nov 29, 2023

Everpure, Inc. (P)

8-K 2023-11-29 For: 2023-11-29

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Added on April 08, 2026

About this 8-K

Everpure, Inc filed this 8-K on November 29, 2023.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit No.						Description
99.1						Press Release entitled "Pure Storage Announces Third Quarter Fiscal 2024 Financial Results"
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	Q4FY24	FY24
Revenue	$782M	$2.82B
Non-GAAP Operating Income	$150M	$450M
Non-GAAP Operating Margin	19%	16%


	At the End of
	Third Quarter of Fiscal 2024		Fiscal 2023

Assets
Current assets:
Cash and cash equivalents	$	529,191	$	580,854
Marketable securities	821,868		1,001,352
Accounts receivable, net of allowance of $1,178 and $1,057	636,324		612,491
Inventory	46,211		50,152
Deferred commissions, current	74,303		68,617
Prepaid expenses and other current assets	139,129		161,391
Total current assets	2,247,026		2,474,857
Property and equipment, net	337,559		272,445
Operating lease right-of-use-assets	126,558		158,912
Deferred commissions, non-current	190,614		177,239
Intangible assets, net	36,868		49,222
Goodwill	361,427		361,427

Restricted cash	9,960		10,544
Other assets, non-current	45,497		38,814
Total assets	$	3,355,509	$	3,543,460

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	101,092	$	67,121
Accrued compensation and benefits	149,705		232,636
Accrued expenses and other liabilities	141,241		123,749
Operating lease liabilities, current	44,301		33,707
Deferred revenue, current	801,562		718,149
Debt, current	—		574,506
Total current liabilities	1,237,901		1,749,868
Long-term debt	100,000		—
Operating lease liabilities, non-current	122,388		142,473
Deferred revenue, non-current	694,945		667,501

Other liabilities, non-current	51,820		42,385
Total liabilities	2,207,054		2,602,227
Stockholders’ equity:
Common stock and additional paid-in capital	2,699,676		2,493,799
Accumulated other comprehensive loss	(10,032)		(15,504)
Accumulated deficit	(1,541,189)		(1,537,062)
Total stockholders' equity	1,148,455		941,233
Total liabilities and stockholders' equity	$	3,355,509	$	3,543,460


	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2024		2023		2024		2023

Revenue:
Product	$	453,277	$	431,281	$	1,161,978	$	1,247,045
Subscription services	309,561		244,769		878,838		696,182
Total revenue	762,838		676,050		2,040,816		1,943,227
Cost of revenue:
Product (1)	126,770		135,546		343,588		395,322
Subscription services (1)	83,321		74,169		244,541		211,576
Total cost of revenue	210,091		209,715		588,129		606,898
Gross profit	552,747		466,335		1,452,687		1,336,329
Operating expenses:
Research and development (1)	182,100		180,008		549,923		506,971
Sales and marketing (1)	231,707		212,140		696,885		637,129
General and administrative (1)	64,729		65,054		192,944		173,300
Impairment and other (2)	—		—		16,766		—
Total operating expenses	478,536		457,202		1,456,518		1,317,400
Income (loss) from operations	74,211		9,133		(3,831)		18,929
Other income (expense), net	5,184		(2,814)		23,619		(8,410)
Income before provision for income taxes	79,395		6,319		19,788		10,519
Income tax provision	9,006		7,106		23,915		11,919
Net income (loss)	$	70,389	$	(787)	$	(4,127)	$	(1,400)

Net income (loss) per share attributable to common stockholders, basic	$	0.22	$	(0.00)	$	(0.01)	$	(0.00)
Net income (loss) per share attributable to common stockholders, diluted	$	0.21	$	(0.00)	$	(0.01)	$	(0.00)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	314,153		300,984		309,842		298,101
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	330,255		300,984		309,842		298,101



Cost of revenue -- product	$	1,443	$	2,984	$	7,056	$	7,454
Cost of revenue -- subscription services	6,849		5,814		19,347		16,978
Research and development	43,908		42,390		126,225		120,482
Sales and marketing	19,209		18,441		55,883		54,740
General and administrative	16,557		17,350		46,732		45,460
Total stock-based compensation expense	$	87,966	$	86,979	$	255,243	$	245,114


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Third Quarter of Fiscal 2024											Third Quarter of Fiscal 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)

					$	1,443	(c)									$	2,984	(c)
					75		(d)									46		(d)
					—											251		(e)
					3,306		(f)									3,306		(f)
Gross profit --product	$	326,507	72.0	%	$	4,824		$	331,331	73.1	%	$	295,735	68.6	%	$	6,587		$	302,322	70.1	%

					$	6,849	(c)									$	5,814	(c)
					329		(d)									204		(d)
					—											269		(e)
					—											24		(g)
Gross profit -- subscription services	$	226,240	73.1	%	$	7,178		$	233,418	75.4	%	$	170,600	69.7	%	$	6,311		$	176,911	72.3	%

					$	8,292	(c)									$	8,798	(c)
					404		(d)									250		(d)
					—											520		(e)
					3,306		(f)									3,306		(f)

					—											24		(g)
Total gross profit	$	552,747	72.5	%	$	12,002		$	564,749	74.0	%	$	466,335	69.0	%	$	12,898		$	479,233	70.9	%


	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2024		2023		2024		2023

Cash flows from operating activities
Net income (loss)	$	70,389	$	(787)	$	(4,127)	$	(1,400)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,647		25,719		91,560		72,268

Stock-based compensation expense	87,966		86,979		255,243		245,114
Lease impairment and abandonment charges	—		—		16,766		—
Other	(2,814)		(558)		(5,843)		2,473
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable, net	(111,190)		(33,791)		(23,959)		106,216
Inventory	818		(3,849)		5,278		(16,341)
Deferred commissions	(9,501)		549		(19,061)		11,175
Prepaid expenses and other assets	20,044		(40,601)		19,686		(56,164)
Operating lease right-of-use assets	6,763		9,253		26,398		26,073
Accounts payable	7,533		29,065		33,844		22,536
Accrued compensation and other liabilities	4,767		20,085		(52,757)		(17,739)
Operating lease liabilities	(7,454)		(6,897)		(20,587)		(28,339)
Deferred revenue	59,464		69,529		110,856		168,336
Net cash provided by operating activities	158,432		154,696		433,297		534,208
Cash flows from investing activities
Purchases of property and equipment (1)	(45,062)		(39,916)		(151,591)		(97,910)

Acquisition, net of cash acquired	—		—		—		(1,989)


Purchases of marketable securities	(105,108)		(74,878)		(351,725)		(92,129)
Sales of marketable securities	3,747		—		52,495		—
Maturities of marketable securities	109,196		111,302		495,899		352,295


Net cash provided by (used in) investing activities	(37,227)		(3,492)		45,078		160,267
Cash flows from financing activities
Net proceeds from exercise of stock options	3,056		3,867		32,904		19,131
Proceeds from issuance of common stock under employee stock purchase plan	23,870		20,569		45,089		39,965
Principal payments on borrowings and finance lease obligations	(7,515)		(4,568)		(584,582)		(256,145)
Proceeds from borrowings	6,890		—		106,890		—


	Third Quarter of Fiscal
	2024		2023
Net cash provided by operating activities	$	158,432	$	154,696
Less: purchases of property and equipment (1)	(45,062)		(39,916)
Free cash flow (non-GAAP)	$	113,370	$	114,780