Pure Storage Inc - Ordinary Shares - Class A

Q1 performance exceeded guidance (very strong start to FY27) - Revenue +35% YoY (strong top-line growth). - Operating profit nearly doubled: $159M, +90%+ YoY, with operating margin 15.1%. - Profitability beat was broad-based: product + subscription momentum; Q1 results exceeded the high end of guidance. - Metrics investors may care about: Product revenue $577M (+55% YoY); total gross margin 70.1%; subscription services margin 75.6%.

Growth supported by both demand and supply-chain-driven pull-ins (but sustainability uncertain) - Management said roughly ~1/3 of Q1 growth came from price increases and customer purchase acceleration (“pull-ins”) due to component price hikes/supply constraints; remaining growth was volume + share gains. - They are not baking in further pull-forwards in the forward model for the rest of the year, but they expect additional price increases will likely continue to cause some pull-ins naturally. - Company emphasizes: growth rate is not “based on price”—win rates and volume are the key drivers.

Full-year outlook raised materially (and implies stronger H1 than normal) - Q2 guidance: revenue $1.00B–$1.10B (~+28% YoY at midpoint); operating profit $195M–$205M (~+54% YoY at midpoint). - FY27 guidance raised: - Revenue $4.41B–$4.51B (+22% YoY at midpoint; +300 bps vs prior guidance). - Operating profit $820M–$860M (+32% YoY at midpoint; +600 bps vs prior guidance). - Seasonality shift: expects ~48% of revenue in H1 vs ~45% in prior years, attributing it to early momentum plus a highly dynamic market environment. - Company leadership avoided forecasting excessive H2 upside due to uncertainty around demand elasticity and supply stability.