Everpure AGM 2026

We are excited about today's discussion and the future of Everpure. Let me remind you that we will be making forward-looking statements today that are subject to assumptions, risks, and uncertainties. Actual results could differ materially from those anticipated due to a number of factors, including those referenced in the detailed disclaimer at the beginning of our presentation slide deck and in our public filings with the SEC, which we encourage you to review. The presentation slides discussed today will be available on our investor relations website at investor.everpuredata.com. Today's discussion will include non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available on our investor relations website at investor.everpuredata.com.

Welcome back, everyone. Good afternoon. Good afternoon to everyone that is on the webcast, and I hope you enjoyed the lunch. I know it was a bit early, but for those that were joining from the East Coast, perhaps a welcome time to have lunch. We are looking forward to speaking to you this afternoon. I am just going to briefly go into the agenda again for this afternoon. One is I am going to present to you a very high-level overview of our overall strategy, reminding you where we have come from, but also where we are going and how that fits into context of Pure Storage and our overall business strategy.

You will see Rob again coming on stage talking about how these different areas in which we are competing, why we have a right to win there, what underpins our technology, and he will be going into a little bit more detail on the hyperscale side of the business, and reason why we are as compelling a solution as we are in the hyperscale. Then, after the market closes, we will have Tarek come on stage and tell you what that means in terms of our financial profile for the next several years. I am sure that will be something that you are very much looking forward to, but we are going to wait until after the market closes to get into that. With no further ado, the story is actually quite straightforward. Have you ever seen a line that straight in any financial environment before? Look at that line. It is about as straight as it can be.

This is our increase in market share year after year. In all kinds of markets. This is well over 12 years now of share gains each and every year. We outpace the market, and we outpace our competitors. It is not just year after year, it is quarter after quarter. It is a very remarkable and consistent share gain. So when we have said on earnings calls that we have two quarters of visibility, that is actually quite true from the standpoint of pipeline in Salesforce and from our sales team. But we have 12 years of visibility of continuous market share gains, and that gives us a lot of confidence that we are going to continue to see market share gains as we go forward. In fact, we believe that is going to accelerate.

If you want to know what is the most fundamental element of our strategic competitive advantage in this space, it is this. We treat data as high technology, not as a commodity. Why is that a differentiator? Well, if you were to ask Joan Magretta, who is up there with Michael Porter in terms of one of the foremost business strategy analysts, they will tell you that if you structure your business, which is then displayed in a P&L, if you structure your business around a different and compelling value proposition, that that can be sustainable because it is very difficult for your competitors to mimic that business model. We have a technology forward, R&D-led business model, high margin, but also high investment in R&D. We are a technology first company, and most of our competitors are commodity players.

They cannot overnight, or even over many years, become a technology player. Think of what that would do to their P&L in the medium term. This is a fundamental structural advantage that we have as we go forward, and we continue to invest in innovation. In fact, if you look at the last 12 months, on a GAAP basis, it is now over $1 billion a year, and this is, of course, increasing, and that puts us at the number one investor in R&D in our segment. It has been true for many years that we spent more on a percentage of revenue, but now we actually spend more dollars. I would argue that we spend it very efficiently and effectively in our business, and that is allowing us to gain market share. What does it buy us?

Well, at least third parties, whether it is Forrester or Gartner, have consistently put us as the innovator in the space, always in the top quadrant, and at least for the last many years, the furthest north and the furthest to the right. We are being recognized increasingly, not just by analysts, but more importantly by customers as being the innovation champion in this space. We are not just the innovation champion, but if you look at our Net Promoter Score, nobody even comes close. We are very customer focused as well, and now we have scale to back this up. It is not just that we invest more, but we are more efficient in that investment. You heard all morning about our unified data plane, about a unified control plane, about Evergreen. What are the advantages of this?

Well, having one software environment that covers many different markets is the very definition of scale. Because we invest once, and we can serve many different markets with the same investment. We do not have to invest in a half dozen different operating systems to service different parts of the data storage market. This one investment we make in Purity and in DirectFlash, which is part of Purity, allows us to satisfy Core, as you heard this morning, as well as scale AI for the NeoClouds, and as well as hyperscale solutions. These are not just benefits to us, they are benefits to the customer in terms of they get a more consistent solution overall. They get higher quality because the great thing about having a single software environment is what I phrase as bug consistency. You fix a bug once, it is fixed everywhere.

You do not have to fix it multiple times. Simplicity, it is simply easier to be able to manage an environment that is consistent rather than different. It benefits the company, as we said, because it is about scale and efficiency of investment. It improves our overall quality, of course, and the focus of the team overall. Whether it is the sales team or the engineering team. What are the shareholder benefits? Really, we get efficiencies in scale and growth. Over time, that should pay off in terms of enhanced profitability overall. So we spend more, and we are more efficient in the way we spend it. Over the years, we have also put a lot of investment in our go-to-market team. If you look at it now, we have over 2,300 professionals in our go-to-market organization.

They are part of that Net Promoter Score that I mentioned. It is not just about product, it is about the way we engage with our customers. When we speak about Net Promoter Score, it really is a measurement of every aspect of our company, whether it is the way we engage with our customers, the way our channels engage with customers, they are part of this measurement, the way we interact with our customers from a financial standpoint, because that is part of the measurement, and of course, the quality of the support that we provide those customers. In the enterprise, we are in 64% of the Fortune 500, 44% of the Global 2000. We have a lot of global strategic partners. By this we mean technology. Both technology partners at 50, global strategic partners in terms of partners we go to market with. We have 4,000 channels worldwide in the commercial market.

We are widely respected by our channel as being a company that works with the channel well, a company that is trusted by the channel, that provides the channel what they need to be successful. Consistently ranked number 1 by CRN and many of our channel partners. We have a direct presence in 32 countries. We sell in well over 60 countries on an international basis, 15,000 customers overall, and increasing our presence in governments on a worldwide basis. That had been a weakness of ours in the past, and now that is an area of growth for us. That has allowed us to reach an inflection point. If we look at it solely from a reported revenue basis, now up 38% year-over-year. I will call your attention to the fact that we have eight quarters of increasing revenue growth.

It is not just about the most recent price increases. We have been increasing our revenue growth consistently over these eight quarters, gaining share. This is why we now believe it is durable. This is not just a spike. We are growing the margin at the same time. A 50% increase in the overall margin of the business over that same period of time. Again, this is we think proof that we drive growth through innovation. It is innovation-led growth. I am going to very briefly speak to you now about the four areas that we believe we are engaged in as we go forward. Of course, we have been in Core and now Core AI for almost two decades. That seems to be working better. Almost two decades. You might want to get me another mic starting to- It's on.

Okay. That area we believe is accelerating. Our growth in that area is accelerating. Second, we're going into, as you heard this morning, a number of different areas of software in the enterprise environment in order to enhance the data estate in that enterprise. Everything from Data Intelligence, which is characterizing the data, to Data Stream, which is vectorizing the data, to modern virtualization, which is allowing new areas of virtualization to operate at greater efficiency inside the organization. Third, scale AI, so expanding our product area into the largest of the large AI cloud environments, 10 to 100 times higher speed, performance, and capacity than we had been selling into the enterprise. Then finally, last and certainly not least, the hyperscale solutions.

I'm going to give you a brief overview of these, and then we're going to follow on with Rob, who will go into much greater detail here. All right, so starting with the core, this is another look at that 38% revenue growth. But the difference here is I'm looking specifically at the product growth. All right, so sales of product over the last seven or eight quarters, and then tied into that, the growth of our subscription business. This is Evergreen//One, right? When we don't sell an array, but rather provide a storage service based on our arrays, right? It's a little bit difficult to be able to identify specifically when we sell an Evergreen//One contract, exactly what would that have been had we sold an array rather than just a service contract.