UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 25, 2021
_____________________________________
Pure Storage, Inc.
(Exact name of Registrant as Specified in Its Charter)
_____________________________________ 
																		
Delaware	 	001-37570	 	27-1069557	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer Identification No.)	
						
650 Castro Street, Suite 400
Mountain View, California 94041	
(Address of Principal Executive Offices and Zip Code)	
 
(800) 379-7873
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
						
☐	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))	

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

	
	
___________________________________
Securities registered pursuant to Section 12(b) of the Act:
															
Title of each class	 	Trading symbol(s)	 	Name of each exchange on which registered	
Class A Common Stock, $0.0001 par value per share	 	PSTG	 	New York Stock Exchange LLC	
________________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.
 
On August 25, 2021, Pure Storage, Inc. ("Pure") issued a press release and will hold a conference call regarding its financial results for the quarter ended August 1, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
 
This information, including the exhibit(s) hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Pure is making reference to non-GAAP financial information in the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.  These non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.

The following exhibit is furnished herewith:

Exhibit No.	  	Description	
99.1	  	Press Release entitled "Pure Storage Announces Second Quarter Fiscal 2022 Financial Results"	
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)	

SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Pure Storage, Inc.	
	(Registrant)	
 	 				
			By:	 	/s/ Kevan Krysler	
			 	 	Kevan Krysler	
			 	 	Chief Financial Officer	
August 25, 2021

Exhibit 99.1
 
Pure Storage Announces Second Quarter Fiscal 2022 Financial Results
Total Q2 revenue grows 23% year-over-year
Subscription Services revenue up 31% year-over-year
Raised FY22 revenue outlook to $2.04 Billion
 
MOUNTAIN VIEW, Calif. – August 25, 2021 – Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as-a-service in a multi-cloud world, announced financial results for its fiscal second quarter ended August 1, 2021.

“With revenue growth exceeding 23%, and the highest Q2 operating profit in our history, it’s clear that our long-term strategy to provide customers with modern data services is working,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “We are in a great innovation cycle with our portfolio and our sales momentum and execution have never been stronger.”

Second Quarter Financial Highlights 

•Revenue $496.8 million, up 23% year-over-year
•Subscription services revenue $171.9 million, up 31% year-over-year
•GAAP gross margin 68.4%; non-GAAP gross margin 70.5%
•GAAP operating loss $(33.9) million; non-GAAP operating income $46.6 million
•GAAP operating margin (6.8)%; non-GAAP operating margin 9.4%
•Operating cash flow $123.4 million; free cash flow $95.7 million
•Total cash and investments $1.3 billion
•Deferred revenue $909.8 million, up 26% year-over-year
•Remaining performance obligations (RPO) $1.2 billion, up 25% year-over-year

"Our outstanding financial performance this quarter reflected strong sales execution and our long standing practice of providing leading edge solutions and best-in-class services to our customers," said Kevan Krysler, CFO, Pure Storage. "We saw strength from both our enterprise and commercial customers across our entire solutions portfolio."

Second Quarter Company Highlights and Achievements

•Industry Accolades: FlashArray was named a Gartner Peer Insights Customers’ Choice for Primary Storage Arrays. Pure was named a Kubernetes storage leader in two GigaOm Radar Reports and recognized as leader in Enterprise Flash Array Storage and Object Storage categories by TrustRadius for the second consecutive year.

•Pure achieved the highest total sales for any second quarter in the history of the company, growing more than 30% year-over-year.

•The company saw continued strength and momentum in Subscription Services revenue, up 31% year-over-year with strong growth in Pure as-a-Service, which almost doubled revenues compared to the prior year.

•Success in the large enterprise segment continues to grow, comprising over 50% of sales, with the top 10 customers spending more than $100 million in total.

Pure will host its next Financial Analyst Day on Tuesday, September 28, 2021, beginning at 10:00 am PT / 1:00 pm ET. The event has changed from in-person to live webcast and will feature presentations by Pure's executive leadership team, followed by a live Q&A session.

Details:
•Date: Tuesday, September 28, 2021
•Time: 10:00 am PT / 1:00 pm ET
•To register for the live virtual event, please visit:
https://purestorage.com/company/events/financial-analyst-day-2021.html

1

The replay of the event and associated presentation materials will also be available at investor.purestorage.com for at least 90 days following the completion of the event.

Third Quarter and FY22 Guidance

	Q3 FY22	FY22	
Revenue	$530 million	$2.04 billion	
Non-GAAP Operating Income	$40 million	$150 million	

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income to the most directly comparable GAAP measure because certain items that impact this measure are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, a reconciliation of this non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

Conference Call Information

Pure will host a teleconference to discuss the second quarter fiscal 2022 results at 1:30 pm PT today, August 25, 2021. A live audio broadcast of the conference call will be available at the Pure Storage Investor Relations website, investor.purestorage.com. Pure will also post its earnings presentation to this website in advance of the call and post its prepared remarks to this website within 24 hours of completion of the call. A replay will be available following the call on the Pure Storage Investor Relations website and in addition, for two weeks at (800) 585-8367 (or 416-621-4642 for international callers) with passcode 5535534.

Upcoming Events

Pure is scheduled to participate virtually at the following investor conference:

Deutsche Bank Technology Conference 2021
Date: Friday, September 10, 2021
Pure Presenters: Charles Giancarlo, Chairman and CEO, Kevan Krysler, CFO and Rob Lee, CTO
Pure Participants: Sanjot Khurana, VP of Investor Relations

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.

----

About Pure Storage

Pure Storage gives technologists their time back. Pure delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure's ever-expanding list of customers are among the happiest in the world.

Analyst Recognition

Pure Storage has been named a Leader in the 2020 Gartner Magic Quadrant for Primary Storage Arrays.

Connect with Pure

Blog
LinkedIn
Twitter
Facebook

Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners.
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Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial results, our continued momentum and growth potential, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, supply chain, financial results and the economy, our expectations regarding product and technology differentiation, including our new offerings, strategy and adoption of subscription services, growing customer adoption, the continued success of the Portworx technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended January 31, 2021. All information provided in this release and in the attachments is as of August 25, 2021, and Pure undertakes no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs related to long-term debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring activities, and expenses directly related to the COVID-19 pandemic that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release.

Contacts
Sanjot Khurana -- Investor Relations, Pure Storage
ir@purestorage.com
 
Rena Fallstrom -- Public Relations, Pure Storage
pr@purestorage.com

###
3

PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)

		At the End of	
		Second Quarter of Fiscal 2022		Fiscal 2021	
 					
Assets				 	
Current assets:				 	
Cash and cash equivalents		$	340,252 			$	337,147 		
Marketable securities		944,285 			916,388 		
Accounts receivable, net of allowance of $960 and $1,033		358,460 			460,879 		
Inventory		47,169 			46,733 		
Deferred commissions, current		58,003 			57,183 		
Prepaid expenses and other current assets		111,390 			89,836 		
Total current assets		1,859,559 			1,908,166 		
Property and equipment, net		184,048 			163,041 		
Operating lease right-of-use-assets		122,638 			134,668 		
Deferred commissions, non-current		137,962 			130,741 		
Intangible assets, net		68,279 			76,648 		
Goodwill		358,736 			358,736 		
	
Restricted cash		10,544 			10,544 		
Other assets, non-current		41,918 			36,896 		
Total assets		$	2,783,684 			$	2,819,440 		
Liabilities and Stockholders' Equity		 		 	
Current liabilities:		 		 	
Accounts payable		$	54,686 			$	67,530 		
Accrued compensation and benefits		126,589 			160,817 		
Accrued expenses and other liabilities		53,043 			61,754 		
Operating lease liabilities, current		34,482 			32,231 		
Deferred revenue, current		485,927 			438,321 		
	
Total current liabilities		754,727 			760,653 		
Long-term debt		770,662 			755,814 		
Operating lease liabilities, non-current		106,693 			120,361 		
Deferred revenue, non-current		423,887 			405,376 		
	
Other liabilities, non-current		30,271 			27,230 		
Total liabilities		2,086,240 			2,069,434 		
Stockholders’ equity:		 		 	
Common stock and additional paid-in capital		2,388,446 			2,307,608 		
Accumulated other comprehensive income		3,481 			7,410 		
Accumulated deficit		(1,694,483)			(1,565,012)		
Total stockholders' equity		697,444 			750,006 		
Total liabilities and stockholders' equity		$	2,783,684 			$	2,819,440 		

4

PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)

 	Second Quarter of Fiscal		First Two Quarters of Fiscal	
 	2022		2021		2022		2021	
 								
Revenue:					 		 	
Product	$	324,935 			$	272,309 			$	574,823 			$	519,248 		
Subscription services	171,896 			131,414 			334,715 			251,594 		
Total revenue	496,831 			403,723 			909,538 			770,842 		
Cost of revenue:	 		 					
Product (1)	101,150 			84,731 			180,214 			154,016 		
Subscription services(1)	55,654 			44,266 			107,431 			85,275 		
Total cost of revenue	156,804 			128,997 			287,645 			239,291 		
Gross profit	340,027 			274,726 			621,893 			531,551 		
Operating expenses:	 		 					
Research and development (1)	140,107 			114,652 			271,488 			227,098 		
Sales and marketing (1)	190,386 			171,434 			373,882 			344,867 		
General and administrative (1)	43,464 			44,471 			86,610 			85,596 		
Restructuring and other (2)	— 			8,288 			— 			22,990 		
Total operating expenses	373,957 			338,845 			731,980 			680,551 		
Loss from operations	(33,930)			(64,119)			(110,087)			(149,000)		
Other income (expense), net	(7,410)			1,603 			(12,137)			(1,813)		
Loss before provision for income taxes	(41,340)			(62,516)			(122,224)			(150,813)		
Income tax provision	3,925 			2,451 			7,247 			4,748 		
Net loss	$	(45,265)			$	(64,967)			$	(129,471)			$	(155,561)		
								
Net loss per share attributable to common stockholders, basic and diluted	$	(0.16)			$	(0.25)			$	(0.46)			$	(0.59)		
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	283,931 			264,799 			282,147 			263,867 		

(1) Includes stock-based compensation expense as follows: 

Cost of revenue -- product	$	1,566 			$	990 			$	2,913 			$	1,986 		
Cost of revenue -- subscription services	5,137 			3,686 			9,543 			7,078 		
Research and development	35,125 			29,839 			65,546 			58,550 		
Sales and marketing	18,358 			16,848 			35,166 			33,120 		
General and administrative	10,243 			10,089 			18,595 			19,412 		
Total stock-based compensation expense	$	70,429 			$	61,452 			$	131,763 			$	120,146 		

(2) Includes expenses related to restructuring and incremental expenses directly related to COVID-19
5

PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)

 	Second Quarter of Fiscal		First Two Quarters of Fiscal	
 	2022		2021		2022		2021	
 								
Cash flows from operating activities					 		 	
Net loss	$	(45,265)			$	(64,967)			$	(129,471)			$	(155,561)		
Adjustments to reconcile net loss to net cash provided by operating activities:								
Depreciation and amortization	19,273 			16,464 			38,099 			31,597 		
Amortization of debt discount and debt issuance costs	7,751 			7,189 			15,154 			14,125 		
Stock-based compensation expense	70,429 			61,452 			131,763 			120,146 		
Impairment of long-lived assets	— 			7,505 			— 			7,505 		
Other	3,895 			267 			6,516 			1,972 		
Changes in operating assets and liabilities:								
Accounts receivable, net	(30,874)			(17,545)			102,506 			91,896 		
Inventory	266 			3,105 			(3,242)			1,735 		
Deferred commissions	(10,090)			(2,324)			(8,041)			(5,483)		
Prepaid expenses and other assets	5,452 			(20,091)			(24,955)			(26,389)		
Operating lease right-of-use assets	7,237 			7,475 			14,818 			14,181 		
Accounts payable	15,087 			(6,796)			(9,267)			(21,090)		
Accrued compensation and other liabilities	43,885 			46,426 			(40,952)			(3,217)		
Operating lease liabilities	(7,308)			(6,145)			(14,205)			(13,071)		
Deferred revenue	43,654 			18,691 			66,117 			27,463 		
Net cash provided by operating activities	123,392 			50,706 			144,840 			85,809 		
Cash flows from investing activities								
Purchases of property and equipment	(27,670)			(24,994)			(55,499)			(48,776)		

	
	
Purchases of marketable securities	(145,808)			(193,076)			(317,371)			(291,237)		
Sales of marketable securities	28,501 			73,694 			114,038 			91,351 		
Maturities of marketable securities	104,030 			110,799 			169,770 			206,174 		

Net cash used in investing activities	(40,947)			(33,577)			(89,062)			(42,488)		
Cash flows from financing activities								
Net proceeds from exercise of stock options	3,147 			12,383 			11,163 			21,658 		
Proceeds from issuance of common stock under employee stock purchase plan	— 			— 			17,726 			16,021 		

Proceeds from borrowings	— 			— 			— 			4,950 		
	
Repayments of borrowings	(261)			— 			(605)			— 		
Tax withholding on vesting of equity awards	(1,514)			(1,467)			(6,564)			(2,841)		
Repurchases of common stock	(44,373)			(20,024)			(74,393)			(90,143)		
Net cash used in financing activities	(43,001)			(9,108)			(52,673)			(50,355)		
Net increase (decrease) in cash, cash equivalents and restricted cash	39,444 			8,021 			3,105 			(7,034)		
Cash, cash equivalents and restricted cash, beginning of period	311,352 			362,867 			347,691 			377,922 		
Cash, cash equivalents and restricted cash, end of period	$	350,796 			$	370,888 			$	350,796 			$	370,888 		

6

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited): 
																																																																											
 		Second Quarter of Fiscal 2022		Second Quarter of Fiscal 2021	
 		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)	
																									
						$	1,566 			(c)										$	990 			(c)					
						63 			(d)										15 			(d)					
						— 													297 			(e)					
						3,067 			(f)										2,003 			(f)					
Gross profit --product		$	223,785 			68.9 	%		$	4,696 			 		$	228,481 			70.3 	%		$	187,578 			68.9 	%		$	3,305 			 		$	190,883 			70.1 	%	
																									
 		 		 		$	5,137 			(c)		 		 		 		 		$	3,686 			(c)		 		 	
						196 			(d)										47 			(d)					
	
						24 			(g)										— 								
Gross profit -- subscription services		$	116,242 			67.6 	%		$	5,357 			 		$	121,599 			70.7 	%		$	87,148 			66.3 	%		$	3,733 			 		$	90,881 			69.2 	%	
																									
 		 		 		$	6,703 			(c)		 		 		 		 		$	4,676 			(c)		 		 	
						259 			(d)										62 			(d)					
						— 													297 			(e)					
						3,067 			(f)										2,003 			(f)					
						24 			(g)										— 								
Total gross profit		$	340,027 			68.4 	%		$	10,053 			 		$	350,080 			70.5 	%		$	274,726 			68.0 	%		$	7,038 			 		$	281,764 			69.8 	%	

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payroll tax expense related to stock-based activities.
(e) To eliminate hazard pay premiums directly related to COVID-19 pandemic.
(f) To eliminate amortization expense of acquired intangible assets.
(g) To eliminate payments to former shareholders of acquired company.

7

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited): 
																																																																					
 	Second Quarter of Fiscal 2022		Second Quarter of Fiscal 2021	
 	GAAP
results		GAAP
operating
margin (a)		Adjustment		 		Non-
GAAP
results		Non-
GAAP
operating
margin (b)		GAAP
results		GAAP
operating
margin (a)		Adjustment		 	Non-
GAAP
results		Non-
GAAP
operating
margin (b)	
																							
					$	70,429 			(c)										$	61,452 			(c)				
					4,229 			(d)										2,009 			(d)				
					2,081 			(e)										1,259 			(e)				
					— 													306 			(f)				
					— 													8,279 			(g)				
					3,600 			(h)										2,003 			(h)				
					171 			(i)										— 							
Operating Income (loss)	$	(33,930)			-6.8 	%		$	80,510 			 		$	46,580 			9.4 	%		$	(64,119)			-15.9 	%		$	75,308 			 	$	11,189 			2.8 	%	
																							
 	 		 		$	70,429 			(c)		 		 		 		 		$	61,452 			(c)			 	
					4,229 			(d)										2,009 			(d)				
 	 		 		2,081 			(e)		 		 		 		 		1,259 			(e)			 	
					— 													306 			(f)				
					— 													8,279 			(g)				
					3,600 			(h)										2,003 			(h)				
					171 			(i)										— 							
					7,751 			(j)										7,189 			(j)				
Net income (loss)	$	(45,265)			 		$	88,261 					$	42,996 			 		$	(64,967)			 		$	82,497 			 	$	17,530 			 	
																							
Net income (loss) per share -- diluted	$	(0.16)			 		 		 		$	0.14 			 		$	(0.25)			 		 		 	$	0.06 			 	
Weighted-average shares used in per share calculation -- diluted	283,931 			 		16,286 			(k)		300,217 			 		264,799 			 		17,698 			(k)	282,497		 	

(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.
(b) Non-GAAP operating margin is defined as non-GAAP operating loss divided by revenue.
(c) To eliminate stock-based compensation expense.
(d) To eliminate payments to former shareholders of acquired companies.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate marketing commitments no longer deemed to have value and hazard pay premiums directly related to COVID-19 pandemic.
(g) To eliminate restructuring expenses related to (1) impairment of long-lived assets associated with the cease-use of certain facilities and (2) workforce reduction.
(h) To eliminate amortization expense of acquired intangible assets.
(i) To eliminate acquisition-related integration expenses.
(j) To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.
(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).

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Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
												
 	Second Quarter of Fiscal	
 	2022		2021	
Net cash provided by operating activities	$	123,392 			$	50,706 		
Less: purchases of property and equipment	(27,670)			(24,994)		
Free cash flow (non-GAAP)	$	95,722 			$	25,712 		

	

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