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): May 28, 2020
_____________________________________
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)					(Zip Code)	
 
(800) 379-7873
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
________________________________________
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	
________________________________________

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))	

	

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 May 28, 2020, Pure Storage, Inc. (“Pure”) issued a press release and will hold a conference call regarding its financial results for the quarter ended May 3, 2020. 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 First Quarter Fiscal 2021 Financial Results"	

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	
May 28, 2020

Exhibit 99.1
 
Pure Storage Announces First Quarter Fiscal 2021 Financial Results

Company delivered solid Q1 financial results

Revenue grew 12% year-over-year and subscription services revenue grew 37% year-over-year
 
MOUNTAIN VIEW, Calif., May 28, 2020 – Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as-a-service in a multi-cloud world, today announced financial results for its first quarter ended May 3, 2020.

“We are extremely proud of this quarter’s solid results and growth, especially during the current global crisis,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “The entire company adapted quickly and delivered the technology and services that our customers needed to keep their organizations up and running. Pure continues to deliver on the Modern Data Experience to enable customers to transform their storage operations to be simple, reliable, fast, and flexible.”

First Quarter Financial Highlights 

•Revenue $367.1 million, up 12% year-over-year
•Subscription Services revenue $120.2 million, up 37% year-over-year
•GAAP gross margin 70.0%; non-GAAP gross margin 71.9%
•GAAP operating loss $(84.9) million; non-GAAP operating loss $(5.4) million
•Operating cash flow was $35.1 million, up $28.5 million year-over-year
•Free cash flow was $11.3 million, up $29.0 million year-over-year
•Total cash and investments of $1.3 billion

“Pure delivered solid financial results during the quarter despite a very challenging environment created by COVID-19,” said Kevan Krysler, CFO, Pure Storage. “We were pleased that our customers continue to depend on the simplicity and reliability of our solutions and our resilient global supply chain during this critical time. Subscription Services continue to reflect strength with our Evergreen, Pure as-a-Service and Cloud Block Store offerings.”

First Quarter Company Highlights

Pure’s first quarter yielded industry-leading growth and the combination of Pure’s differentiation with unmatched simplicity and reliability during this time of significant change make Pure the safe and easy choice. We make the Modern Data Experience a reality for customers with our continued pace of innovation.

•Pure as-a-Service - We saw increased interest in our flexible multi-cloud consumption model, providing a strong path for customers to manage costs and their hybrid cloud transition over time, particularly in a period when it may be difficult to predict ongoing requirements. In Q1, we also began offering Pure as-a-Service for free for the first three months for new customers with a 12-month contract term of 50 TiB or more.

•Third-generation all-NVMe FlashArray//X - The latest generation FlashArray//X enables customers to accelerate and consolidate database and enterprise workloads by as much as 50%, extend them to the cloud and modernize their data protection strategies. The new solution can drive performance gains up to 25% versus the previous generation FlashArray//X with updated controllers that feature new Intel Xeon Scalable Processors.

•Purity 3.0 for FlashBladeTM - FlashBlade delivers a truly unified, scale-out fast file and object storage platform purpose-built to support modern application development, modern analytics and next-generation data protection. The new software release added simple and efficient file and object replication for disaster recovery and hybrid cloud.

•Remote Installation Options - The need for reliable data services is growing exponentially as more employees work remotely. Pure introduced new remote install options for FlashArray and FlashBlade that limit the personnel needed to go onsite and install systems.

•Pure is now a Global Technology partner of SAP and a platinum member of SAP PartnerEdge. The expansion of Pure’s partnership with SAP will help customers drive better business outcomes through joint technical support, competency centers and deeper technology integrations between the two companies in areas of intelligent enterprise, SAP S/4HANA, cloud computing, storage and virtualization.
1

COVID-19

Pure puts the health and safety of its employees first, while simultaneously serving customers and partners with the highest standards they have come to expect from us. The employees have demonstrated perseverance and determination during this challenging time and quickly adapted to this new way of working. The company’s supply chain continues to be strong, is able to deliver products within our standard shipping times, and Pure’s remote technical and professional services remain fully operational. Lastly, Pure announced a set of programs to provide flexibility to customers as they navigate shifting resource demands and new ways of working including flexible consumption models, scalable VDI solution bundles, remote installation services and self-service product test drives.

Guidance

Pure had a solid fiscal Q1 and the core fundamentals of our business remain strong. However, the company is withdrawing its fiscal 2021 annual guidance and will not provide specific fiscal Q2 guidance due to the global economic contraction caused by COVID-19.

The company’s current view of fiscal Q2 outcomes, which should not be viewed as guidance, is that sales will be near flat year-over-year and operating profit will be near break-even.

As the company progresses through fiscal 2021, Pure expects to continue to see strength in sales and adoption of its subscription services. Pure as-a-Service and Cloud Block Store unified subscription offerings continue to gain momentum, increasing flexibility for customers by providing a cloud-like business model.

Conference Call Information

Pure will host a teleconference to discuss the first quarter fiscal 2021 results at 2:00 pm PT on May 28, 2020. Pure will post its supplemental earnings presentation to the Investor Relations website at investor.purestorage.com following the conference call.

Teleconference details are as follows:
 
•To Listen via Telephone: (833) 968-2110 or (778) 560-2823 (for international callers) with passcode 6888492.
•To Listen via the Internet: A live and replay audio broadcast of the conference call with corresponding slides will be available at investor.purestorage.com.
•Replay: A telephone playback of this conference call is scheduled to be available two hours after the call ends on May 28, 2020, through June 11, 2020. The replay will be accessible by calling (800) 585-8367 or (416) 621-4642 (for international callers), with conference ID 6888492.

About Pure Storage

Pure Storage (NYSE: PSTG) 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. One of the fastest-growing enterprise IT companies in history, 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 2019 Gartner Magic Quadrant for Primary Storage.

Upcoming Events:

•The company will host its first ever Pure//Accelerate Digital event on Thursday, June 10th. Details and registration information can be found here.
•Pure will be presenting at the William Blair Growth Stock Virtual Conference on June 11th at 8:00 am PT. The presentation from the event will be webcast live and all information will be available on the investor relations website at investor.purestorage.com.

2

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 outcomes, 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, 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 captions "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 February 2, 2020. All information provided in this release and in the attachments is as of May 28, 2020, and we undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use 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, free cash flow and free cash flow as a percentage of revenue.

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 company, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs, amortization of intangible assets acquired from acquisitions, restructuring activities, and expenses directly related to the COVID-19 pandemic that may not be indicative of our ongoing core business operating results. We believe 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.

Nicole Noutsios - 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	
		First Quarter of Fiscal 2021		Fiscal 2020	
 					
Assets				 	
Current assets:				 	
Cash and cash equivalents		$	347,580 	 		$	362,635 	 	
Marketable securities		926,560 	 		936,518 	 	
Accounts receivable, net of allowance of $619 and $542		349,126 	 		458,643 	 	
Inventory		39,266 	 		38,518 	 	
Deferred commissions, current		39,181 	 		37,148 	 	
Prepaid expenses and other current assets		56,154 	 		56,930 	 	
Total current assets		1,757,867 	 		1,890,392 	 	
Property and equipment, net		136,208 	 		122,740 	 	
Operating lease right-of-use-assets		116,960 	 		112,854 	 	
Deferred commissions, non-current		103,182 	 		102,056 	 	
Intangible assets, net		55,556 	 		58,257 	 	
Goodwill		37,584 	 		37,584 	 	
	
Restricted cash		15,287 	 		15,287 	 	
Other assets, non-current		32,217 	 		25,034 	 	
Total assets		$	2,254,861 	 		$	2,364,204 	 	
Liabilities and stockholders' equity		 		 	
Current liabilities:		 		 	
Accounts payable		$	64,817 	 		$	77,651 	 	
Accrued compensation and benefits		64,033 	 		106,592 	 	
Accrued expenses and other liabilities		38,881 	 		47,223 	 	
Operating lease liabilities, current		29,940 	 		27,264 	 	
Deferred revenue, current		365,716 	 		356,011 	 	
	
Total current liabilities		563,387 	 		614,741 	 	
Convertible senior notes, net		483,943 	 		477,007 	 	
Operating lease liabilities, non-current		95,886 	 		92,977 	 	
Deferred revenue, non-current		340,344 	 		341,277 	 	
	
Other liabilities, non-current		14,443 	 		8,084 	 	
Total liabilities		1,498,003 	 		1,534,086 	 	
Stockholders’ equity:		 		 	
Common stock and additional paid-in capital		2,120,215 	 		2,107,605 	 	
Accumulated other comprehensive income		10,173 	 		5,449 	 	
Accumulated deficit		(1,373,530)	 		(1,282,936)	 	
Total stockholders' equity		756,858 	 		830,118 	 	
Total liabilities and stockholders' equity		$	2,254,861 	 		$	2,364,204 	 	

4

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

 	First Quarter of Fiscal	
 	2021		2020	
 				
Revenue:				
Product	$	246,939 	 		$	238,741 	 	
Subscription services	120,180 	 		87,959 	 	
Total revenue	367,119 	 		326,700 	 	
Cost of revenue:	 		 	
Product (1)	69,285 	 		76,592 	 	
Subscription services(1)	41,009 	 		33,721 	 	
Total cost of revenue	110,294 	 		110,313 	 	
Gross profit	256,825 	 		216,387 	 	
Operating expenses:	 		 	
Research and development (1)	112,446 	 		105,075 	 	
Sales and marketing (1)	173,433 	 		166,626 	 	
General and administrative (1)	41,125 	 		42,110 	 	
Restructuring and other (2)	14,702 	 		— 	 	
Total operating expenses	341,706 	 		313,811 	 	
Loss from operations	(84,881)	 		(97,424)	 	
Other income (expense), net	(3,416)	 		(1,816)	 	
Loss before provision for income taxes	(88,297)	 		(99,240)	 	
Income tax provision	2,297 	 		1,096 	 	
Net loss	$	(90,594)	 		$	(100,336)	 	
				
Net loss per share attributable to common
   stockholders, basic and diluted	$	(0.34)	 		$	(0.41)	 	
Weighted-average shares used in computing net
   loss per share attributable to common
   stockholders, basic and diluted	262,935 	 		245,334 	 	

(1) Includes stock-based compensation expense as follows:
												
Cost of revenue -- product	$	996 	 		$	977 	 	
Cost of revenue -- subscription services	3,392 	 		3,951 	 	
Research and development	28,711 	 		27,835 	 	
Sales and marketing	16,272 	 		18,314 	 	
General and administrative	9,323 	 		10,670 	 	
Total stock-based compensation expense	$	58,694 	 		$	61,747 	 	

(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)

 	First Quarter of Fiscal	
 	2021		2020	
 				
Cash flows from operating activities				
Net loss	$	(90,594)	 		$	(100,336)	 	
Adjustments to reconcile net loss to net cash provided by operating activities:				
Depreciation and amortization	15,133 	 		21,060 	 	
Amortization of debt discount and debt issuance costs	6,936 	 		6,490 	 	
Stock-based compensation expense	58,694 	 		61,747 	 	
Other	1,705 	 		(811)	 	
Changes in operating assets and liabilities, net of effects of acquisition:				
Accounts receivable, net	109,441 	 		67,299 	 	
Inventory	(1,370)	 		(2,023)	 	
Deferred commissions	(3,159)	 		1,716 	 	
Prepaid expenses and other assets	(6,298)	 		(7,298)	 	
Operating lease right-of-use assets	6,706 	 		6,209 	 	
Accounts payable	(14,294)	 		(25,807)	 	
Accrued compensation and other liabilities	(49,643)	 		(43,583)	 	
Operating lease liabilities	(6,926)	 		(6,034)	 	
Deferred revenue	8,772 	 		28,013 	 	
Net cash provided by operating activities	35,103 	 		6,642 	 	
Cash flows from investing activities				
Purchases of property and equipment	(23,782)	 		(24,296)	 	
	
Acquisition, net of cash acquired	— 	 		(47,881)	 	
	
Purchases of marketable securities	(98,161)	 		(312,859)	 	
Sales of marketable securities	17,657 	 		22,344 	 	
Maturities of marketable securities	95,375 	 		164,139 	 	

Net cash used in investing activities	(8,911)	 		(198,553)	 	
Cash flows from financing activities				
Net proceeds from exercise of stock options	9,275 	 		16,761 	 	
Proceeds from issuance of common stock under employee stock purchase plan	16,021 	 		32,042 	 	

Proceeds from borrowing	4,950 	 		— 	 	
Repayment of debt assumed from acquisition	— 	 		(11,555)	 	
Tax withholding on vesting of restricted stock	(1,374)	 		(5,672)	 	
Repurchases of common stock	(70,119)	 		— 	 	
Net cash (used in) provided by financing activities	(41,247)	 		31,576 	 	
Net decrease in cash, cash equivalents and restricted cash	(15,055)	 		(160,335)	 	
Cash, cash equivalents and restricted cash, beginning of period	377,922 	 		463,813 	 	
Cash, cash equivalents and restricted cash, end of period	$	362,867 	 		$	303,478 	 	

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):
																																																																											
 		First Quarter of Fiscal 2021		First Quarter of Fiscal 2020	
 		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)	
																									
						$	996 	 		(c)										$	977 	 		(c)					
						36 	 		(d)										49 	 		(d)					
						438 	 		(e)										— 	 							
						2,004 	 		(f)										922 	 		(f)					
Gross profit --
product		$	177,654 	 		71.9 	%		$	3,474 	 		 		$	181,128 	 		73.3 	%		$	162,149 	 		67.9 	%		$	1,948 	 		 		$	164,097 	 		68.7 	%	
																									
 		 		 		$	3,392 	 		(c)		 		 		 		 		$	3,951 	 		(c)		 		 	
						99 	 		(d)										127 	 		(d)					
						190 	 		(e)										— 	 							
Gross profit -- subscription services		$	79,171 	 		65.9 	%		$	3,681 	 		 		$	82,852 	 		68.9 	%		$	54,238 	 		61.7 	%		$	4,078 	 		 		$	58,316 	 		66.3 	%	
																									
 		 		 		$	4,388 	 		(c)		 		 		 		 		$	4,928 	 		(c)		 		 	
						135 	 		(d)										176 	 		(d)					
						628 	 		(e)										— 	 							
						2,004 	 		(f)										922 	 		(f)					
Total gross profit		$	256,825 	 		70.0 	%		$	7,155 	 		 		$	263,980 	 		71.9 	%		$	216,387 	 		66.2 	%		$	6,026 	 		 		$	222,413 	 		68.1 	%	

(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 expenses directly related to COVID-19 pandemic including hazard pay premiums.
(f) To eliminate amortization expense of acquired intangible assets.
7

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
																																																																		
 	First Quarter of Fiscal 2021		First Quarter of Fiscal 2020	
 	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)	
																						
					$	58,694 	 		(c)										$	61,747 	 	(c)				
					1,872 	 		(d)										410 	 	(d)				
					1,623 	 		(e)										3,124 	 	(e)				
					9,531 	 		(f)										— 	 					
					5,799 	 		(g)										— 	 					
					2,004 	 		(h)										922 	 	(h)				
Operating loss	$	(84,881)	 		-23.1 	%		$	79,523 	 		 		$	(5,358)	 		-1.5 	%		$	(97,424)	 		-29.8 	%		$	66,203 	 	 	$	(31,221)	 		-9.6 	%	
																						
 	 		 		$	58,694 	 		(c)		 		 		 		 		$	61,747 	 	(c)			 	
					1,872 	 		(d)										410 	 	(d)				
 	 		 		1,623 	 		(e)		 		 		 		 		3,124 	 	(e)			 	
					9,531 	 		(f)										— 	 					
					5,799 	 		(g)										— 	 					
					2,004 	 		(h)										922 	 	(h)				
					6,936 	 		(i)										6,490 	 	(i)				
Net loss	$	(90,594)	 		 		$	86,459 	 				$	(4,135)	 		 		$	(100,336)	 		 		$	72,693 	 	 	$	(27,643)	 		 	
																						
Net loss per share -- basic and diluted	$	(0.34)	 		 		 		 		$	(0.02)	 		 		$	(0.41)	 		 		 	 	$	(0.11)	 		 	
Weighted-average shares used in per share calculation -- basic and diluted	262,935 	 		 							262,935 	 		 		245,334 	 		 					245,334		 	

(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 company.
(e) To eliminate payroll tax expense related to stock-based activities.
(f) To eliminate expenses directly related to COVID-19 pandemic. These expenses included marketing commitments no longer deemed to have value and hazard pay premiums.
(g) To eliminate restructuring expenses resulting from workforce reduction in February 2020.
(h) To eliminate amortization expense of acquired intangible assets.
(i) To eliminate amortization expense of debt discount and debt issuance costs related to our convertible debt.

8

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

 	First Quarter of Fiscal	
 	2021		2020	
Net cash provided by operating activities	$	35,103 	 		$	6,642 	 	
Less: purchases of property and equipment	(23,782)	 		(24,296)	 	
Free cash flow (non-GAAP)	$	11,321 	 		$	(17,654)	 	

				
Free cash flow as % of revenue	3.1 	%		-5.4 	%	

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