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Burnt Marie Callender's Pie Became a Thanksgiving Meme: Here's What Really HappenedGENEVA -- World Cup sponsor Bank of America teamed with FIFA for a second time Tuesday, signing for the Club World Cup that still has no broadcast deals just over six months before games start. Bank of America became FIFA’s first global banking partner in August and sealed a separate deal for a second event also being played in the United States, two days before the group-stage draw in Miami for the revamped 32-team club event . It features recent European champions Real Madrid, Manchester City and Chelsea. “FIFA is going to take America by storm and we’re going to be right at their side,” the bank’s head of marketing, David Tyrie, said in a telephone interview Tuesday. Bank of America joins 2026 World Cup sponsors Hisense and Budweiser brewer AB InBev in separately also backing the club event, and more deals are expected after Saudi Arabia is confirmed next week as the 2034 World Cup host. While games at the next World Cup, co-hosted with Canada and Mexico, will be watched by hundreds of millions globally mostly on free-to-air public networks, the Club World Cup broadcast picture is unclear. FIFA has promised hundreds of millions of dollars in prize money for the 32 clubs to share but is yet to announce any broadcast deals for the month-long tournament. It is expected to land on a streaming service. “You have to think about how you are going to connect with these fans,” Tyrie told the Associated Press from Boston. “TV is one, sure, social media is a big avenue. “The smart marketing capabilities are able to say ‘Hey, we need to tilt this one a little bit more away from TV-type marketing into social-type marketing.’ We have got a pretty decent strategy that we’re putting in place to do activation.” Engaging Bank of America’s customers and 250,000 employees are key to that strategy, Tyrie said. “It’s going to be for our clients, and entertainment, it’s going to be for our employees in creating excitement. All of the above.” The Club World Cup will be played in 12 stadiums across 11 cities, including Bank of America Stadium in Charlotte, N.C, and Lumen Field where the hometown Seattle Sounders play three group-stage games. European powers Madrid, Man City and Bayern Munich lead a 12-strong European challenge. Teams qualified by winning continental titles or posting consistently good results across four years of those competitions. The exception is Lionel Messi’s Inter Miami, who FIFA gave the entry reserved for a host nation team in October based on regular season record without waiting for the MLS Cup final. LA Galaxy hosts New York Red Bulls playing for that national title Saturday. Messi’s team opens the FIFA tournament June 15 in the Miami Dolphins’ Hard Rock Stadium and will play its three group games in Florida. “The more brand players you bring in, the bigger the following you have got,” Tyrie acknowledged, though adding Messi being involved was “not a make or break for the event.” The Club World Cup final is July 13 at Met Life Stadium near New York, which also will host the World Cup final one year later. ___ AP soccer: https://apnews.com/hub/soccerL3Harris Technologies Inc. stock rises Wednesday, still underperforms market
MUNICH (AP) — Manuel Neuer was sent off for the first time and Bayern Munich crashed out of the German Cup in the third round with a 1-0 loss at home to defending champion Bayer Leverkusen on Tuesday. The 38-year-old Neuer was never before sent off over a long career including 124 games for Germany, but the Bayern captain was shown a straight red card in the 17th minute for taking out Jeremie Frimpong with a body check when the Dutch winger was almost through on goal after a long pass from Johnathan Tah. Bayern’s players protested but there had been no attempt from Neuer to play the ball. Leverkusen needed patience to take advantage against a riled-up Bayern team that created better chances in the first half. The home team was without Harry Kane, injured over the weekend against Borussia Dortmund. Bayern confirmed a right hamstring injury and said the England captain will be out “for the time being.” Leverkusen coach Xabi Alonso sent on Patrik Schick for the second half, but the in-form Czech forward limped off with what looked like a left calf injury after less than 15 minutes. Nathan Tella replaced Schick in the 61st, then scored eight minutes later with a header to Álex Grimaldo’s perfectly positioned cross. “The first title of the season is gone, and that hurts,” Bayern midfielder Joshua Kimmich said. Story continues below video Alonso, a former Bayern midfielder, has never lost in five games against his former club while Leverkusen coach. Bayern was knocked out in the second round last season. Also, Werder Bremen defeated second-division side Darmstadt 1-0. Earlier, 2022 finalist Freiburg was knocked out in a 3-1 loss at third-division team Arminia Bielefeld, and Stuttgart won 3-0 at Jahn Regensburg. AP soccer: https://apnews.com/hub/soccer
Percentages: FG .446, FT .692. 3-Point Goals: 10-22, .455 (Bamba 4-6, Barthelemy 3-4, Angel 2-5, Shelstad 1-3, Bittle 0-1, Evans 0-1, Tracey 0-2). Team Rebounds: 11. Team Turnovers: 1. Blocked Shots: 5 (Bittle 2, Angel, Evans, Tracey). Turnovers: 14 (Bittle 3, Angel 2, Bamba 2, Barthelemy 2, Evans, Moss, S.Cook, Shelstad, Tracey). Steals: 8 (Barthelemy 5, Angel, Bamba, Shelstad). Technical Fouls: None. Percentages: FG .509, FT .500. 3-Point Goals: 6-19, .316 (Boyd 3-4, Davis 2-4, Byrd 1-5, Coleman-Jones 0-1, Gwath 0-1, DeGourville 0-2, McKinney 0-2). Team Rebounds: 3. Team Turnovers: 1. Blocked Shots: 9 (Gwath 5, Byrd 2, Compton, DeGourville). Turnovers: 12 (Compton 3, Gwath 3, Byrd 2, Boyd, Coleman-Jones, Davis, Heide). Steals: 8 (Byrd 3, Coleman-Jones 2, Compton 2, Davis). Technical Fouls: None. .NASSAU, Bahamas — Scottie Scheffler brought a new putting grip to the Hero World Challenge and felt enough improvement to be satisfied with the result, a 5-under 67 that left him three shots behind Cameron Young on Thursday. Young was playing for the first time since the BMW Championship more than three months ago and found great success on and around the greens of Albany Golf Club, chipping beautifully and holing four birdie putts from 15 feet or longer for his 64. He led by two shots over Justin Thomas in his first competition since his daughter was born a few weeks ago. Thomas ran off four straight birdies late in his round and was a fraction of an inch away with a fifth. The big surprise was Scheffler, the No. 1 player in golf who looked as good as he has all year in compiling eight victories, including an Olympic gold medal. His iron play has no equal. His putting at times has kept him from winning more or winning bigger. He decided to try to a "saw" putting grip from about 20 feet or closer — the putter rests between his right thumb and his fingers, with his left index finger pointed down the shaft. "I'm always looking for ways to improve," Scheffler said. Scheffler last year began working with renowned putting instructor Phil Kenyon, and he says Kenyon mentioned the alternative putting grip back then. "But it was really our first time working together and it's something that's different than what I've done in the past," Scheffler said. "This year I had thought about it from time to time, and it was something that we had just said let's table that for the end of the season, take a look at it. "Figured this is a good week to try stuff." He opened with a wedge to 2 feet and he missed a 7-foot birdie putt on the par-5 third. But he holed a birdie from about the same distance at the next par 5, No. 6, and holed a sliding 6-footer on the ninth to save par. His longest putt was his last hole, from 12 feet for a closing birdie. "I really enjoyed the way it felt," he said. "I felt like I'm seeing some improvements in my stroke." Young, regarded as the best active player without a PGA Tour victory, is treating this holiday tournament as the start of a new season. He worked on getting stronger and got back to the basics in his powerful golf swing. And on this day, he was dialed in with his short game. He only struggled to save par twice and kept piling up birdies in his bogey-free round on an ideal day in the Bahamas. "The wind wasn't blowing much so it was relatively stress-free," Young said. Patrick Cantlay, along with Scheffler playing for the first time since the Presidents Cup, also was at 67 with Ludvig Aberg, Akshay Bhatia and Sahith Theegala. Thomas also took this occasion to do a little experimenting against a 20-man field. He has using a 46-inch driver at home — a little more than an inch longer than his regular driver — in a bid to gain more speed. On a day with little wind, on a golf course with some room off the tee, he decided to put it in play. "Just with it being a little bit longer, I just kind of have to get the club out in front of me and get on top of it a little bit more," Thomas said. "I drove the hell out of it on the back, so that was nice to try something different and have it go a little bit better on the back." Thomas said the longer driver gives him 2 or 3 mph in ball speed and 10 extra yards in the air. "It's very specific for courses, but gave it a try," he said. Conditions were easy enough that only four players in field failed to break par, with Jason Day bringing up the rear with a 75. Get local news delivered to your inbox!
Percentages: FG .391, FT .714. 3-Point Goals: 3-14, .214 (Finister 1-1, Huefner 1-3, Wilkerson 1-8, Boykin 0-1, Hammons 0-1). Team Rebounds: 3. Team Turnovers: None. Blocked Shots: 3 (Sakho 2, Boykin). Turnovers: 9 (Boykin 2, Huefner 2, Scroggins 2, Burns, Finister, Sakho). Steals: 7 (Boykin 4, Finister, Hammons, Wilkerson). Technical Fouls: Scroggins, 15:54 second. Percentages: FG .396, FT .773. 3-Point Goals: 7-24, .292 (Tate 3-6, Conners 2-5, Threadgill 1-3, Huntley 1-5, Beaubrun 0-1, Dodd 0-1, Muttilib 0-3). Team Rebounds: 4. Team Turnovers: 1. Blocked Shots: 3 (Wilson 2, Beaubrun). Turnovers: 11 (Tate 5, Wilson 3, Beaubrun, Dodd, Huntley). Steals: 4 (Huntley, Muttilib, Tate, Threadgill). Technical Fouls: None. .
Significant milestones in life and career of Jimmy CarterJimmy Carter rose from a Georgia farm to become president of the United States and a Nobel Prize-winning peace and human rights activist. Carter became the nation's 39th president in 1977, defeating President Gerald Ford in the election more than two years after the Watergate scandal drove Richard Nixon from the Oval Office. He lived longer than any other U.S. president. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Jimmy Carter, the Georgia peanut farmer who became a U.S. president and a Nobel Prize-winning activist for peace and human rights, has died. He was 100. Carter's post-presidency had been widely seen as more successful than his time in the White House, and he called it " more gratifying ." even into his 90s, crusading for human rights, writing books, building homes for the needy with his own hands, teaching Sunday school, and traveling the world in the pursuit of peace. Carter graduated from the United States Naval Academy, participated in the Navy's fledgling nuclear-powered submarine program, and served two terms as a Georgia state senator and one as governor before he was elected to the White House. He became the nation's 39th president in 1977, defeating President Gerald Ford in the election more than two years after the Watergate scandal drove Richard Nixon from the Oval Office. Carter had been on hospice care for more than a year. Money Report Jimmy Carter quotes: ‘I could have wiped Iran off the map' 4 ways to stop making life more difficult for yourself, from a Zen Buddhist monk His family announced in February 2023 that he had entered end-of-life care in his home after a series of hospital visits. His wife, Rosalynn , who had been diagnosed with dementia in early 2023, briefly entered hospice herself at age 96 before dying on Nov. 19. Carter turned 100 in October, bringing a new flood of tributes and accolades. His grandson Jason Carter said it was gratifying for Jimmy Carter to see a reassessment of his presidency and legacy. After losing his reelection bid in 1980, he remained active in public issues, including speaking at age 95 in support of Joe Biden at the virtual Democratic National Convention in August 2020. Some commentators viewed him as the nation's "most successful ex-president." He wrote more than 40 books , including "Faith," which he released when he was in his mid-90s. Days after his 93rd birthday, he offered to go to North Korea amid a nuclear crisis in an attempt to establish a permanent peace between Pyongyang and Washington. And at age 96, he denounced Republican efforts to restrict voter access in his home state. Carter lived longer than any other U.S. president, surpassing the late George H.W. Bush, who died in November 2018 at age 94. When Carter reached that milestone in March 2019, Carter Center spokeswoman Deanna Congileo said he was still active. "Both President and Mrs. Carter are determined to use their influence for as long as they can to make the world a better place," Congileo said at the time. "Their tireless resolve and heart have helped to improve life for millions of the world's poorest people." U.S. stock markets have historically closed for a day of mourning to honor the death of a president. James Earl Carter Jr. was born Oct. 1, 1924, in Plains, Georgia — the first U.S. president born in a hospital. His father ran a general store and invested in farmland. His mother, known as "Miss Lillian," was a nurse. Carter attended the U.S. Naval Academy. During one of his visits home from Annapolis, his younger sister Ruth set up a date with their neighbor and lifelong friend. Upon graduation in 1946 from the academy, he married that young woman, Eleanor Rosalynn Smith, when she was 18. (On July 7, 2023, the Carters celebrated their 77th wedding anniversary , marking a record-long marriage for a first couple.) In the Navy, he served on submarines in the Atlantic and Pacific fleets and attained the rank of lieutenant. He joined then-Capt. Hyman Rickover's nuclear submarine development program. He did graduate work at Union College in reactor technology and nuclear physics and became senior officer of the pre-commissioning crew of the second nuclear submarine, the Seawolf. After his father died in 1953, Carter resigned from the Navy and returned to Georgia, taking over the family farms and becoming active in local politics. He served in the Navy Reserve until 1961. Elected governor in 1971, he was considered one of the leaders of the "New South" — a progressive who condemned racial segregation and inequality. During his presidential campaign, he ran as an outsider, hoping to capitalize on the anti-Washington sentiment in the post-Vietnam/Watergate era. "My name is Jimmy Carter, and I'm running for president," a beaming Carter said in the opening of his acceptance speech at the Democratic National Convention in July 1976. He offered to create jobs in a nasty economy with a 7.9% unemployment rate, and to set a squeaky-clean example as a born-again Christian from outside the Beltway, unblemished by Washington's scandals. On the eve of the election, however, he gave an interview to Playboy magazine in which he made this shocking confession: "I've looked on a lot of women with lust. I've committed adultery in my heart many times." Still, the man with the huge smile and genteel Georgia drawl handily won the Electoral College by 297-240 but received only 50.1% of the popular vote to Ford's 48%. Once in office, Carter empowered his running mate, Walter Mondale, to transform the vice presidency into a policy-driving office. On the domestic front, in addition to stagflation and recession, Carter had to deal with the Love Canal ecological disaster in Niagara Falls, New York, which led to the creation of the environmental Superfund. He also ended federal price regulations for airlines, trucking and railroads; signed the bailout of Chrysler in 1979; and elevated the Department of Education into a separate Cabinet-level agency. One of his biggest domestic problems was the festering energy crisis, which stemmed from the Arab oil embargo that began during the 1973 Middle East war. He termed the crisis "the moral equivalent of war." In symbolic gestures, he wore a Mister Rogers-styled cardigan, turned down the White House heat, installed solar heating panels in the executive mansion, created the Department of Energy and pressed for tax incentives for installation of home insulation. In international affairs, he campaigned for human rights, successfully concluded the Camp David peace accords between Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin, negotiated the return to Panama of the Canal Zone, established full diplomatic relations with communist China and reached an agreement on the SALT II nuclear arms limitation treaty with Moscow. Then came the fateful end of the year 1979: The disastrous 444-day Iranian hostage standoff began in November, and the Soviets invaded Afghanistan in December, resulting in Carter's call for a U.S. boycott of the 1980 Moscow Olympics. The seizure of the U.S. Embassy in Tehran by radical student followers of Ayatollah Ruhollah Khomeini on Nov. 4, 1979, and the subsequent siege made the Carter administration seem impotent. Even the first lady recalled during a CNBC interview in 2014 that she urged her husband to "do something, anything!" Five months into the crisis, Carter ordered a military mission, Operation Eagle Claw, to rescue the American hostages. The mission ended in humiliation: In the process of aborting the plan because of operational difficulties, a U.S. helicopter crashed into a transport plane at the desert staging area, killing eight servicemen. Secretary of State Cyrus Vance, who advocated diplomacy over force to resolve the hostage crisis, resigned. "I know this is a matter of principle with you, and I respect the reasons you have expressed to me," Carter said in a handwritten note to Vance. The crisis finally ended with the release of 52 Americans on Jan. 20, 1981, the day the man who ended Carter's single-term presidency took the oath of office — Ronald Reagan. Before the 1980 election between Carter, Reagan and independent John Anderson, Sen. Ted Kennedy waged an unsuccessful challenge to the president for the Democratic nomination. In a 2014 interview with CNBC, Carter said he probably would have been easily reelected had he rescued the hostages. "It would have shown that I was strong and resolute and manly," he said. "I could have wiped Iran off the map with the weapons that we had. But in the process a lot of innocent people would have been killed, probably including the hostages. And so I stood up against all that advice, and then eventually all my prayers were answered and all the hostages came home safe and free." Summing up the Carter presidency, former aide Stuart Eizenstat wrote in a 2015 op-ed in The New York Times that the nation's 39th president had numerous accomplishments. "It is enormously frustrating for those of us who worked closely with him in the White House to witness his presidency caricatured as a failure, and to see how he has been marginalized, even by his fellow Democrats," Eizenstat wrote. "His defining characteristic was confronting intractable problems regardless of their political cost." Carter remained active after he left Washington at age 56. He and Rosalynn volunteered for Habitat for Humanity , building affordable housing for the needy, and he established the Jimmy Carter Presidential Library and The Carter Center in Atlanta. Founded in 1982, the center has sent observers to monitor elections in more than three dozen countries. The center has also led health efforts, including the push to eradicate the tropical parasitic Guinea worm disease. The center's motto is "Waging peace. Fighting disease. Building hope." "I still hope to outlive the last Guinea worm ," Carter told CNN in May 2018. (He came close. The Carter Center reported there were only 13 human cases in 2023.) Carter, who also taught at Emory University, traveled extensively to promote peace, human rights and economic progress. In one mission, President Bill Clinton secretly dispatched him to North Korea in 1994 to help mediate a nuclear dispute with dictator Kim Il Sung, Kim Jong Un's grandfather. In 2002, Carter received the Nobel Peace Prize for what the awards committee called "his decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development." However, his actions were not always well-received. His efforts in his long campaign for peace between Israel and its Arab neighbors included the 2006 book "Palestine: Peace, Not Apartheid," which was perceived as antisemitic and biased against Israel. In particular, one sentence provoked an outcry: "It is imperative that the general Arab community and all significant Palestinian groups make it clear that they will end the suicide bombings and other acts of terrorism when international laws and the ultimate goals of the Roadmap for Peace are accepted by Israel." In an interview with NPR , Carter was asked about the passage. "That was a terribly worded sentence which implied, obviously in a ridiculous way, that I approved terrorism and terrorist acts against Israeli citizens," he said. "The 'when' was obviously a crazy and stupid word. My publishers have been informed about that and have changed the sentence in all future editions of the book." (It became: "It is imperative that the general Arab community and all significant Palestinian groups make it clear that they renounce all acts of violence against innocent civilians and will accept international laws, the Arab peace proposal of 2002, and the ultimate goals of the Roadmap for Peace.") In the 2014 CNBC interview, Carter said the Camp David Accords and other peacemaking stood among his greatest achievements as president. "I kept our country at peace, which has happened very rarely since the Second World War, and I tried to work for peace between other people who were not directly related to the United States, like between Egypt and Israel. I normalized diplomatic relations with China, and I implemented a very strong human rights commitment that brought about a change throughout Latin America, for instance, from totalitarian military dictatorships to democracies," he said. "So I would say the promotion of peace and human rights were the two things that I'm most proud." Had he been elected to a second term, he told CNBC, "I could have implemented very firmly the peace agreement that I negotiated with Israel and its neighbors that was never fully implemented." "I'd like to be remembered as a champion of peace and human rights. Those are the two things I've found as a kind of guide for my life. I've done the best I could with those, not always successful, of course," he told CNBC. "I would hope the American people would see that I tried to do what was best for our country every day I was in office." Survivors include sons John "Jack," James "Chip," and Donnel "Jeff" and daughter Amy. Jack ran unsuccessfully for the U.S. Senate in Nevada in 2006. Jack's son Jason lost a bid for Georgia governor in 2014 to then-incumbent Republican Nathan Deal. Carter's brother Billy, whose antics stirred up unwanted attention during the Carter White House years, died in 1988. On Aug. 12, 2015, the former president revealed that he had melanoma and that surgery on his liver confirmed that it had metastasized there and to his brain. A week after his cancer diagnosis announcement, Carter held a remarkably frank news conference at the Carter Center to discuss his prognosis and the prospect of facing death. "I've had a wonderful life, I've had thousands of friends, and I've had an exciting and adventurous and gratifying existence," he told reporters. Illustrating that peace of mind, the former president took this picture when he returned home from the news conference: After four months of treatment, including targeted radiation and immunotherapy, Carter announced in early December 2015 that a subsequent brain scan showed no signs of the original cancer spots and no new ones. Then in March 2016, he announced he no longer needed regular cancer treatments. Months later, in July, he addressed the Democratic National Convention by video, urging people to vote for Hillary Clinton over Donald Trump . And at an Atlanta Braves game in September 2015, the former first couple was caught on the "kiss cam." Former President Jimmy Carter smooches wife on Atlanta Braves' kiss cam http://t.co/eq5KbHftsn #NBCNightlyNews pic.twitter.com/QT5Prl6T8f In 2019, at age 94, Carter fell in his home and broke a hip when he was preparing to go turkey hunting. "President Carter said his main concern is that turkey season ends this week, and he has not reached his limit," the Carter Center said. He underwent hip replacement surgery but had to cancel plans to resume teaching Sunday school six days after the accident. Later that year, just before a planned week at an October 2019 Habitat for Humanity project in Tennessee, the 95-year-old Carter fell in his home while heading to church. Although he suffered a black eye and needed 14 stitches in his head, Carter appeared 400 miles away at a concert that night in Nashville to support the project. Wielding a power drill and other building tools, he soon joined the volunteer construction crews. Then, two weeks later, he fell in his house and suffered a pelvic fracture. But in another two weeks, he was back at church, giving a lesson on the Book of Job and talking about facing death during his 2015 cancer treatment. "I obviously prayed about it. I didn't ask God to let me live, but I just asked God to give me a proper attitude toward death. And I found that I was absolutely and completely at ease with death. It didn't really matter to me whether I died or lived," Carter told the congregation of 400 people at Maranatha Baptist Church on Nov. 3, 2019, according to the church's feed on Facebook. "I have since that time been absolutely confident that my Christian faith includes complete confidence in life after death." During the Covid pandemic, the Carters decided not to travel to Biden's inauguration, but weeks later, they were fully vaccinated and were back in their usual seats in the front pew of Maranatha Baptist for Sunday services. " It's hard to live until you're 95 years old," Carter told People magazine days after reaching that milestone. "I think the best explanation for that is to marry the best spouse: Someone who will take care of you and engage and do things to challenge you and keep you alive and interested in life." — Michele Luhn and Lynne Pate contributed to this report. Also on CNBC U.S. to send $1.25 billion in weapons to Ukraine, pushing to get aid out before Biden leaves office 5 things to know before the stock market opens Friday German president dissolves parliament for Feb. 23 snap electionsIn spite of 'darkness,' we do have a lot to be thankful for in our country
Awarded industry-first design win from a top-four hyperscaler SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024. "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," said Pure Storage Chairman and CEO Charles Giancarlo . "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption." Third Quarter Financial Highlights "Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models," said Kevan Krysler , Pure Storage CFO. "We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape." Third Quarter Company Highlights Industry Recognition and Accolades Fourth Quarter and FY25 Guidance Q4FY25 Revenue $867M Revenue YoY Growth Rate 9.7 % Non-GAAP Operating Income $135M Non-GAAP Operating Margin 15.6 % FY25 Revenue $3.15B Revenue YoY Growth Rate 11.5 % Non-GAAP Operating Income $540M Non-GAAP Operating Margin 17 % 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 and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort. Conference Call Information Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website . Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482. Additionally, Pure is scheduled to participate at the following investor conferences: Wells Fargo 8th Annual TMT Summit Date: Wednesday, December 4, 2024 Time: 1:30 p.m. PT / 4:30 p.m. ET Chief Technology Officer Rob Lee 27th Annual Needham Growth Conference Date: Thursday, January 16, 2025 Time: 9:45 a.m. PT / 12:45 p.m. ET Founder & Chief Visionary Officer John "Co z" Colgrove Chief Financial Officer Kevan Krysler The presentations will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com . ---- About Pure Storage Pure Storage (NYSE: PSTG) delivers the industry's most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com . Connect with Pure Blog LinkedIn Twitter Facebook Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks . Other names may be trademarks of their respective owners. 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 our opportunity with hyperscale and AI environments, our ability to meet hyperscalers' performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, 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 February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law. Key Performance Metric Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four. 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 such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions 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. PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited) At the End of Third Quarter of Fiscal 2025 Fiscal 2024 Assets Current assets: Cash and cash equivalents $ 894,569 $ 702,536 Marketable securities 753,960 828,557 Accounts receivable, net of allowance of $956 and $1,060 578,224 662,179 Inventory 41,571 42,663 Deferred commissions, current 86,839 88,712 Prepaid expenses and other current assets 204,485 173,407 Total current assets 2,559,648 2,498,054 Property and equipment, net 431,353 352,604 Operating lease right-of-use-assets 157,574 129,942 Deferred commissions, non-current 210,671 215,620 Intangible assets, net 23,039 33,012 Goodwill 361,427 361,427 Restricted cash 11,249 9,595 Other assets, non-current 99,504 55,506 Total assets $ 3,854,465 $ 3,655,760 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 102,021 $ 82,757 Accrued compensation and benefits 155,652 250,257 Accrued expenses and other liabilities 141,846 135,755 Operating lease liabilities, current 47,941 44,668 Deferred revenue, current 897,174 852,247 Debt, current 100,000 — Total current liabilities 1,444,634 1,365,684 Long-term debt — 100,000 Operating lease liabilities, non-current 146,390 123,201 Deferred revenue, non-current 784,282 742,275 Other liabilities, non-current 68,573 54,506 Total liabilities 2,443,879 2,385,666 Stockholders' equity: Common stock and additional paid-in capital 2,821,010 2,749,627 Accumulated other comprehensive income (loss) 1,023 (3,782) Accumulated deficit (1,411,447) (1,475,751) Total stockholders' equity 1,410,586 1,270,094 Total liabilities and stockholders' equity $ 3,854,465 $ 3,655,760 PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) Third Quarter of Fiscal First Three Quarters of Fiscal 2025 2024 2025 2024 Revenue: Product $ 454,735 $ 453,277 $ 1,204,714 $ 1,161,978 Subscription services 376,337 309,561 1,083,608 878,838 Total revenue 831,072 762,838 2,288,322 2,040,816 Cost of revenue: Product (1) 154,970 126,770 385,446 343,588 Subscription services (1) 93,180 83,321 284,168 244,541 Total cost of revenue 248,150 210,091 669,614 588,129 Gross profit 582,922 552,747 1,618,708 1,452,687 Operating expenses: Research and development (1) 200,086 182,100 589,396 549,923 Sales and marketing (1) 255,830 231,707 757,069 696,885 General and administrative (1) 67,319 64,729 213,551 192,944 Restructuring and impairment (2) — — 15,901 16,766 Total operating expenses 523,235 478,536 1,575,917 1,456,518 Income (loss) from operations 59,687 74,211 42,791 (3,831) Other income (expense), net 17,156 5,184 50,684 23,619 Income before provision for income taxes 76,843 79,395 93,475 19,788 Income tax provision 13,204 9,006 29,171 23,915 Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)None
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