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New words:
abandonment, adhering, affirmative, assist, AVS, began, behavior, billable, boost, CALO, CapEx, capture, capturing, Carlo, CISO, climate, combat, contrast, Council, CPRA, curation, dark, dashboard, description, diagram, Dietzen, discretionary, easier, edition, emission, enjoy, entail, Erosion, ESC, exceeded, exceeding, forfeited, fragmented, GRC, greener, GRI, grounded, image, inference, inline, interim, IRS, Israel, joined, land, LTP, mandated, mandating, massive, member, membership, Monte, nonqualified, NQDC, OECD, older, operationalize, PB, philosophy, piloting, pose, possession, posture, proving, PSO, Pulse, rack, reside, Revocable, scientifically, Scott, Senate, setup, simulation, sit, spanning, step, stretch, substantive, succeed, TCV, tied, tier, trust, unearned, unrivaled, usage, verification, vertically, vulnerability, water, weakened
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AB, absence, acquiring, advice, announce, ascertained, assembled, assigned, attained, attendance, blog, capped, Compuverde, conference, consisted, constitute, convert, converted, curve, deductible, deferral, desirable, developer, diminishing, disclosing, East, effected, employer, entering, exchanged, facebook, FD, feature, forma, fundamental, gain, grace, gradual, hampered, handling, hazard, hedge, holder, incurrence, incurring, indenture, insignificant, integrate, investor, involuntary, lengthening, linkedin, list, lowering, marketplace, Middle, National, native, netted, observation, Page, precision, presently, Pro, recapitalizing, reclassify, redemption, refinance, relation, renewed, repeat, representing, revised, revising, revision, scheduled, seamlessly, securing, selected, separated, Servicing, sourced, streamline, suddenly, sum, surviving, transitional, trustee, twitter, unchanged, unpaid, unrest, unwinding, upcoming, voice, Weak, withdrawal
Financial report summary
?Competition
International Business Machines • Netapp • One Stop Systems • Hewlett Packard EnterpriseRisks
- Our business, operating results, and cash flows may be adversely impacted by uncertain macroeconomic conditions and the uncertain geopolitical environment.
- Our sales cycles can be long, unpredictable and expensive, particularly during a global economic slowdown, making it difficult for us to predict future sales.
- Our business may be harmed by trends in the overall data storage market.
- The evolving market for data storage products makes it difficult to forecast demand for our Platform.
- We face intense competition from established companies and others.
- Many of our competitors have long-standing relationships with key decision makers at current and prospective customers, which may inhibit our ability to compete.
- We rely on contract manufacturers to manufacture our products, and if we fail to manage our relationships with our contract manufacturers successfully, our business could be negatively impacted.
- We rely on a limited number of suppliers, and in some cases single-source suppliers, and any disruption or termination of our supply arrangements could delay shipments of our products and could harm our relationships with current and prospective customers.
- If we do not manage the supply of our products and their components efficiently, our results of operation could be adversely affected.
- If we fail to successfully maintain or grow our relationships with partners, our business, operating results and financial condition could be harmed.
- Our brand name and business may be harmed by our competitors' marketing strategies.
- Sales to governments are subject to a number of challenges and risks that may adversely impact our business.
- If we fail to develop and introduce new or enhanced storage offerings successfully, our ability to attract and retain customers could be harmed.
- If we fail to execute our transition to subscription offerings successfully, our revenues and results of operation may be harmed.
- Our Platform is highly technical and may contain defects or bugs, which could cause data unavailability, loss, breach or corruption that might, in turn, result in liability and harm to our reputation and business.
- If we are unable to ensure that our products interoperate with third party operating systems, software applications and hardware, we may lose or fail to increase our market share.
- Our Platform must conform to industry standards in order to be accepted by customers.
- Our ability to successfully market and sell our Platform is dependent in part on ease of use and the quality of our customer experience, and any failure to offer high-quality technical services and support could harm our business.
- We intend to continue focusing on revenue growth and increasing our market penetration and international presence by investing in our business, which may put pressure on near-term profitability.
- Our gross margins are impacted by a variety of factors and vary from period to period, making them difficult to predict with certainty.
- Our operating results may fluctuate significantly, which could make our future results difficult to predict and could cause our operating results to fall below expectations.
- The sales prices of our Platform offerings may fluctuate or decline, which may adversely affect our gross margins and operating results.
- We have experienced growth in prior periods, and we may not be able to sustain future growth effectively or at all.
- If we are unable to sell renewals of our subscription services to our customers, our future revenue and operating results will be harmed.
- We expect that sales from our Evergreen//One and Evergreen//Flex subscription and consumption offerings will increase as a percentage of our total sales over time and will have a near-term downward impact on both product and total revenue growth.
- We may require additional capital to support business growth, and this capital might not be available on acceptable terms, or at all.
- We are exposed to the credit risk of some of our customers, which could harm our business, operating results and financial condition.
- If our security measures, or those maintained on our behalf, are compromised, or the security, confidentiality, integrity or availability of our information technology, software, services, networks, products, communications or data is compromised, limited, or fails, our business could experience a material adverse impact, including without limitation, a material interruption to our operations, harm to our reputation, a loss of customers, significant fines, penalties and liabilities, or breach or triggering of data protection laws, privacy policies or other obligations.
- If we are unable to attract, motivate and retain sales, engineering and other key personnel, including our management team, we may not be able to increase our revenue and our business, operating results and financial condition could be harmed.
- If we fail to adequately expand and optimize our sales force, our growth will be impeded.
- Our company culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity and teamwork fostered by our culture, and our business may be harmed.
- Our long-term success depends, in part, on sales outside of the United States, which subjects us to costs and risks associated with international operations.
- Our international operations, as well as tax law changes, could expose us to potentially adverse tax consequences.
- Third-party claims that we infringe their intellectual property rights could be costly and harm our business.
- The success of our business depends in part on our ability to protect and enforce our intellectual property rights.
- Our use of open source software could impose limitations on our ability to commercialize our Platform.
- Failure to comply with governmental laws and regulations could harm our business.
- Governmental regulations affecting the import or export of products could negatively affect our revenue.
- We may acquire other businesses which could require significant management attention, disrupt our business, dilute stockholder value, and adversely affect our operating results.
- Restrictive covenants in the agreement governing our senior secured revolving credit facility may restrict our ability to pursue business strategies.
- The trading price of our common stock has been and may continue to be volatile, and an active, liquid, and orderly market for our common stock may not be sustained.
- We cannot guarantee that our share repurchase program will enhance shareholder value, and share repurchases could affect the price of our common stock.
- If securities analysts do not publish research or reports about our business, or if they downgrade our stock, our stock price could decline.
- We have never paid dividends on our common stock and we do not anticipate paying any cash dividends in the foreseeable future.
- Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and under Delaware law might discourage, delay or prevent a change of control of our company or changes in our management and, therefore, depress the price of our common stock.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
- Our business is subject to the risks of earthquakes, fires, floods and other natural catastrophic events, and to interruption by man-made factors such as war, computer viruses or terrorism or by the impact of public health epidemics or pandemics.
Management Discussion
- We operate using a 52/53 week fiscal year ending on the first Sunday after January 30. Fiscal 2023 and 2024 were both 52-week years that ended on February 5, 2023 and February 4, 2024, respectively. Unless otherwise stated, all dates refer to our fiscal years.
- Total revenue increased in fiscal 2024 by $77.2 million, or 3%, compared to fiscal 2023. The decrease in product revenue during fiscal 2024 compared to fiscal 2023 was attributable to increasing sales of our Evergreen//One consumption and subscription based offering, as well as macro-economic conditions. Revenue for Evergreen//One is recognized over time and included in subscription services revenue. As such, we expect continued growth of our Evergreen//One sales will negatively impact, in the near term, both product revenue growth and total revenue growth rates. The increase in subscription services revenue was largely driven by increases in sales of our Evergreen subscription services, including Evergreen//One, as well as recognition of revenue from previously contracted Evergreen subscription services.
- During fiscal 2024 compared to fiscal 2023, total revenue in the United States remained consistent at approximately $2.0 billion while total rest of the world revenue grew by 9% from $781.7 million to $851.3 million.