Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Investors should read the following discussion and analysis of our financial condition and results of operations together with the section titled “Selected Consolidated Financial Data” and the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled” Risk Factors” and in other parts of this Annual Report on Form 10-K. See also the section titled “Note Regarding Forward-Looking Statements” in this report. Our fiscal year end is the first Sunday after January 30. Overview Data is foundational to our customers' digital transformation and we are focused on delivering innovative and disruptive technology and data storage solutions that enable customers to maximize the value of their data. In our first decade, we completely changed customers' expectations of what they should see from storage arrays and storage vendors, making flash storage widely available to enterprise organizations and revolutionizing the customer experience with our Evergreen Storage subscription model that radically simplified and reduced total cost of storage ownership. Today, we are changing the expectations for data and storage management by providing customers a cloud experience with flexible on-demand data services consumption through delivery of a Modern Data Experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Our solutions support a wide range of structured and unstructured data, at scale and across any data workloads on-premise, in the cloud, or hybrid environments and include mission-critical production, test/development, analytics, disaster recovery, and backup/recovery. Our Modern Data Experience vision begins with our portfolio of products and subscription services that is transforming and modernizing storage operations for our customers. Our Modern Data Experience vision extends to an innovative and highly-integrated data platform of products and subscription services, consisting of Cloud Data Infrastructure (integrated hardware and software appliances which run in on-premise data centers), Cloud Data Services (software services which run natively in major public cloud infrastructures), and Cloud Data Management (software hosted data management services to manage our entire platform). Revenue Drivers We generate the majority of our revenues from our Cloud Data Infrastructure, including FlashArray and FlashBlade, and subscription services which primarily includes our Evergreen Storage subscription, Pure as-a-Service (PaaS), and Cloud Block Store. Portworx Acquisition In October 2020, we expanded our data services capabilities for containerized, cloud-native applications with the acquisition of Portworx Inc. (Portworx), a privately-held container storage company that provides a Kubernetes data services platform. Cloud-native databases, analytics applications and artificial intelligence (AI) frameworks, such as Cassandra, MongoDB, Postgres, Kafka, Elasticsearch, Spark, and Tensorflow, are the tools upon which customers build their modern data pipelines. By integrating Portworx container data services, which includes storage, data protection, data security and disaster recovery/backup, with our data platforms, this acquisition further enhances our Modern Data Experience by expanding our support for these cloud-native applications on any infrastructure, on-premise or in the cloud environment at any scale. 37