Nutanix Reports Fourth Quarter and Fiscal 2024 Financial Results
Nutanix (NASDAQ: NTNX) reported its financial results for Q4 and fiscal year 2024, ending July 31, 2024.
Key highlights include:
- Annual Recurring Revenue (ARR) increased by 22% YoY, reaching $1.91 billion.
- Q4 Revenue grew 11% YoY to $548 million.
- GAAP Operating Income for FY2024 was $7.6 million, a notable improvement from a loss of $207.2 million in FY2023.
- Non-GAAP Operating Income increased to $347.1 million from $161 million in the previous year.
- Free Cash Flow surged to $597.7 million from $207 million in FY2023.
For Q1 FY2025, Nutanix expects revenue between $565-$575 million and a non-GAAP operating margin of 14.5%-15.5%. Fiscal 2025 guidance estimates revenue at $2.435-$2.465 billion and free cash flow between $540-$600 million.
Nutanix (NASDAQ: NTNX) ha riportato i risultati finanziari per il quarto trimestre e l'anno fiscale 2024, che si è concluso il 31 luglio 2024.
I punti salienti includono:
- Il Ricavo Annuale Ricorrente (ARR) è aumentato del 22% rispetto all'anno precedente, raggiungendo 1,91 miliardi di dollari.
- I Ricavi del Q4 sono cresciuti dell'11% rispetto all'anno precedente, arrivando a 548 milioni di dollari.
- Il Reddito Operativo GAAP per l'anno fiscale 2024 è stato di 7,6 milioni di dollari, un miglioramento significativo rispetto a una perdita di 207,2 milioni di dollari nell'anno fiscale 2023.
- Il Reddito Operativo Non-GAAP è aumentato a 347,1 milioni di dollari, rispetto ai 161 milioni dell'anno precedente.
- Il Flusso di Cassa Libero è schizzato a 597,7 milioni di dollari, rispetto ai 207 milioni di dollari dell'anno fiscale 2023.
Per il primo trimestre dell'anno fiscale 2025, Nutanix prevede ricavi tra 565 e 575 milioni di dollari e un margine operativo non-GAAP del 14,5% - 15,5%. Le stime per l'anno fiscale 2025 prevedono ricavi tra 2,435 e 2,465 miliardi di dollari e un flusso di cassa libero compreso tra 540 e 600 milioni di dollari.
Nutanix (NASDAQ: NTNX) reportó sus resultados financieros para el cuarto trimestre y el año fiscal 2024, que finalizó el 31 de julio de 2024.
Los aspectos más destacados incluyen:
- Los Ingresos Anuales Recurrentes (ARR) aumentaron un 22% interanual, alcanzando 1.91 mil millones de dólares.
- Los Ingresos del Q4 crecieron un 11% interanual a 548 millones de dólares.
- Los Ingresos Operativos GAAP para el año fiscal 2024 fueron de 7.6 millones de dólares, una notable mejora frente a una pérdida de 207.2 millones en el año fiscal 2023.
- Los Ingresos Operativos No-GAAP aumentaron a 347.1 millones de dólares desde 161 millones del año anterior.
- El Flujo de Caja Libre se disparó a 597.7 millones de dólares desde 207 millones en el año fiscal 2023.
Para el primer trimestre del año fiscal 2025, Nutanix espera ingresos entre 565 y 575 millones de dólares y un margen operativo no-GAAP del 14.5% - 15.5%. Las estimaciones para el año fiscal 2025 prevén ingresos entre 2.435 y 2.465 mil millones de dólares y flujo de caja libre entre 540 y 600 millones de dólares.
누타닉스 (NASDAQ: NTNX)는 2024 회계연도 4분기 및 연간 재무 결과를 발표했습니다. 이 회계연도는 2024년 7월 31일에 종료되었습니다.
주요 내용은 다음과 같습니다:
- 연간 반복 수익 (ARR)이 전년 대비 22% 증가하여 19억 1천만 달러에 도달했습니다.
- 4분기 매출은 전년 대비 11% 증가하여 5억 4천 8백만 달러로 성장했습니다.
- GAAP 운영 수익은 2024 회계연도에 760만 달러로, 이전 년도 2023 회계연도의 2억 720만 달러 손실보다 눈에 띄게 개선되었습니다.
- 비 GAAP 운영 수익은 1억 6천 1백만 달러에서 3억 4천 7백만 달러로 증가했습니다.
- 자유 현금 흐름은 2억 7천만 달러에서 5억 9천 7백만 달러로 급증했습니다.
2025 회계연도 1분기 동안 누타닉스는 매출을 5억 6천만 - 5억 7천 5백만 달러로 예상하고, 비 GAAP 운영 마진은 14.5% - 15.5%로 예상하고 있습니다. 2025 회계연도 가이던스는 매출을 24억 3천 500만 - 24억 6천 500만 달러로, 자유 현금 흐름을 5억 4천만 - 6억 달러로 추정하고 있습니다.
Nutanix (NASDAQ: NTNX) a annoncé ses résultats financiers pour le quatrième trimestre et l'exercice fiscal 2024, qui s'est terminé le 31 juillet 2024.
Les points clés comprennent :
- Les Revenus Annuels Répétitifs (ARR) ont augmenté de 22 % par rapport à l'année précédente, atteignant 1,91 milliard de dollars.
- Les Revenus du Q4 ont progressé de 11 % par rapport à l'année précédente, atteignant 548 millions de dollars.
- Le Résultat d'Exploitation GAAP pour l'exercice 2024 s'est élevé à 7,6 millions de dollars, une amélioration notable par rapport à une perte de 207,2 millions de dollars en 2023.
- Le Résultat d'Exploitation Non-GAAP a augmenté à 347,1 millions de dollars contre 161 millions de dollars l'année précédente.
- Le Flux de Trésorerie Disponible a bondi à 597,7 millions de dollars, contre 207 millions de dollars en 2023.
Pour le premier trimestre de l'exercice fiscal 2025, Nutanix prévoit des revenus compris entre 565 et 575 millions de dollars et une marge d'exploitation non-GAAP de 14,5 % - 15,5 %. Les prévisions pour l'exercice 2025 estiment les revenus entre 2,435 et 2,465 milliards de dollars et le flux de trésorerie disponible entre 540 et 600 millions de dollars.
Nutanix (NASDAQ: NTNX) hat seine finanziellen Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024, das am 31. Juli 2024 endete, veröffentlicht.
Wichtige Highlights sind:
- Jährlicher wiederkehrender Umsatz (ARR) stieg im Jahresvergleich um 22% auf 1,91 Milliarden Dollar.
- Umsatz im Q4 wuchs im Jahresvergleich um 11% auf 548 Millionen Dollar.
- GAAP Betriebsergebnis für das Geschäftsjahr 2024 betrug 7,6 Millionen Dollar, eine bemerkenswerte Verbesserung im Vergleich zu einem Verlust von 207,2 Millionen Dollar im Geschäftsjahr 2023.
- Non-GAAP Betriebsergebnis stieg auf 347,1 Millionen Dollar gegenüber 161 Millionen Dollar im Vorjahr.
- Freier Cashflow schnellte auf 597,7 Millionen Dollar von 207 Millionen Dollar im Geschäftsjahr 2023.
Für das erste Quartal des Geschäftsjahres 2025 erwartet Nutanix einen Umsatz zwischen 565 und 575 Millionen Dollar sowie eine Non-GAAP Betriebsmarge von 14,5% bis 15,5%. Die Prognosen für das Geschäftsjahr 2025 schätzen den Umsatz auf 2,435 - 2,465 Milliarden Dollar und den freien Cashflow auf zwischen 540 und 600 Millionen Dollar.
- ARR grew 22% YoY to $1.91 billion.
- FY2024 GAAP operating income was $7.6 million, a significant turnaround from a $207.2 million loss in FY2023.
- Free Cash Flow rose to $597.7 million from $207 million in FY2023.
- Non-GAAP operating income increased to $347.1 million from $161 million in FY2023.
- Revenue for FY2024 increased by 15% YoY to $2.15 billion.
- GAAP operating expenses increased by 5% YoY to $1.82 billion.
- GAAP operating loss for Q4 widened slightly to $12.2 million from $11.3 million YoY.
Insights
Nutanix's Q4 and FY2024 results show strong financial performance, indicating positive momentum for the company. Key highlights include:
- ARR growth of
22% year-over-year, reaching$1.91 billion , demonstrating robust subscription business expansion. - Free Cash Flow of
$224.3 million in Q4, a significant improvement from$45.5 million in the same quarter last year. - Non-GAAP Operating Margin of
12.9% in Q4, maintained year-over-year despite increased investments. - First full year of positive GAAP operating income at
$7.6 million , a turnaround from a loss of$207.2 million in FY2023.
These results suggest Nutanix is successfully transitioning to a subscription-based model while improving profitability. The company's guidance for FY2025 indicates continued growth expectations, with revenue projected between
Nutanix's performance reflects broader trends in the hybrid multicloud computing sector. The company's strategic partnerships with industry giants like Cisco, NVIDIA and Dell highlight its growing influence in the enterprise IT ecosystem. These collaborations could potentially accelerate Nutanix's market penetration and technological innovation.
The focus on being "the leading platform for running applications and managing data, anywhere" aligns with the increasing demand for flexible, scalable IT infrastructure. This positioning could be particularly advantageous as businesses continue to adopt hybrid and multicloud strategies.
However, the competitive landscape remains intense, with major players like VMware (now part of Broadcom) and public cloud providers also vying for market share. Nutanix's ability to differentiate its offerings and maintain its growth trajectory will be important in the coming years.
Reports
Delivers Outperformance Across All Fourth Quarter Guided Metrics
“Our fourth quarter was a solid finish to a fiscal year that showed good progress on our financial model with solid top line growth and sharp year-over-year improvement in profitability,” said Rajiv Ramaswami, President and CEO of Nutanix. “In fiscal 2024, we also made notable progress on partnerships, signing new or enhanced agreements with Cisco, NVIDIA and Dell, and continued to innovate towards our goal of being the leading platform for running applications and managing data, anywhere.”
“Our fiscal 2024 results demonstrated a good balance of top and bottom line performance with
Fourth Quarter Fiscal 2024 Financial Summary
|
Q4 FY’24 |
Q4 FY’23 |
Y/Y Change |
Annual Contract Value (ACV)1 Billings |
|
|
|
Annual Recurring Revenue (ARR)2 |
|
|
|
Average Contract Duration3 |
3.1 years |
3.0 years |
0.1 year |
Revenue |
|
|
|
GAAP Gross Margin |
|
|
150 bps |
Non-GAAP Gross Margin |
|
|
110 bps |
GAAP Operating Expenses |
|
|
|
Non-GAAP Operating Expenses |
|
|
|
GAAP Operating Loss |
|
|
|
Non-GAAP Operating Income |
|
|
|
GAAP Operating Margin |
(2.2)% |
(2.3)% |
|
Non-GAAP Operating Margin |
|
|
|
Net Cash Provided by Operating Activities |
|
|
|
Free Cash Flow |
|
|
|
Fiscal 2024 Financial Summary
|
FY’24 |
FY’23 |
Y/Y Change |
Annual Contract Value (ACV)1 Billings |
|
|
|
Annual Recurring Revenue (ARR)2 |
|
|
|
Average Contract Duration3 |
3.0 years |
3.0 years |
0.0 year |
Revenue |
|
|
|
GAAP Gross Margin |
|
|
270 bps |
Non-GAAP Gross Margin |
|
|
210 bps |
GAAP Operating Expenses |
|
|
|
Non-GAAP Operating Expenses |
|
|
|
GAAP Operating Income (Loss) |
|
|
|
Non-GAAP Operating Income |
|
|
|
GAAP Operating Margin |
|
(11.1)% |
|
Non-GAAP Operating Margin |
|
|
|
Net Cash Provided by Operating Activities |
|
|
|
Free Cash Flow |
|
|
|
Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.
First Quarter Fiscal 2025 Outlook
|
|
Revenue |
|
Non-GAAP Operating Margin |
|
Weighted Average Shares Outstanding (Diluted)4 |
Approximately 287 million |
Fiscal 2025 Outlook
|
|
Revenue |
|
Non-GAAP Operating Margin |
|
Free Cash Flow |
|
Supplementary materials to this press release, including our fourth quarter and fiscal 2024 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.
Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.
Webcast and Conference Call Information
Nutanix executives will discuss the Company’s fourth quarter and fiscal 2024 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.
Footnotes
1Annual Contract Value, or ACV, is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract, using, where applicable, an assumed term of five years for life-of-device contracts that do not have a specified term. Excludes amounts related to professional services and hardware. ACV Billings, for any given period, is defined as the sum of the ACV for all contracts billed during the given period. The Company will discontinue reporting ACV Billings beginning with the Company’s first quarter fiscal 2025 financial results.
2Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts.
3Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription and life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.
4Weighted average share count used in computing diluted non-GAAP net income per share.
Non-GAAP Financial Measures and Other Key Performance Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Contract Value Billings (or ACV Billings), Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), costs related to the impairment and early exit of operating lease-related assets, restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to convertible senior notes, interest expense related to convertible senior notes, gains on divestitures, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after necessary capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ACV Billings is a performance measure that we believe has provided useful information to our management and investors during our transition to a subscription-based business model as it has allowed us to better track the topline growth of our business during the transition because it takes into account variability in term lengths. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, or net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ACV Billings, ARR, or Average Contract Duration, so we have not reconciled the ACV Billings, ARR, or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our first quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP gross margin, non-GAAP operating margin, and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.
Forward-Looking Statements
This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects; our plan to continue innovating towards our goal of being the leading platform for running applications and managing data, anywhere; our focus on delivering sustainable, profitable growth; our first quarter fiscal 2025 outlook; and our fiscal 2025 outlook.
These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023 filed with the
About Nutanix
Nutanix is a global leader in cloud software, offering organizations a single platform for running apps and data across clouds. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.
© 2024 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in
NUTANIX, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
|
As of |
||||||
|
|
July 31,
|
|
July 31,
|
||||
|
|
(in thousands) |
||||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
512,929 |
|
|
$ |
655,270 |
|
Short-term investments |
|
|
924,466 |
|
|
|
339,072 |
|
Accounts receivable, net |
|
|
157,251 |
|
|
|
229,796 |
|
Deferred commissions—current |
|
|
120,001 |
|
|
|
159,849 |
|
Prepaid expenses and other current assets |
|
|
147,087 |
|
|
|
97,307 |
|
Total current assets |
|
|
1,861,734 |
|
|
|
1,481,294 |
|
Property and equipment, net |
|
|
111,865 |
|
|
|
136,180 |
|
Operating lease right-of-use assets |
|
|
93,554 |
|
|
|
109,133 |
|
Deferred commissions—non-current |
|
|
237,990 |
|
|
|
198,962 |
|
Intangible assets, net |
|
|
4,893 |
|
|
|
5,153 |
|
Goodwill |
|
|
184,938 |
|
|
|
185,235 |
|
Other assets—non-current |
|
|
31,941 |
|
|
|
27,961 |
|
Total assets |
|
$ |
2,526,915 |
|
|
$ |
2,143,918 |
|
Liabilities and Stockholders’ Deficit |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
29,928 |
|
|
$ |
45,066 |
|
Accrued compensation and benefits |
|
|
143,679 |
|
|
|
195,602 |
|
Accrued expenses and other current liabilities |
|
|
109,269 |
|
|
|
24,967 |
|
Deferred revenue—current |
|
|
823,665 |
|
|
|
954,543 |
|
Operating lease liabilities—current |
|
|
29,567 |
|
|
|
24,163 |
|
Total current liabilities |
|
|
1,136,108 |
|
|
|
1,244,341 |
|
Deferred revenue—non-current |
|
|
771,367 |
|
|
|
918,163 |
|
Operating lease liabilities—non-current |
|
|
68,940 |
|
|
|
90,359 |
|
Convertible senior notes, net |
|
|
1,218,165 |
|
|
|
570,073 |
|
Other liabilities—non-current |
|
|
39,754 |
|
|
|
49,130 |
|
Total liabilities |
|
|
3,234,334 |
|
|
|
2,872,066 |
|
Stockholders’ deficit: |
|
|
|
|
||||
Common stock |
|
|
6 |
|
|
|
7 |
|
Additional paid-in capital |
|
|
3,930,668 |
|
|
|
4,118,898 |
|
Accumulated other comprehensive loss |
|
|
(5,171 |
) |
|
|
146 |
|
Accumulated deficit |
|
|
(4,632,922 |
) |
|
|
(4,847,199 |
) |
Total stockholders’ deficit |
|
|
(707,419 |
) |
|
|
(728,148 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
2,526,915 |
|
|
$ |
2,143,918 |
|
NUTANIX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands, except per share data) |
||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Product |
|
$ |
240,495 |
|
|
$ |
265,901 |
|
|
$ |
912,114 |
|
|
$ |
1,067,948 |
|
Support, entitlements and other services |
|
|
253,715 |
|
|
|
282,051 |
|
|
|
950,781 |
|
|
|
1,080,868 |
|
Total revenue |
|
|
494,210 |
|
|
|
547,952 |
|
|
|
1,862,895 |
|
|
|
2,148,816 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||
Product (1)(2) |
|
|
10,655 |
|
|
|
8,336 |
|
|
|
51,107 |
|
|
|
36,441 |
|
Support, entitlements and other services (1) |
|
|
69,803 |
|
|
|
72,642 |
|
|
|
281,080 |
|
|
|
287,671 |
|
Total cost of revenue |
|
|
80,458 |
|
|
|
80,978 |
|
|
|
332,187 |
|
|
|
324,112 |
|
Gross profit |
|
|
413,752 |
|
|
|
466,974 |
|
|
|
1,530,708 |
|
|
|
1,824,704 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Sales and marketing (1)(2) |
|
|
229,425 |
|
|
|
259,360 |
|
|
|
924,696 |
|
|
|
977,286 |
|
Research and development (1) |
|
|
146,201 |
|
|
|
167,396 |
|
|
|
580,961 |
|
|
|
638,992 |
|
General and administrative (1) |
|
|
49,473 |
|
|
|
52,406 |
|
|
|
232,201 |
|
|
|
200,863 |
|
Total operating expenses |
|
|
425,099 |
|
|
|
479,162 |
|
|
|
1,737,858 |
|
|
|
1,817,141 |
|
(Loss) income from operations |
|
|
(11,347 |
) |
|
|
(12,188 |
) |
|
|
(207,150 |
) |
|
|
7,563 |
|
Other income (expense), net |
|
|
4,261 |
|
|
|
(106,361 |
) |
|
|
(26,435 |
) |
|
|
(108,881 |
) |
Loss before provision for income taxes |
|
|
(7,086 |
) |
|
|
(118,549 |
) |
|
|
(233,585 |
) |
|
|
(101,318 |
) |
Provision for income taxes |
|
|
6,201 |
|
|
|
7,552 |
|
|
|
20,975 |
|
|
|
23,457 |
|
Net loss |
|
$ |
(13,287 |
) |
|
$ |
(126,101 |
) |
|
$ |
(254,560 |
) |
|
$ |
(124,775 |
) |
Net loss per share attributable to Class A common stockholders, basic and diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.51 |
) |
Weighted average shares used in computing net loss per share attributable to Class A common stockholders, basic and diluted |
|
|
237,832 |
|
|
|
247,886 |
|
|
|
233,247 |
|
|
|
244,743 |
|
| ____________________ | |
(1) |
Includes the following stock-based compensation expense: |
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
|
|||||||||||||
Product cost of revenue |
|
$ |
1,863 |
|
|
$ |
1,621 |
|
|
$ |
7,966 |
|
|
$ |
6,822 |
|
Support, entitlements and other services cost of revenue |
|
|
6,528 |
|
|
|
6,595 |
|
|
|
26,611 |
|
|
|
27,285 |
|
Sales and marketing |
|
|
19,333 |
|
|
|
19,080 |
|
|
|
82,758 |
|
|
|
80,190 |
|
Research and development |
|
|
31,957 |
|
|
|
39,120 |
|
|
|
139,073 |
|
|
|
156,784 |
|
General and administrative |
|
|
12,911 |
|
|
|
15,158 |
|
|
|
55,337 |
|
|
|
62,752 |
|
Total stock-based compensation expense |
|
$ |
72,592 |
|
|
$ |
81,574 |
|
|
$ |
311,745 |
|
|
$ |
333,833 |
|
(2) |
Includes the following amortization of intangible assets: |
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
|
|||||||||||||
Product cost of revenue |
|
$ |
2,091 |
|
|
$ |
766 |
|
|
$ |
9,870 |
|
|
$ |
3,392 |
|
Sales and marketing |
|
|
111 |
|
|
|
99 |
|
|
|
827 |
|
|
|
317 |
|
Total amortization of intangible assets |
|
$ |
2,202 |
|
|
$ |
865 |
|
|
$ |
10,697 |
|
|
$ |
3,709 |
|
NUTANIX, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
Fiscal Year Ended
|
||||||
|
|
2023 |
|
2024 |
||||
|
|
(in thousands) |
||||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(254,560 |
) |
|
$ |
(124,775 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
76,388 |
|
|
|
73,199 |
|
Stock-based compensation |
|
|
311,745 |
|
|
|
333,833 |
|
Amortization of debt discount and issuance costs |
|
|
42,636 |
|
|
|
41,600 |
|
Conversion of convertible senior notes attributable to debt discount and issuance costs |
|
|
— |
|
|
|
107,877 |
|
Operating lease cost, net of accretion |
|
|
35,357 |
|
|
|
31,462 |
|
Early exit of lease-related assets |
|
|
(1,040 |
) |
|
|
— |
|
Gain on Frame divestiture |
|
|
(10,957 |
) |
|
|
— |
|
Non-cash interest expense |
|
|
19,757 |
|
|
|
18,550 |
|
Other |
|
|
(11,388 |
) |
|
|
(13,312 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
(25,885 |
) |
|
|
(53,811 |
) |
Deferred commissions |
|
|
9,599 |
|
|
|
(820 |
) |
Prepaid expenses and other assets |
|
|
(59,243 |
) |
|
|
46,623 |
|
Accounts payable |
|
|
(9,600 |
) |
|
|
14,749 |
|
Accrued compensation and benefits |
|
|
(6,027 |
) |
|
|
51,923 |
|
Accrued expenses and other liabilities |
|
|
53,191 |
|
|
|
(82,632 |
) |
Operating leases, net |
|
|
(40,257 |
) |
|
|
(30,475 |
) |
Deferred revenue |
|
|
142,687 |
|
|
|
258,940 |
|
Net cash provided by operating activities |
|
|
272,403 |
|
|
|
672,931 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Maturities of investments |
|
|
965,040 |
|
|
|
774,237 |
|
Purchases of investments |
|
|
(955,330 |
) |
|
|
(871,259 |
) |
Sales of investments |
|
|
— |
|
|
|
706,363 |
|
Proceeds from Frame divestiture |
|
|
5,909 |
|
|
|
— |
|
Payments for acquisitions, net of cash acquired |
|
|
— |
|
|
|
(4,500 |
) |
Purchases of property and equipment |
|
|
(65,404 |
) |
|
|
(75,252 |
) |
Net cash (used in) provided by investing activities |
|
|
(49,785 |
) |
|
|
529,589 |
|
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from sales of shares through employee equity incentive plans |
|
|
46,501 |
|
|
|
51,571 |
|
Taxes paid related to net share settlement of equity awards |
|
|
(10,214 |
) |
|
|
(161,552 |
) |
Repayment of convertible notes |
|
|
(145,704 |
) |
|
|
(817,633 |
) |
Repurchases of common stock |
|
|
— |
|
|
|
(131,139 |
) |
Payment of finance lease obligations |
|
|
(3,292 |
) |
|
|
(3,876 |
) |
Net cash used in financing activities |
|
|
(112,709 |
) |
|
|
(1,062,629 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
$ |
109,909 |
|
|
$ |
139,891 |
|
Cash, cash equivalents and restricted cash—beginning of period |
|
|
405,862 |
|
|
|
515,771 |
|
Cash, cash equivalents and restricted cash—end of period |
|
$ |
515,771 |
|
|
$ |
655,662 |
|
Restricted cash (1) |
|
|
2,842 |
|
|
|
392 |
|
Cash and cash equivalents—end of period |
|
$ |
512,929 |
|
|
$ |
655,270 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
||||
Cash paid for income taxes |
|
$ |
30,781 |
|
|
$ |
23,647 |
|
Supplemental disclosures of non-cash investing and financing information: |
|
|
|
|
||||
Purchases of property and equipment included in accounts payable and accrued and other liabilities |
|
$ |
15,754 |
|
|
$ |
19,275 |
|
Forfeited paid-in-kind interest recognized in equity upon note conversion |
|
$ |
— |
|
|
$ |
6,019 |
|
| ____________________ | |
(1) |
Included within other assets—non-current in the consolidated balance sheets. |
Reconciliation of Revenue to Billings (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
|
|||||||||||||
Total revenue |
|
$ |
494,210 |
|
|
$ |
547,952 |
|
|
$ |
1,862,895 |
|
|
$ |
2,148,816 |
|
Change in deferred revenue |
|
|
50,631 |
|
|
|
124,903 |
|
|
|
142,687 |
|
|
|
258,940 |
|
Total billings |
|
$ |
544,841 |
|
|
$ |
672,855 |
|
|
$ |
2,005,582 |
|
|
$ |
2,407,756 |
|
Disaggregation of Revenue and Billings (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
|
|||||||||||||
Disaggregation of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subscription revenue |
|
$ |
459,460 |
|
|
$ |
518,695 |
|
|
$ |
1,730,848 |
|
|
$ |
2,016,776 |
|
Professional services revenue |
|
|
24,020 |
|
|
|
26,769 |
|
|
|
91,841 |
|
|
|
100,852 |
|
Other non-subscription product revenue |
|
|
10,730 |
|
|
|
2,488 |
|
|
|
40,206 |
|
|
|
31,188 |
|
Total revenue |
|
$ |
494,210 |
|
|
$ |
547,952 |
|
|
$ |
1,862,895 |
|
|
$ |
2,148,816 |
|
Disaggregation of billings: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subscription billings |
|
$ |
504,191 |
|
|
$ |
636,040 |
|
|
$ |
1,868,943 |
|
|
$ |
2,253,633 |
|
Professional services billings |
|
|
29,920 |
|
|
|
34,327 |
|
|
|
96,433 |
|
|
|
122,935 |
|
Other non-subscription product billings |
|
|
10,730 |
|
|
|
2,488 |
|
|
|
40,206 |
|
|
|
31,188 |
|
Total billings |
|
$ |
544,841 |
|
|
$ |
672,855 |
|
|
$ |
2,005,582 |
|
|
$ |
2,407,756 |
|
Subscription revenue — Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based Software as a Service, or SaaS offerings.
- Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
- Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.
Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.
Other non-subscription product revenue — Other non-subscription product revenue includes approximately
- Non-portable software revenue — Non-portable software revenue includes sales of our enterprise cloud platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
- Hardware revenue — In transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.
Annual Contract Value Billings and Annual Recurring Revenue (Unaudited) |
||||||||||||||||
|
|
As of and for the
|
|
As of and for the
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
|
|||||||||||||
Annual Contract Value Billings (ACV Billings) |
|
$ |
278,699 |
|
|
$ |
337,999 |
|
|
$ |
956,810 |
|
|
$ |
1,162,428 |
|
Annual Recurring Revenue (ARR) |
|
$ |
1,561,981 |
|
|
$ |
1,907,982 |
|
|
$ |
1,561,981 |
|
|
$ |
1,907,982 |
|
Reconciliation of GAAP to Non-GAAP Profit Measures (Unaudited) |
||||||||||||||||||||||||||||||||
|
|
GAAP |
|
Non-GAAP Adjustments |
|
Non-GAAP |
||||||||||||||||||||||||||
|
|
Three Months
|
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
Three Months
|
||||||||||||||||
|
|
(in thousands, except percentages and per share data) |
||||||||||||||||||||||||||||||
Gross profit |
|
$ |
466,974 |
|
|
$ |
8,216 |
|
|
$ |
766 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
475,956 |
|
Gross margin |
|
|
85.2 |
% |
|
|
1.6 |
% |
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
86.9 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Sales and marketing |
|
|
259,360 |
|
|
|
(19,080 |
) |
|
|
(99 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
240,181 |
|
Research and development |
|
|
167,396 |
|
|
|
(39,120 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
128,276 |
|
General and administrative |
|
|
52,406 |
|
|
|
(15,158 |
) |
|
|
— |
|
|
|
(216 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,032 |
|
Total operating expenses |
|
|
479,162 |
|
|
|
(73,358 |
) |
|
|
(99 |
) |
|
|
(216 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
405,489 |
|
(Loss) income from operations |
|
|
(12,188 |
) |
|
|
81,574 |
|
|
|
865 |
|
|
|
216 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,467 |
|
Operating margin |
|
|
(2.2 |
)% |
|
|
14.9 |
% |
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.9 |
% |
Net (loss) income |
|
$ |
(126,101 |
) |
|
$ |
81,574 |
|
|
$ |
865 |
|
|
$ |
216 |
|
|
$ |
(120 |
) |
|
$ |
119,505 |
|
|
$ |
(214 |
) |
|
$ |
75,725 |
|
Weighted shares outstanding, basic |
|
|
247,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,886 |
|
||||||||||||
Weighted shares outstanding, diluted (7) |
|
|
247,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
284,808 |
|
||||||||||||
Net (loss) income per share, basic |
|
$ |
(0.51 |
) |
|
$ |
0.34 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
0.48 |
|
|
$ |
- |
|
|
$ |
0.31 |
|
Net (loss) income per share, diluted |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.27 |
|
||||||||||||
| ____________________ | |
(1) |
Stock-based compensation expense |
(2) |
Amortization of intangible assets |
(3) |
Litigation-related costs |
(4) |
Other |
(5) |
Amortization and conversion of debt discount and issuance costs and interest expense related to the convertible senior notes |
| (6) | Income tax effect primarily related to stock-based compensation expense |
(7) |
Includes 36,922 potentially dilutive shares related to the convertible senior notes and the issuance of shares under employee equity incentive plans |
|
GAAP |
|
Non-GAAP Adjustments |
|
Non-GAAP |
|||||||||||||||||||||||||||||||
|
|
Fiscal Year
|
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
(7) |
|
Fiscal Year
|
||||||||||||||||||
|
|
(in thousands, except percentages and per share data) |
||||||||||||||||||||||||||||||||||
Gross profit |
|
$ |
1,824,704 |
|
|
$ |
34,107 |
|
|
$ |
3,392 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,862,203 |
|
Gross margin |
|
|
84.9 |
% |
|
|
1.6 |
% |
|
|
0.2 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
86.7 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Sales and marketing |
|
|
977,286 |
|
|
|
(80,190 |
) |
|
|
(317 |
) |
|
|
194 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
896,973 |
|
Research and development |
|
|
638,992 |
|
|
|
(156,784 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
482,208 |
|
General and administrative |
|
|
200,863 |
|
|
|
(62,752 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,971 |
) |
|
|
(225 |
) |
|
|
— |
|
|
|
— |
|
|
|
135,915 |
|
Total operating expenses |
|
|
1,817,141 |
|
|
|
(299,726 |
) |
|
|
(317 |
) |
|
|
194 |
|
|
|
(1,971 |
) |
|
|
(225 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,515,096 |
|
Income from operations |
|
|
7,563 |
|
|
|
333,833 |
|
|
|
3,709 |
|
|
|
(194 |
) |
|
|
1,971 |
|
|
|
225 |
|
|
|
— |
|
|
|
— |
|
|
|
347,107 |
|
Operating margin |
|
|
0.4 |
% |
|
|
15.5 |
% |
|
|
0.2 |
% |
|
|
— |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16.2 |
% |
Net (loss) income |
|
$ |
(124,775 |
) |
|
$ |
333,833 |
|
|
$ |
3,709 |
|
|
$ |
(194 |
) |
|
$ |
1,971 |
|
|
$ |
805 |
|
|
$ |
169,379 |
|
|
$ |
(527 |
) |
|
$ |
384,201 |
|
Weighted shares outstanding, basic |
|
|
244,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,743 |
|
||||||||||||||
Weighted shares outstanding, diluted (8) |
|
|
244,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
293,901 |
|
||||||||||||||
Net (loss) income per share, basic |
|
$ |
(0.51 |
) |
|
$ |
1.36 |
|
|
$ |
0.02 |
|
|
$ |
- |
|
|
$ |
0.01 |
|
|
$ |
- |
|
|
$ |
0.69 |
|
|
$ |
- |
|
|
$ |
1.57 |
|
Net (loss) income per share, diluted |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.31 |
|
||||||||||||||
| ____________________ | |
(1) |
Stock-based compensation expense |
(2) |
Amortization of intangible assets |
| (3) | Restructuring charges (reversals) |
(4) |
Litigation-related costs |
(5) |
Other |
(6) |
Amortization and conversion of debt discount and issuance costs and interest expense related to the convertible senior notes |
(7) |
Income tax effect primarily related to stock-based compensation expense |
(8) |
Includes 49,158 potentially dilutive shares related to the convertible senior notes and the issuance of shares under employee equity incentive plans |
|
GAAP |
|
Non-GAAP Adjustments |
|
Non-GAAP |
|||||||||||||||||||||||||||
|
|
Three
|
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
Three
|
||||||||||||||||
|
|
(in thousands, except percentages and per share data) |
||||||||||||||||||||||||||||||
Gross profit |
|
$ |
413,752 |
|
|
$ |
8,391 |
|
|
$ |
2,091 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
424,234 |
|
Gross margin |
|
|
83.7 |
% |
|
|
1.7 |
% |
|
|
0.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
85.8 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Sales and marketing |
|
|
229,425 |
|
|
|
(19,333 |
) |
|
|
(111 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
209,981 |
|
Research and development |
|
|
146,201 |
|
|
|
(31,957 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114,244 |
|
General and administrative |
|
|
49,473 |
|
|
|
(12,911 |
) |
|
|
— |
|
|
|
(176 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,386 |
|
Total operating expenses |
|
|
425,099 |
|
|
|
(64,201 |
) |
|
|
(111 |
) |
|
|
(176 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
360,611 |
|
(Loss) income from operations |
|
|
(11,347 |
) |
|
|
72,592 |
|
|
|
2,202 |
|
|
|
176 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
63,623 |
|
Operating margin |
|
|
(2.3 |
)% |
|
|
14.8 |
% |
|
|
0.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12.9 |
% |
Net (loss) income |
|
$ |
(13,287 |
) |
|
$ |
72,592 |
|
|
$ |
2,202 |
|
|
$ |
176 |
|
|
$ |
16,307 |
|
|
$ |
(10,957 |
) |
|
$ |
503 |
|
|
$ |
67,536 |
|
Weighted shares outstanding, basic |
|
|
237,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
237,832 |
|
||||||||||||
Weighted shares outstanding, diluted (7) |
|
|
237,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
286,033 |
|
||||||||||||
Net (loss) income per share, basic |
|
$ |
(0.06 |
) |
|
$ |
0.31 |
|
|
$ |
0.01 |
|
|
$ |
- |
|
|
$ |
0.07 |
|
|
$ |
(0.05 |
) |
|
$ |
- |
|
|
$ |
0.28 |
|
Net (loss) income per share, diluted |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.24 |
|
||||||||||||
| ____________________ | |
(1) |
Stock-based compensation expense |
(2) |
Amortization of intangible assets |
(3) |
Litigation settlement accrual and legal fees |
(4) |
Amortization of debt discount and issuance costs and interest expense related to convertible senior notes |
(5) |
Gain on Frame divestiture |
(6) |
Income tax effect primarily related to stock-based compensation expense |
(7) |
Includes 48,201 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans |
|
GAAP |
|
Non-GAAP Adjustments |
|
Non-GAAP |
|||||||||||||||||||||||||||||||||||
|
|
Fiscal Year
|
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
(7) |
|
(8) |
|
Fiscal Year
|
||||||||||||||||||||
|
|
(in thousands, except percentages and per share data) |
||||||||||||||||||||||||||||||||||||||
Gross profit |
|
$ |
1,530,708 |
|
|
$ |
34,577 |
|
|
$ |
9,870 |
|
|
$ |
— |
|
|
$ |
230 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,575,385 |
|
Gross margin |
|
|
82.2 |
% |
|
|
1.9 |
% |
|
|
0.5 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84.6 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Sales and marketing |
|
|
924,696 |
|
|
|
(82,758 |
) |
|
|
(827 |
) |
|
|
— |
|
|
|
(3,283 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
837,828 |
|
Research and development |
|
|
580,961 |
|
|
|
(139,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,661 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
440,227 |
|
General and administrative |
|
|
232,201 |
|
|
|
(55,337 |
) |
|
|
— |
|
|
|
(1,726 |
) |
|
|
(129 |
) |
|
|
(38,675 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
136,334 |
|
Total operating expenses |
|
|
1,737,858 |
|
|
|
(277,168 |
) |
|
|
(827 |
) |
|
|
(1,726 |
) |
|
|
(5,073 |
) |
|
|
(38,675 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,414,389 |
|
(Loss) income from operations |
|
|
(207,150 |
) |
|
|
311,745 |
|
|
|
10,697 |
|
|
|
1,726 |
|
|
|
5,303 |
|
|
|
38,675 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
160,996 |
|
Operating margin |
|
|
(11.1 |
)% |
|
|
16.6 |
% |
|
|
0.6 |
% |
|
|
0.1 |
% |
|
|
0.3 |
% |
|
|
2.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8.6 |
% |
Net (loss) income |
|
$ |
(254,560 |
) |
|
$ |
311,745 |
|
|
$ |
10,697 |
|
|
$ |
1,726 |
|
|
$ |
5,303 |
|
|
$ |
38,675 |
|
|
$ |
64,112 |
|
|
$ |
(10,957 |
) |
|
$ |
2,219 |
|
|
$ |
168,960 |
|
Weighted shares outstanding, basic |
|
|
233,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233,247 |
|
||||||||||||||||
Weighted shares outstanding, diluted (9) |
|
|
233,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
281,787 |
|
||||||||||||||||
Net (loss) income per share, basic |
|
$ |
(1.09 |
) |
|
$ |
1.33 |
|
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
$ |
0.27 |
|
|
$ |
(0.05 |
) |
|
$ |
0.01 |
|
|
$ |
0.72 |
|
Net (loss) income per share, diluted |
|
$ |
(1.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.60 |
|
||||||||||||||||
| ____________________ | |
(1) |
Stock-based compensation expense |
(2) |
Amortization of intangible assets |
(3) |
Costs related to early exit of existing leases |
(4) |
Restructuring charges |
(5) |
Litigation settlement accrual and legal fees |
(6) |
Amortization of debt discount and issuance costs and interest expense related to convertible senior notes |
(7) |
Gain on Frame divestiture |
(8) |
Income tax effect primarily related to stock-based compensation expense |
(9) |
Includes 48,540 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans |
Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
|
|
(in thousands) |
||||||||||||||
Net cash provided by operating activities |
|
$ |
58,309 |
|
|
$ |
244,697 |
|
|
$ |
272,403 |
|
|
$ |
672,931 |
|
Purchases of property and equipment |
|
|
(12,801 |
) |
|
|
(20,439 |
) |
|
|
(65,404 |
) |
|
|
(75,252 |
) |
Free cash flow |
|
$ |
45,508 |
|
|
$ |
224,258 |
|
|
$ |
206,999 |
|
|
$ |
597,679 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240828409461/en/
Investor Contact:
Richard Valera
ir@nutanix.com
Media Contact:
Lia Bigano
pr@nutanix.com
Source: Nutanix, Inc.
FAQ
What was Nutanix's Annual Recurring Revenue (ARR) growth in fiscal 2024?
What is Nutanix's revenue guidance for Q1 FY2025?
How did Nutanix's free cash flow perform in fiscal 2024?
What was Nutanix's GAAP operating income for fiscal 2024?
What is Nutanix's annual revenue guidance for fiscal 2025?
