Nutanix Reports Third Quarter Fiscal 2021 Financial Results

Rhea-AI Summary

Nutanix (NTNX) announced strong financial results for Q3 FY2021, highlighting Annual Contract Value (ACV) billings of $159.9 million, an 18% increase year-over-year. The Run-rate ACV reached $1.45 billion, up 25% from last year. The average contract term decreased slightly to 3.3 years. CEO Rajiv Ramaswami expressed satisfaction with the company's ability to exceed guided metrics consistently. Additionally, CFO Duston Williams noted a record in ACV billings and effective cost management leading to operating expenses below guidance.

Positive

• ACV billings grew 18% year-over-year to $159.9 million
• Run-rate ACV increased 25% year-over-year to $1.45 billion
• Operating expenses were below guidance

Negative

• Average contract term decreased by 0.5 years to 3.3 years

Nutanix, Inc. (NASDAQ: NTNX), a leader in private, hybrid and multicloud computing, today announced financial results for its third quarter ended April 30, 2021.

“I am delighted with our strong quarterly results. For the third quarter in a row, we delivered outperformance across all guided metrics and demonstrated our ability to execute consistently,” said Rajiv Ramaswami, President and CEO of Nutanix. “We are also pleased with our progress on key priorities, including bolstering our ecosystem with our extended partnership with Lenovo, continued momentum with our core cloud software platform and an increased attach rate of our emerging products.”

“We saw record ACV billings, with growth accelerating to 18 percent year-over-year, while our disciplined spending delivered operating expenses below our guidance,” said Duston Williams, CFO of Nutanix. “Our growing renewals pipeline will help to drive future top line growth, offer substantial sales and marketing efficiencies, and increase the predictability in our business.”

Third Quarter Fiscal 2021 Financial Summary

	Q3 FY’21	Q3 FY’20	Y/Y Change
Annual Contract Value (ACV)1 Billings	$159.9 million	$135.3 million	18%
Run-rate Annual Contract Value (ACV)2	$1.45 billion	$1.15 billion	25%
Average Contract Term3	3.3 years	3.8 years	(0.5) year

FAQ

What are the Q3 FY2021 results for Nutanix (NTNX)?

Nutanix reported ACV billings of $159.9 million, an 18% increase year-over-year, and a run-rate ACV of $1.45 billion, up 25%.

What is the average contract term for Nutanix (NTNX) as of Q3 FY2021?

The average contract term decreased to 3.3 years in Q3 FY2021.

How did Nutanix (NTNX) manage its operating expenses in Q3 FY2021?

Nutanix successfully kept operating expenses below guidance in Q3 FY2021.

Who commented on the financial results of Nutanix (NTNX)?

Rajiv Ramaswami, CEO, and Duston Williams, CFO, both expressed satisfaction with the company's performance in Q3 FY2021.