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    Nutanix Reports Fourth Quarter and Fiscal 2024 Financial Results

    8/28/24 4:01:00 PM ET
    $NTNX
    Computer Software: Prepackaged Software
    Technology
    Get the next $NTNX alert in real time by email

    Reports 22% YoY ARR Growth and Strong Free Cash Flow for Fiscal 2024

    Delivers Outperformance Across All Fourth Quarter Guided Metrics

    Nutanix, Inc. (NASDAQ:NTNX), a leader in hybrid multicloud computing, today announced financial results for its fourth quarter and fiscal year ended July 31, 2024.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240828409461/en/

    "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 22% year-over-year ARR growth, strong free cash flow generation and our first full year of positive GAAP operating income," said Rukmini Sivaraman, CFO of Nutanix. "We remain focused on delivering sustainable, profitable growth."

    Fourth Quarter Fiscal 2024 Financial Summary

     

    Q4 FY'24

    Q4 FY'23

    Y/Y Change

    Annual Contract Value (ACV)1 Billings

    $338.0 million

    $278.7 million

    21%

    Annual Recurring Revenue (ARR)2

    $1.91 billion

    $1.56 billion

    22%

    Average Contract Duration3

    3.1 years

    3.0 years

    0.1 year

    Revenue

    $548.0 million

    $494.2 million

    11%

    GAAP Gross Margin

    85.2%

    83.7%

    150 bps

    Non-GAAP Gross Margin

    86.9%

    85.8%

    110 bps

    GAAP Operating Expenses

    $479.2 million

    $425.1 million

    13%

    Non-GAAP Operating Expenses

    $405.5 million

    $360.6 million

    12%

    GAAP Operating Loss

    $(12.2) million

    $(11.3) million

    $(0.9) million

    Non-GAAP Operating Income

    $70.5 million

    $63.6 million

    $6.9 million

    GAAP Operating Margin

    (2.2)%

    (2.3)%

    0.1% pts

    Non-GAAP Operating Margin

    12.9%

    12.9%

    0% pts

    Net Cash Provided by Operating Activities

    $244.7 million

    $58.3 million

    $186.4 million

    Free Cash Flow

    $224.3 million

    $45.5 million

    $178.8 million

    Fiscal 2024 Financial Summary

     

    FY'24

    FY'23

    Y/Y Change

    Annual Contract Value (ACV)1 Billings

    $1.16 billion

    $956.8 million

    21%

    Annual Recurring Revenue (ARR)2

    $1.91 billion

    $1.56 billion

    22%

    Average Contract Duration3

    3.0 years

    3.0 years

    0.0 year

    Revenue

    $2.15 billion

    $1.86 billion

    15%

    GAAP Gross Margin

    84.9%

    82.2%

    270 bps

    Non-GAAP Gross Margin

    86.7%

    84.6%

    210 bps

    GAAP Operating Expenses

    $1.82 billion

    $1.74 billion

    5%

    Non-GAAP Operating Expenses

    $1.52 billion

    $1.41 billion

    7%

    GAAP Operating Income (Loss)

    $7.6 million

    $(207.2) million

    $214.8 million

    Non-GAAP Operating Income

    $347.1 million

    $161.0 million

    $186.1 million

    GAAP Operating Margin

    0.4%

    (11.1)%

    11.5% pts

    Non-GAAP Operating Margin

    16.2%

    8.6%

    7.6% pts

    Net Cash Provided by Operating Activities

    $672.9 million

    $272.4 million

    $400.5 million

    Free Cash Flow

    $597.7 million

    $207.0 million

    $390.7 million

    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

    $565 - $575 million

    Non-GAAP Operating Margin

    14.5% to 15.5%

    Weighted Average Shares Outstanding (Diluted)4

    Approximately 287 million

    Fiscal 2025 Outlook

     

     

    Revenue

    $2.435 - $2.465 billion

    Non-GAAP Operating Margin

    15.5% to 17.0%

    Free Cash Flow

    $540 - $600 million

    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 U.S. Securities and Exchange Commission, or the SEC, on September 21, 2023 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

    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 the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

     

    NUTANIX, INC.

    CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     

     

     

    As of

     

     

    July 31,

    2023

     

    July 31,

    2024

     

     

    (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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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

    July 31,

     

     

    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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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 $10.4 million and $37.4 million of non-portable software revenue for the three and twelve months ended July 31, 2023, respectively, $1.6 million and $27.9 million of non-portable software revenue for the three and twelve months ended July 31, 2024, respectively, $0.3 million and $2.8 million of hardware revenue for the three and twelve months ended July 31, 2023, respectively, and $0.9 million and $3.3 million of hardware revenue for the three and twelve months ended July 31, 2024, respectively.

    • 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

    Three Months Ended

    July 31,

     

    As of and for the

    Fiscal Year Ended

    July 31,

     

     

    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

    Ended July

    31, 2024

     

    (1)

     

    (2)

     

    (3)

     

    (4)

     

    (5)

     

    (6)

     

    Three Months

    Ended July

    31, 2024

     

     

    (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

    Ended July 31,

    2024

     

    (1)

     

    (2)

     

    (3)

     

    (4)

     

    (5)

     

    (6)

     

    (7)

     

    Fiscal Year

    Ended July 31,

    2024

     

     

    (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

    Months

    Ended July

    31, 2023

     

    (1)

     

    (2)

     

    (3)

     

    (4)

     

    (5)

     

    (6)

     

    Three

    Months

    Ended July

    31, 2023

     

     

    (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

    Ended July

    31, 2023

     

    (1)

     

    (2)

     

    (3)

     

    (4)

     

    (5)

     

    (6)

     

    (7)

     

    (8)

     

    Fiscal Year

    Ended July

    31, 2023

     

     

    (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

    July 31,

     

    Fiscal Year Ended

    July 31,

     

     

    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/

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