Nutanix Reports Fourth Quarter and Fiscal 2024 Financial Results

Nutanix, Inc., a leader in hybrid multicloud computing, has released its financial results for the fourth quarter and fiscal year ending July 31, 2024. The company reported significant growth in key financial metrics, reflecting strong performance and strategic advancements.

Financial Highlights

For the fourth quarter of fiscal 2024, Nutanix reported:

• Annual Contract Value (ACV) Billings of $338.0 million, a 21% increase year-over-year.
• Annual Recurring Revenue (ARR) of $1.91 billion, up 22% year-over-year.
• Revenue of $548.0 million, an 11% increase from the previous year.
• GAAP Gross Margin of 85.2%, up from 83.7% in Q4 FY'23.
• Non-GAAP Gross Margin of 86.9%, compared to 85.8% in Q4 FY'23.
• GAAP Operating Loss of $(12.2) million, slightly higher than $(11.3) million in Q4 FY'23.
• Non-GAAP Operating Income of $70.5 million, up from $63.6 million in Q4 FY'23.
• Net Cash Provided by Operating Activities of $244.7 million, a substantial increase from $58.3 million in Q4 FY'23.
• Free Cash Flow of $224.3 million, up from $45.5 million in Q4 FY'23.

Business and Operational Highlights

During fiscal 2024, Nutanix made significant strides in its business operations:

• Signed new or enhanced partnerships with major industry players such as Cisco, NVIDIA, and Dell.
• Continued innovation towards becoming the leading platform for running applications and managing data across various environments.

Strategic Initiatives and Corporate Developments

Nutanix's strategic initiatives included:

• Achieving its first full year of positive GAAP operating income.
• Focusing on sustainable, profitable growth with a strong emphasis on free cash flow generation.

Management's Perspective

Rajiv Ramaswami, President and CEO of Nutanix, commented, "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."

Rukmini Sivaraman, CFO of Nutanix, added, "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."

Future Outlook

For the first quarter of fiscal 2025, Nutanix expects:

• Revenue between $565 million and $575 million.
• Non-GAAP Operating Margin between 14.5% and 15.5%.
• Weighted Average Shares Outstanding (Diluted) of approximately 287 million.

For the full fiscal year 2025, the company projects:

• Revenue between $2.435 billion and $2.465 billion.
• Non-GAAP Operating Margin between 15.5% and 17.0%.
• Free Cash Flow between $540 million and $600 million.

SEC Filing: Nutanix, Inc. [ NTNX ] - 8-K - Aug. 28, 2024