Nutanix, a leader in hybrid multicloud computing, recently released its Q3’24 earnings, reporting a 24% year-over-year growth in ARR and strong year-to-date free cash flow. The company’s President and CEO, Rajiv Ramaswami, highlighted the solid third-quarter results as a reflection of disciplined execution and the strength of their business model. CFO Rukmini Sivaraman emphasized the balance of top and bottom-line performance, with a focus on delivering sustainable, profitable growth.
In Q3 FY’24, Nutanix saw an increase in Annual Contract Value (ACV) 1 Billings to $288.9 million and a 24% year-over-year growth in Annual Recurring Revenue (ARR) to $1.82 billion. The company delivered revenue of $524.6 million, reflecting a 17% increase compared to the previous year. Nutanix also reported a GAAP Gross Margin of 84.8% and a Non-GAAP Gross Margin of 86.5%.
During the quarter, Nutanix made several key announcements, including the launch of the Nutanix AI Partner Program, the collaboration with NVIDIA to accelerate enterprise AI adoption, and new solutions developed with Dell Technologies for hybrid multicloud environments. The company also introduced new features and updates to its Nutanix Cloud Platform, including the Nutanix Kubernetes Platform (NKP) and expanded capabilities for cloud native users through Project Beacon.
Looking ahead, Nutanix provided a Q4’24 outlook with forecasts for ACV Billings, revenue, gross margin, and operating margin. The company also shared its fiscal 2024 outlook, which includes expectations for ACV Billings, revenue, gross margin, operating margin, and free cash flow.
To supplement their financial statements, Nutanix provided non-GAAP financial measures and key performance indicators, such as non-GAAP gross margin, free cash flow, ACV Billings, and ARR. These measures are used to evaluate the company’s performance and liquidity.
In conclusion, Nutanix’s Q3’24 earnings showcase their continued growth and innovation in the hybrid multicloud computing space. The company’s focus on driving value for customers through partnerships and new solutions positions them well for future success in the market.
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https://finance.yahoo.com/news/nutanix-reports-third-quarter-fiscal-200500538.html
