On August 28, 2024, Nutanix Inc (NTNX, Financial) released its 8-K filing detailing the financial results for its fourth quarter and fiscal year ended July 31, 2024. Nutanix Inc, a leader in hybrid multicloud computing, provides native hybrid cloud capabilities for businesses through its Enterprise Cloud Platform, which integrates web-scale engineering, consumer-grade design, virtualization, and storage into a resilient, software-defined solution.
Performance Overview
Nutanix Inc (NTNX, Financial) reported a solid finish to fiscal 2024, showcasing significant progress in its financial model with robust top-line growth and improved profitability. The company achieved a 22% year-over-year growth in Annual Recurring Revenue (ARR) and generated strong free cash flow.
Key Financial Achievements
For the fourth quarter of fiscal 2024, Nutanix Inc (NTNX, Financial) reported:
| Metric | Q4 FY24 | Q4 FY23 | Y/Y Change |
|---|---|---|---|
| Annual Contract Value (ACV) Billings | $338.0 million | $278.7 million | 21% |
| Annual Recurring Revenue (ARR) | $1.91 billion | $1.56 billion | 22% |
| 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 Loss | $(12.2) million | $(11.3) million | $(0.9) million |
| Non-GAAP Operating Income | $70.5 million | $63.6 million | $6.9 million |
| 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
For the full fiscal year 2024, Nutanix Inc (NTNX, Financial) reported:
| Metric | FY24 | FY23 | Y/Y Change |
|---|---|---|---|
| Annual Contract Value (ACV) Billings | $1.16 billion | $956.8 million | 21% |
| Annual Recurring Revenue (ARR) | $1.91 billion | $1.56 billion | 22% |
| 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 Income (Loss) | $7.6 million | $(207.2) million | $214.8 million |
| Non-GAAP Operating Income | $347.1 million | $161.0 million | $186.1 million |
| 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 |
Commentary and Analysis
“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,
Explore the complete 8-K earnings release (here) from Nutanix Inc for further details.
