Nutanix Inc (NTNX) Q4 FY24 Earnings: EPS and Revenue Beat Estima

Spread the love

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.

Article Source
https://www.gurufocus.com/news/2512190/nutanix-inc-ntnx-q4-fy24-earnings-eps-and-revenue-beat-estimates-with-548m-revenue-and-2243m-free-cash-flow