Reports 24% YoY ACV Billings Growth and Strong
Free Cash Flow
Delivers Outperformance Across All First
Quarter Guided Metrics
Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud
computing, today announced financial results for its first quarter
ended October 31, 2023.
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the full release here:
https://www.businesswire.com/news/home/20231129160959/en/
“We delivered a solid first quarter financial performance
against an uncertain macro backdrop reflecting the value our
customers see in the Nutanix Cloud Platform and the strength of our
subscription business model,” said Rajiv Ramaswami, President and
CEO of Nutanix. “I’m excited about our future as we look to
capitalize on our large and growing market opportunity, favorable
industry competitive dynamics, and our ramping partnerships.”
“Our first quarter marked a good start to our fiscal year with
24% year-over-year ACV billings growth along with strong free cash
flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We
continue to see good execution and remain focused on driving
towards the targets we shared at our recent Investor Day and
delivering durable growth and increasing profitability.”
First Quarter Fiscal 2024 Financial Summary
Q1 FY’24
Q1 FY’23
Y/Y Change
Annual Contract Value (ACV)1 Billings
$287.2 million
$231.9 million
24%
Annual Recurring Revenue (ARR)2
$1.66 billion
$1.28 billion
30%
Average Contract Duration3
2.9 years
3.0 years
(0.1) year
Revenue4
$511.1 million
$433.6 million
18%
GAAP Gross Margin
84.0%
81.0%
300 bps
Non-GAAP Gross Margin
85.9%
83.4%
250 bps
GAAP Operating Expenses
$434.8 million
$431.8 million
1%
Non-GAAP Operating Expenses
$359.8 million
$351.5 million
2%
GAAP Operating Loss
$(5.7) million
$(80.7) million
$75.0 million
Non-GAAP Operating Income
$79.5 million
$10.2 million
$69.3 million
GAAP Operating Margin
(1.1)%
(18.6)%
17.5% pts
Non-GAAP Operating Margin
15.6%
2.4%
13.2% pts
Net Cash Provided by Operating
Activities
$145.5 million
$65.5 million
$80.0 million
Free Cash Flow
$132.5 million
$45.8 million
$86.7 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.
Recent Company Highlights
- Nutanix Hybrid Multicloud Platform Recognized as a
Leader: Nutanix announced it has been named a leader in the
Forrester Wave™: Hyperconverged Infrastructure, Q4 2023, published
by Forrester Research, Inc.
- Nutanix Strengthens Cyber Resilience with Accelerated
Ransomware Detection and Recovery: Nutanix announced new
features in the Nutanix Cloud Platform to strengthen organizations’
cyber resilience against ransomware attacks on unstructured
data.
- Micron Selects Nutanix Cloud Platform for Its Manufacturing
Facilities Globally: Nutanix announced that Micron Technology,
an industry leader in innovative memory and storage solutions,
selected Nutanix to build a cloud platform for Micron’s
manufacturing facilities globally.
Second Quarter Fiscal 2024 Outlook
ACV Billings
$295 - $305 million
Revenue
$545 - $555 million
Non-GAAP Gross Margin
85-86%
Non-GAAP Operating Margin
14% to 16%
Weighted Average Shares Outstanding
(Diluted)5
Approximately 297 million
Fiscal 2024 Outlook
ACV Billings
$1.08 - $1.10 billion
Revenue
$2.095 - $2.125 billion
Non-GAAP Gross Margin
~85%
Non-GAAP Operating Margin
11.5% to 12.5%
Free Cash Flow
$340 - $360 million
Supplementary materials to this press release, including our
first quarter fiscal 2024 earnings presentation, can be found at
https://ir.nutanix.com/financial/quarterly-results.
Webcast and Conference Call Information
Nutanix executives will discuss the Company’s first quarter
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, excluding amounts related to
professional services and hardware. 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
contracts that do not have a specified term. ACV Billings,
for any given period, is defined as the sum of the ACV for all
contracts billed during the given period.
2Annual Recurring Revenue, or ARR, for any given
period, is defined as the sum of ACV for all non life-of-device
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.
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.
4Revenue was negatively impacted by a year-over-year decline in
the average contract duration, including as a result of Nutanix’s
transition to a subscription-based business model.
5Weighted 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 of the debt discount
and issuance costs, 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 provides useful information to our management and
investors as it allows us to better track the topline growth of our
business during our transition to a subscription-based business
model 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 second quarter fiscal 2024
outlook and/or our fiscal 2024 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 market opportunity,
competitive dynamics, our focus on driving towards targets and
delivering durable growth and increasing profitability, our second
quarter fiscal 2024 outlook, and our fiscal 2024 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, and objectives; 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, including supply chain issues; 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; the impact of a pandemic or
major public health concern; 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. Additional
information will be set forth in our Quarterly Report on Form 10-Q
for the fiscal quarter ended October 31, 2023, 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.
© 2023 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. in the United States and other countries. Other brand names
and marks mentioned herein are for identification purposes only and
may be the trademarks of their respective holder(s). This press
release contains links to external websites that are not part of
Nutanix.com. Nutanix does not control these sites and disclaims all
responsibility for the content or accuracy of any external site.
Our decision to link to an external site should not be considered
an endorsement of any content on such a site.
NUTANIX, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
As of
July 31, 2023
October 31, 2023
(in thousands)
Assets
Current assets:
Cash and cash equivalents
$
512,929
$
612,462
Short-term investments
924,466
958,654
Accounts receivable, net
157,251
133,716
Deferred commissions—current
120,001
126,195
Prepaid expenses and other current
assets
147,087
86,920
Total current assets
1,861,734
1,917,947
Property and equipment, net
111,865
110,204
Operating lease right-of-use assets
93,554
96,301
Deferred commissions—non-current
237,990
226,698
Intangible assets, net
4,893
3,745
Goodwill
184,938
184,938
Other assets—non-current
31,941
30,807
Total assets
$
2,526,915
$
2,570,640
Liabilities and Stockholders’
Deficit
Current liabilities:
Accounts payable
$
29,928
$
35,795
Accrued compensation and benefits
143,679
136,258
Accrued expenses and other current
liabilities
109,269
21,054
Deferred revenue—current
823,665
877,547
Operating lease liabilities—current
29,567
28,917
Total current liabilities
1,136,108
1,099,571
Deferred revenue—non-current
771,367
767,685
Operating lease
liabilities—non-current
68,940
72,419
Convertible senior notes, net
1,218,165
1,239,189
Other liabilities—non-current
39,754
33,987
Total liabilities
3,234,334
3,212,851
Stockholders’ deficit:
Common stock
6
6
Additional paid-in capital
3,930,668
4,020,672
Accumulated other comprehensive income
(5,171
)
(4,375
)
Accumulated deficit
(4,632,922
)
(4,658,514
)
Total stockholders’ deficit
(707,419
)
(642,211
)
Total liabilities and stockholders’
deficit
$
2,526,915
$
2,570,640
NUTANIX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended October
31,
2022
2023
(in thousands, except per
share data)
Revenue:
Product
$
208,574
$
246,922
Support, entitlements and other
services
225,035
264,132
Total revenue
433,609
511,054
Cost of revenue:
Product (1)(2)
12,516
10,234
Support, entitlements and other services
(1)
69,979
71,725
Total cost of revenue
82,495
81,959
Gross profit
351,114
429,095
Operating expenses:
Sales and marketing (1)(2)
236,222
235,323
Research and development (1)
149,443
151,975
General and administrative (1)
46,104
47,503
Total operating expenses
431,769
434,801
Loss from operations
(80,655
)
(5,706
)
Other expense, net
(13,416
)
(5,275
)
Loss before provision for income taxes
(94,071
)
(10,981
)
Provision for income taxes
5,443
4,872
Net loss
$
(99,514
)
$
(15,853
)
Net loss per share attributable to Class A
common stockholders—basic and diluted
$
(0.44
)
$
(0.07
)
Weighted average shares used in computing
net loss per share attributable to Class A common
stockholders—basic and diluted
228,544
241,490
(1)
Includes the following stock-based compensation expense:
Three Months Ended October
31,
2022
2023
(in thousands)
Product cost of revenue
$
2,159
$
1,928
Support, entitlements and other services
cost of revenue
5,346
7,116
Sales and marketing
20,472
21,471
Research and development
38,622
38,404
General and administrative
14,356
15,079
Total stock-based compensation expense
$
80,955
$
83,998
(2)
Includes the following amortization of intangible assets:
Three Months Ended October
31,
2022
2023
(in thousands)
Product cost of revenue
$
2,810
$
1,111
Sales and marketing
349
37
Total amortization of intangible
assets
$
3,159
$
1,148
NUTANIX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended October
31,
2022
2023
(in thousands)
Cash flows from operating
activities:
Net loss
$
(99,514
)
$
(15,853
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
19,839
18,187
Stock-based compensation
80,955
83,998
Amortization of debt discount and issuance
costs
10,477
11,055
Operating lease cost, net of accretion
8,722
7,872
Early exit of lease-related assets
(304
)
—
Non-cash interest expense
4,894
5,017
Other
(776
)
(4,044
)
Changes in operating assets and
liabilities:
Accounts receivable, net
40,838
23,656
Deferred commissions
15,213
5,098
Prepaid expenses and other assets
958
60,696
Accounts payable
(7,104
)
3,953
Accrued compensation and benefits
(29,820
)
(7,421
)
Accrued expenses and other liabilities
(3,076
)
(89,029
)
Operating leases, net
(11,910
)
(7,791
)
Deferred revenue
36,121
50,079
Net cash provided by operating
activities
65,513
145,473
Cash flows from investing
activities:
Maturities of investments
267,667
248,980
Purchases of investments
(256,202
)
(278,178
)
Purchases of property and equipment
(19,702
)
(13,020
)
Net cash used in investing activities
(8,237
)
(42,218
)
Cash flows from financing
activities:
Proceeds from sales of shares through
employee equity incentive plans
22,186
13,783
Repurchases of common stock
—
(17,513
)
Payment of finance lease obligations
(1,856
)
(637
)
Net cash provided by (used in) financing
activities
20,330
(4,367
)
Net increase in cash, cash equivalents and
restricted cash
$
77,606
$
98,888
Cash, cash equivalents and restricted
cash—beginning of period
405,862
515,771
Cash, cash equivalents and restricted
cash—end of period
$
483,468
$
614,659
Restricted cash (1)
2,851
2,197
Cash and cash equivalents—end of
period
$
480,617
$
612,462
Supplemental disclosures of cash flow
information:
Cash paid for income taxes
$
7,635
$
8,134
Supplemental disclosures of non-cash
investing and financing information:
Purchases of property and equipment
included in accounts payable and accrued and other liabilities
$
10,748
$
15,013
Finance lease liabilities arising from
obtaining right-of-use assets
$
9,822
$
12,382
(1)
Included within other assets—non-current in the consolidated
balance sheets.
Reconciliation of Revenue to
Billings
(Unaudited)
Three Months Ended October
31,
2022
2023
(in thousands)
Total revenue
$
433,609
$
511,054
Change in deferred revenue
36,121
50,079
Total billings
$
469,730
$
561,133
Disaggregation of Revenue and
Billings
(Unaudited)
Three Months Ended October
31,
2022
2023
(in thousands)
Disaggregation of revenue:
Subscription revenue
$
402,924
$
479,478
Professional services revenue
22,278
22,835
Other non-subscription product revenue
8,407
8,741
Total revenue
$
433,609
$
511,054
Disaggregation of billings:
Subscription billings
$
441,430
$
528,914
Professional services billings
19,893
23,478
Other non-subscription product
billings
8,407
8,741
Total billings
$
469,730
$
561,133
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 $7.8 million and $8.1 million of
non-portable software revenue for the three months ended October
31, 2022 and 2023, respectively, and $0.6 million and $0.6 million
of hardware revenue for the three months ended October 31, 2022 and
2023, 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)
Three Months Ended October
31,
2022
2023
(in thousands)
Annual Contract Value Billings (ACV
Billings)
$
231,928
$
287,216
Annual Recurring Revenue (ARR)
$
1,280,574
$
1,663,918
Reconciliation of GAAP to
Non-GAAP Profit Measures
(Unaudited)
GAAP
Non-GAAP Adjustments
Non-GAAP
Three Months Ended October 31,
2023
(1)
(2)
(3)
(4)
(5)
(6)
Three Months Ended October 31,
2023
(in thousands, except
percentages and per share data)
Gross profit
$
429,095
$
9,044
$
1,111
$
—
$
—
$
—
$
—
$
439,250
Gross margin
84.0
%
1.7
%
0.2
%
—
—
—
—
85.9
%
Operating expenses:
Sales and marketing
235,323
(21,471
)
(37
)
—
—
—
—
213,815
Research and development
151,975
(38,404
)
—
—
—
—
—
113,571
General and administrative
47,503
(15,079
)
—
(46
)
—
—
—
32,378
Total operating expenses
434,801
(74,954
)
(37
)
(46
)
—
—
—
359,764
(Loss) income from operations
(5,706
)
83,998
1,148
46
—
—
—
79,486
Operating margin
(1.1
)%
16.5
%
0.2
%
—
—
—
—
15.6
%
Net (loss) income
$
(15,853
)
$
83,998
$
1,148
$
46
$
16,347
$
(920
)
$
274
$
85,040
Weighted shares outstanding, basic
241,490
241,490
Weighted shares outstanding, diluted
(7)
241,490
292,861
Net (loss) income per share, basic
$
(0.07
)
$
0.35
$
-
$
-
$
0.07
$
-
$
-
$
0.35
Net (loss) income per share, diluted
$
(0.07
)
$
0.29
(1)
Stock-based compensation expense
(2)
Amortization of intangible assets
(3)
Legal fees
(4)
Amortization of debt discount and
issuance costs and interest expense related to convertible senior
notes
(5)
Other
(6)
Income tax effect primarily
related to stock-based compensation expense
(7)
Includes 51,371 potentially
dilutive shares related to convertible senior notes and the
issuance of shares under employee equity incentive plans
GAAP
Non-GAAP Adjustments
Non-GAAP
Three Months Ended October 31,
2022
(1)
(2)
(3)
(4)
(5)
(6)
Three Months Ended October 31,
2022
(in thousands, except
percentages and per share data)
Gross profit
$
351,114
$
7,505
$
2,810
$
—
$
265
$
—
$
—
$
361,694
Gross margin
81.0
%
1.7
%
0.6
%
—
0.1
%
—
—
83.4
%
Operating expenses:
Sales and marketing
236,222
(20,472
)
(349
)
—
(3,816
)
—
—
211,585
Research and development
149,443
(38,622
)
—
—
(1,616
)
—
—
109,205
General and administrative
46,104
(14,356
)
—
(920
)
(120
)
—
—
30,708
Total operating expenses
431,769
(73,450
)
(349
)
(920
)
(5,552
)
—
—
351,498
(Loss) income from operations
(80,655
)
80,955
3,159
920
5,817
—
—
10,196
Operating margin
(18.6
)%
18.8
%
0.7
%
0.2
%
1.3
%
—
—
2.4
%
Net (loss) income
$
(99,514
)
$
80,955
$
3,159
$
920
$
5,817
$
15,731
$
504
$
7,572
Weighted shares outstanding, basic
228,544
228,544
Weighted shares outstanding, diluted
(7)
228,544
275,200
Net (loss) income per share, basic
$
(0.44
)
$
0.36
$
0.01
$
-
$
0.03
$
0.07
$
-
$
0.03
Net (loss) income per share, diluted
$
(0.44
)
$
0.03
(1)
Stock-based compensation expense
(2)
Amortization of intangible assets
(3)
Costs related to early exit of
existing leases
(4)
Restructuring charges
(5)
Amortization of debt discount and
issuance costs and interest expense related to convertible senior
notes
(6)
Income tax effect primarily
related to stock-based compensation expense
(7)
Includes 46,656 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 October
31,
2022
2023
(in thousands)
Net cash provided by operating
activities
$
65,513
$
145,473
Purchases of property and equipment
(19,702
)
(13,020
)
Free cash flow
$
45,811
$
132,453
Correction to Prior Period
Financial Statements
(Unaudited)
The prior period amounts included in the
tables above reflect the corrections made as a result of the
previously disclosed completed investigation related to third-party
software usage. Prior period amounts have been corrected as
follows:
Three Months Ended October 31,
2022
As Previously Reported
Adjustments
As Corrected
(in thousands)
Condensed Consolidated Statement of
Operations:
Sales and marketing
$
236,072
$
150
$
236,222
Research and development
$
149,195
$
248
$
149,443
Total operating expenses
$
431,371
$
398
$
431,769
Loss from operations
$
(80,257
)
$
(398
)
$
(80,655
)
Loss before provision for income taxes
$
(93,673
)
$
(398
)
$
(94,071
)
Net loss
$
(99,116
)
$
(398
)
$
(99,514
)
Net loss per share attributable to Class A
and Class B common stockholders—basic and diluted
$
(0.43
)
$
(0.01
)
$
(0.44
)
Three Months Ended October 31,
2022
As Previously Reported
Adjustments
As Corrected
(in thousands)
Condensed Consolidated Statement of
Cash Flows:
Net loss
$
(99,116
)
$
(398
)
$
(99,514
)
Accrued expenses and other liabilities
$
(3,474
)
$
398
$
(3,076
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129160959/en/
Investor Contact: Richard Valera ir@nutanix.com
Media Contact: Jennifer Massaro pr@nutanix.com
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