Press release
Nutanix Reports First Quarter Fiscal 2022 Financial Results
Delivers 33% YoY ACV Billings Growth and 21% YoY Revenue Growth Drives Outperformance Across All Guided Metrics With Continued Execution on Hybrid Multicloud
About this update from Nutanix, Inc.
[{"type":"text","content":"\nDelivers 33% YoY ACV Billings Growth and 21% YoY Revenue Growth\n\nDrives Outperformance Across All Guided Metrics With Continued Execution on Hybrid Multicloud Vision\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nNutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its first quarter ended October 31, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123006039/en/Nutanix Q1 Fiscal 2022 Earnings Summary (Graphic: Business Wire)\n“Our first quarter was a good start to our fiscal year, demonstrating strong year-over-year top and bottom-line improvement,” said Rajiv Ramaswami, President and CEO of Nutanix. “We continued to execute towards our targets of free cash flow break-even in the second half of calendar 2022 and a 25 percent-plus ACV billings CAGR through fiscal 2025.”\n\n“In our first quarter, we achieved record ACV billings, which grew 33 percent year-over-year, and saw 21 percent year-over-year revenue growth, our highest growth in over three years,” said Duston Williams, CFO of Nutanix. “With the continued progress we’ve made on our subscription model, we believe it’s now appropriate to provide annual guidance. Additionally, having gained a better understanding of potential fluctuations in our average contract term lengths, we are guiding to revenue, on both a quarterly and annual basis.”\n\nFirst Quarter Fiscal 2022 Financial Summary\n\n\n\n \n\n\n\n\nQ1 FY’22\n\n\n\n\nQ1 FY’21\n\n\n\n\nY/Y Change\n\n\n\n\n\nAnnual Contract Value (ACV)1 Billings\n\n\n\n\n$183.3 million\n\n\n\n\n$137.8 million\n\n\n\n\n33%\n\n\n\n\n\nAnnual Recurring Revenue (ARR)2\n\n\n\n\n$952.6 million\n\n\n\n\n$569.5 million\n\n\n\n\n67%\n\n\n\n\n\nRun-rate Annual Contract Value (ACV)3\n\n\n\n\n$1.59 billion\n\n\n\n\n$1.29 billion\n\n\n\n\n23%\n\n\n\n\n\nAverage Contract Term4\n\n\n\n\n3.1 years\n\n\n\n\n3.5 years\n\n\n\n\n(0.4) year\n\n\n\n\n\nRevenue5\n\n\n\n\n$378.5 million\n\n\n\n\n$312.8 million\n\n\n\n\n21%\n\n\n\n\n\nGAAP Gross Margin\n\n\n\n\n78.5%\n\n\n\n\n78.3%\n\n\n\n\n20 bps\n\n\n\n\n\nNon-GAAP Gross Margin\n\n\n\n\n82.1%\n\n\n\n\n81.9%\n\n\n\n\n20 bps\n\n\n\n\n\nGAAP Operating Expenses\n\n\n\n\n$434.3 million\n\n\n\n\n$426.9 million\n\n\n\n\n2%\n\n\n\n\n\nNon-GAAP Operating Expenses\n\n\n\n\n$352.6 million\n\n\n\n\n$341...