Nutanix Reports First Quarter Fiscal 2024 Financial Results

About this update from Nutanix, Inc.

[{"type":"text","content":"\nReports 24% YoY ACV Billings Growth and Strong Free Cash Flow\n\n\nDelivers Outperformance Across All First Quarter Guided Metrics\n\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, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129160959/en/\n“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.”\n\n\n“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.”\n\n\nFirst Quarter Fiscal 2024 Financial Summary\n\n\n\n\n \n\n\n\n\n\n\n\nQ1 FY’24\n\n\n\n\n\n\n\nQ1 FY’23\n\n\n\n\n\n\n\nY/Y Change\n\n\n\n\n\n\n\n\nAnnual Contract Value (ACV)1 Billings\n\n\n\n\n\n\n\n$287.2 million\n\n\n\n\n\n\n\n$231.9 million\n\n\n\n\n\n\n\n24%\n\n\n\n\n\n\n\n\nAnnual Recurring Revenue (ARR)2\n\n\n\n\n\n\n\n$1.66 billion\n\n\n\n\n\n\n\n$1.28 billion\n\n\n\n\n\n\n\n30%\n\n\n\n\n\n\n\n\nAverage Contract Duration3\n\n\n\n\n\n\n\n2.9 years\n\n\n\n\n\n\n\n3.0 years\n\n\n\n\n\n\n\n(0.1) year\n\n\n\n\n\n\n\n\nRevenue4\n\n\n\n\n\n\n\n$511.1 million\n\n\n\n\n\n\n\n$433.6 million\n\n\n\n\n\n\n\n18%\n\n\n\n\n\n\n\n\nGAAP Gross Margin\n\n\n\n\n\n\n\n84.0%\n\n\n\n\n\n\n\n81.0%\n\n\n\n\n\n\n\n300 bps\n\n\n\n\n\n\n\n\nNon-GAAP Gross Margin\n\n\n\n\n\n\n\n85.9%\n\n\n\n\n\n\n\n83.4%\n\n\n\n\n\n\n\n250 bps\n\n\n\n\n\n\n\n\nGAAP Operating Expenses\n\n\n\n\n\n\n\n$434.8 million\n\n\n\n\n\n\n\n$431.8 million\n\n\n\n\n\n\n\n1%\n\n\n\n\n\n\n\n\nNon-GAAP Operating Expenses\n\n\n\n\n\n\n\n$359.8 million\n\n\n\n\n\n\n\n$351.5 million\n\n\n\n\n\n\n\n2%\n\n\n\n\n\n\n\n\nGAAP Operating...

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