Press release
Nutanix Reports Fourth Quarter and Fiscal 2023 Financial Results
Reports 27% YoY ACV Billings Growth and Strong YoY Free Cash Flow Growth for Fiscal 2023 Delivers Outperformance Across All Fourth Quarter Guided Metrics SAN
About this update from Nutanix, Inc.
[{"type":"text","content":"\nReports 27% YoY ACV Billings Growth and Strong YoY Free Cash Flow Growth for Fiscal 2023\n\n\nDelivers Outperformance Across All Fourth 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 fourth quarter and fiscal year ended July 31, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230831898036/en/Nutanix Q4 Fiscal 2023 Earnings Summary (Graphic: Business Wire)\n“Our fourth quarter capped off a fiscal year that showed healthy year-over-year top line growth and sharp year-over-year improvements in profitability and free cash flow,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our consistent execution over the course of the year against an uncertain macro backdrop is a testament to the benefits of our subscription model, as well as the value our customers see in the Nutanix Cloud Platform as they look to modernize their IT footprints and implement hybrid multicloud operating models.”\n\n\n“Our fiscal year 2023 results demonstrated a good balance of growth and profitability and further strengthened our balance sheet,” said Rukmini Sivaraman, CFO of Nutanix. “In conjunction with our earnings release, we’re pleased to announce that our Board of Directors has authorized the repurchase of up to $350 million of our stock, which we see as a reflection of confidence in the Company’s long-term market opportunity and financial outlook.”\n\n\nFourth Quarter Fiscal 2023 Financial Summary\n\n\n\n\n \n\n\n\n\n\n\n\nQ4 FY’23\n\n\n\n\n\n\n\nQ4 FY’22\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$278.7 million\n\n\n\n\n\n\n\n$193.2 million\n\n\n\n\n\n\n\n44%\n\n\n\n\n\n\n\n\nAnnual Recurring Revenue (ARR)2\n\n\n\n\n\n\n\n$1.56 billion\n\n\n\n\n\n\n\n$1.20 billion\n\n\n\n\n\n\n\n30%\n\n\n\n\n\n\n\n\nAverage Contract Term3\n\n\n\n\n\n\n\n3.0 years\n\n\n\n\n\n\n\n3.2 years\n\n\n\n\n\n\n\n(0.2) year\n\n\n\n\n\n\n\n\nRevenue4\n\n\n\n\n\n\n\n$494.2 million\n\n\n\n\n\n\n\n$385.5 million\n\n\n\n\n\n\n\n28%\n\n\n\n\n\n\n\n\nGAAP Gross Margin\n\n\n\n\n\n\n\n83.7%\n\n\n\n\n\n\n\n79.3%\n\n\n\n\n\n\n\n440 bps\n\n\n\n\n\n\n\n\nNon-GAAP Gross Margin\n\n\n\n\n\n\n\n85.8%\n\n\n\n\n\n\n\n82.6%\n\n\n\n\n\n\n\n320 b...