Nutanix, Inc. · NASDAQ:NTNX
Nutanix — Q1 2023 Earnings Presentation
18 slides from Nutanix's earnings presentation, Nov 30, 2022
Slide 1: Q1 Earnings FY2023
Q1 EARNINGS FY2023 November 30, 2022
Slide 2: Safe Harbor: Non-GAAP Financial Measures
Safe Harbor 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 presentation includes the following non-GAAP financial and other key performance measures: non-GAAP gross mar
Slide 3: Safe Harbor: Forward Looking Statements
Safe Harbor Forward Looking Statements This presentation and the accompanying oral commentary contain express and implied forward-looking statements, including, but not limited to, statements regarding: our business plans, strategies, initiatives, vision, objectives, and outlook (including our growt
Slide 4: Q1 Fiscal 2023 Company Highlights
Reports 27% YoY ACV Billings Growth and Achieves Positive Non-GAAP Operating Income: ACV Billings of $232 million were up 27% year-over-year. Achieved positive quarterly Non-GAAP operating income for the first time. Nutanix Cloud Clusters (NC2) on Microsoft Azure: Nutanix announced the general avail
Slide 5: Management Commentary
Management Commentary Rajiv Ramaswami, President and Chief Executive Officer “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-based business model.
Slide 6: Q1'23 Financial Summary
Q1’23 Financial Summary Q1’23 Results Y/Y Change Q1’23 Guidance ACV Billings $231.9M 27% $210 - $215M Annual Recurring Revenue $1.28B 34% N/A Average Contract Term 3.0 Years (0.1) Year N/A Revenue $433.6M 15% $410 - $415M Non-GAAP Gross Margin 83.4% 130 bps ~82% Non-GAAP Operating Expenses $351.1M (
Slide 7: Annual Recurring Revenue
Annual Recurring Revenue +34% Y/Y $1,281 $1,202 $1,114 $1,042 $953 $879 $762 $ Millions $673 $570 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 EARNINGS Q1 FY23 Note: See Appendix for definition of Annual Recurring Revenue. There is no GAAP measure that is comparable to Annual Recurring Reve
Slide 8: ACV Billings
ACV Billings +27% Y/Y $232 $218 $205 $193 $183 $176 $159 $160 $ Millions $138 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 EARNINGS Q1 FY23 Note: ACV Billings exclude amounts related to professional services and hardware. See Appendix for definitions of ACV and ACV Billings. There is no GAA
Slide 9: Customer Growth
Customer Growth Q1’23 Highlights 23,130 22,600 Cumulative Customer Count (1) 21,980 21,400 20,700 12% 20,130 Total Customers Y/Y Growth 19,430 18,770 (2) 18,040 21.3 G2K Lifetime ACV Repeat Purchase Multiple 90 NPS 7-Year Average Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 (1) The cumulati
Slide 10: Over $1M Customer Growth
Over $1M Customer Growth Q1’23 Highlights Cumulative End-customers 1,918 1,341 (1) 1,841 +20% with Lifetime Bookings (LTB) > $1M 1,747 Customers Y/Y $1-$3M in LTB 1,662 1,580 1,512 280 +28% 1,433 Customers Y/Y 1,358 $3-$5M in LTB 1,276 181 +21% Customers Y/Y $5-$10M in LTB 116 +18% Customers Y/Y >$1
Slide 11: Q2'23 Financial Guidance
Q2’23 Financial Guidance Q2’23 Guidance ACV Billings $245 - $250M Revenue $460 - $470M Non-GAAP Gross Margin 82% to 83% Non-GAAP Operating Margin 5% to 10% Non-GAAP Weighted Average Shares Outstanding Approximately 279M Modeling Assumptions: 1. The topline guidance for Q2’23 assumes that supply chai
Slide 12: FY'23 Financial Guidance
FY’23 Financial Guidance FY’23 Guidance ACV Billings $895 - $900M Revenue $1.77 - $1.78B Non-GAAP Gross Margin 82% to 83% Non-GAAP Operating Margin 2% to 4% Modeling Assumptions: 1. The Company’s total fiscal year ACV Billings are not derived from the simple addition of the four fiscal quarters. For
Slide 13: Appendix
Appendix EARNINGS Q1 FY23
Slide 14: Nutanix Reporting Model
Nutanix Reporting Model Revenue Product Type Product Mix Term Recognized Term-based Subscription 1, 3, or 5 Years Upfront Subscription SaaS Subscription Monthly Up to 5 Years Ratable Support and Entitlements 1, 3, or 5 Years Ratable Software License Non-portable Software Life of the Device (LoD) Upf
Slide 15: Endnote and Definitions
Endnote and Definitions Endnote 1. G2K lifetime ACV repeat purchase multiple is defined as ACV of total lifetime purchase divided by ACV of initial purchase, for G2K customers that have been customers for over 18 months. G2K customers are customers who are listed on the Global 2000 list as reported
Slide 16: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Gross margin (GAAP) 78.5% 80.6% 80.2% 79.3% 81.0% Stock-based compensation expense 2.7 2.4 2.3 2.4 1.7 Amortization of intangible assets 0.9 0.8 0.8 0.9 0.7 Gross margin (Non-GAAP) 82.1% 83.8% 83.3% 82.6% 83.4% Operating expenses (GAAP)
Slide 17: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Net loss (GAAP) $(419.9) $(115.1) $(111.6) $(151.0) $(99.1) Stock-based compensation expense 90.5 88.0 84.5 80.1 81.0 Amortization of intangible assets 4.2 4.0 4.0 4.1 3.1 Early exit of lease-related assets - - - 0.6 0.9 Restructuring ch
Slide 18: Thank You
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