Slide 1: Q2 FY2024 Earnings
Q2 FY2024 Earnings February 28, 2024
Slide 2: Safe Harbor: Non-GAAP Financial Measures and Other Key Performance 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 contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, our third quarter fiscal 2024 outlook, and our fiscal 2024 outlook. These forward-looking statem
Slide 4: Q2 FY2024 Company Highlights
Q2 FY2024 Company Highlights Delivers Outperformance Across ACV Billings of $329.5 million were up 23% year-over-year and revenue of All Q2’24 Guided Metrics $565.2 million was up 16% year-over-year. FY’24 outlook raised for all guided metrics, including Revenue, ACV Raises FY’24 Guidance Billings,
Slide 5: Management Commentary
Management Commentary Our disciplined execution enabled us to deliver Our second quarter results demonstrated a a solid second quarter financial performance good balance of top and bottom line against an uncertain, but stable macro performance with 26% year-over-year ARR backdrop. We continue to rem
Slide 6: Q2 FY2024 Financial Summary
Q2 FY2024 Financial Summary Q2’24 Results Y/Y Change Q2’24 Guidance ACV Billings $329.5M 23% $295 – $305M Annual Recurring Revenue $1.74B 26% N/A Average Contract Duration 2.8 Years (0.2) Years N/A Revenue(1) $565.2M 16% $545 – $555M Non-GAAP Gross Margin 87.3% 250 bps 85 – 86% Non-GAAP Operating Ex
Slide 7: Annual Recurring Revenue
Annual Recurring Revenue +26% Y/Y $ Millions $1,737 $1,664 $1,562 $1,467 $1,378 $1,281 $1,202 $1,114 $1,042 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Note: See Appendix for definition of Annual Recurring Revenue. There is no GAAP measure that is comparable to Annual Recurring Revenue, so
Slide 8: ACV Billings
ACV Billings +23% $ Millions Y/Y $329 $279 $287 $268 $232 $240 $218 $205 $193 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Note: ACV Billings exclude amounts related to professional services and hardware. See Appendix for definition of ACV Billings. There is no GAAP measure that is comparab
Slide 9: Customer Growth
Customer Growth Q2’24 Highlights Cumulative Customer Count 24,930 25,370 24,050 24,550 23,130 23,620 21,980 22,600 21,400 (1) Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Note: The cumulative customer count reflects standard adjustments/consolidation to certain customer accounts within our
Slide 10: Q3'24 Financial Guidance
Q3’24 Financial Guidance Q3’24 Guidance ACV Billings $265 – $275M Revenue $510 – $520M Non-GAAP Gross Margin ~85% Non-GAAP Operating Margin 7.5% to 8.5% Weighted Average Shares ~301M Outstanding (Diluted)(1) 1. See endnote 2 in the Appendix. Note: Q3’24 guidance is as of February 28, 2024. See Appen
Slide 11: FY'24 Financial Guidance
FY’24 Financial Guidance Modeling Assumptions: FY’24 Guidance 1. The Company is seeing continued new and expansion opportunities for its solutions despite the uncertain macro ACV Billings $1.09 – $1.11B environment. However, as the Company has mentioned previously, it has continued to see a modest e
Slide 12: Appendix
Appendix NUTAND<
Slide 13: Nutanix Reporting Model
Nutanix Reporting Model Product Type Product Mix Contract Duration Revenue Recognized Term-based 1, 3, or 5 Years Upfront Subscription Subscription SaaS Subscription Monthly up to 5 Years Ratable Support and 1, 3, or 5 Years Ratable Entitlements Professional Services for Professional Services Variou
Slide 14: Endnote and Definitions
Endnote and Definitions Endnote 1. Revenue 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. 2. Weighted average share count used in computing diluted non-GAAP net income per sha
Slide 15: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Gross Margin (GAAP) 82.2% 81.6% 83.7% 84.0% 85.6% Stock-Based Compensation Expense 2.1 1.9 1.7 1.7 1.6 Amortization of Intangible Assets 0.5 0.5 0.4 0.2 0.1 Gross Margin (Non-GAAP) 84.8% 84.0% 85.8% 85.9% 87.3% Operating Expenses (GAAP)
Slide 16: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Net (Loss) Income (GAAP) $(70.8) $(71.0) $(13.3) $(15.9) $32.8 Stock-Based Compensation Expense 85.3 72.9 72.6 84.0 86.0 Amortization of Intangible Assets 2.7 2.6 2.2 1.2 0.8 Early Exit of Lease-Related Assets 0.8 – – – – Restructuring C
Slide 17: Thank You
NUTAND< Thank You