Slide 1: Q1 FY2024 Earnings
Q1 FY2024 Earnings November 29, 2023
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 contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, our market opportunity, competitive dynamics, our focus on driving towards targets and deliverin
Slide 4: Q1 FY2024 Company Highlights
Q1 FY2024 Company Highlights Delivers Outperformance Across ACV Billings of $287 million were up 24% year-over-year and revenue of All Fiscal Q1’24 Guided Metrics $511 million was up 18% year-over-year. FY’24 outlook raised for all guided metrics, including Revenue, ACV Raises FY’24 Guidance Billing
Slide 5: Management Commentary
Management Commentary We delivered a solid first quarter financial Our first quarter marked a good start to our performance against an uncertain macro fiscal year with 24% year-over-year ACV billings backdrop reflecting the value our customers growth along with strong free cash flow see in the Nutan
Slide 6: Q1 FY2024 Financial Summary
Q1 FY2024 Financial Summary Q1’24 Results Y/Y Change Q1’24 Guidance ACV Billings $287.2M 24% $260 – $270M Annual Recurring Revenue $1.66B 30% N/A Average Contract Duration 2.9 Years (0.1) Years N/A Revenue(1) $511.1M 18% $495 – $505M Non-GAAP Gross Margin 85.9% 250bps ~84% Non-GAAP Operating Expense
Slide 7: Annual Recurring Revenue
Annual Recurring Revenue +30% Y/Y $ Millions $1,664 $1,562 $1,467 $1,378 $1,281 $1,202 $1,114 $1,042 $953 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Note: See Appendix for definition of Annual Recurring Revenue. There is no GAAP measure that is comparable to Annual Recurring Revenue, so t
Slide 8: ACV Billings
ACV Billings +24% $ Millions Y/Y $287 $279 $268 $240 $232 $218 $205 $193 $183 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 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 Q1’24 Highlights Cumulative Customer Count(1) 24,550 24,930 23,620 24,050 22,600 23,130 21,400 21,980 (1) 20,700 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 1. The cumulative customer count reflects standard adjustments/consolidation to certain customer accounts within our
Slide 10: Q2'24 Financial Guidance
Q2’24 Financial Guidance Q2’24 Guidance ACV Billings $295 – $305M Revenue $545 – $555M Non-GAAP Gross Margin 85 - 86% Non-GAAP Operating Margin 14% to 16% Weighted Average Shares ~297M Outstanding (Diluted)(2) 2. See endnote 2 in the Appendix. Note: Q2’24 guidance is as of November 29, 2023. See App
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 $1.08 – $1.10B 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 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Gross Margin (GAAP) 81.0% 82.2% 81.6% 83.7% 84.0% Stock-Based Compensation Expense 1.7 2.1 1.9 1.7 1.7 Amortization of Intangible Assets 0.7 0.5 0.5 0.4 0.2 Gross Margin (Non-GAAP) 83.4% 84.8% 84.0% 85.8% 85.9% Operating Expenses (GAAP)
Slide 16: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Net Loss (GAAP) $(99.5) $(70.8) $(71.0) $(13.3) $(15.9) Stock-Based Compensation Expense 81.0 85.3 72.9 72.6 84.0 Amortization of Intangible Assets 3.1 2.7 2.6 2.2 1.2 Early Exit of Leased-Related Assets 0.9 0.8 – – – Restructuring Charg
Slide 17: Thank You
NUTAND< Thank You