Nutanix, a leader in hybrid multicloud computing, has announced its financial results for its first quarter ended October 31, 2024.
“During our first quarter we delivered outperformance across our guided metrics,” said Rajiv Ramaswami, President and CEO of Nutanix. “We also continued to bring innovations to the market supporting our vision of becoming the leading platform for running apps and managing data, anywhere, while strengthening our partner ecosystem.”
“Our first quarter results demonstrated a good balance of top and bottom line performance with 18% year-over-year ARR growth and strong free cash flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”
First Quarter Fiscal 2025 Financial Summary
| Q1 FY’25 | Q1 FY’24 | Y/Y Change | |
| Annual Recurring Revenue (ARR)1 | $1.97 billion | $1.66 billion | 18% |
| Average Contract Duration2 | 3.1 years | 2.9 years | 0.2 year |
| Revenue | $591.0 million | $511.1 million | 16% |
| GAAP Gross Margin | 86.0% | 84.0% | 200 bps |
| Non-GAAP Gross Margin | 87.5% | 85.9% | 160 bps |
| GAAP Operating Expenses | $481.0 million | $434.8 million | 11% |
| Non-GAAP Operating Expenses | $398.9 million | $359.8 million | 11% |
| GAAP Operating Income (Loss) | $27.3 million | $(5.7) million | $33.0 million |
| Non-GAAP Operating Income | $118.2 million | $79.5 million | $38.7 million |
| GAAP Operating Margin | 4.6% | (1.1)% | 570 bps |
| Non-GAAP Operating Margin | 20.0% | 15.6% | 440 bps |
| Net Cash Provided by Operating Activities | $161.8 million | $145.5 million | $16.3 million |
| Free Cash Flow | $151.9 million | $132.5 million | $19.4 million |
Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.
Recent Company Highlights
- Nutanix Expands Partnership with AWS: Nutanix announced an expanded strategic collaboration with Amazon Web Services, Inc. (AWS) that will offer access to AWS services for customers looking to migrate to NC2 on AWS. As part of the collaboration, customers will gain access to promotional credits from AWS to support customer migrations and proof-of-concept trials, as well as Nutanix licensing promotions.
- Nutanix is Named a Leader in 2024 Gartner® Magic Quadrant™ for Distributed Hybrid Infrastructure: Nutanix announced its recognition as a Leader in the 2024 Gartner® Magic Quadrant™ for Distributed Hybrid Infrastructure. Nutanix believes this recognition is due to the company’s vision and investments in the integration of edge, private and public clouds, as well as having a platform that supports both cloud native and traditional applications.
- Nutanix is Positioned Furthest in Vision Among All Vendors in 2024 Gartner® Magic Quadrant™ for File and Object Storage Platforms: Nutanix announced it is positioned furthest in Vision among all vendors in the 2024 Gartner® Magic Quadrant™ for File and Object Storage Platforms. Nutanix believes this recognition is due to the company’s strong vision for an enterprise storage platform that unifies unstructured data across edge, public and private clouds.
- Nutanix Extends AI Platform to Public Cloud: Nutanix announced that it extended the company’s AI infrastructure platform with a new cloud native offering, Nutanix Enterprise AI (NAI), that can be deployed on any Kubernetes platform, at the edge, in core data centres and on public cloud services like AWS EKS, Azure AKS, and Google GKE.
Second Quarter Fiscal 2025 Outlook
| Revenue | $635 – $645 million |
| Non-GAAP Operating Margin | 20% to 21% |
| Weighted Average Shares Outstanding (Diluted)3 | Approximately 289 million |
Fiscal 2025 Outlook
| Revenue | $2.435 – $2.465 billion |
| Non-GAAP Operating Margin | 16% to 17% |
| Free Cash Flow | $560 – $610 million |
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