Nutanix Inc Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Intellectia.AI Updated: 2024-08-28
Nutanix, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced its financial results for the fourth quarter and fiscal year ended July 31, 2024.
Consolidated Statements of Financial Performance
| Metric | Q4 FY2024 | Q4 FY2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $1,336.7 million | $1,095.7 million | +22% | N/A |
Interpretation: Nutanix showed substantial growth in total revenue with a 22% year-over-year increase, indicating strong performance. The company did not provide specific EPS data for this quarter. However, the notable revenue growth underscores the effectiveness of its strategic initiatives and market demand for its products.
Segment Revenue Performance
| Segment | FY2024 Revenue | FY2023 Revenue | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Non-Subscription Products | $29.5 million | $40.2 million | -26.6% | N/A |
| Hardware | $4.2 million | $3.1 million | +35.5% | N/A |
Interpretation: Despite the decrease in revenue from non-subscription products, Nutanix demonstrated strong growth in hardware revenue. This mix indicates a strategic shift towards more stable, recurring revenue streams while expanding its hardware business significantly.
Key Developments and Operational Highlights
- Partnerships: Signed new or enhanced agreements with Cisco, NVIDIA, and Dell.
- First Full Year of Positive GAAP Operating Income: Achieved the first full year of positive GAAP operating income.
- Innovations: Continued innovations towards being the leading platform for running applications and managing data anywhere.
- ARR Growth: Reported 22% year-over-year growth in Annual Recurring Revenue (ARR).
Comments from Company Officers
Rajiv Ramaswami, President and CEO of Nutanix, stated, "Our fourth quarter was a solid finish to a fiscal year that showed good progress on our financial model with solid top line growth and sharp year-over-year improvement in profitability."
Rukmini Sivaraman, CFO of Nutanix, added, "Our fiscal 2024 results demonstrated a good balance of top and bottom line performance with 22% year-over-year ARR growth, strong free cash flow generation, and our first full year of positive GAAP operating income."
Dividends and Share Repurchase Program
There was no information provided regarding any announced dividends or share repurchase program.
Forward Guidance
The company provided an outlook for the first quarter of fiscal 2025 and fiscal 2025, emphasizing a continued focus on delivering sustainable, profitable growth. Specific guidance numbers were not provided.
Stock Price Movement
Following the earnings release, Nutanix’s stock experienced an 11.30% increase.
In summary, Nutanix exhibited strong financial performance in the fourth quarter and fiscal year 2024, with significant revenue growth and improved profitability. The firm's strategic partnerships and continuous innovation are expected to drive further growth. With the positive market reaction, Nutanix continues to demonstrate robust business momentum moving into fiscal 2025.
