Nutanix (NASDAQ: NTNX) reported strong financial results for the fourth quarter and fiscal year ending July 31, 2024. The company achieved a 22% year-over-year growth in Annual Recurring Revenue (ARR), reaching $1.91 billion. Revenue for the fourth quarter increased by 11% year-over-year to $548 million, while GAAP gross margin improved by 150 basis points to 85.2%. The company also delivered record free cash flow of $224.3 million for the quarter, contributing to a total of $597.7 million in free cash flow for fiscal 2024, an increase of $390.7 million from the previous year.
Nutanix’s fiscal 2024 performance reflects its focus on sustainable, profitable growth, marked by the company’s first full year of positive GAAP operating income. Key partnerships with industry leaders such as Cisco, NVIDIA, and Dell bolstered Nutanix’s position as a leader in hybrid multicloud computing. The company remains committed to innovation, as it continues to enhance its platform to support the management of applications and data across diverse environments.
• Fourth Quarter FY2024:
• Revenue: $548 million, up 11% YoY.
• ARR: $1.91 billion, up 22% YoY.
• ACV Billings: $338 million, up 21% YoY.
• GAAP Gross Margin: 85.2%, up 150 bps YoY.
• Non-GAAP Operating Income: $70.5 million, up from $63.6 million in Q4 FY23.
• Free Cash Flow: $224.3 million, up from $45.5 million in Q4 FY23.
• Fiscal Year 2024:
• Revenue: $2.15 billion, up 15% YoY.
• ARR: $1.91 billion, up 22% YoY.
• GAAP Operating Income: $7.6 million, a turnaround from a loss of $207.2 million in FY23.
• Non-GAAP Operating Income: $347.1 million, up from $161.0 million in FY23.
• Free Cash Flow: $597.7 million, up $390.7 million YoY.
• Key Partnerships: Expanded relationships with Cisco, NVIDIA, and Dell to enhance the hybrid multicloud platform.
“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,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”
