Nutanix reported revenue of $318.3 million for its third quarter of fiscal 2020, ended April 30, 2020, up 11% year-over-year from $287.6 million in the third quarter of fiscal 2019. GAAP gross margin was 77.3%, up from 73.9% in the third quarter of fiscal 2019. GAAP net loss was $240.7 million, compared to a GAAP net loss of $209.8 million in the third quarter of fiscal 2019; non-GAAP net loss was $135.2 million, compared to a non-GAAP net loss of $103.0 million in the third quarter of fiscal 2019.
“We are pleased to have delivered a solid quarter, particularly in light of the global uncertainty caused by the COVID-19 pandemic,” said Dheeraj Pandey, Chairman, Co-Founder and CEO of Nutanix. “We are delighted to be in a position to support our customers with mission-critical solutions as they navigate the rapidly changing landscape of the future of work. Our near-term focus is on thoughtful cash and expense management, while proactively preparing to emerge from this time with the ability to drive long-term growth and scale our business with the market.”
“By adapting quickly to a changing work environment, we were able to meet or exceed our anticipated third quarter results despite the challenging macroeconomic conditions,” said Duston Williams, CFO of Nutanix. “We have also taken proactive measures to manage our operating expenses, which will help meaningfully decrease our cash usage from here and enhance our financial flexibility going forward. While the duration and impact of the pandemic remain uncertain, we are confident that Nutanix is well-positioned to manage the business through this period and will emerge a stronger company with the help of our subscription transition.”
Some highlights:
- Billings: $383.5 million, up 11% year-over-year from $346.0 million in the third quarter of fiscal 20191
- Software and Support (TCV)2 Revenue: $314.5 million, up 18% year-over-year from $265.8 million in the third quarter of fiscal 2019
- Software and Support (TCV)2 Billings: $379.7 million, up 17% year-over-year from $324.2 million in the third quarter of fiscal 2019
- Nutanix continued its transition to a subscription-based business model, with subscription billings up 43% year-over-year to $321 million, representing 84% of total billings, and subscription revenue up 55% year-over-year to $261 million, representing 82% of total revenue.
- Nutanix ended the third quarter of fiscal 2020 with 16,580 end-customers
