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Nutanix Reports Third Quarter Fiscal 2019 Financial Results
--Delivers Strong Growth in Subscription Revenue as Company Accelerates Business Model Transition
--Increases Billings from Subscriptions to 65% of Total Billings, Up from 41% in Q3’18
--Grows Deals that Include Offerings Beyond Core HCI to 23%1
SAN JOSE, Calif.--(BUSINESS WIRE)--May 30, 2019--Nutanix, Inc. (NASDAQ: NTNX), a leader in enterprise cloud computing, today announced financial results for its third quarter of fiscal 2019, ended April 30, 2019.
Q3 Fiscal 2019 Financial Highlights
- Revenue: $287.6 million (at 77.1% non-GAAP gross margin), down from $289.4 million (at 68.4% non-GAAP gross margin) in the third quarter of fiscal 2018
- Billings: $346.0 million, down from $351.2 million in the third quarter of fiscal 2018
- Software and Support Revenue: $265.8 million, up 17% year-over-year from $226.8 million in the third quarter of fiscal 2018
- Software and Support Billings: $324.2 million, up 11% year-over-year from $292.0 million in the third quarter of fiscal 2018
- Gross Margin: GAAP gross margin of 73.9%, up from 67.0% in the third quarter of fiscal 2018; Non-GAAP gross margin of 77.1%, up from 68.4% in the third quarter of fiscal 2018
- Net Loss: GAAP net loss of $209.8 million, compared to a GAAP net loss of $85.7 million in the third quarter of fiscal 2018; Non-GAAP net loss of $103.0 million, compared to a non-GAAP net loss of $34.6 million in the third quarter of fiscal 2018
- Net Loss Per Share: GAAP net loss per share of $1.15, compared to a GAAP net loss per share of $0.51 in the third quarter of fiscal 2018; Non-GAAP net loss per share of $0.56, compared to a non-GAAP net loss per share of $0.21 in the third quarter of fiscal 2018
- Cash and Short-term Investments: $940.8 million, up from $923.5 million in the third quarter of fiscal 2018
- Deferred Revenue: $838.3 million, up 55% from the third quarter of fiscal 2018
- Operating Cash Flow: Use of $36.5 million, compared to generation of $13.3 million in the third quarter of fiscal 2018
- Free Cash Flow: Use of $58.9 million, compared to use of $0.8 million in the third quarter of fiscal 2018
Reconciliations between GAAP and non-GAAP financial measures and key performance measures are provided in the tables of this press release.
“While we faced a top-line impact in our third quarter as we continue to execute our strategic shift toward a recurring revenue business model, our strong foundation and commitment to our customers position us well for the long term,” said Dheeraj Pandey, Chairman, Founder and CEO of Nutanix. “Successful businesses are built over time on a bedrock of exceptional products, outstanding customer support and talented and committed employees. With solid sales hiring in Q3 and increased adoption of our AHV hypervisor, indicating a strong product and enthusiastic customers, I truly believe Nutanix has that foundation in place.”
The following information was filed by Nutanix, Inc. (NTNX) on Thursday, May 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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