Nutanix (NTNX) Q1 FY2024 earnings: revenue $511 million, up 17.9% on the year

Nutanix, Inc. (NTNX) reported revenue of $511 million for Q1 FY2024, the quarter ended 31 October 2023, up 17.9% on the same quarter a year earlier. Net income was -$16 million, and diluted earnings per share $-0.07. The figures are the company's own, from the 10-Q it filed with the SEC on 7 December 2023.

Revenue$511 millionup 17.9%

Net income-$16 million

Diluted EPS$-0.07

QuarterQ1 FY2024ended 31 October 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	511	n/a	n/a	n/a
Cost of revenue	82.0	n/a	n/a	n/a
Gross profit	429	n/a	n/a	n/a
Gross margin	84.0%	n/a	n/a
Research and development	152	n/a	n/a	n/a
Operating income	-5.7	n/a	n/a	n/a
Operating margin	-1.1%	n/a	n/a
Pre-tax income	-11.0	n/a	n/a	n/a
Income tax	4.9	n/a	n/a	n/a
Net income	-15.9	n/a	n/a	n/a
Net margin	-3.1%	n/a	n/a
Diluted EPS	-$0.07	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	145	n/a	n/a	n/a
Capital expenditure	13.0	n/a	n/a	n/a
Free cash flow	132	n/a	n/a	n/a
Free cash flow margin	25.9%	n/a	n/a
Cash from investing	-42.2	n/a	n/a	n/a
Cash from financing	-4.4	n/a	n/a	n/a
Depreciation and amortisation	18.2	n/a	n/a	n/a
Share-based compensation	84.0	n/a	n/a	n/a
Buybacks	17.5	n/a	n/a	n/a
Diluted shares, weighted	241m	n/a	n/a	n/a
Shares outstanding at period end	243m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Shareholders' equity	-642	n/a	n/a	n/a
Operating lease liabilities	72.4	n/a	n/a	n/a
Finance lease liabilities	8.8	n/a	n/a	n/a
Other liabilities	3,132	n/a	n/a	n/a
Total liabilities and equity	2,571	n/a	n/a	n/a
Fixed assets	110	n/a	n/a	n/a
Goodwill	185	n/a	n/a	n/a
Intangible assets	3.7	n/a	n/a	n/a
Investments	959	n/a	n/a	n/a
Cash and equivalents	612	n/a	n/a	n/a
Receivables	134	n/a	n/a	n/a
Other assets	567	n/a	n/a	n/a
Total assets	2,571	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	511	565	525	548	591	655	639	653	671	723	703	757
Cost of revenue	82.0	81.6	79.6	81.0	82.7	85.3	83.0	83.8	87.5	91.3	92.3	106
Gross profit	429	484	445	467	508	569	556	569	583	632	611	651
Gross margin	84%	86%	85%	85%	86%	87%	87%	87%	87%	87%	87%	86%
R&D	152	160	159	167	174	183	186	194	187	202	196	205
Operating income	-5.7	37.0	-11.6	-12.2	27.2	65.4	48.6	31.2	49.3	84.1	70.5	70.0
Operating margin	-1%	7%	-2%	-2%	5%	10%	8%	5%	7%	12%	10%	9%
Pre-tax income	-11.0	39.1	-10.9	-119	36.8	65.1	64.6	45.1	65.6	97.5	81.3	82.7
Tax rate	n/a	16%	n/a	n/a	19%	13%	2%	14%	5%	-6%	11%	-1435%
Net income	-15.9	32.8	-15.6	-126	29.9	56.4	63.4	38.6	62.1	103	72.1	1,270
Net margin	-3%	6%	-3%	-23%	5%	9%	10%	6%	9%	14%	10%	168%
Diluted EPS	-$0.07	$0.12	-$0.06	-$0.51	$0.10	$0.19	$0.22	$0.13	$0.21	$0.36	$0.25	$4.34
Operating cash flow	145	186	96.4	245	162	222	219	220	197	197	208	315
Capital expenditure	13.0	23.8	18.0	20.4	9.8	34.6	15.1	11.8	22.3	5.9	10.3	37.4
Free cash flow	132	163	78.3	224	152	187	203	208	175	191	197	278
Buybacks	17.5	41.7	46.9	25.0	20.1	200	37.8	50.0	50.2	333	50.1	50.3
Shares outstanding	243m	244m	247m	265m	268m	267m	268m	269m	270m	265m	270m	271m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 October 2023, filed 7 December 2023, accession 0000950170-23-068799: the filing on EDGAR. All of Nutanix, Inc.'s filings: EDGAR company page.

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