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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nutanix Inc | NASDAQ:NTNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.29 | -0.44% | 65.30 | 64.50 | 65.30 | 67.30 | 64.58 | 65.02 | 1,519,029 | 00:45:39 |
Record Revenue of $192 Million Up 67 Percent YOY; Record Number of Large Deals; Expanding Market Opportunity with HPE and IBM Hardware
Nutanix, Inc. (NASDAQ:NTNX), a leader in enterprise cloud computing, today announced financial results for its third quarter of fiscal 2017, ended April 30, 2017.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170525005851/en/
Nutanix Fiscal Q3'17 Earnings Infographic (Graphic: Business Wire)
Third Quarter Fiscal Year 2017 Financial Highlights
Reconciliations between GAAP and non-GAAP financial measures and key performance measures are provided in the tables of this press release.
“We continue to execute on our strategy of building a cloud operating system that provides our customers maximum choice of hardware platforms. We recently established a partnership with IBM® to bring to market the industry’s first hyperconverged solution on Power Systems, and introduced support for HPE® ProLiant® and Cisco UCS® blade servers,” said Dheeraj Pandey, CEO, Nutanix. “Our third quarter results reflect our continued focus on the Global 2000 as well as a measurable improvement in the number of larger deals in the quarter, particularly in North America.”
Recent Company Highlights
Q4 Fiscal 2017 Financial Outlook
For the fourth quarter of fiscal 2017, Nutanix expects:
Supplementary materials to this earnings release, including the company’s third quarter fiscal 2017 investor presentation, can be found at http://ir.nutanix.com/company/financial/.
All forward-looking non-GAAP financial measures contained in this section titled "Q4 Fiscal 2017 Financial Outlook" exclude stock-based compensation expense, and may also exclude, as applicable, other special items. The company has not reconciled guidance for non-GAAP gross margin and non-GAAP loss per share to their most directly comparable GAAP measures because such items that impact these measures are not within its control and are subject to constant change. While the actual amounts of such items will have a significant impact on the company’s non-GAAP gross margin and non-GAAP loss per share, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.
Webcast and Conference Call Information
Nutanix executives will discuss the company’s third quarter fiscal 2017 financial results on a conference call at 4:30 p.m. Eastern time/1:30 p.m. Pacific time today. To listen to the call via telephone, dial 1-877-201-0168 in the United States or 1-647-788-4901 from outside the United States. The conference ID is 12015922. This call is being webcast live and is available to all interested parties on our Investor Relations website at ir.nutanix.com. Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the Nutanix Investor Relations website. A telephonic replay will be available for one week following the conference call at 1-800-585-8367 or 1-416-621-4642, conference ID 12015922.
Non-GAAP Financial Measures and Other Key Performance Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial and other key performance measures: billings, non-GAAP gross margin percentage, non-GAAP net loss, pro forma non-GAAP net loss per share, and free cash flow. In computing these non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, revaluation of contingent consideration, income tax related impact, and other acquisition-related costs), loss on debt extinguishment, and changes in the fair value of our preferred stock warrant liability. Billings is a performance measure which our management believes provides useful information to investors because it represents the amounts under binding purchase orders received by us during a given period that have been billed, and we calculate billings by adding the change in deferred revenue between the start and end of the period to total revenue recognized in the same period. Free cash flow is a performance measure that our management believes provides useful information to management and investors about the amount of cash generated by the business after necessary capital expenditures, and we define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial and key performance measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. However, these non-GAAP financial and key performance measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Billings, non-GAAP gross margin percentage, non-GAAP net loss, pro forma non-GAAP net loss per share, and free cash flow are not substitutes for total revenue, gross profit, net loss, net loss per share, or net cash (used in) provided by operating activities, respectively. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of Revenue to Billings,” “Reconciliation of GAAP to Non-GAAP Profit Measures,” and “Reconciliation of GAAP Net Cash (Used In) Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business.
Forward Looking Statements
This press release contains express and implied forward-looking statements, including but not limited to statements relating to our competitive differentiation, our plans and expectations relating to our relationship with IBM and the deployment of our software on, and interoperability of our software with, IBM Power Systems, HPE ProLiant servers, and Cisco UCS B-Series blade servers, and anticipated future financial results, including but not limited to our guidance on estimated revenues, non-GAAP gross margin, and non-GAAP net loss per share for future fiscal periods. These forward-looking statements are not historical facts, and instead are based on our current expectations, estimates, opinions and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events, and involves risks, uncertainties and other factors beyond our control that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the rapid evolution of the markets in which we compete; our ability to sustain or manage future growth effectively; factors that could result in the significant fluctuation of our future quarterly operating results, including, among other things, our revenue mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions; the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to develop, or unexpected difficulties or delays in developing, new product features or technology on a timely or cost-effective basis; and other risks detailed in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2017, filed with the SEC on March 10, 2017. Additional information will also be set forth in our Form 10-Q that will be filed for the quarter ended April 30, 2017, which should be read in conjunction with these financial results. Our SEC filings are available on the Investor Relations section of the company’s website at ir.nutanix.com and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation to update forward-looking statements to reflect actual results or subsequent events or circumstances.
About Nutanix
Nutanix makes infrastructure invisible, elevating IT to focus on the applications and services that power their business. The Nutanix Enterprise Cloud Platform leverages web-scale engineering and consumer-grade design to natively converge compute, virtualization and storage into a resilient, software-defined solution with rich machine intelligence. The result is predictable performance, cloud-like infrastructure consumption, robust security, and seamless application mobility for a broad range of enterprise applications. Learn more at www.nutanix.com or follow us on Twitter @nutanix.
© 2017 Nutanix, Inc. All rights reserved. Nutanix®, the Enterprise Cloud Platform™ and the Nutanix logo are trademarks of Nutanix, Inc., registered or pending registration in the United States and other countries. Hewlett Packard Enterprise®, HPE® and ProLiant® are the registered trademarks of Hewlett Packard Enterprise Development LP and/or its affiliates. Cisco® and Cisco UCS® are the registered trademarks of Cisco Technology, Inc. IBM® and Power Systems™ are the trademarks of International Business Machines (IBM) and/or its affiliates. Nutanix is not associated with, sponsored or endorsed by HPE or Cisco. All other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
NUTANIX, INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
As of
July 31, April 30, 2016 2017Assets
Current assets: Cash and cash equivalents $ 99,209 $ 200,774 Short-term investments 85,991 149,571 Accounts receivable—net 110,659 170,335 Deferred commissions—current 17,864 22,260 Prepaid expenses and other current assets 16,138 44,313 Total current assets 329,861 587,253 Property and equipment—net 42,218 53,545 Deferred commissions—non-current 19,029 28,039 Intangible assets—net — 26,609 Goodwill — 16,636 Other assets—non-current 7,978 6,225 Total assets $ 399,086 $ 718,307 Liabilities, Convertible Preferred Stock and Stockholders’ (Deficit) Equity Current liabilities: Accounts payable $ 52,111 $ 83,869 Accrued compensation and benefits 24,547 56,834 Accrued expenses and other liabilities 5,537 9,018 Deferred revenue—current 130,569 207,018 Total current liabilities 212,764 356,739 Deferred revenue—non-current 165,896 255,982 Senior notes 73,260 — Convertible preferred stock warrant liability 9,679 — Early exercised stock options liability 2,320 1,185 Other liabilities—non-current 1,103 9,163 Total liabilities 465,022 623,069 Commitments and contingencies Convertible preferred stock 310,379 — Stockholders’ (deficit) equity: Common stock 1 4 Additional paid-in capital 65,629 904,507 Accumulated other comprehensive loss (12 ) (96 ) Accumulated deficit (441,933 ) (809,177 ) Total stockholders’ (deficit) equity (376,315 ) 95,238 Total liabilities, convertible preferred stock and stockholders’ (deficit) equity $ 399,086 $ 718,307
NUTANIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data, unaudited) Three Months Ended Nine Months Ended April 30, April 30, 2016 2017 2016 2017 Revenue: Product $ 89,957 $ 143,142 $ 241,582 $ 411,307 Support and other services 24,733 48,621 63,561 129,460 Total revenue 114,690 191,763 305,143 540,767 Cost of revenue: Product (1) 33,427 62,593 91,061 173,206 Support and other services (1) 9,966 20,613 25,347 56,608 Total cost of revenue 43,393 83,206 116,408 229,814 Gross profit 71,297 108,557 188,735 310,953 Operating expenses: Sales and marketing (1) 75,849 128,007 200,576 368,026 Research and development (1) 31,390 74,607 81,271 220,802 General and administrative (1) 8,761 15,610 23,976 60,463 Total operating expenses 116,000 218,224 305,823 649,291 Loss from operations (44,703 ) (109,667 ) (117,088 ) (338,338 )Other income (expense)—net
(2,106 ) 303 (331 ) (25,830 ) Loss before provision for income taxes (46,809 ) (109,364 ) (117,419 ) (364,168 )Provision for income taxes
11 2,613 1,151 3,190 Net loss $ (46,820 ) $ (111,977 ) $ (118,570 ) $ (367,358 ) Net loss per share attributable to common stockholders—basic and diluted $ (1.05 ) $ (0.78 ) $ (2.72 ) $ (3.07 ) Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted 44,441,954 144,054,432 43,643,451 119,851,586 (1) Includes the following stock-based compensation expense: Product cost of sales $ 98 $ 610 $ 311 $ 2,424 Support cost of sales 230 2,471 764 8,210 Sales and marketing 2,029 15,726 6,111 65,145 Research and development 1,519 27,041 4,760 89,826 General and administrative 1,168 4,503 3,434 28,081 $ 5,044 $ 50,351 $ 15,380 $ 193,686NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) Nine Months Ended
April 30,
2016 2017 Cash flows from operating activities: Net loss $ (118,570 ) $ (367,358 )Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 18,975 27,934 Stock-based compensation 15,380 193,686 Loss on debt extinguishment — 3,320 Change in fair value of convertible preferred stock warrant liability (567 ) 21,133 Other (187 ) 777 Changes in operating assets and liabilities: Accounts receivable—net (24,295 ) (58,841 ) Deferred commission (14,190 ) (13,406 ) Prepaid expenses and other assets (421 ) (29,628 ) Accounts payable (3,551 ) 32,468 Accrued compensation and benefits 4,819 32,000 Accrued expenses and other liabilities (2,147 ) 5,291 Deferred revenue 126,024 160,527 Net cash provided by operating activities 1,270 7,903Cash flows from investing activities:
Purchases of property and equipment (33,419 ) (37,797 ) Purchases of investments (85,740 ) (156,420 ) Maturities of investments 66,613 59,542 Sale of investments — 32,640 Payments for business acquisitions, net of cash acquired — (184 ) Net cash used in investing activities (52,546 ) (102,219 ) Cash flows from financing activities: Proceeds from initial public offering, net of underwriting discounts and commissions — 254,455 Payments of offering costs, net (2,791 ) (1,609 ) Proceeds from sales of shares through employee equity incentive plans, net of repurchases 2,747 26,662 Repayment of senior notes — (75,000 ) Debt extinguishment costs — (1,580 ) Payment of debt in conjunction with a business acquisition — (7,124 ) Proceeds from long-term debt - net of issuance costs 73,319 — Other 836 77 Net cash provided by financing activities 74,111 195,881 Net increase in cash and cash equivalents 22,835 101,565 Cash and cash equivalents—beginning of period 67,879 99,209 Cash and cash equivalents—end of period $ 90,714 $ 200,774 Supplemental disclosures of cash flow information: Cash paid for income taxes $ 2,093 $ 3,559 Cash paid for interest $ — $ 1,271 Supplemental disclosures of non-cash investing and financing information: Vesting of early exercised stock options $ 2,658 $ 1,293 Purchases of property and equipment included in accounts payable $ 2,932 $ 4,496 Offering costs included in accounts payable $ 980 $ 51 Conversion of convertible preferred stock to common stock, net of issuance costs $ — $ 310,379 Reclassification of convertible preferred stock warrant liability to additional paid-in capital $ — $ 30,812 Issuance of common stock for business acquisitions $ — $ 27,063Reconciliation of Revenue to Billings (In thousands, unaudited) Three Months Ended April 30, Nine Months Ended April 30, 2016 2017 2016 2017 Total revenue $ 114,690 $ 191,763 $ 305,143 $ 540,767 Change in deferred revenue, net of acquisitions (1) 44,815 42,384 126,024 160,527 Billings $ 159,505 $ 234,147 $ 431,167 $ 701,294
(1) Excludes $6.0 million of deferred revenue assumed in the PernixData acquisition.
Reconciliation of GAAP to Non-GAAP Profit Measures (In thousands, except share and per share data, unaudited) GAAP Non-GAAP Adjustments Non-GAAP Three Months Three Months Ended AprilEnded April 30,
30, 2017(1)
(2)
(3)
(4)
2017
Gross profit $ 108,557 $ 3,081 $ 358 $ — $ — $ 111,996Gross margin
56.6 % 1.6 % 0.2 % — 58.4 % Operating expenses: Sales and marketing $ 128,007 $ (15,726 ) $ (250 ) $ — $ 112,031 Research and development 74,607 (27,041 ) — — 47,566 General and administrative 15,610 (4,503 ) — 296 11,403 Total operating expenses $ 218,224 $ (47,270 ) $ (250 ) $ 296 $ — $ 171,000 Loss from operations $ (109,667 ) $ 50,351 $ 608 $ (296 ) $ — $ (59,004 ) Net loss $ (111,977 ) $ 50,351 $ 608 $ (296 ) $ 513 $ (60,801 ) Weighted-shares outstanding, basic and diluted 144,054,432 144,054,432 Net loss per share, basic and diluted $ (0.78 ) $ 0.35 $ 0.01 $ — $ — $ (0.42 ) (1) Stock-based compensation expense (2) Amortization of intangible assets (3) Change in fair value of contingent consideration assumed in the PernixData acquisition (4) Tax effect of stock-based compensation expenseGAAP Non-GAAP Adjustments Non-GAAP Three Months Three Months Ended April Ended April 30, 2016
(1)
(2) 30, 2016 Gross profit $ 71,297 $ 328 $ — $ 71,625 Gross margin 62.2 % 0.3 % — % 62.5 % Operating expenses: Sales and marketing $ 75,849 $ (2,029 ) $ — $ 73,820 Research and development 31,390 (1,519 ) — 29,871 General and administrative 8,761 (1,168 ) — 7,593 Total operating expenses $ 116,000 $ (4,716 ) $ — $ 111,284 Loss from operations $ (44,703 ) $ 5,044 $ — $ (39,659 ) Net loss $ (46,820 ) $ 5,044 $ 1,337 $ (40,439 ) Weighted-shares outstanding, basic and diluted 44,441,954 44,441,954 Pro forma adjustment 76,319,511 76,319,511 Pro forma weighted-shares outstanding, basic and diluted 120,761,465 120,761,465 Net loss per share, basic and diluted $ (1.05 ) Pro forma net loss per share, basic and diluted $ (0.39 ) $ 0.05 $ 0.01 $ (0.33 )(1) Stock-based compensation expense
(2) Change in fair value of preferred stock warrant liabilityGAAP Non-GAAP Adjustments Non-GAAP
Nine MonthsEnded April30, 2017
(1) (2) (3) (4) (5) (6) (7)Nine MonthsEnded April30, 2017
Gross profit $ 310,953 $ 10,634 $ 956 $ — $ — $ — $ — $ — $ 322,543 Gross margin 57.5 % 2.0 % 0.2 % — % — % — % — % — % 59.7 % Operating expenses: Sales and marketing $ 368,026 $ (65,145 ) $ (665 ) $ — $ — $ — $ — $ — $ 302,216 Research and development 220,802 (89,826 ) — — — — — — 130,976 General and administrative 60,463 (28,081 ) — (176 ) (672 ) — — — 31,534 Total operating expenses $ 649,291 $ (183,052 ) $ (665 ) $ (176 ) $ (672 ) $ — $ — $ — $ 464,726 Loss from operations $ (338,338 ) $ 193,686 $ 1,621 $ 176 $ 672 $ — $ — $ — $ (142,183 ) Net loss $ (367,358 ) $ 193,686 $ 1,621 $ 176 $ 672 $ 21,133 $ 3,320 $ (1,721 ) $ (148,471 ) Weighted-shares outstanding, basic and diluted 119,851,586 119,851,586 Pro forma adjustment 18,171,312 18,171,312 Pro forma weighted-shares outstanding, basic and diluted 138,022,898 138,022,898 Net loss per share, basic and diluted $ (3.07 ) Pro forma net loss per share, basic and diluted $ (2.66 ) $ 1.40 $ 0.01 $ — $ 0.01 $ 0.15 $ 0.02 $ (0.01 ) $ (1.08 )(1)
Stock-based compensation expense
(2)
Amortization of intangible assets
(3)
Change in fair value of contingent consideration assumed in the PernixData acquisition
(4)
Acquisition-related costs
(5)
Change in fair value of preferred stock warrant liability
(6)
Loss on debt extinguishment
(7)
Partial release of valuation allowance from the PernixData acquisition and tax effect of stock-based compensation expense
GAAP Non-GAAP Adjustments Non-GAAP
Nine MonthsEnded April 30,2016
(1) (2)Nine MonthsEnded April30, 2016
Gross profit $ 188,735 $ 1,075 $ — $ 189,810 Gross margin 61.9 % 0.3 % — % 62.2 % Operating expenses: Sales and marketing $ 200,576 $ (6,111 ) $ — $ 194,465 Research and development 81,271 (4,760 ) — 76,511 General and administrative 23,976 (3,434 ) — 20,542 Total operating expenses $ 305,823 $ (14,305 ) $ — $ 291,518 Loss from operations $ (117,088 ) $ 15,380 $ — $ (101,708 ) Net loss $ (118,570 ) $ 15,380 $ (567 ) $ (103,757 ) Weighted-shares outstanding, basic and diluted 43,643,451 43,643,451 Pro forma adjustment 76,319,511 76,319,511 Pro forma weighted-shares outstanding, basic and diluted 119,962,962 119,962,962 Net loss per share, basic and diluted $ (2.72 ) Pro forma net loss per share, basic and diluted $ (0.99 ) $ 0.13 $ — $ (0.86 )(1) Stock-based compensation expense
(2) Change in fair value of preferred stock warrant liability
Reconciliation of GAAP Net Cash Provided By (Used in) Operating Activities to Non-GAAP Free Cash Flow
(In thousands, unaudited)
Three Months Ended April 30, Nine Months Ended April 30, 2016 2017 2016 2017 Net cash provided by (used in) operating activities $ 2,413 $ (16,009 ) $ 1,270 $ 7,903 Purchase of property and equipment (13,398 ) (13,181 ) (33,419 ) (37,797 ) Free cash flow $ (10,985 ) $ (29,190 ) $ (32,149 ) $ (29,894 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20170525005851/en/
Nutanix, Inc.Investor Contact:Tonya Chin, 408-560-2675tonya@nutanix.comorMedia Contact:Raj Badarinath, 650-200-0725raj.badarinath@nutanix.com
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