Nutanix, Inc. has recently released its 10-K report, providing a detailed insight into the company's operations and financial performance. Nutanix, headquartered in San Jose, California, is a leading enterprise cloud platform provider, offering a range of solutions including Nutanix AOS, Nutanix AHV, Nutanix Data Services for Kubernetes, and Nutanix Cloud Clusters, among others. The company serves a diverse clientele across various industries, with over 26,000 end customers as of July 31, 2024, including approximately 1,060 Global 2000 enterprises.
In the 10-K report, Nutanix's management discussed the company's financial condition and results of operations. The fiscal year ended on July 31, and the report contains forward-looking statements based on current expectations, highlighting potential risks and uncertainties. Nutanix's mission is to provide a single platform for running applications and managing data anywhere, with a focus on delivering an open hybrid multicloud platform with rich data services.
Key financial and performance metrics outlined in the report include total revenue, which increased by 15.3% from $1,862,895 in 2023 to $2,148,816 in 2024. Total billings also saw a significant rise, reaching $2,407,756 in 2024, up from $2,005,582 in 2023. Additionally, the company reported an increase in annual recurring revenue (ARR) from $1,202,438 in 2022 to $1,907,982 in 2024. Nutanix's non-GAAP gross margin improved to 86.7% in 2024, up from 82.2% in 2023. The company's total end customers also grew to 26,530 as of July 31, 2024.
The report further provides a detailed disaggregation of revenue and billings, highlighting the contributions from subscription revenue, professional services revenue, and other non-subscription product revenue. Nutanix also presented non-GAAP financial measures and key performance metrics, such as total billings, annual contract value (ACV) billings, ARR, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, and free cash flow, as part of its evaluation of growth and operational efficiencies.
It's important to note that while these non-GAAP financial and key performance measures provide valuable insights, they should not be considered in isolation or as substitutes for GAAP measures. Nutanix urges stakeholders to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures included in the report. Following these announcements, the company's shares moved 2.8%, and are now trading at a price of $58.99. For more information, read the company's full 10-K submission here.
