Summary by Futu AI
Nutanix delivered strong financial results for fiscal year 2024, with total revenue increasing 15.3% to $2.15 billion. Subscription revenue grew 16.5% to $2.02 billion, representing 94% of total revenue. The company achieved GAAP operating income of $7.6 million, compared to a loss of $207.2 million in the previous year, marking its first year of operating profitability.Operating cash flow surged to $672.9 million from $272.4 million in fiscal 2023, while free cash flow reached $597.7 million. Gross margin improved to 84.9% from 82.2% year-over-year, driven by higher subscription revenue and operational efficiencies. The company ended the year with over 26,000 customers, including approximately 1,060 Global 2000 enterprises.Looking ahead, Nutanix continues to focus on profitable growth while investing in strategic initiatives including hybrid multicloud capabilities, AI infrastructure, and Project Beacon. The company completed the conversion of its 2026 Notes and maintained a strong balance sheet with $994.3 million in cash and short-term investments at fiscal year-end.
