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Nutanix Inc. (NTNX) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing details financial results for the quarter, showing an increase in total revenue to $590,956,000 from $511,054,000 in the same quarter the previous year. This increase is attributed to higher software revenue and growth in software renewals.
Product revenue increased to $301,919,000 from $246,922,000, driven by increased adoption of subscription term-based licenses. Support, entitlements, and other services revenue also rose to $289,037,000 from $264,132,000.
Cost of product revenue decreased to $8,370,000 from $10,234,000, resulting in a product gross margin of 97.2%, up from 95.9% in the prior year. Cost of support, entitlements, and other services revenue increased slightly to $74,300,000.
Operating expenses rose to $481,036,000 from $434,801,000, with increases in sales and marketing, research and development, and general and administrative expenses.
Net income for the quarter was $29,926,000, compared to a net loss of $15,853,000 in the previous year. The company reported an operating income of $27,250,000, up from an operating loss of $5,706,000.
Cash provided by operating activities was $161,751,000, while cash used in investing and financing activities was $28,194,000 and $72,225,000, respectively.
Nutanix had cash and cash equivalents of $716,604,000 as of October 31, 2024. The company continues to focus on generating operational efficiencies and leveraging partnerships to sustain profitable growth.
The filing also outlines various financial commitments, including $575,000,000 in convertible senior notes due 2027 and $135,807,000 in purchase obligations.
Nutanix does not anticipate cash dividend payments to common stockholders in the near future. The company continues to invest in sales and marketing, as well as research and development, to drive long-term growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nutanix Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.