The US-based listed company (NASDAQ:MNTNX) says increase in revenue from US$192 reflects the elimination of approximately US$14 million in hardware revenue in the quarter as it executed its shift toward increasing software revenue.
Nutanix also reported:
- Billings: US$355.9 million, growing 57% year-over-year from US$227.4 million in the second quarter of fiscal 2017;
- Gross Profit: GAAP gross profit of US$178.2 million, up 46% year-over-year from US$122.4 million in the second quarter of fiscal 2017; Non-GAAP gross profit of US$182.2 million, up 45% year-over-year from US$126.0 million in the second quarter of fiscal 2017; and
- Net Loss: GAAP net loss of US$62.6 million, compared to a GAAP net loss of US$76.4 million in the second quarter of fiscal 2017; Non-GAAP net loss of US$23.2 million, compared to a non-GAAP net loss of US$23.0 million in the second quarter of fiscal 2017.
Nutanix also notes that it had secured an accelerated number of $1 million+ feals with 57 customers in the quarter, up 104% year-over-year, and signed five software and support deals greater than $3 million.
“Nutanix signed five software and support deals worth more than $3 million, of which three were worth more than $5 million during the quarter, all with Global 2000 customers,” Nutanix says.
“We had an outstanding quarter that demonstrated our strong execution across many business initiatives. Our shift toward a software-centric strategy is on track and we aligned our sales compensation in February to support this transition,” said Dheeraj Pandey, chairman, founder and chief executive of Nutanix.
“Our continued success with Global 2000 customers, the strength of our large deal execution and record number of new customers prove that we are reducing friction for our customers and providing them with a consumer-grade experience that is unmatched.”
“We are proud of our performance in Q2. During the quarter, we saw record results across all geographies, with particularly strong performances from our EMEA and APJ regions. Our 57% billings growth year-over-year and our 45% increase in non-GAAP gross profit year-over-year drove a better than expected bottom line,” said Duston Williams, chief financial officer of Nutanix.
“Our software and support billings also rose significantly during the quarter, demonstrating our progress as we transition to a software-centric business model. Our strong execution on our strategic initiatives, together with our successful convertible debt offering, put us in a strong position for the future.”