CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Six Months EndedJanuary 31, 2024 2025 (in thousands)Cash flows from operating activities: Net income $16,942 $86,353 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 36,389 36,427 Stock-based compensation 169,967 182,177 Amortization of debt discount and issuance costs 22,300 1,185 Inducement expense from partial repurchase of the 2027 Notes — 11,347 Operating lease cost, net of accretion 16,046 13,962 Non-cash interest expense 10,064 — Other (8,859) (2,130)Changes in operating assets and liabilities: Accounts receivable, net (19,662) (72,745)Deferred commissions 4,830 20,577 Prepaid expenses and other assets 40,575 (5,833)Accounts payable 8,695 (334)Accrued compensation and benefits 34,158 7,792 Accrued expenses and other liabilities (86,009) (1,680)Operating leases, net (14,884) (15,754)Deferred revenue 101,329 122,077 Net cash provided by operating activities 331,881 383,421 Cash flows from investing activities: Maturities of investments 429,219 162,139 Purchases of investments (455,254) (493,156)Payments for acquisitions, net of cash acquired (4,500) — Purchases of property and equipment (36,784) (44,438) Net cash used in investing activities (67,319) (375,455)Cash flows from financing activities: Proceeds from sales of shares through employee equity incentive plans 15,153 29,300 Taxes paid related to net share settlement of equity awards (53,180) (148,194)Proceeds from the issuance of convertible notes, net of issuance costs — 848,010 Payment of third-party debt issuance costs — (2,771)Partial repurchase of the 2027 Notes — (95,453)Repurchases of common stock (59,192) (220,100)Payment of finance lease obligations (1,758) (1,945) Net cash (used in) provided by financing activities (98,977) 408,847 Net increase in cash, cash equivalents and restricted cash $165,585 $416,813 Cash, cash equivalents and restricted cash—beginning of period 515,771 655,662 Cash, cash equivalents and restricted cash—end of period $681,356 $1,072,475 Restricted cash(1) 2,110 314 Cash and cash equivalents—end of period $679,246 $1,072,161 Supplemental disclosures of cash flow information: Cash paid for income taxes $14,168 $19,283 Supplemental disclosures of non-cash investing and financing information: Purchases of property and equipment included in accounts payable and accrued and other liabilities $1,648 $1,601 Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities $— $11,460 ____________________________(1) Included within other assets—non-current in the condensed consolidated balance sheets.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three Months EndedJanuary 31, Six Months EndedJanuary 31, 2024 2025 2024 2025 (in thousands, except per share data)Revenue: Product $299,660 $354,187 $546,582 $656,106 Support, entitlements and other services 265,573 300,534 529,705 589,571 Total revenue 565,233 654,721 1,076,287 1,245,677 Cost of revenue: Product (1)(2) 9,402 8,823 19,636 17,193 Support, entitlements and other services (1) 72,154 76,465 143,879 150,765 Total cost of revenue 81,556 85,288 163,515 167,958 Gross profit 483,677 569,433 912,772 1,077,719 Operating expenses: Sales and marketing (1)(2) 236,702 261,382 472,025 514,783 Research and development (1) 160,401 182,785 312,376 356,744 General and administrative (1) 49,529 59,828 97,032 113,504 Total operating expenses 446,632 503,995 881,433 985,031 Income from operations 37,045 65,438 31,339 92,688 Other income (expense), net 2,096 (355) (3,179) 9,218 Income before provision for income taxes 39,141 65,083 28,160 101,906 Provision for income taxes 6,346 8,656 11,218 15,553 Net income $32,795 $56,427 $16,942 $86,353 Net income per share attributable to Class A common stockholders, basic $0.13 $0.21 $0.07 $0.32 Net income per share attributable to Class A common stockholders, diluted $0.12 $0.19 $0.09 $0.30 Weighted average shares used in computing net income per share attributable to Class A common stockholders, basic 243,853 267,138 242,667 266,842 Weighted average shares used in computing net income per share attributable to Class A common stockholders, diluted 298,540 293,351 294,851 291,086 ____________________________(1) Includes the following stock-based compensation expense: Three Months EndedJanuary 31, Six Months EndedJanuary 31, 2024 2025 2024 2025 (in thousands)Product cost of revenue $1,697 $812 $3,625 $2,024 Support, entitlements and other services cost of revenue 7,183 7,325 14,299 14,145 Sales and marketing 20,738 21,397 42,209 42,045 Research and development 40,541 46,765 78,945 90,327 General and administrative 15,810 17,129 30,889 33,636 Total stock-based compensation expense $85,969 $93,428 $169,967 $182,177 ____________________________(2) Includes the following amortization of intangible assets: Three Months EndedJanuary 31, Six Months EndedJanuary 31, 2024 2025 2024 2025 (in thousands)Product cost of revenue $749 $767 $1,860 $1,534 Sales and marketing 82 88 119 176 Total amortization of intangible assets $831 $855 $1,979 $1,710 NUTANIX, INC.
The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be 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 inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product 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 and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S.
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