Nutanix corrects Q3 earnings, discloses material weakness from software non-compliance, $11M estimated liability

Nutanix, Inc.

Corrected $10.2M RSU tax withholding error; reduces Q3 operating expenses by $9.3M, cost of revenue by $0.9M.
Audit committee investigation found non-compliant use of evaluation software from two vendors; material weakness in internal controls.
Recorded cumulative $11M estimated expense for past non-compliant usage; ongoing annual impact low-single-digit millions.
Corrected Q3 FY2023: revenue $448.6M (+11% YoY), ACV billings $239.8M (+17%), non-GAAP operating income $17.2M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Nutanix, Inc. reported the third quarter ended April 30, 2023 results: revenue $448.6 million.

Period: the third quarter ended April 30, 2023
Revenue: $448.6 million
Result: reported results

Exact text from the filing

cal 2023 Financial Summary Q3 FY’23 Q3 FY’22* Y/Y Change Annual Contract Value (ACV) 1 Billings $239.8 million $204.7 million 17% Annual Recurring Revenue (ARR) 2 $1.47 billion $1.11 billion 32% Average Contract Term 3 3.0 years 3.2 years (0.2) year Revenue 4 $448.6 million $403.7 million 11% GAAP Gross Margin 81.6% 80.2% 140 bps Non-GAAP Gross Margin 84.0% 83.3% 70 bps GAAP Operating Expenses $424.8 million $416.5 million 2% Non-GAAP Operating Expenses $359.8 million $342.1 million 5% GAAP Operating Loss $(58.6) million $(92.7) million $34.1 million Non-GAAP Operating Income (Loss) $17.2 million $(5.8) million $23.0 million GAAP Operating Margin (13.1)% (23.0)% 9.9% pts Non-GAAP Operating Margin 3.8% (1.4)% 5.2% pts Net Cash Provided by (Used in) Operating Activities $74.5 million $(3.2) million $77.7 million Free Cash Flow $52.7 million $(20.1) million $72.8 million * Q3 FY’22 results

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Source: SEC EDGAR

accession 0001157523-23-000933

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