Financial Summary
All comparative percentages are on a year-over-year basis unless otherwise noted.
Q4 FY 2024 Highlights
Revenue
Total revenue was $13.6 billion, down 10%, with product revenue down 15% and services revenue up 6%. Splunk contributed approximately $960 million of total revenue for the fourth quarter of fiscal 2024.
Revenue by geographic segment was: Americas down 11%, EMEA down 11%, and APJC down 6%. Product revenue performance reflected growth in Security up 81% and
Observability up 41%. Networking was down 28%. Product revenue in Collaboration was flat. Security and Observability, excluding Splunk, grew 6% and 12%, respectively, in the fourth quarter of fiscal 2024.
Gross Margin On a GAAP basis, total gross margin, product gross margin, and services gross margin were 64.4%, 63.0%, and 67.8%,
respectively, as compared with 64.1%, 63.6%, and 65.7%, respectively, in the fourth quarter of fiscal 2023.
On a
non-GAAP basis, total gross margin, product gross margin, and services gross margin were 67.9%, 67.0%, and 70.3%, respectively, as compared with 65.9%, 65.5%, and 67.5%, respectively, in the fourth quarter of
fiscal 2023.
Total gross margins by geographic segment were: 67.7% for the Americas, 69.2% for EMEA and 66.4% for APJC.
Operating Expenses On a GAAP basis, operating expenses were $6.2 billion, up 12%, and were 45.2% of revenue. Non-GAAP operating expenses were $4.8 billion, up 4%, and were 35.4% of revenue.
Operating Income
GAAP operating income was $2.6 billion, down 38%, with GAAP operating margin of 19.2%. Non-GAAP operating income was $4.4 billion, down 17%, with
non-GAAP operating margin at 32.5%.
Provision for Income Taxes The GAAP tax provision rate
was 9.8%. The non-GAAP tax provision rate was 16.6%.
Net Income and EPS On a GAAP basis, net
income was $2.2 billion, a decrease of 45%, and EPS was $0.54, a decrease of 44%. On a non-GAAP basis, net income was $3.5 billion, a decrease of 25%, and EPS was $0.87, a decrease of 24%.
Cash Flow from Operating Activities $3.7 billion for the fourth quarter of fiscal 2024, a decrease of 37% compared with
$6.0 billion for the fourth quarter of fiscal 2023.
FY 2024 Highlights
Revenue Total revenue was $53.8 billion, a decrease of 6%. Splunk contributed approximately $1.4 billion of total revenue for
fiscal 2024.
Net Income and EPS On a GAAP basis, net income was $10.3 billion, a decrease of 18%, and EPS was $2.54, a decrease
of 17%. On a non-GAAP basis, net income was $15.2 billion, a decrease of 5% compared to fiscal 2023, and EPS was $3.73, a decrease of 4%.
Cash Flow from Operating Activities $10.9 billion for fiscal 2024, a decrease of 45% compared with $19.9 billion for fiscal
2023.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments $17.9 billion at the end of the fourth quarter of fiscal 2024, compared with
$18.8 billion at the end of the third quarter of fiscal 2024, and compared with $26.1 billion at the end of fiscal 2023.
Remaining
Performance Obligations (RPO) $41.0 billion, up 18% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 27% and services RPO were up 10%.
Deferred Revenue $28.5 billion, up 11% in total, with deferred product revenue up 15%. Deferred service revenue was up 9%.
Capital Allocation In the fourth quarter of fiscal 2024, we returned $3.6 billion to stockholders through share buybacks and
dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 43 million shares of common stock under our stock repurchase program at an average price of $46.80 per share for an
aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $5.2 billion with no termination date.
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