The virus clearly ended up affecting all three regions and despite this, our teams did an excellent job executing in a very turbulent environment.We also mentioned that we were starting to prudently manage our operating expenses during our Q2 earnings call. Earnings Nutanix (NASDAQ:NTNX) Earnings Information.
I'll also talk about where we are finding opportunities to better serve our customers as the pandemic meaningfully alters the future of work and I hope makes us a stronger company as we come out on the other side of this. I'm sure this has been hotly debated internally, but why not just give a range. We're in a much larger piece of our business for supporting virtual desktop workloads primarily to U.S. based government organizations.
But I mean like companies like Cisco, that don't have a lot of subscription, provided a range.
We have received numerous unsolicited positive responses from our customers thankful for our attention to their needs at this time. Nutanix's Q1-Q3 FY'20, and FY'19, as applicable, billings and revenue were negatively impacted by its transition to a subscription-based business model. So there's lots of optionality around that, too.Your next question comes from Alex Kurtz with KeyBanc Capital Markets.
VDI was also mission critical as the entire front office would not even have a browser if we suffered a downtime. orders received by us during a given period that have been billed, and we calculate billings by adding the change in deferred revenue between the start and end of the period to total revenue recognized in the same period. They definitely have a global presence and our sellers are working together hand in hand in many of these accounts. February 27, 2020. Retirement That's why a little lower term is probably a good thing ultimately because those renewals flow in quicker than they normally would have.Also, we have big international exposure making things a bit more unpredictable as to when governments and economies and businesses are going to open compared to many of the companies actually who are younger, maybe 10 years old but don't have as much international business. Impairment of lease-related assets There's no doubt about it. Many investors routinely ask us why our sales and marketing cost structure does not line up closely with other subscription businesses. Yeah, in fact just to take a step back, our idea of really blurring the lines between on-prem and off-prem is to take all our products and run them in the public cloud as is and that we believe is going to be the biggest differentiation when it comes to lift and shift just like what virtualization did 15 years ago.
Total software and support (TCV) revenue
We refer to these positive aspects of the transition as the return on our subscription investments and the aforementioned move to ACV-based compensation for our sales force will ultimately position us to garner this leverage from the renewal inflow. We used a modest amount of backlog during the quarter. Cumulative Growth of a $10,000 Investment in Stock AdvisorNutanix, Inc. (NTNX) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NTNX Again, this is something that we look at all the time with scenarios, and they say this downside base case, best case and based on our view of those scenarios top-line potential and what we have done with expenses and the levers that we can pull with expenses, we feel really good about our cash balance throughout FY '21 based on what we've scenario out in those three cases there.
In a report this month from industry analysts from Gartner, they predict that by 2024, in-person enterprise meetings will drop from 60% to 25% driven by remote work and changing workforce demographics. Customers who have a lifetime spend with us of more than $10 million have once again grown more than 60% year-over-year, both in number of total accounts and in aggregate dollars spent. Because our digital HCI foundation provides them true agility and because they had capacity ready for a disaster scenario, they were able to scale up to get all of their 7,000 employees working from home in about a week and even provide database services like a public cloud provider. I guess, to both of you, what are the workloads that are driving that? Also commerce, I think doing it in the marketplace and having people go buy something for three months or one year as opposed to really needing a sales person to do things. G2K lifetime purchase multiple is defined as total lifetime purchase divided by initial purchase using software and support bookings, for G2K customers that have been customers for over 18 months. “Our focus at Nutanix has always been to make computing invisible, starting with the datacenter and now expanding to clouds as we move to an increasingly hybrid and multicloud world,” said Dheeraj Pandey, Co-founderSecurely Increases University’s Capacity and Scalability Nutanix (NASDAQ: NTNX ), a leader in enterprise cloud computing, has announced that the University of Reading, one of the foremost research-led universities in the UK, has implemented Nutanix Files, a software-defined scale-out file storage solution for unstructured data, enabling the university to simplify IT management and increase ease of scalability. We are still in an unprecedented and volatile time period.
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