Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 9, 2022, Nutanix, Inc. (the "Company") announced a plan to reduce its
global headcount by approximately 270 employees, which represents approximately
4% of the Company's total employees, following a review of its business
structure and after taking other cost-cutting measures to reduce expenses. The
headcount reduction is part of the Company's ongoing efforts to drive towards
profitable growth. The Company expects to complete substantially all of the
headcount reduction by the end of the fiscal quarter ending October 31, 2022. As
a result of the headcount reduction, the Company currently estimates that it
will incur a pre-tax charge in the range of $20 million to $25 million during
the fiscal quarter ending October 31, 2022 consisting of one-time severance and
other termination benefit costs, all of which are expected to result in future
cash expenditures.
Forward-Looking Statements
This Current Report on Form 8-K contains express and implied forward-looking
statements, including, but not limited to, statements relating to (i) the
Company's expectations regarding the scope and timing of the completion of the
headcount reduction, (ii) the Company's ongoing efforts to drive towards
profitable growth, and (iii) the Company's expectations regarding the pre-tax
charge resulting from the headcount reduction, including the estimated range and
timing thereof, and the future cash expenditures resulting therefrom. These
forward-looking statements are not historical facts and instead are based on the
Company's current expectations, estimates, opinions, and beliefs. Consequently,
you should not rely on these forward-looking statements. The accuracy of these
forward-looking statements depends upon future events and involves risks,
uncertainties, and other factors, including factors that may be beyond the
Company's control, that may cause these statements to be inaccurate and cause
its actual results, performance or achievements to differ materially and
adversely from those anticipated or implied by such statements, including the
risk that the Company may not realize the benefits expected from the headcount
reduction and other risks detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended July 31, 2021 filed with the U.S. Securities and
Exchange Commission, or the SEC, on September 21, 2021, the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended October 31, 2021 filed with the
SEC on December 2, 2021, the Company's Quarterly Report on Form 10-Q for the
fiscal quarter ended January 31, 2022 filed with the SEC on March 10, 2022, and
the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April
30, 2022 filed with the SEC on June 2, 2022. These forward-looking statements
speak only as of the date of this Current Report on Form 8-K and, except as
required by law, the Company assumes no obligation, and expressly disclaims any
obligation, to update, alter or otherwise revise any of these forward-looking
statements to reflect actual results or subsequent events or circumstances.
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