Nutanix : Q1 FY 2022 Earnings Presentation

Q1 EARNINGS FY2022

November 23, 2021

Safe Harbor

Non-GAAP Financial Measures and Other Key Performance Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial and other key performance measures: billings, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net loss, non-GAAP net loss per share, free cash flow, subscription revenue, subscription billings, subscription billings mix, Annual Contract Value Billings (or ACV Billings), Annual Recurring Revenue (or ARR), and Run-rate Annual Contract Value (or Run-rate ACV). In computing these non-GAAP financial measures and key performance measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), impairment of operating lease-related assets, the change in fair value of the derivative liability, the amortization of the debt discount and issuance costs, non-cash interest expense, other non- recurring transactions and the related tax impact, and the revenue and billings associated with pass-through hardware sales. Billings is a performance measure which we believe provides useful information to investors because it represents the amounts under binding purchase 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. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net loss, and non-GAAP net loss per share are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after necessary capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. Subscription revenue, subscription billings, and subscription billings mix are performance measures that we believe provide useful information to our management and investors as they allow us to better track the growth of the subscription-based portion of our business, which is a critical part of our business plan. ACV Billings and Run-rate ACV are performance measures that we believe provide useful information to our management and investors as they allow us to better track the topline growth of our business during our transition to a subscription-based business model because they take into account variability in term lengths. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period- to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Billings, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net loss, non-GAAP net loss per share, and free cash flow are not substitutes for total revenue, gross margin, operating expenses, net loss, net loss per share, or net cash provided by (used in) operating activities, respectively; subscription revenue is not a substitute for total revenue; and subscription billings is not a substitute for subscription revenue. There is no GAAP measure that is comparable to ACV Billings, ARR, or Run-rate ACV, so we have not reconciled the ACV, ACV Billings and Run-rate ACV numbers included in this presentation to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures set forth in the tables captioned "GAAP to Non-GAAP Reconciliations and Calculation of Billings" and "Disaggregation of Billings and Revenue" included in the appendix hereto, and not to rely on any single financial measure to evaluate our business.

© 2021 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product, feature, and service names mentioned herein are registered trademarks or trademarks of Nutanix, Inc. in the United States and other countries. Other brand names or logos mentioned or used herein are for identification purposes only and may be the trademarks of their respective holder(s). Nutanix may not be associated with, or be sponsored or endorsed by, any such holder(s).

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Safe Harbor

Forward Looking Statements

This presentation and the accompanying oral commentary contain express and implied forward-looking statements, including, but not limited to, statements relating to: our business plans, strategies, vision, targets, and objectives (including our continued execution towards our targets of free cash flow break-even in the second half of calendar 2022 and a 25 percent-plus ACV billings CAGR through fiscal 2025), our go-to-market strategy (including our plans to further customer choice and enhance our platform through our partnerships and to increase sales and marketing expense leverage through expanding upon our renewals business), our plan to focus on disciplined and purposeful spending to improve profitability, our continued focus on quality new logo additions and emerging products and related incentive plan adjustments, if any, and our on-going efforts to streamline our product portfolio and any related changes to our compensation plans; our ability to execute on our business plans, strategies, vision, targets, and objectives successfully and in a timely manner, as well as the benefits and impact thereof on our business, operations and financial results, including on our top line growth and bottom line improvements; our guidance on ACV Billings, revenue, non-GAAP gross margin, non-GAAP operating expenses, and weighted average shares outstanding for any future fiscal periods, including modeling assumptions underlying such guidance; our decision to use new or different metrics, make adjustments to the metrics we use, or to provide additional information to supplement our financial reporting, and the timing and impact thereof; our other expectations regarding our business and financial performance in future periods, including our expectations regarding the future growth rate of our emerging products New ACV bookings, average contract term lengths in future periods, and any future ACV Billings, revenue, cash usage, or free cash flow trends; our plans and timing for, and the success and impact of, any current and future business model transitions (including our ongoing subscription transition); our ability to form new, and maintain and strengthen existing, strategic alliances and partnerships, including our expectations regarding our strategic partnership with Citrix; the benefits and capabilities of our platform, solutions, products, services and technology, including the interoperability and availability of our solutions with and on third-party platforms and the benefits of our solutions for businesses with seasonal workloads; our plans and expectations regarding new solutions, products, services, features, and technology, including those that are still under development or in process, and any future product roadmaps; the competitive market, including our competitive position and the competitive advantages of our products; our projections about our market share in future periods, including our estimates regarding the size and growth rate of our total addressable market and the assumptions underlying such estimates, and our ability to address such opportunity successfully and in a timely manner; macroeconomic environment and industry trends, projected growth or trend analysis, including the on-goingCOVID-19 pandemic and global supply chain challenges and their impact on the global economy and the IT industry; our ability to address customer needs successfully and in a timely manner; our ability to attract new end customers and retain and grow sales from our existing end customers; our plans regarding, and the success of, our customer, partner, industry, analyst, investor and employee events; and any changes to our senior management or employee base. These forward- looking statements are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. These forward- looking statements involve risks, uncertainties, and other factors, including factors that are beyond our control, that may cause actual results to differ materially and adversely from those anticipated or implied by such statements, including, among others: unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, targets, or objectives; delays or unexpected accelerations in the transition to a subscription-based business model; our ability to achieve, sustain and/or manage future growth effectively; our ability to attract, recruit, train and, where applicable, ramp to full productivity, qualified employees and key personnel; the timing, breadth, and impact of the on-goingCOVID-19 pandemic and global supply chain challenges; our ability to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new products, services, product features or technology; the rapid evolution of the markets in which we compete; factors that could result in the significant fluctuation of our future quarterly operating results, including, among other things, anticipated changes to our revenue and product mix, including changes as a result of our transition to a subscription-based business model, 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 of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions; the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; and other risks detailed in our most recent 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. Additional information will also be set forth in our Quarterly Report on Form 10-Q that will be filed for the fiscal quarter ended October 31, 2021, which should be read in conjunction with this presentation and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this presentation and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

Q1 Fiscal

2022 Company

Highlights

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Delivered Record ACV Billings and Strong Revenue Growth: ACV Billings of $183 million were up 33% year-over-year.Revenue of $379 million was up 21% year-over-year,marking the Company's highest revenue growth in over three years.

Recognized by Gartner for Both Core and Emerging Products: Nutanix was named as a Leader in Gartner, Inc.'s Magic Quadrant for Hyperconverged Infrastructure for the fifth time in a row. Nutanix was also named for the first time in Gartner's October 2021 Gartner Magic Quadrant for Distributed Files and Objects Storage as a Visionary.

Entered New Partnership with Citrix: Nutanix formed a strategic partnership with Citrix to provide access to apps, desktops, and data through Nutanix HCI and hybrid multicloud deployments of Citrix DaaS and Virtual Apps and Desktops services.

Announced New Capabilities for Cloud Platform: Nutanix launched AOS 6.0 with new integrated, zero-trustsecurity, disaster recovery and virtual networking innovations. The Company also introduced new capabilities that make it easier for customers to simplify data management and optimize database and big data workload performance on the Nutanix Cloud Platform.

Note: See Appendix for definitions of ACV Billings and ACV. There is no GAAP measure that is comparable to ACV Billings or ACV, sothe Company has not reconciled the ACV Billings and ACV numbers in this presentation to any GAAP measure.

Management Commentary

Rajiv Ramaswami, President and Chief Executive Officer

"Our first quarter was a good start to our fiscal year, demonstrating strong year-over-year top and bottom-line improvement. We continued to execute towards our targets of free cash flow break-even in the second half of calendar 2022 and a 25 percent-plus ACV Billings CAGR through fiscal 2025."

Duston Williams, Chief Financial Officer

"In our first quarter, we achieved record ACV Billings, which grew 33 percent year-over-year, and saw 21 percent year-over-year revenue growth, our highest growth in over three years. With the continued progress we've made on our subscription model, we believe it's now appropriate to provide annual guidance. Additionally, having gained a better understanding of potential fluctuations in our average contract term lengths, we are guiding to revenue, on both a quarterly and annual basis."

Note: See Appendix for definition of ACV Billings and ACV. There is no GAAP measure that is comparable to ACV Billings or ACV, so the Company has not reconciled the ACV Billings and ACV numbers in this presentation to any GAAP measure.

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