Nutanix : Q1 FY 2022 Investor Presentation

CORPORATE OVERVIEW

December 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).

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, and objectives, including our go-to-market strategy (including our plans to focus on our renewals business and increase go-to-market leverage by executing on renewals through solution selling and partner leverage) and plans to streamline our product portfolio and promote greater diversity and inclusion in our workforce, as well as our ability to execute thereon successfully and in a timely manner and the benefits and impact thereof on our business, operations and financial results, including on our top line growth and the sustainability of our and our customers' businesses; our outlook and estimates regarding our business and financial performance in future periods, including projected growth rates (including any accelerations thereof) for revenue, ACV Billings, ARR, Run-rate ACV, operating expenses, and free cash flow, as well as the assumptions underlying such expectations (including those relating to our renewals base, mix and costs, backlog, product portfolio, sales rep count and productivity, revenue and product mix, and average contract term lengths in future periods); our plans and timing for, and the success and impact of, any current and future business model transitions (including our ongoing subscription-based business model and ACV-based sales compensation model transitions), including the impact thereof on our overall business model, renewals business, go-to- market strategy, deal economics, average contract term lengths, TCV Billings to ACV Billings ratio, revenue and product mix, renewal cycles, and top line growth; our ability to form new, and maintain and strengthen existing, strategic alliances and partnerships, as well as the impact of any changes to such relationships on our business, operations and financial results, including on our market opportunity, ability to further customer choice and enhance our platform, go-to-market leverage, and long-term success; the timing and impact of the COVID-19 pandemic on the global market environment and the IT industry, as well as on our business, operations and financial results; the competitive market, including our competitive position and ability to compete effectively and the competitive advantages of our products; our projections about our market share in future periods, including our estimates regarding the sizes and growth rates of the total addressable market for our target markets and the assumptions underlying such estimates; macroeconomic environment and industry trends, projected growth or trend analysis; our customer needs and our ability to address those needs successfully and in a timely manner; our ability to attract new end customers and retain and grow sales from our existing end customers; 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; 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; our plans regarding, and the timing and success of, our customer, partner, industry, analyst, investor and employee events and the impact thereof on our business, operations, and financial results; our guidance on estimated ACV Billings, non-GAAP gross margin, non- GAAP operating expenses and weighted average shares outstanding for any future fiscal periods, including the assumptions underlying such estimates; and 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 impact thereof. These forward-looking statements are not historical facts and instead are based on our 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 our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, 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 COVID-19 pandemic; failure 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 and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission, or the SEC. Additional information will also be set forth in our Annual Report on Form 10-K that will be filed for the fiscal year ended July 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.

Leader in a Fast-Growing HCI Market

Addressing $30B1 TAM by FY25

Substantial Opportunity in Adjacent Markets $30B1 TAM in Adjacent Markets by FY25

One Platform for Hybrid Multicloud

Offering Unparalleled Simplicity Across Private and Public Clouds

Best-In-Class NPS of 90

Helps Drives Strong Retention Rates

Go-To-Market Leverage

via Renewals, Solutions, Partnerships and Digital Marketing

Compelling Growth With Improving Margins 25%+ ACV Billings Growth Through FY25; Cash Flow Break-Evenby C2H22.

See Sections Titled "Definitions" and "Market Opportunity Data" in Appendix for Definitions of ACV and ACV Billings and Additional Details Regarding the Market Opportunity Data Above.

(1) Total Addressable Market in 2025

Vision

Make clouds invisible, freeing customers to focus on their business outcomes

Mission

Delight customers with a simple, open, hybrid multicloud software platform with rich data services to build, run, and manage any application