Nutanix : Q3 FY 2021 Investor Presentation

Corporate Presentation

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Non-GAAP Financial Measures and Other Key Performance Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Nutanix uses 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 revenue mix, subscription billings mix, professional services billings, Annual Contract Value (or ACV), ACV Billings, ACV Bookings, New ACV, New ACV Billings, and Run-rate ACV. In computing these non-GAAP financial measuresDividerand key performance measures, Nutanixslideexcludes certain items such as stock-based compensation and the related income tax impact, costs associated with its acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), impairment of operating lease-related assets, change in fair value of derivative liability, amortization of 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 Nutanix believes 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 Nutanix calculates 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 Nutanix believes provide useful information to investors because they provide meaningful supplemental information regarding its performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of its ongoing core business operating results. Free cash flow is a performance measure that Nutanix believes provides useful information to its management and investors about the amount of cash generated by the business after necessaryConsecteturcapital expenditures,adipiscingand Nutanix defineselitfree. cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. Subscription revenue, subscription billings, subscription revenue mix, subscription billings mix, and professional services billings are performance measures that Nutanix believes provide useful information to its management and investors as they allow us to better track the growth of the subscription-based portion of its business, which is a critical part of its business plan. ACV, ACV Billings ,ACV Bookings, New ACV, New ACV Billings, and Run- rate ACVPellentesqueare performance measuresposuerethat Nutanix believesdictumprovideturpisuseful informationet iaculisto its management. and investors as they allow us to better track the topline growth of its business during its transition to a subscription-based business model because they take into account variability in term lengths. Nutanix uses 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 its 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 (used in) provided by operating activities, respectively; subscription revenue is not a substitute for total revenue; and subscription and professional services billings are not substitutes for subscription and professional services revenue, respectively. There is no GAAP measure that is comparable to ACV, ACV Billings, ACV Bookings, New ACV, New ACV Billings, or Run-rate ACV, so Nutanix has not reconciled the ACV, ACV Billings, ACV Bookings, New ACV, New ACV Billings, and Run-rate ACV numbers included in this presentation to any GAAP measure. In addition, other companies, including companies in its 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 its non-GAAP financial measures and key performance measures as tools for comparison. Nutanix urges you to review the reconciliation of its non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures set forth in the tables captioned "Calculation of Billings," "GAAP to Non-GAAP Reconciliations" and "Disaggregation of Billings and Revenue" included in the appendix hereto, and not to rely on any single financial measure to evaluate its business.

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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: Nutanix' business plans, goals, strategies, vision, mission, objectives, and outlook, including its go-to-market strategy; Nutanix' ability to execute on such plans, goals, strategies, and objectives successfully and in a timely manner, including its abilities to successfully realize benefits of its long-term growth drivers and go-to-market strategy, leverage its partner ecosystem, drive operating leverage in future periods, and expand upon its market opportunity;Dividerthe benefits and impact of such plans,slidegoals, strategies, and objectives on its business, operations and financial results, including any impact on its top line growth in future periods; its plans and timing for, and the success and impact of, any current and future business model transitions (including its ongoing transition to a subscription-based business model and ACV-based sales compensation model), including any expected benefits of the subscription model on its business, customers and partners; the competitive market, including Nutanix' competitive position and ability to compete effectively against its current and potential competitors, its projections about its market share in future periods, and the competitive advantages of its products; Nutanix' market opportunity in future periods, including its estimates regarding the sizes and growth rates of the total addressable market for its target markets and the assumptions underlying such estimates; macroeconomic environment and industry trends, projected growth or trend analysis; the needs and preferences of its customers and its ability to address those needs successfully and in a timely manner; its ability to attract new end customers (including G2K customers) and retain and grow sales from its existing end customers (including G2K customers); Nutanix' ability to form new, maintain and strengthen, and successfully leverage, existing, strategic alliances and partnerships, as well as the impact of any changes to such relationships on its business, operations and financial results, including on its market opportunity, productivity, ability to meet customerConsecteturneeds, and long-termadipiscingsuccess; the benefits andelitcapabilities. of Nutanix' platform, solutions, products, services and technology, including the ability of its solutions to provide customers with choice and portability and the interoperability and availability of its solutions with and on third-party platforms; Nutanix' plans and expectations regarding new solutions, products, services, features, enhancements, functionality, and technology, including those that are still under development or in process, and any future product or roadmap; and Nutanix' outlook and estimates regarding its business and financial performancePellentesquein future periods, includingposuereits expectationsdictumregardingturpisfuture growthet ratesiaculis(including. any accelerations thereof) for revenue and revenue growth, business model predictability, and operating leverage, as well as assumptions underlying or forming the basis of such expectations.

These forward-looking statements are not historical facts and instead are based on Nutanix' 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 Nutanix' 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, 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, its plans, goals, strategies, vision, mission, objectives; delays or unexpected accelerations in the transition to a subscription-based business model; its ability to achieve, sustain and/or manage future growth effectively; its ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel, including those in its engineering, research and development and sales teams; failure to timely and successfully meet its customer needs; delays in or lack of customer or market acceptance of its new products, services, product features or technology; the rapid evolution of the markets in which it competes; factors that could result in the significant fluctuation of its future quarterly operating results, including, among other things, anticipated changes to its revenue and product mix, the timing and magnitude of orders, shipments and acceptance of its solutions in any given quarter, its ability to attract new and retain existing end-customers, changes in the pricing of certain components of its solutions, and fluctuations in demand and competitive pricing pressures for its solutions; the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; and other risks detailed in its periodic and current reports filed with the U.S. Securities and Exchange Commission, or the SEC, which should be read in conjunction with this presentation and the financial results included herein. Nutanix' SEC filings are available on the Investor Relations section of its 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, Nutanix assumes no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any of the forward-looking statements included herein to reflect actual results or subsequent events or circumstances.

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Market Share and Market Opportunity Data

Certain information contained in the following presentations and the accompanying oral commentaries may relate to or be based on studies, publications, surveys and other data obtained from third-party sources and Nutanix's own internal estimates and research. While Nutanix believes these third-party studies, publications, surveys and other data are reliable as of the date hereof, they have not been independently verified, and Nutanix makes no representation as to the adequacy, fairness, accuracy, or completeness of any information obtained from third-party sources.

NutanixDividerbelieves its overall market is composed ofslideAdjacent Markets and Hybrid Cloud Market. Nutanix defines Adjacent Markets as being composed of desktop-as-a-service (DaaS), database automation and database-as-a-service (DBaaS), files and objects storage, cloud management, and disaster recovery-as-a-service (DRaaS) markets. The Total Addressable Market, or TAM, data for Nutanix's Adjacent Markets included in this presentation are its estimates derived from IDC and Gartner forecasts regarding the component markets with adjustments, some of which are based on Nutanix's internal assumptions and market experience and knowledge, made to focus only on the segments of the applicable markets that Nutanix believes are applicable to its business. Nutanix defines Hybrid Cloud Market as being composed of HCI Market and Public Cloud Market. The TAM data for Nutanix's Hyperconverged Infrastructure Market, or HCI Market, and Public Cloud Market included in this presentation are its estimates derived from IDC forecasts regarding the hyperconverged infrastructure market and infrastructure-as-a-service (Iaas) server and storage markets, respectively, with adjustments, some of which are based on Nutanix's internal assumptions and market experience and knowledge, made to focus only on the segments of the applicable markets that Nutanix believes are applicable to its business.

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Product or Roadmap Information

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Any future product or roadmap information included in the following presentations and the accompanying oral commentaries is intended to outline general product directions, and is not a commitment, promise or legal obligation for Nutanix to deliver any material, code, or functionality. This information should not be used when making a purchasing decision. Further, note that Nutanix has made no determination as to if separate fees will be charged for any future products, product enhancements and/or functionality which may ultimately be made available. Nutanix may, in its own discretion, choose to charge separate fees for the delivery of any future products, product enhancements and/or functionality which are ultimately made available.

Trademark Disclaimer

© 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).

VISION

Make clouds invisible,

freeing customers to focus on their business outcomes

MISSION

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

Nutanix Overview - Q3'21 | 5

$1.45B	$160M	$345M	3.3 Years
+25% YoY	+18% YoY	+8% YoY	(0.5) Year YoY
Run-rate ACV	ACV Billings	Revenue	Average Contract
			Term

81.7%	19,430(1)	960(1)	90
+100 bps YoY	+2,850 YoY	+50 YoY	7-Year Average
Non-GAAP	Total Customer	Global 2000	Net Promoter
Gross Margin	Count	Customer Count	Score

Note: Data is as of April 30, 2021. See Appendix for definitions of Run-rate ACV, ACV, ACV Billings, and Average Contract Term and a GAAP to non-GAAP reconciliation of Non-GAAP Gross Margin.

1. The cumulative total customer and G2K customer counts reflect standard adjustments/consolidation to certain customer accounts within our system of record and are rounded to the nearest 10. These adjustments were more significant in Q3'21 than in past quarters. See endnote 1 in the Appendix