Nutanix : Q4 FY 2022 Earnings Presentation

Q4 AND FY2022

EARNINGS

August 31, 2022

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, this presentation includes the following non-GAAP financial and other key performance measures: billings, non-GAAP gross margin, non-GAAP operating expenses, free cash flow, ACV Billings, ARR, Run-rate ACV, and Average Contract Term. In computing these non-GAAP financial 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 (recovery) and early exit of operating lease-related assets, restructuring charges, the change in fair value of the derivative liability, the amortization of the debt discount and issuance costs, interest expense related to convertible senior notes, loss on debt extinguishment, and other non-recurring transactions and the related tax impact. 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 and non-GAAP operating expenses 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. 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, and free cash flow are not substitutes for total revenue, gross margin, operating expenses, or net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ACV Billings, ARR, Run-rate ACV, or Average Contract Term, so we have not reconciled the ACV Billings, ARR, Run-rate ACV, or Average Contract Term data 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.

© 2022 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product, feature, and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks 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 regarding: the Company's business plans, goals, strategies, initiatives, vision, and objectives (including its focus on driving towards sustainable profitable growth and positive free cash flow, leveraging its partners in its go-to-market efforts, executing on its renewals base, diligently managing expenses, and becoming a Rule of 40 company), as well as its ability to execute thereon successfully and in a timely manner and the benefits and impact thereof on the Company's business, operations, and financial results; the Company's business and financial outlook, including its first quarter fiscal 2023 outlook, its fiscal 2023 outlook, and its fiscal 2025 expectations, and the modeling assumptions underlying such guidance (including the Company's expectations regarding expense reduction from the headcount reduction in August 2022 and supply chain dynamics, free cash flow, contract durations, and growth rates of ACV Billings in future periods); the Company's plans regarding providing information about its financial outlook for any future periods, including its decision to use new or different metrics, or to make adjustments to the metrics it uses, to supplement its financial reporting, and the impact thereof; macroeconomic or geopolitical conditions, including the COVID-19 pandemic and global supply chain dynamics, and the timing, breadth, and impact thereof on the Company's business, operations, and financial results, as well as the impact on its customers, partners, and end markets; the Company's plans for, and the timing of, any current and future business model transitions (including its ongoing transition to a subscription-based business model), its ability to manage, complete or realize the benefits of such transitions successfully and in a timely manner, and the short-term and long-term impacts of such transitions on its business, operations and financial results; the competitive market, including the Company's projections about its market share and opportunity, competitive position and ability to compete effectively, the competitive advantages of its products; the Company's ability to attract, integrate, develop, and retain qualified employees and key personnel, as well as the impact of any changes to senior leadership and employee base (including the sales organization) on its business, operations, and financial results; the market and demand for the Company's solutions and its ability to attract new end customers and retain and grow sales from its existing end customers; the Company's ability to form new, and maintain and strengthen existing, strategic alliances and partnerships, including its relationships with its channel partners and original equipment manufacturers, and the impact of any changes to such relationships on the Company's business, operations and financial results (including on its opportunity pipeline); the benefits and capabilities of the Company's platform, solutions, products, services and technology, including the interoperability and availability of its solutions with and on third-party platforms; and the Company's plans and expectations regarding new solutions, products, services, product features and technology, including those that are still under development or in process (including the scope of customer accessibility to NC2 on Azure). 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 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, 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, the Company's business plans, goals, strategies, initiatives, vision, and objectives; the Company's ability to achieve, sustain and/or manage future growth effectively; delays or unexpected accelerations in our current and future business model transitions; the rapid evolution of the markets in which the Company competes, including the introduction, or acceleration of adoption of, competing solutions; failure by the Company to timely and successfully meet its customer needs (including due to supply chain issues); delays in or lack of customer or market acceptance of the Company's new solutions, products, services, product features or technology; factors that could result in the significant fluctuation of the Company's 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 and availability of certain components of its solutions, and fluctuations in demand and competitive pricing pressures for its solutions; 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 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended October 31, 2021, January 31, 2022, and April 30, 2022 filed with the SEC on December 2, 2021, March 10, 2022, and June 2, 2022, respectively. Additional information will also be set forth in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2022, which should be read in conjunction with this presentation and the financial results included herein. The Company's 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, the Company assumes no obligation, and expressly disclaims any obligation, to

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update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

Q4 and Fiscal

2022 Company

Highlights

Reports 27% YoY ACV Billings Growth and Achieves Positive Free Cash Flow for Fiscal 2022: ACV Billings of $756 million were up 27% year-over-year.Achieved positive free cash flow for fiscal 2022, the first time in four years.

Announced Nutanix Cloud Clusters (NC2) on Microsoft Azure Progressed to Public Preview: This will significantly increase the number of customers who will have access to NC2 on Azure in the near term.

Released Latest Version of Nutanix Hybrid Cloud Infrastructure Software: The AOS™ 6.5 release is a comprehensive and feature-richupdate for Nutanix's core hyperconverged infrastructure software, delivering improved performance, security, and integrated data services.

Appointed Andrew Brinded as Chief Revenue Officer: Nutanix announced the appointment of Andrew Brinded as Chief Revenue Officer on August 1, 2022. Andrew has been a Nutanix sales leader for over five years, previously having served as Senior Vice President & Worldwide Sales Chief Operating Officer, where he led global sales strategy and operations.

Note: See Appendix for definitions 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.

Management Commentary

Rajiv Ramaswami, President and Chief Executive Officer

"Our fourth quarter capped off a fiscal year that showed strong year-over-year top and bottom line improvement. Fiscal 2022 was an important data point in demonstrating the long-term benefits of our subscription business model transition. We expect these benefits to compound further in the coming years as renewals become a bigger share of our business."

Rukmini Sivaraman, Chief Financial Officer

"Our Fiscal 2022 results reflect strong progress on our subscription model with 27% year- over-year ACV billings growth and achievement of positive free cash flow, which we expect to be sustainable on an annual basis. We continue to see good execution on our building base of subscription renewals and remain focused on driving towards profitable growth."

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