On this page of StockholderLetter.com we present the 10/23/2023 shareholder letter from Nutanix, Inc. — ticker symbol NTNX. Reading current and past NTNX letters to shareholders can bring important insights into the investment thesis.
Proxy Statement and Annual Report 2023

Notice of 2023 Annual Meeting and Proxy Statement Friday, December 8, 2023 Virtual Meeting Site: v v
One platform to run apps and data anywhere.
LETTER FROM OUR PRESIDENT AND CHIEF EXECUTIVE OFFICER Dear Stockholders, This past scal year has been one with several milestones at Nutanix. We had another year of 25%+ ACV billings growth, generated more than $200 million of free cash ow, achieved non-GAAP operating income for the rst time in company history, announced a $350 million share repurchase authorization, delivered our hybrid multicloud offering on Microsoft Azure, and put out a bold long-term vision of portable apps and data with Project Beacon. A lot was accomplished in what we consider to be the nal year of the transformation phase of the subscription journey. We are now well positioned for a strong scal 2024 with a number of secular tailwinds at our back. CIOs are Thinking Hybrid Multicloud With the pandemic behind us, CIOs have a lot to think about. Depending on where each customer is on the spectrum, they are modernizing legacy infrastructure, building and running modern apps, managing apps and data across multiple clouds, and in some bleeding edge cases, thinking about building portable apps that can be built once and run anywhere. This is a stark contrast from the pandemic days when seemingly the only thing on every CIO s mind was how fast can we go to the public cloud? . Today, the conversation has shifted to what makes the most sense for my business? and many CIOs are coming to the conclusion that a hybrid multicloud setup is where they want to be. Our Mission Aligns with CIO Priorities As many of you know, our mission is to delight customers with an open hybrid multicloud platform with rich data services to run and manage apps anywhere. That starts with on-prem customers modernizing their legacy infrastructure and apps. There continues to be a large opportunity here for Nutanix to help our customers. According to research by IDC and Bain Capital, just 17% of the total addressable market (TAM) for business critical apps and data management and 16% of general purpose IT workloads have been modernized.(1) And this is not accounting for the yet-to-be quanti ed but rapidly growing generative AI opportunity. For IT teams building new apps today, a container-based approach is largely preferred for portability across platforms. Nutanix offers a choice of major Kubernetes platforms to run on, resulting in improved developer productivity with self-service APIs and tools, lower total cost of ownership with our scale-out architecture, and faster time to market with pre-validated designs. This differentiation has helped us land some large customer wins recently. 2 0 2 3 P R O X Y S TAT E M E N T 01
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NTNX 10/23/2023 Shareholder/Stockholder Letter Transcript:

Proxy Statement
and Annual Report
2023


Notice of
2023 Annual Meeting
and Proxy Statement

Friday, December 8, 2023
Virtual Meeting Site:
                                                                                      v  v                

One
platform
to run
apps and
data
anywhere.

LETTER FROM OUR PRESIDENT
AND CHIEF EXECUTIVE OFFICER
Dear Stockholders,
This past    scal year has been one with several milestones at Nutanix. We had another year of 25%+ ACV billings
growth, generated more than $200 million of free cash    ow, achieved non-GAAP operating income for the    rst time
in company history, announced a $350 million share repurchase authorization, delivered our hybrid multicloud offering
on Microsoft Azure, and put out a bold long-term vision of portable apps and data with Project Beacon.
A lot was accomplished in what we consider to be the    nal year of the transformation phase of the subscription
journey. We are now well positioned for a strong    scal 2024 with a number of secular tailwinds at our back.
CIOs are Thinking Hybrid Multicloud
With the pandemic behind us, CIOs have a lot to think about. Depending on where each customer is on the spectrum,
they are modernizing legacy infrastructure, building and running modern apps, managing apps and data across
multiple clouds, and in some bleeding edge cases, thinking about building portable apps that can be built once and
run anywhere.
This is a stark contrast from the pandemic days when seemingly the only thing on every CIO   s mind was    how fast
can we go to the public cloud?   . Today, the conversation has shifted to    what makes the most sense for my business?   
and many CIOs are coming to the conclusion that a hybrid multicloud setup is where they want to be.
Our Mission Aligns with CIO Priorities
As many of you know, our mission is to delight customers with an open hybrid multicloud platform with rich data
services to run and manage apps anywhere. That starts with on-prem customers modernizing their legacy infrastructure
and apps. There continues to be a large opportunity here for Nutanix to help our customers. According to research by
IDC and Bain Capital, just 17% of the total addressable market (TAM) for business critical apps and data management
and 16% of general purpose IT workloads have been modernized.(1) And this is not accounting for the yet-to-be
quanti   ed but rapidly growing generative AI opportunity.
For IT teams building new apps today, a container-based approach is largely preferred for portability across platforms.
Nutanix offers a choice of major Kubernetes platforms to run on, resulting in improved developer productivity with
self-service APIs and tools, lower total cost of ownership with our scale-out architecture, and faster time to market
with pre-validated designs. This differentiation has helped us land some large customer wins recently.
2 0 2 3 P R O X Y S TAT E M E N T
01


shareholder letter icon 10/23/2023 Letter Continued (Full PDF)
 

NTNX Stockholder/Shareholder Letter (Nutanix, Inc.) 10/23/2023 | www.StockholderLetter.com
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