Nutanix, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Good early afternoon, everybody. We have Nutanix today, CEO Rajiv Ramaswami and CFO Rukmini Sivaraman. Welcome back, guys. Thank you.

Thanks for having us, Matt.

Awesome. All right. Rajiv, let's kick it off with you. A lot has changed around Nutanix over the past year, from the continued disruption of VMware to the progress across external storage, public cloud, AI. When you step back, what feels most different about the opportunity in front of the company today?

Yeah, I think it's important to realize that Nutanix is no longer just a HCI company. That's how we started, that's what got us on the map and brought us to where we were. But today, we are a much broader cloud platform company. What that means is that we can handle a much broader set of customer needs, resulting in a much larger market opportunity for us to go after. Today, the platform itself works on-prem, it works across multiple public clouds. It supports built-in storage with HCI. It supports third-party storage, which makes it much easier for customers to migrate to our platform. We have a full-scale Kubernetes platform. We have a database platform. And increasingly now, we also have an enterprise AI stack that's starting to gain traction with customers as they look at deploying inference. So the platform has become much bigger.

What that means is that if you look at the landscape of what we can serve for customer problems, we can help them modernize their infrastructure in a very flexible way. We can help them adopt hybrid cloud architectures for them to run their applications and data. We can help them build and run modern applications, which they're doing plenty of. And we can help them in this world of enterprise AI, where they're starting to build and run more and more of these enterprise AI applications that rely on inferencing from a variety of models, both frontier models and open-weight models. So that portfolio is now much broader, and it allows us to address a much broader need. And while that's happening, of course, we've also seen the supply chain crunch happening- and prices on the hardware side going up, which of course, indirectly puts a crunch on many of our customers.

But we're able to offset some of that with the fact that we have a much broader portfolio with some of these newer elements in our portfolio, like external storage ramping up.

Okay, that's a great overview. Rukmini, maybe we can bring that into the fiscal 2027 outlook. You're entering the year with strong bookings momentum, several new growth drivers beginning to contribute. But then, as Rajiv mentioned, you've got a more challenging hardware environment, slower growth in the renewal pool. How did all those factors come together in the initial guide? And what would need to develop for the business momentum to prove stronger than that initial starting point?

Yeah. I will maybe touch on three things. First, as Rajiv has already alluded to here, we have really robust and strong growth drivers for the business, including growth in our core hybrid cloud platform, including external storage. All of the cloud native and AI capabilities that we are driving, and our growing partner ecosystem. You put all those together, several core growth drivers. That is the first point. Second, as Rajiv said also, was that the supply chain environment for our customers means that if they need to procure a server on which to run our software, that has become more expensive and is taking longer. What we are assuming for our FY 2027 is that those dynamics continue. We only saw it for a portion of 2026, as you will recall, Matt. For 2027, that is a headwind.

We are assuming, for example, that one of the assumptions around that we think about is orders that come in with start dates in the future. We are assuming that that percent is higher in 2027 compared to 2026. The third piece is we have talked about our renewals cohort. The first two pieces I talked about are more about incremental business, so land and expanding, landing new customers and expanding with our existing customers. The third piece, when we look at our renewals cohort, we expect that to grow in 2027, but at a slower rate compared to 2026. You put all of that in. We believe we have a lot of great tailwinds in the business that we both talked about. The supply chain is a bit of a factor outside of our control. That is a headwind. We are trying to mitigate those as well with our support for external storage and our cloud offering that can run on bare metal.

That helps mitigate, but it does not fully offset. We expect that to be a headwind in 2027, Matt, but the core demand for the business continues to be strong.

Okay, so you touched on future start dates a little bit, but let us just go a little deeper there. I think some of the business pushed out of FY 2026 should be contributing this year.

Yeah but the new bookings could continue to shift to the right.

So how do you think about the net effect of that and the guide? How could that change if hardware availability actually improves?

Yeah. So the net effect of that is a net headwind in 2027. Just to be clear on that, Matt, and the reason for that is we really saw some of these supply chain headwinds only in the second half of 2026.