What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-09-21 compared with 2020-09-23 · 10 added, 82 removed, 33 unchanged (74% of the section changed)

4 unchanged sentences

The following table sets forth, for the periods indicated, the high and low sale prices of our Class A common stock as reported on the NASDAQ Global Select Market.

Fiscal 2019 Fiscal 2020

Fiscal Quarter:

High Low High Low

First quarter

13 unchanged sentences

Purchases of Equity Securities by the Issuer

Share Repurchase Program

The following table provides information with respect to the shares of our Class A common stock we repurchased during the fiscal year ended July 31, 2021:

Part of Publicly

of Shares that

October 1, 2020 - October 31, 2020

(1) In August 2020, our Board of Directors authorized the repurchase of up to $125.0 million of our Class A common stock.

Repurchases were made through open market purchases or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors.

As of October 31, 2020, there was no remaining authorization and the program had expired.

Stock Performance Graph

2 unchanged sentences

The stock price performance on the following graph is not necessarily indicative of future stock price performance.

9/30/16 7/31/17 7/31/18 7/31/19 7/31/20

Nutanix, Inc.

$ 100 $ 57.42 $ 132.14 $ 61.35 $ 59.97

Nasdaq Composite Index

4 unchanged sentences

Selected Consolidated Financial and Other Data

The selected consolidated statement of operations data for fiscal 2018, 2019 and 2020 and the consolidated balance sheet data as of July 31, 2019 and 2020 are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

The selected consolidated statement of operations data for fiscal 2016 and fiscal 2017 and the consolidated balance sheet data as of July 31, 2016, 2017 and 2018 were derived from audited financial statements not included in this Annual Report on Form 10-K.

Our historical results are not necessarily indicative of the results that may be expected in the future.

The selected consolidated financial data below should be read in conjunction with the section entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7 of this Annual Report on Form 10-K and our consolidated financial statements and related notes included in Part II, Item 8 of this Annual Report on Form 10-K.

We adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), effective August 1, 2017.

For the fiscal years ended July 31, 2016 and 2017, we have recast certain of our financial data, as disclosed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2018.

Fiscal Year Ended July 31,

2016 2017 2018 2019 2020

(in thousands, except per share data)

Consolidated Statement of Operations Data:

Product $ 413,910 $ 673,297 $ 887,989 $ 832,419 $ 765,822

Support, entitlements and other services

89,500 172,606 267,468 403,724 541,860

Total revenue 503,410 845,903 1,155,457 1,236,143 1,307,682

Cost of revenue:

Product (1)(2)

133,541 249,393 276,127 143,078 71,312

Support, entitlements and other services (1)

37,246 77,938 109,903 161,050 215,377

Total cost of revenue 170,787 327,331 386,030 304,128 286,689

Gross profit 332,623 518,572 769,427 932,015 1,020,993

Operating expenses:

Sales and marketing (1)(2)

286,584 501,021 649,657 909,750 1,160,389

Research and development (1)

116,400 288,619 313,777 500,719 553,978

General and administrative (1)

34,265 77,341 86,401 119,587 135,547

Total operating expenses 437,249 866,981 1,049,835 1,530,056 1,849,914

Loss from operations (104,626) (348,409) (280,408) (598,041) (828,921)

Other expense, net (1,290) (26,377) (9,306) (15,019) (26,300)

Loss before provision for income taxes

(105,916) (374,786) (289,714) (613,060) (855,221)

Provision for income taxes 2,317 4,852 7,447 8,119 17,662

Net loss $ (108,233) $ (379,638) $ (297,161) $ (621,179) $ (872,883)

Net loss per share attributable to Class A and Class B common stockholders—basic and diluted

$ (2.46) $ (2.96) $ (1.81) $ (3.43) $ (4.48)

Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders—basic and diluted

43,970 128,296 164,091 181,031 194,719

(1) Includes stock-based compensation expense as follows:

Fiscal Year Ended July 31,

2016 2017 2018 2019 2020

(in thousands)

Cost of revenue:

Product $ 391 $ 3,066 $ 2,580 $ 3,535 $ 5,334

Support, entitlements and other services

968 10,411 8,945 15,326 22,014

Total cost of revenue 1,359 13,477 11,525 18,861 27,348

Sales and marketing 8,006 78,117 65,060 107,751 126,015

Research and development 6,259 109,044 74,389 140,519 153,252

General and administrative 4,432 30,853 26,894 39,598 45,383

Total stock-based compensation expense

$ 20,056 $ 231,491 $ 177,868 $ 306,729 $ 351,998

During the three months ended October 31, 2016, we recorded approximately $83.0 million of stock-based compensation expense related to performance stock awards, as we determined that the performance conditions (certain liquidity events, including our IPO, and the achievement of specified performance targets) were probable of achievement.

(2) Includes amortization of intangible assets as follows:

Fiscal Year Ended July 31,

2016 2017 2018 2019 2020

(in thousands)

Product cost of revenue $ — $ 1,314 $ 5,641 $ 14,248 $ 14,777

Sales and marketing — 915 914 2,528 2,603

Total amortization of intangible assets

$ — $ 2,229 $ 6,555 $ 16,776 $ 17,380

As of July 31,

2016 2017 2018 2019 2020

(in thousands)

Consolidated Balance Sheet Data:

Cash, cash equivalents and short-term investments

$ 185,200 $ 349,053 $ 934,303 $ 908,834 $ 719,778

Total assets $ 411,715 $ 738,212 $ 1,599,880 $ 1,786,042 $ 1,768,547

Deferred revenue (current and non-current portion)

$ 218,481 $ 369,056 $ 631,207 $ 910,044 $ 1,183,441

Long-term debt $ 73,260 $ — $ 429,598 $ 458,910 $ 490,222

Preferred stock warrant liability

$ 9,679 $ — $ — $ — $ —

Convertible preferred stock $ 310,379 $ — $ — $ — $ —

Total stockholders’ (deficit) equity $ (285,827) $ 217,063 $ 326,779 $ 186,893 $ (274,977)

Part II, Item 6 is no longer required as the Company has adopted certain provisions within the amendments to Regulation S-K that eliminate Item 301.

NUTANIX, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity