Nutanix announces CEO Dheeraj Pandey to retire

Nutanix also announced that Bain Capital will purchase $750 million in Convertible Senior Notes to become a leading shareholder in the company.

Nutanix said Thursday that Dheeraj Pandey will retire as chief executive. Pandey is credited as a co-founder of Nutanix and has led the company as CEO for the last 11 years. He plans to stay on with the company until a replacement has been selected.

Meanwhile, Nutanix also announced that Bain Capital will purchase $750 million in Convertible Senior Notes to become a leading shareholder in the company. The transaction is expected to occur in late September.

Nutanix also reported its fourth quarter financial results. The company reported a non-GAAP net loss of $179 million, or 39 cents per share, on revenue of $327.9 million. A year prior, the company reported a non-GAAP net loss per share of 57 cents on revenue of $299.9 million. 

Wall Street was looking for a net loss of 67 cents per share on revenue of $319.9 million. 

For the full fiscal year 2020, Nutanix's net loss per share was $2.39. Revenue totaled $1.31 billion, up from $1.24 billion in fiscal 2019.

Elsewhere on the balance sheet, Nutanix said subscription billings were up 29% year-over-year to $341 million, and represented 88% of total billings. Subscription revenue increased 46% year-over-year to $285 million, and accounted for 87% of total revenue. Nutanix said it ended the fourth quarter with 17,360 end-customers. 

Shares of Nutanix were up nearly 19% after hours.