Total Revenue growth of 9% year-over-year

Subscription and SaaS revenue growth of 29% year-over-year

PALO ALTO, Calif.–(BUSINESS WIRE)–$VMW #earnings–VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the first quarter of fiscal year 2022:

  • Revenue for the first quarter was $2.99 billion, an increase of 9% from the first quarter of fiscal 2021.
  • The combination of subscription and SaaS and license revenue was $1.39 billion, an increase of 12% from the first quarter of fiscal 2021.
  • Subscription and SaaS revenue for the first quarter was $741 million, an increase of 29% year-over-year.
  • GAAP net income for the first quarter was $425 million, or $1.01 per diluted share, compared to $386 million, or $0.92 per diluted share, for the first quarter of fiscal 2021. Non-GAAP net income for the first quarter was $744 million, or $1.76 per diluted share, up 16% per diluted share compared to $640 million, or $1.52 per diluted share, for the first quarter of fiscal 2021.
  • GAAP operating income for the first quarter was $559 million, an increase of 34% from the first quarter of fiscal 2021. Non-GAAP operating income for the first quarter was $923 million, an increase of 13% from the first quarter of fiscal 2021.
  • Operating cash flow for the first quarter was $1.27 billion. Free cash flow for the first quarter was $1.20 billion.
  • RPO for the first quarter totaled $11.0 billion, up 9% year-over-year.

We are pleased with our Q1 financial performance as we delivered solutions for customers in strategic areas like multi-cloud, application modernization and digital workspaces, while focusing on providing a broader set of consumption choices with our Subscription and SaaS offerings,” said Zane Rowe, CFO and Interim CEO, VMware. “We are excited to welcome Raghu Raghuram as the next CEO of VMware. This milestone, along with the proposed Dell spin-off, sets the stage for the company’s next innovative chapter.”

Business Highlights & Strategic Announcements

  • The VMware Special Committee of independent directors and Dell Technologies have agreed to terms in which VMware will be spun-off from Dell Technologies. The terms include significant simplification to the corporate ownership structure and an $11.5B to $12.0B special cash dividend recommended by the independent Special Committee and declared by the VMware Board to all VMware stockholders immediately prior to the spin-off and subject to the satisfaction of all closing conditions. The two companies have also finalized a commercial agreement that preserves and enhances their strategic partnership to deliver joint customer value.
  • VMware unveiled VMware Cloud, a distributed, multi-cloud platform that enables organizations to accelerate application modernization across the data center, edge, and any cloud. With the launch of VMware Cloud, VMware announced new offerings that bring a more integrated experience to customers, including VMware Cloud Universal, a flexible subscription that simplifies the purchase and consumption of VMware multi-cloud infrastructure and management services.
  • VMware announced innovations across its VMware vRealize Cloud Management portfolio of on-premises and Software as a Service (SaaS) solutions. The new and enhanced capabilities combine to enable customers to more securely deploy and operate their hybrid and multi-cloud environments.
  • VMware announced portfolio updates to help customers modernize their applications and infrastructure. The new releases of vSphere 7 and vSAN 7 will help IT teams support new and existing applications with infrastructure that is developer and AI-ready; scales without compromise; boosts infrastructure and data security; and simplifies operations. This includes the next step in our collaboration with NVIDIA to deliver an AI-Ready Enterprise platform that combines the industry-leading compute virtualization software of VMware vSphere and the innovation of NVIDIA AI Enterprise suite.
  • VMware unveiled expanded cloud workload protection capabilities to deliver better security for containers and Kubernetes. The new solution will help increase visibility, enable compliance and enhance security for containerized applications from build to production in public cloud and on-premises environments.
  • VMware announced VMware Anywhere Workspace, a solution designed to help customers deliver a distributed workforce environment. The offering enables customers to manage multi-modal employee experiences, better secure the distributed edge and automate their workspace.
  • VMware launched the Customer Lifecycle Incentives Program to help partners facilitate the end-to-end digital transformation for their customers. The program will help partners drive increased profitability through new and expanded customer engagement, a simplified experience, optimized incentive return on investment, and partner-to-partner cooperation rewards.

The company will host a conference call today at 1:30 p.m. PT/ 4:30 p.m. ET to review financial results and business outlook. A live web broadcast of the event will be available on the VMware investor relations website at http://ir.vmware.com. Slides will accompany the web broadcast. The replay of the webcast and slides will be available on the website for two months. In addition, six quarters of historical data for unearned revenue will also be made available at http://ir.vmware.com in conjunction with the conference call.

About VMware

VMware software powers the world’s complex digital infrastructure. The company’s cloud, app modernization, networking, security, and digital workspace offerings help customers deliver any application on any cloud across any device. Headquartered in Palo Alto, California, VMware is committed to being a force for good, from its breakthrough technology innovations to its global impact. For more information, please visit https://www.vmware.com/company.html

Additional Information

VMware’s website is located at www.vmware.com, and its investor relations website is located at http://ir.vmware.com. VMware’s goal is to maintain the investor relations website as a portal through which investors can easily find or navigate to pertinent information about VMware, all of which is made available free of charge. The additional information includes: materials that VMware files with the SEC; announcements of investor conferences, speeches and events at which its executives talk about its products, services and competitive strategies; webcasts of its quarterly earnings calls, investor conferences and events (archives of which are also available for a limited time); additional information on its financial metrics, including reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures; press releases on quarterly earnings, product and service announcements, legal developments and international news; corporate governance information; other news, blogs and announcements that VMware may post from time to time that investors may find useful or interesting; and opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.

VMware, VMware Cloud Universal, vRealize, vSphere, VMware vSAN, and VMware Anywhere Workspace are registered trademarks or trademarks of VMware, Inc. or its subsidiaries in the United States and other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective organizations.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to VMware’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “About Non-GAAP Financial Measures.”

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding the proposed spin-off from Dell, and the terms and potential impact of the related commercial agreement and corporate governance arrangements to take effect with the spin-off; the payment and size of a special cash dividend in connection with the spin-off; the company’s next innovative chapter; and the expected benefits to customers of VMware product, solutions and service offerings announced, launched and unveiled since the start of the first quarter of fiscal year 2022. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (1) the failure of VMware or Dell Technologies to meet the contractual conditions for consummation of the spin-off and payment of the special cash dividend; (2) the failure to obtain adequate financing sources for the special cash dividend; (3) the failure of VMware to satisfy certain rating agency criteria; (4) the occurrence of any event, change or other circumstances that could give rise to the termination of the commercial agreement with Dell Technologies entered into in connection with the spin-off; (5) the effect of the announcement of the spin-off, and the special cash dividend and their impact on VMware and Dell Technologies’ strategic and commercial relationships and on the ability of VMware to retain and hire key personnel and maintain relationships with its customers, suppliers, operating results and business generally; (6) the impact of the COVID-19 pandemic on our operations, financial condition, our customers, the business environment and the global and regional economies; (7) adverse changes in general economic or market conditions; (8) delays or reductions in consumer, government and information technology spending; (9) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into the virtualization software and cloud, end user and mobile computing, modern applications and security industries, as well as new product and marketing initiatives by VMware’s competitors; (10) the ability to successfully integrate into VMware acquired companies and assets and smoothly transition services related to divested assets from VMware; (11) rapid technological changes in the virtualization software and cloud, end user, security, modern applications and mobile computing industries; (12) VMware’s customers’ ability to transition to new products, platforms, services, solutions and computing strategies in such areas as containerization, modern applications, intrinsic security and networking, cloud, digital workspaces, virtualization and the software defined data center, and the uncertainty of their acceptance of emerging technology; (13) VMware’s ability to enter into, maintain and extend strategically effective partnerships, collaborations and alliances; (14) the continued risk of litigation and regulatory actions; (15) VMware’s ability to protect its proprietary technology; (16) changes to product and service development timelines; (17) VMware’s relationship with Dell Technologies and Dell’s ability to control matters requiring stockholder approval, including the election of VMware’s board members and matters relating to Dell’s investment in VMware; (18) VMware’s ability to attract and retain highly qualified employees; (19) the ability of VMware to utilize our relationship with Dell to leverage go-to-market and product development activities; (20) risks associated with cyber-attacks, information security and data privacy; (21) disruptions resulting from key management changes; (22) risks associated with international sales such as fluctuating currency exchange rates and increased trade barriers; (23) changes in VMware’s financial condition; (24) geopolitical changes such as Brexit and increased tariffs and trade barriers that could adversely impact our non-U.S. sales; and (25) the ability of VMware to adapt our offerings, business operations and go-to-market activities to changes in how customers consume information technology resources, such as through subscription and SaaS offerings; (26) other business effects, including those related to industry, market, economic, political, regulatory and global health conditions. These forward-looking statements are made as of the date of this press release, are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including VMware’s most recent reports on Form 10-K and Form 10-Q and current reports on Form 8- K that we may file from time to time, which could cause actual results to vary from expectations. VMware assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

VMware, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in millions, except per share amounts, and shares in thousands)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

April 30,

 

May 1,

 

 

2021

 

2020

Revenue:

 

 

 

 

License

 

$

646

 

 

$

660

 

Subscription and SaaS

 

 

741

 

 

 

572

 

Services

 

 

1,607

 

 

 

1,502

 

Total revenue

 

 

2,994

 

 

 

2,734

 

Operating expenses(1):

 

 

 

 

Cost of license revenue

 

 

37

 

 

 

40

 

Cost of subscription and SaaS revenue

 

 

157

 

 

 

126

 

Cost of services revenue

 

 

337

 

 

 

318

 

Research and development

 

 

708

 

 

 

665

 

Sales and marketing

 

 

959

 

 

 

917

 

General and administrative

 

 

236

 

 

 

246

 

Realignment

 

 

1

 

 

 

4

 

Operating income

 

 

559

 

 

 

418

 

Investment income

 

 

 

 

 

5

 

Interest expense

 

 

(50

)

 

 

(49

)

Other income (expense), net

 

 

(23

)

 

 

(6

)

Income before income tax

 

 

486

 

 

 

368

 

Income tax provision (benefit)

 

 

61

 

 

 

(18

)

Net income

 

$

425

 

 

$

386

 

Net income per weighted-average share, basic for Classes A and B

 

$

1.01

 

 

$

0.92

 

Net income per weighted-average share, diluted for Classes A and B

 

$

1.01

 

 

$

0.92

 

Weighted-average shares, basic for Classes A and B

 

 

419,116

 

 

 

418,383

 

Weighted-average shares, diluted for Classes A and B

 

 

422,038

 

 

 

421,513

 

__________

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

Cost of subscription and SaaS revenue

 

$

5

 

 

$

4

 

Cost of services revenue

 

 

25

 

 

 

22

 

Research and development

 

 

127

 

 

 

125

 

Sales and marketing

 

 

75

 

 

 

72

 

General and administrative

 

 

31

 

 

 

49

 

VMware, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in millions, except per share amounts, and shares in thousands)

(unaudited)

 

 

 

 

 

April 30,

 

January 29,

 

2021

 

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

5,594

 

 

$

4,692

 

Short-term investments

 

120

 

 

 

23

 

Accounts receivable, net of allowance of $5 and $5

 

1,532

 

 

 

1,929

 

Due from related parties, net

 

753

 

 

 

1,438

 

Other current assets

 

537

 

 

 

530

 

Total current assets

 

8,536

 

 

 

8,612

 

Property and equipment, net

 

1,343

 

 

 

1,334

 

Other assets

 

2,592

 

 

 

2,697

 

Deferred tax assets

 

5,815

 

 

 

5,781

 

Intangible assets, net

 

926

 

 

 

993

 

Goodwill

 

9,599

 

 

 

9,599

 

Total assets

$

28,811

 

 

$

29,016

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

205

 

 

$

131

 

Accrued expenses and other

 

1,810

 

 

 

2,382

 

Unearned revenue

 

5,830

 

 

 

5,873

 

Total current liabilities

 

7,845

 

 

 

8,386

 

Note payable to Dell

 

270

 

 

 

270

 

Long-term debt

 

4,719

 

 

 

4,717

 

Unearned revenue

 

4,370

 

 

 

4,441

 

Income tax payable

 

816

 

 

 

805

 

Operating lease liabilities

 

891

 

 

 

891

 

Other liabilities

 

447

 

 

 

455

 

Total liabilities

 

19,358

 

 

 

19,965

 

Contingencies

 

 

 

Stockholders’ equity:

 

 

 

Class A common stock, par value $0.01; authorized 2,500,000 shares; issued and outstanding 111,488 and 112,082 shares

 

1

 

 

 

1

 

Class B convertible common stock, par value $0.01; authorized 1,000,000 shares; issued and outstanding 307,222 shares

 

3

 

 

 

3

 

Additional paid-in capital

 

1,960

 

 

 

1,985

 

Accumulated other comprehensive loss

 

(3

)

 

 

(5

)

Retained earnings

 

7,492

 

 

 

7,067

 

Total stockholders’ equity

 

9,453

 

 

 

9,051

 

Total liabilities and stockholders’ equity

$

28,811

 

 

$

29,016

 

VMware, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

 

 

 

 

 

Three Months Ended

 

April 30,

 

May 1,

 

2021

 

2020

Operating activities:

 

 

 

Net income

$

425

 

 

$

386

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

269

 

 

 

244

 

Stock-based compensation

 

263

 

 

 

272

 

Deferred income taxes, net

 

(48

)

 

 

(98

)

Unrealized (gain) loss on equity securities, net

 

35

 

 

 

(6

)

(Gain) Loss on disposition of assets, revaluation and impairment, net

 

1

 

 

 

6

 

Other

 

1

 

 

 

(4

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

 

395

 

 

 

352

 

Other current assets and other assets

 

(161

)

 

 

(171

)

Due to/from related parties, net

 

685

 

 

 

690

 

Accounts payable

 

65

 

 

 

(10

)

Accrued expenses and other liabilities

 

(630

)

 

 

(249

)

Income taxes payable

 

80

 

 

 

15

 

Unearned revenue

 

(114

)

 

 

(53

)

Net cash provided by operating activities

 

1,266

 

 

 

1,374

 

Investing activities:

 

 

 

Additions to property and equipment

 

(70

)

 

 

(87

)

Sales of investments in equity securities

 

8

 

 

 

 

Purchases of strategic investments

 

 

 

 

(5

)

Proceeds from disposition of assets

 

 

 

 

4

 

Business combinations, net of cash acquired, and purchases of intangible assets

 

(10

)

 

 

(38

)

Net cash used in investing activities

 

(72

)

 

 

(126

)

 

 

 

 

Financing activities:

 

 

 

Proceeds from issuance of common stock

 

131

 

 

 

106

 

Net proceeds from issuance of long-term debt

 

 

 

 

1,984

 

Repurchase of common stock

 

(371

)

 

 

(181

)

Shares repurchased for tax withholdings on vesting of restricted stock

 

(56

)

 

 

(115

)

Principal payments on finance lease obligations

 

(1

)

 

 

(1

)

Net cash provided by (used in) financing activities

 

(297

)

 

 

1,793

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 

 

(1

)

Net increase in cash, cash equivalents and restricted cash

 

897

 

 

 

3,040

 

Cash, cash equivalents and restricted cash at beginning of the period

 

4,770

 

 

 

3,031

 

Cash, cash equivalents and restricted cash at end of the period

$

5,667

 

 

$

6,071

 

Supplemental disclosures of cash flow information:

 

 

 

Cash paid for interest

$

46

 

 

$

74

 

Cash paid for taxes, net

 

38

 

 

 

76

 

Non-cash items:

 

 

 

Changes in capital additions, accrued but not paid

$

3

 

 

$

(7

)

VMware, Inc.

GROWTH IN REVENUE PLUS SEQUENTIAL CHANGE IN UNEARNED REVENUE

(in millions)

(unaudited)

 

 

Growth in Total Revenue Plus Sequential Change in Unearned Revenue

 

 

 

 

 

Three Months Ended

 

April 30,

 

May 1,

 

2021

 

2020

Total revenue, as reported

$

2,994

 

 

$

2,734

 

Sequential change in unearned revenue(1)

 

(114

)

 

 

(50

)

Total revenue plus sequential change in unearned revenue

$

2,880

 

 

$

2,684

 

Change (%) over prior year, as reported

 

7

%

 

 

 

 

 

 

Growth in License and Subscription and SaaS Revenue Plus Sequential Change in Unearned License and Subscription and SaaS Revenue

 

 

 

 

 

Three Months Ended

 

April 30,

 

May 1,

 

2021

 

2020

Total license and subscription and SaaS revenue, as reported

$

1,387

 

 

$

1,232

 

Sequential change in unearned license and subscription and SaaS revenue(2)

 

67

 

 

 

41

 

Total license and subscription and SaaS revenue plus sequential change in unearned license and subscription and SaaS revenue

$

1,454

 

 

$

1,273

 

Change (%) over prior year, as reported

 

14

%

 

 

__________

 

 

 

(1) Consists of the change in total unearned revenue from the preceding quarter. Total unearned revenue consists of current and non-current unearned revenue amounts presented in the consolidated balance sheets.

(2) Consists of the change in unearned license and subscription and SaaS revenue from the preceding quarter.

VMware, Inc.

REMAINING PERFORMANCE OBLIGATIONS

(in millions)

(unaudited)

 

 

Growth in Remaining Performance Obligations

 

 

 

 

 

April 30,

 

May 1,

 

2021

 

2020

Remaining performance obligations(3)

$

11,032

 

 

$

10,137

Change (%) over prior year

 

9

%

 

 

 

 

 

 

Remaining performance obligations, current(4)

$

6,164

 

 

$

5,518

Change (%) over prior year

 

12

%

 

 

__________

 

 

 

(3) Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period.

(4) Current remaining performance obligations represent the amount expected to be recognized as revenue over the next twelve months.

VMware, Inc.

SUPPLEMENTAL UNEARNED REVENUE SCHEDULE

(in millions)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30,

 

January 29,

 

October 30,

 

July 31,

 

May 1,

 

January 31,

 

2021

 

2021

 

2020

 

2020

 

2020

 

2020

Unearned revenue as reported:

 

 

 

 

 

 

 

 

 

 

 

License

$

16

 

 

$

15

 

 

$

11

 

 

$

11

 

 

$

15

 

 

$

19

 

Subscription and SaaS

2,064

 

 

1,998

 

 

1,596

 

 

1,619

 

 

1,579

 

 

1,534

 

Services

 

 

 

 

 

 

 

 

 

 

 

Software maintenance

6,957

 

 

7,092

 

 

6,574

 

 

6,696

 

 

6,611

 

 

6,700

 

Professional services

1,163

 

 

1,209

 

 

1,054

 

 

1,059

 

 

1,013

 

 

1,015

 

Total unearned revenue

$

10,200

 

 

$

10,314

 

 

$

9,235

 

 

$

9,385

 

 

$

9,218

 

 

$

9,268

 

VMware, Inc.

RECONCILIATION OF GAAP TO NON-GAAP DATA

For the Three Months Ended April 30, 2021

(amounts in millions, except per share amounts, and shares in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

Stock-Based

Compensation

 

Employer

Payroll Taxes

on Employee

Stock Transactions

 

Intangible

Amortization

 

Realignment

Charges

 

Acquisition, Disposition

and Other

Items

 

Tax

Adjustment(1)

 

Non-GAAP

As Adjusted(2)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license revenue

$

37

 

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

$

26

 

Cost of subscription and SaaS revenue

$

157

 

 

(5

)

 

 

 

(42

)

 

 

 

 

 

 

 

$

109

 

Cost of services revenue

$

337

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

$

312

 

Research and development

$

708

 

 

(127

)

 

 

 

(2

)

 

 

 

 

 

 

 

$

578

 

Sales and marketing

$

959

 

 

(75

)

 

(1

)

 

(22

)

 

 

 

 

 

 

 

$

863

 

General and administrative

$

236

 

 

(31

)

 

 

 

 

 

 

 

(22

)

 

 

 

$

183

 

Realignment

$

1

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

$

 

Operating income

$

559

 

 

263

 

 

1

 

 

77

 

 

1

 

 

22

 

 

 

 

$

923

 

Operating margin(2)

18.7

%

 

8.8

%

 

%

 

2.6

%

 

%

 

0.7

%

 

 

 

30.8

%

Other income (expense), net(3)

$

(23

)

 

 

 

 

 

 

 

 

 

36

 

 

 

 

$

12

 

Income before income tax

$

486

 

 

263

 

 

1

 

 

77

 

 

1

 

 

58

 

 

 

 

$

885

 

Income tax provision

$

61

 

 

 

 

 

 

 

 

 

 

 

 

80

 

 

$

141

 

Tax rate(2)

12.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

16.0

%

Net income

$

425

 

 

263

 

 

1

 

 

77

 

 

1

 

 

58

 

 

(80

)

 

$

744

 

Net income per weighted-average share, diluted for Classes A and B(2)(4)

$

1.01

 

 

$

0.62

 

 

$

 

 

$

0.18

 

 

$

 

 

$

0.14

 

 

$

(0.19

)

 

$

1.76

 

__________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating the non-GAAP financial measures presented above as well as significant tax adjustments. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses, changes to our corporate structure and other significant events. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

(2) Totals may not sum, due to rounding. Operating margin, tax rate and net income per weighted average share information are calculated based upon the respective underlying, non-rounded data.

(3) Non-GAAP adjustment to other income (expense), net includes gains or losses on investments in equity securities, whether realized or unrealized.

(4) Calculated based upon 422,038 diluted weighted-average shares for Classes A and B.

 

Contacts

Paul Ziots

VMware Investor Relations

pziots@vmware.com
650-427-3267

Michael Thacker

VMware Global PR

mthacker@vmware.com
650-427-4454

Read full story here