Total Revenue of $3.21 billion
Subscription and SaaS Revenue of $988 million,
an increase of 20% year-over-year
VMware, Inc. (NYSE: VMW), a leading innovator in enterprise
software, today announced financial results for the third quarter
of fiscal year 2023:
Quarterly Review
- Revenue for the third quarter was $3.21 billion, an increase of
1% from the third quarter of fiscal 2022.
- The combination of subscription and SaaS and license revenue
was $1.61 billion for the third quarter, an increase of 5% from the
third quarter of fiscal 2022.
- Subscription and SaaS constituted 31% of our total revenue for
the quarter.
- Subscription and SaaS revenue for the third quarter was $988
million, an increase of 20% year-over-year.
- Subscription and SaaS ARR for the third quarter was $4.10
billion, an increase of 24% year-over-year.
- GAAP net income for the third quarter was $231 million, or
$0.54 per diluted share, down 43% per diluted share compared to
$398 million, or $0.94 per diluted share, for the third quarter of
fiscal 2022. Non-GAAP net income for the third quarter was $626
million, or $1.47 per diluted share, down 15% per diluted share
compared to $725 million, or $1.72 per diluted share, for the third
quarter of fiscal 2022.1
- GAAP operating income for the third quarter was $390 million, a
decrease of 25% from the third quarter of fiscal 2022. Non-GAAP
operating income for the third quarter was $857 million, a decrease
of 8% from the third quarter of fiscal 2022.
- Operating cash flow for the third quarter was $1.26 billion.
Free cash flow for the third quarter was $1.16 billion.
- RPO for the third quarter totaled $11.90 billion, up 7%
year-over-year.
“Q3 results met our expectations. This past quarter we
demonstrated that our innovation engine is flourishing, as we
unveiled many new offerings across our portfolio, including VMware
vSphere 8, VMware vSAN 8 and VMware Aria,” said Raghu Raghuram,
CEO, VMware. “We remain committed to and engaged in helping
customers transform their businesses and unlock the full potential
of multi-cloud.”
“Our Q3 subscription and SaaS ARR growth of 24% reflects
increased adoption of our multi-cloud product portfolio and
recently introduced customer programs,” said Zane Rowe, executive
vice president and CFO, VMware. “By continuing to meet the evolving
needs of our customers, we increased our mix of subscription and
SaaS revenue to 31% of our total revenue this quarter.”
Business Highlights & Strategic Announcements
- At VMware Explore U.S. 2022, the company announced new and
enhanced portfolio offerings, Cross-Cloud services and expanded
partnerships to deliver a faster and smarter path to cloud for
digital businesses. New technology offerings included:
- VMware vSphere 8, which introduces a new era of
computing by supporting DPUs (Data Processing Units) alongside CPUs
and GPUs—making the future of modern infrastructure accessible to
all enterprises.
- VMware vSAN 8 for breakthrough performance and
hyper-efficiency.
- VMware Aria, a new multi-cloud management portfolio,
which provides a set of end-to-end solutions for managing cloud
native applications and infrastructure.
- VMware Cloud Foundation+, introducing a cloud-connected
architecture for managing and operating full stack HCI in data
centers.
- Project Northstar, a preview of a major advancement of
the VMware NSX platform, for multi-cloud networking, security and
end-to-end visibility.
- VMware Tanzu for Kubernetes Operations, which includes
VMware Tanzu Mission Control, VMware Aria Operations for Apps and
VMware Tanzu Kubernetes Grid, will simplify Kubernetes delivery,
management and reliability.
- The extension of Workspace ONE Freestyle
Orchestrator to mobile devices and third-party apps, for
multi-platform automation and orchestration.
- VMware recently announced an expansion of our partnership with
IBM to help clients in regulated industries more easily move
workloads to the cloud, with IBM Consulting now serving as a GSI
partner for VMware.
- VMware extended its ongoing collaboration with Microsoft to
help customers with an Azure-first strategy to modernize enterprise
VMware vSphere workloads quickly and cost-effectively in Microsoft
Azure.
- VMware and AWS announced new capabilities in the jointly
engineered VMware Cloud on AWS service and broad availability of
VMware Cross-Cloud services on AWS Marketplace to help customers
accelerate moving VMware workloads to modern and more secure
infrastructure in AWS to support enterprise cloud
transformation.
- VMware introduced VMware Carbon Black Workload for AWS, which
delivers advanced protection purpose-built for securing both
traditional and modern workloads.
- VMware received industry analyst recognition:
- VMware was positioned by Gartner, Inc. as a Leader in the 2022
Gartner Magic Quadrant for SD-WAN.2 Previously known as the Gartner
Magic Quadrant for WAN Edge Infrastructure, this year’s report
marks the fifth consecutive year that Gartner has recognized VMware
as a Leader in SD-WAN.
- VMware was positioned by Gartner, Inc. as a Leader in the 2022
Magic Quadrant for Unified Endpoint Management (UEM) Tools.3 This
is the fifth consecutive year VMware has been named. We believe
Gartner recognized VMware as a Leader in this Magic Quadrant
because of our Workspace One product.
- Analyst firm IDC ranked VMware No. 1 in the worldwide IT
automation and configuration management (ITACM) 4 software market
for 2021. This year’s report marks the fifth consecutive year that
customers have helped VMware top the list in Worldwide IT
Automation and Configuration.
1 Our annual estimated tax rate is based
upon, among other things, current tax law regarding the impacts of
Internal Revenue Code Section 174 (“Section 174”) research and
development expense capitalization, which became effective
beginning VMware’s fiscal 2023. Although the U.S. Congress
continues to consider various legislative options that would defer
the amortization requirement to later years, the financial results
for the nine months ended October 28, 2022 reflect the impact of
the tax law in effect as of October 28, 2022. The provided
estimated tax adjustment range, in the table accompanying this
release, reflects the non-GAAP adjustment we would expect should
the capitalization provisions of Section 174 be deferred or
repealed with effect for fiscal 2023.
2 Gartner, Magic Quadrant for SD-WAN, By
Jonathan Forest, Naresh Singh, Andrew Lerner, Karen Brown, 12
September 2022. Gartner does not endorse any vendor, product, or
service depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner's research organization and should not
be construed as statements of fact. Gartner disclaims all
warranties, expressed or implied, with respect to this research,
including any warranties of merchantability or fitness for a
particular purpose. Gartner and Magic Quadrant are registered
trademarks of Gartner, Inc. and/or its affiliates in the U.S. and
internationally and are used herein with permission. All rights
reserved. This document was renamed from Magic Quadrant of WAN Edge
Infrastructure to Magic Quadrant for SD-WAN in 2022.
3 Gartner Magic Quadrant for Unified
Endpoint Management Tools, Tom Cipolla, Dan Wilson, Chris Silva,
Craig Fisler, August 1, 2022.
4 The IDC report, “Worldwide IT Automation
and Configuration Management Software Market Shares, 2021: Economic
Recovery Drives Growth,” (doc #US49218922, June 2022) analyzed
revenue and growth rate for the total market in calendar 2021, as
well as revenues, shares and growth rates of select leading
vendors.
About VMware
VMware is a leading provider of multi-cloud services for all
apps, enabling digital innovation with enterprise control. As a
trusted foundation to accelerate innovation, VMware software gives
businesses the flexibility and choice they need to build the
future. Headquartered in Palo Alto, California, VMware is committed
to building a better future through the company’s 2030 Agenda. For
more information, please visit vmware.com/company.
Definitive Agreement to be Acquired by Broadcom
VMware has entered into a definitive agreement to be acquired by
Broadcom Inc. (“Broadcom”). The transaction, which is expected to
be completed in Broadcom's fiscal year 2023, is subject to the
receipt of regulatory approvals and other customary closing
conditions. Please refer to the May 26, 2022 announcement entitled,
“Broadcom to Acquire VMware for Approximately $61 Billion in Cash
and Stock,” available on news.vmware.com.
Additional Information
VMware’s website is located at vmware.com, and its investor
relations website is located at 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 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; ESG
(environmental, social and 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, vSphere, VMware vSAN, VMware Aria, Explore, NSX, Tanzu,
Workspace ONE, and Carbon Black 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.”
Annual Recurring Revenue (“ARR”)
ARR is an operating measure VMware uses to assess the strength
of the Company’s subscription and SaaS offerings. ARR is a
performance metric and should be viewed independently of, and not
as a substitute for or combined with, revenue and unearned revenue.
ARR represents the annualized value of VMware’s committed customer
subscription and SaaS contracts as of the end of the reporting
period, assuming any contract that expires during the next 12
months is renewed on its existing terms and any applicable
termination for convenience clauses are not exercised, except that,
for consumption-based subscription and SaaS offerings, ARR
represents the annualized quarterly revenue based on revenue
recognized for the current reporting period.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding the expected
benefits to customers, partners and stockholders of VMware’s
strategy and offerings, as well as the proposed acquisition of
VMware by Broadcom and related timing of its consummation. 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 satisfaction of the
conditions precedent to consummation of the proposed acquisition,
and the ability to consummate the proposed acquisition, on a timely
basis or at all; (2) business disruption following the announcement
of the proposed transaction, including disruption of current plans
and operations; (3) the effects of the proposed acquisition, the
spin-off of VMware from Dell and changes in VMware’s and Dell’s
commercial relationships and go-to-market strategy on VMware’s
ability to (a) enter into, maintain and extend strategically
effective partnerships, collaborations and alliances, (b) maintain
and establish new relationships with customers, partners and
suppliers, and (c) maintain operating results and VMware’s business
generally; (4) difficulties in retaining and hiring key personnel
and employees, including due to the proposed acquisition; (5) the
ability to implement plans, forecasts and other expectations with
respect to the business after the completion of the proposed
acquisition and realize synergies; (6) the impact of the COVID-19
pandemic on VMware’s operations, financial condition, customers,
the business environment and global and regional economies; (7) the
ability of VMware to adapt its offerings, business operations and
go-to-market activities to changes in how customers consume
information technology resources, such as through subscription and
SaaS offerings; (8) changes to VMware’s and Dell’s respective
financial conditions and strategic directions, including potential
effects of the proposed acquisition of VMware by Broadcom, that
could adversely impact the VMware-Dell commercial relationship and
collaborations; (9) the continued risk of on-going and new
litigation and regulatory actions, including the outcome of any
legal proceedings related to the proposed acquisition; (10) adverse
changes in general economic or market conditions; (11) delays or
reductions in consumer, government and information technology
spending, including due to the announced acquisition; (12)
competitive factors, such as pricing pressures, industry
consolidation, entry of new competitors into the industries in
which VMware competes, as well as new product and marketing
initiatives by VMware’s competitors; (13) rapid technological
changes in the virtualization software, cloud, end user, edge
security and mobile computing and telecom industries; (14) the
uncertainty of VMware’s customers’ acceptance of and ability to
transition to emerging technologies and new offerings and computing
strategies in the industries in which VMware competes; (15)
VMware’s ability to protect its proprietary technology; (16)
changes to product and services development timelines; (17) risks
associated with cyber-attacks, information security and data
privacy; (18) disruptions resulting from key management changes;
(19) risks associated with international sales, such as fluctuating
currency exchange rates and increased trade barriers; (20) changes
in VMware’s financial condition; and (21) 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 VMware 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
Nine Months Ended
October 28,
October 29,
October 28,
October 29,
2022
2021
2022
2021
Revenue:
License
$
621
$
710
$
1,990
$
2,093
Subscription and SaaS
988
820
2,830
2,336
Services
1,602
1,658
4,815
4,891
Total revenue
3,211
3,188
9,635
9,320
Operating expenses(1):
Cost of license revenue
39
37
113
111
Cost of subscription and SaaS revenue
196
175
583
502
Cost of services revenue
384
362
1,128
1,051
Research and development
832
768
2,409
2,251
Sales and marketing
1,081
1,011
3,216
2,993
General and administrative
289
316
815
808
Realignment
—
—
7
1
Operating income
390
519
1,364
1,603
Investment income
20
—
28
1
Interest expense
(77
)
(74
)
(222
)
(173
)
Other income (expense), net
(14
)
12
(44
)
(7
)
Income before income tax
319
457
1,126
1,424
Income tax provision
88
59
306
190
Net income
$
231
$
398
$
820
$
1,234
Net income per weighted-average share,
basic
$
0.55
$
0.95
$
1.94
$
2.94
Net income per weighted-average share,
diluted
$
0.54
$
0.94
$
1.93
$
2.92
Weighted-average shares, basic
423,993
419,456
422,194
419,309
Weighted-average shares, diluted
426,328
421,763
424,490
422,201
__________
(1) Includes stock-based compensation as
follows:
Cost of license revenue
$
—
$
—
$
1
$
1
Cost of subscription and SaaS revenue
7
5
18
16
Cost of services revenue
31
21
79
70
Research and development
163
125
441
402
Sales and marketing
104
74
278
227
General and administrative
43
33
124
97
VMware, Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(amounts in millions, except
per share amounts, and shares in thousands)
(unaudited)
October 28,
January 28,
2022
2022
ASSETS
Current assets:
Cash and cash equivalents
$
3,972
$
3,614
Short-term investments
—
19
Accounts receivable, net of allowance of
$10 and $10
1,909
2,297
Due from related parties
821
1,438
Other current assets
616
598
Total current assets
7,318
7,966
Property and equipment, net
1,597
1,461
Deferred tax assets
6,090
5,906
Intangible assets, net
526
714
Goodwill
9,598
9,598
Due from related parties
189
199
Other assets
2,808
2,832
Total assets
$
28,126
$
28,676
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
297
$
234
Accrued expenses and other
2,566
2,806
Current portion of long-term debt
1,000
—
Unearned revenue
6,339
6,479
Due to related parties
201
132
Total current liabilities
10,403
9,651
Long-term debt
9,686
12,671
Unearned revenue
4,878
4,743
Income tax payable
260
242
Operating lease liabilities
849
927
Due to related parties
804
909
Other liabilities
440
409
Total liabilities
27,320
29,552
Contingencies
Stockholders’ equity (deficit):
Class A common stock, par value $0.01;
authorized 2,500,000 shares; issued and outstanding 424,613 and
418,808 shares
4
4
Additional paid-in capital
870
—
Accumulated other comprehensive loss
(13
)
(5
)
Accumulated deficit
(55
)
(875
)
Total stockholders’ equity (deficit)
806
(876
)
Total liabilities and stockholders’ equity
(deficit)
$
28,126
$
28,676
VMware, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Three Months Ended
Nine Months Ended
October 28,
October 29,
October 28,
October 29,
2022
2021
2022
2021
Operating activities:
Net income
$
231
$
398
$
820
$
1,234
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
316
281
906
825
Stock-based compensation
348
258
941
813
Deferred income taxes, net
(101
)
(61
)
(181
)
(92
)
(Gain) loss on equity securities and
disposition of assets, net
1
(9
)
(11
)
29
Other
3
3
6
6
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable
162
41
384
247
Other current assets and other assets
(92
)
(77
)
(512
)
(467
)
Due from related parties
446
255
627
777
Accounts payable
79
17
48
87
Accrued expenses and other liabilities
(208
)
37
(527
)
(181
)
Income taxes payable
94
53
208
24
Unearned revenue
(15
)
(106
)
(6
)
(82
)
Due to related parties
1
—
(36
)
—
Net cash provided by operating
activities
1,265
1,090
2,667
3,220
Investing activities:
Additions to property and equipment
(108
)
(106
)
(327
)
(263
)
Sales of investments in equity
securities
—
34
20
68
Purchases of strategic investments
(3
)
(1
)
(11
)
(7
)
Proceeds from disposition of assets
—
4
91
5
Business combinations, net of cash
acquired, and purchases of intangible assets
—
—
(4
)
(15
)
Net cash used in investing activities
(111
)
(69
)
(231
)
(212
)
Financing activities:
Proceeds from issuance of common stock
124
128
248
267
Proceeds from issuance of senior notes,
net of issuance costs
—
5,944
—
5,944
Repayment of term loan
(500
)
—
(2,000
)
—
Repayment of note payable to Dell
—
(270
)
—
(270
)
Repurchase of common stock
—
(143
)
(89
)
(872
)
Shares repurchased for tax withholdings on
vesting of restricted stock
(48
)
(48
)
(253
)
(291
)
Principal payments on finance lease
obligations
(1
)
(1
)
(4
)
(3
)
Net cash provided by (used in) financing
activities
(425
)
5,610
(2,098
)
4,775
Net increase in cash, cash equivalents and
restricted cash
729
6,631
338
7,783
Cash, cash equivalents and restricted cash
at beginning of the period
3,272
5,922
3,663
4,770
Cash, cash equivalents and restricted cash
at end of the period
$
4,001
$
12,553
$
4,001
$
12,553
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
86
$
49
$
226
$
146
Cash paid for taxes, net
94
73
278
276
Non-cash items:
Changes in capital additions, accrued but
not paid
$
14
$
(2
)
$
23
$
9
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
October 28,
October 29,
2022
2021
Total revenue, as reported
$
3,211
$
3,188
Sequential change in unearned
revenue(1)
(14
)
(105
)
Total revenue plus sequential change in
unearned revenue
$
3,197
$
3,083
Change (%) over prior year, as
reported
4
%
Growth
in License and Subscription and SaaS Revenue Plus Sequential Change
in Unearned License and Subscription and SaaS
Revenue
Three Months Ended
October 28,
October 29,
2022
2021
Total license and subscription and SaaS
revenue, as reported
$
1,609
$
1,530
Sequential change in unearned license and
subscription and SaaS revenue(2)
253
27
Total license and subscription and SaaS
revenue plus sequential change in unearned license and subscription
and SaaS revenue
$
1,862
$
1,557
Change (%) over prior year, as
reported
20
%
__________
(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 condensed consolidated balance sheets.
(2) Consists of the change in unearned
license and subscription and SaaS revenue from the preceding
quarter.
REMAINING PERFORMANCE
OBLIGATIONS
(in millions)
(unaudited)
Growth
in Remaining Performance Obligations
October 28,
October 29,
2022
2021
Remaining performance obligations(3)
$
11,902
$
11,123
Change (%) over prior year
7
%
Remaining performance obligations,
current(4)
$
6,660
$
6,232
Change (%) over prior year
7
%
__________
(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)
October 28,
July 29,
April 29,
January 28,
October 29,
July 30,
2022
2022
2022
2022
2021
2021
Unearned revenue as reported:
License
$
28
$
20
$
20
$
19
$
17
$
20
Subscription and SaaS
3,197
2,952
2,671
2,669
2,238
2,208
Services
Software maintenance
6,636
6,903
6,877
7,208
6,773
6,916
Professional services
1,356
1,356
1,298
1,326
1,205
1,194
Total unearned revenue
$
11,217
$
11,231
$
10,866
$
11,222
$
10,233
$
10,338
VMware, Inc.
RECONCILIATION OF GAAP TO
NON-GAAP DATA
For the Three Months Ended
October 28, 2022
(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
Acquisition,
Disposition
and Other
Items
Tax Adjustment(1)
Non-GAAP As
Adjusted(2)
Operating expenses:
Cost of license revenue
$
39
—
—
(9
)
—
—
$
29
Cost of subscription and SaaS revenue
$
196
(7
)
—
(36
)
—
—
$
153
Cost of services revenue
$
384
(31
)
—
—
(8
)
—
$
345
Research and development
$
832
(163
)
—
(2
)
—
—
$
666
Sales and marketing
$
1,081
(104
)
(1
)
(15
)
(7
)
—
$
956
General and administrative
$
289
(43
)
—
—
(41
)
—
$
205
Operating income
$
390
348
1
62
56
—
$
857
Operating margin(2)
12.1
%
10.8
%
—
%
1.9
%
1.7
%
—
26.7
%
Other income (expense), net(3)
$
(14
)
—
—
—
1
—
$
(13
)
Income before income tax
$
319
348
1
62
57
—
$
787
Income tax provision
$
88
73
$
161
Tax rate(2)
27.6
%
20.5
%
Net income
$
231
348
1
62
57
(73
)
$
626
Net income per weighted-average share,
diluted(2)(4)
$
0.54
$
0.82
$
—
$
0.15
$
0.13
$
(0.17
)
$
1.47
__________
(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 426,328 diluted
weighted-average shares of common stock.
VMware, Inc.
SUPPLEMENTAL RECONCILIATION OF
GAAP TO NON-GAAP DATA
IMPACT OF INTERNAL REVENUE
CODE SECTION 174
For the Three Months Ended
October 28, 2022
(amounts in millions, except
per share amounts, and shares in thousands)
(unaudited)
GAAP
Tax Adjustment (1)
Non-GAAP
As Adjusted
Estimated Tax Adjustment
Excluding Section 174 Impact (2)
Non-GAAP As Adjusted
Excluding Section 174 Impact
(3)
Income before income tax
$
319
$
787
$
787
Income tax provision
$
88
$
73
$
161
$
(31
)
-
(39
)
$
130
-
122
Tax rate (4)
27.6
%
20.5
%
16.5
-
15.5
%
Net income
$
231
$
626
$
657
-
665
Net income per weighted-average share,
diluted (4)(5)
$
0.54
$
1.47
$
1.54
-
1.56
__________
(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) Our annual estimated tax rate is based
upon, among other things, current tax law regarding the impacts of
Internal Revenue Code Section 174 (“Section 174”) research and
development expense capitalization, which became effective
beginning in VMware’s fiscal 2023. Although the U.S. Congress is
considering various legislative options that would defer the
capitalization requirement to later years and such possible
deferral was considered in our full year guidance provided on
February 28, 2022, the financial results for the three months ended
October 28, 2022 reflect the impact of the tax law in effect as of
October 28, 2022. The provided estimated tax adjustment range
reflects the non-GAAP adjustment we would expect should the
capitalization provisions of Section 174 be deferred or repealed
with effect for fiscal 2023.
(3) Represents the estimated non-GAAP
results excluding the impact of Section 174 capitalization under
the tax law in effect as of October 28, 2022.
(4) Totals may not sum, due to rounding.
Tax rate and net income per weighted average share information are
calculated based upon the respective underlying, non-rounded
data.
(5) Calculated based upon 426,328 diluted
weighted-average shares of common stock.
VMware, Inc.
RECONCILIATION OF GAAP TO
NON-GAAP DATA
For the Three Months Ended
October 29, 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
Acquisition,
Disposition
and Other
Items
Tax Adjustment(1)
Non-GAAP As
Adjusted(2)
Operating expenses:
Cost of license revenue
$
37
—
—
(10
)
—
—
$
27
Cost of subscription and SaaS revenue
$
175
(5
)
—
(43
)
—
—
$
127
Cost of services revenue
$
362
(21
)
—
—
—
—
$
341
Research and development
$
768
(125
)
—
(2
)
—
—
$
641
Sales and marketing
$
1,011
(74
)
(1
)
(20
)
—
—
$
915
General and administrative
$
316
(33
)
—
—
(82
)
—
$
202
Operating income
$
519
258
1
75
82
—
$
935
Operating margin(2)
16.3
%
8.1
%
—
%
2.4
%
2.6
%
—
29.3
%
Other income (expense), net(3)
$
12
—
—
—
(10
)
—
$
2
Income before income tax
$
457
258
1
75
72
—
$
863
Income tax provision
$
59
79
$
138
Tax rate(2)
12.9
%
16.0
%
Net income
$
398
258
1
75
72
(79
)
$
725
Net income per weighted-average share,
diluted for Classes A and B(2)(4)
$
0.94
$
0.61
$
—
$
0.18
$
0.17
$
(0.19
)
$
1.72
__________
(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 421,763 diluted
weighted-average shares for Classes A and B.
VMware, Inc.
RECONCILIATION OF GAAP TO
NON-GAAP DATA
For the Nine Months Ended
October 28, 2022
(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
$
113
(1
)
—
(28
)
—
—
—
$
83
Cost of subscription and SaaS revenue
$
583
(18
)
—
(109
)
—
—
—
$
456
Cost of services revenue
$
1,128
(79
)
(1
)
—
—
(8
)
—
$
1,040
Research and development
$
2,409
(441
)
(1
)
(7
)
—
—
—
$
1,959
Sales and marketing
$
3,216
(278
)
(4
)
(48
)
—
(7
)
—
$
2,881
General and administrative
$
815
(124
)
(1
)
—
—
(69
)
—
$
622
Realignment
$
7
—
—
—
(7
)
—
—
$
—
Operating income
$
1,364
941
7
192
7
84
—
$
2,594
Operating margin(2)
14.2
%
9.8
%
0.1
%
2.0
%
0.1
%
0.9
%
—
26.9
%
Other income (expense), net(3)
$
(44
)
—
—
—
—
(10
)
—
$
(54
)
Income before income tax
$
1,126
941
7
192
7
74
—
$
2,346
Income tax provision
$
306
175
$
481
Tax rate(2)
27.2
%
20.5
%
Net income
$
820
941
7
192
7
74
(175
)
$
1,865
Net income per weighted-average share,
diluted(2)(4)
$
1.93
$
2.22
$
0.02
$
0.45
$
0.02
$
0.17
$
(0.41
)
$
4.39
__________
(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 424,490 diluted
weighted-average shares of common stock.
VMware, Inc.
SUPPLEMENTAL RECONCILIATION OF
GAAP TO NON-GAAP DATA
IMPACT OF INTERNAL REVENUE
CODE SECTION 174
For the Nine Months Ended
October 28, 2022
(amounts in millions, except
per share amounts, and shares in thousands)
(unaudited)
GAAP
Tax Adjustment (1)
Non-GAAP
As Adjusted
Estimated Tax Adjustment
Excluding Section 174 Impact (2)
Non-GAAP As Adjusted
Excluding Section 174 Impact
(3)
Income before income tax
$
1,126
$
2,346
$
2,346
Income tax provision
$
306
$
175
$
481
$
(94
)
-
(117
)
$
387
-
364
Tax rate (4)
27.2
%
20.5
%
16.5
-
15.5
%
Net income
$
820
$
1,865
$
1,959
-
1,982
Net income per weighted-average share,
diluted (4)(5)
$
1.93
$
4.39
$
4.61
-
4.67
__________
(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) Our annual estimated tax rate is based
upon, among other things, current tax law regarding the impacts of
Internal Revenue Code Section 174 (“Section 174”) research and
development expense capitalization, which became effective
beginning in VMware’s fiscal 2023. Although the U.S. Congress is
considering various legislative options that would defer the
capitalization requirement to later years and such possible
deferral was considered in our full year guidance provided on
February 28, 2022, the financial results for the nine months ended
October 28, 2022 reflect the impact of the tax law in effect as of
October 28, 2022. The provided estimated tax adjustment range
reflects the non-GAAP adjustment we would expect should the
capitalization provisions of Section 174 be deferred or repealed
with effect for fiscal 2023.
(3) Represents the estimated non-GAAP
results excluding the impact of Section 174 capitalization under
the tax law in effect as of October 28, 2022.
(4) Totals may not sum, due to rounding.
Tax rate and net income per weighted average share information are
calculated based upon the respective underlying, non-rounded
data.
(5) Calculated based upon 424,490 diluted
weighted-average shares of common stock.
VMware, Inc.
RECONCILIATION OF GAAP TO
NON-GAAP DATA
For the Nine Months Ended
October 29, 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
$
111
(1
)
—
(30
)
—
—
—
$
80
Cost of subscription and SaaS revenue
$
502
(16
)
—
(128
)
—
—
—
$
358
Cost of services revenue
$
1,051
(70
)
(1
)
—
—
—
—
$
979
Research and development
$
2,251
(402
)
(1
)
(5
)
—
—
—
$
1,842
Sales and marketing
$
2,993
(227
)
(5
)
(66
)
—
—
—
$
2,696
General and administrative
$
808
(97
)
(1
)
—
—
(126
)
—
$
584
Realignment
$
1
—
—
—
(1
)
—
—
$
—
Operating income
$
1,603
813
8
229
1
126
—
$
2,781
Operating margin(2)
17.2
%
8.7
%
0.1
%
2.5
%
—
%
1.4
%
—
29.8
%
Other income (expense), net(3)
$
(7
)
—
—
—
—
28
—
$
20
Income before income tax
$
1,424
813
8
229
1
154
—
$
2,629
Income tax provision
$
190
231
$
421
Tax rate(2)
13.3
%
16.0
%
Net income
$
1,234
813
8
229
1
154
(231
)
$
2,208
Net income per weighted-average share,
diluted for Classes A and B(2)(4)
$
2.92
$
1.93
$
0.02
$
0.54
$
—
$
0.36
$
(0.55
)
$
5.23
__________
(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 422,201 diluted
weighted-average shares for Classes A and B.
VMware, Inc.
REVENUE BY TYPE
(in millions)
(unaudited)
Three Months Ended
Nine Months Ended
October 28,
October 29,
October 28,
October 29,
2022
2021
2022
2021
Revenue:
License
$
621
$
710
$
1,990
$
2,093
Subscription and SaaS
988
820
2,830
2,336
Total license and subscription and
SaaS
1,609
1,530
4,820
4,429
Services:
Software maintenance
1,298
1,354
3,907
4,011
Professional services
304
304
908
880
Total services
1,602
1,658
4,815
4,891
Total revenue
$
3,211
$
3,188
$
9,635
$
9,320
Percentage of revenue:
License
19.3
%
22.3
%
20.6
%
22.5
%
Subscription and SaaS
30.8
%
25.7
%
29.4
%
25.0
%
Total license and subscription and
SaaS
50.1
%
48.0
%
50.0
%
47.5
%
Services:
Software maintenance
40.4
%
42.5
%
40.5
%
43.0
%
Professional services
9.5
%
9.5
%
9.5
%
9.5
%
Total services
49.9
%
52.0
%
50.0
%
52.5
%
Total revenue
100.0
%
100.0
%
100.0
%
100.0
%
VMware, Inc.
REVENUE BY GEOGRAPHY
(in millions)
(unaudited)
Three Months Ended
Nine Months Ended
October 28,
October 29,
October 28,
October 29,
2022
2021
2022
2021
Revenue:
United States
$
1,614
$
1,582
$
4,780
$
4,587
International
1,597
1,606
4,855
4,733
Total revenue
$
3,211
$
3,188
$
9,635
$
9,320
Percentage of revenue:
United States
50.3
%
49.6
%
49.6
%
49.2
%
International
49.7
%
50.4
%
50.4
%
50.8
%
Total revenue
100.0
%
100.0
%
100.0
%
100.0
%
VMware, Inc.
RECONCILIATION OF GAAP CASH
FLOWS FROM OPERATING ACTIVITIES
TO FREE CASH FLOWS
(A NON-GAAP FINANCIAL
MEASURE)
(in millions)
(unaudited)
Three Months Ended
Nine Months Ended
October 28,
October 29,
October 28,
October 29,
2022
2021
2022
2021
GAAP cash flows from operating
activities
$
1,265
$
1,090
$
2,667
$
3,220
Capital expenditures
(108
)
(106
)
(327
)
(263
)
Free cash flows
$
1,157
$
984
$
2,340
$
2,957
About Non-GAAP Financial Measures
To provide investors and others with additional information
regarding VMware’s results, VMware has disclosed in this earnings
release the following non-GAAP financial measures: non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income,
non-GAAP net income per diluted share, free cash flow, non-GAAP
income tax provision as adjusted for the impact of Internal Revenue
Code Section 174 (“Section 174”) and non-GAAP revenue as adjusted
for the impact of the suspension of our business operations in
Russia and foreign currency. VMware has provided a reconciliation
of each non-GAAP financial measure used in this earnings release to
the most directly comparable GAAP financial measure. Other than
free cash flow, non-GAAP income tax provision as adjusted for the
impact of Section 174 and non-GAAP revenue as adjusted for the
impact of the suspension of our business operations in Russia and
foreign currency, these non-GAAP financial measures differ from
GAAP in that they exclude stock-based compensation, employer
payroll taxes on employee stock transactions, amortization of
acquired intangible assets, realignment charges, acquisition,
disposition and other items, and discrete items that impacted our
GAAP tax rate, each as discussed below. Our non-GAAP financial
measures also reflect the application of our non-GAAP tax rate.
Free cash flow differs from GAAP cash flow from operating
activities with respect to the treatment of capital
expenditures.
VMware’s management uses these non-GAAP financial measures to
understand and compare operating results across accounting periods,
for internal budgeting and forecasting purposes, for short- and
long-term operating plans, to calculate bonus payments and to
evaluate VMware’s financial performance, the performance of its
individual functional groups and the ability of operations to
generate cash. Management believes these non-GAAP financial
measures reflect VMware’s ongoing business in a manner that allows
for meaningful period-to-period comparisons and analysis of trends
in VMware’s business, as they exclude charges and gains that are
not reflective of ongoing operating results. Management also
believes that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
VMware’s operating results and future prospects in the same manner
as management and in comparing financial results across accounting
periods and to those of peer companies. Additionally, management
believes information regarding free cash flow provides investors
and others with an important perspective on the cash available to
make strategic acquisitions and investments, to repurchase shares,
to fund ongoing operations and to fund other capital
expenditures.
Management believes these non-GAAP financial measures are useful
to investors and others in assessing VMware’s operating performance
due to the following factors:
- Stock-based compensation. Stock-based compensation is generally
fixed at the time the stock-based instrument is granted and
amortized over a period of several years. Although stock-based
compensation is an important aspect of the compensation of VMware’s
employees and executives, the expense for the fair value of the
stock-based instruments VMware utilizes may bear little resemblance
to the actual value realized upon the vesting or future exercise of
the related stock-based awards. Management believes it is useful to
exclude stock-based compensation in order to better understand the
long-term performance of VMware’s core business.
- Employer payroll taxes on employee stock transactions. The
amount of employer payroll taxes on stock-based compensation is
dependent on VMware’s stock price and other factors that are beyond
VMware’s control and do not correlate to the operation of the
business.
- Amortization of acquired intangible assets. A portion of the
purchase price of VMware’s acquisitions is generally allocated to
intangible assets, such as intellectual property, and is subject to
amortization. However, VMware does not acquire businesses on a
predictable cycle. Additionally, the amount of an acquisition’s
purchase price allocated to intangible assets and the term of its
related amortization can vary significantly and are unique to each
acquisition. Therefore, VMware believes that the presentation of
non-GAAP financial measures that adjust for the amortization of
intangible assets provides investors and others with a consistent
basis for comparison across accounting periods.
- Realignment charges. Realignment charges include workforce
reductions, asset impairments, losses on asset disposals and costs
to exit facilities. VMware’s management believes it is useful to
exclude these items, when significant, as they are not reflective
of VMware’s core business and operating results.
- Acquisition, disposition and other items. As VMware does not
acquire or dispose of businesses on a predictable cycle and the
terms of each transaction can vary significantly and are unique to
each transaction, VMware believes it is useful to exclude
acquisition, disposition and other items when looking for a
consistent basis for comparison across accounting periods. These
items include:
– Direct costs of acquisitions and
dispositions, such as transaction and advisory fees.
– Costs associated with integrating acquired
businesses.
– Accruals for the portion of merger
consideration payable in installments that may be paid in cash or
VMware stock, at the option of VMware.
– Gains or losses on investments in equity
securities, whether realized or unrealized.
– Charges recognized for non-recoverable
strategic investments or gains recognized on the disposition of
strategic investments.
– Gains or losses on sale or disposal of
distinct lines of business or product offerings, or transactions
with features similar to discontinued operations, including
recoveries or charges recognized to adjust the fair value of assets
that qualify as “held for sale.”
– Certain costs incurred related to VMware's
spin-off from its former parent company, Dell Technologies Inc.,
completed on November 1, 2021, such as legal and advisory fees.
– Certain costs incurred related to VMware's
pending acquisition by Broadcom Inc. ("Broadcom"), such as legal
and advisory fees incurred to effect the acquisition and retention
compensation incurred to preserve our business organization through
the consummation of the merger. The acquisition is expected to
occur in Broadcom's fiscal year 2023 and is subject to the receipt
of regulatory approvals and other customary closing conditions.
- Tax adjustment. Non-GAAP financial information for the quarter
is adjusted for a tax rate equal to VMware’s annual estimated tax
rate on non-GAAP income. This rate is based on VMware’s estimated
annual GAAP income tax rate forecast, adjusted to account for items
excluded from GAAP income in calculating VMware’s non-GAAP income
as well as significant tax adjustments. VMware’s 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 VMware
management believes 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 VMware’s estimated annual tax rates as described above,
the estimated tax rate on non-GAAP income may differ from the GAAP
tax rate and from VMware’s actual tax liabilities.
Additionally, VMware’s management believes that the non-GAAP
financial measure of free cash flow is meaningful to investors
because management reviews cash flow generated from operations
after taking into consideration capital expenditures due to the
fact that these expenditures are considered to be a necessary
component of ongoing operations.
VMware’s management also believes that the non-GAAP income tax
provision as adjusted for the impact of Section 174 research and
development expense capitalization, which became effective
beginning with VMware’s fiscal 2023, is meaningful to investors,
given that the U.S. Congress is considering various legislative
options that would defer the capitalization requirement to later
years, possibly with effect for fiscal 2023.
Further, VMware’s management believes that the non-GAAP revenue
as adjusted for the impact of the suspension of our business
operations in Russia and foreign currency is meaningful to
investors due to the unexpected impacts of Russia’s invasion of
Ukraine on VMware’s business operations in the quarter as well as
changes in foreign currency exchange rates versus our
expectations.
The use of non-GAAP financial measures has certain limitations
because they do not reflect all items of income and expense that
affect VMware’s operations. Specifically, in the case of
stock-based compensation, if VMware did not pay out a portion of
its compensation in the form of stock-based compensation and
related employer payroll taxes, the cash salary expense included in
operating expenses would be higher, which would affect VMware’s
cash position. VMware compensates for these limitations by
reconciling the non-GAAP financial measures to the most comparable
GAAP financial measures. These non-GAAP financial measures should
be considered in addition to, not as a substitute for or in
isolation from, measures prepared in accordance with GAAP and
should not be considered measures of VMware’s liquidity. Further,
these non-GAAP measures may differ from the non-GAAP information
used by other companies, including peer companies, and therefore
comparability may be limited.
Management encourages investors and others to review VMware’s
financial information in its entirety and not rely on a single
financial measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221122005539/en/
Julie Gonzalez VMware Investor Relations ir@vmware.com
Doreen Ruyak VMware Global PR druyak@vmware.com 202-744-9767
Vmware (NYSE:VMW)
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