Home Applications VMware Reports First Quarter 2010 Results

VMware Reports First Quarter 2010 Results

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VMware, Inc. (NYSE: VMW), the global leader in virtualization solutions from the desktop through the datacenter to the cloud, today announced financial results for the first quarter 2010:

  • Revenues for the first quarter were $634 million, an increase of 35% from the first quarter of 2009.
     
  • GAAP operating income for the first quarter was $102 million, an increase of 18% from the first quarter of 2009. Non-GAAP operating income for the first quarter was $175 million, an increase of 45% from the first quarter of 2009.
     
  • GAAP net income for the first quarter was $78 million, or $0.19 per diluted share, compared to $70 million, or $0.18 per diluted share, for the first quarter of 2009. Non-GAAP net income for the first quarter was $133 million, or $0.32 per diluted share, compared to $100 million, or $0.25 per diluted share, for the first quarter of 2009.
     
  • Cash and cash equivalents as of March 31, 2010 were $2.8 billion, an increase of 36% compared to a year ago. Total deferred revenues were $1.4 billion, an increase of 48% from the same period a year ago.
     
  • Operating cash flows were $355 million, an increase of 37% from the first quarter of 2009. Free cash flows for the quarter were $326 million, an increase of 68% from the first quarter of 2009. For the trailing twelve months ended March 31, 2010, operating cash flows were $1.1 billion and free cash flows were $972 million.

US revenues for the first quarter increased 30% to $317 million from the first quarter of 2009. International revenues for the first quarter grew 40% to $317 million from the first quarter of 2009.

License revenues were $312 million, an increase of 21% from the first quarter of 2009. Services revenues, which include software maintenance and professional services, were $322 million, an increase of 51% from the first quarter of 2009.

"The quarter’s strong performance reinforces our position that virtualization is becoming a cornerstone for customers’ IT strategy, particularly since it enables them an evolutionary path forward to cloud computing," said Paul Maritz, president and chief executive officer. "With this broad acceptance of virtualization, it allows us to maintain an innovative and aggressive strategy to help remove complexity from IT and deliver on our vision of enabling IT-as-a-service."

"Our strong first quarter results were driven by pent up customer demand, carried over from last quarter, as well as a strong performance in Europe, China and Japan," said Mark Peek, chief financial officer. "We expect second quarter license revenues to be down sequentially, but total revenues to increase to a range of $635 and $665 million incorporating increased revenues from the acquisition of Zimbra and assets acquired from EMC. We also expect annual 2010 revenues to be in the range of $2.625 and $2.725 billion, an increase of 30% to 35% from 2009."

Recent Highlights & Strategic Announcements

  • VMware Partner Exchange 2010 broke the event’s 2009 attendance and sponsorship records with more than 2,600 attendees and 55 sponsors, including Arrow ECS, Cisco, EMC, HP, Ingram Micro, NetApp, Novell, Trend Micro and Wyse.
     
  • VMware announced a definitive agreement with EMC to acquire certain products and expertise from EMC’s Ionix IT management business, including solutions aimed at delivering improved management and deployment of servers and applications in a virtualized data center.
     
  • VMware announced programs for the Small and Medium Business (SMB) market including the availability of VMware Go, a Web-based service that provides an easy on-ramp to virtualization, and the promotion of vSphere Essentials, offering up to 50% off the list price for SMBs.
     
  • Cisco and NetApp, along with VMware introduced a Secure Multi-tenancy Design Architecture designed to provide enhanced security in cloud environments.

VMware plans to host a conference call today to review its first quarter results and to discuss its financial outlook. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed via the Web at http://ir.vmware.com. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 30 days.

About VMware

VMware delivers solutions for business infrastructure virtualization that enable IT organizations to energize businesses of all sizes. With the industry leading virtualization platform — VMware vSphere™ — customers rely on VMware to reduce capital and operating expenses, improve agility, ensure business continuity, strengthen security and go green. With 2009 revenues of $2 billion, more than 170,000 customers and 25,000 partners, VMware is the leader in virtualization which consistently ranks as a top priority among CIOs. VMware is headquartered in Silicon Valley with offices throughout the world and can be found online at www.vmware.com

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