Total Revenue growth of 6% year-over-year
Subscription and SaaS Revenue of $943 million, an increase of 22% year-over-year
PALO ALTO, Calif.–(BUSINESS WIRE)–$VMW #earnings–VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the second quarter of fiscal year 2023:
Quarterly Review
“We are pleased with our performance in Q2. Our momentum continues next week at VMware Explore where we will showcase new innovative offerings while also highlighting how we are helping customers continue to transform their businesses,” said Raghu Raghuram, CEO, VMware. “We remain committed to helping organizations unlock the full potential of multi-cloud.”
“Our Q2 financial results reflect the continued commitment of the entire VMware team to accelerate innovation for our customers as they move to a multi-cloud environment,” said Zane Rowe, executive vice president and CFO, VMware. “Investments in our Subscription and SaaS offerings helped contribute to ARR growth of 24% year-over-year.”
Business Highlights & Strategic Announcements
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 six months ended July 29, 2022 reflect the impact of the tax law in effect as of July 29, 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reflects the non-GAAP adjustment we would expect should the capitalization provisions of Section 174 be deferred or repealed with effect for fiscal 2023.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 IDC MarketScape: Worldwide Unified Endpoint Management Software 2022 Vendor Assessment (doc #US48325122, May 2022); IDC MarketScape: Worldwide Unified Endpoint Management Software for Apple Devices 2022 Vendor Assessment (doc #US48325222, May 2022); IDC MarketScape: Worldwide Unified Endpoint Management Software for Ruggedized/Internet of Things Device Deployments 2022 Vendor Assessment (doc #US48325322, May 2022)
3 Gartner, Inc., Magic Quadrant for Application Performance Monitoring and Observability, Padraig Byrne and Gregg Siegfried, 07 June 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 and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
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, including approval by VMware shareholders. 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+, vSAN+, Tanzu, and Wavefront 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, 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 and partners of VMware’s strategy and offerings, as well as the proposed acquisition of VMware by Broadcom and related timing of its consummation. 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 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 its 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, VMware’s 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 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 and 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 |
|
Six Months Ended |
||||||||||||
|
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
|
License |
|
$ |
796 |
|
|
$ |
738 |
|
|
$ |
1,369 |
|
|
$ |
1,384 |
|
|
Subscription and SaaS |
|
|
943 |
|
|
|
776 |
|
|
|
1,842 |
|
|
|
1,516 |
|
|
Services |
|
|
1,597 |
|
|
|
1,624 |
|
|
|
3,213 |
|
|
|
3,232 |
|
|
Total revenue |
|
|
3,336 |
|
|
|
3,138 |
|
|
|
6,424 |
|
|
|
6,132 |
|
|
Operating expenses(1): |
|
|
|
|
|
|
|
|
||||||||
|
Cost of license revenue |
|
|
39 |
|
|
|
37 |
|
|
|
74 |
|
|
|
75 |
|
|
Cost of subscription and SaaS revenue |
|
|
196 |
|
|
|
170 |
|
|
|
387 |
|
|
|
327 |
|
|
Cost of services revenue |
|
|
369 |
|
|
|
352 |
|
|
|
744 |
|
|
|
689 |
|
|
Research and development |
|
|
803 |
|
|
|
775 |
|
|
|
1,577 |
|
|
|
1,483 |
|
|
Sales and marketing |
|
|
1,080 |
|
|
|
1,023 |
|
|
|
2,134 |
|
|
|
1,981 |
|
|
General and administrative |
|
|
276 |
|
|
|
256 |
|
|
|
527 |
|
|
|
492 |
|
|
Realignment |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
1 |
|
|
Operating income |
|
|
566 |
|
|
|
525 |
|
|
|
974 |
|
|
|
1,084 |
|
|
Investment income |
|
|
7 |
|
|
|
1 |
|
|
|
8 |
|
|
|
1 |
|
|
Interest expense |
|
|
(74 |
) |
|
|
(49 |
) |
|
|
(145 |
) |
|
|
(99 |
) |
|
Other income (expense), net |
|
|
(20 |
) |
|
|
3 |
|
|
|
(30 |
) |
|
|
(19 |
) |
|
Income before income tax |
|
|
479 |
|
|
|
480 |
|
|
|
807 |
|
|
|
967 |
|
|
Income tax provision |
|
|
132 |
|
|
|
69 |
|
|
|
218 |
|
|
|
131 |
|
|
Net income |
|
$ |
347 |
|
|
$ |
411 |
|
|
$ |
589 |
|
|
$ |
836 |
|
|
Net income per weighted-average share, basic |
|
$ |
0.82 |
|
|
$ |
0.98 |
|
|
$ |
1.40 |
|
|
$ |
1.99 |
|
|
Net income per weighted-average share, diluted |
|
$ |
0.82 |
|
|
$ |
0.97 |
|
|
$ |
1.39 |
|
|
$ |
1.98 |
|
|
Weighted-average shares, basic |
|
|
422,002 |
|
|
|
419,355 |
|
|
|
421,294 |
|
|
|
419,235 |
|
|
Weighted-average shares, diluted |
|
|
424,125 |
|
|
|
422,802 |
|
|
|
423,561 |
|
|
|
422,419 |
|
|
__________ |
|
|
|
|
|
|
|
|
||||||||
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
|
||||||||
|
Cost of license revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
Cost of subscription and SaaS revenue |
|
|
6 |
|
|
|
5 |
|
|
|
11 |
|
|
|
11 |
|
|
Cost of services revenue |
|
|
25 |
|
|
|
24 |
|
|
|
48 |
|
|
|
49 |
|
|
Research and development |
|
|
146 |
|
|
|
150 |
|
|
|
278 |
|
|
|
277 |
|
|
Sales and marketing |
|
|
93 |
|
|
|
81 |
|
|
|
174 |
|
|
|
153 |
|
|
General and administrative |
|
|
41 |
|
|
|
33 |
|
|
|
81 |
|
|
|
64 |
|
|
VMware, Inc. |
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(amounts in millions, except per share amounts, and shares in thousands) |
|||||||
|
(unaudited) |
|||||||
|
|
|
|
|
||||
|
|
July 29, |
|
January 28, |
||||
|
|
|
2022 |
|
|
|
2022 |
|
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
3,242 |
|
|
$ |
3,614 |
|
|
Short-term investments |
|
— |
|
|
|
19 |
|
|
Accounts receivable, net of allowance of $9 and $10 |
|
2,073 |
|
|
|
2,297 |
|
|
Due from related parties |
|
1,267 |
|
|
|
1,438 |
|
|
Other current assets |
|
636 |
|
|
|
598 |
|
|
Total current assets |
|
7,218 |
|
|
|
7,966 |
|
|
Property and equipment, net |
|
1,550 |
|
|
|
1,461 |
|
|
Deferred tax assets |
|
5,986 |
|
|
|
5,906 |
|
|
Intangible assets, net |
|
589 |
|
|
|
714 |
|
|
Goodwill |
|
9,598 |
|
|
|
9,598 |
|
|
Due from related parties |
|
189 |
|
|
|
199 |
|
|
Other assets |
|
2,863 |
|
|
|
2,832 |
|
|
Total assets |
$ |
27,993 |
|
|
$ |
28,676 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
208 |
|
|
$ |
234 |
|
|
Accrued expenses and other |
|
2,683 |
|
|
|
2,806 |
|
|
Unearned revenue |
|
6,388 |
|
|
|
6,479 |
|
|
Due to related parties |
|
202 |
|
|
|
132 |
|
|
Total current liabilities |
|
9,481 |
|
|
|
9,651 |
|
|
Long-term debt |
|
11,181 |
|
|
|
12,671 |
|
|
Unearned revenue |
|
4,843 |
|
|
|
4,743 |
|
|
Income tax payable |
|
253 |
|
|
|
242 |
|
|
Operating lease liabilities |
|
889 |
|
|
|
927 |
|
|
Due to related parties |
|
802 |
|
|
|
909 |
|
|
Other liabilities |
|
404 |
|
|
|
409 |
|
|
Total liabilities |
|
27,853 |
|
|
|
29,552 |
|
|
Contingencies |
|
|
|
||||
|
Stockholders’ equity (deficit): |
|
|
|
||||
|
Class A common stock, par value $0.01; authorized 2,500,000 shares; issued and outstanding 422,622 and 418,808 shares |
|
4 |
|
|
|
4 |
|
|
Additional paid-in capital |
|
435 |
|
|
|
— |
|
|
Accumulated other comprehensive loss |
|
(13 |
) |
|
|
(5 |
) |
|
Accumulated deficit |
|
(286 |
) |
|
|
(875 |
) |
|
Total stockholders’ equity (deficit) |
|
140 |
|
|
|
(876 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
$ |
27,993 |
|
|
$ |
28,676 |
|
|
VMware, Inc. |
||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||
|
(in millions) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|||||||||
|
Net income |
$ |
347 |
|
|
$ |
411 |
|
|
$ |
589 |
|
|
$ |
836 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|||||||||
|
Depreciation and amortization |
|
302 |
|
|
|
275 |
|
|
|
590 |
|
|
|
544 |
|
|
|
Stock-based compensation |
|
311 |
|
|
|
293 |
|
|
|
593 |
|
|
|
555 |
|
|
|
Deferred income taxes, net |
|
(37 |
) |
|
|
17 |
|
|
|
(80 |
) |
|
|
(31 |
) |
|
|
(Gain) loss on equity securities and disposition of assets, net |
|
(3 |
) |
|
|
1 |
|
|
|
(12 |
) |
|
|
37 |
|
|
|
Other |
|
— |
|
|
|
2 |
|
|
|
3 |
|
|
|
4 |
|
|
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|||||||||
|
Accounts receivable |
|
(453 |
) |
|
|
(189 |
) |
|
|
222 |
|
|
|
206 |
|
|
|
Other current assets and other assets |
|
(175 |
) |
|
|
(229 |
) |
|
|
(418 |
) |
|
|
(390 |
) |
|
|
Due from related parties |
|
(621 |
) |
|
|
(162 |
) |
|
|
180 |
|
|
|
522 |
|
|
|
Accounts payable |
|
(3 |
) |
|
|
5 |
|
|
|
(31 |
) |
|
|
70 |
|
|
|
Accrued expenses and other liabilities |
|
345 |
|
|
|
412 |
|
|
|
(319 |
) |
|
|
(218 |
) |
|
|
Income taxes payable |
|
41 |
|
|
|
(110 |
) |
|
|
114 |
|
|
|
(29 |
) |
|
|
Unearned revenue |
|
366 |
|
|
|
138 |
|
|
|
9 |
|
|
|
24 |
|
|
|
Due to related parties |
|
(23 |
) |
|
|
— |
|
|
|
(38 |
) |
|
|
— |
|
|
|
Net cash provided by operating activities |
|
397 |
|
|
|
864 |
|
|
|
1,402 |
|
|
|
2,130 |
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|||||||||
|
Additions to property and equipment |
|
(113 |
) |
|
|
(87 |
) |
|
|
(219 |
) |
|
|
(157 |
) |
|
|
Sales of investments in equity securities |
|
— |
|
|
|
26 |
|
|
|
20 |
|
|
|
34 |
|
|
|
Purchases of strategic investments |
|
— |
|
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(7 |
) |
|
|
Proceeds from disposition of assets |
|
84 |
|
|
|
1 |
|
|
|
90 |
|
|
|
1 |
|
|
|
Business combinations, net of cash acquired, and purchases of intangible assets |
|
(1 |
) |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(15 |
) |
|
|
Net cash used in investing activities |
|
(30 |
) |
|
|
(72 |
) |
|
|
(121 |
) |
|
|
(144 |
) |
|
|
Financing activities: |
|
|
|
|
|
|
|
|||||||||
|
Proceeds from issuance of common stock |
|
5 |
|
|
|
8 |
|
|
|
124 |
|
|
|
139 |
|
|
|
Repayment of term loan |
|
(750 |
) |
|
|
— |
|
|
|
(1,500 |
) |
|
|
— |
|
|
|
Repurchase of common stock |
|
— |
|
|
|
(358 |
) |
|
|
(89 |
) |
|
|
(729 |
) |
|
|
Shares repurchased for tax withholdings on vesting of restricted stock |
|
(111 |
) |
|
|
(186 |
) |
|
|
(205 |
) |
|
|
(242 |
) |
|
|
Principal payments on finance lease obligations |
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
Net cash used in financing activities |
|
(857 |
) |
|
|
(537 |
) |
|
|
(1,672 |
) |
|
|
(834 |
) |
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(490 |
) |
|
|
255 |
|
|
|
(391 |
) |
|
|
1,152 |
|
|
|
Cash, cash equivalents and restricted cash at beginning of the period |
|
3,762 |
|
|
|
5,667 |
|
|
|
3,663 |
|
|
|
4,770 |
|
|
|
Cash, cash equivalents and restricted cash at end of the period |
$ |
3,272 |
|
|
$ |
5,922 |
|
|
$ |
3,272 |
|
|
$ |
5,922 |
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|||||||||
|
Cash paid for interest |
$ |
59 |
|
|
$ |
50 |
|
|
$ |
140 |
|
|
$ |
97 |
|
|
|
Cash paid for taxes, net |
|
114 |
|
|
|
166 |
|
|
|
184 |
|
|
|
204 |
|
|
|
Non-cash items: |
|
|
|
|
|
|
|
|||||||||
|
Changes in capital additions, accrued but not paid |
$ |
16 |
|
|
$ |
8 |
|
|
$ |
9 |
|
|
$ |
11 |
|
|
|
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 |
|||||
|
|
July 29, |
|
July 30, |
|||
|
|
2022 |
|
2021 |
|||
|
Total revenue, as reported |
$ |
3,336 |
|
|
$ |
3,138 |
|
Sequential change in unearned revenue(1) |
|
365 |
|
|
|
138 |
|
Total revenue plus sequential change in unearned revenue |
$ |
3,701 |
|
|
$ |
3,276 |
|
Change (%) over prior year, as reported |
|
13 |
% |
|
|
|
|
|
|
|
|
|||
|
Growth in License and Subscription and SaaS Revenue Plus Sequential Change in Unearned License and Subscription and SaaS Revenue |
||||||
|
|
|
|
|
|||
|
|
Three Months Ended |
|||||
|
|
July 29, |
|
July 30, |
|||
|
|
2022 |
|
2021 |
|||
|
Total license and subscription and SaaS revenue, as reported |
$ |
1,739 |
|
|
$ |
1,514 |
|
Sequential change in unearned license and subscription and SaaS revenue(2) |
|
281 |
|
|
|
148 |
|
Total license and subscription and SaaS revenue plus sequential change in unearned license and subscription and SaaS revenue |
$ |
2,020 |
|
|
$ |
1,662 |
|
Change (%) over prior year, as reported |
|
22 |
% |
|
|
|
|
__________ |
|
|
|
|||
|
(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 |
||||||
|
|
|
|
|
|||
|
|
July 29, |
|
July 30, |
|||
|
|
2022 |
|
2021 |
|||
|
Remaining performance obligations(3) |
$ |
12,103 |
|
|
$ |
11,201 |
|
Change (%) over prior year |
|
8 |
% |
|
|
|
|
|
|
|
|
|||
|
Remaining performance obligations, current(4) |
$ |
6,767 |
|
|
$ |
6,249 |
|
Change (%) over prior year |
|
8 |
% |
|
|
|
|
__________ |
|
|
|
|||
|
(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. |
||||||
Contacts
Paul Ziots
VMware Investor Relations
pziots@vmware.com
650-427-3267
Michael Thacker
VMware Global PR
mthacker@vmware.com
650-427-4454
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