VMware Reports Second Quarter 2013 Results - Year-over-Year Revenue Growth of 11% to $1.24 Billion - GAAP Operating Margin of 21.7%; Non-GAAP Operating Margin of 33.5%, a record high - GAAP EPS of $0.57; Non-GAAP EPS of $0.79 Supplemental Financial Tables
Non-GAAP Financial Measures
PALO ALTO, Calif., July 23, 2013 VMware, Inc. (NYSE: VMW), the global leader in virtualization and cloud infrastructure, today announced financial results for the second quarter of 2013:
Revenues for the second quarter were $1.24 billion, an increase of 11% from the second quarter of 2012. Excluding revenues attributable to GoPivotal and all divestitures that occurred in 2013, revenues for the second quarter increased 15% from the second quarter of 2012.1
Operating income for the second quarter was $270 million, an increase of 28% from the second quarter of 2012. Non-GAAP operating income for the second quarter was $417 million, an increase of 16% from the second quarter of 2012.
Net income for the second quarter was $244 million, or $0.57 per diluted share, up 28% per diluted share compared to $192 million, or $0.44 per diluted share, for the second quarter of 2012. Non-GAAP net income for the quarter was $343 million, or $0.79 per diluted share, up 16% per diluted share compared to $296 million, or $0.68 per diluted share, for the second quarter of 2012.
Operating cash flows for the second quarter were $534 million, an increase of 36% from the second quarter of 2012. Free cash flows for the quarter were $458 million, an increase of 32% from the second quarter of 2012.
Cash, cash equivalents and short-term investments were $5.32 billion and unearned revenue was $3.60 billion as of June 30, 2013.
Annual 2013 revenues are expected to be in the range of $5.12 billion to $5.26 billion, and annual license revenues are expected to be in the range of $2.21 billion to $2.29 billion. Excluding revenues attributable to GoPivotal and all divestitures that occurred in 2013, this represents growth rates of 15% to 18% for total revenues and 8% to 12% for license revenues.1
Third quarter 2013 revenues are expected to be in the range of $1.27 billion to $1.30 billion, and third quarter license revenues are expected to be between $535 million and $555 million. Excluding revenues attributable to GoPivotal and all divestitures that occurred in 2013, this represents growth rates of 17% to 20% for total revenues and 12% to 16% for license revenues.1
The second quarter was a strong finish to a solid first half of 2013 for VMware, said Pat Gelsinger, chief executive officer, VMware. We see a significant market opportunity in the second half of 2013 and beyond. VMware continues to succeed because we are uniquely positioned to help customers move from the client-server era to the mobile-cloud era of computing. As we help them bridge to this new world, were empowering businesses to capture new levels of efficiency, control and agility.
We are pleased with our second quarter results, said Jonathan Chadwick, chief financial officer, VMware. We exceeded the high end of our revenue guidance and achieved a record high non-GAAP operating margin in Q2. The company is aligned and focused, and we enter the second half of the year with significant momentum.
Recent Highlights & Strategic Announcements
On May 21, 2013, VMware unveiled VMware vCloud Hybrid Service , an Infrastructure as a Service ( IaaS ) cloud operated by VMware and built on the trusted foundation of VMware vSphere , giving customers a common platform to seamlessly extend their data center to the cloud.
On May 22, 2013, VMware and SAP AG announced a new model to deliver SAP Core Solutions and SAP HANA in the newly announced VMware vCloud Hybrid Service . The joint offering is designed to allow customers to consume SAP solutions on VMware vCloud Hybrid Service in a true Opex model with subscription pricing for both software and infrastructure services. The joint offering is expected to deliver a fully managed subscription service offered by VMware on-premise, in the cloud or within hybrid deployments.
On June 10, 2013, VMware announced that NTT Communications ( NTT Com ), the cloud service provider of one of the worlds largest telecommunications companies NTT Group, will deploy VMware network virtualization as a core technology for its new cloud service, Enterprise Cloud ( EC ). By incorporating VMware network virtualization into its EC service, NTT Com will provide seamless and flexible connectivity between customer data centers and the NTT Com cloud without changing the IP addresses of a customers existing, on-premise environment.
On June 11, 2013, VMware introduced VMware vCenter Log Insight , a new automated log management and analytics product for the Cloud Era. By extending analytics to logs, VMware enables IT organizations to gain real-time insights from vast amounts of log data generated by applications, physical hardware and virtualized infrastructure, helping to minimize troubleshooting times as well as improve operational efficiency and reduce IT costs.
In May and June of 2013, VMware made announcements regarding VMware vSphere integration with Apache Hadoop. MapR Technologies, Inc. and VMware announced that MapR's Distribution for Apache Hadoop is now certified for VMware vSphere. In addition, Cloudera and VMware announced that Cloudera Enterprise is now certified to run on vSphere. Through the VMware Ready program, VMware and Cloudera completed a detailed joint validation process, which enables enterprises to simplify and accelerate the use of Apache Hadoop within virtual and cloud environments.
The company will host a conference call today at 2:00 p.m. PT/ 5:00 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
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VMware Reports Second Quarter 2013 Results - Year-over-Year Revenue Growth of 11% to $1.24 Billion - GAAP Operating Margin of 21.7%; Non-GAAP Operating Margin of 33.5%, a record high - GAAP EPS of $0.57; Non-GAAP EPS of $0.79 Supplemental Financial Tables 
