Exhibit 99.1


Pivotal Reports Second Quarter Fiscal Year 2020 Financial Results

Subscription revenue grew 38% year over year
Total revenue grew 17% year over year
Subscription customers increased 12% year over year to 397
Dollar-based net expansion rate of 139%

SAN FRANCISCO – September 4, 2019, – Pivotal Software, Inc. (NYSE: PVTL), a leading cloud-native platform provider,
today reported results for the second quarter fiscal year 2020 ended August 2, 2019.

“Pivotal delivered a solid performance in the second quarter. We remain focused on customer success and winning new customers with our differentiated, multi-cloud platform. Subscription revenue growth of 38% and 17% total revenue growth were driven by customer expansions and new customer wins,” said Rob Mee, CEO of Pivotal Software. “Our platform and strategic services enable enterprises to modernize their development practices and securely operate their most important applications across multi-cloud environments.”

Second Quarter Fiscal 2020 Financial Results
Revenue: Subscription revenue was $135.0 million, an increase of 38% year over year. Total revenue was $193.0 million, an increase of 17% year over year.

Operating Loss: GAAP operating loss was $31.4 million, or 16% of total revenue, compared to a loss of $35.4 million in Q2 of last year. Non-GAAP operating loss was $4.5 million, or 2% of total revenue, compared to a loss of $14.6 million in Q2 of last year.

Net Income (Loss): GAAP net loss was $28.1 million, compared to a loss of $35.6 million in Q2 of last year. GAAP net loss per share was $0.10, compared to a loss of $0.14 in Q2 of last year. Non-GAAP net loss was $1.2 million, compared to a loss of $14.8 million in Q2 of last year. Non-GAAP net income (loss) per share was $0.00, compared to a loss of $0.06 in Q2 of last year.

Cash Flow: Operating cash flow was negative $58.5 million compared to operating cash flow of $18.4 million in Q2 of last year.

Cash and cash equivalents were $808.4 million as of August 2, 2019.

Recent Business Highlights
Subscription customers grew 12% year over year to 397
Dollar-based net expansion rate was 139%
New features added to Pivotal Cloud Foundry (PCF) include:
Pivotal Application Service (PAS) 2.6 adds new capabilities to make it easier for developers to build, wire and run cloud native applications. Highlights include the ability to deploy a custom sidecar process alongside your application and new integrations with Spinnaker, the leading tool for multi-cloud continuous delivery
Pivotal Container Service (PKS) 1.5 delivers support for Windows .Net on Kubernetes
The alpha version of PAS on Kubernetes improves the developer and operator experience when using Kubernetes
The alpha version of Pivotal Build Service brings developer productivity and operational excellence to containers in Kubernetes
Named to Fast Company’s list of the 50 Best Workplaces for Innovators

Financial Outlook and Webcast
Given the announcement made on August 22, 2019 regarding Pivotal's entry into a definitive agreement to be acquired by VMware, Pivotal will not be providing a financial outlook for its third quarter or for the fiscal year 2020. Pivotal will no longer be hosting a conference call to discuss second quarter fiscal year 2020 financial results.

About Pivotal
Pivotal combines our cloud-native platform, developer tools, and unique methodology to help the world’s largest companies transform the way they build and run their most important applications. Our technology is used by Global 2000 companies to achieve strategic advantages in software development and IT operations. Learn more at pivotal.io.

Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable 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."

Key Metric Definitions
Subscription Customers: Pivotal defines the number of subscription customers as the organizations that have a subscription contract for Pivotal’s software resulting in at least $50,000 of annual revenue in that period.

 
 

Dollar-Based Net Expansion Rate: Pivotal’s dollar-based net expansion rate compares its subscription revenue from a common group of customers across comparable periods. Pivotal calculates its dollar-based net expansion rate for all periods on a trailing four-quarter basis.

Forward-Looking Statements

This press release contains statements relating to Pivotal’s expectations, projections, beliefs, and prospects, which are "forward-looking statements” within the meaning of the federal securities laws and by their nature are uncertain. Words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plans," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of many factors, including but not limited to: (i) Pivotal’s limited operating history as an independent company, which makes it difficult to evaluate Pivotal’s prospects; (ii) the substantial losses Pivotal has incurred and the risks of not being able to generate sufficient revenue to achieve and sustain profitability; (iii) Pivotal’s future success depending in large part on the growth of Pivotal’s target markets; (iv) Pivotal’s future growth depending largely on Pivotal Cloud Foundry and Pivotal’s platform-related services; (v) Pivotal’s subscription revenue growth rate not being indicative of Pivotal’s future performance or ability to grow; (vi) Pivotal’s business and prospects being harmed if customers do not renew their subscriptions or expand their use of Pivotal’s platform; (vii) any failure by Pivotal to compete effectively; (viii) Pivotal’s long and unpredictable sales cycles that vary seasonally and which can cause significant variation in the number and size of transactions that can close in a particular quarter; (ix) Pivotal’s lack of control of and inability to predict the future course of open-source technologies, including Kubernetes and those used in Pivotal Cloud Foundry; and (x) any security or privacy breaches. All information set forth in this release is current as of the date of this release. These forward-looking statements are based on current expectations and are subject to uncertainties, risks, assumptions, and changes in condition, significance, value and effect as well as other risks disclosed previously and from time to time in documents filed by us with the U.S. Securities and Exchange Commission (SEC). Additional information will be made available in Pivotal’s annual report on Form 10-K and other future reports that Pivotal may file with the SEC, which could cause actual results to vary from expectations. Pivotal disclaims any obligation to, and does not currently intend to, update any such forward-looking statements, whether written or oral, that may be made from time to time except as required by law.

 
 

Pivotal Software, Inc.
 
Condensed Consolidated Statements of Operations
 
(in thousands, except per share amounts); (unaudited)
 
                         
   
Three Months Ended
   
Six Months Ended
 
   
August 2,
   
August 3,
   
August 2,
   
August 3,
 
   
2019
   
2018
   
2019
   
2018
 
Revenue:
                       
   Subscription
 
$
134,990
   
$
97,494
   
$
263,846
   
$
187,615
 
   Services
   
58,006
     
66,914
     
114,865
     
132,528
 
Total revenue
   
192,996
     
164,408
     
378,711
     
320,143
 
Cost of revenue:
                               
   Subscription
   
9,108
     
8,105
     
17,664
     
16,234
 
   Services
   
51,417
     
53,129
     
103,463
     
104,291
 
Total cost of revenue
   
60,525
     
61,234
     
121,127
     
120,525
 
Gross profit
   
132,471
     
103,174
     
257,584
     
199,618
 
Operating expenses:
                               
   Sales and marketing
   
82,639
     
70,550
     
164,260
     
139,688
 
   Research and development
   
58,676
     
47,001
     
114,931
     
91,429
 
   General and administrative
   
22,557
     
21,025
     
44,702
     
37,433
 
Total operating expenses
   
163,872
     
138,576
     
323,893
     
268,550
 
Loss from operations
   
(31,401
)
   
(35,402
)
   
(66,309
)
   
(68,932
)
Other income, net
   
3,820
     
237
     
7,420
     
546
 
Loss before provision for (benefit from) income taxes
   
(27,581
)
   
(35,165
)
   
(58,889
)
   
(68,386
)
Provision for (benefit from) income taxes
   
525
     
437
     
1,000
     
(227
)
Net loss
   
(28,106
)
   
(35,602
)
   
(59,889
)
   
(68,159
)
Less: Net loss (income) attributable to non-controlling interest
   
(9
)
   
(5
)
   
37
     
37
 
Net loss attributable to Pivotal
 
$
(28,115
)
 
$
(35,607
)
 
$
(59,852
)
 
$
(68,122
)
Net loss per share attributable to common stockholders, basic and diluted
 
$
(0.10
)
 
$
(0.14
)
 
$
(0.22
)
 
$
(0.38
)
Weighted average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted
   
272,724
     
257,240
     
270,619
     
181,404
 


 
 

Pivotal Software, Inc.
 
Condensed Consolidated Balance Sheets
 
(in thousands); (unaudited)
 
             
   
August 2,
   
February 1,
 
   
2019
   
2019
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
808,432
   
$
701,733
 
Accounts receivable, net of allowance of $5,965 and $4,266 as of August 2, 2019 and February 1, 2019, respectively
   
122,713
     
308,492
 
Due from Parent
   
30,081
     
951
 
Deferred sales commissions, current
   
36,124
     
39,572
 
Other assets, current
   
12,948
     
16,738
 
      Total current assets
   
1,010,298
     
1,067,486
 
Property, plant and equipment, net
   
27,462
     
27,879
 
Operating lease right-of-use assets
   
130,102
     
 
Intangible assets, net
   
15,981
     
18,680
 
Goodwill
   
696,226
     
696,226
 
Deferred income taxes
   
342
     
258
 
Deferred sales commissions, noncurrent
   
32,865
     
35,522
 
Other assets, noncurrent
   
7,416
     
4,417
 
     Total assets
 
$
1,920,692
   
$
1,850,468
 
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
Accounts payable
 
$
11,554
   
$
18,421
 
Due to Parent
   
12,007
     
20,241
 
Accrued expenses
   
60,260
     
64,723
 
Income taxes payable
   
1,113
     
1,232
 
Deferred revenue, current
   
304,977
     
376,985
 
Operating lease liabilities, current
   
21,820
     
 
Other liabilities, current
   
5,356
     
4,373
 
      Total current liabilities
   
417,087
     
485,975
 
Deferred revenue, noncurrent
   
55,429
     
89,603
 
Operating lease liabilities, noncurrent
   
121,520
     
 
Other liabilities, noncurrent
   
2,157
     
9,412
 
      Total liabilities
   
596,193
     
584,990
 
Stockholders’ equity:
               
Class A common stock
   
986
     
901
 
Class B common stock
   
1,755
     
1,755
 
Additional paid-in capital
   
2,660,012
     
2,540,921
 
Accumulated deficit
   
(1,344,355
)
   
(1,284,503
)
Accumulated other comprehensive income
   
5,421
     
5,687
 
      Total Pivotal stockholders’ equity
   
1,323,819
     
1,264,761
 
Non-controlling interest
   
680
     
717
 
Total stockholders’ equity
   
1,324,499
     
1,265,478
 
Total liabilities and stockholders’ equity
 
$
1,920,692
   
$
1,850,468
 


 
 

Pivotal Software, Inc.
 
Condensed Consolidated Statements of Cash Flows
 
(in thousands); (unaudited)
 
                         
   
Three Months Ended
   
Six Months Ended
 
   
August 2,
   
August 3,
   
August 2,
   
August 3,
 
   
2019
   
2018
   
2019
   
2018
 
Cash flows from operating activities:
                       
Net loss
 
$
(28,106
)
 
$
(35,602
)
 
$
(59,889
)
 
$
(68,159
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
                         
   Depreciation and amortization of intangible assets
   
4,336
     
4,599
     
8,434
     
9,354
 
   Amortization of lease right-of-use assets and other expense
   
7,804
     
-
     
15,417
     
-
 
   Stock-based compensation expense
   
25,427
     
19,044
     
47,397
     
29,805
 
   Provision for doubtful accounts
   
(257
)
   
388
     
(197
)
   
619
 
   Deferred income taxes
   
(12
)
   
64
     
(103
)
   
(405
)
   Gain on sale of investment
   
-
     
-
     
(746
)
   
(3,234
)
   Other
   
(16
)
   
1,449
     
497
     
1,461
 
Changes in assets and liabilities:
                               
   Accounts receivable
   
(5,003
)
   
46,454
     
185,566
     
76,340
 
   Due from Parent
   
(265
)
   
(7
)
   
(2,230
)
   
(236
)
   Deferred sales commissions
   
(348
)
   
3,075
     
6,105
     
4,272
 
   Other assets
   
1,075
     
(3,920
)
   
2,788
     
(2,457
)
   Accounts payable
   
(4,948
)
   
3,984
     
(7,150
)
   
(547
)
   Due to Parent
   
(1,653
)
   
(2,130
)
   
(8,119
)
   
(3,185
)
   Deferred revenue
   
(56,667
)
   
(31,218
)
   
(106,276
)
   
(10,554
)
   Accrued expenses
   
12,885
     
5,692
     
(3,916
)
   
(16,213
)
   Operating lease liabilities
   
(7,024
)
   
-
     
(14,811
)
   
-
 
   Other liabilities
   
(5,695
)
   
6,497
     
973
     
5,959
 
Net cash provided by (used in) operating activities
   
(58,467
)
   
18,369
     
63,740
     
22,820
 
Cash flows from investing activities:
                               
   Additions to property, plant and equipment
   
(2,732
)
   
(2,173
)
   
(4,936
)
   
(4,052
)
   Proceeds from sale of investment
   
-
     
-
     
1,929
     
3,234
 
Net cash used in investing activities
   
(2,732
)
   
(2,173
)
   
(3,007
)
   
(818
)
Cash flows from financing activities:
                               
   Proceeds from the initial public offering, net of issuance costs paid
   
-
     
(2,580
)
   
-
     
544,674
 
   Proceeds from the issuance of common stock
   
5,962
     
2,814
     
36,542
     
9,424
 
   Proceeds from employee stock plans
   
8,967
     
-
     
8,967
     
-
 
   Contribution from Dell
   
-
     
9,300
     
-
     
41,277
 
   Borrowings on credit facility
   
-
     
-
     
-
     
15,000
 
   Repayments on credit facility
   
-
     
-
     
-
     
(35,000
)
Net cash provided by financing activities
   
14,929
     
9,534
     
45,509
     
575,375
 
Effect of exchange rate changes on cash and cash equivalents
   
487
     
512
     
457
     
1,319
 
Net increase (decrease) in cash and cash equivalents
   
(45,783
)
   
26,242
     
106,699
     
598,696
 
Cash and cash equivalents at beginning of period
   
854,215
     
645,466
     
701,733
     
73,012
 
Cash and cash equivalents at end of period
 
$
808,432
   
$
671,708
   
$
808,432
   
$
671,708
 


 
 

Pivotal Software, Inc.
 
GAAP to Non-GAAP Reconciliation
 
(in thousands, except percentages and per share amounts); (unaudited)
 
                     
 
Three Months Ended August 2, 2019
 
 
GAAP
 
Stock-based compensation expense
 
Amortization of acquired intangibles
 
Gain on sale of investment
 
Non-GAAP
 
Cost of subscription revenue
 
$
9,108
   
$
(602
)
 
$
(51
)
 
$
-
   
$
8,455
 
   Subscription gross margin
   
93.3
%
   
0.4
%
   
0.0
%
   
-
%
   
93.7
%
Cost of services revenue
   
51,417
     
(5,533
)
   
-
     
-
     
45,884
 
   Services gross margin
   
11.4
%
   
9.5
%
   
-
%
   
-
%
   
20.9
%
Gross profit
   
132,471
     
6,135
     
51
     
-
     
138,657
 
Gross margin
   
68.6
%
   
3.2
%
   
0.0
%
   
-
%
   
71.8
%
   Sales and marketing
   
82,639
     
(7,610
)
   
(1,107
)
   
-
     
73,922
 
   Research and development
   
58,676
     
(7,635
)
   
-
     
-
     
51,041
 
   General and administrative
   
22,557
     
(4,047
)
   
(356
)
   
-
     
18,154
 
Total operating expenses
   
163,872
     
(19,292
)
   
(1,463
)
   
-
     
143,117
 
Loss from operations
   
(31,401
)
   
25,427
     
1,514
     
-
     
(4,460
)
Operating margin
   
(16.3
%)
   
13.2
%
   
0.8
%
   
-
%
   
(2.3
%)
Other income, net
   
3,820
     
-
     
-
     
-
     
3,820
 
Net loss attributable to Pivotal
 
$
(28,115
)
 
$
25,427
   
$
1,514
   
$
-
   
$
(1,174
)
Net income (loss) per share, basic and diluted (1)
 
$
(0.10
)
                         
$
0.00
 
                                         
(1) GAAP and Non-GAAP net income (loss) per common share calculated based upon 272,724 basic and diluted weighted average shares outstanding of common stock.
 
                                         
                                         
 
Three Months Ended August 3, 2018
 
 
GAAP
 
Stock-based compensation expense
 
Amortization of acquired intangibles
 
Gain on sale of investment
 
Non-GAAP
 
Cost of subscription revenue
 
$
8,105
   
$
(411
)
 
$
(433
)
 
$
-
   
$
7,261
 
   Subscription gross margin
   
91.7
%
   
0.4
%
   
0.4
%
   
-
%
   
92.6
%
Cost of services revenue
   
53,129
     
(4,188
)
   
-
     
-
     
48,941
 
   Services gross margin
   
20.6
%
   
6.3
%
   
-
%
   
-
%
   
26.9
%
Gross profit
   
103,174
     
4,599
     
433
     
-
     
108,206
 
Gross margin
   
62.8
%
   
2.8
%
   
0.3
%
   
-
%
   
65.8
%
   Sales and marketing
   
70,550
     
(5,688
)
   
(910
)
   
-
     
63,952
 
   Research and development
   
47,001
     
(5,386
)
   
-
     
-
     
41,615
 
   General and administrative
   
21,025
     
(3,371
)
   
(384
)
   
-
     
17,270
 
Total operating expenses
   
138,576
     
(14,445
)
   
(1,294
)
   
-
     
122,837
 
Loss from operations
   
(35,402
)
   
19,044
     
1,727
     
-
     
(14,631
)
Operating margin
   
(21.5
%)
   
11.6
%
   
1.1
%
   
-
%
   
(8.9
%)
Other income, net
   
237
     
-
     
-
     
-
     
237
 
Net loss attributable to Pivotal
 
$
(35,607
)
 
$
19,044
   
$
1,727
   
$
-
   
$
(14,836
)
Net loss per share, basic and diluted (1)
 
$
(0.14
)
                         
$
(0.06
)
                                         
(1) GAAP and Non-GAAP net loss per common share calculated based upon 257,240 basic and diluted weighted average shares outstanding of common stock.
 


 
 

 
Six Months Ended August 2, 2019
 
 
GAAP
 
Stock-based compensation expense
 
Amortization of acquired intangibles
 
Gain on sale of investment
 
Non-GAAP
 
Cost of subscription revenue
 
$
17,664
   
$
(1,108
)
 
$
(120
)
 
$
-
   
$
16,436
 
   Subscription gross margin
   
93.3
%
   
0.4
%
   
0.0
%
   
-
%
   
93.8
%
Cost of services revenue
   
103,463
     
(10,211
)
   
-
     
-
     
93,252
 
   Services gross margin
   
9.9
%
   
8.9
%
   
-
%
   
-
%
   
18.8
%
Gross profit
   
257,584
     
11,319
     
120
     
-
     
269,023
 
Gross margin
   
68.0
%
   
3.0
%
   
0.0
%
   
-
%
   
71.0
%
   Sales and marketing
   
164,260
     
(14,421
)
   
(1,867
)
   
-
     
147,972
 
   Research and development
   
114,931
     
(14,109
)
   
-
     
-
     
100,822
 
   General and administrative
   
44,702
     
(7,548
)
   
(712
)
   
-
     
36,442
 
Total operating expenses
   
323,893
     
(36,078
)
   
(2,579
)
   
-
     
285,236
 
Loss from operations
   
(66,309
)
   
47,397
     
2,699
     
-
     
(16,213
)
Operating margin
   
(17.5
%)
   
12.5
%
   
0.7
%
   
-
%
   
(4.3
%)
Other income, net
   
7,420
     
-
     
-
     
-
     
7,420
 
Net loss attributable to Pivotal
 
$
(59,852
)
 
$
47,397
   
$
2,699
   
$
-
   
$
(9,756
)
Net loss per share, basic and diluted (1)
 
$
(0.22
)
                         
$
(0.04
)
                                         
(1) GAAP and Non-GAAP net loss per common share calculated based upon 270,619 basic and diluted weighted average shares outstanding of common stock.
 
                                         
 
Six Months Ended August 3, 2018
 
 
GAAP
 
Stock-based compensation expense
 
Amortization of acquired intangibles
 
Gain on sale of investment
 
Non-GAAP
 
Cost of subscription revenue
 
$
16,234
   
$
(638
)
 
$
(865
)
 
$
-
   
$
14,731
 
   Subscription gross margin
   
91.3
%
   
0.3
%
   
0.5
%
   
-
%
   
92.1
%
Cost of services revenue
   
104,291
     
(6,477
)
   
-
     
-
     
97,814
 
   Services gross margin
   
21.3
%
   
4.9
%
   
-
%
   
-
%
   
26.2
%
Gross profit
   
199,618
     
7,115
     
865
     
-
     
207,598
 
Gross margin
   
62.4
%
   
2.2
%
   
0.3
%
   
-
%
   
64.8
%
   Sales and marketing
   
139,688
     
(9,259
)
   
(1,816
)
   
-
     
128,613
 
   Research and development
   
91,429
     
(8,250
)
   
-
     
-
     
83,179
 
   General and administrative
   
37,433
     
(5,181
)
   
(767
)
   
-
     
31,485
 
Total operating expenses
   
268,550
     
(22,690
)
   
(2,583
)
   
-
     
243,277
 
Loss from operations
   
(68,932
)
   
29,805
     
3,448
     
-
     
(35,679
)
Operating margin
   
(21.5
%)
   
9.3
%
   
1.1
%
   
-
%
   
(11.1
%)
Other income (expense), net
   
546
     
-
     
-
     
(3,234
)
   
(2,688
)
Net loss attributable to Pivotal
 
$
(68,122
)
 
$
29,805
   
$
3,448
   
$
(3,234
)
 
$
(38,103
)
Net loss per share, basic and diluted (1)
 
$
(0.38
)
                         
$
(0.16
)
                                         
(1) GAAP net loss per common share calculated based upon 181,404 basic and diluted weighted average shares outstanding of common stock. Non-GAAP net loss per common share calculated based upon 240,719 basic and diluted weighted average shares outstanding of common stock.
 


 
 

Pivotal Software, Inc.
 
GAAP to Non-GAAP Weighted Average Shares Outstanding Reconciliation
 
(in thousands); (unaudited)
 
                         
   
Three Months Ended
   
Six Months Ended
 
   
August 2,
   
August 3,
   
August 2,
   
August 3,
 
   
2019
   
2018
   
2019
   
2018
 
GAAP weighted average shares outstanding, basic and diluted
   
272,724
     
257,240
     
270,619
     
181,404
 
Assumed preferred stock conversion
   
     
     
     
59,315
 
Non-GAAP weighted average shares outstanding, basic and diluted
   
272,724
     
257,240
     
270,619
     
240,719
 


 
 

About Non-GAAP Financial Measures
To supplement Pivotal’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Pivotal provides investors with certain non-GAAP financial measures, including but not limited to: non-GAAP cost of subscription, non-GAAP cost of services, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, and non-GAAP weighted average shares outstanding. Certain of these non-GAAP financial measures exclude stock-based compensation, amortization of acquired intangibles and gain on sale of investment. For more information on the comparable GAAP to non-GAAP financial measures, please see the reconciliation table included with this release.

Management believes non-GAAP information is useful in evaluating the operating results, ongoing operations, and for internal planning and forecasting purposes. Management also believes that non-GAAP financial measures provide consistency and comparability with past financial performance and assist investors with comparing Pivotal to other companies, some of which use similar non-GAAP financial measures to supplement their GAAP results. Management believes non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies.

Pivotal excludes stock-based compensation because it is non-cash in nature and excludes it in order to facilitate comparisons to other companies’ results. Pivotal excludes amortization of acquired intangibles because it is consistent with how management evaluates operating results and prepares financial plans and forecasts. While the purchase accounting for an acquisition reflects the accounting value assigned to intangible assets, management believes the GAAP impact of acquired intangible assets is not representative of long term operating results. Pivotal excludes gains/losses on sales of strategic investments because management believes these are more reflective of discrete events and less reflective of results in a particular period.
Source: Pivotal Investor Relations

Pivotal Software
Investor Contact:
Helyn Corcos
hcorcos@pivotal.io
or
Media Contact:
Joseph Roualdes
jroualdes@pivotal.io

©2019 Pivotal Software, Inc. All rights reserved. Pivotal is a trademark and/or registered trademark of Pivotal Software, Inc. in the United States and/or other countries.

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