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VMware Reports Fiscal 2019 Third Quarter Results
Total revenue growth of 14% year-over-year
License revenue growth of 17% year-over-year, driven by broad product portfolio strength
PALO ALTO, Calif., Nov. 29, 2018 VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the third quarter of fiscal year 2019:
Revenue for the third quarter was $2.20 billion, an increase of 14% from the third quarter of fiscal 2018.
License revenue for the third quarter was $884 million, an increase of 17% from the third quarter of fiscal 2018.
GAAP net income for the third quarter was $334 million, including a loss of $161 million on an investment in Pivotal Software, or $0.81 per diluted share, down 16% per diluted share compared to $395 million, or $0.96 per diluted share, for the third quarter of fiscal 2018. Non-GAAP net income for the third quarter was $645 million, or $1.56 per diluted share, up 26% per diluted share compared to $509 million, or $1.23 per diluted share, for the third quarter of fiscal 2018.
GAAP operating income for the third quarter was $495 million, an increase of 21% from the third quarter of fiscal 2018. Non-GAAP operating income for the third quarter was $741 million, an increase of 17% from the third quarter of fiscal 2018.
Operating cash flows for the third quarter were $769 million. Free cash flows for the third quarter were $712 million.
Total revenue plus sequential change in total unearned revenue grew 11% year-over-year.
License revenue plus sequential change in unearned license revenue grew 15% year-over-year.
Q3 was another strong quarter, and were pleased with our results, which continue to be driven by broad-based strength across our diverse product portfolio and in all three geographies, commented Pat Gelsinger, chief executive officer, VMware. Our successful annual VMworld events featured many new product, partnership and acquisition announcements demonstrating continued innovation and investment in our strategy for the future.
We had solid Q3 performance on top of a strong Q3 last year, said Zane Rowe, executive vice president and chief financial officer, VMware. We are increasing our full year fiscal 2019 guidance as a result of our strength in Q3 and outlook for Q4.
VMware is raising full-year fiscal 2019 total revenue guidance to $8.882 billion (up from prior guidance of $8.820 billion), updating GAAP net income per diluted share to between $5.95 and $6.07, and updating non-GAAP net income per diluted share to $6.22 (up from prior guidance of $6.14 per diluted share).
Quarterly Business Highlights & Strategic Announcements
VMware Cloud on AWS saw further momentum with data center expansion across multiple regions globally including the U.S., Europe and now Asia-Pacific, including Sydney and Tokyo.
VMware expanded its integrated hybrid cloud offering, VMware Cloud Foundation 3.5, to deliver greater deployment flexibility and choice, including new Kubernetes support. Other enhancements to the VMware hybrid cloud portfolio included the new VMware vSphere Platinum Edition, along with updates to VMware vSAN and the VMware vRealize Cloud Management Platform.
The following information was filed by Vmware, Inc. (VMW) on Thursday, November 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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