Exhibit 99.1

VMware Reports Fourth Quarter and Fiscal Year 2019 Results

Record annual revenue of $8.97 billion, increasing 14% year-over-year

Q4 revenue growth of 16% year-over-year, driven by broad-based strength across the business

PALO ALTO, Calif., Feb. 28, 2019 — VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the fourth quarter and full fiscal year 2019:

Quarterly Review

 

   

Revenue for the fourth quarter was $2.59 billion, an increase of 16% from the fourth quarter of fiscal 2018.

 

   

License revenue for the fourth quarter was $1.23 billion, an increase of 21% from the fourth quarter of fiscal 2018.

 

   

GAAP net income for the fourth quarter was $502 million, including a loss of $38 million on an investment in Pivotal Software, or $1.21 per diluted share, compared to a GAAP net loss of $387 million, or $0.96 per diluted share, for the fourth quarter of fiscal 2018. Non-GAAP net income for the fourth quarter was $823 million, or $1.98 per diluted share, up 23% per diluted share compared to $657 million, or $1.60 per diluted share, for the fourth quarter of fiscal 2018.

 

   

GAAP operating income for the fourth quarter was $664 million, an increase of 10% from the fourth quarter of fiscal 2018. Non-GAAP operating income for the fourth quarter was $967 million, an increase of 18% from the fourth quarter of fiscal 2018.

 

   

Operating cash flow for the fourth quarter was $1.01 billion. Free cash flow for the fourth quarter was $946 million.

 

   

Total revenue plus sequential change in total unearned revenue grew 17% year-over-year.

 

   

License revenue plus sequential change in unearned license revenue grew 20% year-over-year.

Annual Review

 

   

Revenue for fiscal year 2019 was $8.97 billion, an increase of 14% from fiscal 2018.

 

   

License revenue for fiscal year 2019 was $3.79 billion, an increase of 18% from fiscal 2018.

 

   

GAAP net income for fiscal year 2019 was $2.42 billion, including a gain of $813 million on an investment in Pivotal Software, or $5.85 per diluted share, compared to $659 million, or $1.59 per diluted share, for fiscal 2018. Non-GAAP net income for fiscal year 2019 was $2.62 billion, or $6.33 per diluted share, up 21% per diluted share compared to $2.17 billion, or $5.24 per diluted share, for fiscal 2018.

 

   

GAAP operating income for fiscal year 2019 was $2.05 billion, an increase of 20% from fiscal 2018. Non-GAAP operating income for fiscal year 2019 was $3.04 billion, an increase of 14% from fiscal 2018.

 

   

Operating cash flow for fiscal year 2019 was $3.66 billion. Free cash flow for fiscal year 2019 was $3.42 billion.


The following information was filed by Vmware, Inc. (VMW) on Thursday, February 28, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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