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VMware Reports First Quarter 2015 Results
VMware, Inc., the global leader in virtualization and cloud infrastructure, today announced financial results for the first quarter of 2015:
  • Total revenues for the first quarter were $1.51 billion, an increase of 11% from the first quarter of 2014, or up 13% year-over-year in constant currency.
  • License revenues for the first quarter were $576 million, an increase of 3% from the first quarter of 2014, or up 6% year-over-year in constant currency.
  • GAAP operating income for the first quarter was $218 million, a decrease of 9% from the first quarter of 2014. Non-GAAP operating income for the first quarter was $451 million, an increase of 7% from the first quarter of 2014. Both GAAP and Non-GAAP results on a year-over-year basis include the impact of the acquisition of AirWatch, completed in the first quarter of 2014.
  • GAAP net income for the first quarter was $196 million, or $0.45 per diluted share, down 1% per diluted share compared to $199 million, or $0.46 per diluted share, for the first quarter of 2014. Non-GAAP net income for the quarter was $369 million, or $0.86 per diluted share, up 7% per diluted share compared to $348 million, or $0.80 per diluted share, for the first quarter of 2014. Both GAAP and Non-GAAP results on a year-over-year basis include the impact of the acquisition of AirWatch, completed in the first quarter of 2014.
  • Operating cash flows for the first quarter were $683 million. Free cash flows for the quarter were $577 million.
  • Cash, cash equivalents and short-term investments were $7.23 billion, and unearned revenues were $4.74 billion as of March 31, 2015.
  • Total revenues plus sequential change in total unearned revenues declined 1% year-over-year, grew 4% year-over-year when adjusted for constant currency, and grew 7% year-over-year when adjusted for constant currency and acquired unearned revenues from the AirWatch acquisition in Q1 2014.
  • License revenues plus sequential change in unearned license revenues was flat year-over-year, grew 5% year-over-year when adjusted for constant currency, and grew 9% year-over-year when adjusted for constant currency and acquired unearned license revenues from the AirWatch acquisition in Q1 2014.

"We started 2015 with solid Q1 results and one of the most significant product launches in our history, with the announcement of the industry's first unified platform for the hybrid cloud," said Pat Gelsinger, chief executive officer, VMware.

"We're pleased with our Q1 revenue growth of 13% on a constant currency basis," said Jonathan Chadwick, chief financial officer and chief operating officer, VMware. "We executed well in the first quarter and continued to broaden our portfolio with a range of products that will drive our growth in the future."

Recent Highlights & Strategic Announcements

  • On February 2, VMware was joined by over 25,000 customers, partners and influencers as we announced the industry's first unified platform of virtualized compute, networking and storage for the hybrid cloud and outlined our One Cloud, Any Application, Any Device strategy. New products include VMware vSphere® 6 -- the foundation for the hybrid cloud, VMware Integrated OpenStack, Virtual SAN™ 6, vSphere Virtual Volumes™ and new vCloud Air™ hybrid networking services.
  • At Mobile World Congress, VMware unveiled VMware vCloud® for NFV, an integrated Network Functions Virtualization (NFV) platform that will combine our virtualized compute, networking, storage and management solutions with integrated OpenStack support. At the conference, VMware also announced AirWatch® 8, which streamlines the management of virtually every device type and mobile application while helping organizations improve business processes.
  • VMware continued to expand its investment in hybrid cloud with new vCloud Air services and locations, including:
    • An agreement between VMware and Google to integrate selected Google Cloud Platform Services into vCloud Air, including Google Cloud Storage, Google BigQuery, Google Cloud Datastore and Google Cloud DNS. 
    • The availability of VMware vCloud Government Service™ provided by Carpathia, which has achieved the Provisional Authority to Operate (ATO) through the U.S. Government's Federal Risk and Authorization Management Program (FedRAMP).
    • In the U.K., VMware vCloud Air™ is now available for government and public sector organizations to purchase, both directly and as part of the G-Cloud 6 framework.
    • The general availability of vCloud Air Virtual Private Cloud OnDemand, which provides customers a quick online sign-up to pay for only those resources that are used as well as enhanced disaster recovery and advanced networking services.
    • A continued global expansion of our services with the announcement of general availability of vCloud Air in Germany and Australia.
  • VMware announced the launch of two new open source projects -- Project Lightwave™, an enterprise identity and access management solution that also enables scalable security for containers, and Project Photon™, a lightweight Linux operating system focused on container and cloud native applications.
Published Tuesday, April 21, 2015 6:03 PM by David Marshall
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