Home Business Wire VMware Reports Fourth Quarter and Fiscal Year 2022 Results

VMware Reports Fourth Quarter and Fiscal Year 2022 Results

FY22 total revenue of $12.85 billion; growth of 9% year-over-year

FY22 Subscription and SaaS revenue of $3.20 billion, an increase of 24% year-over-year

PALO ALTO, Calif.–(BUSINESS WIRE)–$VMW #earnings–VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the fourth quarter and full fiscal year 2022:

Quarterly Review

  • Revenue for the fourth quarter was $3.53 billion, an increase of 7% from the fourth quarter of fiscal 2021.
  • The combination of subscription and SaaS and license revenue was $1.90 billion, an increase of 11% from the fourth quarter of fiscal 2021.
  • Subscription and SaaS revenue for the fourth quarter was $868 million, an increase of 23% year-over-year.
  • GAAP net income for the fourth quarter was $586 million, or $1.39 per diluted share, down 26% per diluted share compared to $791 million, or $1.87 per diluted share, for the fourth quarter of fiscal 2021. Non-GAAP net income for the fourth quarter was $855 million, or $2.02 per diluted share, down 9% per diluted share compared to $936 million, or $2.21 per diluted share, for the fourth quarter of fiscal 2021.
  • GAAP operating income for the fourth quarter was $783 million, a decrease of 22% from the fourth quarter of fiscal 2021. Non-GAAP operating income for the fourth quarter was $1.14 billion, flat from the fourth quarter of fiscal 2021.
  • Operating cash flow for the fourth quarter was $1.14 billion. Free cash flow for the fourth quarter was $1.01 billion.
  • RPO for the fourth quarter totaled $12 billion, up 6% year-over-year.

Annual Review

  • Revenue for fiscal year 2022 was $12.85 billion, an increase of 9% from fiscal 2021.
  • The combination of subscription and SaaS and license revenue was $6.33 billion, an increase of 13% from fiscal year 2021.
  • Subscription and SaaS revenue for fiscal year 2022 was $3.20 billion, an increase of 24% from fiscal year 2021.
  • Subscription and SaaS ARR exiting fiscal year 2022 was $3.58 billion, an increase of 24% from fiscal year 2021.
  • GAAP net income for fiscal year 2022 was $1.82 billion, or $4.31 per diluted share, down 11% per diluted share compared to $2.06 billion, or $4.86 per diluted share, for fiscal year 2021. Non-GAAP net income for fiscal year 2022 was $3.06 billion, or $7.25 per diluted share, up 1% per diluted share compared to $3.05 billion, or $7.20 per diluted share, for fiscal year 2021.
  • GAAP operating income for fiscal year 2022 was $2.39 billion, flat from fiscal year 2021. Non-GAAP operating income for fiscal year 2022 was $3.92 billion, an increase of 3% from fiscal year 2021.
  • Operating cash flow for fiscal year 2022 was $4.36 billion. Free cash flow for fiscal year 2022 was $3.97 billion.

The growth in customer demand for our multi-cloud solutions was reflected in our Q4 results. We are at an exciting time in our industry, as enterprises large and small transform and modernize to become software-based, digital enterprises,” said Raghu Raghuram, CEO, VMware. “We are well-positioned to help our customers build, run and secure their applications in this multi-cloud environment.”

Q4 was a strong finish to a transformational year in which we became a standalone company and surpassed $12B in revenue,” said Zane Rowe, executive vice president and CFO, VMware. “As we look to our next fiscal year, we remain focused on accelerating growth of our Subscription & SaaS portfolio and scaling our multi-cloud platform enabling us to deliver long-term revenue and profit growth.”

Business Highlights & Strategic Announcements

  • VMware completed a spin-off from Dell Technologies, gaining increased agility to execute its multi-cloud strategy, a simplified capital structure and governance model and additional operational and financial flexibility.
  • Vodafone selected VMware as its strategic technology partner to deliver a single platform to automate and orchestrate all workloads running on its core networks across Europe.
  • VMware Tanzu and VMware Carbon Black Cloud are now available in the AWS Marketplace, allowing AWS customers to simplify the purchase and deployment of these VMware Cross-Cloud Services, helping them drive digital innovation with enterprise control.
  • VMware announced VMware Carbon Black Cloud Managed Detection and Response (MDR) for endpoints and workloads that helps fill the gaps of understaffed security teams and enables teams to respond more quickly to cyberattacks.
  • VMware and Kyndryl expanded their strategic partnership focused on helping customers accelerate app modernization and multi-cloud adoption to build digital infrastructures designed for a world of distributed work.
  • VMware was recognized by The Wall Street Journal as one of The Best-Managed Companies of 2021.
  • For the second consecutive year, VMware was recognized for ESG leadership by the 2021 Dow Jones Sustainability Indices.
  • VMware was recognized for its ESG leadership with inclusion in the JUST 100, a comprehensive ranking of ESG and stakeholder performance, for the fifth consecutive year. VMware ranked number one overall in the environment category, leading all companies in sustainable products and pollution reduction.
  • VMware was named among the Best Places to Work by Glassdoor in 2022.
  • VMware was recognized by Newsweek on its list of America’s Most Responsible Companies in 2022.
  • In the fourth quarter, VMware received further recognition from leading industry analysts:
    • VMware positioned as a leader in The Forrester Wave™: Unified Endpoint Management, Q4 2021.1
    • For the third consecutive year, VMware held the highest market share in terms of revenue for container infrastructure software from 2018 through 2020, according to IDC.2
    • VMware was positioned as a leader in the IDC MarketScape for Worldwide SD-WAN Infrastructure Vendor Assessment (doc #US47279821, November 2021).3
    • VMware once again was named a Leader in the Gartner Magic Quadrant for Hyperconverged Infrastructure Software, November 2021.4

1 Forrester, The Forrester Wave™: Unified Endpoint Management, Q4 2021, Andrew Hewitt with Will McKeon-White, November 2021.

2 IDC, Worldwide Container Infrastructure Software Market Shares, 2020: Enterprises Continue Container Investments Despite the Pandemic, Doc # US46726421, December 2021.

3 IDC, IDC MarketScape: Worldwide SD-WAN Infrastructure 2021 Vendor Assessment, Brandon Butler, # US47279821, November 2021.

4 Gartner, Gartner® Magic Quadrant™ for Hyperconverged Infrastructure Software, Jeffrey Hewitt, Philip Dawson, Julia Palmer, Tony Harvey, November 2021.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner and Magic Quadrant are registered trademarks and service marks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

The company will host a conference call today at 1:30 p.m. PT/ 4:30 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 website at ir.vmware.com. Slides will accompany the web broadcast. The replay of the webcast and slides will be available on the website for two months. In addition, six quarters of historical data for unearned revenue will also be made available at ir.vmware.com in conjunction with the conference call.

About VMware

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit vmware.com/company.

Additional Information

VMware’s website is located at vmware.com, and its investor relations website is located at ir.vmware.com. VMware’s goal is to maintain the investor relations website as a portal through which investors can easily find or navigate to pertinent information about VMware, all of which is made available free of charge. The additional information includes: materials that VMware files with the SEC; announcements of investor conferences, speeches and events at which its executives talk about its products, services and competitive strategies; webcasts of its quarterly earnings calls, investor conferences and events (archives of which are also available for a limited time); additional information on its financial metrics, including reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures; press releases on quarterly earnings, product and service announcements, legal developments and international news; corporate governance information; ESG (environmental, social and governance) information; other news, blogs and announcements that VMware may post from time to time that investors may find useful or interesting; and opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.

VMware, Carbon Black, and Tanzu are registered trademarks or trademarks of VMware, Inc. or its subsidiaries in the United States and other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective organizations.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to VMware’s 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.”

Annual Recurring Revenue (“ARR”)

ARR is an operating measure VMware uses to assess the strength of the Company’s subscription and SaaS offerings. ARR is a performance metric and should be viewed independently of, and not as a substitute for or combined with, revenue and unearned revenue. ARR represents the annualized value of VMware’s committed customer subscription and SaaS contracts as of the end of the reporting period, assuming any contract that expires during the next 12 months is renewed on its existing terms, except that, for consumption-based subscription and SaaS offerings, ARR represents the annualized quarterly revenue based on revenue recognized for the current reporting period.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding the expected benefits of VMware’s spin-off from Dell Technologies (“Dell”) and the expected benefits to customers of VMware’s strategy, collaborations, partnerships and offerings. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (1) the impact of the COVID-19 pandemic on VMware’s operations, financial condition, VMware’s customers, the business environment and global and regional economies; (2) the ability of VMware to adapt its offerings, business operations and go-to-market activities to changes in how customers consume information technology resources, such as through subscription and SaaS offerings; (3) the effect of the spin-off from Dell and changes in VMware’s and Dell’s commercial relationships and go-to-market and technology collaborations on VMware’s ability to maintain relationships with its customers, suppliers and on VMware’s operating results and business generally; (4) changes to VMware’s and Dell’s respective financial conditions and strategic directions that could adversely impact their commercial relationship and collaborations; (5) the continued risk of litigation and regulatory actions; (6) adverse changes in general economic or market conditions; (7) delays or reductions in consumer, government and information technology spending; (8) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into the industries in which VMware competes, as well as new product and marketing initiatives by VMware’s competitors; (9) rapid technological changes in the virtualization software and cloud, end user, edge security and mobile computing and telecom industries; (10) the uncertainty of VMware’s customers’ acceptance of and ability to transition to emerging technologies and new offerings and computing strategies in the industries in which VMware competes; (11) VMware’s ability to enter into, maintain and extend strategically effective partnerships, collaborations and alliances; (12) VMware’s ability to protect its proprietary technology; (13) changes to product and services development timelines; (14) risks associated with cyber-attacks, information security and data privacy; (15) disruptions resulting from key management changes; (16) risks associated with international sales, such as fluctuating currency exchange rates and increased trade barriers; (17) changes in VMware’s financial condition; and (18) other business effects, including those related to industry, market, economic, political, regulatory and global health conditions. These forward-looking statements are made as of the date of this press release, are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including VMware’s most recent reports on Form 10-K and Form 10-Q and current reports on Form 8- K that VMware may file from time to time, which could cause actual results to vary from expectations. VMware assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

VMware, Inc.

CONSOLIDATED STATEMENTS OF INCOME

(amounts in millions, except per share amounts, and shares in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

January 28,

 

January 29,

 

January 28,

 

January 29,

 

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

 

License

 

$

1,035

 

 

$

1,014

 

 

$

3,128

 

 

$

3,033

 

Subscription and SaaS

 

 

868

 

 

 

707

 

 

 

3,205

 

 

 

2,587

 

Services

 

 

1,628

 

 

 

1,573

 

 

 

6,518

 

 

 

6,147

 

Total revenue

 

 

3,531

 

 

 

3,294

 

 

 

12,851

 

 

 

11,767

 

Operating expenses(1):

 

 

 

 

 

 

 

 

Cost of license revenue

 

 

41

 

 

 

45

 

 

 

152

 

 

 

163

 

Cost of subscription and SaaS revenue

 

 

188

 

 

 

187

 

 

 

690

 

 

 

588

 

Cost of services revenue

 

 

378

 

 

 

322

 

 

 

1,429

 

 

 

1,292

 

Research and development

 

 

806

 

 

 

757

 

 

 

3,057

 

 

 

2,816

 

Sales and marketing

 

 

1,075

 

 

 

987

 

 

 

4,067

 

 

 

3,711

 

General and administrative(2)

 

 

260

 

 

 

(6

)

 

 

1,068

 

 

 

767

 

Realignment

 

 

 

 

 

(5

)

 

 

1

 

 

 

42

 

Operating income

 

 

783

 

 

 

1,007

 

 

 

2,387

 

 

 

2,388

 

Investment income

 

 

 

 

 

 

 

 

2

 

 

 

7

 

Interest expense

 

 

(80

)

 

 

(49

)

 

 

(252

)

 

 

(204

)

Other income (expense), net

 

 

(41

)

 

 

7

 

 

 

(52

)

 

 

191

 

Income before income tax

 

 

662

 

 

 

965

 

 

 

2,085

 

 

 

2,382

 

Income tax provision

 

 

76

 

 

 

174

 

 

 

265

 

 

 

324

 

Net income

 

$

586

 

 

$

791

 

 

$

1,820

 

 

$

2,058

 

Net income per weighted-average share attributable to VMware, Inc. common stockholders, basic(3)

 

$

1.39

 

 

$

1.88

 

 

$

4.34

 

 

$

4.90

 

Net income per weighted-average share attributable to VMware, Inc. common stockholders, diluted(3)

 

$

1.39

 

 

$

1.87

 

 

$

4.31

 

 

$

4.86

 

Weighted-average shares of common stock, basic

 

 

420,089

 

 

 

420,090

 

 

 

419,504

 

 

 

419,841

 

Weighted-average shares of common stock, diluted

 

 

422,976

 

 

 

422,813

 

 

 

422,394

 

 

 

423,240

 

__________

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

Cost of license revenue

 

$

 

 

$

 

 

$

1

 

 

$

1

 

Cost of subscription and SaaS revenue

 

 

5

 

 

 

6

 

 

 

21

 

 

 

19

 

Cost of services revenue

 

 

22

 

 

 

25

 

 

 

92

 

 

 

99

 

Research and development

 

 

126

 

 

 

127

 

 

 

528

 

 

 

524

 

Sales and marketing

 

 

75

 

 

 

79

 

 

 

302

 

 

 

322

 

General and administrative

 

 

34

 

 

 

16

 

 

 

131

 

 

 

157

 

(2)

General and administrative expenses for the fourth quarter of fiscal 2021 included derecognition of a previously accrued litigation loss of $237 million.

(3)

Automatically as a result of VMware’s spin-off from Dell on November 1, 2021 (the “Spin-Off”), each share of Class B convertible common stock converted into one fully paid and non-assessable share of Class A common stock. Subsequent to the Spin-Off, net income per weighted-average share was attributable to VMware Class A common stockholders. Prior to the Spin-Off, net income per weighted-average share was attributable to VMware Class A and Class B common stockholders.

VMware, Inc.

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except per share amounts, and shares in thousands)

(unaudited)

 

 

 

 

 

January 28,

 

January 29,

 

2022

 

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

3,614

 

 

$

4,692

 

Short-term investments

 

19

 

 

 

23

 

Accounts receivable, net of allowance of $10 and $5

 

2,297

 

 

 

1,929

 

Due from related parties(1)

 

1,438

 

 

 

1,438

 

Other current assets

 

598

 

 

 

530

 

Total current assets

 

7,966

 

 

 

8,612

 

Property and equipment, net

 

1,461

 

 

 

1,334

 

Deferred tax assets

 

5,906

 

 

 

5,781

 

Intangible assets, net

 

714

 

 

 

993

 

Goodwill

 

9,598

 

 

 

9,599

 

Due from related parties

 

199

 

 

 

 

Other assets

 

2,832

 

 

 

2,697

 

Total assets

$

28,676

 

 

$

29,016

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

234

 

 

$

131

 

Accrued expenses and other

 

2,806

 

 

 

2,382

 

Unearned revenue

 

6,479

 

 

 

5,873

 

Due to related parties(1)

 

132

 

 

 

 

Total current liabilities

 

9,651

 

 

 

8,386

 

Note payable to Dell

 

 

 

 

270

 

Long-term debt

 

12,671

 

 

 

4,717

 

Unearned revenue

 

4,743

 

 

 

4,441

 

Income tax payable

 

242

 

 

 

805

 

Operating lease liabilities

 

927

 

 

 

891

 

Due to related parties

 

909

 

 

 

 

Other liabilities

 

409

 

 

 

455

 

Total liabilities

 

29,552

 

 

 

19,965

 

Contingencies

 

 

 

Stockholders’ equity (deficit):

 

 

 

Class A common stock, par value $0.01; authorized 2,500,000 shares; issued and outstanding 418,808 and 112,082 shares

 

4

 

 

 

1

 

Class B convertible common stock, par value $0.01; authorized none and 1,000,000 shares; issued and outstanding none and 307,222 shares

 

 

 

 

3

 

Additional paid-in capital

 

 

 

 

1,985

 

Accumulated other comprehensive loss

 

(5

)

 

 

(5

)

Retained earnings (accumulated deficit)

 

(875

)

 

 

7,067

 

Total stockholders’ equity (deficit)

 

(876

)

 

 

9,051

 

Total liabilities and stockholders’ equity (deficit)

$

28,676

 

 

$

29,016

 

__________

(1)

As of January 28, 2022, due from related parties and due to related parties were presented separately, as a right of setoff no longer exists subsequent to the Spin-Off. As of January 29, 2021, due from related parties was presented net of due to related parties.

VMware, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

January 28,

 

January 29,

 

January 28,

 

January 29,

 

2022

 

2021

 

2022

 

2021

Operating activities:

 

 

 

 

 

 

 

Net income

$

586

 

 

$

791

 

 

$

1,820

 

 

$

2,058

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

284

 

 

 

268

 

 

 

1,110

 

 

 

1,025

 

Stock-based compensation

 

262

 

 

 

253

 

 

 

1,075

 

 

 

1,122

 

Deferred income taxes, net

 

12

 

 

 

25

 

 

 

(80

)

 

 

(152

)

(Gain) loss on equity securities and disposition of assets, net

 

5

 

 

 

26

 

 

 

33

 

 

 

(148

)

Loss on extinguishment of debt

 

21

 

 

 

 

 

 

21

 

 

 

8

 

Other

 

4

 

 

 

(1

)

 

 

10

 

 

 

(1

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

(626

)

 

 

(139

)

 

 

(379

)

 

 

(37

)

Other current assets and other assets

 

(385

)

 

 

(258

)

 

 

(852

)

 

 

(879

)

Due from related parties(1)

 

(683

)

 

 

(765

)

 

 

95

 

 

 

19

 

Accounts payable

 

11

 

 

 

(65

)

 

 

98

 

 

 

(69

)

Accrued expenses and other liabilities

 

668

 

 

 

125

 

 

 

487

 

 

 

518

 

Income taxes payable

 

5

 

 

 

(15

)

 

 

28

 

 

 

(68

)

Unearned revenue

 

990

 

 

 

1,079

 

 

 

908

 

 

 

1,013

 

Due to related parties(1)

 

(17

)

 

 

 

 

 

(17

)

 

 

 

Net cash provided by operating activities

 

1,137

 

 

 

1,324

 

 

 

4,357

 

 

 

4,409

 

Investing activities:

 

 

 

 

 

 

 

Additions to property and equipment

 

(123

)

 

 

(82

)

 

 

(386

)

 

 

(329

)

Sales of investments in equity securities

 

9

 

 

 

26

 

 

 

77

 

 

 

26

 

Purchases of strategic investments

 

(5

)

 

 

(13

)

 

 

(11

)

 

 

(29

)

Proceeds from disposition of assets

 

9

 

 

 

7

 

 

 

14

 

 

 

28

 

Business combinations, net of cash acquired, and purchases of intangible assets

 

(7

)

 

 

(19

)

 

 

(23

)

 

 

(409

)

Net cash used in investing activities

 

(117

)

 

 

(81

)

 

 

(329

)

 

 

(713

)

Financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

3

 

 

 

9

 

 

 

270

 

 

 

273

 

Proceeds from issuance of senior notes, net of issuance costs

 

 

 

 

 

 

 

5,944

 

 

 

1,979

 

Borrowings under term loan, net of issuance costs

 

3,998

 

 

 

 

 

 

3,998

 

 

 

 

Repayment of term loan

 

(500

)

 

 

 

 

 

(500

)

 

 

(1,500

)

Repayment of current portion of senior notes

 

(1,519

)

 

 

 

 

 

(1,519

)

 

 

(1,257

)

Repayment of note payable to Dell

 

 

 

 

 

 

 

(270

)

 

 

 

Repurchase of common stock

 

(297

)

 

 

(379

)

 

 

(1,169

)

 

 

(945

)

Shares repurchased for tax withholdings on vesting of restricted stock

 

(95

)

 

 

(93

)

 

 

(385

)

 

 

(412

)

Payment for Special Dividend

 

(11,499

)

 

 

 

 

 

(11,499

)

 

 

 

Payment to acquire non-controlling interests

 

 

 

 

 

 

 

 

 

 

(91

)

Principal payments on finance lease obligations

 

(1

)

 

 

(1

)

 

 

(5

)

 

 

(4

)

Net cash used in financing activities

 

(9,910

)

 

 

(464

)

 

 

(5,135

)

 

 

(1,957

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(8,890

)

 

 

779

 

 

 

(1,107

)

 

 

1,739

 

Cash, cash equivalents and restricted cash at beginning of the period

 

12,553

 

 

 

3,991

 

 

 

4,770

 

 

 

3,031

 

Cash, cash equivalents and restricted cash at end of the period

$

3,663

 

 

$

4,770

 

 

$

3,663

 

 

$

4,770

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash paid for interest

$

54

 

 

$

58

 

 

$

200

 

 

$

200

 

Cash paid for taxes, net

 

55

 

 

 

150

 

 

 

331

 

 

 

543

 

Non-cash items:

 

 

 

 

 

 

 

Changes in capital additions, accrued but not paid

$

(5

)

 

$

8

 

 

$

4

 

 

$

(10

)

__________

(1)

Subsequent to the Spin-off, due from related parties and due to related parties were presented separately, as a right of setoff no longer exists. Prior to the Spin-Off, due from related parties was presented net of due to related parties.

VMware, Inc.

GROWTH IN REVENUE PLUS SEQUENTIAL CHANGE IN UNEARNED REVENUE

(in millions)

(unaudited)

 

 

Growth in Total Revenue Plus Sequential Change in Unearned Revenue

 

 

 

 

 

Three Months Ended

 

January 28,

 

January 29,

 

2022

 

2021

Total revenue, as reported

$

3,531

 

 

$

3,294

Sequential change in unearned revenue(1)

 

989

 

 

 

1,079

Total revenue plus sequential change in unearned revenue

$

4,520

 

 

$

4,373

Change (%) over prior year, as reported

 

3

%

 

 

 

 

 

 

Growth in License and Subscription and SaaS Revenue Plus Sequential Change in Unearned License and Subscription and SaaS Revenue

 

 

 

 

 

Three Months Ended

 

January 28,

 

January 29,

 

2022

 

2021

Total license and subscription and SaaS revenue, as reported

$

1,903

 

 

$

1,721

Sequential change in unearned license and subscription and SaaS revenue(2)

 

433

 

 

 

406

Total license and subscription and SaaS revenue plus sequential change in unearned license and subscription and SaaS revenue

$

2,336

 

 

$

2,127

Change (%) over prior year, as reported

 

10

%

 

 

Contacts

Paul Ziots

VMware Investor Relations

pziots@vmware.com
650-427-3267

Michael Thacker

VMware Global PR

mthacker@vmware.com
650-427-4454

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