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VMware anuncia los resultados del segundo trimestre fiscal 2009

VMware anuncia los resultados del segundo trimestre fiscal 2009

  • Ingresos de 456 millones de dólares
  • Margen operativo no-GAAP del 21%
  • Margen operativo GAAP del 8%
  • El cash flow operativo no-GAAP aumentó un 19% respecto al mismo periodo del año anterior, hasta alcanzar los 233 millones de dólares
  • El cash flow operativo GAAP aumentó el 62% respecto al mismo periodo del año anterior, hasta los 243 millones de dólares

Supplemental Financial Tables (en inglés)

Madrid, 23 de julio de 2009 – VMware, Inc. (NYSE: VMW), el líder global en soluciones de virtualización que van desde el desktop al centro de datos y a la cloud, ha anunciado los resultados financieros del segundo trimestre de 2009:

  • Los ingresos del segundo trimestre fueron de 456 millones de dólares, en línea con los del segundo trimestre de 2008.
  • El beneficio de explotación no-GAAP del segundo trimestre fue de 96 millones de dólares, lo que supone un descenso del 14% respecto al segundo trimestre de 2008. Las cifras GAAP fueron de 38 millones de dólares, un descenso del 38% comparado con el mismo periodo de 2008.
  • Los beneficios netos no-GAAP durante el trimestre fueron de 80 millones de dólares, o 0,20 dólares por acción diluida, comparados con los 92 millones de dólares, o 0,23 dólares por acción diluida, del segundo trimestre de 2008. Los beneficios netos GAAP del segundo trimestre fueron de 33 millones de dólares, o 0,08 dólares por acción diluida, comparados con los 52 millones de dólares, o 0,13 dólares por acción diluida, del segundo trimestre de 2008.
  • El efectivo y los equivalentes fueron de 2.300 millones de dólares y los ingresos diferidos totales fueron de 934 millones de dólares a 30 de junio de 2009. Comparado con el mismo periodo de hace un año, el efectivo aumentó un 48% y los ingresos diferidos lo hicieron en un 30%. Desde el inicio de 2009, el efectivo aumentó un 24% y los ingresos diferidos, un 7%.
  • El cash flow operativo no-GAAP del trimestre fue de 233 millones de dólares, un aumento del 19% respecto al segundo trimestre de 2008. El cash flow operativo GAAP fue de 243 millones de dólares, un aumento del 62% respecto al segundo trimestre de 2008. En los últimos 12 meses, a fecha de 30 de junio de 2009, el cash flow operativo no-GAAP fue de 910 millones de dólares y el cash flow operativo GAAP fue de 1.000 millones de dólares.

Los ingresos procedentes de Estados Unidos en el segundo trimestre decrecieron un 3%, hasta alcanzar los 234 millones de dólares, respecto al segundo trimestre de 2008. Los ingresos de internacional durante el segundo trimestre crecieron un 3%, hasta situarse en 222 millones de dólares, respecto a las cifras del segundo trimestre de 2008.

Los ingresos por servicios, que incluyen el mantenimiento del software y los servicios profesionales, fueron de 228 millones de dólares, un aumento de 32% respecto al segundo trimestre de 2008. Afectados por el entorno macro económico, los ingresos por licencias fueron de 228 millones de dólares, un 20% menos que los del año anterior.

“Además de conseguir unos resultados financieros sólidos durante el trimestre, hemos sido capaces de completar con éxito el lanzamiento de VMware vSphere™ 4, con una buena acogida por parte de los clientes”, afirma Paul Maritz, presidente y consejero delegado de VMware. “vSphere no es sólo el mayor y más ambicioso paso que hemos dado hasta la fecha, sino que su lanzamiento también reflejó mejoras en los aspectos más operativos de nuestra empresa. Ahora esperamos lanzar productos complementarios de gestión y de virtualización de desktops hasta final de año”.

“Una vez más hemos rendido bien, generando fuertes cash flows al tiempo que seguimos invirtiendo en oportunidades de crecimiento a largo plazo”, comenta Mark Peek, director general financiero de VMware. “A pesar de que mantenemos la cautela acerca de las condiciones económicas mundiales, estamos comenzando a tener una visibilidad un poco mejor de nuestro negocio y esperamos que los ingresos del tercer trimestre se sitúen entre los 465 y los 480 millones de dólares, y que los ingresos totales del año 2009 aumenten entre un uno y un tres por ciento respecto a los de 2008”.

Anuncios estratégicos recientes

  • El 21 de mayo, VMware anunción la disponibilidad general de VMware vSphere™ 4, con el apoyo de un amplio ecosistema de Partners y clientes de todo el mundo. En junio, VMware vSphere™ 4 fue nombrado ganador del Best of Interop 2009 Grand Prize y ganó el Best of Interop Award en la categoría de Cloud Computing y Virtualización en Interop Las Vegas.
  • VMware anunció el récord de rendimiento en almacenamiento de VMware vSphere™ 4, funcionando mejor que cualquier otra solución de virtualización del mercado y casi cuadruplicando su récord anterior. Según los datos recogidos con VMware Capacity Planner, las bases de datos más exigentes requieren normalmente unos miles de IOPS en rendimiento de almacenamiento. Por ejemplo, una base de datos Oracle requiere una media de 1.280 IOPS para una máquina virtual Oracle de cuatro vías. VMware vSphere™ 4 supera estos requisitos desde un único servidor, y puede dar servicio hasta a 700.000 buzones de correo de Microsoft Exchange y 273 bases de datos de Oracle de 4 vías.
  • VMware y HP ampliaron su fuerte acuerdo corporativo al firmar VMware un acuerdo OEM para integrar el software HP Discovery and Dependency Mapping en la suite VMware vCenter™ y trabajar con HP en nuevas iniciativas de gestión de centros de datos. Además, HP ha integrado VMware ThinApp™ con la plataforma de gestión basada en políticas HP Client Automation. Ambas iniciativas ayudarán a los clientes a gestionar a la perfección y de forma rentable sus centros de datos físicos y virtuales y sus iniciativas de desktop.
  • El 13 de julio, VMware anunció avances en gestión de virtualización con la disponibilidad general de dos nuevos productos: VMware vCenter™ AppSpeed y VMware vCenter™ Chargeback. VMware también anunció el lanzamiento de VMware vCenter™ Lab Manager 4. Estos nuevos productos de gestión simplifican y automatizan procesos de TI claves como la monitorización del rendimiento de las aplicaciones, la refacturación y la gestión de entornos de desarrollo y prueba, para aumentar la productividad de las TI en el centro de datos, dando más valor a los clientes cuando escalan sus entornos virtuales.

Acerca de VMware
VMware (NYSE:VMW) es el líder global en soluciones de virtualización que van desde el desktop al centro de datos. Compañías de todos los tamaños confían en VMware para reducir los gastos operativos y de capital, asegurar la continuidad de negocio, fortalecer la seguridad y ser más ecológicas. Con unos ingresos en 2008 de 1.900 millones de dólares, más de 130.000 clientes y más de 22.000 partners, VMware es una de las compañías de software cotizadas de mayor crecimiento. Con sede en Palo Alto (California), VMware es una filial de EMC Corporation (NYSE: EMC) y su web es www.vmware.com.

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Contacto con la prensa:

AxiCom Cohn & Wolfe Spain para VMware
Javier Fraile / Joana Martins
Email: javier.fraile@axicom.es / joana.martins@axicom.es
Tel.: 91 490 27 11

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VMware is a registered trademark or trademark of VMware, Inc. in the United States and/or other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective companies.

Use of Non-GAAP Financial Measures

VMware has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. These non-GAAP financial measures, which are used as measures of VMware’s performance, should be considered in addition to, not as a substitute for or in isolation from, measures of VMware’s financial performance prepared in accordance with GAAP. These measures differ from GAAP in that they exclude stock-based compensation, amortization of intangible assets, the write-off of in-process research and development, employer payroll tax on employee stock transactions, the net effect of the amortization and capitalization of software under Statement of Financial Accounting Standards No. 86 (“FAS86”). VMware’s bases for these adjustments are described below.

VMware’s management uses the non-GAAP financial measures referenced in this release and shown in the accompanying schedules to gain an understanding of VMware’s comparative operating results (when comparing such results with previous periods or forecasts) and its future prospects and excludes the above-listed items from its internal operating plans and measurement of financial performance, including budgeting, calculating bonus payments, and forecasting future periods. These non-GAAP financial measures are used by VMware’s management in their financial and operating decision-making because management believes they reflect VMware’s ongoing business in a manner that allows meaningful period-to-period comparisons. As the non-GAAP financial measures exclude expenses that VMware believes are not reflective of ongoing operating results, management believes the non-GAAP financial measures enable management to better analyze trends in its business. When evaluating the performance of our individual functional groups, VMware does not consider the above-listed items that it excludes from its non-GAAP financial measures. Likewise, VMware excludes such items from its short and long-term operating plans. VMware’s management also believes that these non-GAAP financial measures provide useful information to investors and others (a) in understanding and evaluating VMware’s current operating results and future prospects in the same manner as management does, if they so choose, and (b) an additional basis for comparing in a consistent manner VMware’s current financial results with VMware’s past financial results.

In addition to the foregoing, management believes that these non-GAAP measures are useful to investors and others in assessing VMware’s operating performance due to the following factors:

  • Although stock-based compensation is an important aspect of the compensation of VMware’s employees and executives, determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. VMware does not believe these non-cash expenses are reflective of ongoing operating results.
  • The amount of employer payroll taxes on stock-based compensation is dependent on VMware’s stock price and the timing and size of exercise by employees of their stock options and of vesting in restricted stock, over which management has limited to no control, and as such does not correlate to VMware’s operation of the business.
  • VMware’s amortization of intangible assets includes the effects of EMC’s acquisition of VMware in January 2004. Also, VMware does not acquire businesses on a predictable cycle. VMware therefore believes that the presentation of non-GAAP measures that adjust for the amortization of intangible assets and the write-off of in-process research and development, provide investors and others with a consistent basis for comparison across accounting periods and, therefore, are useful to investors and others in helping them to better understand VMware’s operating results and underlying operational trends.
  • The amortization and capitalization of software under FAS86 can vary significantly depending upon the timing of products reaching technological feasibility and the timing of when products are made generally available. VMware believes that by removing the variance in operating results caused by the net effect of applying FAS86, the non-GAAP presentation provides investors and others with a basis similar to that used by management for comparing the level of ongoing research and development expenses and related operational trends across accounting periods.

In addition we provide measures of non-GAAP operating cash flows for the quarter and the trailing twelve month periods ending June 30, 2009 and 2008. Our definition of non-GAAP operating cash flows excludes the effects of capitalized software development costs and excess tax benefits related to stock-based compensation. VMware uses non-GAAP operating cash flows, among other measures, to evaluate the ability of our operations to generate cash. We exclude the capitalization of software under FAS86 from our non-GAAP operating cash flows to reflect management’s perspective in assessing our operating results. If we did not capitalize costs under FAS86, our GAAP operating cash flows would be lower as a result of additional expense recognized within net income and paid out in cash during the period. In addition, we account for share-based compensation under SFAS 123(R), which requires that we report the excess income tax benefit from share-based compensation as a financing cash flow rather than as an operating cash flow. We have added this benefit back to our calculation of non-GAAP operating cash flows in order to generally classify cash flows arising from income taxes as operating cash flows. Management believes that information regarding non-GAAP operating cash flows provides investors with an important perspective on the cash available to make strategic acquisitions and investments, repurchase shares, fund ongoing operations and to fund capital expenditures. Additionally, as non-GAAP operating cash flow is not a measure of liquidity calculated in accordance with GAAP, non-GAAP operating cash flow should be considered in addition to, but not as a substitute for, the analysis provided in the statement of cash flows.

VMware’s non-GAAP financial measures may be defined differently than similar terms used by other companies and, accordingly, may not be comparable to similarly-titled non-GAAP financial measures used by other companies. There are significant limitations associated with the use of non-GAAP financial measures. Specifically, the non-GAAP financial measures that exclude stock-based compensation, intangible amortization, in-process research and development, and the net effect of the amortization and capitalization of software under FAS86, do not include all items of income and expense that affect VMware’s operations. More specifically, in the case of stock-based compensation, if VMware did not pay out a portion of its compensation in the form of stock-based compensation and related employer payroll taxes, the cash salary expense included in costs of revenues and operating expenses would be higher. Payment of employer payroll taxes on stock-based compensation is also a cash expense for VMware and impacts the Company’s cash position. In the case of intangible amortization, while not directly affecting VMware’s cash position, it represents the loss of value of intangible assets over time. A limitation of non-GAAP operating cash flows is that it cannot be combined with GAAP cash flows from investing and financing activities to yield the total increase or decrease in the cash balance for the periods reported. Management compensates for this limitation by also relying on the net change in cash and cash equivalents as presented in the Company’s unaudited condensed consolidated statements of cash flows prepared in accordance with GAAP which incorporates all cash movements during the period. As a result, non-GAAP net income and non-GAAP net income per share, which exclude this expense, do not reflect the full economic loss in value of those intangible assets. Management compensates for these limitations by reconciling the non-GAAP financial measures to VMware’s financial results as determined in accordance with GAAP, which reconciliations are set forth in the accompanying schedules to this release, in the current report on Form 8-K furnished to the SEC on the date hereof and on http://ir.vmware.com.

Forward-Looking Statements
Statements made in this press release which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate, but are not limited, to our financial outlook for the third quarter of 2009 and full year 2009, ongoing shifts in our revenue mix, continuation of operational improvements and long term investments in growth opportunities, the timing of new product releases and updates, and deployment of our products by customers. 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: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in consumer or information technology spending; (iii) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into the virtualization market, and new product and marketing initiatives by our competitors; (iv) factors that affect timing of license revenue recognition such as product announcements and beta programs; (v) our customers’ ability to develop, and to transition to, new products, (vi) the uncertainty of customer acceptance of emerging technology; (vii) rapid technological and market changes in virtualization software; (viii) changes to product development timelines; (ix) VMware’s relationship with EMC Corporation, and EMC’s ability to control matters requiring stockholder approval, including the election of VMware’s board members; (x) our ability to protect our proprietary technology; (xi) our ability to attract and retain highly qualified employees; and (xii) fluctuating currency exchange rates.

Ongoing uncertainty in global economic conditions poses a risk to the overall economy as consumers and businesses may defer purchases in response to tighter credit and negative financial news, which could negatively affect product demand and other related matters. Consequently, demand for VMware products could be different from VMware’s expectations due to factors including changes in business and economic conditions, including conditions in the credit market that could affect consumer confidence; customer acceptance of VMware’s and competitors’ products; changes in customer order and payment patterns; changes in the willingness of customers to enter into longer term licensing and support arrangements, the ability of third party service providers to fulfill their obligations to us and the ability of our channel partners to pursue joint development and marketing initiatives with us.

These forward looking statements 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 the report on Form 10-Q for the quarter ended March 31, 2009, which could cause actual results to vary from expectations. VMware disclaims any obligation to update any such forward-looking statements after the date of this release.