VMware annuncia i risultati finanziari del quarto trimestre e del Fiscal Year 2020
Il fatturato annuale raggiunge i 10,81 miliardi di dollari, una crescita del 12% rispetto all’anno precedente
Il fatturato per subscription e SaaS cresce del 52% anno su anno, e rappresenta il 18% del totale del fatturato del quarto trimestre
Milano, 2 marzo 2020 - VMware, Inc. (NYSE: VMW), leader globale e innovatore del software enterprise, ha annunciato oggi i risultati finanziari per il quarto trimestre e per l’anno fiscale 2020. Questi i dati principali:
- Il fatturato del quarto trimestre è stato pari a 3,07 miliardi di dollari, in aumento dell’11% rispetto al quarto trimestre del fiscal year 2019.
- La combinazione del fatturato per subscription e SaaS e per le licenze è stato di 1,59 miliardi di dollari, con un aumento del 14% rispetto al quarto trimestre del fiscal year 2019.
- Il fatturato per subscription e SaaS cresce del 52% anno su anno, ragiungendo i 556 milioni di dollari.
- L'utile netto GAAP per il quarto trimestre è stato di 321 milioni di dollari, o 0,76 dollari per azione diluita, rispetto ai 496 milioni di dollari, o 1,17 dollari per azione diluita, per il quarto trimestre dell'esercizio 2019. L'utile netto non-GAAP per il quarto trimestre è stato di 868 milioni di dollari, o 2,05 dollari per azione diluita, un aumento del 9% per azione diluita rispetto ai 795 milioni di dollari, o 1,87dollari per azione diluita, per il quarto trimestre dell'anno fiscale 2019.
- Il reddito operativo GAAP per il quarto trimestre ammonta a 250 milioni di dollari, una riduzione del 58% rispetto al quarto trimestre del fiscal year 2019. Il reddito operativo non GAAP per il quarto trimestre è stato di 1,05 miliardi di dollari, in aumento del 12% rispetto al quarto trimestre del fiscal year 2019.
- Il flusso di cassa operativo per il quarto trimestre è pari a 1,09 miliardi di dollari. Il flusso di cassa disponibile per il quarto trimestre è stato di 1.02 miliardi di dollari.
- Le entrate totali più le variazioni sequenziali delle entrate totali non acquisite sono cresciute dell’11% su base annua.
Anno fiscal 2020:
- Il fatturato per l'anno fiscale 2020 è stato di 10,81 miliardi di dollari, con un aumento del 12% rispetto al fiscal year 2019.
- La combinazione dei ricavi per subscription e Saas e per le licenze per l'anno fiscale 2020 è stata di 5,06 miliardi di dollari, con un aumento del 16% rispetto al fiscal year 2019.
- Il fatturato per subscription e Saas per l'anno fiscale 2020 è stato di 1,88 miliardi di dollari, con un aumento del 44% rispetto al fiscal year 2019.
- Il reddito netto GAAP per l'anno fiscale 2020 è stato di 6,41 miliardi di dollari, o 15,08 dollari per azione diluita, rispetto a 1,65 miliardi di dollari, o 3,92 dollari per azione diluita, per l’anno fiscale 2019. L'utile netto non GAAP per l'anno è stato di 2,66 miliardi di dollari, o 6,24 dollari per azione diluita, in crescita del 4% per azione diluita rispetto a 2,52 miliardi di dollari, o 5,98 dollari per azione diluita, per il fiscal year 2019.
- Il reddito operativo GAAP per l'anno fiscale 2020 è stato di 1,44 miliardi di dollari, con una riduzione del 20% rispetto al fiscal year 2019. Il reddito operativo non GAAP dell'anno fiscale 2020 è stato di 3,26 miliardi di dollari, con un incremento dell’11% rispetto al fiscal year 2019.
- Il flusso di cassa operativo per l'anno fiscale 2020 è stato di 3,87 miliardi di dollari. Il flusso di cassa disponibile per l'anno fiscale 2020 è stato pari a 3,59 miliardi di dollari.
- Il cash, è stato di 2,91 miliardi di dollari e le entrate non acquisite al 31 gennaio 2020 sono state 9,27 miliardi di dollari.
"VMware ha superato i 10 miliardi di dollari di fatturato per la prima volta nella storia dell'azienda, e continua a crescere a doppia cifra", ha commentato Pat Gelsinger, CEO di VMware. "I risultati raggiunti dimostrano la forza del nostro ampio portafoglio e di una strategia che continua a trovare consenso presso i nostri clienti".
"Abbiamo raggiunto un numero record di contratti superiori ai 10 milioni di dollari nel quarto trimestre, compreso un significativo aumento del valore delle subriscption e delle offerte SaaS nei primi dieci contratti", ha dichiarato Zane Rowe, executive vice president e CFO di VMware. "Il fatturato delle subriscption e delle offerte SaaS è cresciuto del 52% su base annua nel quarto trimestre, raggiungendo i 556 milioni di dollari, e si prevede che continuerà a crescere fortemente nel 2021".
VMware Reports Fourth Quarter and Fiscal Year 2020 Results
Delivers annual revenue of $10.81 billion; growth of 12% year-over-year
Subscription and SaaS increased 52% year-over-year, representing 18% of total revenue in Q4
PALO ALTO, Calif., February 27, 2020 — VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, today announced financial results for the fourth quarter and full fiscal year 2020:
- Revenue for the fourth quarter was $3.07 billion, an increase of 11% from the fourth quarter of fiscal 2019.
- The combination of subscription and SaaS and license revenue was $1.59 billion, an increase of 14% from the fourth quarter of fiscal 2019.
- Subscription and SaaS revenue for the fourth quarter was $556 million, an increase of 52% year-over-year.
- GAAP net income for the fourth quarter was $321 million, or $0.76 per diluted share, compared to $496 million, or $1.17 per diluted share, for the fourth quarter of fiscal 2019. Non-GAAP net income for the fourth quarter was $868 million, or $2.05 per diluted share, up 9% per diluted share compared to $795 million, or $1.87 per diluted share, for the fourth quarter of fiscal 2019.
- GAAP operating income for the fourth quarter was $250 million, a decrease of 58% from the fourth quarter of fiscal 2019. Non-GAAP operating income for the fourth quarter was $1.05 billion, an increase of 12% from the fourth quarter of fiscal 2019.
- Operating cash flow for the fourth quarter was $1.09 billion. Free cash flow for the fourth quarter was $1.02 billion.
- Total revenue plus sequential change in total unearned revenue grew 11% year-over-year.
- The combination of subscription and SaaS and license revenue plus sequential change in unearned subscription and SaaS and license revenue grew 17% year-over-year.
- Revenue for fiscal year 2020 was $10.81 billion, an increase of 12% from fiscal 2019.
- The combination of subscription and SaaS and license revenue for fiscal 2020 was $5.06 billion, an increase of 16% from fiscal year 2019.
- Subscription and SaaS revenue for fiscal year 2020 was $1.88 billion, an increase of 44% from fiscal year 2019.
- GAAP net income for fiscal year 2020 was $6.41 billion, or $15.08 per diluted share, compared to $1.65 billion, or $3.92 per diluted share, for fiscal 2019. Non-GAAP net income for fiscal year 2020 was $2.66 billion, or $6.24 per diluted share, up 4% per diluted share compared to $2.52 billion, or $5.98 per diluted share, for fiscal 2019.
- GAAP operating income for fiscal year 2020 was $1.44 billion, a decrease of 20% from fiscal 2019. Non-GAAP operating income for fiscal year 2020 was $3.26 billion, an increase of 11% from fiscal 2019.
- Operating cash flow for fiscal year 2020 was $3.87 billion. Free cash flow for fiscal year 2020 was $3.59 billion.
- Cash was $2.91 billion, and unearned revenue was $9.27 billion, as of January 31, 2020.
“VMware delivered over $10 billion in revenue for the first time in company history in fiscal 2020, along with continued double-digit topline growth,” commented Pat Gelsinger, CEO, VMware. “Our results demonstrate the power of our broad-based portfolio and a strategy that continues to resonate with our customers.”
“We signed a record number of enterprise agreements above $10 million in Q4, including a significant increase in the value of subscription and SaaS offerings in the top ten agreements,” said Zane Rowe, executive vice president and CFO, VMware. “Subscription and SaaS revenue grew 52% year-over-year in the fourth quarter to $556 million and is expected to continue strong growth in fiscal 2021.”
Growth rates in Q4 results include the recast of prior period financial information due to the Pivotal acquisition, which was accounted for as a transaction between entities under common control in accordance with generally accepted accounting principles (GAAP). Effective with the fourth quarter of fiscal year 2020, VMware is presenting a new revenue line item in its earnings reports entitled “subscription and SaaS revenue.” Accordingly, reported revenue consists of the following three components: license, subscription and SaaS, and services. Previously, subscription and SaaS revenue was referred to as “hybrid cloud subscription and SaaS revenue” and was allocated between license and services revenue. The cost of subscription and SaaS revenue was included in both cost of license revenue and cost of services revenue in prior periods and has been reclassified to conform with current period presentation.
To assist investors in their understanding of the impact of (1) combined Pivotal with VMware results in the recast financial statements and (2) reclassifying revenue from two to three categories, the company has posted a slide deck on its Investor Relations webpage at ir.vmware.com. The slide deck details the impact of Pivotal adjustments and the reclassification of revenues on VMware’s fourth quarter of fiscal 2020 results to enable investors to compare VMware’s performance in the quarter to the fourth quarter guidance that VMware provided on its previous quarter earnings call on November 26, 2019, which excluded Pivotal, as the acquisition had not been completed at that time, and did not separate out subscription and SaaS revenue. The slide deck also includes a similar comparison of VMware’s full year fiscal 2020 cash flows to November 26, 2019 guidance and a tabular summary of the differences in key metrics between VMware’s financial statements as previously reported and as recast for the seven fiscal quarters beginning with the first quarter of fiscal 2019 and for full year fiscal 2019.
Business Highlights & Strategic Announcements
- VMware completed the acquisition of Pivotal on December 30, 2019. The combination of Pivotal’s developer-centric offerings with VMware’s upstream Kubernetes run-time infrastructure and management tools will allow VMware to deliver a comprehensive enterprise solution that enables dramatic improvements in developer productivity in the creation of modern applications.
- At the RSA Conference, VMware advanced its Intrinsic Security Strategy for the world’s digital infrastructure by announcing “VMware Advanced Security for Cloud Foundation,” a new security suite that enables customers to replace legacy security solutions and deliver unified protection across private and public clouds. Product update announcements also included enhancements to the VMware Carbon Black Cloud and VMware Secure State.
- VMware showcased how communications service providers (CSPs) across the world—including Millicom, Singtel, Telecom Italia, Telia Company and TIM Brasil—are adopting VMware’s Telco Cloud platform to accelerate time to revenue, automate service lifecycle and simplify operations management. VMware also unveiled new capabilities across its Telco and Edge Cloud product portfolio, including innovations to its telco cloud core, edge and RAN offerings.
- VMware acquired Nyansa, which enables VMware to deliver an end-to-end network visibility, monitoring and remediation solution within VMware SD-WAN by VeloCloud that can proactively predict client problems, optimize application and network performance and better assure the behavior of critical IoT devices.
- In the fourth quarter, VMware received further recognition from leading industry analysts:
- VMware was positioned as a leader in The Forrester Wave™: Unified Endpoint Management, Q4 2019, which evaluated 13 unified endpoint management (UEM) vendors. VMware’s intelligence-driven digital workspace platform, VMware Workspace ONE, was top ranked in the current offering and strategy categories. The platform also received the highest possible score in the product roadmap, roadmap execution, and partner ecosystem criteria, as well as in all of the report’s market presence criteria (i.e., customer count, Windows 10 customer count, devices under management, and revenue).1
- VMware was positioned as a leader in three recent IDC MarketScape reports related to the End-User Computing (EUC) space.2
Recast Financial Statements and Addition of Subscription and SaaS Revenue Line item
On December 30, 2019, VMware completed its acquisition of Pivotal. As Pivotal was an entity under common control, pursuant to GAAP, financial statements for prior periods are required to be recast as if the entities were combined for all periods presented. Recast quarterly results on a GAAP and non-GAAP basis, consolidated statements of income and key cash flow metrics for fiscal year 2019 and fiscal year 2020 are included in this earnings press release. All comparisons of fiscal year and fourth quarter 2020 financial metrics to prior periods in this press release are comparisons to the recast financial metrics for the respective prior period.
To assist investors in their understanding of the impact of combining Pivotal with VMware results in the recast financial statements on prior periods and to compare current results to the financial results originally reported for prior periods, VMware is including tables attached to this press release showing the impact of Pivotal adjustments on its previously reported (1) GAAP and non-GAAP net income for each fiscal quarter for fiscal years 2019 and 2020 and for fiscal years 2019 and 2018; (2) fiscal year 2019 balance sheet; and (3) GAAP cash flows from operating activities and free cash flows for each fiscal quarter for fiscal years 2019 and 2020 and for fiscal years 2019 and 2018.
Additionally, effective with the fourth quarter of fiscal year 2020, VMware is presenting a new revenue line item in its earnings reports entitled “subscription and SaaS revenue.” Accordingly, reported revenue consists of the following three components: license, subscription and SaaS, and services. Previously, subscription and SaaS revenue was referred to as “hybrid cloud subscription and SaaS revenue” and was allocated between license and services revenue. In light of VMware’s recent acquisitions, management determined that revenue recognized from subscription and SaaS offerings will be presented separately. The new subscription and SaaS revenue line item includes revenue from VMware’s VCPP cloud offerings that are billed to customers on a consumption basis, revenue from Pivotal and other offerings that are billed on a subscription basis as well as revenue from SaaS offerings such as Workspace ONE and VMware Cloud on AWS. Revenue from prior periods has been reclassified to conform to the fourth quarter fiscal year 2020 presentation and is reflected in the recast quarterly financial statements for fiscal years 2019 and 2020 included in the tables accompanying this earnings press release.
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 http://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 http://ir.vmware.com in conjunction with the conference call.
1 “The Forrester Wave™: Unified Endpoint Management, Q4 2019”
2 IDC MarketScape: Worldwide Unified Endpoint Management Software 2019–2020 Vendor Assessment (doc # US45355119, November 2019); IDC MarketScape: Worldwide Enterprise Mobility Management Software 2019-2020 Vendor Assessment (doc # US45353719, November 2019); and IDC MarketScape: Worldwide Enterprise Mobility Management Software for Ruggedized/IoT Device Deployments 2019–2020 Vendor Assessment (Doc #US45353819, November 2019)
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VMware software powers the world’s complex digital infrastructure. The company’s cloud, app modernization, networking, security, and digital workspace offerings help customers deliver any application on any cloud across any device. Headquartered in Palo Alto, California, VMware is committed to being a force for good, from its breakthrough technology innovations to its global impact. For more information, please visit https://www.vmware.com/company.html
VMware’s website is located at www.vmware.com, and its investor relations website is located at http://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; 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, Pivotal, VMware Advances Security, Carbon Black, VMware Secure State, Nyansa, VeloCloud, Workspace ONE, and VMware Cloud 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.”
This press release contains forward-looking statements including, among other things, statements regarding expected benefits to customers of VMware’s acquisitions of Pivotal and Nyansa, as well as products, solutions and services, including in areas of modern applications, security, telco and edge cloud, and VMware SD-WAN by Velocloud. 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) adverse changes in general economic or market conditions; (2) delays or reductions in consumer, government and information technology spending; (3) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into the virtualization software and cloud, end user and mobile computing, and security industries, as well as new product and marketing initiatives by VMware’s competitors; (4) the ability to successfully integrate into VMware acquired companies and assets and smoothly transition services related to divested assets from VMware; (5) rapid technological changes in the virtualization software and cloud, end user, security and mobile computing industries; (6) VMware’s customers’ ability to transition to new products, platforms, services, solutions and computing strategies in such areas as containerization, modern applications, intrinsic security and networking, cloud, digital workspaces, virtualization and the software defined data center, and the uncertainty of their acceptance of emerging technology; (7) VMware’s ability to enter into, maintain and extend strategically effective partnerships and alliances; (8) the continued risk of litigation and regulatory actions, including those related to the Carbon Black and Pivotal acquisitions; (9) VMware’s ability to protect its proprietary technology; (10) changes to product and service development timelines; (11) VMware’s relationship with Dell Technologies and Dell’s ability to control matters requiring stockholder approval, including the election of VMware’s board members and matters relating to Dell’s investment in VMware; (12) VMware’s ability to attract and retain highly qualified employees; (13) the ability of VMware to realize synergies from Dell; (14) risks associated with cyber-attacks, information security and 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; (18) geopolitical changes such as Brexit and increased tariffs and trade barriers that could adversely impact our non-U.S. sales; and (19) other business effects, including those related to industry, market, economic, political, regulatory and global health conditions, such as the coronavirus (COVID-19) public health emergency. 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 we 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.
Il software di VMware alimenta la complessa infrastruttura digitale del mondo. L'offerta di soluzioni cloud, modernizzazione delle app, networking, sicurezza e digital workspace dell'azienda aiuta i clienti a fornire qualsiasi applicazione su qualsiasi cloud attraverso qualunque dispositivo. Con sede a Palo Alto, California, VMware si impegna a essere una “force for good”, dalle sue innovazioni tecnologiche all'impatto globale. Per ulteriori informazioni, visita il sito: https://www.vmware.com/company.html.
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