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VMware annuncia i risultati finanziari del 2011 e del quarto trimestre

VMware annuncia i risultati finanziari del 2011 e del quarto trimestre

-Il fatturato globale annuo cresce del 32% raggiungendo i 3,77 miliardi di dollari con un quarto trimestre in crescita rispetto all’anno precedente del 27% arrivando a quota 1.06 miliardi

- Margine operativo annuo al 19.5%; margine operativo Non-GAAP al 31.0%. Il margine operativo del quarto trimestre del 2011 è al 20.2%; margine operativo Non-GAAP del 31.9%

- Gli ultimi dodici mesi di flusso di cassa vedono una crescita del 72%  fino a raggiungere i 2.03 miliardi di dollari; Il cash flow operativo aumenta del 62%  per un totale di 1.95 miliardi

Milano, 24 gennaio 2012 – VMware, leader mondiale nella virtualizzazione e nell'infrastruttura per il cloud, annuncia i risultati finanziari per l’ultimo trimestre 2011 e per l’intero anno. Di seguito il comunicato completo in inglese:

  • Revenues for the fourth quarter were $1.06 billion, an increase of 27% from the fourth quarter of 2010, and an increase of 26% measured in constant currency.
  • Operating income for the fourth quarter was $214 million, an increase of 64% from the fourth quarter of 2010. Non-GAAP operating income for the fourth quarter was $338 million, an increase of 37% from the fourth quarter of 2010.
  • Net income for the fourth quarter was $200 million, or $0.46 per diluted share, compared to $120 million, or $0.28 per diluted share, for the fourth quarter of 2010. Non-GAAP net income for the quarter was $266 million, or $0.62 per diluted share, compared to $198 million, or $0.46 per diluted share, for the fourth quarter of 2010.
  • Operating cash flows for the fourth quarter were $561 million, an increase of 38% from the fourth quarter of 2010. Free cash flows for the quarter were $535 million, an increase of 32% from the fourth quarter of 2010.
  • Revenues for 2011 were $3.77 billion, an increase of 32% from 2010.
  • Operating income for 2011 was $735 million, an increase of 72% from 2010. Non-GAAP operating income for 2011 was $1.17 billion, an increase of 43% from 2010.
  • Net income for 2011 was $724 million, or $1.68 per diluted share, compared to $357 million, or $0.84 per diluted share, for 2010. Non-GAAP net income for 2011 was $936 million, or $2.17 per diluted share, compared to $639 million, or $1.51 per diluted share, for 2010.
  • Operating cash flows for 2011 were $2.03 billion, an increase of 72% and free cash flows for the year were $1.95 billion, an increase of 62% from 2010.
  • Cash, cash equivalents and short-term investments were $4.51 billion and unearned revenue was $2.71 billion as of December 31, 2011. U.S. revenues for 2011 grew 26% to $1.82 billion from 2010. International revenues grew 38% to $1.94 billion from 2010.

License revenues for 2011 were $1.84 billion, an increase of 31% from 2010. Service revenues, which include software maintenance and professional services, were $1.93 billion for 2011, an increase of 32% from 2010.

“The quarter’s strong performance further signals that virtualization is the foundation for simplifying and automating IT,” said Paul Maritz, chief executive officer, VMware. “As customers continue to drive significant IT transformation, our task remains in providing solutions that go beyond cost reduction, yielding business and competitive value.”

“We are pleased with our record fourth quarter results,” said Mark Peek, chief financial officer, VMware. “Our investments over the years have clearly paid off and we will continue to take advantage of long-term opportunities ahead. First quarter 2012 revenues are expected to be in the range of $1.015 and $1.040 billion, an increase of 20% to 23% from the first quarter 2011. Annual 2012 revenues are expected to be in the range of $4.475 and $4.6 billion, an increase of 19% to 22% from 2011, and annual license revenues are expected to grow between 11% and 16%.”

Recent Highlights & Strategic Announcements

  • In October 2011, VMware unveiled three product suites designed to simplify and automate IT management. With significant enhancements to VMware® vCenter Operations™ and the introduction of new VMware® vFabric Application Management™ and VMware® IT Business Management suites, VMware will help customers amplify the value of their virtual environments and achieve the agility and economics of cloud computing.
  • VMware announced VMware vCenter™ Protect Essentials Plus™, a complete onpremise management system designed to meet the needs of the small and midsize businesses (SMBs) and enhancements to its VMware Go Pro™ service, simplifying IT management for SMBs.
  • VMware announced VMware® Horizon Mobile, a simple way for IT departments to securely provision, manage and de-provision a corporate mobile workspace to an employee’s Android device over-the-air, while enabling the employee to retain the privacy and control of their personal mobile environments. VMware Horizon Mobile is expected to be available in early 2012.
  • In December 2011, VMware announced new VMware View™ Clients for Kindle Fire, Mac and Linux, along with updates to its popular VMware View Clients for Android and iPad.

The new VMware View Clients for Mac and Linux enable IT organizations to empower  more agile, productive and connected workforce or school communities by providing an easy-to-access, high-fidelity desktop virtualization experience optimized for the device of their choice. The new VMware View™ Clients for Mac and Linux are expected to be available in early 2012.

VMware plans to host a conference call today to review its fourth quarter and 2011 results and to discuss its financial outlook. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed via the Web at The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 60 days.

VMware, VMware vCenter Operations, VMware vFabric Application Management, Vmware vCenter Protect Essentials Plus, VMware View and VMware Go Pro are registered trademarks or

trademarks of VMware, Inc. in the United States and/or other jurisdictions. Other marks mentioned herein are trademarks, which are proprietary to VMware, Inc. or another company.

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.”

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding VMware’s expected first quarter and annual 2012 revenues and annual 2012 license revenue growth, the expected transformation of IT and the role and value proposition of virtualization and VMware solutions in the IT transformation, our ability to take advantage of long-term opportunities, the value to customers and the prospect of customer adoption of our new product suites, and the expected features and benefits and availability of VMware Horizon Mobile and VMware View Clients for Mac and Linux. 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: (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 and cloud computing markets, and new product and marketing initiatives by our competitors; (iv) factors that affect timing of license revenue recognition such as product announcements, beta programs and product promotions that can cause revenue recognition of certain orders to be deferred; (v) our customers’ ability to develop, and to transition to, new products and computing strategies such as cloud computing and desktop virtualization; (vi) the uncertainty of customer acceptance of emerging technology; (vii) changes in the willingness of customers to enter into longer term licensing and support arrangements; (viii) rapid technological and market changes in virtualization software and platforms for cloud and desktop computing; (ix) changes to product development timelines; (x) VMware’s relationship with EMC Corporation and EMC’s ability to control matters requiring stockholder approval, including the election of VMware’s board members; (xi) our ability to protect our proprietary technology; (xii) our ability to attract and retain highly qualified employees; (xiii) the successful integration of acquired companies and assets into VMware; and (xiv) fluctuating currency exchange rates. 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 our 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.










About Non-GAAP Financial Measures

To provide investors and others with additional information regarding VMware’s results, we have disclosed

in this press release the following non-GAAP financial measures: non-GAAP operating income, non- GAAP net income, non-GAAP operating margin, free cash flows and trailing twelve-month free cash flows. 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 differ from GAAP in that they exclude stock-based compensation, employer payroll tax on employee stock transactions, amortization of intangible assets, acquisition related items, the net effect of the amortization and capitalization of software development costs and the gain that VMware realized upon its sale of its investment in Terremark Worldwide, Inc. during the second quarter of fiscal 2011, each as discussed below.

VMware’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate VMware’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect VMware’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in VMware’s business, as they exclude expenses and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating VMware’s operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. Additionally, management believes information regarding free cash flows provides investors and others with an important perspective on the cash available to make strategic acquisitions and investments, to repurchase shares, to fund ongoing operations and to fund other capital expenditures.

Management believes these non-GAAP financial measures are useful to investors and others in assessing VMware’s operating performance due to the following factors:

Stock-based compensation.Although stock-based compensation is an important aspect of the compensation of VMware’s employees and executives, determining the fair value of certain of the stock-based instruments we utilize involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting, future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock options, which is an element of our ongoing stock-based compensation expense, is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. Management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies. In addition, we account for stock-based compensation under GAAP, which requires that we report the excess income tax benefit from stock-based compensation as a financing cash flow rather than as an operating cash flow. We have added this benefit back to our calculation of free cash flows in order to generally classify cash flows arising from income taxes as operating cash flows.

Employer payroll tax on employee stock transactions.The amount of employer payroll taxes on stock-based compensation is dependent on VMware’s stock price and other factors that are beyond our control and do not correlate to the operation of the business.

Amortization of intangible assets.A portion of the purchase price of VMware’s acquisitions is generally allocated to intangible assets, such as intellectual property, and is subject to amortization. However, VMware does not acquire businesses on a predictable cycle. Additionally, the amount of an acquisition’s purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition.

Therefore, Vmware believes that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets, provides investors and others with a consistent basis for comparison across accounting periods.

Acquisition related items.Acquisition related items include direct costs of acquisitions, such as transaction fees, which vary significantly and are unique to each acquisition. Additionally, VMware does not acquire businesses on a predictable cycle.

Capitalized software development costs.Capitalized software development costs encompasses capitalization of development costs and the subsequent amortization of the capitalized costs over the useful life of the product. Amortization and capitalization of software development costs can vary significantly depending upon the timing of products reaching technological feasibility and being made generally available. In addition, we exclude the capitalization of software from our free cash flows to better convey management’s view of operating cash flows. To the extent that we capitalize costs under generally accepted accounting guidance, we increase our GAAP operating cash flows due to f the reduced expense recognized within net income and paid out in cash during the period.

Gain on sale of Terremark investment.In the second quarter of 2011, we sold our investment in Terremark Worldwide, Inc., which was acquired by Verizon in a cash transaction, and realized a gain of $56.0 million. Our investment in Terremark was made in connection with a business and technical collaboration and was not made to seek an investment gain or to fund our business operations. To the extent that sizeable gains or losses are realized on such investments, they do not occur on a predictable cycle. Additionally, the timing of the event that triggered our divestment and whether or not we realized a gain or loss, was not under our control.

Tax Adjustment.Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating our non-GAAP income. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenues and expenses and other significant events. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

Additionally, we believe that the non-GAAP financial measure, free cash flows, is meaningful to investors because we review cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations. As discussed above, we also exclude capitalization of software development costs and the excess income tax benefit from stock-based compensation from our measure of free cash flows. The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect VMware’s operations. 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, which would affect VMware’s cash position. VMware compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of VMware’s liquidity. Further, these non-GAAP measures may differ from the non- GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review VMware’s financial information in its entirety and not rely on a single financial measure.

Revenue Growth in Constant Currency

We have invoiced and collected in the Euro, the British Pound, the Japanese Yen, and the Australian Dollar in their respective regions since May 2009. As a result, our total revenues are affected by changes in the U.S. Dollar against these currencies. In order to provide a comparable framework for assessing how our business performed excluding the effect of foreign currency fluctuations, management analyzes year-overyear revenue growth on a constant currency basis. Since all of our entities operate with the U.S. Dollar as their functional currency, unearned revenues for orders booked in currencies other than U.S.  Dollars are converted into U.S. Dollars at the exchange rate in effect for the month in which each order is booked We calculate constant currency on license revenues recognized during the current period that were originally booked in currencies other than U.S. Dollars by comparing the exchange rates at which the revenue was recognized against the exchange rate that was used in the comparable period. We do not calculate constant currency on services revenues, which include software maintenance revenues and professional services revenues.


VMware offre soluzioni per la virtualizzazione e per le infrastrutture cloud che consentono alle organizzazioni IT di guidare la crescita di aziende di ogni dimensione. Grazie alle caratteristiche e ai benefici della piattaforma di virtualizzazione – VMware vSphere® – le aziende si affidano a VMware per ridurre costi fissi e variabili, migliorare la flessibilità, garantire continuità di business, rafforzare la sicurezza e salvaguardare l’ambiente. Con un fatturato 2010 pari a 2,9 miliardi di dollari, oltre 250.000 clienti e più di 25.000 partner, VMware è leader di mercato nella virtualizzazione, che si conferma una delle priorità strategiche nell’agenda dei CIO. VMware ha sede nella Silicon Valley con uffici in tutto il mondo e può essere raggiunta online su  


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