VMware (VMW) Tops Q2 EPS by 4c, Beats on Revenues

VMware (NYSE: VMW) reported Q2 EPS of $1.19, $0.04 better than the analyst estimate of $1.15. Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $1.88 billion.

• Revenue for the second quarter was $1.90 billion, an increase of 12.2% from the second quarter of 2016.
• License revenue for the second quarter was $732 million, an increase of 13.7% from the second quarter of 2016.
• GAAP net income for the second quarter was $334 million, or $0.81 per diluted share, up 30% per diluted share compared to $265 million, or $0.62 per diluted share, for the second quarter of 2016. Non-GAAP net income for the quarter was $489 million, or $1.19 per diluted share, up 22% per diluted share compared to $414 million, or $0.97 per diluted share, for the second quarter of 2016.
• GAAP operating income for the second quarter was $338 million, an increase of 5% from the second quarter of 2016. Non-GAAP operating income for the second quarter was $585 million, an increase of 15% from the second quarter of 2016.
• Operating cash flows for the second quarter were $620 million. Free cash flows for the quarter were $563 million.
• Cash, cash equivalents and short-term investments were $8.9 billion, and unearned revenue was $5.5 billion as of August 4, 2017.
• Total revenue plus sequential change in total unearned revenue grew 18% year-over-year.
• License revenue plus sequential change in unearned license revenue grew 14% year-over-year.
• VMware's debut debt offering of $4 billion in 3-, 5- and 10-year senior unsecured notes was completed on August 21, 2017.
• As previously announced, VMware's Board of Directors authorized $1 billion for stock repurchases through August 31, 2018, in addition to the $900 million authorized amount remaining in the ongoing $1.2 billion stock repurchase program for fiscal 2018, originally announced in January 2017.

For earnings history and earnings-related data on VMware (VMW) click here.

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