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VMware, Inc. (VMW)

Q3 2018 Earnings Conference Call

November 30, 2017 17:00 ET

Executives

Paul Ziots - Vice President, Investor Relations

Pat Gelsinger - Chief Executive Officer

Zane Rowe - Executive Vice President and Chief Financial Officer

Analysts

Kash Rangan - Bank of America

Keith Weiss - Morgan Stanley

Karl Keirstead - Deutsche Bank

John DiFucci - Jefferies

Mark Murphy - JPMorgan

Raimo Lenschow - Barclays

Heather Bellini - Goldman Sachs

Tim Thornton - Bernstein

Michael Baresich - Wells Fargo

Brad Reback - Stifel

Michael Turits - Raymond James

Ray McDonough - MoffettNathanson

Brad Zelnick - Credit Suisse

Matt Hedberg - RBC Capital

Gregg Moskowitz - Cowen & Company

Keith Bachman - Bank of Montreal

Abhey Lamba - Mizuho Securities

Presentation

Operator

Good day and welcome to the VMware Third Quarter Fiscal Year 2018 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Paul Ziots, Vice President, Investor Relations. Please go ahead, sir.

Paul Ziots

Thank you. Good afternoon, everyone and welcome to VMware’s third quarter fiscal 2018 earnings conference call. On the call, we have Pat Gelsinger, Chief Executive Officer and Zane Rowe, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will take questions.

Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. Slides which accompany this webcast can be viewed in conjunction with live remarks and can also be downloaded at the conclusion of the webcast from ir.vmware.com.

On this call today, we will make forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially as a result of various risk factors including those described in the 10-Ks, 10-Qs and 8-Ks VMware files with the SEC. We assume no obligation to and do not currently intend to update any such forward-looking statements.

In addition, during today’s call, we will discuss certain non-GAAP financial measures. 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 GAAP measures. Our non-GAAP measures exclude the effect on our GAAP results of stock-based compensation, amortization of acquired intangible assets, employer payroll tax on employee stock transactions, acquisition, divestitures and other related items, and include non-GAAP tax rate adjustments. You can find additional disclosures regarding these non-GAAP measures including reconciliations with comparable GAAP measures in the press release and on our Investor Relations website. Webcast replay of this call will be available for the next 60 days on our company website under the Investor Relations link. Our fourth quarter fiscal 2018 quiet period begins at the close of business Thursday, January 18, 2018.

Year-over-year comparisons of quarterly financial results included on this call compare results for VMware’s fiscal 2018 third quarter August 5 through November 3, 2017 to VMware’s fiscal 2016 third quarter July 1 through September 30, 2016.

With that, I will turn it over to Pat.

Pat Gelsinger

We are very pleased with our Q3 results, which continue to be driven by broad-based strength across the product portfolio and in all three geographies. Revenue grew 11% with the non-GAAP earnings growth of 17% year-over-year to $1.34 per share. Our strategy to transition from a compute virtualization company to providing a broad portfolio of products and services across cloud, mobile, networking and security is proving successful as we continue to drive forward with our plan. Factors contributing to our strong Q3 results include a cloud strategy that continues to resonate with customers, excellent go-to-market execution across all geos and a favorable market environment for enterprise software both on premises and hybrid cloud.

Given our annual industry conference VMworld lands in Q3 annually, our volume of news is always higher this quarter. This year proved to be one of our finest VMworld seasons ever. I am particularly excited about the new products and services we have introduced this past quarter demonstrating our commitment to innovation and solving complex customer problems. We welcomed over 77,000 customers, partners and influencers to VMworld US 2017 and VMworld 2017 Europe as well as our successful vFORUM series across Asia-Pacific over the last few months. During the course of these events, we announced technology advancements across our entire portfolio.

We are particularly pleased to announce in partnership with Amazon Web Services initial availability of VMware cloud on AWS in the AWS U.S. West region. VMware cloud on AWS brings VMware software defined data center to the AWS cloud allowing customers to run applications across operationally consistent VMware vSphere-based private, public and hybrid cloud environments and optimized access to AWS services. And just this week at AWS re:Invent we announced another milestone service featuring expansion to the AWS U.S. East North Virginia region and a rich set of capabilities and add-on services that will enable customers to migrate, run and protect production workloads at scale. In addition, we unveiled the VMware hybrid cloud extension service designed to accelerate the movement of workloads enabling migration and dynamic hybrid workload balancing. It also provides seamless interoperability across VMware environments. Hybrid cloud extension service is initially available from IBM, a key design partner and OVH.

Earlier this week, we announced availability with VMware cloud on AWS. The service will accelerate on-boarding of workloads to VMware cloud on AWS and VMware Cloud Provider Platform, partner clouds. At VMworld, we also introduced new VMware cloud services that enable end-to-end visibility into cloud usage costs and networks with consistent networking and security across public clouds and on-premises environments. For example, we unveiled VMware Discovery, which allows the organization of cloud resources in ways that near business needs. VMware NSX Cloud, a service that provides consistent networking and security for applications running in multiple private and public clouds via a single management console and common API and Wavefront by VMware, a metrics monitoring and analytics platform that handles the high scale requirements of modern cloud native applications.

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