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VMware, Inc. (VMW)
Q4 2018 Earnings Call
March 01, 2018 5:00 pm ET
Paul Ziots - VMware, Inc.
Patrick P. Gelsinger - VMware, Inc.
Zane C. Rowe - VMware, Inc.
John DiFucci - Jefferies LLC
Kash Rangan - Bank of America Merrill Lynch
Raimo Lenschow - Barclays Capital, Inc.
Keith Eric Weiss - Morgan Stanley & Co. LLC
Mark R. Murphy - JPMorgan Securities LLC
Heather Bellini - Goldman Sachs & Co. LLC
Matthew George Hedberg - RBC Capital Markets LLC
Walter H. Pritchard - Citigroup Global Markets, Inc.
Philip Winslow - Wells Fargo Securities LLC
Mark L. Moerdler - Sanford C. Bernstein & Co. LLC
Kirk Materne - Evercore ISI
Gregg Moskowitz - Cowen & Co. LLC
Michael Turits - Raymond James & Associates, Inc.
Brad Alan Zelnick - Credit Suisse
Previous Statements by VMW
» VMware's (VMW) CEO Pat Gelsinger on Q3 2018 Results - Earnings Call Transcript
» VMware's (VMW) CEO Pat Gelsinger on Q2 2018 Results - Earnings Call Transcript
» VMware's (VMW) CEO Patrick Gelsinger on Q1 2018 Results - Earnings Call Transcript
Paul Ziots - VMware, Inc.
Thank you. Good afternoon, everyone, and welcome to VMware's Fourth 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, acquisitions, divestitures and other related items, non-GAAP tax rate adjustments, as well as the estimated net tax expense recognized in conjunction with the Tax Cuts and Jobs Act. 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.
The webcast replay of this call will be available for the next 60 days on our company website under the Investor Relations link. Our first quarter fiscal 2019 quiet period begins at the close of business Thursday, April 19, 2018. Year-over-year comparisons of quarterly financial results included on this call compare results for VMware's fiscal 2018 fourth quarter, November 4, 2017, through February 2, 2018, to VMware's fiscal 2016 fourth quarter, October 1 through December 31, 2016. In addition, beginning in Q1, fiscal 2019, VMware will adopt ASC 606 using the full retrospective method. Guidance for Q1 in fiscal 2019 will be provided under ASC 606.
Growth rates associated with our guidance are calculated under ASC 606 using preliminary adjusted historical data for Q1 2018 and fiscal 2018 in order to provide comparisons on an apples-to-apples basis. Accordingly, we have included tables that present a preliminary view of selected financial information for Q1 2018 and fiscal year 2018 as adjusted under ASC 606 in the Q4 earnings press release, as well as in the appendix of the slide deck accompanying this call.
With that, I'll turn it over to Pat.
Patrick P. Gelsinger - VMware, Inc.
Thank you, Paul. Before we cover our Q4 and full year results, I want to recognize that many of you have been following the recent news cycle about the Schedule 13D public filing by Dell on February 2. Our press release in response to this filing, which outlines our sound governance practices, including that the VMware board is committed to taking actions that are in the best interest of all stockholders, can be found on our website. We will not comment further on Dell's 13D in these prepared remarks, or in the Q&A.
Moving now to provide you with an update on our business; our Q4 fiscal year 2018 results demonstrate the power of our broad-based portfolio. We're pleased with performance around the world, and in particular with the EMEA where we saw very positive momentum with large deals. Q4 total revenue grew 14% with a non-GAAP earnings per share growth of 18% year-over-year to $1.68 per share. Key factors contributing to our strong Q4 and terrific fiscal year 2018 results include our private, hybrid, public cloud and mobile strategy continues to resonate with customers, strong and consistent go-to-market execution globally, and a positive market environment for well-positioned enterprise companies.
During the quarter, we saw the power of our broad-based portfolio drive positive momentum culminating in a very good fiscal year 2018 for VMware. It's been an incredible year for our networking portfolio. Our NSX Everywhere strategy provides seamless connectivity from data center to cloud to edge, while enabling developers with the tools that help them innovate and providing administrators with visibility, automated controls and security.
We recently completed the acquisition of VeloCloud Networks. This industry-leading, cloud-delivered, SD-WAN solution extends our value in the enterprise and increases our relevance with service providers by offering end-to-end automation, application continuity and security from data center to cloud edge. With the recent expansion into SD-WAN cloud and container workloads, NSX is uniquely positioned to be a ubiquitous platform for the future of networking.