VMware 2010 Annual Report Download - page 46

Table of Contents
FIVE-YEAR SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
43
ITEM 6.
SELECTED FINANCIAL DATA
Year Ended December 31,
2010
2009
2008
2007
2006
Summary of Operations:
Revenues:
License
$
1,401,424
$
1,029,442
$
1,178,142
$
905,368
$
491,902
Services
1,455,919
994,495
702,885
420,443
212,002
Total revenues
$
2,857,343
$
2,023,937
$
1,881,027
$
1,325,811
$
703,904
Operating income
$
427,993
$
219,295
$
312,525
$
235,341
$
120,639
Net income
357,439
197,098
290,133
218,137
85,890
Net income per weighted average share, basic, for
Class A and Class B
$
0.87
$
0.50
$
0.75
$
0.62
$
0.26
Net income per weighted average share, diluted, for
Class A and Class B
$
0.84
$
0.49
$
0.73
$
0.61
$
0.26
Weighted average shares, basic, for Class A and Class
B
409,805
394,269
385,068
350,493
332,500
Weighted average shares, diluted, for Class A and Class
B
423,446
399,776
397,185
359,189
332,500
December 31,
2010 2009 2008 2007 2006
Balance Sheet Data:
Cash, cash equivalents and short
-
term investments
$
3,323,640
$
2,513,821
$
1,840,812
$
1,231,168
$
176,134
Working capital (deficiency)
2,508,503
1,888,438
1,510,338
935,162
(55,318
)
Total assets
6,797,319
5,066,984
3,839,205
2,695,700
1,145,950
Long
-
term obligations
450,000
450,000
450,000
450,000
800,000
Stockholders
’
equity (deficit)
3,808,443
2,742,951
2,070,067
1,340,617
(230,812
)
Cash Flow Data:
Net cash provided by operating activities
$
1,174,389
$
985,616
$
800,131
$
552,436
$
279,863
Free cash flows
1,202,002
839,844
603,411
235,742
194,766
(1)
In August 2007, we completed our IPO in which we sold 37,950,000 shares (including 4,950,000 shares pursuant to the underwriters
’
full
exercise of their over-allotment option) of our Class A common stock at a price to the public of $29.00 per share. The net proceeds to us
were $1,035.2 million. Subsequent to receiving the proceeds, we purchased our new headquarters facilities from EMC for $132.6 million,
which is equal to the cost expended by EMC through the date of purchase. We also repaid $350.0 million of principal on the note payable
to EMC. Also in August 2007, we sold 9,500,000 shares of our Class A common stock to Intel Capital at $23.00 per share. The net
proceeds to us from that transaction were $218.3 million. Refer to Item 8 in Part II of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2007 for additional information.
(2)
In April 2007, we declared an $800.0 million dividend to EMC paid in the form of a note. This dividend was given retroactive effect as of
December 31, 2006. Subsequent to receiving the proceeds from the IPO in August 2007, we repaid $350.0 million of principal on the note.
See Note H to the consolidated financial statements for additional information. In 2005, we declared and paid a cash dividend of $190.0
million to EMC.
(3)
Free cash flows, a non
-
GAAP financial measure, is defined as net cash provided by operating activities plus the excess tax benefits from
stock-based compensation, less capital expenditures and capitalized software development costs. Each adjusting item is separately
presented on our consolidated statements of cash flows. See Item 7 of Part II, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations
—
Non
-
GAAP Financial Measures
”
for further information.
(1)
(1)
(1)
(2)
(1)(2)
(3)