VMware 2011 Annual Report Download - page 41

Table of Contents
FIVE-YEAR SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
36
ITEM 6.
SELECTED FINANCIAL DATA
For the Year Ended December 31,
2011 2010 2009 2008 2007
Summary of Operations:
Revenues:
License
$
1,841,169
$
1,401,424
$
1,029,442
$
1,178,142
$
905,368
Services
1,925,927
1,455,919
994,495
702,885
420,443
Total revenues
$
3,767,096
$
2,857,343
$
2,023,937
$
1,881,027
$
1,325,811
Operating income
$
735,171
$
427,993
$
219,295
$
312,525
$
235,341
Net income
723,936
357,439
197,098
290,133
218,137
Net income per weighted average share, basic,
for Class A and Class B
$
1.72
$
0.87
$
0.50
$
0.75
$
0.62
Net income per weighted average share,
diluted, for Class A and Class B
$
1.68
$
0.84
$
0.49
$
0.73
$
0.61
Weighted average shares, basic, for Class A
and Class B
421,188
409,805
394,269
385,068
350,493
Weighted average shares, diluted, for Class A
and Class B
431,750
423,446
399,776
397,185
359,189
December 31,
2011 2010 2009 2008 2007
Balance Sheet Data:
Cash, cash equivalents and short-term investments
(1)
$
4,512,206
$
3,323,640
$
2,513,821
$
1,840,812
$
1,231,168
Working capital
(1)
3,276,266
2,508,503
1,888,438
1,510,338
935,162
Total assets
(1)
8,680,808
6,797,319
5,066,984
3,839,205
2,695,700
Long-term obligations
(2)
450,000
450,000
450,000
450,000
450,000
Stockholders’ equity
(1)(2)
4,770,282
3,808,443
2,742,951
2,070,067
1,340,617
Cash Flow Data:
Net cash provided by operating activities
$
2,025,633
$
1,174,389
$
985,616
$
800,131
$
552,436
Free cash flows
(3)
1,946,047
1,202,002
839,844
603,411
235,742
(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. Subsequent to receiving the proceeds from the
IPO in August 2007, we repaid $350.0 million of principal on the note.
(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.