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Table of Contents
VMware, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(amounts in millions, except per share amounts, and shares in thousands)
The accompanying notes are an integral part of the consolidated financial statements.
58
For the Year Ended December 31,
2013
2012
2011
Revenues:
License
$
2,270
$
2,087
$
1,841
Services
2,937
2,518
1,926
Total revenues
5,207
4,605
3,767
Operating expenses (1):
Cost of license revenues
210
237
207
Cost of services revenues
520
484
415
Research and development
1,082
999
775
Sales and marketing
1,815
1,645
1,334
General and administrative
419
368
301
Realignment charges
68
—
—
Operating income
1,093
872
735
Investment income
30
27
16
Interest expense with EMC
(4
)
(5
)
(4
)
Other income (expense), net
28
(1
)
47
Income before income taxes
1,147
893
794
Income tax provision
133
147
70
Net income
$
1,014
$
746
$
724
Net income per weighted-average share, basic for Class A and Class B
$
2.36
$
1.75
$
1.72
Net income per weighted-average share, diluted for Class A and Class B
$
2.34
$
1.72
$
1.68
Weighted-average shares, basic for Class A and Class B
429,093
426,658
421,188
Weighted-average shares, diluted for Class A and Class B
433,415
433,974
431,750
__________
(1) Includes stock-based compensation as follows:
Cost of license revenues
$
2
$
2
$
2
Cost of services revenues
29
28
23
Research and development
227
210
174
Sales and marketing
144
150
96
General and administrative
56
48
40
Realignment charges
6
—
—