VMware 2014 Annual Report Download - page 44

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Table of Contents
depend on a variety of factors, including VMware’s stock price, cash requirements for operations and business combinations, corporate and
regulatory requirements and other market and economic conditions. Purchases under our stock repurchase program can be discontinued at
any time that we feel additional purchases are not warranted.
Stock Performance Graph
The graph below compares the cumulative total stockholder return on our Class A common stock with the cumulative total return on the
S&P 500 Index and the S&P 500 Systems Software index for the period beginning on December 31, 2009 through December 31, 2014,
assuming an initial investment of $100. Historically, we have not declared or paid cash dividends on our common stock, while the data for the
S&P 500 Index and the S&P 500 Systems Software Index assume reinvestment of dividends.
Note: The stock price performance shown on the graph above is not necessarily indicative of future price performance. This graph shall not
be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section nor shall it be deemed
incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such
filing.
41
(2)
The average price paid per share excludes commissions.
(3)
Represents the amounts remaining in the VMware stock repurchase authorizations.
Base
Period
12/31/2009
12/31/2010
12/31/2011
12/31/2012
12/31/2013
12/31/2014
VMware, Inc.
$
100.00
$
209.79
$
196.30
$
222.13
$
211.68
$
194.71
S&P 500 Index
100.00
115.06
117.49
136.30
180.44
205.14
S&P 500 Systems Software Index
100.00
104.80
94.37
108.74
144.51
177.76