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Table of Contents
VMware, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
The accompanying notes are an integral part of the consolidated financial statements.
64
For the Year Ended December 31,
2012
2011
2010
Revenues:
License
$
2,086,990
$
1,841,169
$
1,401,424
Services
2,518,057
1,925,927
1,455,919
Total revenues
4,605,047
3,767,096
2,857,343
Operating expenses (1):
Cost of license revenues
237,027
207,398
177,458
Cost of services revenues
484,296
414,589
316,257
Research and development
999,214
775,051
652,968
Sales and marketing
1,644,849
1,334,346
1,013,281
General and administrative
367,718
300,541
269,386
Operating income
871,943
735,171
427,993
Investment income
26,557
16,157
6,633
Interest expense with EMC
(4,654
)
(3,906
)
(4,069
)
Other income (expense), net
(732
)
46,991
(14,182
)
Income before income taxes
893,114
794,413
416,375
Income tax provision
147,412
70,477
58,936
Net income
$
745,702
$
723,936
$
357,439
Net income per weighted-
average share, basic for Class A and Class
B
$
1.75
$
1.72
$
0.87
Net income per weighted-average share, diluted for Class A and
Class B
$
1.72
$
1.68
$
0.84
Weighted-average shares, basic for Class A and Class B
426,658
421,188
409,805
Weighted-average shares, diluted for Class A and Class B
433,974
431,750
423,446
_______________________
(1) Includes stock-based compensation as follows:
Cost of license revenues
$
2,072
$
1,606
$
1,653
Cost of services revenues
28,220
23,389
18,478
Research and development
210,377
174,264
164,435
Sales and marketing
149,879
95,688
73,146
General and administrative
48,107
40,206
33,979