EMC Reports Third-Quarter 2009 Financial Results; Revenue Ahead of Company Expectations

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Highlights - Third-quarter consolidated revenue up 8% sequentially; Ahead of prior company outlook of 4% to 5% sequential growth - Third-quarter GAAP net income up 45% sequentially; Non-GAAP net income up 34% sequentially - Third-quarter GAAP diluted EPS up 40% sequentially; Non-GAAP diluted EPS up 28% sequentially - Strong sequential increase in gross and operating margins - Year-to-date operating cash flow - $2.3 billion; Year-to-date free cash flow - $1.8 billion HOPKINTON, Mass., Oct. 22 /PRNewswire-FirstCall/ -- EMC Corporation (NYSE: EMC), the world leader in information infrastructure solutions, today reported third-quarter 2009 consolidated revenue that exceeded company expectations for the quarter. The company achieved third-quarter revenue of $3.52 billion, an increase of 8% compared with the second quarter of 2009. The results exceeded previous company outlook of 4% to 5% sequential revenue growth. Third-quarter GAAP net income attributable to EMC reached $298.2 million, an increase of 45% sequentially and GAAP diluted earnings per share were $0.14, an increase of 40% sequentially. Third-quarter 2009 non-GAAP(1) net income attributable to EMC increased 34% sequentially, reaching $480.3 million or $0.23 per diluted share, an increase of 28% sequentially. Third-quarter consolidated revenue of $3.52 billion declined 5% compared with the year-ago period. Third-quarter 2009 GAAP net income attributable to EMC compares with $393.4 million or $0.19 per diluted share for the third quarter of 2008 and third-quarter 2009 non-GAAP net income attributable to EMC compares with $510 million or $0.24 per diluted share achieved in the third quarter of 2008.(2) In the third quarter, EMC generated operating cash flow of $888 million and free cash flow of $745 million and ended the quarter with cash and investments of $8.4 billion. Year to date, EMC has generated operating cash flow of $2.3 billion and free cash flow of $1.8 billion. Joe Tucci, EMC Chairman and Chief Executive Officer, said, "I am very pleased with EMC's solid financial performance in a challenging economic climate. While remaining closer than ever to customers, we made additional progress optimizing our cost structure, expanded our product portfolio, strengthened our partner ecosystem and positioned EMC to capitalize on four of the higher-growth, multi-billion-dollar market opportunities around fully virtualized data centers, cloud computing, virtualized desktops and clients, and next-generation backup and recovery. I am extremely proud of the EMC and VMware people around the world who achieved these results." Commenting further, Tucci said, "Customers are signaling more comfort spending their IT budgets, which gives EMC confidence in our ability to perform well and achieve our full-year 2009 targets. We are strategically aligned with the major technology shifts and well positioned to play a pivotal role in the IT industry for the next decade." David Goulden, EMC Executive Vice President and Chief Financial Officer, said, "EMC achieved solid sequential revenue and profit growth while continuing to generate strong free cash flow. Combined with a continued disciplined focus on cost control, this helped EMC deliver improved gross and operating margins, highlighting the resilience of our financial model and our crisp execution. We remain committed to driving growth and operating leverage through our business, while continuing to invest in strategic growth opportunities to further extend EMC's market leadership." Third-Quarter Business Highlights EMC's Information Infrastructure business for the third quarter - comprising product and services revenue from Information Storage, RSA Security, and Content Management and Archiving - reached $3.03 billion, an increase of 8% sequentially. The Information Infrastructure business was driven by strong sequential growth of the market-leading EMC Symmetrix high-end storage systems including strong adoption of the new EMC Symmetrix V-Max line, EMC next-generation backup and recovery solutions and EMC Celerra unified storage systems. Further third-quarter highlights included customer demand for EMC's RSA information security solutions, consumer and small business-focused Iomega products, content management and archiving solutions, and EMC's broad consulting and professional services portfolio. VMware (NYSE:VMW), which is majority-owned by EMC, contributed third-quarter revenue of $489 million. EMC consolidated third-quarter revenue from the United States reached $1.90 billion, up 13% sequentially, and represented 54% of total third-quarter revenue. Revenue from EMC's operations outside of the United States reached $1.62 billion, up 3% sequentially, and represented 46% of total third-quarter revenue. Business Outlook The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not give effect to the potential impact of mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. These statements supersede all prior statements regarding business outlook and certain items impacting 2009 set forth in prior EMC news releases. All dollar amounts and percentages set forth below should be considered to be approximations. -- Consolidated EMC revenues are expected to be $4.0 billion for the fourth quarter of 2009 and $13.9 billion for 2009. -- Consolidated GAAP diluted earnings per share are expected to be $0.21 for the fourth quarter of 2009 and $0.55 for 2009. -- Consolidated non-GAAP diluted earnings per share, excluding the impact of restructuring charges, stock-based compensation expense and intangible asset amortization, are expected to be $0.30 for the fourth quarter of 2009. -- Consolidated non-GAAP diluted earnings per share, excluding the impact of restructuring and acquisition-related charges, stock-based compensation expense, intangible asset amortization and gains recognized from holdings in Data Domain and SpringSource common stock, are expected to be $0.87 for 2009. -- Consolidated restructuring charges, stock-based compensation expense and intangible asset amortization are expected to be $0.01, $0.06 and $0.02 per diluted share, respectively, for the fourth quarter of 2009. -- Consolidated restructuring and acquisition-related charges, stock-based compensation expense and intangible asset amortization are expected to be $0.04, $0.21 and $0.08 per diluted share, respectively, for 2009. Offsetting these charges is a $0.01 per diluted share gain recognized from holdings in Data Domain and SpringSource common stock. -- The consolidated GAAP income tax rate is expected to be 13% for 2009. Excluding the impact of restructuring and acquisition-related charges, stock-based compensation expense, intangible asset amortization and gains recognized from holdings in Data Domain and SpringSource common stock, which collectively impact the tax rate by 6%, the consolidated non-GAAP income tax rate is expected to be 19% for 2009. -- The weighted average outstanding diluted shares are expected to be 2.12 billion for the fourth quarter of 2009. -- In 2010, cost reduction actions are expected to generate savings of $500 million compared with 2008. Supporting Resources -- EMC will host its 2009 third-quarter earnings conference call today at 8:30 a.m. ET, which will be available on EMC's web site at http://www.emc.com/about/investor-relations/index.htm -- Additional information regarding EMC's financials, as well as a webcast of the conference call, will be available at 8:30 a.m. ET at http://www.emc.com/about/investor-relations/index.htm -- Visit http://ir.vmware.com/ for more information about VMware's third-quarter financial results. (1) Items excluded from the non-GAAP results are gains on Data Domain and SpringSource common stock, restructuring and acquisition-related charges, stock-based compensation expense and intangible asset amortization for the third quarter of 2009 and restructuring charge, special income tax benefit, stock-based compensation expense and intangible asset amortization for the third quarter of 2008. See attached schedules for reconciliation of GAAP to non-GAAP. (2) The results for 2008 have been adjusted to give effect to the adoption of authoritative guidance relating to non-controlling interests and the accounting for convertible debt instruments. EMC, Celerra, Symmetrix and V-Max are registered trademarks of EMC Corporation. RSA is a registered trademark of RSA Security Inc. VMware is a registered trademark of VMware, Inc. Iomega is a registered trademark of Iomega Corporation. Data Domain is a registered trademark of Data Domain, Inc. SpringSource is a registered trademark of SpringSource, Inc. All other trademarks used are the property of their respective owners. Forward-Looking Statements This release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) our ability to protect our proprietary technology; (iv) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (v) fluctuations in VMware, Inc.'s operating results and risks associated with trading of VMware stock; (vi) competitive factors, including but not limited to pricing pressures and new product introductions; (vii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (viii) component and product quality and availability; (ix) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (x) insufficient, excess or obsolete inventory; (xi) war or acts of terrorism; (xii) the ability to attract and retain highly qualified employees; (xiii) fluctuating currency exchange rates; (xiv) litigation that we may be involved in; and (xv) other one-time events and other important factors disclosed previously and from time to time in EMC's filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this release. Use of Non-GAAP Financial Measures This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of EMC's performance or liquidity, should be considered in addition to, not as a substitute for, measures of EMC's financial performance or liquidity prepared in accordance with GAAP. EMC's non-GAAP financial measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how EMC defines its non-GAAP financial measures in this release. Where specified in the accompanying schedules for various periods entitled "Reconciliation of GAAP to Non-GAAP," certain items noted on each such specific schedule (including, where noted, amounts relating to gains on Data Domain and SpringSource common stock, restructuring and acquisition-related charges, stock-based compensation expense, intangible asset amortization, special income tax benefit and restructuring charge) are excluded from the non-GAAP financial measures. EMC's management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of EMC's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects and excludes the above-listed items from its internal financial statements for purposes of its internal budgets and each reporting segment's financial goals. These non-GAAP financial measures are used by EMC's management in their financial and operating decision-making because management believes they reflect EMC's ongoing business in a manner that allows meaningful period-to-period comparisons. EMC's management believes that these non-GAAP financial measures provide useful information to investors and others (a) in understanding and evaluating EMC's current operating performance and future prospects in the same manner as management does, if they so choose, and (b) in comparing in a consistent manner the Company's current financial results with the Company's past financial results. This release also includes disclosures regarding free cash flow which is a non-GAAP financial measure. Free cash flow is defined as net cash provided by operating activities less additions to property, plant and equipment and capitalized software development costs. EMC uses free cash flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures and capitalized software development costs. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to make strategic acquisitions and investments, repurchase shares, service debt and fund ongoing operations. As free cash flow is not a measure of liquidity calculated in accordance with GAAP, free cash flow should be considered in addition to, but not as a substitute for, the analysis provided in the statement of cash flows. All of the foregoing non-GAAP financial measures have limitations. Specifically, the non-GAAP financial measures that exclude the items noted above do not include all items of income and expense that affect EMC's operations. Further, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and do not reflect any benefit that such items may confer on EMC. Management compensates for these limitations by also considering EMC's financial results as determined in accordance with GAAP. EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) Unaudited Three Months Ended Nine Months Ended ------------------ ----------------- September 30, September 30, September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- (As Adjusted) (As Adjusted) Revenues: Product sales $2,200,581 $2,492,941 $6,174,971 $7,295,022 Services 1,317,049 1,222,651 3,750,773 3,564,503 --------- --------- --------- --------- 3,517,630 3,715,592 9,925,744 10,859,525 Cost and expenses: Cost of product sales 1,107,400 1,156,063 3,177,935 3,350,199 Cost of services 470,013 500,809 1,380,559 1,512,641 Research and development 422,092 410,793 1,203,266 1,286,809 Selling, general and administrative 1,177,775 1,172,579 3,253,752 3,390,468 In-process research and development - - - 79,204 Restructuring and acquisition- related charges 34,781 4,398 83,587 4,041 ------ ----- ------ ----- Operating income 305,569 470,950 826,645 1,236,163 Investment income 38,106 56,717 109,293 192,587 Interest expense (46,227) (44,501) (135,928) (131,614) Other income (expense), net 28,022 (13,313) 17,281 (20,887) ------ ------- ------ ------- Income before tax 325,470 469,853 817,291 1,276,249 Income tax provision 20,602 63,309 96,462 244,060 ------ ------ ------ ------- Net income 304,868 406,544 720,829 1,032,189 Less: Net income attributable to the non- controlling interests in VMware, Inc. (6,688) (13,133) (23,348) (27,007) ------ ------- ------- ------- Net income attributable to EMC Corporation $298,180 $393,411 $697,481 $1,005,182 ======== ======== ======== ========== Net income per weighted average share, basic: common shareholders: $0.15 $0.19 $0.35 $0.49 ===== ===== ===== ===== Net income per weighted average share, diluted: common shareholders: $0.14 $0.19 $0.34 $0.48 ===== ===== ===== ===== Weighted average shares, basic 2,027,347 2,048,594 2,015,920 2,060,952 Weighted average shares, diluted 2,065,951 2,077,474 2,038,984 2,095,116 Reconciliation of GAAP to Non-GAAP For the Three Months Ended September 30, 2009 (in thousands, except per share amounts) Unaudited Selling, Cost of Research and General and Revenue Revenue Development Administrative ------- ------- ------------ -------------- ------------- EMC Consolidated GAAP $3,517,630 $1,577,413 $422,092 $1,177,775 ------------- Gain on Data Domain and SpringSource common stock - - - - Restructuring and acquisition-related charges - (12,485) - - --- ------- --- --- --------------- EMC Consolidated Adjusted (1) 3,517,630 1,564,928 422,092 1,177,775 ---------------- Stock-based compensation expense - (27,106) (62,557) (99,915) Intangible asset amortization - (34,121) (3,261) (25,903) --- ------- ------ ------- --------------- EMC Consolidated Non-GAAP (2) $3,517,630 $1,503,701 $356,274 $1,051,957 ---------------- ========== ========== ======== ========== -------------------- EMC Information Infrastructure GAAP $3,028,725 $1,481,485 $289,715 $944,637 -------------------- Gain on Data Domain common stock - - - - Restructuring and acquisition- related charges - (12,485) - - --- ------- --- --- -------------- EMC Information Infrastructure Adjusted (3) 3,028,725 1,469,000 289,715 944,637 --------------- Stock-based compensation expense - (17,608) (28,307) (76,146) Intangible asset amortization - (31,228) (3,221) (25,389) --- ------- ------ ------- -------------- EMC Information Infrastructure Non-GAAP (4) $3,028,725 $1,420,164 $258,187 $843,102 --------------- ========== ========== ======== ======== ----------- VMware standalone GAAP $489,751 $96,073 $133,509 $236,933 ----------- GAAP adjustments and eliminations (846) (145) (1,132) (3,795) ---- ---- ------ ------ ------------ VMware within EMC GAAP (5) 488,905 95,928 132,377 233,138 ------------- Gain on SpringSource common stock - - - - Acquisition- related charges - - - - --- --- --- --- ------------ VMware within EMC Adjusted (6) 488,905 95,928 132,377 233,138 ------------- Stock-based compensation expense - (9,498) (34,250) (23,769) Intangible asset amortization - (2,893) (40) (514) --- ------ --- ---- ------------ VMware within EMC Non-GAAP (7) $488,905 $83,537 $98,087 $208,855 ------------- ======== ======= ======= ======== Restructuring and Other Acquisition- Income Income Related Operating (Expense), Before Charges Income net Taxes ------- ------ --- ----- ------------- EMC Consolidated GAAP $34,781 $305,569 $19,901 $325,470 ------------- Gain on Data Domain and SpringSource common stock - - (25,822) (25,822) Restructuring and acquisition- related charges (34,781) 47,266 - 47,266 ------- ------ --- ------ --------------- EMC Consolidated Adjusted (1) - 352,835 (5,921) 346,914 ---------------- Stock-based compensation expense - 189,578 - 189,578 Intangible asset amortization - 63,285 - 63,285 --- ------ --- ------ --------------- EMC Consolidated Non-GAAP (2) $- $605,698 $(5,921) $599,777 ---------------- == ======== ======= ======== -------------------- EMC Information Infrastructure GAAP $34,008 $278,880 $14,334 $293,214 -------------------- Gain on Data Domain common stock - - (19,963) (19,963) Restructuring and acquisition- related charges (34,008) 46,493 - 46,493 ------- ------ --- ------ -------------- EMC Information Infrastructure Adjusted (3) - 325,373 (5,629) 319,744 --------------- Stock-based compensation expense - 122,061 - 122,061 Intangible asset amortization - 59,838 - 59,838 --- ------ --- ------ -------------- EMC Information Infrastructure Non-GAAP (4) $- $507,272 $(5,629) $501,643 --------------- == ======== ======= ======== ----------- VMware standalone GAAP $- $23,236 $8,638 $31,874 ----------- GAAP adjustments and eliminations 773 3,453 (3,071) 382 --- ----- ------ --- ------------ VMware within EMC GAAP (5) 773 26,689 5,567 32,256 ------------- Gain on SpringSource common stock - - (5,859) (5,859) Acquisition- related charges (773) 773 - 773 ---- --- --- --- ------------ VMware within EMC Adjusted (6) - 27,462 (292) 27,170 ------------- Stock-based compensation expense - 67,517 - 67,517 Intangible asset amortization - 3,447 - 3,447 --- ----- --- ----- ------------ VMware within EMC Non-GAAP (7) $- $98,426 $(292) $98,134 ------------- == ======= ===== ======= Net Net Income Income Income Tax Net Attributable Attributable Provision Income to VMware to EMC --------- ------ --------- ------ ------------- EMC Consolidated GAAP $20,602 $304,868 $(6,688) $298,180 ------------- Gain on Data Domain and SpringSource common stock - (25,822) 1,025 (24,797) Restructuring and acquisition- related charges 14,724 32,542 (135) 32,407 ------ ------ ---- ------ --------------- EMC Consolidated Adjusted (1) 35,326 311,588 (5,798) 305,790 ---------------- Stock-based compensation expense 47,078 142,500 (9,181) 133,319 Intangible asset amortization 21,651 41,634 (405) 41,229 ------ ------ ---- ------ --------------- EMC Consolidated Non-GAAP (2) $104,055 $495,722 $(15,384) $480,338 ---------------- ======== ======== ======== ======== -------------------- EMC Information Infrastructure GAAP $26,897 $266,317 $- $266,317 -------------------- Gain on Data Domain common stock - (19,963) - (19,963) Restructuring and acquisition- related charges 14,724 31,769 - 31,769 ------ ------ --- ------ -------------- EMC Information Infrastructure Adjusted (3) 41,621 278,123 - 278,123 --------------- Stock-based compensation expense 32,023 90,038 - 90,038 Intangible asset amortization 20,518 39,320 - 39,320 ------ ------ --- ------ -------------- EMC Information Infrastructure Non-GAAP (4) $94,162 $407,481 - $407,481 --------------- ======= ======== === ======== ----------- VMware standalone GAAP $(6,345) $38,219 $- $38,219 ----------- GAAP adjustments and eliminations 50 332 (6,688) (6,356) -- --- ------ ------ ------------ VMware within EMC GAAP (5) (6,295) 38,551 (6,688) 31,863 ------------- Gain on SpringSource common stock - (5,859) 1,025 (4,834) Acquisition- related charges - 773 (135) 638 --- --- ---- --- ------------ VMware within EMC Adjusted (6) (6,295) 33,465 (5,798) 27,667 ------------- Stock-based compensation expense 15,055 52,462 (9,181) 43,281 Intangible asset amortization 1,133 2,314 (405) 1,909 ----- ----- ---- ----- ------------ VMware within EMC Non-GAAP (7) $9,893 $88,241 $(15,384) $72,857 ------------- ====== ======= ======== ======= Net Income per Net Income per Weighted Average Weighted Average Share, Basic Share, Diluted ------------ -------------- ---------------------- EMC Consolidated GAAP $0.147 $0.144 ---------------------- Gain on Data Domain and SpringSource common stock $(0.012) $(0.012) Restructuring and acquisition- related charges $0.016 $0.016 ------ ------ ---------------------------- EMC Consolidated Adjusted (1) $0.151 $0.148 ----------------------------- Stock-based compensation expense $0.066 $0.065 Intangible asset amortization $0.020 $0.020 ------ ------ ---------------------------- EMC Consolidated Non-GAAP (2) $0.237 $0.232 ----------------------------- ====== ====== -------------------- EMC Information Infrastructure GAAP $0.131 $0.129 -------------------- Gain on Data Domain common stock $(0.010) $(0.010) Restructuring and acquisition- related charges $0.016 $0.015 ------ ------ ----------------------------- EMC Information Infrastructure Adjusted (3) $0.137 $0.135 ------------------------------ Stock-based compensation expense $0.044 $0.044 Intangible asset amortization $0.019 $0.019 ------ ------ ----------------------------- EMC Information Infrastructure Non-GAAP (4) $0.201 $0.197 ------------------------------ ====== ====== ---------------------- VMware standalone GAAP $0.019 $0.018 ---------------------- GAAP adjustments and eliminations $(0.003) $(0.003) ------- ------- ------------------------- VMware within EMC GAAP (5) $0.016 $0.015 -------------------------- Gain on SpringSource common stock $(0.002) $(0.002) Acquisition-related charges $- $- -- -- ----------------------------- VMware within EMC Adjusted (6) $0.014 $0.013 ------------------------------ Stock-based compensation expense $0.021 $0.021 Intangible asset amortization $0.001 $0.001 ------ ------ ----------------------------- VMware within EMC Non-GAAP (7) $0.036 $0.035 ------------------------------ ====== ====== Wtd. Average Share O/S 2,027,347 2,065,951 ========= ========= Reconciliation of GAAP to Non-GAAP For the Three Months Ended September 30, 2009 (in thousands, except per share amounts) Unaudited (Continued) The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results Selling, Cost of Research and General and Revenue Revenue Development Administrative ------- ------- ----------- -------------- Non-cash interest expense on convertible debt (8) $- $- $- $- Transition costs (9) - 789 3,159 12,825 -- --- ----- ------ $- $789 $3,159 $12,825 == ==== ====== ======= Restructuring and Other Acquisition- Income Income Related Operating (Expense), Before Charges Income net Taxes ------- ------ --- ----- Non-cash interest expense on convertible debt (8) $- $- $(27,483) $(27,483) Transition costs (9) - (16,773) - (16,773) -- ------- -- ------- $- $(16,773) $(27,483) $(44,256) == ======== ======== ======== Net Net Income Income Income Tax Net Attributable Attributable Provision Income to VMware to EMC --------- ------ --------- ------ Non-cash interest expense on convertible debt (8) $(9,153) $(18,330) $- $(18,330) Transition costs (9) (4,943) (11,830) - $(11,830) ------ ------- -- -------- $(14,096) $(30,160) $- $(30,160) ======== ======== == ======== Net Income Net Income per Weighted per Weighted Average Share, Average Share, Basic Diluted ----- ------- Non-cash interest expense on convertible debt (8) $(0.009) $(0.009) Transition costs (9) $(0.006) $(0.006) ------- ------- $(0.015) $(0.015) ======= ======= (1) Represents EMC Consolidated GAAP excluding gain on Data Domain and SpringSource common stock and restructuring and acquisition-related charges. (2) Represents EMC Consolidated Adjusted excluding stock-based compensation expense and intangible asset amortization. (3) Represents EMC Information Infrastructure GAAP excluding gain on Data Domain common stock and restructuring and acquisition-related charges. (4) Represents EMC Information Infrastructure Adjusted excluding stock- based compensation expense and intangible asset amortization. (5) Represents VMware within EMC GAAP. (6) Represents VMware within EMC GAAP excluding gain on SpringSource common stock and acquisition-related charges. (7) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization. (8) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million. (9) Represents incremental costs incurred to transform our current cost structure to a more streamlined cost structure. Note: schedule may not add due to rounding Reconciliation of GAAP to Non-GAAP For the Three Months Ended September 30, 2008 (in thousands, except per share amounts) Unaudited Selling, Cost of Research and General and Revenue Revenue Development Administrative ------- ------- ------------ -------------- ------------- EMC Consolidated GAAP $3,715,592 $1,656,872 $410,793 $1,172,579 ------------- Restructuring charge - - - - Special income tax benefit - - - - --- --- --- --- --------------- EMC Consolidated Adjusted (1) 3,715,592 1,656,872 410,793 1,172,579 ---------------- Stock-based compensation expense - (21,052) (36,734) (60,475) Intangible asset amortization - (40,737) (2,804) (28,428) --- ------- ------ ------- ------------ EMC Consolidated Non-GAAP (2) $3,715,592 $1,595,083 $371,255 $1,083,676 ------------- ========== ========== ======== ========== -------------------- EMC Information Infrastructure GAAP $3,243,732 $1,582,588 $326,204 $963,428 -------------------- Restructuring charge - - - - Special income tax benefit - - - - --- --- --- --- -------------- EMC Information Infrastructure Adjusted (3) 3,243,732 1,582,588 326,204 963,428 --------------- Stock-based compensation expense - (15,251) (21,184) (44,414) Intangible asset amortization - (37,208) (2,804) (26,882) --- ------- ------ ------- ------------------- EMC Information Infrastructure Non- GAAP (4) $3,243,732 $1,530,129 $302,216 $892,132 -------------------- ========== ========== ======== ======== ---------------- VMware standalone GAAP $472,121 $74,454 $85,315 $211,332 ---------------- GAAP adjustments and eliminations (261) (170) (726) (2,181) ---- ---- ---- ------ ---------- VMware within EMC GAAP (5) 471,860 74,284 84,589 209,151 ----------- Stock-based compensation expense - (5,801) (15,550) (16,061) Intangible asset amortization - (3,529) - (1,546) --- ------ --- ------ ------------- VMware within EMC Non-GAAP (6) $471,860 $64,954 $69,039 $191,544 ----------------- ======== ======= ======= ======== Other Income Restructuring Operating Income, Before Charge Income net Taxes ------ ------ --- ----- ------------- EMC Consolidated GAAP $4,398 $470,950 $(1,097) $469,853 ------------- Restructuring charge (4,398) 4,398 - 4,398 Special income tax benefit - - - - --- --- --- --- --------------- EMC Consolidated Adjusted (1) - 475,348 (1,097) 474,251 ---------------- Stock-based compensation expense - 118,261 - 118,261 Intangible asset amortization - 71,969 - 71,969 --- ------ --- ------ ------------ EMC Consolidated Non-GAAP (2) $- $665,578 $(1,097) $664,481 ------------- == ======== ======= ======== -------------------- EMC Information Infrastructure GAAP $4,398 $367,114 $(2,342) $364,772 -------------------- Restructuring charge (4,398) 4,398 - 4,398 Special income tax benefit - - - - --- --- --- --- -------------- EMC Information Infrastructure Adjusted (3) - 371,512 (2,342) 369,170 --------------- Stock-based compensation expense - 80,849 - 80,849 Intangible asset amortization - 66,894 - 66,894 --- ------ --- ------ ------------------- EMC Information Infrastructure Non- GAAP (4) $- $519,255 $(2,342) $516,913 -------------------- == ======== ======= ======== ---------------- VMware standalone GAAP $- $101,020 $2,510 $103,530 ---------------- GAAP adjustments and eliminations - 2,816 (1,265) 1,551 --- ----- ------ ----- ---------- VMware within EMC GAAP (5) - 103,836 1,245 105,081 ----------- Stock-based compensation expense - 37,412 - 37,412 Intangible asset amortization - 5,075 - 5,075 --- ----- --- ----- ------------- VMware within EMC Non-GAAP (6) $- $146,323 $1,245 $147,568 ----------------- == ======== ====== ======== Net Net Income Income Income Tax Net Attributable Attributable Provision Income to VMware to EMC --------- ------ --------- ------ ------------- EMC Consolidated GAAP $63,309 $406,544 $(13,133) $393,411 ------------- Restructuring charge 2,990 1,408 - 1,408 Special income tax benefit 17,803 (17,803) - (17,803) ------ ------- --- ------- --------------- EMC Consolidated Adjusted (1) 84,102 390,149 (13,133) 377,016 ---------------- Stock-based compensation expense 27,630 90,631 (4,437) 86,194 Intangible asset amortization 24,725 47,244 (500) 46,744 ------ ------ ---- ------ ------------ EMC Consolidated Non-GAAP (2) $136,457 $528,024 $(18,070) $509,954 ------------- ======== ======== ======== ======== -------------------- EMC Information Infrastructure GAAP $42,785 $321,987 $- $321,987 -------------------- Restructuring charge 2,990 1,408 - 1,408 Special income tax benefit 17,803 (17,803) - (17,803) ------ ------- --- ------- -------------- EMC Information Infrastructure Adjusted (3) 63,578 305,592 - 305,592 --------------- Stock-based compensation expense 18,371 62,478 - 62,478 Intangible asset amortization 22,823 44,071 - 44,071 ------ ------ --- ------ ------------------- EMC Information Infrastructure Non- GAAP (4) $104,772 $412,141 $- $412,141 -------------------- ======== ======== == ======== ---------------- VMware standalone GAAP $20,242 $83,288 $- $83,288 ---------------- GAAP adjustments and eliminations 282 1,269 (13,133) (11,864) --- ----- ------- ------- ---------- VMware within EMC GAAP (5) 20,524 84,557 (13,133) 71,424 ----------- Stock-based compensation expense 9,259 28,153 (4,437) 23,716 Intangible asset amortization 1,902 3,173 (500) 2,673 ----- ----- ---- ----- ------------- VMware within EMC Non-GAAP (6) $31,685 $115,883 $(18,070) $97,813 ----------------- ======= ======== ======== ======= Net Income Net Income per Weighted per Weighted Average Share, Average Share, Basic Diluted ----- ------- ---------------------- EMC Consolidated GAAP $0.192 $0.189 ---------------------- Restructuring charge $0.001 $0.001 Special income tax benefit $(0.009) $(0.009) ------- ------- ---------------------------- EMC Consolidated Adjusted (1) $0.184 $0.181 ----------------------------- Stock-based compensation expense $0.042 $0.041 Intangible asset amortization $0.023 $0.023 ------ ------ ---------------------------- EMC Consolidated Non-GAAP (2) $0.249 $0.245 ----------------------------- ====== ====== -------------------- EMC Information Infrastructure GAAP $0.157 $0.155 -------------------- Restructuring charge $0.001 $0.001 Special income tax benefit $(0.009) $(0.009) ------- ------- ----------------------------- EMC Information Infrastructure Adjusted (3) $0.149 $0.147 ------------------------------ Stock-based compensation expense $0.030 $0.030 Intangible asset amortization $0.022 $0.021 ------ ------ ----------------------------- EMC Information Infrastructure Non-GAAP (4) $0.201 $0.198 ------------------------------ ====== ====== ---------------------- VMware standalone GAAP $0.041 $0.040 ---------------------- GAAP adjustments and eliminations $(0.006) $(0.006) ------- ------- ------------------------- VMware within EMC GAAP (5) $0.035 $0.034 -------------------------- Stock-based compensation expense $0.012 $0.011 Intangible asset amortization $0.001 $0.001 ------ ------ --------------------- VMware within EMC Non- GAAP (6) $0.048 $0.047 ---------------------- ====== ====== Wtd. Average Share O/S 2,048,594 2,077,474 ========= ========= Reconciliation of GAAP to Non-GAAP For the Three Months Ended September 30, 2008 (in thousands, except per share amounts) Unaudited (Continued) The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results Selling, Cost of Research and General and Revenue Revenue Development Administrative ------- ------- ----------- -------------- Non-cash interest expense on convertible debt (7) $- $- $- $- Other Income Restructuring Operating Income, Before Charge Income net Taxes ------ ------ --- ----- Non-cash interest expense on convertible debt (7) $- $- $(26,009) $(26,009) Net Net Income Income Income Tax Net Attributable Attributable Provision Income to VMware to EMC --------- ------ --------- ------ Non-cash interest expense on convertible debt (7) $(8,143) $(17,866) $- $(17,866) Net Income Net Income per Weighted per Weighted Average Share, Average Share, Basic Diluted ----- ------- Non-cash interest expense on convertible debt (7) $(0.009) $(0.009) (1) Represents EMC Consolidated GAAP excluding restructuring charge and special income tax benefit. (2) Represents EMC Consolidated Adjusted excluding stock-based compensation expense and intangible asset amortization. (3) Represents EMC Information Infrastructure GAAP excluding restructuring charge and special income tax benefit. (4) Represents EMC Information Infrastructure Adjusted less stock-based compensation expense and intangible asset amortization. (5) Represents VMware within EMC GAAP. (6) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization. (7) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million. Note: schedule may not add due to rounding EMC CORPORATION Consolidated Balance Sheets (in thousands, except per share amounts) Unaudited September 30, December 31, 2009 2008 ---- ---- (As Adjusted) ASSETS Current assets: Cash and cash equivalents $5,518,359 $5,843,685 Short-term investments 617,535 963,292 Accounts and notes receivable, less allowance for doubtful accounts of $50,500 and $48,080 1,864,121 2,252,640 Inventories 810,925 842,803 Deferred income taxes 486,463 477,101 Other current assets 331,162 285,508 ------- ------- Total current assets 9,628,565 10,665,029 Long-term investments 2,291,672 2,370,493 Property, plant and equipment, net 2,218,632 2,223,007 Intangible assets, net 1,245,447 795,616 Goodwill, net 9,222,725 7,046,799 Other assets, net 944,703 773,631 ------- ------- Total assets $25,551,744 $23,874,575 =========== =========== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $819,204 $757,405 Accrued expenses 1,864,892 1,901,884 Securities lending payable - 412,321 Income taxes payable 13,378 136,802 Deferred revenue 2,220,602 2,010,024 --------- --------- Total current liabilities 4,918,076 5,218,436 Income taxes payable 241,506 255,182 Deferred revenue 1,257,876 1,182,360 Deferred income taxes 582,633 389,787 Long-term convertible debt 3,072,505 2,991,943 Other liabilities 212,880 180,917 ------- ------- Total Liabilities 10,285,476 10,218,625 Commitments and contingencies EMC Corporation's Shareholders' equity: Preferred stock, par value $.01; authorized 25,000 shares, none outstanding - - Common stock, par value $.01; authorized 6,000,000 shares; issued 2,039,822 and 2,012,938 shares 20,398 20,129 Additional paid-in capital 3,536,678 2,817,054 Retained earnings 11,368,693 10,671,212 Accumulated other comprehensive loss (118,369) (179,952) -------- -------- Total EMC Corporation's shareholders' equity 14,807,400 13,328,443 Non-controlling interest in VMware, Inc. 458,868 327,507 ------- ------- Total shareholders' equity 15,266,268 13,655,950 ---------- ---------- Total liabilities and shareholders' equity $25,551,744 $23,874,575 =========== =========== EMC CORPORATION Consolidated Statements of Cash Flows (in thousands) Unaudited Nine Months Ended ----------------- September 30, September 30, 2009 2008 ------------- ------------- (As Adjusted) Cash flows from operating activities: Cash received from customers $10,600,727 $11,437,259 Cash paid to suppliers and employees (8,098,216) (8,842,798) Dividends and interest received 95,024 192,651 Interest paid (39,550) (55,270) Income taxes paid (232,257) (233,500) -------- -------- Net cash provided by operating activities 2,325,728 2,498,342 --------- --------- Cash flows from investing activities: Additions to property, plant and equipment (277,589) (490,066) Capitalized software development costs (222,432) (209,441) Purchases of short and long-term available for sale securities (4,224,872) (2,200,508) Sales and maturities of short and long-term available for sale securities 4,880,173 2,766,087 Acquisitions, net of cash acquired (2,664,141) (678,218) Increase in strategic and other related investments (152,667) (4,410) -------- ------ Net cash used in investing activities (2,661,528) (816,556) ---------- -------- Cash flows from financing activities: Issuance of EMC's common stock from the exercise of stock options 226,276 176,774 Issuance of VMware's common stock from the exercise of stock options 166,523 167,417 Repayments on securities lending (412,321) - Repurchase of EMC's common stock - (1,119,986) Excess tax benefits from stock-based compensation 25,355 96,046 Payment of short and long-term obligations (19,836) (5,678) Proceeds from short and long- term obligations 1,615 2,125 ----- ----- Net cash used in financing activities (12,388) (683,302) ------- -------- Effect of exchange rate changes on cash 22,862 (6,995) ------ ------ Net (decrease) increase in cash and cash equivalents (325,326) 991,489 Cash and cash equivalents at beginning of period 5,843,685 4,482,211 --------- --------- Cash and cash equivalents at end of period $5,518,359 $5,473,700 ========== ========== Reconciliation of net income to net cash provided by operating activities: Net income $720,829 $1,032,189 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 791,043 785,871 Non-cash interest expense on convertible debt 80,562 76,286 Non-cash restructuring and in-process research and development 22,138 80,705 Stock-based compensation expense 420,947 357,668 Increase in provision for doubtful accounts 15,160 16,615 Deferred income taxes, net 8,101 588 Excess tax benefits from stock-based compensation (25,355) (96,046) Gain on Data Domain and SpringSource common stock (25,822) - Other (13,567) (4,135) Changes in assets and liabilities, net of acquisitions: Accounts and notes receivable 455,116 270,942 Inventories (61,265) 4,039 Other assets (35,483) (68,180) Accounts payable 66,868 14,096 Accrued expenses (175,982) (286,691) Income taxes payable (143,896) 4,326 Deferred revenue 204,707 290,177 Other liabilities 21,627 19,892 ------ ------ Net cash provided by operating activities $2,325,728 $2,498,342 ========== ========== EMC Corporation Reconciliation of Cash Flow from Operations to Free Cash Flow (in thousands) Unaudited Three Months Nine Months Ended Ended ------------ ----------- September 30, September 30, September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- EMC Consolidated Cash flow from Operations $887,649 $961,473 $2,325,728 $2,498,342 Capital Expenditures (72,077) (163,617) (277,589) (490,066) Capitalized Software (70,658) (90,593) (222,432) (209,441) ------- ------- -------- -------- Free Cash Flow $744,914 $707,263 $1,825,707 $1,798,835 ======== ======== ========== ========== VMware within EMC Cash flow from Operations $196,516 $238,544 $662,810 $471,301 Capital Expenditures (18,455) (32,042) (66,104) (118,385) Capitalized Software (8,844) (37,961) (53,524) (53,895) ------ ------- ------- ------- Free Cash Flow $169,217 $168,541 $543,182 $299,021 ======== ======== ======== ======== EMC Information Infrastructure Cash flow from Operations $691,133 $722,929 $1,662,918 $2,027,041 Capital Expenditures (53,622) (131,575) (211,485) (371,681) Capitalized Software (61,814) (52,632) (168,908) (155,546) ------- ------- -------- -------- Free Cash Flow $575,697 $538,722 $1,282,525 $1,499,814 ======== ======== ========== ========== Free cash flow for the three and nine months ended September 30, 2009 includes intercompany tax payments of $8.0 million and $93.4 million, respectively, from EMC Information Infrastructure to VMware within EMC. EMC Corporation Reconciliation of GAAP to Non-GAAP (in thousands) Unaudited Income Before Tax Tax Tax Provision Rate --- --------- ---- EMC Consolidated GAAP $325,470 $20,602 6% Stock-based compensation expense 189,578 47,078 25% Intangible asset amortization 63,285 21,651 34% Restructuring and acquisition- related charges 47,266 14,724 31% Gain on Data Domain and SpringSource common stock (25,822) - 0% ------- --- EMC Consolidated Non-GAAP $599,777 $104,055 17% ======== ======== EMC Corporation Reconciliation of EMC Information Infrastructure Gross Margin GAAP to Non-GAAP (in thousands) Unaudited Q1 '07 Q2 '07 Q3 '07 Q4 '07 ------ ------ ------ ------ EMC Information Infrastructure Gross Margin GAAP $1,356,449 $1,452,198 $1,526,004 $1,774,212 Less: Stock-based compensation expense 13,028 12,456 12,652 10,557 Intangible asset amortization 23,792 23,970 25,003 26,011 Acquisition- related charges - - - - --- --- --- --- EMC Information Infrastructure Gross Margin Non-GAAP $1,393,269 $1,488,624 $1,563,659 $1,810,780 ========== ========== ========== ========== Revenues $2,718,987 $2,826,575 $2,945,463 $3,418,367 % GAAP 49.9% 51.4% 51.8% 51.9% % Non-GAAP 51.2% 52.7% 53.1% 53.0% Q1 '08 Q2 '08 Q3 '08 Q4 '08 ------ ------ ------ ------ EMC Information Infrastructure Gross Margin GAAP $1,548,285 $1,656,440 $1,661,144 $1,783,145 Less: Stock-based compensation 12,136 12,486 15,251 16,665 Intangible asset amortization 35,888 36,974 37,208 37,253 Acquisition-related charges - - - - --- --- --- --- EMC Information Infrastructure Gross Margin Non-GAAP $1,596,309 $1,705,900 $1,713,603 $1,837,063 ========== ========== ========== ========== Revenues $3,031,889 $3,221,299 $3,243,732 $3,502,307 % GAAP 51.1% 51.4% 51.2% 50.9% % Non-GAAP 52.7% 53.0% 52.8% 52.5% Q1 '09 Q2 '09 Q3 '09 ------ ------ ------ EMC Information Infrastructure Gross Margin GAAP $1,287,536 $1,369,676 $1,547,240 Less: Stock-based compensation 14,233 15,224 17,608 Intangible asset amortization 27,853 27,778 31,228 Acquisition-related charges - - 12,485 --- --- ------ EMC Information Infrastructure Gross Margin Non-GAAP $1,329,622 $1,412,678 $1,608,561 ========== ========== ========== Revenues $2,680,361 $2,802,239 $3,028,725 % GAAP 48.0% 48.9% 51.1% % Non-GAAP 49.6% 50.4% 53.1% EMC Corporation Reconciliation of EMC Information Infrastructure Operating Margin GAAP to Non-GAAP (In thousands) Unaudited Q1 '07 Q2 '07 Q3 '07 Q4 '07 ------ ------ ------ ------ EMC Information Infrastructure Operating Margin GAAP $308,372 $346,018 $391,816 $479,218 Less: Restructuring and acquisition-related charges - - - 34,901 Stock-based compensation expense 71,703 71,233 68,896 61,627 Intangible asset amortization 41,958 42,308 44,280 50,510 ------ ------ ------ ------ EMC Information Infrastructure Operating Margin Non-GAAP $422,033 $459,559 $504,992 $626,256 ======== ======== ======== ======== Revenues $2,718,987 $2,826,575 $2,945,463 $3,418,367 % GAAP 11.3% 12.2% 13.3% 14.0% % Non-GAAP 15.5% 16.3% 17.1% 18.3% Q1 '08 Q2 '08 Q3 '08 Q4 '08 ------ ------ ------ ------ EMC Information Infrastructure Operating Margin GAAP $263,370 $391,523 $367,114 $228,453 Less: Restructuring and acquisition-related charges 79,204 - 4,398 240,694 Stock-based compensation 74,460 75,424 80,849 94,824 Intangible asset amortization 62,149 65,038 66,894 68,263 ------ ------ ------ ------ EMC Information Infrastructure Operating Margin Non-GAAP $479,183 $531,985 $519,255 $632,234 ======== ======== ======== ======== Revenues $3,031,889 $3,221,299 $3,243,732 $3,502,307 % GAAP 8.7% 12.2% 11.3% 6.5% % Non-GAAP 15.8% 16.5% 16.0% 18.1% Q1 '09 Q2 '09 Q3 '09 ------ ------ ------ EMC Information Infrastructure Operating Margin GAAP $170,216 $220,545 $278,880 Less: Restructuring and acquisition-related charges 15,572 33,234 46,493 Stock-based compensation 60,949 67,156 122,061 Intangible asset amortization 55,879 56,143 59,838 ------ ------ ------ EMC Information Infrastructure Operating Margin Non-GAAP $302,616 $377,078 $507,272 ======== ======== ======== Revenues $2,680,361 $2,802,239 $3,028,725 % GAAP 6.4% 7.9% 9.2% % Non-GAAP 11.3% 13.5% 16.7% EMC Corporation Supplemental Revenue Analysis (in thousands) Unaudited Supplemental Revenue Data Q1 2008 Q2 2008 Q3 2008 Q4 2008 YTD 2008 ------- ------- ------- ------- -------- Storage: Product Revenue $1,903,639 $2,018,026 $2,056,498 $2,285,366 $8,263,529 Services Revenue 808,190 855,221 851,825 853,539 3,368,775 ---------- ---------- ---------- ---------- ----------- Total Storage Revenue $2,711,829 $2,873,247 $2,908,323 $3,138,905 $11,632,304 ========== ========== ========== ========== =========== Content Management and Archiving: Product Revenue $61,128 $73,415 $62,576 $81,054 $278,173 Services Revenue 124,075 130,591 125,493 127,316 507,475 -------- -------- -------- -------- -------- Total Content Management and Archiving Revenue $185,203 $204,006 $188,069 $208,370 $785,648 ======== ======== ======== ======== ======== Security: Product Revenue $81,683 $89,067 $88,779 $95,534 $355,063 Services Revenue 53,174 54,979 58,561 59,498 226,212 -------- -------- -------- -------- -------- Total Security Revenue $134,857 $144,046 $147,340 $155,032 $581,275 ======== ======== ======== ======== ======== EMC Information Infrastructure: Product Revenue $2,046,450 $2,180,508 $2,207,853 $2,461,954 $8,896,765 Services Revenue 985,439 1,040,791 1,035,879 1,040,353 4,102,462 ---------- ---------- ---------- ---------- ----------- Total EMC Information Infrastructure Revenue $3,031,889 $3,221,299 $3,243,732 $3,502,307 $12,999,227 ========== ========== ========== ========== =========== VMware: Product Revenue $293,980 $281,143 $285,088 $314,840 $1,175,051 Services Revenue 144,190 171,432 186,772 199,491 701,885 -------- -------- -------- -------- ---------- Total VMware Revenue $438,170 $452,575 $471,860 $514,331 $1,876,936 ======== ======== ======== ======== ========== Consolidated Revenues Product Revenue $2,340,430 $2,461,651 $2,492,941 $2,776,794 $10,071,816 Services Revenue 1,129,629 1,212,223 1,222,651 1,239,844 4,804,347 ---------- ---------- ---------- ---------- ----------- Total Consolidated Revenues $3,470,059 $3,673,874 $3,715,592 $4,016,638 $14,876,163 ========== ========== ========== ========== =========== Percentage impact to EMC revenue growth rate due to changes in exchange rates from the prior year 2.3% 2.7% 1.2% (2.3)% 0.8% Q1 2009 Q2 2009 Q3 2009 ----------- ----------- ----------- Storage: Product Revenue $1,572,408 $1,632,309 $1,818,230 Services Revenue 790,932 842,558 880,807 ---------- ---------- ---------- Total Storage Revenue $2,363,340 $2,474,867 $2,699,037 ========== ========== ========== Content Management and Archiving: Product Revenue $58,710 $60,792 $58,209 Services Revenue 115,605 119,445 118,979 -------- -------- -------- Total Content Management and Archiving Revenue $174,315 $180,237 $177,188 ======== ======== ======== Security: Product Revenue $80,671 $84,080 $84,080 Services Revenue 62,035 63,055 68,420 -------- -------- -------- Total Security Revenue $142,706 $147,135 $152,500 ======== ======== ======== EMC Information Infrastructure: Product Revenue $1,711,789 $1,777,181 $1,960,519 Services Revenue 968,572 1,025,058 1,068,206 ---------- ---------- ---------- Total EMC Information Infrastructure Revenue $2,680,361 $2,802,239 $3,028,725 ========== ========== ========== VMware: Product Revenue $257,331 $228,089 $240,062 Services Revenue 213,070 227,024 248,843 -------- -------- -------- Total VMware Revenue $470,401 $455,113 $488,905 ======== ======== ======== Consolidated Revenues Product Revenue $1,969,120 $2,005,270 $2,200,581 Services Revenue 1,181,642 1,252,082 1,317,049 ---------- ---------- ---------- Total Consolidated Revenues $3,150,762 $3,257,352 $3,517,630 ========== ========== ========== Percentage impact to EMC revenue growth rate due to changes in exchange rates from the prior year (3.5)% (3.7)% (1.3)% DATASOURCE: EMC Corporation CONTACT: Dave Farmer, +1-508-293-7206, Web Site: http://www.emc.com/

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