VMware, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2013
For the year, the company's operating income was $871,943,000 against $735,171,000 a year ago. Income before income taxes was $893,114,000 against $794,413,000 a year ago. Net income was $745,702,000 or $1.72 per diluted for Class A and Class B share against $723,936,000 or $1.68 per diluted for Class A and Class B share a year ago. Non-GAAP income before income taxes was $1,512,127,000 against $1,169,687,000 a year ago. Additions to property and equipment were $234,458,000 against $230,091,000 a year ago.
The provided earnings guidance for the first quarter and full year of fiscal 2013. For the first quarter, total revenues are expected to be in the range of $1.170 billion to $1.190 billion, an increase of approximately 11% to 13% from the first quarter 2012. The company estimates non-GAAP tax rate will also be 18.5%, but because of the reenactment of the R&D credit for 2012, the GAAP tax rate will actually be a benefit of approximately 17%.
For the year 2013, total revenues are expected to be in the range of $5.230 billion to $5.350 billion, an increase of approximately 14% to 16% from 2012, and annual license revenues are expected to grow between 8% and 11%. The company expects CapEx to be between $340 million and $380 million as the company continue to build out Palo Alto and Bangalore campuses. The company estimates non-GAAP tax rate will be 18.5% for the full year and the GAAP tax rate to be approximately 5 to 7 percentage points lower than the non-GAAP rate.