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VMware, Inc. Message Board

  • sellbsc sellbsc Aug 27, 2007 1:51 AM Flag

    MILLION DOLLAR QUESTION, MILLION DOLLAR ANSWER

     

    The two big unknowns, unless you analzye cash flow, are deferred revenue and accounts receivable.

    According to pages 9 and 76 of Amendment No. 4 to S-4:

    http://www.sec.gov/Archives/edgar/data/1124610/000119312507177044/ds4a.htm

    Page #9

    QUOTE:

    "Our second quarter ended on June 30, 2007. Although our financial statements for the quarter ended June 30, 2007 are not yet complete and it is possible that the actual results may vary from the information set forth below, the data below reflects our results based on currently available information. Set forth below is a summary and discussion of our unaudited results for the three and six months ended June 30, 2007 and 2006. The unaudited financial information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of this information. The results of operations for the three and six months ended June 30, 2007 and 2006 are not necessarily indicative of the results to be expected for the entire fiscal year. "

    END QUOTE



    Page #76

    Under the "Liquidity and Financial Condition" heading.

    QUOTE:

    "Liquidity and Financial Condition

    For the quarters ended March 31, 2007 and March 31, 2006, our cash flows were:




    Three months ended

    March 31,

    2007 2006

    Net cash provided by operating activities
    $ 104.9 $ 99.6

    Net cash used in investing activities
    (22.6 ) (22.6 )

    Net cash used in financing activities
    � �

    Cash provided by operating activities was $104.9 and $99.6 in the first quarter of 2007 and 2006, respectively.

    In the first quarter of 2007, our operating cash flow reflected net income generated during the period of $41.1, adjusted for non-cash items such as depreciation and amortization expense of $21.2 and stock-based compensation of $11.6. Additionally, working capital, including short- and long-term deferred revenue, income taxes payable and deferred income taxes, generated cash flow of $30.4, as a result of a decrease in accounts receivable of $46.4 and an increase in deferred revenues of $33.7. Our deferred revenue balance consisted of deferred license revenues of $76.4 and deferred service revenues of $263.9 at March 31, 2007, of which $262.1 of the total deferred revenue balance was classified as current. Of the $78.2 classified as long-term, $41.2 will be recognized as revenue subsequent to December 31, 2008.

    In the first quarter of 2006, our operating cash flow reflected net income generated during the period of $21.6, adjusted for non-cash items such as depreciation and amortization expense of $12.6 and stock-based compensation of $6.5. Additionally, working capital, including short- and long-term deferred revenue, income taxes payable and deferred income taxes, generated cash flow of $59.8, primarily as a result of an increase in deferred revenue of $29.9 and a decrease in accounts receivable of $13.9."

    END QUOTE

    CASH FLOW.

    P.S.

    IMHO, Q2 SANDBAG because of deferred revenue and accounts receivable revisions.

    This topic is deleted.
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