Vmware, Inc.

and welcome to the VMware Third Quarter Fiscal Year 2022 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Paul Zietz, Vice President, Investor Relations. Please go ahead, sir.

Thank you. Good afternoon, everyone, and welcome to VMware's Third Quarter Fiscal Year 2022 Earnings Conference Call. On the call, we have Raghu Raghuram, Chief Executive Officer, and Zane Rowe, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. Slides which accompany this webcast can be viewed in conjunction with live remarks and downloaded at the conclusion of the webcast from ir.vmware.com. On this call today, we will make forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially as a result of various risk factors described in the 10-Ks, 10-Qs, and 8-Ks VMware files with the SEC. We assume no obligation to and do not currently intend to update any such forward-looking statements. In addition, during today's call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of VMware's performance, should be considered in addition to, not as a substitution for, or in isolation from GAAP measures. Our non-GAAP measures exclude the effect on our GAAP results of stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquired intangible assets, realignment charges, acquisition, disposition, certain litigation matters, and other items, as well as discrete items impacting our GAAP tax rate. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures, in the press release and on our Investor Relations website. The webcast replay of this call will be available for the next 60 days on our company website under the investor relations link. Our fourth quarter fiscal 22 quiet period begins at the close of business Thursday, January 13, 2022. With that, I'll turn it over to Raghu.

Thanks, Paul. I'm pleased with the continued strong performance in Q3 fiscal year 2022. with revenue of $3.2 billion and non-GAAP earnings of $1.72 per diluted share. Earlier this month, we successfully completed our spin-off from Dell Technologies. As a standalone company, we have more strategic and financial flexibility to deliver on our multi-cloud strategy. We are also able to partner even more deeply with all the cloud and on-premise infrastructure companies to create a better foundation that drives results for our customers. Customers continue to choose VMware as their trusted digital foundation to accelerate their innovation. And we continue to expand and advance our portfolio to meet their needs in these three ways. One, deliver a cloud native app platform for building modern applications in a public cloud first world. Two, migrate enterprise applications to a cloud agnostic infrastructure. And three, build out the secure edge to optimize across our workspace and edge-native applications. These three focus areas are built on a horizontal set of offerings across networking, security, and management. It's clear that multicloud will be the model for digital business for the next 20 years, and in this vibrant, dynamic marketplace, the pace of innovation is relentless. VMware is at the center of it. In the modern app space, we recently provided the Department of Education for one of America's largest cities with application resiliency as part of their business continuity project. Leveraging VMware Tanzu, the customer now has improved ability to respond to ever-changing needs of students, their families, and faculty while protecting student information and creating an environment to accelerate their innovation and automation. One of our new beta offerings in this space is the Tanzu application platform, which will make it easier and simpler for developers to drive productivity and velocity in a more secure fashion on any cloud. Our Tanzu portfolio is now one of the most comprehensive in the industry for both Kubernetes operations and developer experience. We also recently unveiled Tanzu Community Edition, a freely available easy-to-manage Kubernetes platform for learners and users, and Tanzu Mission Control Starter, a multi-cloud, multi-cluster Kubernetes management solution available as a SaaS service. We are pleased to share some customer stories in support of our VMware cloud services across the hyperscalers. PennyMac, a leading financial services firm, is leveraging VMware Horizon on VMware Cloud on AWS to provide loan officers and call center agents a more secure work-from-anywhere virtual desktop in a fully automated and scalable cloud environment. We also worked with the University of Miami, who looked to the Azure VMware solution to support their VMware workloads on their preferred public cloud provider. Recently, we announced new advancements for VMware Cloud, the industry's first and only cloud-agnostic computing infrastructure. Newly unveiled Project Arctic will bring the power of cloud to customers running VMware vSphere on-premises. It will enable cloud-based management for hundreds of thousands of vSphere customers and vSphere deployments around the world. Customers will be able to benefit from lifecycle management cloud disaster recovery, and cloud burst capabilities as an extension of their vSphere deployments. We will bring Project Arctic to market next year as the next step in making our portfolio available in a subscription and SaaS form factor. We also announced VMware Sovereign Cloud Initiative where we are partnering across our VMware cloud providers to deliver cloud services on a sovereign digital infrastructure to customers in regulated industries. Lastly, we introduced a tech preview of an exciting new management technology, Project Ensemble. It is designed to manage apps across multiple public clouds, bringing together a comprehensive set of cost, security, automation, and performance capabilities for the public cloud environment. VMware was once again ranked number one in the September 2021 IDC report titled Worldwide Cloud System and Service Management Software Market Shares 2020, Growth Continues for the Top Vendors. In the area of edge, We recently helped an international wholesaler with 800 stores across 30 countries to refresh its decade-old in-store platform. The VMware Edge Compute Stack is now serving as a single platform for both the customers' existing and modern applications, offering a right-sized, resilient solution that is providing ROI for their business. As a continued commitment to helping our customers at the Edge, We recently introduced VMware Edge, a product portfolio that will enable organizations to run, manage, and better secure Edge-native applications across multiple clouds anywhere. Together, VMware Cloud, Tanzu, VMware Edge, and Anywhere Workspace offer our customers a solution for all of their applications across their multi-cloud environment. In the security space, VMware is delivering solutions built specifically for threats customers face today. We use the power of software combined with a scaled out distributed architecture, zero trust design principles, and a cloud delivery model for better security that's easier to use. We are excited about our continuing innovation in SASE, Secure Access Services Edge, especially as many businesses are now working as a distributed workforce. We also announced the industry's first Elastic Application Security Edge, which enables the networking and security infrastructure at the data center or Cloud Edge to flex and adjust as app traffic changes. In the third quarter, VMware was positioned as a leader in the Forrester New Wave Zero Trust Network Access Q3 2021. On the telco front, Vodafone recently selected VMware to deliver a single platform to automate and orchestrate all workloads running on its core networks across Europe, starting with 5G standalone. This recent work builds on Vodafone's previous selection of VMware telco cloud infrastructure as its network functions virtualization platform. In the third quarter, VMware received additional recognition from leading industry analyst firms, once again being named as a leader in the August 2021 Gartner Magic Quadrant for Unified Endpoint Management Tools. Additionally, VMware was once again named a leader in the September 2021 Gartner Magic Quadrant for WAN Edge Infrastructure. Our innovation engine is thriving as we bought many of these new offerings features, beta programs and partnerships to the forefront during VMworld 2021, which attracted approximately 116,000 registrants. We look forward to hosting VMworld China and VMworld Japan in the coming weeks. Our environmental, social and governance agenda continues to be very important to us and core to our culture. VMware received recognition for our ESG leadership by being included in the Dow Jones Sustainability Indices, one of the world's leading ESG benchmarks for the second consecutive year. In summary, we strive to serve our customers in three unique ways. By being the trusted foundation for their most critical business operations, by offering a best-of-breed innovative portfolio of best-in-class solutions to fulfill their multi-cloud vision, and by having a broad set of strategic partnerships required to unlock the full potential of multi-cloud. I'll now turn it over to Zain for more detail on our business performance as well as our forecast.