VMware announced financial results for the first quarter of 2015. Total revenues were $1.51 billion, an increase of 11% from the first quarter of 2014, or up 13% year-over-year in constant currency.
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License revenues for the first quarter were $576 million, an increase of 3% from the first quarter of 2014, or up 6% year-over-year in constant currency. GAAP operating income for the first quarter was $218 million, a decrease of 9% from the first quarter of 2014.
Non-GAAP operating income for the first quarter was $451 million, an increase of 7% from the first quarter of 2014. Both GAAP and Non-GAAP results on a year-over-year basis include the impact of the acquisition of AirWatch, completed in the first quarter of 2014.
GAAP net income for the first quarter was $196 million, or $0.45 per diluted share, down 1% per diluted share compared to $199 million, or $0.46 per diluted share, for the first quarter of 2014.
Non-GAAP net income for the quarter was $369 million, or $0.86 per diluted share, up 7% per diluted share compared to $348 million, or $0.80 per diluted share, for the first quarter of 2014. Both GAAP and Non-GAAP results on a year-overyear basis include the impact of the acquisition of AirWatch, completed in the first quarter of 2014.
Operating cash flows for the first quarter were $683 million. Free cash flows for the quarter were $577 million.
Cash, cash equivalents and short-term investments were $7.23 billion, and unearned revenues were $4.74 billion as of March 31, 2015.
Total revenues plus sequential change in total unearned revenues declined 1% year-over-year, grew 4% year-over-year when adjusted for constant currency, and grew 7% year-over-year when adjusted for constant currency and acquired unearned revenues from the AirWatch acquisition in Q1 2014.
License revenues plus sequential change in unearned license revenues was flat year-over-year, grew 5% year-over-year when adjusted for constant currency, and grew 9% year-over-year when adjusted for constant currency and acquired unearned license revenues from the AirWatch acquisition in Q1 2014. ■