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VMware Inc (VMW) Q1 2022 income call Transcript | 5V0-21.19 Free exam PDF and Study Guide

© offered by way of The Motley fool VMware Inc (VMW) Q1 2022 earnings call Transcript

VMware Inc  (NYSE: VMW)

CONSTELLATION manufacturers, INC.

Q1 2022 revenue name

can also. 27, 2021, four:30 p.m. ET

Contents:

organized Remarks

Questions and answers

call members

organized Remarks:

Operator

thank you for standing by way of, and welcome to the VMware Q1 FY 2022 revenue call. [Operator Instructions] After the audio system' presentation, there should be a question-and-reply session. [Operator Instructions]i might now like to hand the convention over to your speaker these days, Mr. Paul Ziots, vp of Investor relations. thanks. Please go forward.

Paul Ziots -- vice chairman of Investor family members

thank you. respectable afternoon, every person, and welcome to VMware's first quarter fiscal 12 months 2022 [Phonetic] salary conference call. On the name we have Zane Rowe, CFO and intervening time CEO. Following Zane's prepared remarks, we can take questions.

Our press liberate become issued after close of market and is posted on our website, where this call is being concurrently webcast. Slides which accompany this webcast can be seen at the side of reside remarks and downloaded at the conclusion of the webcast from ir.vmware.com.

On this name today, we will make ahead-looking statements which are area to dangers and uncertainties. exact consequences may additionally fluctuate materially as a result of a variety of chance components described in the 10-Ks, 10-Qs, eight-Ks VMware info with the SEC. We assume no duty to and don't presently intend to update any such ahead-looking statements.

moreover, all the way through latest name, we are able to discuss definite non-GAAP monetary measures. These non-GAAP economic measures, which might be used as measures of VMware's efficiency, should still be regarded moreover, now not as an alternative choice to or in isolation from GAAP measures. Our non-GAAP measures exclude the impact on our GAAP effects of inventory-primarily based compensation, amortization of received intangible property, employer payroll tax and employee stock transactions, acquisition, disposition, definite litigation matters and other gadgets, as well as discrete gadgets impacting our GAAP tax rate. that you could locate further disclosures concerning these non-GAAP measures, together with reconciliations with comparable GAAP measures, in the press release and on our Investor family members web page.

The webcast replay of this name will be purchasable for the subsequent 60-days on our company web site beneath the Investor members of the family link. Our second quarter fiscal '22 quiet period starts on the shut of company, Thursday, July 15, 2021.

With that, i'll flip it over to Zane.

Zane Rowe -- Chief financial Officer, period in-between Chief executive Officer and government vice chairman

thanks, Paul, and thank you to everybody joining us today. before we movement into Q1 effects, past this month, we announced Raghu Raghuram as the next CEO of VMware, positive June 1st. Raghu is the architect of our future, an business thought chief and has efficaciously instructed the company's method and know-how evolution throughout our wealthy background. this is an exciting milestone for VMware, which, together with the Dell spin-off plan, marks the company's transition into its subsequent chapter. Raghu will say a few phrases following our Q1 effects overview. additionally on behalf of the business, i would like to thank Sanjay Poonen for his years of carrier, his ardour and his management. we wish him neatly on his subsequent activity.

We're joyful with our Q1 economic performance. Q1 total revenue changed into $three billion, a rise of 9% from the primary quarter of FY '21, with non-GAAP EPS of $1.seventy six per share, up 16% 12 months-over-year. We proceed to look valued clientele utilize a mixture of our options, starting from contemporary apps and cloud infrastructure to networking and our digital workspace choices. We're additionally seeing momentum with our subscription and SaaS portfolio and are heading in the right direction to make most of our predominant product offerings attainable as subscription and SaaS by means of the conclusion of this 12 months. customers remain focused on constructing out hybrid and multi-cloud environments and are changing how they eat expertise, soliciting for extra flexibility and selection.

currently, we delivered VMware Cloud ordinary, a software that gives customers, like Western Union, who has subscribed in Q1, with flexibility in using VMware hybrid cloud offerings as they progress on their cloud journeys. With VMware Cloud general, consumers can install functions on their alternative of three VMware expertise-primarily based infrastructure stacks: VMware Cloud groundwork, VMware Cloud on AWS or VMware Cloud on Dell EMC.

VMware Cloud accepted joins our product-selected typical choices, comparable to VMware vRealize Cloud regularly occurring and VMware Horizon service standard. along with these common offerings, we proceed to pressure innovation around three key customer priorities: cloud, app modernization and enabling a allotted body of workers.

In Q1, we introduced updates to the VMware vRealize Cloud administration and CloudHealth portfolio, expanding our help for Amazon internet capabilities, Google Cloud, Microsoft Azure and VMware Cloud on AWS. These new and greater capabilities permit consumers to manipulate and govern their hybrid and multi-cloud environments greater securely. This past quarter, we secured a cope with Pirelli, helping them with consistent infrastructure and management capabilities. And in Q1, VMware Cloud on AWS achieved PCI DSS certification at the highest degree attainable for a cloud company, expanding our potential to help valued clientele that require PCI for cardholder payments processing e-commerce functions.

within the up to date app area, shoppers are embracing Tanzu, our complete portfolio of items and functions to modernize their existing applications and construct new up to date apps. We lately unveiled elevated cloud workload protection capabilities to carry more advantageous safety for containers and Kubernetes, helping shoppers with improved visibility and compliance. In Q1, we saw consumer momentum with our Tanzu platform across key verticals, including financial services and additionally secured a key win with Telecom Italia, the place we aid them carry greater digital event and modernize their operating infrastructure.

We also these days announced that VMware Tanzu has been selected through US army Futures Command to permit a software manufacturing unit, the place they can use up to date cloud-native construction practices. We're assisting valued clientele run their modern apps with new releases of vSphere 7 and vSAN 7, which are developer and AI-equipped, scale without compromise, boost infrastructure and information protection and simplify operations. This includes the next step in our collaboration with NVIDIA to carry an AI-competent enterprise platform that combines the trade-main compute virtualization application VMware vSphere and the innovation of NVIDIA AI enterprise suite.

We additionally continue to peer momentum with our Dell applied sciences partnership. a brand new instance of our collaboration includes plans to build a simplified, greater comfy, high-performing facet platform the use of VMware Cloud basis on Dell VxRail that can consolidate a whole lot of part workloads and use situations.

moreover, VMware and Dell continue to assist unleash the capabilities of 5G as an accelerator on the part, enabling customers to derive precise-time insights out of that statistics anyplace it lives. VMware and Dell additionally proceed to collaborate on options equivalent to VMware Cloud on Dell EMC, VeloCloud SD-WAN, digital workspace and safety, assisting be a part of customers of their digital transformation journeys.

over the past year, corporations have viewed the benefits of faraway work and want to become basically dispensed agencies where their personnel can work from anyplace. We these days unveiled VMware any place Workspace, an answer designed to help consumers manage multi-modal worker experiences, cozy the allotted side and automate their workspace. VMware anyplace Workspace brings collectively three imaginative solutions: VMware Workspace ONE, VMware Carbon Black Cloud and VMware SASE. here is developed on our SD-WAN know-how, which became currently diagnosed via IDC as a number one offering in 2020.

additionally, VMware Carbon Black became diagnosed as a visionary within the 2021 Gartner Magic Quadrant for endpoint insurance policy structures and recognized as a frontrunner in the Forrester Wave Endpoint safety software as a carrier Q2 2021. Our commitment to ESG remains a priority throughout the business. As a part of our 2030 agenda, we took meaningful steps toward our sustainability dreams with the fresh launch of our Zero Carbon committed Cloud associate application designed to speed up the transition to zero carbon clouds by 2030 through VMware cloud accomplice statistics facilities that are powered by renewable power sources. We're additionally proud to have been recognized on Forbes highest quality Employers for variety 2021 list, having made giant good points in our position over the remaining 12 months.

Now let's move to greater detail on our company performance in addition to our forecast. We had good performance universal within the quarter, including relative power in our commercial company, which benefited from expanded focal point on partner collaboration and sales insurance. In Q1, the combination of subscription and SaaS and license profits grew 12% year-over-yr to $1.387 billion. Subscription and SaaS earnings expanded 29% yr-over-12 months, with the largest revenue contributions coming from VCPP; contemporary applications; conclusion-person computing; Carbon Black and VMware Cloud on AWS, which grew over eighty% in Q1. We're comfortable with the increase and development of our subscription and SaaS portfolio in Q1, and we are going to proceed to focal point on our product development and go-to-market efforts on making subscription and SaaS a bigger a part of our company.

ARR for subscription and SaaS was $3 billion, an increase of 30% yr-over-year. while we proceed to power boom in our subscription and SaaS portfolio, license revenue surpassed our expectations, declining 2% year-over-year to $646 million. Our more suitable-than-anticipated total income growth turned into the fundamental contributor to energy in non-GAAP operating earnings, which accelerated 13% yr-over-year in Q1 to $923 million. Non-GAAP working margin for the quarter was 30.8%, with non-GAAP earnings per share of $1.76 on a share count number of 422 million diluted shares.

We ended the quarter with $10.2 billion in unearned income and $5.7 billion in money, money equivalents and brief-term investments. Q1 cash move from operations was $1.266 billion, and free cash flow became $1.196 billion. For Q1, RPO turned into $eleven billion, up 9% yr-over-yr and latest RPO changed into $6.2 billion, up 12% 12 months-over-yr. total backlog become $52 million, greatly all of which consisted of orders got on the final day of the quarter that had been not shipped and orders held due to our export handle system. License backlog at quarter end become $14 million.

We're completely happy with our product portfolio performance in Q1. Core SDDC product bookings accelerated over 20% yr-over-yr, with compute expanding over 20% and cloud administration up within the high young adults. Compute boom became potent for both on-prem deployments and subscription and SaaS offerings, such as VCPP and VMC on AWS. Cloud administration growth turned into driven by means of vRealize subscription and SaaS, which allows consumers to manage both on-prem and multi-cloud environments in a consistent method.

whereas colossal transformative projects are beginning to exhibit signals of restoration after a slow yr, NSX and vSAN product bookings were nonetheless impacted in Q1, resulting in single-digit yr-over-12 months declines. Subscription and SaaS ACV bookings for EUC, which constituted approximately three-fourth of complete EUC product bookings, grew over 30% in Q1, essentially driven via Horizon.

total EUC product bookings accelerated in the mid-young adults year-over-yr. We proceed to center of attention on integrating Carbon Black and Tanzu into our product construction and go-to-market promoting motions. Tanzu changed into protected in 5 of our suitable 10 deals in Q1. In Q1, we repurchased 2.5 million shares within the open market at an ordinary cost of $148 per share. As of the conclusion of Q1, we utilized $1.eight billion from our latest repurchase authorization of $2.5 billion.

VMware remains dedicated to protecting an funding-grade profile and credit standing. And to that conclusion, we are expecting to use free money circulate basically to delever following our deliberate spin-off from Dell. additionally, we are able to proceed to put money into becoming our enterprise each organically and inorganically and return excess capital to shareholders via share repurchases. we'll provide additional updates to our capital allocation plans as we close the planned spin-off this autumn.

Turning to assistance for fiscal '22. We're increasing full-12 months counsel to comprise better-than-expected efficiency in Q1. We now predict complete income of about $12.eighty billion or a growth expense of approximately 9% year-over-12 months. We expect to generate about $6.33 billion from the aggregate of subscription and SaaS and license revenue or a rise of approximately 12.5%, with approximately 53% of this quantity from subscription and SaaS.

We're increasing assistance for non-GAAP operating margin for the complete-yr to twenty-eight.5% and non-GAAP earnings per share to $6.88 on a diluted share count number of 423 million shares. We're also increasing our money circulation from operations information to $three.9 billion and extending free money circulation expectations to $3.52 billion. FY '22 counsel doesn't include the have an impact on of incremental debt we are expecting to incur together with the planned spin-off from Dell later this yr.

For Q2, we expect total salary of approximately $three.100 billion or a increase cost of about 8% year-over-year. We are expecting about $1.485 billion from combined subscription and SaaS and license salary in Q2 or a rise of 10% year-over-yr with about fifty three% of this amount from subscription and SaaS. We are expecting non-GAAP operating margin of 28% for Q2, with non-GAAP income per share of $1.62 on a diluted share count number of 423 million shares.

In abstract, we're blissful with our growth in Q1 and the momentum we're constructing with our subscription and SaaS portfolio. My due to the VMware group and our consumers and companions for an excellent birth to the yr. i am longing for working with Raghu to accelerate our progress towards being the business that leads our valued clientele to the multi-cloud computing period, developing price for them, our partners and our stockholders.i'll now turn it over to Raghu to make a number of comments earlier than we open it up for Q&A.

Raghu Raghuram -- Chief government Officer

First off, i might like to thank my friend Zane for main VMware through this meantime duration and keeping us focused on our FY '22 priorities. I appear ahead to the persevered partnership with each Zane and Sumit Dhawan in his new position as President, leading our go-to-market teams.

I joined VMware when we have been a small unbiased delivery-up because the product manager for our core hypervisor. I even have been fortunate to steer lots of our efforts in growing new product categories and building new companies that have made VMware one of the vital influential and a hit corporations in our trade. we have a very good team, brilliant culture, values and strong items. most importantly, 100s of 1,000s of our consumers have faith our software as the groundwork for his or her most vital functions. So i am humbled, excited and honored to had been chosen to guide this high-quality business in its subsequent phase of increase.

here is a thrilling time in the business. All corporations, agencies and governments alike are in a transformational shift to become digital. To energy the shift, purchasers are leveraging numerous public clouds. data centers are expanding with the area to radically change the experiences of their clients and their group of workers. commercial enterprise architectures have become allotted once again. we're on the daybreak of this multi-cloud period of computing, where organisations have the sovereignty to installation their digital belongings the place it most closely fits their company.

during this new period, our mission is to provide the foundational systems for accelerating digital company. We provide an ubiquitous constant utility platform across clouds, data centers and facet with which consumers can rapidly build and modernize their applications. We empower them to function their whole dispensed ambiance with ultimate cost, security and governance whereas leveraging their current investments in our expertise and talents to move sooner to the long run. submit spin, we should be the handiest stand-on my own cloud company that has the integral strategic partnerships with all the main cloud organizations and the entire leading infrastructure groups to carry on a truly consumer-founded multi-cloud imaginative and prescient.

In summary, we carry to our consumers their digital future faster with reduce cost and with the pliability and freedom to construct their functions on the platforms that optimal suit their needs and with self belief that their workloads might be resilient, extra cozy and effective at any place they're deployed.

Going ahead, you'll be listening to from me more in regards to the key areas that power stockholder cost that i am enthusiastic about, similar to accelerating our innovation to force the industry-leading multi-cloud computing portfolio that premiere serves our shoppers and accelerating our business mannequin to aid our clients' option for subscription and SaaS.

As we make progress in these areas, i'm assured that we are going to seize the significant probability in multi-cloud platforms in an effort to energy an exhilarating new phase of boom. i have been privileged to were with VMware for 18-years. Let me share with you that i am as excited about our future nowadays as i used to be the day I walked in the door.

i'll now hand it back to Paul for Q&A.

Paul Ziots -- vice president of Investor family members

Thanks, Raghu. before we begin the Q&A, i will be able to ask you to restrict yourselves to one question along with one half, on the way to get to as many people as feasible. Operator, let's get began.

Questions and answers:

Operator

yes, sir. [Operator Instructions] Your first query comes from the road of Matt Hedberg. Your line is open.

Matt Hedberg -- RBC Capital Markets -- Analyst

ok, guys. Thanks for taking my query. first of all, Raghu, congrats in your new function, and congrats to the crew on a powerful Q1. i needed to speak a bit bit about life submit the Dell spin. probably you could have had a little bit greater time to contemplate it. i'm sort of curious, how do you think it influences not best the increase algorithm on a go-forward foundation, but even -- certainly, there's going to be a deleveraging duration here. however how does profitability then change to in an international -- from an unbiased VMware perspective?

Zane Rowe -- Chief fiscal Officer, meantime Chief executive Officer and executive vp

certain, Matt. i'm happy to beginning then let Raghu speak a bit bit extra about the method. most likely, we're excited in regards to the benefits of the spin, which we articulated a while ago, thinking in regards to the result for both stockholders, in addition to for valued clientele. Having centered VMware as a stand-by myself enterprise enhances our ability to lengthen our ecosystem in help of our imaginative and prescient of creating this ubiquitous utility and SaaS platform across all clouds and infrastructure. in order we think about that in fiscal terms, you are going to hear much more through the yr as to what that portfolio will look like and how we plan on leaning in even more with sub and SaaS and in selected, with the multi-cloud work that Raghu and the crew are setting up.

So we're inspired by way of what that panorama appears like. We're inspired by means of the long run. and you see with the primary quarter efficiency here, we feel like we've got obtained lots of momentum in the multi-cloud categories, in specific, with core and with VMC and what we're seeing with VCPP. We are expecting that to proceed, and we are going to proceed to have a powerful relationship with Dell, however allow us to make use of that ecosystem extra widely.

Raghu, i may help you speak a bit bit greater about the method.

Raghu Raghuram -- Chief executive Officer

certain. Thanks, Matt. i'm excited in regards to the impending spin-off. It -- and like Zane mentioned, it permits us to execute on our multi-cloud vision and our multi-cloud approach, partnering with the entire leading cloud businesses and the entire infrastructure agencies. And the purchasers that I've spoken to, they are tremendous based mostly upon the accelerated flexibility that we'll have in our partnering approach. on the equal time, we've been working basically well with Dell over a protracted length of time, and we have codified our company partnership and technical partnership within the form of a business settlement.

And so that you can continue very, very strongly. So we consider publish spin, we are going to have the better of each worlds. The partnership with Dell is these days, obviously around a bunch of technology areas that we now have spoken to you about, such as VxRail, VMware Cloud and Dell, VeloCloud, and so on, SD-WAN, etc, etc. Going forward, we've 15 statements of work on basic areas of differentiation where collectively, we are able to bring a powerful solution for our shoppers. and that's the reason going to be packed -- backed by means of our commercial settlement to work collectively in the box in provider of our shoppers. So all in all, i am very excited about the impending spin.

Paul Ziots -- vice chairman of Investor relations

thank you, Matt. next query, please.

Operator

next query comes from the line of Mark Murphy. Your line is open.

Matt Hedberg -- RBC Capital Markets -- Analyst

sure. thanks very a whole lot and Raghu, i'll add my congrats as smartly. Very exciting. you've got spoken about turbocharging and accelerating the multi-cloud computing approach of VMware, and also you're coming from a position of energy with that. are you able to support us be aware, which products or levers you need to accelerate? for instance, does it suggest working possibly somewhat more with Azure and Google and others? Does it suggest more subscription and SaaS? Does it mean pushing Tanzu even sooner? Or are you regarding some thing else?

Raghu Raghuram -- Chief government Officer

sure. Thanks, Mark. So when it -- let's approach it from the client point of view. As we have spoke of in so many -- within the trade I've talked about, the good priorities for customer is to speed up their digital transformation. What that means typically is that they are modernizing their software portfolio. they're moving to 1 or extra clouds as it turns out, and that they're more and more deploying purposes within the information core at the area. It is this distributed business structure it truly is taking form.

with a view to support customers speed up this, you must resolve distinct issues, and that is the reason what our utility platform does. You ought to assist customers build modern applications quicker on the cloud of their option, and that is Tanzu. And Tanzu these days, 30% -- as a minimum one-third of the Tanzu business is -- deployments are on public clouds. So it is the primary aspect of the strategy.

The second, of course, is the multi-cloud infrastructure. we now have spoken to you about seventy five million, 85 million workloads on vSphere structures nowadays within the records center. And as consumers think about deploying them in the clouds or in the aspect or anywhere they need to set up them, the presence of our stack on AWS, which is our favorite associate on AVS -- sorry, on Microsoft through the AVS solution, Google throughout the GCVE answer and Oracle or IBM, Alibaba, and so forth, and many others, provides shoppers with a major option on where to move set up that workload.

after which upon getting deployed the work -- built the workload, modernize the workload, deployed it, then you definately are looking to control it. And our management portfolio with vRealize suite of items is geared for multi-cloud management, the place a good portion of our consumers has referred to can be on vSphere and a significant portion might possibly be on non-vSphere. and of course, one of the standard most essential issues that occurs upon getting deployed functions in all places is you got to join them collectively and ensure average network coverage after which ensure common safety coverage. So all these parts of our portfolio are inherently and natively multi-cloud, and that they all need to come together in a credible platform. That in reality is what we are looking to accelerate.

And what i'm in fact excited about is there is no different trade participant out there that can bring all of these together into a coherent platform. we are very unique in that regard. The 2nd reason we are very enjoyable is the starting aspect for consumers is the set of VMware applied sciences and equipment they're already the usage of. with the intention to assist them get to the long run state sooner than anybody else.

and then final but now not the least, the third motive we're pleasing is publish spin, we will be the handiest cloud company that has all these strategic relationships with all of those foremost cloud avid gamers and, of path, all of the most important infrastructure avid gamers to really deliver this platform end-to-conclusion. So it truly is definitely what I mean when I say accelerate. it's a lot of work to do but tremendous exciting. we're in a very amazing position to start with. And as you recognize, we now have a heritage of innovating in each of these classes. and i'm longing for the times and weeks forward.

Mark Murphy -- JPMorgan -- Analyst

thank you for the incremental colour and looking ahead to peer that come collectively.

Raghu Raghuram -- Chief government Officer

Thanks.

Paul Ziots -- vice president of Investor members of the family

thanks, Mark. subsequent query, please.

Operator

next query comes from the line of Raimo Lenschow. Your line is open.

Raimo Lenschow -- Barclays -- Analyst

thanks and congrats from me as neatly, Raghu. The -- are you able to speak about the power in compute, that became form of in fact wonderful this quarter. and also you referred to as out one of the most accomplice work there. How tons of that's underlying healing? and how a great deal of it really is like one-off stuff versus basic alterations to the enterprise, as a result of it is truly pleasing. thank you.

Zane Rowe -- Chief economic Officer, meantime Chief govt Officer and govt vice president

sure. Raimo, i may birth. As you element out, the compute business endured its healing now that now we have cycled twelve months considering the preliminary have an impact on of COVID. So we had strong yr-over-12 months boom, granted on a softer Q1 compare, but still strong growth in excess of 20% on a year-over-12 months foundation. it's contributed by our multi-cloud choices, akin to VCPP, VMC on AWS and simply all the grouping in combination contributed to compute increase. So we're in fact joyful with the solid efficiency of the category.

The commercial sector in certain, which turned into hit hard originally, saw a nice turnaround this quarter. and we'd expect that to proceed to gradually recuperate over the direction of the year. So or not it's really the fundamental strength that we're seeing within the enterprise. We begun to peer a few of this in this autumn, and or not it's continued into Q1 and that i think bodes well for the rest of the 12 months.

i could possibly let Raghu touch on a bit bit extra on what we're seeing with one of the vital performance in compute and some of the areas we're working on.

Raghu Raghuram -- Chief executive Officer

Thanks, Raimo, and thanks, Zane. So on compute, as Zane talked about, we have seen electricity, because compute is such an integral part of our multi-cloud portfolio. And as offerings like VMware Cloud on AWS, our cloud choices on Azure and Google, and so on, and many others, start to build up, we see all of that electricity being mirrored returned into the compute enterprise. Of path, VCPP has been -- for a very long time been riding -- contributor to driving the power of our compute business overall.

and then throughout the board, within the enterprise and in the industrial sector, we have seen energy within the compute company. and then if you seem at the product portfolio, what you might also have followed is we now have basically accelerated our innovation in core compute with not just vSphere 7, but the vSphere 7 updates. Zane talked concerning the NVIDIA portfolio -- sorry, NVIDIA partnership, which brings crucial facets of the NVIDIA AI portfolio on proper of vSphere and makes vSphere the go-to platform for business AI. and then we've talked up to now about our power in telco, and so forth, and many others. So our compute company, we continue to renovate and innovate around it in various methods, and you're seeing one of the results.

Paul Ziots -- vice president of Investor members of the family

Thanks, Raimo.

Raimo Lenschow -- Barclays -- Analyst

thanks.

Paul Ziots -- vice president of Investor members of the family

subsequent question, please.

Operator

subsequent query comes from the line of Mark Moerdler. Your line is open.

Mark Moerdler -- Sanford C. Bernstein -- Analyst

thank you very a good deal and congratulations each on the quarter and Raghu on taking the helm, and we're trying to find notable issues from that. So I are looking to observe-up a little greater on this increasing center of attention on cloud and subscription. you've been making further and further of your offerings accessible as cloud or subscription, but you've now not in fact actively driven how the customer purchase or what the client purchase.

With the launch of VMware Cloud prevalent, you add much more flexibility for install and move. Do you see the enterprise taking a greater aggressive strategy primarily to drive the transition via pricing, differentiated performance, revenue commission or whatever else to shift the client to it, that shift the business lots, an awful lot faster to a recurring business? Thanks.

Raghu Raghuram -- Chief govt Officer

Thanks, Mark. And sure -- the short reply is yes. however we now have bought Sumit Dhawan, our new President of Go-to-Market here on the name with us. And prevalent, in lots of ways, is his baby. So i may let him complex.

Sumit Dhawan -- President

Thanks, Raghu, and thanks, Mark. yes, so I suppose as you outlined, prevalent classes are designed for consumers to in fact provide them flexibility to embody their cloud features at their personal tempo, ok? it truly is how we now have designed the program. And we launched the application in Q1, and we had good initial success. And so the application is designed as a versatile subscription that simplifies the buy and consumption of our whole multi-cloud infrastructure and management functions.

And the purchasers get the improvement of getting alternative and flexibility, the place they buy as soon as and they can install any eligible service at any time all over the contract and definitely be capable of convert and apply the rest it really is unused on their on-premise technologies deployment towards the VMware Cloud on AWS. and that's a unique offering within the business and has been a welcome for our shoppers.

we are starting to see boom in our customer pastime as well as just pipeline. And we now have launched incentives to our groups, which are using the acceptable behavior in our go-to-market teams. And as we go into here semester, as we do our go market planning, we'll proceed to make it so that groups lead with the appropriate choices, encouraging our valued clientele to embody our ordinary presents.

Mark Moerdler -- Sanford C. Bernstein -- Analyst

[Speech Overlap] I appreciate, thanks.

Paul Ziots -- vice president of Investor members of the family

thank you. subsequent query, please.

Operator

next question from the road of Tyler Radke. Your line is open.

Tyler Radke -- Citigroup -- Analyst

sure. hello, thanks very much for taking the questions. i wanted to ask you about what you might be seeing on the NSX and vSAN. I feel you spoke of product bookings have been nevertheless impacted in Q1, but desired to take into account the way you predict those bookings trends to fashion all over the leisure of the year? And if here is only a function of probably the most strategic projects being on hold. however just a few color on what drove that within the quarter and how you expect that to recover all the way through the leisure of the 12 months? Thanks.

Zane Rowe -- Chief monetary Officer, period in-between Chief executive Officer and government vp

certain, Tyler. sure, i could birth after which hand it over to Raghu. As you element out, as we mentioned in my prepared remarks, NSX and vSAN product bookings had been down single-digits on a yr-over-yr groundwork. but i may additionally aspect out that in case you appear at the evaluate, each of those items were up over 20% for a similar quarter final yr. so that they hadn't viewed the have an impact on of the slowdown at this element in time last 12 months. And as you outlined, there are these gigantic transformative initiatives which are beginning to exhibit signals of growth, which became slow throughout the course of closing 12 months. So we do are expecting to see those projects Improve and to peer extra volumes of these initiatives.

if you take a look at our precise 10 offers, eight out of 10 blanketed both NSX and vSAN. So we're truly completely happy with the expertise. or not it's also a key factor and part of our VMC, in addition to VCPP offering. So we're seeing it embedded in the rest of our product portfolio. And while or not it's off on a 12 months-over-year groundwork, we're encouraged via the everyday outlook we're seeing throughout the yr.

and that i'll have Raghu contact on a little bit greater on what we're doing there.

Raghu Raghuram -- Chief government Officer

sure. To echo what Zane simply mentioned, NSX and vSAN are the core a part of our multi-cloud choices, as well as a core part of our on-premise VMware Cloud foundation stack. And we continue to extend management in both these products and the segments they take part in. And as VMware Cloud, AWS and VMware Cloud on these different hyperscalers and VCPP continues to grow, we predict that to advantage the NSX and the vSAN enterprise as neatly.

after which exceptionally on NSX, we've persisted to extend the product portfolio to tackle even better variety of use cases. we have the total layer to the layer seven stack with a ravishing load-balancing offering, East-West firewall, IDS/IPS offerings, and many others, all of which can be totally differentiated and present massive financial benefit to the shoppers over different alternate options. and of course, we've covered our SD-WAN VeloCloud solution, which is additionally a part of the networking portfolio into our any place Workspace offering for shoppers.

in a similar way, vSAN is a core part of our VMware Cloud basis stack, in addition to our multi-cloud infrastructure stack. And we've viewed respectable performance there as neatly. exceptionally, we saw first rate efficiency in VxRail. And we continue to be an business leader in HCI and proceed to innovate round it. We these days introduced an innovation the place valued clientele are capable of scale the compute one at a time from storage, and that raises the addressable set of use circumstances and alternatives for vSAN.

Paul Ziots -- vice chairman of Investor family members

Thanks, Tyler. next question, please.

Operator

Your subsequent question comes from the line of Karl Keirstead. Your line is open.

Karl Keirstead -- UBS -- Analyst

thanks. possibly this query is for Raghu and maybe Zane. I consider each person on the line has heard countless anecdotes from corporate CTOs about their plans to relatively aggressively accelerate their migration of workloads into AWS, Azure, GCP, and i feel or not it's created a priority. I've shared it that in all probability these CTOs would therefore be less inclined to upgrade their on-premise facts facilities in consequence. And yet i'm looking at your results the place the CRPO increase turned into 12%; revenue increase 9%; core compute 20%. That appears to sort of refute that challenge. and that i'm questioning if you might present your suggestions. maybe the usual thesis is incorrect, however'd be top notch for you to assist us rectangular that. thank you.

Raghu Raghuram -- Chief government Officer

Thanks. So the normal thesis is like we -- like I mentioned within the delivery of my remarks, we're at the morning time of a multi-cloud computing era. What that capacity is that consumers are more and more deploying functions throughout varied clouds. they're deploying functions in the facts core. they're deploying functions at the edge. And due to this fact, valued clientele are seeking an end-to-conclusion application platform that makes it possible for them to deploy their functions in the places that most fulfilling healthy their business wants. they may be trying to deploy, and the developers need to build on the platforms that most accurately fits their application wants. And CIO and IT teams should be able to manage it all and keep every little thing resilient and comfortable in a cost-efficient manner. That really is the macro vogue that we're addressing with our product options with our solutions in our portfolio.

So if you believe about our portfolio, our contemporary utility modernization portfolio, which is Tanzu, has completed very well. And Tanzu solves the cost proposition for -- solves the issue for a developer that is eager to accelerate software modernization on the cloud of their option. And Tanzu addresses that difficulty. in reality, at the least a third of closing yr's Tanzu deployments were in public clouds. If a consumer is asking to take their existing workloads and movement them to the cloud, VMware Cloud infrastructure addresses that issue.

If a client is calling to rationalize and consolidate statistics centers or optimize their current environments, VMware Cloud basis addresses that problem. If a client is looking to construct out their aspect portfolio and put functions for -- as a result of they may be revamping their retailers or manufacturing facilities, and so forth, our hyper-converged infrastructure stack addresses that problem.

What you see in the electricity of compute is the indisputable fact that there are new functions being deployed across all of these locations, and all of those are being deployed on a simple VMware groundwork because it really is the consistent foundation that gives them the manageability, the security and the charge efficiency and so on etc. this is why you see all these trend traces and that is the reason the connecting chart throughout all of those fashion traces, if you will.

Karl Keirstead -- UBS -- Analyst

Yeah. it's constructive, Raghu. thank you for that.

Zane Rowe -- Chief fiscal Officer, interim Chief govt Officer and govt vp

thank you, Karl. next question, please.

Operator

subsequent query from Ittai Kidron. Your line is open.

Ittai Kidron -- Oppenheimer & Co. Inc. -- Analyst

Thanks and my congrats as smartly, Raghu, and good luck within the new role. I did wish to ask about RPO. it be the fifth quarter in a row the place it be down enormously on a yr-over-yr groundwork. Zane, can you get into a bit bit into the dynamics and the mechanics of this and what should we expect out of RPO growth going forward?

Zane Rowe -- Chief fiscal Officer, intervening time Chief government Officer and government vice chairman

Yeah. certain, Ittai. What we focus more on is the CRPO. And if you appear over the last variety of quarters, it's actually been fairly constant. in case you appear greater commonly at RPO, without doubt, we had some favorable compares with one of the vital acquisitions over multiple quarters. but if you are taking a look at CRPO starting to be 12% on a year-over-yr groundwork, it's a bit according to what now we have viewed over the last few quarters. And we're very glad with that. We suppose with our focal point on ACV, and especially as we spend more time on sub and SaaS, that tends to be the metric that we're more focused on. And we're reasonably joyful with the 12% boom there. i may additionally factor out that, we have now highlighted all alongside the significant increase we've got considered in VCPP. and of course, it's now not usually captured in an RPO metric because of the utility mannequin that it represents and it's been very favorable on a year-over-year basis for the closing variety of quarters, starting in the 2d quarter of last year. So we're somewhat completely happy with the increase we're seeing standard on both, i'd say, RPO and most in particular on CRPO.

Ittai Kidron -- Oppenheimer & Co. Inc. -- Analyst

Very decent. thanks.

Zane Rowe -- Chief monetary Officer, interim Chief govt Officer and government vp

bound. thank you. thanks, Ittai. next query, please.

Operator

subsequent query from Brad Reback. Your line is open.

Brad Reback -- Stifel fiscal Corp. -- Analyst

exceptional. Thanks very plenty. Zane, as we look towards the VMware Cloud generic product and the deployment flexibility that it offers consumers, because it grows bigger, how should we think about the have an effect on of rev rec and money circulation from that flexibility? Thanks.

Zane Rowe -- Chief fiscal Officer, meantime Chief govt Officer and govt vp

Yeah. Brad, it be an outstanding question. I imply, surely, it provides some flexibility on the onset. and then valued clientele, reckoning on which path they decide to go down could be accomplishing the items in that regard. So the courses designed likely favoring a little bit greater of the sub and SaaS-category model and sub and SaaS items, undoubtedly, giving our customers that alternative and adaptability. however as we have considered, we nevertheless have a few consumers for you to opt for perpetual as well. So with that flexibility, certainly, we have now factored that into our assistance. And we're happy to circulate our advice up this year, as you saw with the power that we saw within the first quarter. however as common comes along, we are going to gain knowledge of more and more about what purchasers are making a choice on to set up and have that flexibility on and we'll account for that therefore. but we're anticipating for it to be -- a fair amount of that rolled up ratably, but it really is embedded in our forecast and candidly, in our optimism for future years.

Brad Reback -- Stifel economic Corp. -- Analyst

perfect. Thanks very lots.

Zane Rowe -- Chief economic Officer, intervening time Chief government Officer and executive vice chairman

bound. thanks, next question, please.

Operator

next question from the line of Jim Fish. Your line is open.

James Fish -- Piper Sandler -- Analyst

hello guys, thanks for the query. And Raghu, congrats on the promoting, of course. no longer to beat a dead horse, but outside of the convenient compare, it does sound just like the core business tempo returning. any longer colour on the have an effect on you are seeing, more certainly from deepest cloud investments, data core consolidation and other items impacting the core? Then definitely, you are a application business, but are the supply chain shortages truly playing a job on the business from a push-or-pull dynamic in any respect? Thanks guys.

Zane Rowe -- Chief economic Officer, interim Chief government Officer and government vice chairman

sure. i could delivery on the macro after which let Raghu touch on as well. I believe just in general, as I mentioned past, we noticed a few of this increase in this autumn. and i believe there is just this widespread experience of optimism, and certainly, improved spend that we're staring at, and that's coming back in our core products. And we could not be more glad, as you mentioned, with the lifeless horse that we proceed to beat on compute and administration. but we're happy with over 20% boom. we'll simply maintain beating that for provided that we are able to. however often talking, we're happy. I suppose it be the integration of the multi-cloud portfolio and what we're seeing with our customers. and then happily, as we hopefully are beginning to see the light at the conclusion of the tunnel right here with reference to the affect of the pandemic on a number of our clients, in certain, these within the commercial space. And with our companions, we're encouraged with the aid of one of the most developments we're seeing there as neatly.

Raghu, i may let you add to that.

Raghu Raghuram -- Chief executive Officer

fully. Thanks, Jim. so as to add to what Zane talked about, basically, what we are providing to firms is the ability and the vigour for them to opt for the place they put their software. And we're capable of aid them at any place they wish to either build a brand new software or modernize an latest application or simply modernize the infrastructure below the software. It sort of seems that there's lots of that nevertheless going on within the private cloud, especially among the very, very massive agencies. for instance, we're working very carefully with some of the biggest banks that are continuing to construct out the deepest cloud at the same time as they put money into a public cloud. in a similar fashion, we are carrying on with to work with one of the crucial very large telcos that are carrying on with to build-out their community infrastructure and while they suppose about their multi-cloud approach. and that i was speakme with a CTO the day past, and what that adult advised us is that they are investing in the modernizing of their current infrastructure to generate rate reductions that they can then reinvest in modernizing their applications. So we are seeing all of those dynamics play out at the same time, which is why I consider the reply is not essential as whatever thing decreases in A and indicates up in B, so.

James Fish -- Piper Sandler -- Analyst

thank you.

Zane Rowe -- Chief fiscal Officer, intervening time Chief government Officer and government vice chairman

thank you, Fish. subsequent query, please.

Operator

next question from the line of Brent Thill. Your line is open.

Brent Thill -- Jefferies LLC -- Analyst

Raghu, after 18 years, you may have viewed an awful lot. I bet, as you look ahead, what is the top priority for you taking over? the rest that you simply're altering that possibly wasn't on the method that you just need to take? thanks.

Raghu Raghuram -- Chief government Officer

Yeah. I mean, I believe -- thanks, first, Brent. I alluded to 2 issues in my prepared remarks. Let me kind of complex on that. I suppose from -- if I seem on the customer trends, and also you and i have spoken many, many, many times before, and we appear on the world from the client in, clients are accelerating their use of distinct infrastructures. in lots of techniques, the business goes via this pendulum of centralization to decentralization to centralization and again again. I consider we are in any such pendulum swing again. So if you think concerning the final 10 years, it become all about centralizing to a cloud and everybody thought all functions in the world changed into going to run in three clouds, right? but exact client behavior is transforming into the opposite direction. clients are deploying applications throughout distinct places. And or not it's no longer just VMware it's looking at it. Microsoft's CEO made the same statement at a contemporary conference.

the area is becoming distributed once more. And the query is, which of the IT providers that our valued clientele depend on can do credible and first rate job at assisting them during this new allotted world. And we consider there's an enormous chance here that plays to our strengths, and that's what i am specializing in. So after I say we need to accelerate the innovation in our multi-cloud portfolio, it truly is exactly what I mean, presenting an conclusion-to-conclusion software platform, no longer simply the compute, however the networking, the connectivity, the management, the storage, every thing put collectively. So it really is factor number one.

element number two, our purchasers are expressing a choice toward subscription and SaaS models. So we ought to speed up our company mannequin evolution to subscription and SaaS. And we are doing two issues in that regard. One, without doubt, as we center of attention our energies on application modernization, multi-cloud and enabling the group of workers of our consumers to work from anyplace, all of these tend to be SaaS offerings. but as we have in the past spoke of, we are additionally taking all of our latest on-premise offerings and either enabling them to be controlled from the cloud or delivered from the cloud. as a result, our total portfolio is going to be located to be accessible in a subscription and SaaS enterprise model, and we'll accelerate that. after which as Sumit has stated, we are introducing offerings like regularly occurring that makes it much, plenty less complicated for the valued clientele to head alongside this adventure. And we will look hard at what sort of revenue incentives and so forth we can put in location in order that it makes it extraordinarily handy for purchasers to move on this journey.

Paul Ziots -- vice president of Investor members of the family

thanks, Brent. next question, please.

Operator

subsequent question from the road of Kirk Materne. Your line is open.

Kirk Materne -- Evercore ISI -- Analyst

hello, thanks very a great deal. i could add my congrats, Raghu, on the new place. I have no idea if here's for Zane or Raghu, but i was simply form of curious what you all are listening to in terms of we're seeing, frankly, when it comes to valued clientele using dissimilar clouds in parallel with one one more, using the infrastructure to sort of flow applications round. It appears like clients are nonetheless form of majoring in a single and perhaps minoring within the other versus having kind of parallel circulate on two or three. i was simply kind of interested by what you are seeing accessible and the way you're additionally assisting them, I suppose, fill what is a stunning massive expertise gap in terms of being capable of be aware clouds that are becoming, frankly, greater and extra advanced as we go forward? Thanks.

Raghu Raghuram -- Chief government Officer

absolutely, i could start and then Zane can possibly add or Sumit. thank you, Kirk.

What we are seeing, and this is incidentally, the data that we see, but i am going to use an exterior dealer stat for a 2d, analyst stat. A fashionable analyst has estimated that eighty% of consumers are the usage of two or extra clouds, and we see the same sample. There are two, i would say, doubtlessly two foremost explanations for this. One is, valued clientele have at all times been about opting for the infrastructure that most closely fits the software they wish to deploy. And for certain functions, it turns out they decide upon one set of clouds or one cloud. And for certain other functions, they choose a 2d one. in order diverse clouds have turn into mature and plausible with clients, we see consumers choosing to place distinctive purposes in distinctive clouds. it really is one motive we see this. The second rationale we see it's, most giant organizations, particularly are allotted organizations with the distinctive purchasing facilities and distinct know-how preferences, and they prefer different clouds. some thing be the underlying motive, the reality is that consumers are the use of assorted clouds.

And to your element, it is pretty early during this method. So the mix will shift. And on correct of that, all of our shoppers are investing in private clouds as neatly. So in past conversations, I've talked about a two plus one or a two plus two phenomenon, the place they may be the use of at the least two public clouds, their deepest cloud and in lots of circumstances, constructing an area cloud. So this is what we imply when we focus on multi-cloud. We don't simply imply two clouds or two or greater public clouds.

So does that provide you with a way of the market round this?

Kirk Materne -- Evercore ISI -- Analyst

Yeah. That was beneficial. Thanks very plenty.

Paul Ziots -- vp of Investor relations

thanks, Kirk. next query, please.

Operator

next question from the line of Shannon go. Your line is open.

Shannon move -- go research -- Analyst

thanks very a good deal. hello, Raghu and Zane. just one from me. i'm interested in protection. And as surely, moving to greater of a multi-cloud platform, what are you hearing from consumers in terms of their concern about safety? Are there areas that you simply consider you should expand on to address a few of their issues? And is it the first thing individuals focus on or how are you addressing it? thanks.

Raghu Raghuram -- Chief govt Officer

yes. Thanks, Shannon. truly, we had our consumer Advisory Council the day gone by. And so we had a pretty good dialogue. This protection's high on each CIO's precedence checklist, as which you could think about and the cloud phenomenon makes it go even bigger. And let me offer you a couple of examples which are tied to multi-cloud in reality.

One main bank that turned into in our client Advisory Board, the protection architect for that referred to, they analyze -- they've 900 applications working on public clouds. and they analyze all 900 functions. They found all 900 of them were multi-cloud within the feel they had accessories in the public cloud, in the deepest cloud and in another clouds as a result of these applications by means of themselves are allotted. And the difficulty they may be attempting to remedy is, how do I comfy an application that is spread out like this, correct? after which if you step lower back, the 2d issue that they're all asking themselves is, now that our utility assets, which can be probably the most important digital assets and the statistics it's linked to that, how can we protect and relaxed them when they're so allotted? So multi-cloud actually puts security much more to the forefront.

Shannon cross -- cross analysis -- Analyst

thanks.

Paul Ziots -- vice chairman of Investor members of the family

thanks, Shannon. we now have 5 minutes left. we're going to are attempting to get as many in as we can in time final. subsequent query, please.

Operator

subsequent query from the line of Keith Bachman. Your line is open.

Keith Bachman -- BMO Capital Markets -- Analyst

hello, thank you very much. Congrats, Raghu. i wanted to ask, Zane and Raghu, in case you could talk about Tanzu adoption. It appears that here's a vital beacon for the sturdiness of the overall portfolio, so i hope you may speak on adoption developments generally. and that i understand you mentioned five of the desirable 10 offers covered it. How are you getting paid in those offers for Tanzu. And greater extensively, is there any variety of metrics you can provide us on variety of developers, downloads, anything else that could supply a broader indication on the place Tanzu sits today versus, say, a year in the past and how you believe that may unfold three hundred and sixty five days from now? thank you.

Raghu Raghuram -- Chief executive Officer

Let me birth. So the Tanzu portfolio is relatively finished, and it's turning out to be even broader through the day. And the valuable difficulty that Tanzu, portfolio-wise, we are attempting to remedy with Tanzu is assisting our purchasers builders modernize their functions in the clouds of their option, the place the cloud may well be the private or any public cloud that they selected to be in. so that basically is the price proposition of Tanzu. And given the value of software modernization and digital initiatives at all of our customers, you can imagine why Tanzu's becoming further and further crucial to what we talk about with lots of our purchasers.

Now when it comes to the momentum, Zane mentioned it being existing in five of our true 10 deals. And before I get to the second a part of your question about metrics, let me in short talk concerning the features of the portfolio. one in all them is the core Kubernetes point of it, which is emerging as the modern substrate on which up to date functions live. The 2d is the administration of these purposes working on Kubernetes. And the third is what builders are the equipment that developers are the usage of to build their functions. simply to take one records factor on that, Spring, which is a latest developer -- it be been a developer framework it really is been very widespread in enterprises. we've over 5 million builders that are registered used developers of Spring. And Spring Boot, which is the know-how Spring builders used to modernize, we're seeing 32 begins of Spring Boot applications each minute and that's a great quantity. in terms of our utility industry, our Bitnami open source application marketplace, we've over 2 million developers registered for that. So we now have quietly developed reasonably a significant inhabitants of developers which are the use of Tanzu applied sciences to modernize their functions.

Paul Ziots -- vice chairman of Investor relations

thank you, Keith. we are going to take a few further minutes right here to are attempting to get a couple of greater questions in. subsequent question, please.

Operator

subsequent query from the road of Nehal Chokshi. Your line is open.

Nehal Chokshi -- Northland Capital Markets -- Analyst

Yeah. thanks. thank you for taking my question and congrats, Raghu. eager for seeing what which you could do here, which I suppose can be amazing. seem to be, it looks just like the atmosphere is improving, potent outcomes. Your fiscal year '22 information is raised by using about $100 million versus the primary quarter beat of about $eighty five million. so that represents handiest a few $15 million forward elevate. Given the context that I simply referred to, why no longer a plenty larger elevate here?

Zane Rowe -- Chief financial Officer, interim Chief govt Officer and government vice president

hello Nehal, we think respectable about -- surely, about our performance in Q1. The outperform, as you have heard during the course of this name was basically on the license point of the business. And whereas we're happy with the sub and SaaS efficiency, we respect with the ratable profits recognition that we'll continue to push that in the course of the course of the yr. So we consider decent about, definitely, our performance in Q1. We suppose respectable about Q2 and -- as neatly as the lift in the e book for the complete yr. but surely, we continue to focus on sub and SaaS, which will be something that we'll speak extra about on the bookings aspect. however you could predict to peer a lot of that salary recognized now not handiest towards the tail conclusion of this yr, however neatly into subsequent 12 months as neatly. So we consider decent in regards to the forecast, and we believe the $one hundred million was a great beat and raise.

Paul Ziots -- vice president of Investor family members

thank you, Nehal. next question, please.

Operator

next question from the road of Kash Rangan. Your line is open. Mr. Kash Rangan, your line is open.

Paul Ziots -- vice chairman of Investor family members

k. Why do not we take one closing question then. Please go to the next question.

Operator

Our ultimate question comes from the road of Keith Weiss. Your line is open.

Chris -- Morgan Stanley -- Analyst

good day guys, here is Chris [Phonetic] on for Keith. Thanks for taking my query. So simply a short one for me. we've been listening to in our checks that the VMware and Azure relationship has been deciding upon up relatively first rate traction. So simply questioning how that partnership is distinctive from the VMC on AWS flagship partnership you've got. And any expectations you have got for the way the Azure partnership can scale, mainly now that you've got the VMware Cloud frequent product out? Thanks.

Raghu Raghuram -- Chief executive Officer

yes. So VMware Cloud and AWS is the provider that we personal and operate. AWS is our favored associate. on the other hand, the offering on the Azure platform is built and run by way of Microsoft, but it surely has the fundamental VMware Cloud groundwork stack. So a client that's working on-premise can flow to that stack with loads of the identical benefits that they get from the VMware Cloud and AWS stack. basically, one of the crucial Microsoft group individuals that we collaborate with said, this is the fast direction for Microsoft workloads to move to Azure. So we are seeing a big amount of client interest in that platform and we have already all started seeing some early reference wins, like American airways it's relocating their desktop virtualization inhabitants there, Suncorp, a big bank and APJ doing their statistics middle evacuation on correct of Azure. So we are seeing some decent momentum -- early momentum.

Paul Ziots -- vice chairman of Investor relations

thanks, Chris. before we finish, Zane has some concluding feedback.

Zane Rowe -- Chief monetary Officer, period in-between Chief govt Officer and govt vp

sure. Thanks, Paul. As you might have heard, Q1 became a pretty good beginning to the fiscal 12 months and we're joyful with our development and the momentum we're building with our subscription and SaaS portfolio. We're enthusiastic about our subsequent chapter as a stand-alone business with Raghu as our CEO and appear forward to updating you once again subsequent quarter. thanks very a lot, every person.

Operator

[Operator Closing Remarks]

duration: 63 minutes

call participants:

Paul Ziots -- vp of Investor members of the family

Zane Rowe -- Chief financial Officer, intervening time Chief govt Officer and government vp

Raghu Raghuram -- Chief govt Officer

Matt Hedberg -- RBC Capital Markets -- Analyst

Mark Murphy -- JPMorgan -- Analyst

Raimo Lenschow -- Barclays -- Analyst

Mark Moerdler -- Sanford C. Bernstein -- Analyst

Sumit Dhawan -- President

Tyler Radke -- Citigroup -- Analyst

Karl Keirstead -- UBS -- Analyst

Ittai Kidron -- Oppenheimer & Co. Inc. -- Analyst

Brad Reback -- Stifel fiscal Corp. -- Analyst

James Fish -- Piper Sandler -- Analyst

Brent Thill -- Jefferies LLC -- Analyst

Kirk Materne -- Evercore ISI -- Analyst

Shannon pass -- move analysis -- Analyst

Keith Bachman -- BMO Capital Markets -- Analyst

Nehal Chokshi -- Northland Capital Markets -- Analyst

Chris -- Morgan Stanley -- Analyst

greater VMW evaluation

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