Bookings in the October quarter slightly exceeded expectations, but revenue was at the low end of guidance due to more orders with start dates outside the quarter, shifting revenue into future periods.
Increased customer demand for flexible license deployment led to more multi-year cash collections upfront, but revenue is recognized over time as licenses are delivered.
Remaining performance obligations (RPO) grew 26% year-over-year, with current RPO up 17%, reflecting deferred revenue from these flexible deals.
Total contract value (TCV) bookings growth, when including cancelable backlog, was in the mid-teens percent year-over-year, slightly ahead of expectations.
Full-year bookings outlook remains unchanged, despite revenue timing shifts.
More customers are seeking flexible, phased license deployments, a trend amplified by competitive market changes and larger migration projects.
The shift is driven by customers making larger, all-in platform decisions rather than incremental expansions.
OEM partner business, especially with Cisco, Dell, and Lenovo, is growing and bringing access to new accounts, though it introduces a short revenue recognition lag.
Some supply chain concerns around hardware components have been factored into the full-year guidance, though the company is not directly exposed.
Diversification of hardware compatibility and partnerships with storage vendors help mitigate supply chain risks and broaden market reach.
The platform now supports a wide range of hardware, including external storage from partners like Pure Storage and Dell PowerFlex, reducing the need for hardware refreshes during migrations.
AI and hybrid cloud are seen as significant growth drivers, with turnkey infrastructure for AI inferencing and multi-agent applications, supporting both Kubernetes and legacy VM workloads.
The platform is positioned as a broad cloud solution, not just HCI, supporting diverse workloads and configurations.
Partnerships with AWS, Microsoft, and Google enable seamless migrations to public cloud, with AWS offering migration credits for customers moving from VMware.
The company is expanding its portfolio to capture more of the total addressable market (TAM) by supporting both HCI and external storage configurations.
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