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EMC Executive Vice President and CFO David Goulden Discusses EMC’s Third-Quarter 2011 Financial Results

EMC announced third-quarter 2011 financial results on October 18, 2011. EMC’s Executive Vice President and CFO David Goulden, discusses the results below. Additional information regarding EMC’s financial results is available here.

Image: David Goulden - EMC Executive Vice President and CFO
David Goulden - EMC Executive Vice President and CFO

October 18, 2011

Congratulations on another quarter of record financial results. What should we take away from the news?

David Goulden: Our strong third-quarter results underscore that our strategy continues to serve us well. Our sharp focus on key areas of opportunity within cloud and Big Data is propelling ongoing momentum. Our broad portfolio of differentiated solutions within these secular trends is resonating with customers, and our disciplined operational execution and control are driving our success.

What’s driving this success?

David Goulden: Our results stem from having market-leading products and services in high-priority areas of IT spend, and also by leveraging capabilities across our lines of business. For example, we develop our storage solutions with an eye toward security and virtualization, and customers rely on our expertise in these areas as they decide where to deploy their IT dollars. In any business environment, customers want to make their IT operations more efficient and more agile. Having a partner who can get them there, from start to finish, is critical, and this is why we win.

How would you characterize EMC’s position in storage?

David Goulden: Our storage portfolio has been taking share in both the mid-tier and the high-end because we provide best-of-breed products which address customers’ specific use cases and uniquely enable them to manage massively expanding data volumes. Looking across our storage portfolio, it’s clear our best-of-breed base of offerings is broad enough to meet the needs of a wide variety of customers – and the wide variety of needs within each customer. We have always believed that it is best to have the right tool for the job in this market, and that the “one-size-fits-all” approach would ultimately be unsuccessful. The fact that we are gaining share in and across all our storage solution sets is proof that customers agree with our approach. In addition, the fact that competitors are increasingly following our lead underscores the realization that their approaches have been incomplete. While our storage capabilities are broad, they are also deep, comprising solutions that are second to none, with proven leading-edge technology and standards of service that are continually recognized as among the highest in the industry. Armed with these advantages, we are strengthening our storage leadership position in the two biggest opportunities in IT today, cloud and Big Data.

How is the Symmetrix VMAX high-end storage platform doing?

David Goulden: Customers with mission-critical data sets needing the very best reliability, availability and scalability trust EMC Symmetrix VMAX. While customers have traditionally purchased our high-end storage to handle their biggest and most important business applications and databases, they are increasingly using VMAX to meet additional needs. Its powerful scale-out architecture is ideal for emerging use cases, such as service providers using it for customer-facing workloads. And with the combination of FAST VP, flash and large SATA drives, VMAX can automatically tier data across various drive types. This capability lets customers store more data types on their Symmetrix – data that in some cases used to be relegated to Tier 2 vendors – and lower their total cost of ownership. As a result, we win against high-end and Tier 2 vendors alike with VMAX’s unique scale-out and auto-tiering solution.

Can you share some insight on EMC's mid-tier storage share growth?

David Goulden: EMC has built out a unique, best-of-breed mid-range offering over the past few years. This allows us to attack traditional mid-range players head on with a new, converged VNX product line; from underneath with a new, low-end VNXe offering; and from the flanks with market-leading backup and scale-out NAS offerings. Add to this product portfolio a distribution channel that has doubled the number of partners in its ranks over the past year and vastly expanded the volume through these partners, and you get a clear picture of why we are so confident we are taking share in this segment.

What’s the latest with your Big Data portfolio?

David Goulden: The same secular shift to ever-larger data sets and file sizes is driving demand for our Big Data storage and analytics products and services as well. Our offerings here are growing faster than the market, with revenue from our portfolio of Big Data solutions, including Isilon, Atmos and EMC Greenplum, up significantly over 100 percent again in Q3. Within this, we are encouraged by the continued penetration by Isilon beyond verticals like life science and media, where Isilon has become the de facto standard. Isilon is now expanding its presence in broader implementations that are not vertical-specific. In these more general-purpose data center use cases, we see a lot of purchasing for NAS solutions to run things like near-line archiving, file systems and home directories, where data consistently expands and requires a solution that can scale where other NAS implementations cannot. The big story here with Isilon is that it is quite clear that we continue to be successful in verticals where they have been well-known but more importantly, we are taking share and removing competitors in more horizontal use cases where other vendors’ clustered approaches cannot scale nearly as easily or as efficiently as Isilon’s.

Storing massive and growing amounts of data is one thing; making sense of and getting real value out these data to add business insight is quite another, and what our Greenplum business does very well. Greenplum’s solution was built for the era of Big Data and for many companies is a next step in their analytics strategy. Greenplum’s Massively Parallel Processing capabilities let companies capture more data and make it more readily available. This is true Big Data analytics, as its more real-time nature explores the details of business operations and customer interactions that aren’t typically captured in a data warehouse.

EMC’s channel relationships appear strong and nicely aligned. How will you leverage the channel moving forward?

David Goulden: Our efforts to expand and deepen our channel relationships are paying off, for both EMC and our partners. We have laid a strong foundation with the on-boarding of several thousand new channel partners year-to-date and are now directing our efforts towards leveraging these incremental routes to market. Our progress was recognized earlier this quarter by Computer Reseller News, which named us a winner in their prestigious 2011 ARC Awards and also awarded us a special 2011 Tech Innovator Award for VNXe – a channel-only product.

About EMC

EMC Corporation is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. Fundamental to this transformation is cloud computing. Through innovative products and services, EMC accelerates the journey to cloud computing, helping IT departments to store, manage, protect and analyze their most valuable asset — information — in a more agile, trusted and cost-efficient way. Additional information about EMC can be found at www.EMC.com

EMC, Atmos, Greenplum, Isilon, Symmetrix, Symmetrix VMAX, VMAX, VNX and VNXe are either registered trademarks or trademarks of EMC Corporation in the United States and/or other countries. All other trademarks used are the property of their respective owners.

Forward-Looking Statements

This document contains “forward-looking statements” as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (iv) competitive factors, including but not limited to pricing pressures and new product introductions; (v) component and product quality and availability; (vi) fluctuations in VMware, Inc.’s operating results and risks associated with trading of VMware stock; (vii) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (viii) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (ix) the ability to attract and retain highly qualified employees; (x) insufficient, excess or obsolete inventory; (xi) fluctuating currency exchange rates; (xii) threats and other disruptions to our secure data centers or networks; (xiii) our ability to protect our proprietary technology; (xiv) war or acts of terrorism; and (xv) other one-time events and other important factors disclosed previously and from time to time in EMC’s filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this document.

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