PALO ALTO, Calif. – VMware, Inc. (NYSE: VMW) (the “Company”) today announced that it has reached a settlement with the U.S. Securities and Exchange Commission (the “SEC”) to resolve a previously disclosed investigation related to the Company’s backlog disclosures in public filings for its 2019 and 2020 fiscal years, which ran from February 3, 2018 through January 31, 2020.

Under the terms of the settlement, the Company has agreed to pay a civil monetary penalty of $8 million without admitting or denying the SEC’s findings, which relate to the Company’s disclosures.  The SEC’s findings do not include any findings that the Company failed to comply with generally accepted accounting principles. The SEC Staff has confirmed that it does not intend to recommend enforcement action against any current or former VMware officers or other member of management in connection with the investigation, and this settlement concludes the matter.

VMware believes this settlement is the right course of action for the Company and continues to be committed to operating at the highest level of integrity, including with respect to its public filings and communications with investors.