Dell announced its fiscal 2013 first quarter results today,
continuing to show progress in its move to being a total enterprise
services and solutions provider. Revenue for the quarter was $14.4
billion, with GAAP operating income of $824 million, and earnings
of $0.36 per share.
“We’re committed to continuing our strategy to re-shape Dell’s
business as an end-to-end IT provider,” said Michael Dell, chairman
and CEO. “We saw continued progress in our first quarter with the
innovative IT solutions we’re providing – notably our latest Dell
servers, storage, networking and services that deliver customers
enhanced productivity.”
“We continued to shift the mix of our business during a
challenging environment,” said Brian Gladden, Dell chief financial
officer. “Our enterprise solutions and services businesses now
account for 50 percent of our gross margin, and we’ll continue to
make the necessary investments to maintain our progress.”
Results
- Revenue in the quarter was $14.4
billion, a 4 percent decrease from the previous year.
- GAAP earnings per share in the
quarter was 36 cents, down 27 percent from the previous year;
non-GAAP EPS was 43 cents, down 22 percent.
- GAAP operating income for
the quarter was $824 million, or 5.7 percent of revenue.
Non-GAAP operating income was $1 billion, or 7 percent of
revenue.
- Cash used in operations in the
quarter was $138 million. For the past four quarters, Dell has
generated $4.9 billion in cash flow. Dell ended the quarter with
$17.2 billion in cash and investments.
Fiscal-Year 2013 First Quarter Highlights
First Quarter (in millions) FY13
FY12 Change Revenue $ 14,422
$ 15,017 (4 )%
Operating Income (GAAP) $ 824 $ 1,212 (32 )% Net Income
(GAAP) $ 635 $ 945 (33 )% EPS (GAAP) $ 0.36 $ 0.49 (27 )%
Operating Income (non-GAAP) $ 1,010 $ 1,376 (27 )% Net Income
(non-GAAP) $ 761 $ 1,050 (28 )% EPS (non-GAAP) $ 0.43 $ 0.55 (22 )%
Information about Dell’s use of non-GAAP financial information
is provided under “Non-GAAP Financial Measures” below. Non-GAAP
financial information excludes costs related primarily to the
amortization of purchased intangibles, severance and
facility-action costs, and acquisition-related charges. All
comparisons in this press release are year over year unless
otherwise noted.
Strategic Highlights:
- Dell Enterprise Solutions and
Services revenue grew 2 percent year over year to $4.5 billion
and contributed half of Dell’s gross margin. The ESS revenue grew 5
percent excluding third-party storage.
- Dell Services revenue was $2.1
billion, up 4 percent. Services backlog increased 9 percent to
$15.4 billion.
- Dell-owned storage grew 24
percent to $423 million.
- Server and networking revenue
grew 2 percent.
Business Units and Regions:
- Large Enterprise revenue was
$4.4 billion in the quarter, a 3 percent decline. Operating income
for the quarter was $402 million, or 9.1 percent of revenue.
- Public revenue was $3.5 billion,
a 4 percent decrease. Operating income for the quarter was $271
million, or 7.8 percent of revenue.
- Small and Medium Business
revenue grew 4 percent to $3.5 billion. Enterprise Solutions and
Services revenue increased 17 percent, led by services revenue
growth of 23 percent and servers and networking of 16 percent. SMB
had $389 million in operating income, or 11.2 percent of
revenue.
- Consumer revenue was $3 billion,
a 12 percent decline. Operating income was $32 million or 1.1
percent of revenue.
- Asia-Pacific and Japan revenue
was flat but China increased 9 percent. EMEA revenue
was down 1 percent in the quarter. Americas was down 7
percent. Revenue in the BRIC countries increased 4 percent.
Company Outlook:
The company expects second quarter revenue to be in line with
historical seasonal trends and be up 2-4 percent from first-quarter
levels.
About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers
worldwide innovative technology, business solutions and services
they trust and value. For more information, visit www.dell.com. As
previously announced, the first-quarter analyst call with Michael
Dell, chairman and CEO; Brian Gladden, CFO; and, Steve Felice,
Chief Commercial Officer, will be webcast live today at 4:00 CDT
and archived at www.dell.com/investor. To monitor highlighted facts
from the analyst call, follow on the Dell Investor Relations
Twitter account at: http://twitter.com/dellshares or hashtag
#DellEarnings. To communicate directly with Dell, go to
www.dell.com/dellshares.
Segment Realignment:
In the first quarter of Fiscal 2013, Dell made certain segment
realignments in order to conform to the way Dell internally manages
segment performance. These realignments affected all of Dell's
operating segments, but primarily consisted of the transfer of
small office business customers from the Small and Medium Business
segment to the Consumer Segment. Dell has recast prior period
amounts to provide visibility and comparability. None of these
changes impacts Dell's previously reported consolidated net
revenue, gross margin, operating income, net income, or earnings
per share.
Non-GAAP Financial Measures:
This press release includes information about non-GAAP operating
income, non-GAAP net income, and non-GAAP earnings per share
(collectively with non-GAAP gross margin and non-GAAP operating
expenses, the “non-GAAP financial measures”), which are not
measurements of financial performance prepared in accordance with
U.S. generally accepted accounting principles. In the following
tables, Dell has provided a reconciliation of each historical
non-GAAP financial measure to the most directly comparable GAAP
financial measure under the heading “Reconciliation of Non-GAAP
Financial Measures” and has presented a detailed discussion of its
reasons for including the non-GAAP financial measures and the
limitations associated with those measures under the heading “Use
of Non-GAAP Financial Measures.” Dell encourages investors to
review the reconciliation and the non-GAAP discussion in
conjunction with Dell’s presentation of these non-GAAP financial
measures.
Special Note on Forward Looking
Statements:
Statements in this press release that relate to future results
and events (including statements about Dell’s future financial and
operating performance, trends relating to mix shift, macroeconomic
uncertainty, organic and inorganic investments and success relating
to strategic transformation, as well as the financial guidance with
respect to cash flow from operations, net income and non-GAAP
earnings per share) are forward-looking statements and are based on
Dell's current expectations. In some cases, you can identify these
statements by such forward-looking words as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “confidence,”
“may,” “plan,” “potential,” “should,” “will” and “would,” or
similar expressions. Actual results and events in future periods
may differ materially from those expressed or implied by these
forward-looking statements because of a number of risks,
uncertainties and other factors, including: intense competition;
Dell’s reliance on third-party suppliers for product components,
including reliance on several single-sourced or limited-sourced
suppliers; Dell’s ability to achieve favorable pricing from its
vendors; weak global economic conditions and instability in
financial markets; Dell’s ability to manage effectively the change
involved in implementing strategic initiatives; successful
implementation of Dell’s acquisition strategy; Dell’s
cost-efficiency measures; Dell’s ability to effectively manage
periodic product and services transitions; Dell’s ability to
deliver consistent quality products and services; Dell’s ability to
generate substantial non-U.S. net revenue; Dell’s product,
customer, and geographic sales mix, and seasonal sales trends; the
performance of Dell’s sales channel partners; access to the capital
markets by Dell or its customers; weak economic conditions and
additional regulation affecting our financial services activities;
counterparty default; customer terminations of or pricing changes
in services contracts, or Dell’s failure to perform as it
anticipates at the time it enters into services contracts; loss of
government contracts; Dell’s ability to obtain licenses to
intellectual property developed by others on commercially
reasonable and competitive terms; infrastructure disruptions; cyber
attacks or other data security breaches; Dell’s ability to hedge
effectively its exposure to fluctuations in foreign currency
exchange rates and interest rates; expiration of tax holidays or
favorable tax rate structures, or unfavorable outcomes in tax
audits and other compliance matters; impairment of portfolio
investments; unfavorable results of legal proceedings; Dell’s
ability to attract, retain, and motivate key personnel; Dell’s
ability to maintain strong internal controls; changing
environmental and safety laws; the effect of armed hostilities,
terrorism, natural disasters, and public health issues; and other
risks and uncertainties discussed in Dell’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for its fiscal year ended February 3, 2012. In
particular, Dell’s expectations with regard to cash flow from
operations, net income and non-GAAP earnings per share for the full
fiscal year ending Feb. 1, 2013 assume, among other matters, that
there is no significant decline in economic conditions generally or
demand growth specifically, that macroeconomic uncertainties do not
materialize into significant economic difficulties, no significant
change in product mix patterns, and continued geographic customer
demand trends. In particular, Dell’s expectations with regard to
second quarter revenue amounts assume, among other matters, that
there is no significant decline in economic conditions generally or
demand growth specifically, that macroeconomic uncertainties do not
materialize into significant economic difficulties, no significant
change in product mix patterns, and continued geographic customer
demand trends. Dell assumes no obligation to update its
forward-looking statements.
Consolidated statements of income, financial position and cash
flows and other financial data follow.
Dell is a trademark of Dell Inc. Dell disclaims any proprietary
interest in the marks and names of others.
DELL INC. Condensed Consolidated Statement of Income and
Related Financial Highlights (in millions, except per share data
and percentages) (unaudited)
Three Months Ended %
Growth Rates May 4, February 3, April 29,
2012 2012
2011 Sequential Yr. to Yr. Net
revenue Products $ 11,423 $ 12,925 $ 12,059 (12 %) (5 %) Services,
including software related 2,999 3,106
2,958 (3 %) 1 %
Total net revenue
14,422 16,031 15,017 (10
%) (4 %) Cost of net revenue Products 9,330 10,521 9,436 (11
%) (1 %) Services, including software related 2,025
2,125 2,149 (5 %) (6 %) Total cost of
net revenue 11,355 12,646 11,585
(10 %) (2 %) Gross margin 3,067 3,385 3,432 (9 %) (11
%) Operating expenses Selling, general and administrative
2,009 2,218 2,025 (9 %) (1 %) Research, development and engineering
234 236 195 (1 %) 20 %
Total operating expenses 2,243 2,454
2,220 (9 %) 1 % Operating income 824 931 1,212
(11 %) (32 %) Interest and other, net (32 )
(24 ) (42 ) (32 %) 25 % Income before income taxes 792 907
1,170 (13 %) (32 %) Income tax provision 157
143 225 9 % (30 %) Net income $ 635 $
764 $ 945 (17 %) (33 %) Earnings per share:
Basic $ 0.36 $ 0.43 $ 0.50 (16 %) (28 %)
Diluted $ 0.36 $ 0.43 $ 0.49 (16 %) (27 %)
Weighted average shares outstanding: Basic 1,759 1,778 1,908
(1 %) (8 %) Diluted 1,774 1,796 1,923 (1 %) (8 %)
Percentage of
Total Net Revenue:
Gross margin 21.3 % 21.1 % 22.9 % Selling, general and
administrative 13.9 % 13.8 % 13.5 % Research and development 1.7 %
1.5 % 1.3 % Operating expenses 15.6 % 15.3 % 14.8 % Operating
income 5.7 % 5.8 % 8.1 % Income before income taxes 5.5 % 5.7 % 7.8
% Net income 4.4 % 4.8 % 6.3 % Income tax rate 19.8 % 15.8 % 19.2 %
Net Revenue by
Product Category:
Servers and Networking $ 2,017 $ 2,220 $ 1,973 (9 %) 2 % Storage
444 500 481 (11 %) (8 %) Services 2,071 2,179 1,984 (5 %) 4 %
Software and Peripherals 2,386 2,558 2,567 (7 %) (7 %) Mobility
4,236 4,877 4,716 (13 %) (10 %) Desktop PCs 3,268
3,697 3,296 (12 %) (1 %) Consolidated
net revenue $ 14,422 $ 16,031 $ 15,017 (10 %)
(4 %)
Percentage of
Total Net Revenue:
Servers and Networking 14 % 14 % 13 % Storage 3 % 3 % 3 % Services
14 % 14 % 13 % Software and Peripherals 17 % 16 % 17 % Mobility 29
% 30 % 32 % Desktop PCs 23 % 23 % 22 %
Net Revenue by
Global Segment:(1)
Large Enterprise $ 4,436 $ 4,982 $ 4,587 (11 %) (3 %) Public 3,466
3,833 3,621 (10 %) (4 %) Small and Medium Business 3,477 3,560
3,355 (2 %) 4 % Consumer 3,043 3,656
3,454 (17 %) (12 %) Consolidated net revenue $ 14,422
$ 16,031 $ 15,017 (10 %) (4 %)
Percentage of
Total Net Revenue:
Large Enterprise 31 % 31 % 31 % Public 24 % 24 % 24 % Small and
Medium Business 24 % 22 % 22 % Consumer 21 % 23 % 23 %
Consolidated
Operating Income:
Large Enterprise $ 402 $ 467 $ 516 Public 271 312 352 Small and
Medium Business 389 399 435 Consumer 32 61
170 Segment operating income 1,094 1,239 1,473
Broad based long-term incentives (84 ) (96 ) (97 ) Amortization of
intangible assets (110 ) (104 ) (92 ) Severance and facility
actions and acquisition-related (76 ) (108 )
(72 ) Consolidated operating income $ 824 $ 931 $
1,212 Note: Percentage growth rates and ratios
are calculated based on underlying data in thousands.
(1) Segment Results for Fiscal 2012 have been recast to conform
to segment realignments that were completed during the first
quarter of Fiscal 2013. See Supplemental Segment Information at the
end of these financial tables for more information.
DELL INC. Condensed
Consolidated Statement of Financial Position and Related Financial
Highlights (in millions, except for "Ratios") (unaudited)
May 4, February 3, April 29,
2012 2012 2011
Assets:
Current assets: Cash and cash equivalents $ 12,814 $ 13,852 $
14,061 Short-term investments 901 966 418 Accounts receivable, net
6,289 6,476 6,196 Short-term financing receivables, net 3,200 3,327
3,205 Inventories, net 1,472 1,404 1,276 Other current assets
3,369 3,423 3,217 Total
current assets 28,045 29,448 28,373 Property, plant and equipment,
net 2,119 2,124 1,987 Long-term investments 3,501 3,404 762
Long-term financing receivables, net 1,342 1,372 1,123 Goodwill
6,005 5,838 5,406 Purchased intangible assets, net 1,801 1,857
1,941 Other non-current assets 476 490
196 Total assets $ 43,289 $ 44,533 $
39,788
Liabilities and
Stockholders' Equity:
Current liabilities: Short-term debt $ 3,186 $ 2,867 $ 816 Accounts
payable 10,970 11,656 10,442 Accrued and other 3,076 3,934 3,590
Short-term deferred services revenue 3,582
3,544 3,282 Total current liabilities 20,814
22,001 18,130 Long-term debt 5,813 6,387 6,794 Long-term deferred
services revenue 3,837 3,836 3,608 Other non-current liabilities
3,468 3,392 2,886 Total
liabilities 33,932 35,616 31,418 Total stockholders' equity
9,357 8,917 8,370 Total
liabilities and equity $ 43,289 $ 44,533 $ 39,788
Ratios:
Days of sales outstanding (1) 43 42 40 Days supply in inventory 12
11 10 Days in accounts payable (87 ) (89 ) (81
) Cash conversion cycle (32 ) (36 ) (31 )
Average total revenue/unit (approximate) $ 1,360 $ 1,330 $
1,380 Note: Ratios are calculated based on underlying data
in thousands.
(1) Days of sales outstanding (“DSO”) is based on the ending net
trade receivables and most recent quarterly revenue for each
period. DSO includes the effect of product costs related to
customer shipments not yet recognized as revenue that are
classified in other current assets. At May 4, 2012, February 3,
2012, and April 29, 2011, DSO and days of customer shipments not
yet recognized were 39 and 4 days, 39 and 3 days, 37 and 3 days,
respectively.
DELL INC.
Condensed Consolidated Statements of Cash Flows (in
millions, unaudited)
Three Months Ended May 4,
April 29, 2012 2011
Cash flows from operating activities: Net income $ 635 $ 945
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 248 216
Stock-based compensation 95 99 Effects of exchange rate changes on
monetary assets and liabilities denominated in foreign currencies
(10 ) - Deferred Income Taxes 47 (63 ) Provision for doubtful
accounts - including financing receivables 63 47 Other (5 ) (5 )
Changes in assets and liabilities, net of effects from
acquisitions: Accounts receivable 161 471 Financing receivables 71
21 Inventories (68 ) 38 Other assets 48 110 Accounts payable (671 )
(925 ) Deferred services revenue 33 191 Accrued and other
liabilities (785 ) (680 ) Change in cash from
operating activities (138 ) 465 Cash
flows from investing activities: Investments: Purchases (673 ) (240
) Maturities and sales 640 222 Capital expenditures (142 ) (137 )
Proceeds from sale of facility and land - 12 Collections on
purchased financing receivables 55 67
Acquisition of business, net of cash
received
(245 ) (1,473 )
Change in cash from investing
activities
(365 ) (1,549 ) Cash flows from financing
activities: Repurchase of common stock (324 ) (450 ) Issuance of
common stock under employee plans 38 10
Issuance (repayment) of commercial paper
(maturity 90 days or less), net
13 - Proceeds from debt 596 1,930
Repayments of debt
(863 ) (323 ) Other 8 3
Change in cash from financing
activities
(532 ) 1,170
Effect of exchange rate changes on cash
and cash equivalents
(3 ) 62
Change in cash and cash equivalents
(1,038 ) 148
Cash and cash equivalents at beginning of
period
13,852 13,913
Cash and cash equivalents at end of
period
$ 12,814 $ 14,061
SUPPLEMENTAL NON-GAAP
FINANCIAL MEASURES The tables on the following pages set
forth, for the periods indicated, a reconciliation of non-GAAP
gross margin, non-GAAP operating expenses, non-GAAP operating
income, non-GAAP net income, and non-GAAP earnings per share
(collectively, the “non-GAAP financial measures”) to the most
comparable GAAP financial measures. These non-GAAP financial
measures may not be directly comparable to similarly titled
measures reported by other companies. See “Use of Non-GAAP
Financial Measures” following the tables for additional information
regarding Dell’s reasons for including the non-GAAP financial
measures and for material limitations with respect to the
usefulness of these measures.
DELL INC. Reconciliation of
Non-GAAP Financial Measures (in millions, except per share data and
percentages) (unaudited)
Three Months Ended %
Growth Rates May 4, February 3, April 29,
2012 2012
2011 Sequential Yr. to Yr.
GAAP gross margin $ 3,067 $ 3,385 $ 3,432 (9 %) (11 %)
Non-GAAP adjustments: Amortization of intangibles 88 83 71
Severance and facility actions and acquisition-related 12
15 8 Non-GAAP gross margin $
3,167 $ 3,483 $ 3,511 (9 %) (10 %)
GAAP operating expenses $ 2,243 $ 2,454 $ 2,220 (9 %) 1 %
Non-GAAP adjustments: Amortization of intangibles (22 ) (21
) (21 ) Severance and facility actions and acquisition-related
(64 ) (93 ) (64 ) Non-GAAP operating expenses
$ 2,157 $ 2,340 $ 2,135 (8 %) 1 %
GAAP operating income $ 824 $ 931 $ 1,212 (11 %) (32 %)
Non-GAAP adjustments: Amortization of intangibles 110 104 92
Severance and facility actions and acquisition-related 76
108 72 Non-GAAP operating income
$ 1,010 $ 1,143 $ 1,376 (12 %) (27 %)
GAAP net income $ 635 $ 764 $ 945 (17 %) (33 %)
Non-GAAP adjustments: Amortization of intangibles 110 104 92
Severance and facility actions and acquisition-related 76 108 72
Aggregate adjustment for income taxes (60 ) (63 )
(59 ) Non-GAAP net income $ 761 $ 913 $ 1,050
(17 %) (28 %) GAAP earnings per share -
diluted $ 0.36 $ 0.43 $ 0.49 (16 %) (27 %) Non-GAAP adjustments per
share - diluted 0.07 0.08 0.06
Non-GAAP earnings per share - diluted $ 0.43 $ 0.51
$ 0.55 (16 %) (22 %) Diluted WAS 1,774
1,796 1,923
Percentage of
Total Net Revenue:
GAAP gross margin 21.3 % 21.1 % 22.9 % Non-GAAP adjustment
0.7 % 0.6 % 0.5 % Non-GAAP gross margin
22.0 % 21.7 % 23.4 % GAAP operating expenses
15.6 % 15.3 % 14.8 % Non-GAAP adjustment (0.6 %) (0.7
%) (0.6 %) Non-GAAP operating expenses 15.0 %
14.6 % 14.2 % GAAP operating income 5.7 % 5.8 % 8.1 %
Non-GAAP adjustment 1.3 % 1.3 % 1.1 % Non-GAAP
operating income 7.0 % 7.1 % 9.2 % GAAP
net income 4.4 % 4.8 % 6.3 % Non-GAAP adjustment 0.9 %
0.9 % 0.7 % Non-GAAP net income 5.3 %
5.7 % 7.0 % Note: Percentage growth rates and ratios
are calculated based on underlying data in thousands.
USE OF
NON-GAAP FINANCIAL MEASURES Dell uses non-GAAP financial
measures to supplement the financial information presented on a
GAAP basis. Dell believes that excluding certain items from Dell’s
GAAP results allows Dell’s management to better understand Dell’s
consolidated financial performance from period to period and in
relationship to the operating results of Dell’s segments, as
management does not believe that the excluded items are reflective
of Dell's underlying operating performance. Dell also believes that
excluding certain items from Dell’s GAAP results allows Dell’s
management to better project Dell’s future consolidated financial
performance because Dell’s forecasts are developed at a level of
detail different from that used to prepare GAAP-based financial
measures. Moreover, Dell believes these non-GAAP financial measures
will provide investors with useful information to help them
evaluate Dell's operating results by facilitating an enhanced
understanding of Dell's operating performance, and enabling them to
make more meaningful period to period comparisons. Non-GAAP
projections for Fiscal 2013, which are forward looking non-GAAP
financial measures, exclude acquisition-related charges, severance
and facility action costs, and amortization of purchased intangible
assets related to acquisitions, some of which Dell cannot forecast
with certainty or accuracy due to their inherently indefinite and
contingent nature, thereby preventing Dell from reconciling its
projections to GAAP. The historical non-GAAP financial measures, as
defined by Dell, represent the comparable GAAP measures adjusted to
exclude these same items. Dell provides more detail below regarding
each of these items and our reasons for excluding them. In future
fiscal periods, Dell expects that it may again exclude such items
and may incur income and expenses similar to these excluded items.
Accordingly, the exclusion of these items and other similar items
in Dell’s non-GAAP presentation should not be interpreted as
implying that these items are non-recurring, infrequent, or
unusual. The non-GAAP financial measures for the periods
indicated in the tables above reflect adjustments related to the
following items: • Severance and Facility Actions and
Acquisition-related Costs - Severance and facility action costs are
primarily related to facilities charges including accelerated
depreciation and severance and benefits for employees terminated
pursuant to cost synergies related to strategic acquisitions and
actions taken as part of a comprehensive review of costs.
Acquisition-related charges are expensed as incurred and consist
primarily of retention payments, integration costs, and other
costs. Retention payments include stock-based compensation and cash
incentives awarded to employees, which are recognized over the
vesting period. Integration costs primarily include IT costs
related to the integration of IT systems and processes, costs
related to the integration of employees, costs related to full-time
employees who are working on the integration, and consulting
expenses. Severance and facility actions and acquisition-related
charges are inconsistent in amount and are significantly impacted
by the timing and nature of these events. Therefore, although Dell
may incur these types of expenses in the future, Dell believes
eliminating these charges for purposes of calculating the non-GAAP
financial measures facilitates a more meaningful evaluation of
Dell’s current operating performance and comparisons to Dell’s past
operating performance. • Amortization of Intangible Assets -
Amortization of purchased intangible assets consists primarily of
amortization of customer relationships, acquired technology,
non-compete covenants, and trade names purchased in connection with
business acquisitions. Dell incurs charges relating to the
amortization of these intangibles, and those charges are included
in Dell’s consolidated financial statements. Amortization charges
for Dell’s purchased intangible assets are inconsistent in amount
and are significantly impacted by the timing and magnitude of
Dell’s acquisitions. Consequently, Dell excludes these charges for
purposes of calculating the non-GAAP financial measures to
facilitate a more meaningful evaluation of Dell’s current operating
performance and comparisons to Dell’s past operating performance.
• The aggregate adjustment for income taxes is the estimated
combined income tax effect for the adjustments mentioned above. The
tax effects are determined based on the tax jurisdictions where the
above items were incurred. There are limitations to the use
of non-GAAP financial measures. Dell's non-GAAP financial measures
may not be comparable to similarly titled measures of other
companies. Other companies, including companies in Dell’s industry,
may calculate the non-GAAP financial measures differently than Dell
does, limiting the usefulness of those measures for comparative
purposes. In addition, items such as amortization of purchased
intangible assets represent the loss in value of intangible assets
over time. The expense associated with this loss in value is not
included in the non-GAAP financial measures and such measures,
therefore, do not reflect the full economic effect of such loss.
Further, items such as severance and facility action costs and
acquisition expenses that are excluded from the non-GAAP financial
measures can have a material impact on earnings. Dell’s management
compensates for the foregoing limitations by relying on Dell’s GAAP
results and using non-GAAP financial measures supplementally or for
projections when comparable GAAP measures are not available. The
non-GAAP financial measures are not meant to be considered as
indicators of performance in isolation from or as substitutes for
gross margin, operating expenses, operating income, net income, and
earnings per share prepared in accordance with GAAP and should be
read only in conjunction with financial information presented on a
GAAP basis. Dell provides detailed reconciliations of each
historical non-GAAP financial measure to its most directly
comparable GAAP measure within the financial information included
with this press release and in other written materials that include
such non-GAAP historical financial measures, and Dell encourages
investors to review the reconciliations in conjunction with the
presentation of any historical non-GAAP financial measures.
Dell Inc Supplemental Segment Information (in millions,
unaudited)
Fiscal
2011
Three Months Ended Fiscal Year Ended April 30,
2010 July 30, 2010 October 29, 2010 January
28, 2011 January 28, 2011 As Reported Recast Variance As
Reported Recast Variance As Reported Recast Variance As Reported
Recast Variance As Reported Recast Variance
Net Revenue by
Global Segment (1):
Large Enterprise $ 4,246 $ 4,341 $ 95 $ 4,549 $ 4,618 $ 69 $ 4,326
$ 4,389 $ 63 $ 4,692 $ 4,763 $ 71 $ 17,813 $ 18,111 $ 298 Public
3,856 3,708 (148 ) 4,580 4,467 (113 ) 4,442 4,340 (102 ) 3,973
3,862 (111 ) 16,851 16,377 (474 ) Small and Medium Business 3,524
3,096 (428 ) 3,535 3,083 (452 ) 3,665 3,179 (486 ) 3,749 3,250 (499
) 14,473 12,608 (1,865 ) Consumer 3,248 3,729
481 2,870 3,366
496 2,961 3,486
525 3,278 3,817 539
12,357 14,398 2,041
Consolidated net revenue $ 14,874 $ 14,874 $ -
$ 15,534 $ 15,534 $ - $ 15,394 $
15,394 $ - $ 15,692 $ 15,692 $ -
$ 61,494 $ 61,494 $ -
Percentage of
Total Net Revenue (1):
Large Enterprise 28 % 29 % 1 % 29 % 30 % 1 % 28 % 28 % 0 % 30 % 30
% 0 % 29 % 29 % 0 % Public 26 % 25 % -1 % 30 % 29 % -1 % 29 % 28 %
-1 % 25 % 25 % 0 % 27 % 27 % 0 % Small and Medium Business 24 % 21
% -3 % 23 % 20 % -3 % 24 % 21 % -3 % 24 % 21 % -3 % 24 % 21 % -3 %
Consumer 22 % 25 % 3 % 18 % 21 % 3 % 19 % 23 % 4 % 21 % 24 % 3 % 20
% 23 % 3 %
Consolidated
Operating Income (1):
Large Enterprise $ 283 $ 293 $ 10 $ 288 $ 289 $ 1 $ 400 $ 398 $ (2
) $ 502 $ 510 $ 8 $ 1,473 $ 1,490 $ 17 Public 298 280 (18 ) 369 363
(6 ) 451 450 (1 ) 366 353 (13 ) 1,484 1,446 (38 ) Small and Medium
Business 313 301 (12 ) 323 298 (25 ) 391 365 (26 ) 450 419 (31 )
1,477 1,383 (94 ) Consumer 17 37
20 (21 ) 9 30 -
29 29 69
105 36 65 180
115 Segment operating income $ 911 $ 911
$ - $ 959 $ 959 $ - $ 1,242
$ 1,242 $ - $ 1,387 $ 1,387 $ -
$ 4,499 $ 4,499 $ -
Fiscal
2012
Three Months Ended Fiscal Year Ended April 29,
2011 July 29, 2011 October 28, 2011 February
3, 2012 February 3, 2012 As Reported Recast Variance As
Reported Recast Variance As Reported Recast Variance As Reported
Recast Variance As Reported Recast Variance
Net Revenue by
Global Segment (1):
Large Enterprise $ 4,477 $ 4,587 $ 110 $ 4,584 $ 4,677 $ 93 $ 4,487
$ 4,540 $ 53 $ 4,909 $ 4,982 $ 73 $ 18,457 $ 18,786 $ 329 Public
3,767 3,621 (146 ) 4,457 4,329 (128 ) 4,375 4,287 (88 ) 3,949 3,833
(116 ) 16,548 16,070 (478 ) Small and Medium Business 3,768 3,355
(413 ) 3,709 3,306 (403 ) 3,712 3,326 (386 ) 3,977 3,560 (417 )
15,166 13,547 (1,619 ) Consumer 3,005 3,454
449 2,908 3,346
438 2,791 3,212
421 3,196 3,656 460
11,900 13,668 1,768
Consolidated net revenue $ 15,017 $ 15,017 $ -
$ 15,658 $ 15,658 $ - $ 15,365 $
15,365 $ - $ 16,031 $ 16,031 $ -
$ 62,071 $ 62,071 $ -
Percentage of
Total Net Revenue (1):
Large Enterprise 30 % 31 % 1 % 29 % 30 % 1 % 29 % 29 % 0 % 30 % 31
% 1 % 30 % 30 % 0 % Public 25 % 24 % -1 % 28 % 28 % 0 % 29 % 28 %
-1 % 25 % 24 % -1 % 27 % 26 % -1 % Small and Medium Business 25 %
22 % -3 % 24 % 21 % -3 % 24 % 22 % -2 % 25 % 22 % -3 % 24 % 22 % -2
% Consumer 20 % 23 % 3 % 19 % 21 % 2 % 18 % 21 % 3 % 20 % 23 % 3 %
19 % 22 % 3 %
Consolidated
Operating Income (1):
Large Enterprise $ 504 $ 516 $ 12 $ 448 $ 460 $ 12 $ 441 $ 446 $ 5
$ 461 $ 467 $ 6 $ 1,854 $ 1,889 $ 35 Public 370 352 (18 ) 484 466
(18 ) 463 454 (9 ) 327 312 (15 ) 1,644 1,584 (60 ) Small and Medium
Business 463 435 (28 ) 404 380 (24 ) 386 367 (19 ) 412 399 (13 )
1,665 1,581 (84 ) Consumer 136 170
34 73 103 30
76 99 23 39
61 22 324
433 109 Segment operating income $ 1,473
$ 1,473 $ - $ 1,409 $ 1,409 $ -
$ 1,366 $ 1,366 $ - $ 1,239 $
1,239 $ - $ 5,487 $ 5,487 $ -
(1) In the first quarter of Fiscal 2013, Dell made certain
segment realignments in order to conform to the way Dell internally
manages segment performance. These realignments affected all of
Dell's operating segments, but primarily consisted of the transfer
of small office business customers from the Small and Medium
Business segment to the Consumer Segment. Dell has recast prior
period amounts to provide visibility and comparability. None of
these changes impacts Dell's previously reported consolidated net
revenue, gross margin, operating income, net income, or earnings
per share.
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