Dell announced fiscal 2013 third-quarter results today with
revenue of $13.7 billion, GAAP operating income of $589 million,
and GAAP earnings of $0.27 per share. Dell’s enterprise solution
strategy continued to show positive results with server and
networking revenue increasing 11 percent year over year.
“We are consistently executing our end-to-end solutions strategy
for the benefit of our customers,” said Michael Dell, Chairman and
CEO. “In the quarter, we completed the acquisition of Quest
Software which – along with other recent acquisitions like
SonicWALL and Wyse – adds leading management, security,
virtualization and cloud capabilities to our expanding portfolio of
powerful solutions.”
“In a difficult global IT spending environment we saw solid
proof points that demonstrate progress in our strategy,” said Brian
Gladden, Dell CFO. “A highlight has been the strong progress of our
newly introduced servers, with our server and networking business
up 11 percent. We’re also encouraged by early interest in our new
Windows 8 touch portfolio and the opportunities it creates for our
commercial and consumer businesses.”
Mr. Gladden added that strong cash flow from operations
generated over the past two years continued with $1.3 billion in
the quarter and, combined with a strong cash position this fiscal
year, helped enable Dell to invest in new capabilities and return
almost $900 million year to date to shareholders through the
company’s recently adopted dividend and share repurchases.
Results
- Revenue in the quarter was $13.7
billion, an 11 percent decrease from the previous year as desktop
and mobility revenue contracted.
- GAAP operating income for
the quarter was $589 million, or 4.3 percent of revenue.
Non-GAAP operating income was $886 million, or 6.5 percent
of revenue.
- GAAP earnings per share in the
quarter was 27 cents, down 45 percent from the previous year;
non-GAAP EPS was 39 cents, down 28 percent.
- Cash flow from operations in the
quarter was $1.3 billion. Dell ended the quarter with $14.2 billion
in cash and investments.
Fiscal-Year 2013 Third Quarter and Year-to-Date
Highlights
Third Quarter
Fiscal Year To Date
(in millions)
FY13
FY12
Change
FY13
FY12
Change
Revenue $ 13,721 $ 15,365 (11 %) $ 42,626 $
46,040 (7 %) Operating Income (GAAP) $ 589 $ 1,142
(48 %) $ 2,314 $ 3,500 (34 %) Net Income (GAAP) $ 475 $ 893 (47 %)
$ 1,842 $ 2,728 (32 %) EPS (GAAP) $ 0.27 $ 0.49 (45 %) $ 1.05 $
1.46 (28 %) Operating Income (non-GAAP) $ 886 $ 1,288 (31 %)
$ 3,019 $ 3,992 (24 %) Net Income (non-GAAP) $ 679 $ 983 (31 %) $
2,315 $ 3,039 (24 %) EPS (non-GAAP) $ 0.39 $ 0.54 (28 %) $ 1.32 $
1.62 (19 %)
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, certain settlement 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 3 percent year over year to $4.8 billion.
The company year to date is 4 percent ahead of last year’s ES&S
revenue at $14.2 billion, accounting for greater than 50 percent of
the company’s gross margin thus far this year. The ES&S
business is on an annual run-rate approaching $20 billion.
- Server and networking revenue
for the quarter grew 11 percent. Dell was the only top-3 server
provider to have positive unit growth in the quarter. Dell’s server
growth was driven by its new, 12th-Generation
line, leadership in hyper-scale infrastructure solutions and an
increase in customer adoption of cloud solutions for their IT
requirements. Dell’s differentiated intellectual property and
solutions have resulted in solid growth in this business.
- Dell’s Services business
continues to execute well, with gross margin percentages improving
sequentially for the sixth consecutive quarter, as the company
focuses on the most profitable areas of the business. Growth in
support, deployment and security services highlighted the
quarter.
Business Units and Regions:
- Large Enterprise revenue was
$4.2 billion in the quarter, an 8 percent decline. Operating income
was $325 million, or 7.8 percent of revenue.
- Public revenue was $3.8 billion,
an 11 percent decrease. Operating income for the quarter was $352
million, or 9.2 percent of revenue.
- Small and Medium Business
revenue was $3.3 billion, a 1 percent decline. Operating income was
$349 million, or 10.6 percent of revenue.
- Consumer revenue was $2.5
billion, a 23 percent decline. Operating loss was $65 million or
minus 2.7 percent of revenue.
- Revenue in Americas was down 9
percent; Asia-Pacific and Japan was down 11 percent; and
EMEA was down 15 percent.
Company Outlook:
Dell sees the challenging global macro-economic environment
continuing in the fourth quarter, which will continue to impact the
company’s results. The company expects sequential revenue growth of
2 to 5 percent. For the full year, Dell maintains its expectation
for at least $1.70 in earnings per share on a non-GAAP basis. Going
forward, the company is committed to its end-to-end solutions
strategy and creating value over the long term.
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. The
third-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 p.m. CST 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.” Dell encourages investors to review the
reconciliation 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 macroeconomic challenges
and the IT spending environment, effects of our acquisitions, our
server business, our dividends and share repurchases, and consumer
demand relating to Windows 8, as well as the financial guidance
with respect to revenue and 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 sequential revenue
and 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 challenges do not materialize into more
significant economic difficulties, no significant change in
seasonality patterns, continued strength in server, storage and
network products 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; percentage growth rates and ratios are calculated
based on underlying data in thousands)
(unaudited)
Three Months Ended %
Growth Rates November 2, August 3, October
28,
2012 (1)
2012 (1)
2011
Sequential Yr. to Yr. Net revenue Products $
10,706 $ 11,403 $ 12,312 (6 )% (13 )% Services, including software
related 3,015 3,080 3,053
(2 )% (1 )% Total net revenue 13,721 14,483
15,365 (5 )% (11 )% Cost of net revenue
Products 8,904 9,280 9,797 (4 )% (9 )% Services, including software
related 1,945 2,065 2,099
(6 )% (7 )% Total cost of net revenue 10,849
11,345 11,896 (4 )% (9 )% Gross margin 2,872
3,138 3,469 (8 )% (17 )% Operating expenses Selling, general, and
administrative 2,013 1,976 2,107 2 % (4 )% Research, development,
and engineering 270 261 220
3 % 23 % Total operating expenses 2,283
2,237 2,327 2 % (2 )% Operating income 589 901
1,142 (35 )% (48 )% Interest and other, net (38 ) (63
) (70 ) 41 % 46 % Income before income taxes 551 838 1,072
(34 )% (49 )% Income tax provision 76 106
179 (28 )% (57 )% Net income $ 475 $
732 $ 893 (35 )% (47 )% Earnings per share: Basic $
0.27 $ 0.42 $ 0.49 (36 )% (45 )% Diluted $
0.27 $ 0.42 $ 0.49 (36 )% (45 )% Cash
dividends declared per common share $ 0.08 $ — $ — Weighted average
shares outstanding: Basic 1,735 1,747 1,813 (1 )% (4 )% Diluted
1,742 1,753 1,828 (1 )% (5 )%
Percentage of
Total Net Revenue:
Gross margin 20.9 % 21.6 % 22.6 % Selling, general, and
administrative 14.7 % 13.6 % 13.8 % Research, development, and
engineering 1.9 % 1.8 % 1.4 % Operating expenses 16.6 % 15.4 % 15.2
% Operating income 4.3 % 6.2 % 7.4 % Income before income taxes 4.0
% 5.8 % 7.0 % Net income 3.5 % 5.1 % 5.8 % Income tax rate 13.8 %
12.7 % 16.7 %
Net Revenue by
Product Category:
Servers and Networking (1) $ 2,322 $ 2,332 $ 2,089 — % 11 % Storage
386 435 460 (11 )% (16 )% Services 2,107 2,106 2,123 — % (1 )%
Software and Peripherals 2,258 2,338 2,528 (3 )% (11 )% Mobility
3,523 3,870 4,750 (9 )% (26 )% Desktop PCs 3,125
3,402 3,415 (8 )% (8 )% Consolidated
net revenue $ 13,721 $ 14,483 $ 15,365 (5 )%
(11 )%
Percent of Total
Net Revenue:
Servers and Networking (1) 17 % 16 % 14 % Storage 3 % 3 % 3 %
Services 15 % 15 % 14 % Software and Peripherals 16 % 16 % 16 %
Mobility 26 % 27 % 31 % Desktop PCs 23 % 23 % 22 %
Net Revenue by
Global Segment: (2)
Large Enterprise $ 4,156 $ 4,536 $ 4,540 (8 )% (8 )% Public 3,824
4,065 4,287 (6 )% (11 )% Small and Medium Business 3,282 3,258
3,326 1 % (1 )% Consumer 2,459 2,624
3,212 (6 )% (23 )% Consolidated net revenue $ 13,721
$ 14,483 $ 15,365 (5 )% (11 )%
Percentage of
Total Net Revenue: (2)
Large Enterprise 30 % 31 % 29 % Public 28 % 28 % 28 % Small and
Medium Business 24 % 23 % 22 % Consumer 18 % 18 % 21 %
Consolidated
Operating Income: (2)
Large Enterprise $ 325 $ 433 $ 446 Public 352 379 454 Small and
Medium Business 349 382 367 Consumer (65 ) 14
99 Segment operating income 961 1,208 1,366 Broad
based long-term incentives (75 ) (85 ) (78 ) Amortization of
intangible assets (165 ) (150 ) (100 ) Severance and facility
actions and acquisition-related costs (132 ) (72 )
(46 ) Consolidated operating income $ 589 $ 901
$ 1,142
(1) Includes the results of Dell's Fiscal 2013 acquisitions from
their respective acquisition dates. Servers and Networking includes
our Fiscal 2013 Software acquisitions (Quest Software, SonicWALL,
and AppAssure).
(2) 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 Income
and Related Financial Highlights (continued)
(in millions, except per share data and
percentages; percentage growth rates and ratios are calculated
based on underlying data in thousands)
(unaudited)
Nine Months Ended % Growth Rates November
2, October 28,
2012(1)
2011 Yr. to Yr. Net revenue Products $ 33,532 $
36,981 (9 )% Services, including software related 9,094
9,059 — % Total net revenue 42,626
46,040 (7 )% Cost of net revenue Products
27,514 29,168 (6 )% Services, including software related
6,035 6,446 (6 )% Total cost of net revenue
33,549 35,614 (6 )% Gross margin 9,077
10,426 (13 )% Operating expenses Selling, general, and
administrative 5,998 6,306 (5 )% Research, development, and
engineering 765 620 23 % Total
operating expenses 6,763 6,926 (2 )%
Operating income 2,314 3,500 (34 )% Interest and other, net
(133 ) (167 ) 20 % Income before income taxes 2,181 3,333
(35 )% Income tax provision 339 605 (44
)% Net income $ 1,842 $ 2,728 (32 )% Earnings per
share: Basic $ 1.05 $ 1.47 (29 )% Diluted $ 1.05
$ 1.46 (28 )% Cash dividends declared per common
share $ 0.08 $ — Weighted average shares outstanding: Basic 1,747
1,860 (6 )% Diluted 1,757 1,874 (6 )%
Percentage of
Total Net Revenue:
Gross margin 21.3 % 22.6 % Selling, general, and administrative
14.1 % 13.7 % Research, development, and engineering 1.8 % 1.3 %
Operating expenses 15.9 % 15.0 % Operating income 5.4 % 7.6 %
Income before income taxes 5.1 % 7.2 % Net income 4.3 % 5.9 %
Income tax rate 15.5 % 18.2 %
Net Revenue by
Product Category:
Servers and Networking (1) $ 6,671 $ 6,116 9 % Storage 1,265 1,443
(12 )% Services 6,284 6,143 2 % Software and Peripherals 6,982
7,664 (9 )% Mobility 11,629 14,227 (18 )% Desktop PCs 9,795
10,447 (6 )% Consolidated net revenue $ 42,626
$ 46,040 (7 )%
Percent of Total
Net Revenue:
Servers and Networking (1) 16 % 13 % Storage 3 % 3 % Services 15 %
13 % Software and Peripherals 16 % 17 % Mobility 27 % 31 % Desktop
PCs 23 % 23 %
Net Revenue by
Global Segment: (2)
Large Enterprise $ 13,128 $ 13,804 (5 )% Public 11,355 12,237 (7 )%
Small and Medium Business 10,017 9,987 — % Consumer 8,126
10,012 (19 )% Consolidated net revenue $
42,626 $ 46,040 (7 )%
Percentage of
Total Net Revenue: (2)
Large Enterprise 31 % 30 % Public 27 % 26 % Small and Medium
Business 23 % 22 % Consumer 19 % 22 %
Consolidated
Operating Income: (2)
Large Enterprise $ 1,160 $ 1,422 Public 1,002 1,272 Small and
Medium Business 1,120 1,182 Consumer (19 ) 372
Segment operating income 3,263 4,248 Broad based long-term
incentives (244 ) (256 ) Amortization of intangible assets (425 )
(287 ) Severance and facility actions and acquisition-related costs
(280 ) (205 ) Consolidated operating income $ 2,314
$ 3,500
(1) Includes the results of Dell's Fiscal 2013 acquisitions from
their respective acquisition dates. Servers and Networking includes
our Fiscal 2013 Software acquisitions (Quest Software, SonicWALL,
and AppAssure).
(2) 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; ratios
are calculated based on underlying data in thousands)
(unaudited)
November 2, August 3, October 28,
2012 2012 2011
Assets:
Current assets: Cash and cash equivalents $ 10,991 $ 11,519 $
13,293 Short-term investments 281 372 545 Accounts receivable, net
6,187 6,829 6,690 Short-term financing receivables, net 3,151 3,174
3,326 Inventories, net 1,364 1,615 1,397 Other current assets
3,688 3,741 3,005 Total
current assets 25,662 27,250 28,256 Property, plant, and equipment,
net 2,156 2,058 2,123 Long-term investments 2,908 2,738 2,183
Long-term financing receivables, net 1,354 1,344 1,279 Goodwill
9,191 7,558 5,943 Purchased intangible assets, net 3,511 2,609
1,957 Other non-current assets 664 540
302 Total assets $ 45,446 $ 44,097 $
42,043
Liabilities and
Stockholders' Equity:
Current liabilities: Short-term debt $ 3,724 $ 2,609 $ 1,831
Accounts payable 10,556 11,193 11,107 Accrued and other 3,504 3,227
3,816 Short-term deferred services revenue 4,027
3,683 3,465 Total current liabilities
21,811 20,712 20,219 Long-term debt 5,310 5,832 6,430 Long-term
deferred services revenue 3,943 3,893 3,744 Other non-current
liabilities 4,184 3,914 2,987
Total liabilities 35,248 34,351
33,380 Total Dell stockholders' equity 10,177 9,746
8,663 Noncontrolling interest 21 —
— Total stockholders' equity 10,198
9,746 8,663 Total liabilities and
equity $ 45,446 $ 44,097 $ 42,043
Ratios:
Days of sales outstanding (1) 45 46 42 Days supply in inventory 11
13 11 Days in accounts payable (88 ) (89 ) (84
) Cash conversion cycle (32 ) (30 ) (31 )
Average total revenue/unit (approximate) $ 1,410 $ 1,390 $
1,390
(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 as other current assets. At November 2, 2012,
August 3, 2012, and October 28, 2011, DSO and days of
customer shipments not yet recognized were 41 and 4 days, 42 and 4
days, and 39 and 3 days, respectively.
DELL INC.
Condensed Consolidated Statements of Cash
Flows
(in millions, unaudited)
Three Months Ended Nine Months Ended
November 2, October 28, November 2, October
28, 2012 2011 2012 2011 Cash flows
from operating activities: Net income $ 475 $ 893 $ 1,842 $ 2,728
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 294 241 823 687
Stock-based compensation 84 80 276 261 Effects of exchange rate
changes on monetary assets and liabilities denominated in foreign
currencies — (10 ) 15 (19 ) Deferred income taxes (59 ) (35 ) (107
) (91 ) Provision for doubtful accounts — including financing
receivables 64 50 185 167 Other 10 46 22 46 Changes in assets and
liabilities, net of effects from acquisitions: Accounts receivable
766 (95 ) 294 (190 ) Financing receivables (62 ) (83 ) (51 ) (162 )
Inventories 257 (15 ) 67 (46 ) Other assets (138 ) 16 (334 ) 223
Accounts payable (664 ) (492 ) (1,104 ) (231 ) Deferred services
revenue 63 137 204 540 Accrued and other liabilities 253
118 (290 ) (223 ) Change in cash
from operating activities 1,343 851
1,842 3,690 Cash flows from investing
activities: Investments: Purchases (641 ) (1,638 ) (1,831 ) (2,419
) Maturities and sales 716 424 3,156 856 Capital expenditures (121
) (214 ) (383 ) (510 ) Proceeds from sale of facilities, land, and
other assets 47 — 81 12 Collections on purchased financing
receivables 34 69 136 204 Acquisition of business, net of cash
received (2,297 ) (663 ) (4,708 )
(2,564 ) Change in cash from investing activities (2,262 )
(2,022 ) (3,549 ) (4,421 ) Cash flows from
financing activities: Repurchase of common stock — (600 ) (724 )
(2,180 ) Cash dividends paid (139 ) — (139 ) — Issuance of common
stock under employee plans 5 5 49 34 Issuance (repayment) of
commercial paper (maturity 90 days or less), net (430 ) — (292 ) —
Proceeds from debt 1,639 884 2,790 3,317 Repayments of debt (718 )
(362 ) (2,822 ) (1,055 ) Other — 1
8 3 Change in cash from financing
activities 357 (72 ) (1,130 )
119 Effect of exchange rate changes on cash and cash
equivalents 34 (87 ) (24 ) (8 )
Change in cash and cash equivalents (528 ) (1,330 ) (2,861 ) (620 )
Cash and cash equivalents at beginning of the period 11,519
14,623 13,852 13,913
Cash and cash equivalents at end of the period $ 10,991
$ 13,293 $ 10,991 $ 13,293
SUPPLEMENTAL NON-GAAP FINANCIAL
MEASURES
The following tables include information about 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”), which are not measurements of
financial performance prepared in accordance with U.S. generally
accepted accounting principles. Dell has provided a reconciliation
of the historical non-GAAP financial measures to the most directly
comparable GAAP measures in the below tables. A detailed discussion
of Dell's reasons for including the non-GAAP financial measures and
the limitations associated with those measures is presented in
"Management's Discussion and Analysis of Financial Condition and
Results of Operations - Results of Operations - Non-GAAP Financial
Measures" in Dell's annual report on Form 10-K for the financial
year ended February 3, 2012. Dell encourages investors to
review the historical reconciliation and the non-GAAP discussion in
conjunction with the presentation of non-GAAP financial
measures.
DELL INC.
Reconciliation of Non-GAAP Financial
Measures
(in millions, except per share data and
percentages; percentage growth rates and ratios are calculated
based on underlying data in thousands)
(unaudited)
Three Months Ended % Growth Rates November
2,
August 3,
October 28,
2012 (1)
2012 (1)
2011
Sequential Yr. to Yr. GAAP gross margin $
2,872 $ 3,138 $ 3,469 (8 )% (17 )% Non-GAAP adjustments:
Amortization of intangibles 120 109 77 Severance and facility
actions and acquisition-related costs 21 23
— Non-GAAP gross margin $ 3,013 $ 3,270
$ 3,546 (8 )% (15 )% GAAP operating expenses $
2,283 $ 2,237 $ 2,327 2 % (2 )% Non-GAAP adjustments: Amortization
of intangibles (45 ) (41 ) (23 ) Severance and facility actions and
acquisition-related costs (111 ) (49 ) (46 )
Non-GAAP operating expenses $ 2,127 $ 2,147 $ 2,258
(1 )% (6 )% GAAP operating income $ 589 $ 901 $ 1,142
(35 )% (48 )% Non-GAAP adjustments: Amortization of intangibles 165
150 100 Severance and facility actions and acquisition-related
costs 132 72 46 Non-GAAP
operating income $ 886 $ 1,123 $ 1,288 (21 )%
(31 )% GAAP net income $ 475 $ 732 $ 893 (35 )% (47 )%
Non-GAAP adjustments: Amortization of intangibles 165 150 100
Severance and facility actions and acquisition-related costs 132 72
46 Aggregate adjustment for income taxes (93 ) (79 )
(56 ) Non-GAAP net income $ 679 $ 875 $ 983
(22 )% (31 )% GAAP earnings per share - diluted $
0.27 $ 0.42 $ 0.49 (36 )% (45 )% Non-GAAP adjustments per share -
diluted 0.12 0.08 0.05
Non-GAAP earnings per share - diluted $ 0.39 $ 0.50 $
0.54 (22 )% (28 )% Diluted WAS 1,742 1,753 1,828
Percentage of
Total Net Revenue:
GAAP gross margin 20.9 % 21.6 % 22.6 % Non-GAAP adjustment
1.1 % 1.0 % 0.5 % Non-GAAP gross margin 22.0 %
22.6 % 23.1 % GAAP operating expenses 16.6 %
15.4 % 15.2 % Non-GAAP adjustment (1.1 )% (0.6 )%
(0.5 )% Non-GAAP operating expenses 15.5 %
14.8 % 14.7 % GAAP operating income 4.3 % 6.2 % 7.4 %
Non-GAAP adjustment 2.2 % 1.6 % 1.0 % Non-GAAP
operating income 6.5 % 7.8 % 8.4 % GAAP
net income 3.5 % 5.1 % 5.8 % Non-GAAP adjustment 1.4 %
0.9 % 0.6 % Non-GAAP net income 4.9 %
6.0 % 6.4 %
(1) Includes the results of Dell's Fiscal 2013 acquisitions from
their respective acquisition dates.
DELL INC.
Reconciliation of Non-GAAP Financial
Measures
(in millions, except per share data and
percentages; percentage growth rates and ratios are calculated
based on underlying data in thousands)
(unaudited)
Nine Months Ended % Growth Rates November
2, October 28,
2012(1)
2011 Yr. to Yr. GAAP gross margin $ 9,077 $ 10,426
(13 )% Non-GAAP adjustments: Amortization of intangibles 317 222
Severance and facility actions and acquisition-related costs
56 34 Non-GAAP gross margin $ 9,450 $
10,682 (12 )% GAAP operating expenses $ 6,763 $ 6,926
(2 )% Non-GAAP adjustments: Amortization of intangibles (108 ) (65
) Severance and facility actions and acquisition-related costs
(224 ) (171 ) Non-GAAP operating expenses $ 6,431
$ 6,690 (4 )% GAAP operating income $ 2,314 $
3,500 (34 )% Non-GAAP adjustments: Amortization of intangibles 425
287 Severance and facility actions and acquisition-related costs
280 205 Non-GAAP operating income $
3,019 $ 3,992 (24 )% GAAP net income $ 1,842 $
2,728 (32 )% Non-GAAP adjustments: Amortization of intangibles 425
287 Severance and facility actions and acquisition-related costs
280 205 Aggregate adjustment for income taxes (232 )
(181 ) Non-GAAP net income $ 2,315 $ 3,039 (24 )%
GAAP earnings per share - diluted $ 1.05 $ 1.46 (28 )%
Non-GAAP adjustments per share - diluted 0.27
0.16 Non-GAAP earnings per share - diluted $ 1.32 $
1.62 (19 )% Diluted WAS 1,757 1,874
Percentage of
Total Net Revenue:
GAAP gross margin 21.3 % 22.6 % Non-GAAP adjustment 0.9 %
0.6 % Non-GAAP gross margin 22.2 % 23.2 %
GAAP operating expenses 15.9 % 15.0 % Non-GAAP adjustment
(0.8 )% (0.5 )% Non-GAAP operating expenses
15.1 % 14.5 % GAAP operating income 5.4 % 7.6 %
Non-GAAP adjustment 1.7 % 1.1 % Non-GAAP operating
income 7.1 % 8.7 % GAAP net income 4.3 % 5.9 %
Non-GAAP adjustment 1.1 % 0.7 % Non-GAAP net income
5.4 % 6.6 %
(1) Includes the results of Dell's Fiscal 2013 acquisitions from
their respective acquisition dates.
Dell Inc.
Supplemental Segment Information
Fiscal 2011
(in millions, unaudited)
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 % — 30 % 30 %
— 29 % 29 % — Public 26 % 25 % -1 % 30 % 29 % -1 % 29 % 28 % -1 %
25 % 25 % — 27 % 27 % — 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 $ —
(1) In the first quarter of Fiscal 2013, Dell made certain
segment realignments in order to conform to the way Dell now
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.
Dell
Inc.
Supplemental Segment Information
Fiscal 2012
(in millions, unaudited)
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 % — 30 % 31 %
1 % 30 % 30 % — Public 25 % 24 % -1 % 28 % 28 % — 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 now
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.
Dell (NASDAQ:DELL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Dell (NASDAQ:DELL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024