July 29,April 29,July 30,201120112010SequentialYr. to Yr.
Net revenue
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
roucs……………………………………………,,,
Services, including software related …………… 3,0482,9582,8893%6%
Net revenue …………………………………… 15,65815,01715,5344%1%
Cost of net revenueProducts……………………………………………9,9359,43610,9315%(9%)
Services, including software related ……………2,1982,1492,0172%9%
Total cost of net revenue………………………12,13311,58512,9485%(6%)
Gross margin …………………………………… 3,5253,4322,5863%36%
Selling, general and administrative ………………… 2,1742,0251,6797%29%
Research, development and engineering ………… 2051951625%27%
Total operating expenses……………………… 2,3792,2201,8417%29%
Operating income ……………………………… 1,1461,212745(5%)54%
Interest and other, net……………...………………… (55)(42)(49)(29%)(12%)
Income before income taxes……….………………… 1,0911,170696(7%)57%
Income tax provision ………………………………… 201225151(11%)33%
Net income ………………………………………890$ 945$ 545$ (6%)63%
Earnings per share:Basic ……………………………………………0.48$ 0.50$ 0.28$ (4%)71%
Diluted …………………………………………… 0.48$ 0.49$ 0.28$ (2%)71%
Weighted average shares outstanding:Basic …………………………………………… 1,8581,9081,952(3%)(5%)
Diluted …………………………………………… 1,8711,9231,960(3%)(5%)
Percentage of Total Net Revenue:
Gross margin…………...……..……………………… 22.5%22.9%16.6%Selling, general and administrative………………… 13.9%13.5%10.8%Research and development………………………… 1.3%1.3%1.0%Operating expenses………………………………… 15.2%14.8%11.8%Operating income……………………………………… 7.3%8.1%4.8%Income before income taxes………………………… 7.0%7.8%4.5%Net income…………………………….……………… 5.7%6.3%3.5%Income tax rate
………………………………………18.4%19.2%21.7%
Net Revenue by Product Category:
ServersandNetworking………………………………2,054$1,973$1,890$4%9%,,,
Storage………………………………………………… 5024816244%(20%)
Services ……………………………….………..…… 2,0361,9841,9153%6%
Software and Peripherals …………………………… 2,5692,5672,5350%1%
Mobility………………………………………………… 4,7614,7164,7001%1%
Desktop PCs…………………………………………… 3,7363,2963,87013%(3%)
Consolidated net revenue…………………………15,658$ 15,017$ 15,534$ 4%1%
Percentage of Total Net Revenue:
Servers and Networking ………………………………13%13%12%Storage………………………………………………… 3%3%4%Services ………..……………………………………… 13%13%12%Software and Peripherals …………………………… 16%17%17%Mobility………………………………………………… 31%32%30%……………………………………………
Net Revenue by Global Segment:
Large Enterprise……………………………………… 4,584$ 4,477$ 4,549$ 2%1%
Public…………………………………………………… 4,4573,7674,58018%(3%)
Small and Medium Business………………………… 3,7093,7683,535(2%)5%
Consumer …………………………..………………… 2,9083,0052,870(3%)1%
Consolidated net revenue…………………………15,658$ 15,017$ 15,534$ 4%1%
Percentage of Total Net Revenue:
Large Enterprise……………………………………… 29%30%29%Public…………………………………………………… 28%25%30%Small and Medium Business………………………… 24%25%23%Consumer …………………………..………………… 19%20%18%
Consolidated Operating Income:
Large Enterprise……………………………………… 448$ 504$ 288$
Public…………………………………………………… 484370369
Small and Medium Business………………………… 404463323
Consumer …………………………..………………… 73136(21)
Segment operating income……….……………. 1,4091,473959
Severance and facility actions ……………….… -(19)(24)
Broad based long-term incentives ……………… (81)(97)(87)
Amortization of intangible assets…………….… (95)(92)(87)
Acquisition-related………………………………… (87)(53)(16)
Other………………………………………………---
Consolidated operating income .……………1,146$ 1,212$ 745$
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.1
July 29,July 30,20112010Yr. to Yr.
Net revenue
DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages)(unaudited)
Six Months Ended% Growth Rates
roucs……………………………………………,, Services, including software related …………… 6,0065,6776%Net revenue …………………………………… 30,67530,4081%Cost of net revenueProducts……………………………………………19,37121,316(9%)Services, including software related ……………4,3473,9909%Total cost of net revenue………………………23,71825,306(6%)Gross margin …………………………………… 6,9575,10236% Selling, general and administrative ………………… 4,1993,50920%Research, development and engineering ………… 40032922%Total operating expenses……………………… 4,5993,83820%Operating income ……………………………… 2,3581,26487%Interest and other, net……………...………………… (97)(117)17%Income before income taxes……….………………… 2,2611,14797%Income tax provision ………………………………… 42626163%Net income ………………………………………1,835$ 886$ 107% Earnings per share:Basic ……………………………………………0.97$ 0.45$ 116%Diluted …………………………………………… 0.97$ 0.45$ 116% Weighted average shares outstanding:Basic …………………………………………… 1,8831,956(4%)Diluted …………………………………………… 1,8971,967(4%)
Percentage of Total Net Revenue:
Gross margin…………...……..……………………… 22.7%16.8%Selling, general and administrative………………… 13.7%11.5%Research and development………………………… 1.3%1.1%Operating expenses………………………………… 15.0%12.6%Operating income……………………………………… 7.7%4.2%Income before income taxes………………………… 7.4%3.8%Net income…………………………….……………… 6.0%2.9%Income tax rate
………………………………………18.8%22.8%
Net Revenue by Product Category:
ServersandNetworking………………………………4,027$3,675$10%,,
Storage………………………………………………… 9831,178(17%)Services ……………………………….………..…… 4,0203,8066%Software and Peripherals …………………………… 5,1365,0312%Mobility………………………………………………… 9,4779,2632%Desktop PCs…………………………………………… 7,0327,455(6%)Consolidated net revenue…………………………30,675$ 30,408$ 1%
Percentage of Total Net Revenue:
Servers and Networking ………………………………13%12%Storage………………………………………………… 3%4%Services ………..……………………………………… 13%12%Software and Peripherals …………………………… 17%17%Mobility………………………………………………… 31%30%……………………………………………
Net Revenue by Global Segment:
Large Enterprise……………………………………… 9,061$ 8,795$ 3%Public…………………………………………………… 8,2248,436(3%)Small and Medium Business………………………… 7,4777,0596%Consumer …………………………..………………… 5,9136,118(3%)Consolidated net revenue…………………………30,675$ 30,408$ 1%
Percentage of Total Net Revenue:
Large Enterprise……………………………………… 30%29%Public…………………………………………………… 27%28%Small and Medium Business………………………… 24%23%Consumer …………………………..………………… 19%20%
Consolidated Operating Income:
Large Enterprise……………………………………… 952$ 571$Public…………………………………………………… 854667 Small and Medium Business………………………… 867636 Consumer …………………………..………………… 209(4) Segment operating income……….……………. 2,8821,870 Severance and facility actions ……………….… (19)(81) Broad based long-term incentives ……………… (178)(174) Amortization of intangible assets…………….… (187)(175) Acquisition-related………………………………… (140)(36) Other
(1)
………………………………………………-(140) Consolidated operating income .……………2,358$ 1,264$Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
(1)
Other for the six months ended July 30, 2010 includes amounts for the $100 million settlement of theSEC investigation and a $40 million settlement for a securities litigation matter.2
July 29,April 29,July 30,201120112010
Assets:
Current assets:Cash and cash equivalents ………………………… 14,623$ 14,061$ 11,694$
Short-term investments ……………………………… 509418744
Accounts receivable, net …………………………… 6,7526,1966,565
Financing receivables, net …………………………3,3853,2053,272
Inventories, net ……………………………………… 1,3461,2761,372
Other current assets………………………………… 3,0433,2173,562
Total current assets …………………………… 29,65828,37327,209
Property, plant and equipment, net ……………………… 2,0641,9871,980
Investments ………………………………………………… 1,048762633
Long-term financing receivables, net ……………………1,2521,123622
Goodwill …………………………………………………… 5,4315,4064,264
Purchased intangible assets, net ……………………… 1,8661,9411,638
Other non-current assets ………………………………… 285196294
Total assets …………………………………… 41,604$ 39,788$ 36,640$
Liabilities and Equity:
Current liabilities:Short-term debt……………………………………… 1,316$ 816$ 1,627$
Accounts payable …………………………………… 11,62810,44212,465
Accrued and other …………………………………… 3,8233,5903,812
Short-term deferred services revenue ……….…… 3,4273,2823,009
Total current liabilities ………………………… 20,19418,13020,913
Long-term debt …………………………………………… 6,4246,7943,623
Long-term deferred services revenue ..………………… 3,7233,6083,311
Other non-current liabilities ……………………………… 2,9272,8862,632
Total liabilities …………………………………… 33,26831,41830,479
Stockholders' equity …………………………… 8,3368,3706,161
Total liabilities and equity ……………………… 41,604$ 39,788$ 36,640$
Ratios:
Days of sales outstanding
(1)
……………………………424041Days supply in inventory ………………………………… 101010Days in accounts payable ………………………………… (86)(81)(87)
Cash conversion cycle …………………………………… (34)(31)(36)
Average total revenue/unit (approximate)1,350$ 1,380$ 1,340$
Note: Ratios are calculated based on underlying data in thousands.
DELL INC.
Condensed Consolidated Statement of Financial Position and Related Financial Highlights
(in millions, except for "Ratios")(unaudited)
(1)
Days of sales outstanding (“DSO”) is based on the ending net trade receivables and most recent quarterly revenuefor each period. DSO includes the effect of product costs related to customer shipments not yet recognized as revenuethat are classified in the other current assets. At July 29, 2011, April 29, 2011, and July 30, 2010, DSO and days ofcustomer shipments not yet recognized were 39 and 3 days, 37 and 3 days, 38 and 3 days, respectively.
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Dell_Q2FY12_fs.pdf
[PDF] Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services
[http://www.pressebox.de?boxid=441202]
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