Dell Computer

Yr. ending Jan 31 of that year

Balance Sheet ($ million)
Assets
Cash and equivalents
Other short term investments
Accounts receivable
Inventory
Inventory turnover
Other current asstes
Total current assets
Long term invesment
Property, plant & equipment
Accum. depreciation and amortization
Property, plant & equipment (net)
Goodwill / Intangibles
Other long term assets
Total Assets
Asset turnover

1997

Liabilities
Accounts payable
Receivables/Payables
Other current liabilities
Total current liabilities
Long term debt
Other long term liabilities
Total liabilities
Shareholders' equity
ROE
Total Liabilities and Shareholders' Equity
ROA

1998

115
1237
903
251
31
241
2778

320
1524
1486
233
53
349
3965

374
(139)
235

509
(167)
342

11
2993
2.6

1040
0.9
618
1658
18
511
2187
806
65.9%
2993
17.7%

216780346.xls.ms_office

1999

2000

2001

1726
923
2094
273
67
791
5874
532
775
(252)
523
15

3809
323
2608
391
65
550
7746
2721
1140
(375)
765
304

4910
528
2895
400
80
758
9571
2418

14
4268
2.9

6877
2.7

11471
2.2

530
13435
2.4

1643
0.9
1054
2697
17
261
2975
1293
73.0%
4268
22.1%

2397
0.9
1298
3695
512
349
4556
2321
62.9%
6877
21.2%

3538
0.7
1654
5192
508
463
6163
5308
31.4%
11471
14.5%

4286
0.7
2257
6543
509
761
7813
5622
38.7%
13435
16.2%

996

Dell Computer
Yr. End. Jan. 31
1992
1993
1994
1995
1996
1997
1998
Income Statement
Net sales ($ mill)
890
2,014
2,873
3,475
5,296
7,759 12,327
United States
648
1,460
2,037
2,400
3,474
5,279
8,531
Europe
242
553
782
953
1,478
2,004
2,956
Other international
1.3
54.0
122.4
344
476
840
Gross profit
282.2
449.5
432.8
738
1,067
1,666
2,722
Op expenses
SGA
182.2
268.0
422.9
423.4
595.0
826.0 1,202.0
SGA/revenues
20.5% 13.3% 14.7% 12.2% 11.2% 10.6%
9.8%
R&D
33.1
42.4
48.9
65.4
95.0
126.0
204.0
Special charges
Total op expenses
215
310
472
489
690
952
1,406
Operating income
67
139
(39)
249
377
714
1,316
Net income
51
102
(36)
149
272
531
944
% of net sales
Net sales
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
United States
73%
73%
71%
69%
66%
68%
69%
Europe
27%
28%
27%
27%
28%
26%
24%
Others
0%
0%
2%
4%
6%
6%
7%
Gross profit
31.7% 22.3% 15.1% 21.2% 20.1% 21.5% 22.1%
Op expenses
Marketing & sales
20.5% 13.3% 14.7% 12.2% 11.3% 10.7%
9.8%
R&D
3.7%
2.1%
1.7%
1.9%
1.8%
1.6%
1.6%
Special charges
Total op expenses
24.2% 15.4% 16.4% 14.1% 13.1% 12.3% 11.4%
Operating income
7.5%
6.9%
-1.4%
7.2%
7.1%
9.2% 10.7%
Net income
5.7%
5.0%
-1.2%
4.3%
5.1%
6.8%
7.7%
Other Significant Dell Operating Statistics
Employees
10,350 16,200
Days supply of inv
13
7
Avg. total rev/unit
2,700
2,600
FY Stock Close
$0.86
$4.13
$12.43
EPS
$0.09
$0.17
$0.32

1999

2000

2001

2002

2003

2004

2005

18,243
12,420
4,675
1,149
4,106

25,266
17,879
5,590
1,796
5,198

31,888
22,871
6,399
2,618
6,443

31,168

35,404

41,444

49,205

5,507

6,349

7,552

9,015

1,788.0 2,387.0 3,193.0

9.8%
9.4% 10.0%
272.0
568.0
482.0
105.0
2,069
2,955
3,780
2,046
2,263
2,663
1,460
1,666
2,177

1,789
1,246

2,844
2,122

3,544
2,645

4,254
3,043

100.0% 100.0% 100.0%

68%
71%
72%
26%
22%
20%
6%
7%
8%
22.5% 20.6% 20.2%

70.0%
21.0%
9.0%
17.7%

71.0%
19.0%
10.0%
17.9%

69.0%
21.0%
10.0%
18.2%

67.0%
22.0%
11.0%
18.3%

5.7%
4.0%

8.0%
6.0%

8.6%
6.4%

8.6%
6.2%

9.8%
1.5%

9.4%
2.3%

11.3%
11.2%
8.0%

11.7%
9.0%
6.6%

10.0%
1.5%
0.3%
11.8%
8.4%
6.8%

0.0%

3,505.0 4,008.0 4,761.0

9.9%
9.7%
9.7%

24,400 36,500 40,000 34,600 39,100 46,000 55,200

6
6
5
4
3
3
4
2,350
2,250
2,170
1,830
1,720
1,600
1,570
$50.00 $38.44 $26.13 $27.49 $23.86 $33.44 $41.76
$0.53
$0.61
$0.79
$0.46
$0.80
$1.01
$1.18

216780346.xls.ms_office

Dell Computer
Leading Vendor Market Share (% units in 000s)
Region: Western Europe
Compag
Fujitsu Siemens
Dell
Hawlett Packard
IBM
NEC
Toshiba
Acer
Apple
Gateway
Units
Region: Ais/Pacific
Legend
IBM
Samsung
Compag
Hawlett Packard
Acer
Dell
Trigem
Founder
Units
Region: Japan
NEC
Fujitsu Siemens
IBM
Sony
Toshiba
Compag
Sotec
Dell
Hitachi
Apple
Gateway
Hewlett Packard
Units
Region: Latin America
Compag
IBM
Hewlett Packard
Acer
Dell
Toshiba
Apple
Units
Region: Rest of the World
Compag
IBM
Hewlett Packard
Acer
Dell
Units

1996

1998

2000

14.9
18.3
16.9
8.4
11.3
11.2
4.4
8.4
9.8
5.3
6.9
8.3
9.3
9.1
7.9
4.5
5.2
5.6
3.3
3.8
4.6
2.7
2.8
4.2
4.2
2.8
3.1
1.6
1.0
1.3
16,698 23,638 29,741
1.6
5.3
10.4
7.3
8.0
7.6
6.4
4.3
7.4
9.2
8.4
6.4
3.4
5.3
4.9
6.1
4.6
4.3
1.3
2.6
3.7
4.1
2.2
3.6
0.0
1.4
3.3
9,083 10,630 19,976
33.2
21.9
11.4
0.0
6.3
3.7
0.0
1.6
3.9
10.4
0.6
0.4
8,099

27.2
21.7
23.1
20.4
10.4
9.8
3.8
8.8
7.0
6.2
4.3
4.9
0.2
4.8
3.1
4.2
5.3
4.0
5.1
3.9
2.2
2.1
1.0
1.6
7,925 14,129

14.0
11.4
5.0
10.1
1.1
0.4
3.1
3,462

13.8
8.0
5.2
5.1
2.0
1.4
1.3
5,118

19.2
6.0
5.5
4.9
3.3
1.8
1.4
7,761

7.6
7.0
3.1
3.6
1.7
4,174

8.7
8.0
3.8
2.0
2.4
5,454

9.3
5.4
4.1
3.6
3.6
7,594
79,201

216780346.xls.ms_office

2000
Total Global
Compaq (Texas)
Dell (Texas)
Gateway (SD/Cal.)
HP (Cal.)
IBM (NY)

11.6%
6.0%
0.9%
5.6%
7.7%

Dell Computer
EMC Selected Consolidated Financial Data ($ in
million, expect share data)
Revenues
Operating income
Net income
Net income per weighted avg. share (basic)
Year-end stock price (unadjusted for splits)
Weighted avg. shares (basic)
Working capital
Total assets
Stockholder equity

1996
3,616
539
420
0.22
33,125
1,878

1997
4,487
716
587
0.29
27,438
2,002

1998
5,436
834
654
0.32
85
2,030

1999
6,715
1,241
1,010
109.25
2,061

2000
8,872
2,256
1,782
0.79
67
2,164

1,597
3,178
1,978

2,582
4,627
2,900

2,825
5,627
3,728

2,922
7,173
4,951

3,986
10,628
8,177

216780346.xls.ms_office

216780346.xls.ms_office
1990
(in millions)
USA
Total PC Sales
9.5
Dell Computer
0.1
HP & Compaq
0.5
Worldwide
Total PC Sales
24.2
Dell Computer
0.2
HP & Compaq
1.0
Source: http://www.c-i-a.com/pr1203.htm

1995

2000

2003

2005

2008

21.4
1.2
3.9

46.0
9.7
13.3

48.3
15.5
10.5

56.0
19.0
12.5

62.5
23.5
15.0

58.0
1.9
8.2

129.6
15.1
28.0

149.3
25.2
24.4

181.0
32.0
28.0

223.0
41.5
35.5

Prepared by Paul Miesing 3/14/2014

Page 5