Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services

Consolidated statements of income, financial position and cash flows and other financial data follow.

Dell, EqualLogic and Compellent are trademarks 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
July 29, April 29, July 30,
  2011     2011     2010   Sequential Yr. to Yr.
 
Net revenue
Products $ 12,610 $ 12,059 $ 12,645 5 % (0 %)
Services, including software related   3,048     2,958     2,889   3 % 6 %
Net revenue   15,658     15,017     15,534   4 % 1 %
 
Cost of net revenue
Products 9,935 9,436 10,931 5 % (9 %)
Services, including software related   2,198     2,149     2,017   2 % 9 %
Total cost of net revenue   12,133     11,585     12,948   5 % (6 %)
 
Gross margin 3,525 3,432 2,586 3 % 36 %
 
Selling, general and administrative 2,174 2,025 1,679 7 % 29 %
Research, development and engineering   205     195     162   5 % 27 %
Total operating expenses   2,379     2,220     1,841   7 % 29 %
 
Operating income 1,146 1,212 745 (5 %) 54 %
 
Interest and other, net   (55 )   (42 )   (49 ) (29 %) (12 %)
Income before income taxes 1,091 1,170 696 (7 %) 57 %
Income tax provision   201     225     151   (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 1,858 1,908 1,952 (3 %) (5 %)
Diluted 1,871 1,923 1,960 (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:

Servers and Networking $ 2,054 $ 1,973 $ 1,890 4 % 9 %
Storage 502 481 624 4 % (20 %)
Services 2,036 1,984 1,915 3 % 6 %
Software and Peripherals 2,569 2,567 2,535 0 % 1 %
Mobility 4,761 4,716 4,700 1 % 1 %
Desktop PCs   3,736     3,296     3,870   13 % (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 %
Desktop PCs 24 % 22 % 25 %
 

Net Revenue by Global Segment:

Large Enterprise $ 4,584 $ 4,477 $ 4,549 2 % 1 %
Public 4,457 3,767 4,580 18 % (3 %)
Small and Medium Business 3,709 3,768 3,535 (2 %) 5 %
Consumer   2,908     3,005     2,870   (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 484 370 369
Small and Medium Business 404 463 323
Consumer   73     136     (21 )
Segment operating income 1,409 1,473 959
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.

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