Dell Reports Strong Profitability in Third Quarter

(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 the other current assets. At October 28, 2011, July 29, 2011, and October 29, 2010, DSO and days of customer shipments not yet recognized were 39 and 3 days, 39 and 3 days, 38 and 3 days, respectively.

       
 
DELL INC.
Condensed Consolidated Statements of Cash Flows
(in millions, unaudited)
 
Three Months Ended Nine Months Ended
October 28, October 29, October 28, October 29,
2011 2010 2011 2010
Cash flows from operating activities:
Net income $ 893 $ 822 $ 2,728 $ 1,708

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 241 234 687 745
Stock-based compensation 80 69 261 225

Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies

(10 ) (14 ) (19 ) 23
Deferred Income Taxes (35 ) 20 (91 ) (35 )
Provision for doubtful accounts - including financing receivables 50 82 167 299
Other 46 - 46 4
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable (95 ) 308 (190 ) (588 )
Financing receivables (83 ) (46 ) (162 ) (459 )
Inventories (15 ) 77 (46 ) (241 )
Other assets 16 707 223 743
Accounts payable (492 ) (1,306 ) (231 ) (175 )
Deferred services revenue 137 137 540 402
Accrued and other liabilities   118     (177 )   (223 )   (165 )
Change in cash from operating activities   851     913     3,690     2,486  
 
Cash flows from investing activities:
Investments:
Purchases (1,638 ) (123 ) (2,419 ) (1,186 )
Maturities and sales 424 346 856 1,184
Capital expenditures (214 ) (93 ) (510 ) (284 )
Proceeds from sale of facility and land - - 12 18
Purchase of financing receivables - (430 ) - (430 )
Collections on purchased financing receivables 69 20 204 20

Acquisition of business, net of cash received

  (663 )   (24 )   (2,564 )   (246 )

Change in cash from investing activities

  (2,022 )   (304 )   (4,421 )   (924 )
Cash flows from financing activities:
Repurchase of common stock (600 ) (200 ) (2,180 ) (600 )
Issuance of common stock under employee plans 5 2 34 11

Issuance (repayment) of commercial paper (maturity 90 days or less), net

- (900 ) - (176 )
Proceeds from debt 884 1,945 3,317 2,554

Repayments of debt

(362 ) (296 ) (1,055 ) (1,115 )
Other   1     -     3     2  

Change in cash from financing activities

  (72 )   551     119     676  
 
 

Effect of exchange rate changes on cash and cash equivalents

  (87 )   35     (8 )   16  
 

Change in cash and cash equivalents

(1,330 ) 1,195 (620 ) 2,254
 

Cash and cash equivalents at beginning of period

  14,623     11,694     13,913     10,635  

Cash and cash equivalents at end of period

$ 13,293   $ 12,889   $ 13,293   $ 12,889  
 
 



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