Dell Reports First Quarter Financial Results

(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 other current assets. At May 4, 2012, February 3, 2012, and April 29, 2011, DSO and days of customer shipments not yet recognized were 39 and 4 days, 39 and 3 days, 37 and 3 days, respectively.

         
 
DELL INC.
Condensed Consolidated Statements of Cash Flows
(in millions, unaudited)
 
Three Months Ended
May 4, April 29,
  2012     2011  
Cash flows from operating activities:
Net income $ 635 $ 945
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 248 216
Stock-based compensation 95 99
Effects of exchange rate changes on monetary assets and
liabilities denominated in foreign currencies (10 ) -
Deferred Income Taxes 47 (63 )
Provision for doubtful accounts - including financing receivables 63 47
Other (5 ) (5 )
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable 161 471
Financing receivables 71 21
Inventories (68 ) 38
Other assets 48 110
Accounts payable (671 ) (925 )
Deferred services revenue 33 191
Accrued and other liabilities   (785 )   (680 )
Change in cash from operating activities   (138 )   465  
 
Cash flows from investing activities:
Investments:
Purchases (673 ) (240 )
Maturities and sales 640 222
Capital expenditures (142 ) (137 )
Proceeds from sale of facility and land - 12
Collections on purchased financing receivables 55 67

Acquisition of business, net of cash received

  (245 )   (1,473 )

Change in cash from investing activities

  (365 )   (1,549 )
 
Cash flows from financing activities:
Repurchase of common stock (324 ) (450 )
Issuance of common stock under employee plans 38 10

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

13 -
Proceeds from debt 596 1,930

Repayments of debt

(863 ) (323 )
Other   8     3  

Change in cash from financing activities

  (532 )   1,170  
 
 

Effect of exchange rate changes on cash and cash equivalents

  (3 )   62  
 

Change in cash and cash equivalents

(1,038 ) 148
 

Cash and cash equivalents at beginning of period

  13,852     13,913  

Cash and cash equivalents at end of period

$ 12,814   $ 14,061  

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