Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

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DELL INC.
Condensed Consolidated Statement of Income and Related Financial Highlights
(in millions, except per share data and percentages; percentage growth rates and ratios are calculated based on underlying data in thousands)
(unaudited)

   
Three Months Ended % Growth Rates

February 1,
2013(1)

 

November 2,
2012 (1)

 

February 3,
2012

Sequential   Yr. to Yr.
Net revenue
Products $ 11,212 $ 10,706 $ 12,925 5 % (13 )%
Services, including software related   3,102     3,015     3,106   3 % %
Total net revenue   14,314     13,721     16,031   4 % (11 )%
Cost of net revenue
Products 9,169 8,904 10,521 3 % (13 )%
Services, including software related   2,036     1,945     2,125   5 % (4 )%
Total cost of net revenue   11,205     10,849     12,646   3 % (11 )%
Gross margin 3,109 2,872 3,385 8 % (8 )%
Operating expenses
Selling, general, and administrative 2,104 2,013 2,218 5 % (5 )%
Research, development, and engineering   307     270     236   14 % 30 %
Total operating expenses   2,411     2,283     2,454   6 % (2 )%
Operating income 698 589 931 19 % (25 )%
Interest and other, net   (38 )   (38 )   (24 ) (2 )% (59 )%
Income before income taxes 660 551 907 20 % (27 )%
Income tax provision   130     76     143   70 % (9 )%
Net income $ 530   $ 475   $ 764   12 % (31 )%
Earnings per share:
Basic $ 0.30   $ 0.27   $ 0.43   11 % (30 )%
Diluted $ 0.30   $ 0.27   $ 0.43   11 % (30 )%
Cash dividends declared per common share $ 0.08 $ 0.08 $
 
Weighted average shares outstanding:
Basic 1,738 1,735 1,778 % (2 )%
Diluted 1,748 1,742 1,796 % (3 )%
 

Percentage of Total Net Revenue:

Gross margin 21.7 % 20.9 % 21.1 %
Selling, general, and administrative 14.7 % 14.7 % 13.8 %
Research, development, and engineering 2.1 % 1.9 % 1.5 %
Operating expenses 16.8 % 16.6 % 15.3 %
Operating income 4.9 % 4.3 % 5.8 %
Income before income taxes 4.6 % 4.0 % 5.7 %
Net income 3.7 % 3.5 % 4.8 %
Income tax rate 19.7 % 13.8 % 15.8 %
 

Net Revenue by Product Category:

Servers and Networking (1) $ 2,623 $ 2,322 $ 2,220 13 % 18 %
Storage 434 386 500 12 % (13 )%
Services 2,112 2,107 2,179 % (3 )%
Third-party software and peripherals 2,275 2,258 2,558 1 % (11 )%
Mobility 3,674 3,523 4,877 4 % (25 )%
Desktop PCs   3,196     3,125     3,697   2 % (14 )%
Consolidated net revenue $ 14,314   $ 13,721   $ 16,031   4 % (11 )%
 

Percent of Total Net Revenue:

Servers and Networking (1) 18 % 17 % 14 %
Storage 3 % 3 % 3 %
Services 15 % 15 % 14 %
Third-party software and peripherals 16 % 16 % 16 %
Mobility 26 % 26 % 30 %
Desktop PCs 22 % 23 % 23 %
 

Net Revenue by Global Segment: (2)

Large Enterprise $ 4,653 $ 4,156 $ 4,982 12 % (7 )%
Public 3,473 3,824 3,833 (9 )% (9 )%
Small and Medium Business 3,396 3,282 3,560 3 % (5 )%
Consumer   2,792     2,459     3,656   14 % (24 )%
Consolidated net revenue $ 14,314   $ 13,721   $ 16,031   4 % (11 )%
 

Percentage of Total Net Revenue: (2)

Large Enterprise 33 % 30 % 31 %
Public 24 % 28 % 24 %
Small and Medium Business 24 % 24 % 22 %
Consumer 19 % 18 % 23 %
 

Consolidated Operating Income: (2)

Large Enterprise $ 393 $ 325 $ 467
Public 236 352 312
Small and Medium Business 385 349 399
Consumer   8     (65 )   61  
Segment operating income 1,022 961 1,239
Broad based long-term incentives (68 ) (75 ) (96 )
Amortization of intangible assets (188 ) (165 ) (104 )
Severance and facility actions and acquisition-related costs   (68 )   (132 )   (108 )
Consolidated operating income $ 698   $ 589   $ 931  

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