Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

(1) Includes the results of Dell's Fiscal 2013 acquisitions from their respective acquisition dates. Servers and Networking includes our Fiscal 2013 Software acquisitions (Quest Software, SonicWALL, and AppAssure).

(2) Segment Results for Fiscal 2012 have been recast to conform to segment realignments that were completed during the first quarter of Fiscal 2013. See Supplemental Segment Information at the end of these financial tables for more information.

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

   
Fiscal Year Ended % Growth Rates

February 1,
2013 (1)

 

February 3,
2012

Yr. to Yr.
Net revenue
Products $ 44,744 $ 49,906 (10 )%
Services, including software related   12,196     12,165   %
Total net revenue   56,940     62,071   (8 )%
Cost of net revenue
Products 36,683 39,689 (8 )%
Services, including software related   8,071     8,571   (6 )%
Total cost of net revenue   44,754     48,260   (7 )%
Gross margin 12,186 13,811 (12 )%
Operating expenses
Selling, general, and administrative 8,102 8,524 (5 )%
Research, development, and engineering   1,072     856   25 %
Total operating expenses   9,174     9,380   (2 )%
Operating income 3,012 4,431 (32 )%
Interest and other, net   (171 )   (191 ) 10 %
Income before income taxes 2,841 4,240 (33 )%
Income tax provision   469     748   (37 )%
Net income $ 2,372   $ 3,492   (32 )%
Earnings per share:
Basic $ 1.36   $ 1.90   (28 )%
Diluted $ 1.35     $ 1.88   (28 )%
Cash dividends declared per common share $ 0.16 $
 
Weighted average shares outstanding:
Basic 1,745 1,838 (5 )%
Diluted 1,755 1,853 (5 )%
 

Percentage of Total Net Revenue:

Gross margin 21.4 % 22.3 %
Selling, general, and administrative 14.2 % 13.7 %
Research, development, and engineering 1.9 % 1.5 %
Operating expenses 16.1 % 15.2 %
Operating income 5.3 % 7.1 %
Income before income taxes 5.0 % 6.8 %
Net income 4.2 % 5.6 %
Income tax rate 16.5 % 17.6 %
 

Net Revenue by Product Category:

Servers and Networking (1) $ 9,294 $ 8,336 11 %
Storage 1,699 1,943 (13 )%
Services 8,396 8,322 1 %
Third-party software and peripherals 9,257 10,222 (9 )%
Mobility 15,303 19,104 (20 )%
Desktop PCs   12,991     14,144   (8 )%
Consolidated net revenue $ 56,940   $ 62,071   (8 )%
 

Percent of Total Net Revenue:

Servers and Networking (1) 16 % 13 %
Storage 3 % 3 %
Services 15 % 13 %
Third-party software and peripherals 16 % 17 %
Mobility 27 % 31 %
Desktop PCs 23 % 23 %
 

Net Revenue by Global Segment: (2)

Large Enterprise $ 17,781 $ 18,786 (5 )%
Public 14,828 16,070 (8 )%
Small and Medium Business 13,413 13,547 (1 )%
Consumer   10,918     13,668   (20 )%
Consolidated net revenue $ 56,940   $ 62,071   (8 )%
 

Percentage of Total Net Revenue: (2)

Large Enterprise 31 % 30 %
Public 26 % 26 %
Small and Medium Business 24 % 22 %
Consumer 19 % 22 %
 

Consolidated Operating Income: (2)

Large Enterprise $ 1,553 $ 1,889
Public 1,238 1,584
Small and Medium Business 1,505 1,581
Consumer   (11 )   433  
Segment operating income 4,285 5,487
Broad based long-term incentives (312 ) (352 )
Amortization of intangible assets (613 ) (391 )
Severance and facility actions and acquisition-related costs   (348 )   (313 )
Consolidated operating income $ 3,012   $ 4,431  

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