Dell Technologies Reports Fiscal Year 2018 Fourth Quarter and Full Year Financial Results

 

 

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited)

                       
 

Three Months Ended

     

Fiscal Year Ended

   
 

February 2, 2018

 

February 3, 2017

 

Change

 

February 2, 2018

 

February 3, 2017

 

Change

Client Solutions Group (CSG):

                     

Net Revenue:

                     

  Commercial

$                     7,294

 

$                     6,663

 

9 %

 

$                   27,747

 

$                   26,006

 

7 %

  Consumer

3,295

 

3,113

 

6 %

 

11,708

 

10,748

 

9 %

  Total CSG net revenue

$                   10,589

 

$                     9,776

 

8 %

 

$                   39,455

 

$                   36,754

 

7 %

                       

Operating Income:

                     

  CSG operating income

$                        581

 

$                        342

 

70 %

 

$                     2,193

 

$                     1,845

 

19 %

  % of CSG net revenue

5 %

 

3 %

     

6 %

 

5 %

   

  % of total segment operating income

27 %

 

18 %

     

32 %

 

34 %

   
                       

Infrastructure Solutions Group (ISG):

                     

Net Revenue:

                     

  Servers and networking

$                     4,576

 

$                     3,612

 

27 %

 

$                   15,398

 

$                   12,834

 

20 %

  Storage

4,236

 

4,783

 

(11)%

 

15,254

 

8,942

 

71 %

  Total ISG net revenue

$                     8,812

 

$                     8,395

 

5 %

 

$                   30,652

 

$                   21,776

 

41 %

                       

Operating Income:

                     

  ISG operating income

$                        748

 

$                     1,004

 

(25)%

 

$                     2,179

 

$                     2,393

 

(9)%

  % of ISG net revenue

8 %

 

12 %

     

7 %

 

11 %

   

  % of total segment operating income

35 %

 

53 %

     

32 %

 

45 %

   
                       

VMware:

                     

Net Revenue:

                     

  Total VMware net revenue

$                     2,329

 

$                     1,936

 

20 %

 

$                     7,925

 

$                     3,225

 

146 %

                       

Operating Income:

                     

  VMware operating income

$                        834

 

$                        565

 

48 %

 

$                     2,520

 

$                     1,113

 

126 %

  % of VMware net revenue

36 %

 

29 %

     

32 %

 

35 %

   

  % of total segment operating income

38 %

 

30 %

     

36 %

 

21 %

   
                       

Reconciliation to consolidated net revenue:

                     

Reportable segment net revenue

$                   21,730

 

$                   20,107

     

$                   78,032

 

$                   61,755

   

  Other businesses (a)

492

 

480

     

1,901

 

1,026

   

  Unallocated transactions (b)

(3)

 

(6)

     

(4)

 

41

   

  Impact of purchase accounting (c)

(284)

 

(507)

     

(1,269)

 

(1,180)

   

  Total net revenue

$                   21,935

 

$                   20,074

     

$                   78,660

 

$                   61,642

   
                       

Reconciliation to consolidated operating income (loss):

                     

Reportable segment operating income

$                     2,163

 

$                     1,911

     

$                     6,892

 

$                     5,351

   

  Other businesses (a)

(31)

 

(3)

     

(21)

 

(39)

   

  Unallocated transactions (b)

(12)

 

(65)

     

(16)

 

(199)

   

  Impact of purchase accounting (c)

(351)

 

(1,240)

     

(1,546)

 

(2,294)

   

  Amortization of intangibles

(1,730)

 

(1,535)

     

(6,980)

 

(3,681)

   

  Transaction-related expenses (d)

(87)

 

(159)

     

(502)

 

(1,488)

   

  Other corporate expenses (e)

(273)

 

(577)

     

(1,160)

 

(902)

   

  Total operating loss

$                      (321)

 

$                   (1,668)

     

$                   (3,333)

 

$                   (3,252)

   

_________________

                     

(a) Other businesses consist of RSA Information Security, SecureWorks, Pivotal, and Boomi, and do not constitute a reportable segment, either individually or collectively, as the results of the businesses are not material to the Company's overall results and the businesses do not meet the criteria for reportable segments.

(b) Unallocated transactions includes long-term incentives, certain short-term incentive compensation expenses, and other corporate items that are not allocated to Dell Technologies' reportable segments.

(c) Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d) Transaction-related expenses includes acquisition, integration, and divestiture related costs.

(e) Other corporate expenses includes severance and facility action costs as well as stock-based compensation expense.


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