Dell Technologies Reports Fiscal Year 2018 Third Quarter Financial Results

 

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited)














Three Months Ended




Nine Months Ended




November 3, 2017


October 28, 2016


Change


November 3, 2017


October 28, 2016


Change

Client Solutions Group (CSG):












Net Revenue:












Commercial

$                     6,907


$                     6,400


8 %


$                   20,453


$                   19,343


6 %

Consumer

3,052


2,787


10 %


8,413


7,635


10 %

Total CSG net revenue

$                     9,959


$                     9,187


8 %


$                   28,866


$                   26,978


7 %













Operating Income:












CSG operating income

$                        672


$                        634


6 %


$                     1,612


$                     1,503


7 %

% of CSG net revenue

7 %


7 %




6 %


6 %



% of total segment operating income

34 %


30 %




34 %


44 %















Infrastructure Solutions Group (ISG):












Net Revenue:












Servers and networking

$                     3,851


$                     2,910


32 %


$                   10,822


$                     9,222


17 %

Storage

3,667


3,079


19 %


11,018


4,159


165 %

Total ISG net revenue

$                     7,518


$                     5,989


26 %


$                   21,840


$                   13,381


63 %













Operating Income:












ISG operating income

$                        678


$                        897


(24)%


$                     1,431


$                     1,389


3 %

% of ISG net revenue

9 %


15 %




7 %


10 %



% of total segment operating income

34 %


43 %




30 %


40 %















VMware:












Net Revenue:












Total VMware net revenue

$                     1,953


$                     1,289


52 %


$                     5,596


$                     1,289


334 %













Operating Income:












VMware operating income

$                        639


$                        548


17 %


$                     1,686


$                        548


208 %

% of VMware net revenue

33 %


43 %




30 %


43 %



% of total segment operating income

32 %


26 %




36 %


16 %















Reconciliation to consolidated net revenue:












Reportable segment net revenue

$                   19,430


$                   16,465




$                   56,302


$                   41,648



Other businesses (a)

475


312




1,409


530



Unallocated transactions (b)





(1)


63



Impact of purchase accounting (c)

(295)


(530)




(985)


(673)



Total net revenue

$                   19,610


$                   16,247




$                   56,725


$                   41,568















Reconciliation to consolidated operating income (loss):












Reportable segment operating income

$                     1,989


$                     2,079




$                     4,729


$                     3,440



Other businesses (a)

6


(13)




10


(48)



Unallocated transactions (b)

(9)


(91)




(4)


(122)



Impact of purchase accounting (c)

(366)


(850)




(1,195)


(1,054)



Amortization of intangibles

(1,734)


(1,164)




(5,250)


(2,146)



Transaction-related expenses (d)

(86)


(1,200)




(415)


(1,329)



Other corporate expenses (e)

(333)


(273)




(887)


(325)



Total operating loss

$                      (533)


$                   (1,512)




$                   (3,012)


$                   (1,584)



_________________












(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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