Dell Technologies Reports Fiscal Year 2019 Third Quarter Financial Results

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited)














Three Months Ended




Nine Months Ended




November 2, 2018


November 3, 2017


Change


November 2, 2018


November 3, 2017


Change

Infrastructure Solutions Group (ISG):












  Net Revenue:












   Servers and networking

$

5,054


$

3,875


30 %


$

14,700


$

10,908


35 %

   Storage

3,883


3,660


6 %


12,131


11,055


10 %

   Total ISG net revenue

$

8,937


$

7,535


19 %


$

26,831


$

21,963


22 %













   Operating Income:












   ISG operating income

$

935


$

870


7 %


$

2,886


$

2,023


43 %

   % of ISG net revenue

10 %


12 %




11 %


9 %



   % of total segment operating income

43 %


41 %




45 %


37 %















Client Solutions Group (CSG):












   Net Revenue:












   Commercial

$

7,613


$

6,778


12 %


$

23,085


$

20,327


14 %

   Consumer

3,292


3,051


8 %


9,219


8,416


10 %

   Total CSG net revenue

$

10,905


$

9,829


11 %


$

32,304


$

28,743


12 %













   Operating Income:












   CSG operating income

$

447


$

630


(29)%


$

1,405


$

1,483


(5)%

   % of CSG net revenue

4 %


6 %




4 %


5 %



   % of total segment operating income

21 %


29 %




22 %


27 %















VMware:












   Net Revenue:












Total VMware net revenue

$

2,229


$

1,933


15 %


$

6,451


$

5,735


12 %













   Operating Income:












   VMware operating income

$

768


$

634


21 %


$

2,117


$

1,973


7 %

   % of VMware net revenue

34 %


33 %




33 %


34 %



   % of total segment operating income

36 %


30 %




33 %


36 %















Reconciliation to consolidated net revenue:












   Reportable segment net revenue

$

22,071


$

19,297




$

65,586


$

56,441



   Other businesses (a)

583


557




1,736


1,629



   Unallocated transactions (b)

(3)


(3)




(6)


(8)



   Impact of purchase accounting (c)

(169)


(295)




(536)


(985)



   Total net revenue

$

22,482


$

19,556




$

66,780


$

57,077















Reconciliation to consolidated operating income (loss):












   Reportable segment operating income

$

2,150


$

2,134




$

6,408


$

5,479



   Other businesses (a)

(40)


(19)




(139)


(71)



   Unallocated transactions (b)

(46)


(6)




(71)


(8)



   Impact of purchase accounting (c)

(193)


(366)




(630)


(1,195)



   Amortization of intangibles

(1,546)


(1,734)




(4,594)


(5,250)



   Transaction-related expenses (d)

(167)


(86)




(437)


(415)



   Other corporate expenses (e)

(514)


(333)




(1,059)


(887)



   Total operating loss

$

(356)


$

(410)




$

(522)


$

(2,347)



_________________












(a) Pivotal, SecureWorks, RSA Security, Virtustream, and Boomi constitute "Other businesses" and do not meet the requirements for a reportable segment, either individually or collectively.  The results of Other businesses are not material to the Company's overall results.

(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, facility action costs, goodwill impairment charges, and stock-based compensation expense.


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