Dell Technologies Reports Fiscal Year 2017 Fourth Quarter and Full Year Financial Results

 

 

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited)














Three Months Ended




Fiscal Year Ended




February 3, 2017


January 29, 2016


Change


February 3, 2017


January 29, 2016


Change

Client Solutions Group (CSG):












 Net Revenue:












   Commercial

$                   6,663


$                    5,969


12 %


$                 26,006


$                  25,747


1 %

   Consumer

3,113


2,868


9 %


10,748


10,130


6 %

  Total CSG net revenue

$                   9,776


$                    8,837


11 %


$                 36,754


$                  35,877


2 %













 Operating Income:












   CSG operating income

$                      342


$                       484


(29)%


$                   1,845


$                    1,410


31 %

   % of CSG net revenue

3 %


5 %




5 %


4 %



   % of total segment operating income

18 %


64 %




34 %


57 %















Infrastructure Solutions Group (ISG):












 Net Revenue:












   Servers and networking

$                   3,612


$                    3,234


12 %


$                 12,834


$                  12,761


1 %

   Storage

4,783


562


751 %


8,942


2,217


303 %

  Total ISG net revenue

$                   8,395


$                    3,796


121 %


$                 21,776


$                  14,978


45 %













 Operating Income:












   ISG operating income

$                   1,004


$                       276


264 %


$                   2,393


$                    1,052


127 %

   % of ISG net revenue

12 %


7 %




11 %


7 %



   % of total segment operating income

53 %


36 %




45 %


43 %















VMware:












 Net Revenue:












  Total VMware net revenue

$                   1,936


$                         —


NA


$                   3,225


$                         —


NA













 Operating Income:












   VMware operating income

$                      565


$                         —


NA


$                   1,113


$                         —


NA

   % of VMware net revenue

29 %


NA




35 %


NA



   % of total segment operating income

30 %


NA




21 %


NA















Reconciliation to consolidated net revenue:












 Reportable segment net revenue

$                 20,107


$                  12,633




$                 61,755


$                  50,855



 Other businesses (a)

480


107




1,026


382



 Unallocated transactions (b)

(6)


28




41


133



 Impact of purchase accounting (c)

(507)


(89)




(1,180)


(459)



     Total net revenue

$                 20,074


$                  12,679




$                 61,642


$                  50,911















Reconciliation to consolidated operating income (loss):












 Reportable segment operating income

$                   1,911


$                       760




$                   5,351


$                    2,462



 Other businesses (a)

(3)


(16)




(39)


(78)



 Unallocated transactions (b)

(65)


(89)




(199)


(159)



 Impact of purchase accounting (c)

(1,240)


(129)




(2,294)


(604)



 Amortization of intangibles

(1,535)


(491)




(3,681)


(1,969)



 Transaction-related expenses (d)

(159)


(42)




(1,488)


(109)



 Other corporate expenses(e)

(577)


(19)




(902)


(57)



     Total operating loss

$                 (1,668)


$                       (26)




$                 (3,252)


$                     (514)



_________________












(a) Other businesses consist of RSA Information Security, SecureWorks, Pivotal, and Boomi offerings, 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, as well as the going-private transaction.

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

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














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