Dell Technologies Reports Fiscal Year 2019 Second Quarter Financial Results

 

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited)














Three Months Ended




Six Months Ended




August 3, 2018


August 4, 2017


Change


August 3, 2018


August 4, 2017


Change

Infrastructure Solutions Group (ISG):












Net Revenue:












Servers and networking

$

5,061


$

3,777


34 %


$

9,646


$

7,033


37 %

Storage

4,166


3,690


13 %


8,248


7,395


12 %

Total ISG net revenue

$

9,227


$

7,467


24 %


$

17,894


$

14,428


24 %













Operating Income:












ISG operating income

$

1,012


$

647


56 %


$

1,951


$

1,153


69 %

% of ISG net revenue

11 %


9 %




11 %


8 %



% of total segment operating income

47 %


34 %




46 %


34 %















Client Solutions Group (CSG):












Net Revenue:












Commercial

$

8,109


$

7,207


13 %


$

15,472


$

13,549


14 %

Consumer

3,019


2,659


14 %


5,927


5,365


10 %

Total CSG net revenue

$

11,128


$

9,866


13 %


$

21,399


$

18,914


13 %













Operating Income:












CSG operating income

$

425


$

528


(20)%


$

958


$

853


12 %

% of CSG net revenue

4 %


5 %




4 %


5 %



% of total segment operating income

20 %


28 %




22 %


26 %















VMware:












Net Revenue:












Total VMware net revenue

$

2,194


$

1,984


11 %


$

4,222


$

3,802


11 %













Operating Income:












VMware operating income

$

736


$

728


1 %


$

1,349


$

1,339


1 %

% of VMware net revenue

34 %


37 %




32 %


35 %



% of total segment operating income

34 %


38 %




32 %


40 %















Reconciliation to consolidated net revenue:












Reportable segment net revenue

$

22,549


$

19,317




$

43,515


$

37,144



Other businesses (a)

574


543




1,153


1,072



Unallocated transactions (b)

(1)


(4)




(3)


(5)



Impact of purchase accounting (c)

(180)


(335)




(367)


(690)



Total net revenue

$

22,942


$

19,521




$

44,298


$

37,521















Reconciliation to consolidated operating income (loss):












Reportable segment operating income

$

2,173


$

1,903




$

4,258


$

3,345



Other businesses (a)

(49)


(29)




(99)


(52)



Unallocated transactions (b)

(16)


(8)




(25)


(2)



Impact of purchase accounting (c)

(215)


(406)




(437)


(829)



Amortization of intangibles

(1,526)


(1,740)




(3,048)


(3,516)



Transaction-related expenses (d)

(104)


(138)




(270)


(329)



Other corporate expenses (e)

(276)


(247)




(545)


(554)



Total operating loss

$

(13)


$

(665)




$

(166)


$

(1,937)



_________________












(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 and facility action costs as well as stock-based compensation expense.


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