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Dell Delivers Strong Performance with Record Revenue and Earnings for Fourth Quarter; Growth Driven by Enterprise Business and Sales Outside the U.S., Both Up 21 Percent
Dell (NASDAQ:DELL) achieved record revenue of $15.2 billion and earnings of 43 cents per share driven by growth in enterprise products and services and sales outside the United States in the fiscal fourth-quarter 2006.
Dell's enterprise business in the quarter -- including storage, servers, services and related software and peripherals -- increased worldwide by 21 percent year-over-year. Storage revenue was up 41 percent year-over-year. Dell's business outside the U.S. increased in the quarter by 21 percent year-over-year, reflecting Dell's success in growth areas of Europe and Asia Pacific.
Dell's fourth quarter revenue of $15.2 billion was a 13 percent year-over-year increase. Earnings per share was 43 cents, a year-over-year increase of 65 percent and 16 percent on a Non-GAAP basis. Revenue and EPS exceeded expectations. Revenue was up due in part to a stronger than expected impact of the extra week of sales in the quarter. EPS reflected an adjustment to a lower tax rate for the year because of a larger mix of profits from outside the U.S.
Revenue for the fiscal year was $56 billion, a 14 percent increase. EPS for the fiscal year was $1.46, a 24 percent increase. Non-GAAP EPS, which excludes certain charges and an income tax benefit that occurred during fiscal 2006 and an income tax charge in the fourth quarter of fiscal 2005, increased 21 percent to $1.56.
(in millions, except Fourth Quarter Full Year
share data) FY'06 FY'05(1) Change FY'06(1) FY'05(1) Change
----------------------- ------------------------
Revenue $15,183 $13,457 13% $55,908 $49,205 14%
GAAP Operating
Income $1,246 $1,187 5% $4,347 $4,254 2%
Non-GAAP Operating
Income $1,246 $1,187 5% $4,789 $4,254 13%
GAAP Net Income $1,012 $667 52% $3,572 $3,043 17%
Non-GAAP Net Income $1,012 $947 7% $3,825 $3,323 15%
GAAP EPS $0.43 $0.26 65% $1.46 $1.18 24%
Non-GAAP EPS $0.43 $0.37 16% $1.56 $1.29 21%
(1) See footnotes on financial table: Itemized Reconciliation between
Net Income on a GAAP and Non-GAAP Basis.
"We drove a better balance across all price points of our products and greater operational efficiencies this quarter, and performed at the high level of execution we expect for ourselves," said Kevin Rollins, Dell's chief executive officer. "Our success in countries such as China and Germany shows the Dell (Nachrichten/Aktienkurs) direct business model is preferred by customers in all regions and provides us with a unique advantage and opportunity for continued growth."
Cash flow from operations was $1.6 billion for the quarter and $4.8 billion for the fiscal year. Dell ended the quarter with $11.7 billion in cash and investments. During the quarter, Dell spent $2 billion to repurchase 66 million shares of common stock, reducing weighted average shares outstanding by 7 percent year-over-year. For the full year, Dell spent $7.2 billion to repurchase almost 205 million shares, which was more than four times the number of options that were granted during the year.
The company expects first quarter fiscal year 2007 revenue of $14.2 to $14.6 billion and earnings per share of 39 cents to 41 cents, excluding an estimated three cents of stock compensation. Dell begins reporting earnings including stock compensation expense in the first quarter of fiscal 2007. The company plans to repurchase at least $1.2 billion in stock during the next quarter.
Strong Growth in All Regions of the World
Sales outside the U.S. were an all-time high of 43 percent of the company's overall revenue for the fourth quarter, up from 40 percent in the previous quarter. The company gained share in every region during the year.
Asia Pacific and Japan (APJ) increased revenue in the quarter by 21 percent and units by 27 percent year-over-year. In China, units grew 28 percent year-on-year with strong profitability, demonstrating that the direct model can excel in all regions of the world. Dell has begun shipping product from its second manufacturing facility in Xiamen, China, to meet the growing demand in the region.
Revenue in Europe, Middle East and Africa (EMEA) was up 18 percent year-over-year and Dell increased its share in 16 of 19 direct countries in the region. Shipments increased 25 percent year-over-year, led by an increase of 54 percent in mobility products.
Sales in the Americas were up 10 percent year-over-year, with the countries outside the U.S. increasing revenue 33 percent year-over-year. Corporate revenue in the U.S., including small and medium businesses, was up 12 percent year-over-year as business customers continue to refresh and upgrade their IT infrastructures.
Storage Growth Highlights Product and Service Performance
Dell continued to hold the No. 1 worldwide share position. Dell shipped 37 million units in the year, a 19 percent increase over the previous year, and a record 10.2 million units in the fourth quarter, a 15 percent year-over-year increase.
The transition to mobility products worldwide resulted in revenue increases of 22 percent on shipment increases of 47 percent year-over-year. Dell increased storage revenues 41 percent year-over-year. Shipment of servers increased 11 percent year-over-year, with strong growth in EMEA and APJ. Revenue for enhanced services was up 26 percent.
Revenue for imaging products was up 17 percent year-over-year as Dell moved its focus from single-function inkjets to color laser and all-in-one inkjet printers. Consumable revenue continued to grow and contribute more to overall imaging revenue, driving stronger profitability.
New Products Enhance Customer Experience
Dell announced its first dual-core, widescreen notebook during the quarter, one of three new products that deliver previously unavailable features to enhance customers' experience in high-end gaming and mobile productivity. Dell announced the Inspiron E1705 with Intel Core(TM) Duo processors and a 17-inch display, the XPS 600 Renegade(TM) desktop gaming system and a 30-inch LCD monitor, all providing extreme performance. Dell XPS desktop and notebook shipments were up 20 percent year-over-year, which helped to drive a richer mix of product sold in the consumer business.
About Dell
Dell Inc. (NASDAQ:DELL) listens to customers and delivers innovative technology and services they trust and value. Uniquely enabled by its direct business model, Dell sells more systems globally every day than any computer company, placing it No. 28 on the Fortune 500. Company revenue for the last four quarters was $56 billion. For more information, visit www.dell.com. To get Dell news direct, visit www.dell.com/RSS.
Special Note
Statements in this press release that relate to future results and events (including statements about Dell's anticipated financial and operating performance) are forward-looking statements based on Dell's current expectations. Actual results in future periods could differ materially from those projected in these forward-looking statements because of a number of risks and uncertainties, including: general economic, business and industry conditions; the level and intensity of competition in the technology industry and the pricing pressures that have resulted; local economic and labor conditions, political instability, unexpected regulatory changes, trade protection measures, tax laws and fluctuations in foreign currency exchange rates; the ability to accurately predict product, customer and geographic sales mix; the ability to timely and effectively manage periodic product transitions; reliance on third-party suppliers for product components, including dependence on several single-source supplier relationships; the ability to effectively manage operating costs; the failure to attract and retain qualified personnel; the level of demand for the products and services Dell offers; the ability to manage inventory levels to minimize excess inventory, declining inventory values and obsolescence; and the effect of armed hostilities, terrorism, natural disasters and public health issues on the economy generally, on the level of demand for Dell's products and services and on Dell's ability to manage its supply and delivery logistics in such an environment. Additional discussion of these and other factors affecting Dell's business and prospects is contained in Dell's periodic filings with the Securities and Exchange Commission.
Consolidated statements of income, financial position and cash flows follow.
Dell is a trademark of Dell Inc.
Dell disclaims any proprietary interest in the marks and names of others.
DELL INC.
Condensed Consolidated Statement of Income and Related Financial
Highlights
(in millions, except per share data)
(unaudited)
Three Months Ended
---------------------------
% Growth Rates
---------------
Yr.
Feb. 3, Oct. 28, Jan. 28, to
2006 2005(a) 2005 Sequential Yr.
--------- -------- -------- ---------------
Net revenue $15,183 $13,911 $13,457 9% 13%
Cost of revenue 12,474 11,322 10,962 10% 14%
Other product charges -- 338 --
--------- -------- --------
Gross margin 2,709 2,251 2,495 20% 9%
Selling, general and
administrative 1,338 1,391 1,198 (4%) 12%
Research, development and
engineering 125 106 110 17% 13%
--------- -------- --------
Total operating
expenses 1,463 1,497 1,308 (2%) 12%
--------- -------- --------
Operating income 1,246 754 1,187 65% 5%
Investment and other
income, net 57 50 48 14% 19%
--------- -------- --------
Income before income
taxes 1,303 804 1,235 62% 6%
Income tax provision(b) 291 198 568 47% (49%)
--------- -------- --------
Net income $1,012 $606 $667 67% 52%
========= ======== ========
Earnings per common share:
Basic $0.43 $0.25 $0.27
========= ======== ========
Diluted $0.43 $0.25 $0.26
========= ======== ========
Weighted average shares
outstanding:
Basic 2,350 2,395 2,485
Diluted 2,375 2,435 2,553
Percentage of Total Net
Revenue:
---------
Gross margin 17.8% 16.2% 18.5%
Selling, general and
administrative 8.8% 10.0% 8.9%
Research, development and
engineering 0.8% 0.8% 0.8%
Operating expenses 9.6% 10.8% 9.7%
Operating income 8.2% 5.4% 8.8%
Income before income
taxes 8.6% 5.8% 9.2%
Net income 6.7% 4.4% 5.0%
Income tax rate(b) 22.3% 24.6% 46.0%
Net Revenue by Geographic
Region (in billions):
----------------------
Americas $9.8 $9.2 $8.9 6% 10%
Europe 3.7 3.1 3.1 19% 18%
Asia Pacific - Japan 1.7 1.6 1.5 10% 21%
Percentage of Total Net
Revenue:
---------
Americas 64% 66% 66%
Europe 24% 22% 23%
Asia Pacific - Japan 12% 12% 11%
Net Revenue by Product
Category (in billions):
------------------------
Desktop PCs $5.6 $5.1 $5.6 10% 1%
Mobility 3.8 3.6 3.1 7% 22%
Servers and Networking 1.4 1.4 1.3 4% 10%
Storage 0.6 0.5 0.4 30% 41%
Enhanced Services 1.4 1.2 1.1 8% 26%
Software and Peripherals 2.4 2.1 2.0 9% 22%
Percentage of Total Net
Revenue:
---------
Desktop PCs 37% 37% 42%
Mobility 25% 26% 23%
Servers and Networking 10% 10% 10%
Storage 4% 3% 3%
Enhanced Services 9% 9% 8%
Software and Peripherals 15% 15% 14%
Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
(a) Results for the three months ended October 28, 2005 include
charges aggregating $442 million ($338 million of other product
charges and $104 million in selling, general and administrative
expenses) related to the cost of servicing or replacing certain
OptiPlex(TM) systems that include a vendor part that failed to perform
to Dell's specifications, workforce realignment, product
rationalizations, excess facilities, and a write-off of goodwill. The
related tax effects of these items was $104 million.
(b) Results for the three months ended January 28, 2005 include an
income tax charge of $280 million related to the repatriation of
earnings under the American Jobs Creation Act of 2004.
DELL INC.
Condensed Consolidated Statement of Income and Related Financial
Highlights
(in millions, except per share data)
(unaudited)
Year Ended
---------------------
% Growth
Rates
Feb. 3, Jan. 28, -----------
2006(a) 2005 Yr. to Yr.
--------- ----------- -----------
Net revenue $55,908 $49,205 14%
Cost of revenue 45,620 40,190 14%
Other product charges 338 --
--------- -----------
Gross margin 9,950 9,015 10%
Selling, general and
administrative 5,140 4,298 20%
Research, development and
engineering 463 463 0%
--------- -----------
Total operating expenses 5,603 4,761 18%
--------- -----------
Operating income 4,347 4,254 2%
Investment and other income, net 227 191 19%
--------- -----------
Income before income taxes 4,574 4,445 3%
Income tax provision(b) 1,002 1,402 (29%)
--------- -----------
Net income $3,572 $3,043 17%
========= ===========
Earnings per common share:
Basic $1.49 $1.21
========= ===========
Diluted $1.46 $1.18
========= ===========
Weighted average shares
outstanding:
Basic 2,403 2,509
Diluted 2,449 2,568
Percentage of Total Net Revenue:
--------------------------------
Gross margin 17.8% 18.3%
Selling, general and
administrative 9.2% 8.7%
Research, development and
engineering 0.8% 1.0%
Operating expenses 10.0% 9.7%
Operating income 7.8% 8.6%
Income before income taxes 8.2% 9.0%
Net income 6.4% 6.2%
Income tax rate(b) 21.9% 31.5%
Net Revenue by Geographic Region
(in billions):
---------------
Americas $36.4 $32.9 11%
Europe 12.9 10.8 19%
Asia Pacific - Japan 6.6 5.5 21%
Percentage of Total Net Revenue:
--------------------------------
Americas 65% 67%
Europe 23% 22%
Asia Pacific - Japan 12% 11%
Net Revenue by Product Category
(in billions):
---------------
Desktop PCs $21.1 $20.8 2%
Mobility 14.1 11.8 19%
Servers and Networking 5.4 4.9 11%
Storage 1.9 1.3 38%
Enhanced Services 4.9 3.7 33%
Software and Peripherals 8.5 6.7 27%
Percentage of Total Net Revenue:
--------------------------------
Desktop PCs 38% 42%
Mobility 25% 24%
Servers and Networking 10% 10%
Storage 3% 3%
Enhanced Services 9% 7%
Software and Peripherals 15% 14%
Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
(a) Results for fiscal year 2006 include charges aggregating $442
million ($338 million of other product charges and $104 million in
selling, general and administrative expenses) related to the cost of
servicing or replacing certain OptiPlex(TM) systems that include a
vendor part that failed to perform to Dell's specifications, workforce
realignment, product rationalizations, excess facilities, and a
write-off of goodwill recognized in the third quarter. The related tax
effects of these items was $104 million. Fiscal year 2006 also
includes an $85 million income tax benefit related to a revised
estimate of taxes on the repatriation of earnings under the American
Jobs Creation Act of 2004 recognized in the second quarter.
(b) Results for the year ended January 28, 2005 include an income tax
charge of $280 million related to the repatriation of earnings under
the American Jobs Creation Act of 2004 recorded in the fourth quarter.
DELL INC.
Itemized Reconciliation between Net Income on a GAAP and Non-GAAP
Basis
(in millions, except per share data)
(unaudited)
Twelve Months Ended
February 3, 2006
----------------------------------------------
Tax
GAAP(a) Benefit Charges Non-GAAP
----------- ---------- ----------- -----------
Net revenue $55,908 $55,908
Cost of revenue 45,620 45,620
Other product
charges 338 -- ($338) --
----------- ---------- ----------- -----------
Gross margin 9,950 -- 338 10,288
Gross margin % 17.8% 18.4%
Total operating
expenses 5,603 -- (104) 5,499
% of Revenue 10.0% 9.8%
----------- ---------- ----------- -----------
Operating income 4,347 -- 442 4,789
Operating margin % 7.8% 8.6%
Investment and other
income, net 227 227
----------- ---------- ----------- -----------
Income before income
taxes 4,574 -- 442 5,016
Income tax provision 1,002 85 104 1,191
Effective tax rate 21.9% 23.8%
----------- ---------- ----------- -----------
Net income $3,572 $(85) $338 $3,825
=========== ========== =========== ===========
% of Revenue 6.4% 6.8%
Earnings per common
share:
Basic $1.49 $1.59
=========== ===========
Diluted $1.46 $1.56
=========== ===========
Weighted average
shares outstanding:
Basic 2,403 2,403
Diluted 2,449 2,449
Three Months Ended Twelve Months Ended
January 28, 2005 January 28, 2005
---------------------- --------------------
Tax Non- Tax Non-
GAAP(b) Charge GAAP GAAP(b) Charge GAAP
---------------------- --------------------
Income before
income taxes $1,235 $1,235 $4,445 $4,445
Income tax
provision 568 $(280) 288 1,402 $(280) 1,122
Effective tax
rate 46.0% 23.3% 31.5% 25.2%
---------------------- --------------------
Net Income $667 $280 $947 $3,043 $280 $3,323
====================== ====================
Earnings per common
share:
Basic $0.27 $0.38 $1.21 $1.32
======== ======= ======= =======
Diluted $0.26 $0.37 $1.18 $1.29
======== ======= ======= =======
Weighted average
shares outstanding:
Basic 2,485 2,485 2,509 2,509
Diluted 2,553 2,553 2,568 2,568
(a) Results for fiscal year 2006 include charges aggregating $442
million ($338 million of other product charges and $104 million in
selling, general and administrative expenses) related to the cost of
servicing or replacing certain OptiPlex(TM) systems that include a
vendor part that failed to perform to Dell's specifications,
workforce realignment, product rationalizations, excess facilities,
and a write-off of goodwill recognized in the third quarter. The
related tax effects of these items was $104 million. Fiscal year 2006
also includes an $85 million income tax benefit related to a revised
estimate of taxes on the repatriation of earnings under the American
Jobs Creation Act of 2004 recognized in the second quarter.
(b) Results for the fourth quarter and year ended January 28, 2005
include an income tax charge of $280 million related to the
repatriation of earnings under the American Jobs Creation Act of
2004.
Use of Non-GAAP Financial Information
This press release includes additional Non-GAAP measures of gross
margin, operating expenses, operating income, income before income
taxes, income tax provision, net income, earnings per share, and cash
conversion cycle. These Non-GAAP measures have been adjusted to
exclude costs of servicing or replacing certain OptiPlex(TM) systems,
workforce realignment, product rationalizations, excess facilities, a
write-off of goodwill and related tax effects recognized in the third
quarter of fiscal year 2006. These Non-GAAP measures also exclude the
income tax benefit related to the repatriation of earnings under the
American Jobs Creation Act recorded in the second quarter of fiscal
year 2006. Non-GAAP results for the fourth quarter and fiscal year
ended January 28, 2005 exclude an income tax charge related to the
repatriation of earnings under the American Jobs Creation Act of 2004.
These adjustments to Dell's GAAP results are made with the intent of
providing both management and investors a more complete understanding
of the core underlying operational results and trends and Dell's
marketplace performance. Management believes that these additional
Non-GAAP measures provide a basis for which meaningful year-over-year
operating performance comparisons can be made and are consistent with
how senior management assesses the company's operating performance.
The presentation of this additional information is not meant to be a
substitute for financial statements prepared in accordance with
generally accepted accounting principles in the United States.
DELL INC.
Condensed Consolidated Statement of Financial Position and Related
Financial Highlights
(in millions, except for "Ratios" and "Other information")
(unaudited)
February 3, October 28, January 28,
2006 2005 2005
------------ ------------ -------------
Assets:
-------
Current assets:
Cash and cash equivalents $7,042 $6,841 $4,747
Short-term investments 2,016 2,440 5,060
Accounts receivable, net 4,089 4,299 3,563
Financing receivables,
net(c) 1,363 761 985
Inventories, net 576 582 459
Other 2,620 2,641 2,083
------------ ------------ -------------
Total current assets 17,706 17,564 16,897
Property, plant and
equipment, net 2,005 1,895 1,691
Investments 2,691 2,952 4,294
Long-term financing
receivables, net (c) 325 221 199
Other non-current assets 382 242 134
------------ ------------ -------------
Total assets $23,109 $22,874 $23,215
============ ============ =============
Liabilities and Stockholders'
Equity:
-----------------------------
Current liabilities:
Accounts payable $9,840 $9,376 $8,895
Accrued and other 6,087 5,871 5,241
------------ ------------ -------------
Total current
liabilities 15,927 15,247 14,136
Long-term debt 504 504 505
Other non-current liabilities 2,549 2,302 2,089
------------ ------------ -------------
Total liabilities 18,980 18,053 16,730
Stockholders' equity 4,129 4,821 6,485
------------ ------------ -------------
Total liabilities and
stockholders' equity $23,109 $22,874 $23,215
============ ============ =============
Ratios:
-------
Days supply in inventory(b) 4 5 4
Days of sales outstanding(a)(c) 29 31 27
Days in accounts payable(b) 77 75 73
------------ ------------ -------------
Cash conversion cycle (44) (39) (42)
Other Information:
------------------
Headcount (approximate) 65,200 63,700 55,200
Average total revenue/unit
(approximate) $1,490 $1,520 $1,510
Note: Ratios are calculated based on underlying data in thousands.
(a) Days of sales outstanding include the effect of product costs
related to customer shipments not yet recognized as revenue that are
classified in other current assets. At February 3, 2006, October 28,
2005 and January 28, 2005, days of sales in accounts receivable and
days of customer shipment not yet recognized were 26 and 3 days, 28
and 3 days and 24 and 3 days, respectively.
(b) Days supply in inventory and days in accounts payable for the
period ended October 28, 2005 have been calculated excluding $338
million of other product charges as the charges were not recognized
in accounts payable. If these product charges were included, days
supply in inventory would have been 4 days and days in accounts
payable would have been 72 days.
(c) Financing receivables, net have been separately classified on the
balance sheet as of February 3, 2006. Prior periods have been
reclassified to conform to the current presentation. Days of sales
outstanding have also been recalculated for all periods presented to
reflect the reclassification of certain items previously included in
accounts receivable to financing receivables.
DELL INC.
Condensed Consolidated Statement of Cash Flows
(in millions)
(unaudited)
Three Months Twelve Months
Ended Ended
--------------- ----------------
February 3, 2006
--------------------------------
Cash flows from operating activities:
Net income $1,012 $3,572
Adjustments to reconcile net income
to net cash provided
by operating activities:
Depreciation and amortization 107 393
Tax benefits from employee stock
plans 108 261
Effects of exchange rate changes on
monetary assets and liabilities
denominated in foreign currencies 46 70
Other 84 188
Changes in:
Operating working capital 179 (21)
Non-current assets and liabilities 46 376
-------------- -----------------
Net cash provided by operating
activities 1,582 4,839
Cash flows from investing activities:
Investments:
Purchases (2,800) (7,562)
Maturities and sales 3,475 12,168
Capital expenditures (221) (728)
-------------- -----------------
Net cash provided by investing
activities 454 3,878
Cash flows from financing activities:
Purchase of common stock (1,999) (7,249)
Issuance of common stock under
employee plans and other 250 1,023
--------------- --------------
Net cash used in financing
activities (1,749) (6,226)
Effect of exchange rate changes on
cash and cash equivalents (86) (196)
--------------- --------------
Net increase in cash and cash
equivalents 201 2,295
Cash and cash equivalents at
beginning of period 6,841 4,747
--------------- --------------
Cash and cash equivalents at end of
period $7,042 $7,042
=============== ==============
Additional supplemental information is available on our website at http://www.dell.com/downloads/global/corporate/conferences/ q4fy06_earnings_pres.pdf (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)