Dell Reports Fiscal Year 2014 First Quarter Financial Results



DELL INC.
Segment Information
(in millions, except percentages)
(unaudited)

	Three Months Ended						% Growth Rates
	May 3,			May 4,
	2013^(a)			2012			Yr. to Yr.
End User Computing ("EUC"):
Net Revenue:
Desktops and Thin Client	$	3,273		$	3,335		(2	%)
Mobility		3,618			4,328		(16	%)
Third-Party software and peripherals		2,029			2,169		(6	%)
Total EUC Revenue		8,920			9,832		(9	%)
External EUC revenue		8,714			9,632
Internal EUC revenue		206			200
Operating income:
EUC operating income		224			639		(65	%)
% of segment revenue		2.5	%		6.5	%
% of total segment operating income		35	%		61	%

Enterprise Solutions Group ("ESG"):
Net Revenue:
Servers, peripherals, and networking		2,669			2,343		14	%
Storage		424			473		(10	%)
Total ESG revenue		3,093			2,816		10	%
External ESG revenue		2,959			2,681
Internal ESG revenue		134			135
Operating income:
ESG operating income		136			79		71	%
% of segment revenue		4.4	%		2.8	%
% of total segment operating income		21	%		8	%

Dell Software Group:
Net Revenue:
Total Dell Software Group revenue		295			38		NM
Operating income:
Dell Software Group operating income		(85	)		(6	)	NM
% of segment revenue		-28.7	%		-16.0	%
% of total segment operating income		-13	%		-1	%

Dell Services:
Net Revenue:
Support and deployment		1,202			1,176		2	%
Infrastructure, cloud, and security services		612			550		11	%
Applications and business process services		295			347		(15	%)
Total Dell Services revenue		2,109			2,073		2	%
External Dell Services revenue		2,106			2,071
Internal Dell Services revenue		3			2
Operating income:
Dell Services operating income	$	370		$	338		10	%
% of segment revenue		17.6	%		16.3	%
% of total segment operating income		57	%		32	%

Reconciliation to consolidated net revenue:
Total segment revenue	$	14,417		$	14,759
Less internal revenue		(343	)		(337	)
Total consolidated net revenue	$	14,074		$	14,422

Reconciliation to consolidated operating income:
Total segment operating income	$	645		$	1,050
Unallocated corporate expenses ^(b)		(55	)		(40	)
Amortization of intangible assets		(196	)		(110	)
Severance and facility actions and acquisition-related costs		(80	)		(76	)
Other ^(c)		(88	)		-
Total consolidated operating income	$	226		$	824

^(a) Includes the results of Dell's Fiscal 2013 acquisitions.
^(b) Unallocated corporate expenses include broad based long-term incentives, certain short-term incentive compensation expenses, and other corporate items that are not allocated to Dell's reporting segments.
^(c) Other includes expenses associated with Dell's proposed merger and retention cash bonus awards granted to certain key employees in the first quarter of Fiscal 2014.

Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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