Dell Reports First Quarter Financial Results

⁽¹⁾Days of sales outstanding (“DSO”) is based on the ending net trade receivables and most recent quarterly revenue for each period. DSO includes the effect of product costs related to customer shipments not yet recognized as revenue that are classified in other current assets. At May 4, 2012, February 3, 2012, and April 29, 2011, DSO and days of customer shipments not yet recognized were 39 and 4 days, 39 and 3 days, 37 and 3 days, respectively.



DELL INC.
Condensed Consolidated Statements of Cash Flows
(in millions, unaudited)

				Three Months Ended
				May 4,			April 29,
					2012			2011
Cash flows from operating activities:
	Net income			$	635		$	945
	Adjustments to reconcile net income to net cash provided by
		operating activities:
		Depreciation and amortization			248			216
		Stock-based compensation			95			99
		Effects of exchange rate changes on monetary assets and
		liabilities denominated in foreign currencies			(10	)		-
		Deferred Income Taxes			47			(63	)
		Provision for doubtful accounts - including financing receivables			63			47
		Other			(5	)		(5	)
	Changes in assets and liabilities, net of effects from acquisitions:
		Accounts receivable			161			471
		Financing receivables			71			21
		Inventories			(68	)		38
		Other assets			48			110
		Accounts payable			(671	)		(925	)
		Deferred services revenue			33			191
		Accrued and other liabilities			(785	)		(680	)
			Change in cash from operating activities		(138	)		465

Cash flows from investing activities:
	Investments:
		Purchases			(673	)		(240	)
		Maturities and sales			640			222
		Capital expenditures			(142	)		(137	)
		Proceeds from sale of facility and land			-			12
		Collections on purchased financing receivables			55			67
		Acquisition of business, net of cash received			(245	)		(1,473	)
			Change in cash from investing activities		(365	)		(1,549	)

Cash flows from financing activities:
	Repurchase of common stock				(324	)		(450	)
	Issuance of common stock under employee plans				38			10
	Issuance (repayment) of commercial paper (maturity 90 days or less), net				13			-
	Proceeds from debt				596			1,930
	Repayments of debt				(863	)		(323	)
	Other				8			3
			Change in cash from financing activities		(532	)		1,170


Effect of exchange rate changes on cash and cash equivalents					(3	)		62

Change in cash and cash equivalents					(1,038	)		148

Cash and cash equivalents at beginning of period					13,852			13,913
Cash and cash equivalents at end of period				$	12,814		$	14,061

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