| DELL INC. | |||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
| (in millions, unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| July 29, | July 30, | July 29, | July 30, | ||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 890 | $ | 545 | $ | 1,835 | $ | 886 | |||||||||
| Adjustments to reconcile net income to net cash provided by | |||||||||||||||||
| operating activities: | |||||||||||||||||
| Depreciation and amortization | 230 | 264 | 446 | 511 | |||||||||||||
| Stock-based compensation | 82 | 80 | 181 | 156 | |||||||||||||
|
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies |
(9 | ) | 7 | (9 | ) | 37 | |||||||||||
| Deferred Income Taxes | 7 | (24 | ) | (56 | ) | (55 | ) | ||||||||||
| Provision for doubtful accounts - including financing receivables | 70 | 95 | 117 | 217 | |||||||||||||
| Other | 5 | 4 | - | 4 | |||||||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | |||||||||||||||||
| Accounts receivable | (566 | ) | (777 | ) | (95 | ) | (896 | ) | |||||||||
| Financing receivables | (100 | ) | (205 | ) | (79 | ) | (413 | ) | |||||||||
| Inventories | (69 | ) | (186 | ) | (31 | ) | (318 | ) | |||||||||
| Other assets | 97 | (33 | ) | 207 | 36 | ||||||||||||
| Accounts payable | 1,186 | 1,109 | 261 | 1,131 | |||||||||||||
| Deferred services revenue | 212 | 193 | 403 | 265 | |||||||||||||
| Accrued and other liabilities | 339 | 263 | (341 | ) | 12 | ||||||||||||
| Change in cash from operating activities | 2,374 | 1,335 | 2,839 | 1,573 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Investments: | |||||||||||||||||
|
Purchases |
(541 | ) | (713 | ) | (781 | ) | (1,063 | ) | |||||||||
| Maturities and sales | 210 | 669 | 432 | 838 | |||||||||||||
| Capital expenditures | (159 | ) | (145 | ) | (296 | ) | (191 | ) | |||||||||
| Proceeds from sale of facility and land | - | 18 | 12 | 18 | |||||||||||||
| Collections on purchased financing receivables | 68 | - | 135 | - | |||||||||||||
|
Acquisition of business, net of cash received |
(428 | ) | (89 | ) | (1,901 | ) | (222 | ) | |||||||||
|
Change in cash from investing activities |
(850 | ) | (260 | ) | (2,399 | ) | (620 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Repurchase of common stock | (1,130 | ) | (200 | ) | (1,580 | ) | (400 | ) | |||||||||
| Issuance of common stock under employee plans | 19 | 2 | 29 | 9 | |||||||||||||
|
Issuance (repayment) of commercial paper (maturity 90 days or less), net |
- | 490 | - | 724 | |||||||||||||
| Proceeds from debt | 503 | 341 | 2,433 | 609 | |||||||||||||
|
Repayments of debt |
(370 | ) | (253 | ) | (693 | ) | (819 | ) | |||||||||
| Other | (1 | ) | (1 | ) | 2 | 2 | |||||||||||
|
Change in cash from financing activities |
(979 | ) | 379 | 191 | 125 | ||||||||||||
|
Effect of exchange rate changes on cash and cash equivalents |
17 | (15 | ) | 79 | (19 | ) | |||||||||||
|
Change in cash and cash equivalents |
562 | 1,439 | 710 | 1,059 | |||||||||||||
|
Cash and cash equivalents at beginning of period |
14,061 | 10,255 | 13,913 | 10,635 | |||||||||||||
|
Cash and cash equivalents at end of period |
$ | 14,623 | $ | 11,694 | $ | 14,623 | $ | 11,694 | |||||||||
|
Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services
(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 the other current
assets. At July 29, 2011, April 29, 2011, and July 30, 2010, DSO and
days of customer shipments not yet recognized were 39 and 3 days, 37 and
3 days, 38 and 3 days, respectively.
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