Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

(1) Certain prior year amounts have been reclassified from accrued and other liabilities and other non-current liabilities on the Condensed Consolidated Statements of Financial Position to short-term deferred revenue and long-term deferred revenue, respectively, to conform to the current year presentation.

(2) 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 as other current assets. At February 1, 2013, November 2, 2012, and February 3, 2012, DSO and days of customer shipments not yet recognized were 42 and 4 days, 41 and 4 days, and 39 and 3 days, respectively.

   

DELL INC.

Condensed Consolidated Statements of Cash Flows
(in millions, unaudited)
 
Three Months Ended Fiscal Year Ended

February 1,
2013

 

February 3,
2012 (1)

February 1,
2013

 

February 3,
2012 (1)

Cash flows from operating activities:
Net income $ 530 $ 764 $ 2,372 $ 3,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 321 249 1,144 936
Stock-based compensation 71 101 347 362
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies 3 14 18 (5 )
Deferred income taxes (321 ) 110 (428 ) 19
Provision for doubtful accounts — including financing receivables 73 67 258 234
Other (3 ) (25 ) 19 21
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable (444 ) 137 (150 ) (53 )
Financing receivables (142 ) (210 ) (193 ) (372 )
Inventories (19 ) (6 ) 48 (52 )
Other assets (251 ) (334 ) (28 )
Accounts payable 1,030 558 (74 ) 327
Deferred revenue 192 190 382 701
Accrued and other liabilities   150     139     (126 )   (55 )
Change in cash from operating activities   1,441     1,837     3,283     5,527  
Cash flows from investing activities:
Investments:
Purchases (784 ) (2,237 ) (2,615 ) (4,656 )
Maturities and sales 1,198 579 4,354 1,435
Capital expenditures (130 ) (165 ) (513 ) (675 )
Proceeds from sale of facilities, land, and other assets 54 2 135 14
Collections on purchased financing receivables 31 74 167 278
Acquisition of business, net of cash received   (136 )   2     (4,844 )   (2,562 )
Change in cash from investing activities   233     (1,745 )   (3,316 )   (6,166 )
Cash flows from financing activities:
Repurchase of common stock (537 ) (724 ) (2,717 )
Cash dividends paid (139 ) (278 )
Issuance of common stock under employee plans 3 6 52 40
Issuance (repayment) of commercial paper (maturity 90 days or less), net (39 ) 635 (331 ) 635
Proceeds from debt 521 733 3,311 4,050
Repayments of debt (426 ) (380 ) (3,248 ) (1,435 )
Other       1     8     4  
Change in cash from financing activities   (80 )   458     (1,210 )   577  
Effect of exchange rate changes on cash and cash equivalents   (16 )   9     (40 )   1  
Change in cash and cash equivalents 1,578 559 (1,283 ) (61 )
Cash and cash equivalents at beginning of the period   10,991     13,293     13,852     13,913  
Cash and cash equivalents at end of the period $ 12,569   $ 13,852   $ 12,569   $ 13,852  

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