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.

         
 
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  

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