TBR 1Q11 Dell Inc. Report


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TBR believes Dell’s push to become an “IT adviser” will drive profitability and revenue growth going forward as the company leverages strategic acquisitions and its partner ecosystem to further its solutions offerings.

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TBR 1Q11 Dell Inc. Report

  1. 1. Technology Business ResearchAccelerating Customer Success Through Business Research TBR T E C H N O L O G Y B U S I N E S S R ES E AR C H , I N C .
  2. 2. COMPUTER BUSINESS QUARTERLYSMDell Inc.First Calendar Quarter 2011First Fiscal Quarter 2012 Ended April 29, 2011 TBR OUTLOOK – POSITIVE TBR SCORE (0-10 SCALE) 5.05Publish Date: June 9, 2011Authors: Krista Macomber, CBQ Research Analyst(krista.macomber@tbri.com) and Cassandra Mooshian, CBQ ResearchAnalyst (cassandra.mooshian@tbri.com) TBR T E C H N O L O G Y B U S I N E S S R ES E AR C H , I N C .Content Editor: Greg Richardson, CBQ Analyst
  3. 3. Contents TBR Company Analysis Company Data Models 3 TBR Position 25 Income Statement 4 Executive Summary 26 Balance Sheet 7 Strategic Overview 27 Segment Revenue Model 9 Scenario Discussion 28 Revenue Unit & ASP Model 12 Corporate SWOT Analysis 29 Geographic Model 13 Financial Model Strategy 30 Operating Expense Model 16 Go-to-Market & Product Strategies 31 Financial Strategy Graphs 19 Alliance & Acquisition Strategies 32 Resource Management Graphs 21 Geographic Analysis 33 Future Outlook Graph 22 Resource Management Strategy 34 Acquisition Table 24 Organization Breakdown 39 Alliances Tables 41 Product Portfolio Table 44 About TBR3 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  4. 4. TBR Position TBRDell’s continued investment in partnerships and acquisitions willaugment profitability throughout 2011TBR Assessment Corporate Strategic ObjectivesTBR believes Dell’s push to become an “IT adviser” Dell remains focused on its enterprise strategy to drivewill drive profitability and revenue growth going profitability and growthforward as the company leverages strategic As Dell focuses on horizontal growth and expanding itsacquisitions and its partner ecosystem to further its scale, the company is leveraging the revenue engine of itssolutions offerings. server business to expand wider across the enterprise by leaning on partners to push into adjacent technology areas, including security, storage, appliances and cloud. A corporatewide shift in focus to sales of higher-margin DELL 1Q11 PERFORMANCE VS. EXPECTATIONS products and services drove profitability improvements (In $ Millions) Consensus Guidance Range Actual Operating profit increased 133.5% from the year-ago Revenue $ 15,400 $14,850 - $15,650 $ 15,017 quarter as a result of a changing product mix to Operating Income N/A N/A $ 1,212 enterprise products and solutions and a more efficient Non-GAAP EPS $ 0.43 $0.38 - $0.48 $ 0.49 supply chain. DELL 2Q11 GUIDANCE AND EXPECTATIONS Dell boosts its solutions portfolio by acquiring companies (In $ Millions) TBR Estimate Consensus Guidance Range with technologies complementary to its own Revenue $ 16,000 $ 16,040 $15,500 - $16,480 Operating Income $ 1,408 N/A N/A Through the purchases of Compellent, SecureWorks, Non-GAAP EPS N/A $ 0.44 $0.35 - $0.51 Boomi and KACE, Dell has inorganically positioned itself to take on competitors, such as IBM and HP, that can address large-scale buildouts of integrated hardware, software and services.4 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  5. 5. Executive Summary TBRDell will continue honing its cost structure to cost-effectively supportits customer base while breaking into higher-margin growth markets TBR assessment of Dell’s two-year strategic outlook Key Takeaways Strategic Outlook Financial: Dell is shifting its focus toward enterprise • Dell will ramp investment into sales and marketing and solutions, services, and high-end servers and storage to research and development business processes to drive drive profit growth. sales, boost its enterprise business and meet increased Go to Market: Dell will continue realigning its tactics to demand, while streamlining its core businesses, such capitalize on emerging markets, such as China, and as consumer PCs, for margin growth. product areas, such as cloud. • Dell continues to shift toward becoming a solutions Resource: Maintain an efficient cost structure while provider rather than strictly a PC manufacturer to honing the supply chain and reducing SKUs to boost boost profitability, expanding its software and services profitability capabilities to bundle with its servers and storage systems for enterprise businesses. • TBR expects Dell to continue to make targetedTBR DELLS NET REVENUE, GROWTH AND PROJECTIONS software and services acquisitions, both large and Net Revenue Growth Year-to-year $80 25.0% 20.5% small, to expand its portfolio with integrated, end-to- 20.0% $60 21.7% 19.4% end storage and services offerings and increase its In $ Billions 15.0% $40 competitiveness with rivals, such as HP and EMC. 16.2% 10.0% $20 5.3% 1.0% 3.0% 9.0% • We believe Dell will maintain significant investment in 7.0% 5.0% building out datacenter infrastructure to support $0 0.0% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 CY10 CY11 CY12 customers’ virtualized, cloud and mobile environments Est. Est. Est. while developing comprehensive solutions of Revenue Revenue Growth Year-to-Year hardware, software and services to drive migration toNOTE: Annual revenue and projections are for calendar 2010, 2011 and 2012, respectively.SOURCE: DELL AND TBR the emerging technologies. 5 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  6. 6. Executive Summary TBR Dell will capitalize on midmarket demand to drive revenue and growth in coming quarters TBR assessment of Dell’s key strategies TBR believes Dell is taking the path of least resistance to solutions adoption by targeting an immediate impact in its core markets, such as the public sector, healthcare and the midmarket. The company is leveraging its strong midmarket customer installed base to begin positioning itself as a “trusted IT adviser,” not just a product supplier, by aligning its go-to-market approaches with the long-term missions of its customers. At the Dell Annual Analyst Conference in May, Brad Anderson, SVP of Dell’s Enterprise Business, highlighted the midmarket as Dell’s primary target market for its solutions Current customer strategy. Anderson stated midmarket customers demand enterprise-level, scalable adoption will solutions, and the company will lean on its strong midmarket reputation with its provide the longstanding PC and x86 server businesses as entry points to conversations around value- necessary proof add solutions. points to enter new markets In addition to leveraging midmarket strength, Dell is reinforcing its position in key verticals, including healthcare and education, by tailoring solutions to accommodate Tablets and industry-specific needs. Although Dell’s efforts to expand in key verticals are not unique –smartphones competitors, such as IBM, leverage vertical expertise to cultivate demand for solutions in multiple industries – TBR believes Dell is able to differentiate by leveraging its end-to-end portfolio of client and enterprise offerings. This effort is exemplified in Dell’s healthcare approach, in which the company utilizes its services capabilities and direct customer interface to build solutions for mobile clients, compute capacity, storage and healthcare- specific software, which Dell gained through acquisition. 6 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  7. 7. Executive Summary TBRDell will deliver improved metrics in 2H11 as a result of its effortsto increase profitability TBR Company Average Standard TBR Company Average StandardFINANCIAL METRICS Score Figure in Class Deviation/2 GO-TO-MARKET & PRODUCT METRICS Score Figure in Class Deviation/2Revenue (in $ Millions) 5.35 $ 15,017 $13,217 $5,146 Annual revenue per salesperson* 4.38 $3,572 $6,550 $4,788Gross Margin 3.48 22.9% 36.6% 9.0% Cost per revenue dollar 5.02 $ 0.08 $ 0.08 $ 0.03SG&A (% of revenue) 5.84 13.5% 18.1% 4.5% Cost per margin dollar 2.98 $ 0.34 $ 0.23 $ 0.06Sales & Marketing (% of revenue) 5.72 10.7% 13.7% 4.2% Channel expense as a % of S&M expense 6.74 5.9% 20.9% 8.6%General & Admin (% of revenue) 5.90 2.8% 3.6% 0.9% Marketing expense as a % of S&M expense 5.67 20.9% 27.0% 9.1%R&D (% of revenue) 6.86 1.3% 7.0% 3.1% Annual sales expense per sales employee* 5.30 $242 $279 $120Operating Margin 4.34 8.1% 11.6% 5.3% Annual marketing expense per marketing employee* 5.22 $277 $294 $76Net Margin 4.62 6.3% 8.0% 4.5% TOTAL AVERAGE TBR SCORE 4.86Revenue Growth YTY 3.63 1.0% 16.9% 11.7% *in $ thousandsGross Profit YTY change 6.12 36.4% 23.0% 12.0% TBR SCORING SUMMARY: 1Q10 2Q10 3Q10 4Q10 1Q11SG&A YTY change 4.94 10.7% 10.1% 9.7% Financial Model Strategy: 5.34 5.09 4.88 4.75 4.80Sales & Marketing YTY change 4.71 15.5% 8.4% 10.5%General & Admin YTY change 5.57 -4.5% 3.3% 13.7% Go-to-Market & Product Strategy: 5.09 5.10 5.20 5.02 4.86R&D YTY change 4.62 16.8% 13.0% 9.9% Resource Management Strategy: 6.01 5.73 5.73 5.83 5.71Operating income YTY change 4.78 133.5% 312.7% 800.0% TOTAL AVERAGE TBR SCORE: 5.45 5.25 5.15 5.09 5.05Net Income YTY change 4.78 177.1% 669.3% 2210.1%TOTAL AVERAGE TBR SCORE 4.80 Dell posted its lowest average TBR score in four TBR Company Average StandardRESOURCE MANAGEMENT METRICS Score Figure in Class Deviation/2 consecutive quarters, as dipping resourceDays sales outstanding 3.87 56.3 46.9 8.3 management and go-to-market metrics offsetTurns on inventory 7.13 36.3 18.6 8.3Days inventory outstanding 7.09 10.1 36.1 12.5 improved financial model metrics resulting fromFixed asset turnover 5.94 30.2 18.2 12.9 operating margin growth. An inefficient supply chainDays cash outstanding 5.02 86.8 87.6 40.2Total asset turnover 6.39 1.5 1.2 0.2 is causing Dell’s resource management metric score toDebt/asset ratio 4.88 0.6 0.6 0.1Current ratio 4.89 1.6 1.6 0.3 deteriorate; however, Dell still outperforms peers inReturn on assets 5.11 8.5% 8.1% 3.6% this area because of its strong inventory strategy.Return on equity 5.57 44.5% 30.7% 24.3%Headcount growth YTY 5.22 4.5% 6.1% 7.5% KeyAnnual revenue per employee 4.69 $625 $739 $373 Represents an area where Dell is currently challenged versus peersAnnual G&A expense 6.01 $197 $258 $60Annual R&D expense per developer 6.57 $150 $303 $97 Represents an area where Dell is outperforming its peersTOTAL AVERAGE TBR SCORE 5.71 Represents an area where Dell is neither significantly*in $ thousands outperforming nor underperforming its peers7 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  8. 8. Strategy Overview TBRDell will combat declining PC sales with bundled IT solutions and a focuson process efficiency improvements Function Key Strategies TBR Assessment  Dell is driving solutions sales to its strong midmarket Dell is steadily improving customer base while leveraging this solutions strategy to profitability via solutions sales of Overall increase traction in growth verticals. enterprise-level servers, storage  Leverage Perot Systems to boost services profit by driving and services. server, service, storage and software sales  Dell’s server business is benefiting from the company’s solutions strategy, maintaining double-digit revenue Couple restructuring initiatives growth in 1Q11. and an improving product mix  Hardware component prices leveled, while improved Financial with a shift toward high-margin restructuring efforts helped expand manufacturing solutions sales to fuel revenue efficiencies, driving strong margin growth in 1Q11. and margin growth  Dell is cutting expenses within its PC business but is struggling to post unit shipment growth. • Shed the MO of PC and x86  Dell’s shifting focus toward cloud-related products and manufacturer to position as a solutions will increasingly drive sales growth across Dell’s provider of comprehensive portfolio. Go to solutions enabling growth for  Dell is pursuing growth by using its position in retail and Market customers the VAR channel to drive hardware and services sales in • Expand global emerging emerging markets. markets presence by tapping  Dell will continue to target commercial and public retailers and VARs segments with its bundled, needs-based solutions. Key:  Working: Short-term impact expected on bottom/top line  Not working: No major impact or differentiation expected8 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  9. 9. Strategy Overview TBRDell is using its PC and x86 businesses as entry points, forging strategicacquisitions to expand its capabilities and break into growth marketsFunction Key Strategies TBR Assessment  Dell’s mobile devices have failed to attract attention in Dell is focusing R&D andAlliances, the consumer segment. Dell will reabsorb the acquisition activity on services,Acquisitions & segment back into the company and alter its strategy computing appliances and cloudResource to cater to public sector and enterprise customers. to capitalize on newManagement  Dell is investing to enhance its core capabilities, opportunities for revenue and targeting an increased presence in private clouds to profit growth. drive improved financial performance in 2011. • Dell is rearchitecting its PC  Dell’s efforts to outsource manufacturing and redesign designs and manufacturing its PC platforms to extricate unnecessary costs have operations to cut costs and resulted in lower total costs of goods sold – down byOperations & offset declining sales. 600 basis points to 77.1% in 1Q11.Global Delivery • Dell is expanding itsModel  Dell’s $100 billion investment in China over the next manufacturing operations to 10 years will solidify the company’s commitment to China to improve costs of labor sustain growth in APAC while reducing labor cost by and increase unit sales in bringing manufacturing to the region. China’s fast-growing economy. Key:  Working: Short-term impact expected on bottom/top line  Not working: No major impact or differentiation expected9 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  10. 10. Scenario Discussion TBRDell will leverage prepackaged virtualization to compete more effectivelyfor leadership in the high-growth, next-generation datacenter frontier Scenario Discussion: Dell will leverage a full stack to get users “hooked” on virtualized environments – opening doors to cloud migration and resulting revenue gains Scenario SWOT Assessment Armed with its enterprise solutions strategy, Dell is targeting the Strength: Dell’s overarching strategy of private cloud as the next growth frontier. Dell is competing with its multiplatform peers to deliver “virtualization in a box,” to acquiring to expand on its core capabilities gain comprehensive hold over evolving datacenters – and Weakness: Dell lacks a historical position and customers’ wallets. reputation in the cloud space • In May, Dell rolled out its vStart preconfigured virtualization Opportunity: Drive higher-margin solutions solution to ease the process of infrastructure virtualization, sales touting increased efficiency to customers to spur adoption of Threat: Competing IBM and HP prepackaged both virtualized and cloud-based environments. The scalable, virtualization solutions converged IT stack is built on standardized components and a single rack to enable deployment on existing infrastructure.Map of integrated solutions approach • vStart enters the growing, increasingly competitive market for prepackaged infrastructure, led by the likes of VCE and EMC’s FlexPod. TBR anticipates Dell will increasingly investigate services as a differentiator in the space to win share. • Dell is utilizing new pieces of its portfolio to create prepackaged solutions for new use cases. vStart runs on EqualLogic arrays, but TBR anticipates Dell will launch Compellant-based vStart packages to deliver business continuity and disaster recovery – an additional value-add to drive sales. • Dell has laid the foundation for high-margin services cross- selling opportunities with vStart, offering accompanying setup Source: Dell and deployment services as well as ProSupport.10 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  11. 11. Scenario Discussion TBRThe success of Dell’s solutions strategy is predicated on execution andaugmentation by technology and delivery partnersScenario Discussion: Leverage technology and channel partners to accelerate Dell’s solutions strategyScenario SWOT Assessment TBR believes Dell will target partner ecosystem expansion toStrength: Software agnosticism creates a more accelerate the delivery and execution of its vertical and datacenter solutions strategieslevel playing ground for ISV partners. • TBR believes Dell will make ecosystem expansion its nextWeakness: Historical position as a primarilydirect sales vendor solutions target. As part of its strategic transformation, the company is retooling the way it goes to market; with a historyOpportunity: Partners will help drive high- steeped in direct sales, Dell is working to change its culture tomargin Dell solution sales. support channel and services relationships.Threat: Consolidation in the IT space hinders • TBR expects Dell to tout its relative agnosticism to cultivatepotential services and ISV relationships. new partner opportunities. In a market with significantExample of converged capabilities, Dell and its partners consolidation between hardware and software, as seen with Technology Partners IBM, Oracle and HP, Dell continues to rely on ISV relationships ISVs for software capabilities, opening new doors with companies, IHVs such as SAP. This also holds true in services, where Dell’s effortsDell Capabilities Networking Delivery Partners to bundle its capabilities into solutions, such as vStart, enable it Compute VARs to approach partners with need-centric, easy-to-implement Storage SIs solutions. Services SPs • To continue driving momentum in vertical markets, Dell will augment vertical adoption in healthcare and education by aggressively pursuing new partner opportunities in high- Solutions growth verticals, including energy and financial services.11 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  12. 12. Scenario Discussion TBRDell will drive accelerated revenue growth by leveraging acquisitionsfor inorganic entrance into key, high-margin marketsScenario Discussion: Dell has put its money where its mouth is by growing in new solution areas viaacquisitionsScenario SWOT Assessment Dell will drive growth in the datacenter and new industries,Strength: Dell has the scale to acquire smaller such as telecommunications and financial services, bycompanies to drive growth. leveraging acquisitions to expand its portfolio into high-Weakness: Traditional position as a direct-market growth areas, including cloud, appliances and storagePC vendor • Through acquisitions, Dell has inorganically positioned itselfOpportunity: Companies are re-evaluating their IT to take on competitors, such as IBM and HP, that can addressproviders with the advent of cloud. large-scale buildouts of integrated hardware with servicesThreat: Traction of equally established rivals, such and software. In offering hardware and software that enablesas IBM, in growth markets, such as cloud the development of virtualized environments as well as design, implementation and support services, Dell positions itself as a solutions provider.Map of Dell’s expanded portfolio areas, based on acquisitions • Dell’s efforts to expand beyond its core stack were evidenced by its 1Q11 financial performance. For example, revenue from enterprise solutions and services increased 5% year-to- year, driven by 11% growth in servers and networking. • Despite efforts to expand beyond its core business areas, Dell is not abandoning its large customer base, leveraging its established roster of midmarket customers as entry points for solutions engagements. Dell also is designing targeted Source: Dell solutions for verticals where it maintains a strong presence, including healthcare, education and the public sector.12 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  13. 13. Corporate SWOT Analysis TBRDell will continue to embrace a need-based enterprise solutions approachwith a focus on cloud to boost its top line throughout 2011 Corporate SWOT Analysis Strengths Opportunities • Dell’s diverse product and services lineup and large • Introduce Streak tablet to gain share in the growing PC and server installed base create opportunities to tablet market upsell professional services. • Leverage scale to forge acquisitions and create new • The Dell Data Center Solutions group’s cloud opportunities for revenue and profitability growth computing business, with customers Amazon, • Target China’s fast-growing market by investing Ask.com and Microsoft • Couple traction in servers with improving services and $100 billion to expand presence and capabilities software portfolios to meet growing demand for within the region datacenter infrastructure buildouts and boost its top • Leverage prepackaged virtualization to compete more line effectively for leadership in the high-growth, next- generation datacenter frontier Weaknesses Threats • Dell’s lack of profitability in consumer PCs takes a toll • Aggressive pricing in the cloud market will limit on its PC gross margin. profitability • Poor consumer adoption of Dell’s mobile devices has • HP’s growing diversity in services and software forced the company to go in a new direction, threatening short-term revenue and profit threatens the Dell-on-Dell sales approach. opportunities. • Despite sinking shipments, desktop PCs represent • Dell’s presence in the retail space is weak compared more than 20% of Dell’s quarterly revenue. to high-end brands with competitive pricing. • Large, multiplatform rivals are upping the ante to compete against Dell for datacenter share.13 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  14. 14. Financial Model Strategy TBRDell will drive revenue and profitability throughout 2011 by leveragingintegrated solutions and focusing on high-margin salesRevenue Performance and Strategies 1Q11 Revenue: $15.0 billion, 10.5% YTY TBR DELL TWO-YEAR QUARTERLY REVENUE AND GROWTH • Dell’s overall revenue increased 1.0% year-to-year to $20,000 30% $15.0 billion in 1Q11, driven by strong performance 20% $16,000 within its Enterprise Solutions and Services group: In $ Millions 10% $12,000 $8,000 0% o Server revenue led in segment revenue growth, -10% $4,000 -20% rising 10.5% year-to-year in 1Q11, climbing 110 basis $0 -30% points to 13.1% of total revenue. 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. o Notebook unit shipments grew 3.2% from the year- Revenue Y/Y Growth Rate SOURCE: TBR AND DELL ago quarter to 5.9 million, while desktop unit shipments declined 4.2% to 4.5 million in 1Q11, both including workstations. TBR $554 DELL SEGMENT CONTRIBUTIONS $543 $574 $481 $608 Revenue and Growth Outlook $624 100% $1,891 $1,915 $1,924 $1,943 $1,984 Percent of Total Revenue $2,150 80% $1,785 $1,890 $1,844 $2,090 $1,973 $2,144 60% $2,496 $2,535 $2,579 $2,651 $2,567 $2,763 40% • TBR estimates Dell’s corporate revenue will increase by 20% $8,148 $8,570 $8,504 $8,434 $8,012 $8,335 3.0% annually in 2Q11 as integrated acquisitions 0% contribute revenue and enterprise sales rise. 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. • We anticipate 2Q11 sales will continue to be driven by Storage Services Server SW & Peripherals PC cloud-related services and solutions, as Dell shifts from SOURCE: TBR AND DELL its purely hardware focus.14 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  15. 15. Financial Model Strategy TBRProduction efficiencies and an improving product mix will continueto drive profit growth for Dell Cost & Margin Performance and Strategies 1Q11 Total OPEX: $2.2 billion • COGS fell to 77.1% of revenue, from 83.1% inTBR DELLS GROSS AND OPERATING PROFIT AND PROJECTIONS 1Q10, as a result of supply chain optimization, Gross and Operating Margin 22.9% 25% 19.5% 21.0% 22.0% 19.5% Cost of leveling component costs and a shift in product 20% 18.5% 18.0% 16.9% 16.6% Services, mix to higher-value, higher-margin products 15% 6.7% 7.3% 8.1% 8.8% Gross Profit and services. 10% 6.8% 6.4% 5% 3.5% 4.8% 5.6% • Dell’s gross margin increased to 22.9% in 1Q11 0% from 16.9% in 1Q10 and 21.0% in 4Q10. 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. CY10 CY11 Est. CY12 Est. Gross Margin Operating MarginNOTE: Annual gross and operating profit and projections are for calendar 2010 , 2011, and 2012,respectively. • SG&A expense increased 120 basis pointsSOURCE: TBR AND DELL annually to 13.5% of revenue in 1Q11. SG&A • Expenses were driven by efforts to strengthen Dell’s enterprise sales force; general & administrative expenses remained flat. TBR DELL PERCENT EXPENSE BY FUNCTION 12% • Dell’s operating margin increased 460 basis Percent Apps Revenue 10% points from 1Q10, and 80 basis points from 8% 6% 4Q10, to 8.1% in 1Q11, driven by adoption of 4% new service, server and network offerings. 2% 0% Operating • TBR estimates Dell’s operating margin will 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Margin and continue to grow on year-to-year and S&M G&A R&D Est. Outlook sequential bases, reaching 8.8% in 2Q11 as the SOURCE: TBR AND DELL company improves product pricing. • Dell will be challenged to maintain low operating expenses as it opens new datacenters globally. 15 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  16. 16. Financial Model Strategy TBRAcquisitions will augment Dell’s enterprise solutions and services business,driving growth and profitabilitySegment Performance and Strategies • Dell’s notebook PC revenue increased 3.4% year-to- TBR DELL PERCENT REVENUE BY SEGMENT year (excluding workstations), as both ASP and unit 60% shipments were up slightly from the year-ago Percent Total Revenue 50% 40% PCs quarter. 30% • Dell’s desktop revenue declined 9.1% year-to-year 20% (excluding workstations), as units shipped and ASP 10% 0% fell 4.5% and 4.8%, respectively, from 1Q10. 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. • Server revenue grew 10.5% from the year-ago PC Server Storage SW & Peripherals Services SOURCE: TBR AND DELL quarter in 1Q11, as SMB and public sector customers adopted high-end servers based on Servers & Intel’s latest Westmere architecture. Storage • Storage growth attributable to the acquisition of Compellent and sales of Dell-owned storageTBR DELL SEGMENT GROWTH products was offset by revenue declines 60% attributable to EMC storage products. Percent Total Revenue 40% 20% • Services revenue grew 4.9% year-to-year in 1Q11, 0% as Dell leveraged its acquisition of SecureWorks to -20% deliver security capabilities for enterprise -40% Services customers. 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. • TBR expects Dell’s Services segment to report PC Server Storage SW & Peripherals ServicesSOURCE: TBR AND DELL double-digit growth in 2Q11 as unfavorable compares as a result of the Perot acquisition fade. Dell’s Software & Peripherals revenue grew 2.8% Software & year-to-year in 1Q11; TBR expects Dell to continue to Peripherals terminate unprofitable lines within the segment.16 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  17. 17. Go-to-Market & Product Strategies TBRDell’s recent product announcements will meet growing enterpriseand SMB demand for datacenter solutionsGTM Discussion: Dell announced new networking, server and storage offerings that will augment itsenterprise and SMB product portfoliosKey Takeaways • Dell announced additions to its networking, server and storage• Dell remains committed to its enterprise portfolios, targeted toward datacenter needs for mission- customers by developing products and critical workloads. TBR believes these product announcements solutions that best meet their needs. are part of the company’s corporatewide strategy of growing its solutions portfolio for enterprise and SMB customers as• Dell is expanding its server and storage datacenters become increasingly complex. offerings to improve datacenter environments by creating integrated solutions with improved • Server and storage announcements include Dell’s PowerEdge capabilities compared to previous-generation M915 server, available in two or four socket models, and an models. AMD-based blade server for mission-critical workloads, touting improved scalability, flexibility and efficiency over previous-• The company continues to enhance its generation models. Also part of the announcement was Dell’s networking solutions to provide additional DX Object Storage Platform, an integrated solution that virtualization and connectivity capabilities. leverages file-based networking to access, archive and protect stored data. Dell DX Object Storage Platform • Enhancements to Dell’s PowerConnect and PowerEdge networking solutions increase the flexibility, connectivity and virtualization capabilities of the solutions for enterprise and SMB datacenters. SOURCE: DELL17 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  18. 18. Go-to-Market & Product Strategies TBRDell delivers bundled solutions to capitalize on growing commercialdemand and combat headwinds in the consumer space Trends to monitor: TBR DELL GLOBAL BUSINESS SEGMENT REVENUE • Dell will drive continued momentum in the Large Enterprise $16,000 market by developing vertical-specific and integrated solutions. Revenue (In $ Millions) $4,246 $4,477 Large Enterprise $12,000 • The public sector will make a slow comeback due in 2Q11, as Dell Public employs its solutions strategy to drive growth within government $8,000 $3,856 $3,767 SMB and education customer accounts. $3,524 $3,768 Consumer $4,000 • Dell will continue working to expand into emerging markets, such $3,248 $3,005 as India and China, to accelerate SMB growth into 2H11. $0 1Q10 1Q11 • TBR estimates Dell’s consumer revenue will continue declining in Calendar Quarter 2Q11 at a rate of 18.5% annually, as the vendor struggles against SOURCE: TBR AND DELL lackluster demand. Large Enterprise Public SMB Consumer The Large Enterprise Public sector revenue In 1Q11, SMB segment grew 5.4% suffered from slowed revenue was up 6.9% annually in 1Q11, as hardware demand annually – the highest In 1Q11, Dell Key Dell expanded its during 1Q11, in two years. Growth experienced a 7.5% Changes product lines targeted declining 2.3% year- was driven by success year-to-year decrease & at large enterprise to-year. TBR predicts in the APAC region, in consumer revenue Drivers customers and an upward turn in namely in Japan. TBR due to declining increased client 2Q11, albeit with expects steady, 6.1% hardware demand. revenue a reported slow, 0.4% year-to- year-to-year growth 7%. year growth. in 2Q11.18 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  19. 19. Go-to-Market & Product Strategies TBRDell touts a growing portfolio of need-based solutions and leans onglobal VAR partners to drive new sales and accelerate growth Sales Approach Direct Sales Approach Indirect Sales Approach • Deliver a range of business and • Leverage retail and VAR consumer PCs and services partners to sell consumer and directly to customers business systems on a • Provide a consultative sales worldwide basis approach to customers, • Utilize two to three top retailers including the best elements of in each geography; focus on Dell’s product portfolio, notebook PCs regardless of geography • Support VAR partners with • Target top enterprise geo-specific products (such as customers’ integrated product Vostro A), specialized pricing, bundles while providing marketing resources, enhanced products and training/certification and Dell services to SMBs and support services consumers • Offer VARs deal registration19 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  20. 20. Alliance & Acquisition Strategy TBRDell will deliver margin growth by leveraging acquisitions to round outits enterprise solutions portfolioMap of alliance, acquisition, and development synergies TBR believes Dell will maintain its aggressive acquisition cadence, dipping into its large cash pool to drive inorganic revenue and profit growth into 2H11. Dell leverages acquisitions to enhance its solutions and Acquisitions Internal Development penetrate the enterprise – with a focus on private • Quicken Dell’s foray Open new facilities to clouds. into cloud drive innovation – with computing • Dell finalized its acquisition of SecureWorks in 1Q11, a focus on cloud enhancing its arsenal of enterprise cloud solutions. • Diversfiy and expand computing product portfolio SecureWorks provides Information Technology as a Service (ITaaS ), with a specialization in Information Security services. The purchase will help make Dell a Alliances major player in network security in coming quarters, Augment core capabilities to providing a significant value-add to hardware offerings deliver bundled solutions for to drive sales. revenue and profit growth • Dell closed its acquisition of virtualized storage solutions vendor Compellent Technologies in 1Q11, to enhance its capabilities and spur customer migration to virtualized and cloud infrastructures. Additionally, Dell Alliances and acquisitions serve to position Dell as expanded its channel partner program and will leverage a leading provider of cloud computing storage Compellent’s strong channel offerings to accelerate solutions for private enterprise. sales and revenue growth.20 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  21. 21. Alliance & Acquisition Strategies TBRDell leans on acquired technologies to diversify its revenue, sheddingits status as strictly a PC vendor to break into growth marketsDell’s Acquisition Timeline 2H09 1H10 2H10 1H11 Professional Services Emerging Markets Dynamic Datacenter Enterprise Solutions Perot Solutions • Extranet • Boomi • SecureWorks • Kace Networks • Ocarina Networks • Compellent • Scalent21 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  22. 22. Geographic Overview TBRDell will drive growth by leveraging strength in China and capitalizingon recovering economies in EMEA TBR Conclusions: TBR DELL REVENUE BY REGION • Although TBR anticipates weakness in the consumer segment in $16,000 the Americas will result in a 1.4% drop in revenue, we expect $14,000 In $ Mi l lions $12,000 Americas favorable year-to-year compares will drive 6.7% growth in EMEA. $10,000 $9,076 $8,804 EMEA • TBR believes Dell will maintain strong revenue growth in APAC, at $8,000 $6,000 14.4% year-to-year, driven by continued success in China. $4,000 $3,255 $3,288 Asia Pacific • Emerging and BRIC markets will continue to grow in 2011, $2,000 $2,543 $2,926 $- becoming a significant portion of global revenue. 1Q10 1Q11 SOURCE: TBR AND DELL U.S./Americas EMEA APAC and Japan Emerging Markets The Americas posted a APAC and Japan In 1Q11, Dell reported 3.0% year-to-year Revenue growth in maintained double-digit revenue gains of 17% year- to-year in growth markets. Key decline in revenue but EMEA was slow in growth of 15.1% year-to- BRIC countries were up Strategies remained the largest 1Q11, rising 1.0% year in 1Q11, with sales 18% annually, while India contributor at 58.6% of year-to-year. driven by a reported 22% increased 28% year-to- revenue. increase in China. year.22 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  23. 23. Resource Management Strategy TBRInvestments in cloud computing set the stage for growth in the emergingtechnology marketResource Management Changes InvestmentsIn April, Dell Services appointed Suresh Vaswani • Dell remains committed to expanding its investmentexecutive VP of Applications and Business in cloud computing.Outsourcing. TBR expects Vaswani to strengthen Dell’s o Dell announced plans to open an R&D center inpresence in the Indian solutions market. Silicon Valley, Calif. By 2016, Dell expects the facility to employ approximately 1,500 workers. The company also plans to open 22 new global TBR DELL PROFITABILITY METRICS datacenters over the next two years. 50.00% o In early April, Dell announced plans to spend 40.00% $1.0 billion on R&D specific to cloud computing. 30.00% • In late April, Dell announced its intent to acquire Dell 20.00% Financial Services Canada Ltd., a partnership between 10.00% Dell and CIT Vendor Finance, to expand its direct 0.00% financing opportunities to customers in Canada and 1Q10 2Q10 3Q10 4Q10 1Q11 Europe. Dell also will acquire CIT Vendor Finance’s Return on Assets Return on Equity Dell-related European assets. SOURCE: TBR AND DELL • Dell Services finalized its acquisition of SecureWorks in 1Q11, augmenting its security services offerings for Dell Efficiency Metrics 1Q10 1Q11 enterprise customers. Revenue per Employee $ 637,172 $ 624,805 S&M Employee Expense (per head) $ 265,456 $ 277,318 R&D Employee Expense (per head) $ 151,595 $ 149,783 G&A Employee Expense (per head) $ 181,070 $ 196,763 Revenue per Salesperson $ 3,510,592 $ 3,571,86523 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  24. 24. Resource Management Strategy TBRDell is increasing its headcount to develop sales forces and product linestargeted at growth marketsHeadcount Strategies Headcount drivers and changes TBR DELL REVENUE AND HEADCOUNT $500,000 110,000 • Sales and Marketing: Sales and marketing headcount increased 4.8% annually to 21,400 in 1Q11, as Dell develops a Revenue per Employee $400,000 100,000 Headcount specialized, enterprise-focused sales force. $300,000 90,000 $200,000 80,000 • General and Administrative: Dell continues to maintain flat G&A headcount and expenses to boost operating margin; in $100,000 70,000 1Q10 2Q10 3Q10 4Q10 1Q11 1Q11, G&A headcount remained flat for the third consecutive Revenue per Employee Employee Headcount quarter, increasing just 0.8% year-to-year.SOURCE: TBR AND DELL • Research and Development: In 1Q11, R&D headcount rose 11.6%, as Dell ramped investment to improve its product line,TBR DELL HEADCOUNT targeting the enterprise sector and cloud segment. 120,000 Keep on the radar 4,300 4,800 100,000 8,300 Research & Development • With plans to invest $1 billion in datacenters worldwide, Dell Total Headcount 8,236 80,000 17,029 18,800 General & Administrative will increase headcount increases across the board in 2011. 60,000 20,425 21,400 Manufacturing 40,000 • Low-Cost Regions: TBR expects Dell to increase headcount in Sales & Marketing 20,000 46,010 47,000 Services & Support low-cost regions in 2Q11 to accelerate 1Q11 growth while 0 cutting costs. 1Q10 1Q11 Calendar QuarterSOURCE: TBR AND DELL24 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  25. 25. Organization Breakdown TBRDell Inc. Organizational Chart Michael S. Dell Chairman of the Board Chief Executive Officer Stephen F. Schuckenbrock Paul D. Bell President President Dell Services Public and Large Enterprise Stephen J. Felice Jeffrey W. Clarke President, Vice Chairman Consumer and Operations & Technology Small and Medium Business Brian T. Gladden Senior Vice President Chief Financial Officer Brad R. Anderson Lawrence P. Tu Karen H. Quintos Ronald Rose David L. Johnson Steve H. Price Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice President Senior Vice PresidentEnterprise Product Group General Counsel Chief Marketing Officer Dell.com Corporate Strategy Human ResourcesManagement ChangesIn April, Dell Services appointed Suresh Vaswani executive VP of Applications and Business Outsourcing as well aschairman of Dell India. TBR anticipates Vaswani will improve Dell Services’ delivery capabilities, expanding itspresence in India to accelerate recent growth in the country’s strong services market. Additionally, Vaswani will helphone innovation to capitalize on growth verticals – with a push toward virtualization and cloud.25 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  26. 26. Income Statement TBR DELL INC. Consolidated Statement of Income In thousands except earnings per share data TBR CALENDAR QUARTER 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. FISCAL QUARTER F1Q11 F2Q11 F3Q11 F4Q11 F1Q12 F2Q12 Es t. Net Sales $ 14,874,000 $ 15,534,000 $ 15,394,000 $ 15,692,000 $ 15,017,000 $ 16,000,000 Cost of Sales 12,358,000 12,948,000 12,391,000 12,401,000 11,585,000 12,480,000 Gross Profit 2,516,000 2,586,000 3,003,000 3,291,000 3,432,000 3,520,000 SG&A 1,830,000 1,679,000 1,816,000 1,977,000 2,025,000 1,920,000 R&D 167,000 162,000 163,000 169,000 195,000 192,000 Operating Income 519,000 745,000 1,024,000 1,145,000 1,212,000 1,408,000 Financing and Other (68,000) (49,000) 52,000 (18,000) (42,000) (14,000) Pre-Tax Income 451,000 696,000 1,076,000 1,127,000 1,170,000 1,394,000 Income Taxes 110,000 151,000 254,000 200,000 225,000 240,000 Net Income $ 341,000 $ 545,000 $ 822,000 $ 927,000 $ 945,000 $ 1,154,000 Earnings Per Share $ 0.17 $ 0.28 $ 0.42 $ 0.48 $ 0.49 AS A PERCENTAGE OF REVENUE Net Sales 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Cost of Sales 83.1% 83.4% 80.5% 79.0% 77.1% 78.0% Gross Margin 16.9% 16.6% 19.5% 21.0% 22.9% 22.0% SG&A 12.3% 10.8% 11.8% 12.6% 13.5% 12.0% R&D 1.1% 1.0% 1.1% 1.1% 1.3% 1.2% Operating Expenses 13.4% 11.9% 12.9% 13.7% 14.8% 13.2% Operating Margin 3.5% 4.8% 6.7% 7.3% 8.1% 8.8% Net Margin 2.3% 3.5% 5.3% 5.9% 6.3% 7.2% YEAR-TO-YEAR CHANGE Net Sales 20.5% 21.7% 19.4% 5.3% 1.0% 3.0% Cost of Sales 21.5% 24.8% 16.2% -0.2% -6.3% -3.6% Gross Profit 16.1% 8.2% 34.5% 33.3% 36.4% 36.1% SG&A 13.5% 6.9% 21.0% 11.1% 10.7% 14.4% R&D 18.4% 8.7% 5.2% -5.6% 16.8% 18.5% Operating Expenses 13.9% 7.0% 19.5% 9.5% 11.2% 14.7% Operating Income 25.4% 11.0% 77.5% 124.5% 133.5% 89.0% F/O 3300.0% 16.7% -182.5% -56.1% -38.2% -71.4% Ebitda 9.5% 10.7% 109.3% 140.3% 159.4% 100.3% Income Taxes -9.8% -3.8% 43.5% 48.1% 104.5% 58.9% Net Income 17.6% 15.5% 143.9% 177.5% 177.1% 111.7% SOURCE: DELL INC.26 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  27. 27. Balance Sheet TBR DELL INC. Consolidated Balance Sheets (In Thous a nds ) TBR CALENDAR QUARTER 1Q10 2Q10 3Q10 4Q10 1Q11 FISCAL QUARTER F1Q11 F2Q11 F3Q11 F4Q11 F1Q12 ASSETS Current Assets Cash and Cash equivalents $ 10,255,000 $ 11,694,000 $ 12,889,000 $ 13,913,000 $ 14,061,000 Short-term Investments 627,000 744,000 492,000 452,000 418,000 Accounts Receivable 5,880,000 6,565,000 6,407,000 6,493,000 6,196,000 Financing Receivables 3,221,000 3,272,000 3,588,000 3,643,000 3,205,000 Inventory 1,182,000 1,372,000 1,294,000 1,301,000 1,276,000 Other (Deferred Income Taxes, etc.) 3,619,000 3,562,000 3,118,000 3,219,000 3,217,000 Total Current Assets 24,784,000 27,209,000 27,788,000 29,021,000 28,373,000 Property, Plant, & Equipment 2,049,000 1,980,000 1,948,000 1,953,000 1,987,000 Equity Securities and Other Invest. 714,000 633,000 662,000 704,000 762,000 Long-term Financing Receivables 528,000 622,000 709,000 799,000 1,123,000 Other Non-current Assets 327,000 294,000 235,000 262,000 196,000 Total Assets $ 34,241,000 $ 36,640,000 $ 37,154,000 $ 38,599,000 $ 39,788,000 LIABILITIES AND EQUITY Current Liabilities Short-term Borrowings 1,079,000 1,627,000 826,000 851,000 816,000 Accounts Payable 11,402,000 12,465,000 11,278,000 11,293,000 10,442,000 Accrued Liabilities 3,449,000 3,812,000 3,898,000 4,181,000 3,590,000 Total Current Liabilities 18,880,000 20,913,000 19,095,000 19,483,000 18,130,000 Long-Term Debt 3,582,000 3,623,000 5,168,000 5,146,000 6,794,000 Other Non-current Liabilities 5,801,000 5,943,000 6,078,000 6,204,000 6,494,000 Total Liabilities 28,263,000 30,479,000 30,341,000 30,833,000 31,418,000 Total Stockholders Equity 5,978,000 6,161,000 6,813,000 7,766,000 8,370,000 Total Liabilities & Equity $ 34,241,000 $ 36,640,000 $ 37,154,000 $ 38,599,000 $ 39,788,000 SOURCE: DELL INC.27 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
  28. 28. Appendix – Financial Models TBR DELL REVENUE MODEL TBR CALENDAR QUARTER 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 Est. REVENUE (IN $ THOUSANDS) F1Q11 F2Q11 F3Q11 F4Q11 F1Q12 F2Q12 Est. Total $ 14,874,000 $ 15,534,000 $ 15,394,000 $ 15,692,000 $ 15,017,000 $ 16,000,000 System $ 10,487,000 $ 11,084,000 $ 10,891,000 $ 11,098,000 $ 10,466,000 $ 11,087,000 Peripheral Products $ 2,496,000 $ 2,535,000 $ 2,579,000 $ 2,651,000 $ 2,567,000 $ 2,763,000 Enhanced Services $ 1,891,000 $ 1,915,000 $ 1,924,000 $ 1,943,000 $ 1,984,000 $ 2,150,000 Gross Profit $ 2,516,000 $ 2,586,000 $ 3,003,000 $ 3,291,000 $ 3,432,000 $ 3,520,000 Gross Margin 16.9% 16.6% 19.5% 21.0% 22.9% 22.0% REVENUE MODEL Desktops $ 3,185,000 $ 3,460,000 $ 3,226,000 $ 3,174,000 $ 2,896,000 $ 3,040,000 Portables $ 4,408,000 $ 4,540,000 $ 4,693,000 $ 4,690,000 $ 4,556,000 $ 4,720,000 Workstations $ 555,000 $ 570,000 $ 585,000 $ 570,000 $ 560,000 $ 575,000 DT Workstation $ 400,000 $ 410,000 $ 420,000 $ 410,000 $ 400,000 $ 410,000 NB Workstations $ 155,000 $ 160,000 $ 165,000 $ 160,000 $ 160,000 $ 165,000 Servers $ 1,785,000 $ 1,890,000 $ 1,844,000 $ 2,090,000 $ 1,973,000 $ 2,144,000 External Storage $ 554,000 $ 624,000 $ 543,000 $ 574,000 $ 481,000 $ 608,000 Peripheral Products $ 2,496,000 $ 2,535,000 $ 2,579,000 $ 2,651,000 $ 2,567,000 $ 2,763,000 Enhanced Services $ 1,891,000 $ 1,915,000 $ 1,924,000 $ 1,943,000 $ 1,984,000 $ 2,150,000 Total $ 14,874,000 $ 15,534,000 $ 15,394,000 $ 15,692,000 $ 15,017,000 $ 16,000,000 PERCENTAGE OF TOTAL REVENUE Desktops 21.4% 22.3% 21.0% 20.2% 19.3% 19.0% Workstations 3.7% 3.7% 3.8% 3.6% 3.7% 3.6% Portables 29.6% 29.2% 30.5% 29.9% 30.3% 29.5% Servers 12.0% 12.2% 12.0% 13.3% 13.1% 13.4% External Storage 3.7% 4.0% 3.5% 3.7% 3.2% 3.8% Peripheral Products 16.8% 16.3% 16.8% 16.9% 17.1% 17.3% Services 12.7% 12.3% 12.5% 12.4% 13.2% 13.4% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% YEAR-TO-YEAR REVENUE GROWTH Desktops 13.2% 17.1% 21.5% 3.7% -9.1% -4.6% Workstations 16.8% 15.2% 18.2% 6.5% 0.9% 3.6% Portables 17.5% 20.7% 15.6% 4.2% 3.4% 7.1% Servers 38.8% 34.7% 19.8% 15.9% 10.5% 20.1% External Storage 3.7% 13.2% 6.9% -4.2% -13.2% 9.7% Peripheral Products 11.1% 6.4% 7.7% 7.0% 2.8% 10.7% Services 52.7% 57.2% 54.7% 1.1% 4.9% 13.7% Total 20.5% 21.7% 19.4% 5.3% 1.0% 7.6% SOURCE: TBR ESTIMATES AND DELL FINANCIALS28 Dell Inc. 1Q11 | Computer Business Quarterly ©2011 Technology Business Research, Inc.
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