Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter

Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year

DELL INC.
Condensed Consolidated Statement of Financial Position and Related Financial Highlights
(in millions, except for "Ratios")
(unaudited)

	January 28,			October 29,			January 29,
	2011			2010			2010
Assets:
Current assets:
Cash and cash equivalents	$	13,913		$	12,889		$	10,635
Short-term investments		452			492			373
Accounts receivable, net		6,493			6,407			5,837
Financing receivables, net		3,643			3,588			2,706
Inventories, net		1,301			1,294			1,051
Other current assets		3,219			3,118			3,643
Total current assets		29,021			27,788			24,245
Property, plant and equipment, net		1,953			1,948			2,181
Investments		704			662			781
Long-term financing receivables, net		799			709			332
Goodwill		4,365			4,259			4,074
Purchased intangible assets, net		1,495			1,553			1,694
Other non-current assets		262			235			345
Total assets	$	38,599		$	37,154		$	33,652

Liabilities and Equity:
Current liabilities:
Short-term debt	$	851		$	826		$	663
Accounts payable		11,293			11,278			11,373
Accrued and other		4,181			3,898			3,884
Short-term deferred services revenue		3,158			3,093			3,040
Total current liabilities		19,483			19,095			18,960
Long-term debt		5,146			5,168			3,417
Long-term deferred services revenue		3,518			3,447			3,029
Other non-current liabilities		2,686			2,631			2,605
Total liabilities		30,833			30,341			28,011
Stockholders' equity		7,766			6,813			5,641
Total liabilities and equity	$	38,599		$	37,154		$	33,652


Ratios:
Days of sales outstanding ⁽¹⁾		40			41			38
Days supply in inventory		9			9			8
Days in accounts payable		(82	)		(82	)		(82	)
Cash conversion cycle		(33	)		(32	)		(36	)

Average total revenue/unit (approximate)	$	1,360		$	1,380		$	1,340

Note: Ratios are calculated based on underlying data in thousands.

⁽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 January 28, 2011, October 29, 2010, and January 29, 2010, DSO and days of customer shipments not yet recognized were 37 and 3 days, 38 and 3 days, 35 and 3 days, respectively.

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