FORM 8-K |
Massachusetts | 1-9853 | 04-2680009 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
176 South Street Hopkinton, Massachusetts (Address of principal executive offices) | 01748 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release from EMC Corporation dated April 24, 2013 |
EMC CORPORATION | |
By: | /s/ David I. Goulden |
David I. Goulden | |
President and Chief Operating Officer |
Exhibit No. | Description |
99.1 | Press release from EMC Corporation dated April 24, 2013 |
Contact: | Lesley Ogrodnick |
Highlights: | |
l | Record first-quarter revenue, non-GAAP net income, non-GAAP EPS, operating cash flow and free cash flow |
l | Year-over-year revenue growth across U.S. and major global geographies, with solid revenue growth from BRIC+13 markets |
l | EMC reaffirms full-year 2013 business outlook for consolidated revenue and non-GAAP EPS |
• | Consolidated revenues are expected to be $23.5 billion for 2013. |
• | Consolidated GAAP operating income is expected to be 18.5% of revenues for 2013 and consolidated non-GAAP operating income is expected to be 25.5% of revenues for 2013. Excluded from consolidated non-GAAP operating income are stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges and the amortization of VMware's capitalized software from prior periods which account for 4.3%, 1.6%, 1.0% and 0.1% of revenues, respectively. |
• | Total consolidated GAAP and non-GAAP non-operating expense, which includes investment income, interest expense and other income and expense, is expected to be $280 million in 2013. |
• | Consolidated GAAP net income attributable to EMC is expected to be $3.0 billion in 2013 and consolidated non-GAAP net income attributable to EMC is expected to be $4.1 billion in 2013. Excluded from consolidated non-GAAP net income attributable to EMC are stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges, the amortization of VMware's capitalized software from prior periods and the benefit of the 2012 R&D tax credit which account for $700 million, $250 million, $160 million, $15 million and ($60 million), respectively. |
• | Consolidated GAAP earnings per weighted average diluted share are expected to be $1.36 for 2013 and consolidated non-GAAP earnings per weighted average diluted share are expected to be $1.85 for 2013. Excluded from consolidated non-GAAP earnings per weighted average diluted share are stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges, the amortization of VMware's capitalized software from prior periods and the benefit of the 2012 R&D tax credit which account for $0.32, $0.12, $0.07, $0.01 and ($0.03) per weighted average diluted share, respectively. |
• | The consolidated GAAP income tax rate is expected to be 20.5% for 2013. Excluding the tax impact of stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges, the amortization of VMware's capitalized software from prior periods, and the benefit of the 2012 R&D tax credit which collectively impact the tax rate by 3%, the consolidated non-GAAP income tax rate is expected to be 23.5% for 2013. |
• | GAAP net income attributable to the non-controlling interest in VMware is expected to be $180 million and non-GAAP net income attributable to the non-controlling interest in VMware is expected to be $285 million for 2013. Excluded from non-GAAP net income attributable to the non-controlling interest in VMware are stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges, the amortization of VMware's capitalized software from prior periods, and the benefit of the 2012 R&D tax credit which account for $78 million, $15 million, $14 million, $4 million and ($6 million), respectively. The incremental dilution attributable to the shares of VMware held by EMC is expected to be $10 million for 2013. |
• | Consolidated net cash provided by operating activities is expected to be $6.8 billion for 2013 and free cash flow is expected to be $5.5 billion for 2013. Excluded from free cash flow are $900 million of additions to property, plant and equipment and $400 million of capitalized software development costs. |
• | The weighted average outstanding diluted shares are expected to be 2.2 billion for 2013. |
• | EMC expects to repurchase $1 billion of the company's common stock in 2013. |
• | EMC will host its 2013 first-quarter earnings conference call today at 8:30 a.m. ET, which will be available via EMC's web site at http://www.emc.com/about/investor-relations/index.htm |
• | Additional information regarding EMC's financials, as well as a webcast of the conference call, will be available at 8:30 a.m. ET at http://www.emc.com/about/investor-relations/index.htm |
Three Months Ended | ||||||||
March 31, | March 31, | |||||||
2013 | 2012 | |||||||
Revenues: | ||||||||
Product sales | $ | 3,111,936 | $ | 3,068,857 | ||||
Services | 2,275,447 | 2,025,521 | ||||||
5,387,383 | 5,094,378 | |||||||
Cost and expenses: | ||||||||
Cost of product sales | 1,355,985 | 1,301,550 | ||||||
Cost of services | 733,573 | 679,611 | ||||||
Research and development | 675,564 | 587,817 | ||||||
Selling, general and administrative | 1,713,954 | 1,650,197 | ||||||
Restructuring and acquisition-related charges | 147,724 | 25,893 | ||||||
Operating income | 760,583 | 849,310 | ||||||
Non-operating income (expense): | ||||||||
Investment income | 33,163 | 29,452 | ||||||
Interest expense | (20,854 | ) | (18,183 | ) | ||||
Other income (expense), net | (81,878 | ) | (43,690 | ) | ||||
Total non-operating income (expense) | (69,569 | ) | (32,421 | ) | ||||
Income before provision for income taxes | 691,014 | 816,889 | ||||||
Income tax provision | 76,060 | 190,910 | ||||||
Net income | 614,954 | 625,979 | ||||||
Less: Net income attributable to the non-controlling interest in VMware, Inc. | (34,904 | ) | (39,137 | ) | ||||
Net income attributable to EMC Corporation | $ | 580,050 | $ | 586,842 | ||||
Net income per weighted average share, basic attributable to EMC Corporation common shareholders | $ | 0.28 | $ | 0.28 | ||||
Net income per weighted average share, diluted attributable to EMC Corporation common shareholders | $ | 0.26 | $ | 0.27 | ||||
Weighted average shares, basic | 2,102,368 | 2,067,828 | ||||||
Weighted average shares, diluted | 2,189,410 | 2,201,933 |
March 31, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,304,305 | $ | 4,714,156 | ||||
Short-term investments | 1,223,463 | 1,421,710 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $63,233 and $68,465 | 2,784,197 | 3,433,389 | ||||||
Inventories | 1,180,011 | 1,201,020 | ||||||
Deferred income taxes | 978,002 | 941,775 | ||||||
Other current assets | 579,030 | 465,305 | ||||||
Total current assets | 12,049,008 | 12,177,355 | ||||||
Long-term investments | 5,480,292 | 5,259,862 | ||||||
Property, plant and equipment, net | 3,170,167 | 3,144,548 | ||||||
Intangible assets, net | 1,937,525 | 2,035,340 | ||||||
Goodwill | 13,993,912 | 13,839,700 | ||||||
Other assets, net | 1,603,353 | 1,611,880 | ||||||
Total assets | $ | 38,234,257 | $ | 38,068,685 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 939,295 | $ | 1,040,664 | ||||
Accrued expenses | 2,397,825 | 2,522,059 | ||||||
Income taxes payable | 59,167 | 514,302 | ||||||
Convertible debt | 1,653,394 | 1,652,442 | ||||||
Deferred revenue | 4,905,977 | 4,574,529 | ||||||
Total current liabilities | 9,955,658 | 10,303,996 | ||||||
Income taxes payable | 306,424 | 293,105 | ||||||
Deferred revenue | 3,201,093 | 2,976,328 | ||||||
Deferred income taxes | 548,970 | 574,846 | ||||||
Other liabilities | 341,531 | 338,915 | ||||||
Total liabilities | 14,353,676 | 14,487,190 | ||||||
Convertible debt | 41,615 | 57,704 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Preferred stock, par value $0.01; authorized 25,000 shares; none outstanding | — | — | ||||||
Common stock, par value $0.01; authorized 6,000,000 shares; issued and outstanding 2,100,840 and 2,106,959 shares | 21,009 | 21,070 | ||||||
Additional paid-in capital | 3,448,386 | 3,691,112 | ||||||
Retained earnings | 19,433,284 | 18,853,234 | ||||||
Accumulated other comprehensive loss, net | (241,971 | ) | (208,273 | ) | ||||
Total EMC Corporation's shareholders' equity | 22,660,708 | 22,357,143 | ||||||
Non-controlling interest in VMware, Inc. | 1,178,258 | 1,166,648 | ||||||
Total shareholders' equity | 23,838,966 | 23,523,791 | ||||||
Total liabilities and shareholders' equity | $ | 38,234,257 | $ | 38,068,685 |
Three Months Ended | |||||||||||
March 31, | March 31, | ||||||||||
2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||
Cash received from customers | $ | 6,615,763 | $ | 6,023,588 | |||||||
Cash paid to suppliers and employees | (4,404,823 | ) | (4,114,849 | ) | |||||||
Dividends and interest received | 39,080 | 18,483 | |||||||||
Interest paid | (1,149 | ) | (1,342 | ) | |||||||
Income taxes paid | (536,075 | ) | (237,692 | ) | |||||||
Net cash provided by operating activities | 1,712,796 | 1,688,188 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | (165,356 | ) | (153,631 | ) | |||||||
Capitalized software development costs | (105,792 | ) | (105,848 | ) | |||||||
Purchases of short- and long-term available-for-sale securities | (1,819,390 | ) | (1,585,822 | ) | |||||||
Sales of short- and long-term available-for-sale securities | 1,414,234 | 1,439,393 | |||||||||
Maturities of short- and long-term available-for-sale securities | 387,525 | 273,982 | |||||||||
Business acquisitions, net of cash acquired | (184,040 | ) | (102,105 | ) | |||||||
Purchases of strategic and other related investments | (35,203 | ) | (3,864 | ) | |||||||
Sales of strategic and other related investments | — | 16,950 | |||||||||
Joint venture funding | (94,737 | ) | — | ||||||||
Net cash used in investing activities | (602,759 | ) | (220,945 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of EMC's common stock | 42,371 | 180,189 | |||||||||
Proceeds from the issuance of VMware's common stock | 67,889 | 111,041 | |||||||||
EMC repurchase of EMC's common stock | (323,458 | ) | — | ||||||||
EMC purchase of VMware's common stock | (124,579 | ) | (39,993 | ) | |||||||
VMware repurchase of VMware's common stock | (181,961 | ) | — | ||||||||
Excess tax benefits from stock-based compensation | 33,048 | 106,024 | |||||||||
Proceeds (payments) of short- and long-term obligations, net | (5,658 | ) | 2,387 | ||||||||
Payment of convertible debt | — | (1,699,816 | ) | ||||||||
Net cash used in financing activities | (492,348 | ) | (1,340,168 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (27,540 | ) | 11,050 | ||||||||
Net increase in cash and cash equivalents | 590,149 | 138,125 | |||||||||
Cash and cash equivalents at beginning of period | 4,714,156 | 4,491,604 | |||||||||
Cash and cash equivalents at end of period | $ | 5,304,305 | $ | 4,629,729 | |||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Net income | $ | 614,954 | $ | 625,979 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 391,191 | 367,453 | |||||||||
Non-cash interest expense on convertible debt | 12,245 | 9,323 | |||||||||
Non-cash restructuring and other special charges | 6,662 | 4,477 | |||||||||
Stock-based compensation expense | 235,952 | 200,572 | |||||||||
Provision for doubtful accounts | (7,913 | ) | 9,472 | ||||||||
Deferred income taxes, net | (61,662 | ) | (52,320 | ) | |||||||
Excess tax benefits from stock-based compensation | (33,048 | ) | (106,024 | ) | |||||||
Other, net | 5,844 | (8,987 | ) | ||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts and notes receivable | 653,858 | 299,977 |
Inventories | (46,022 | ) | (96,249 | ) | |||||||
Other assets | 52,764 | (19,580 | ) | ||||||||
Accounts payable | (109,913 | ) | (28,686 | ) | |||||||
Accrued expenses | (194,527 | ) | (151,721 | ) | |||||||
Income taxes payable | (392,640 | ) | 5,538 | ||||||||
Deferred revenue | 582,435 | 619,761 | |||||||||
Other liabilities | 2,616 | 9,203 | |||||||||
Net cash provided by operating activities | $ | 1,712,796 | $ | 1,688,188 |
Three Months Ended | |||||||||||||||
Diluted | Diluted | ||||||||||||||
March 31, | Earnings | March 31, | Earnings | ||||||||||||
2013 | Per Share | 2012 | Per Share | ||||||||||||
Net Income Attributable to EMC GAAP | $ | 580,050 | $ | 0.264 | $ | 586,842 | $ | 0.265 | |||||||
Stock-based compensation expense | 157,437 | 0.072 | 144,659 | 0.066 | |||||||||||
Intangible asset amortization | 61,959 | 0.028 | 56,544 | 0.026 | |||||||||||
Restructuring and acquisition-related charges | 103,549 | 0.047 | 19,827 | 0.009 | |||||||||||
Amortization of VMware's capitalized software from prior periods | 6,755 | 0.003 | 10,098 | 0.005 | |||||||||||
R&D tax credit | (60,145 | ) | (0.027 | ) | — | — | |||||||||
Net Income Attributable to EMC Non-GAAP | $ | 849,605 | $ | 0.387 | $ | 817,970 | $ | 0.370 | |||||||
Weighted average shares, diluted | 2,189,410 | 2,201,933 | |||||||||||||
Incremental VMware dilution | $ | 1,485 | $ | 2,891 |
* | Net of tax and non-controlling interest in VMware, Inc., except Weighted average shares, diluted. See Income Tax Provision and Net Income Attributable to VMware lines in Supplemental Information schedules. |
Three Months Ended | |||||||
March 31, | March 31, | ||||||
2013 | 2012 | ||||||
Gross Margin GAAP | $ | 3,297,825 | $ | 3,113,217 | |||
Stock-based compensation expense | 29,782 | 30,796 | |||||
Intangible asset amortization | 57,649 | 44,365 | |||||
Amortization of VMware's capitalized software from prior periods | 12,511 | 18,600 | |||||
Gross Margin Non-GAAP | $ | 3,397,767 | $ | 3,206,978 | |||
Revenues | $ | 5,387,383 | $ | 5,094,378 | |||
Gross Margin Percentages: | |||||||
GAAP | 61.2 | % | 61.1 | % | |||
Non-GAAP | 63.1 | % | 63.0 | % |
Three Months Ended | |||||||
March 31, | March 31, | ||||||
2013 | 2012 | ||||||
Operating Margin GAAP | $ | 760,583 | $ | 849,310 | |||
Stock-based compensation expense | 234,323 | 204,710 | |||||
Intangible asset amortization | 96,900 | 85,555 | |||||
Restructuring and acquisition-related charges | 147,724 | 25,893 | |||||
Amortization of VMware's capitalized software from prior periods | 12,511 | 18,600 | |||||
Operating Margin Non-GAAP | $ | 1,252,041 | $ | 1,184,068 | |||
Revenues | $ | 5,387,383 | $ | 5,094,378 | |||
Operating Margin Percentages: | |||||||
GAAP | 14.1 | % | 16.7 | % | |||
Non-GAAP | 23.2 | % | 23.2 | % |
Three Months Ended March 31, 2013 | ||||||||||
Income Before | Tax | Tax | ||||||||
Tax | Provision | Rate | ||||||||
EMC Consolidated GAAP | $ | 691,014 | $ | 76,060 | 11.0 | % | ||||
Stock-based compensation expense | 234,671 | 58,687 | 25.0 | % | ||||||
Intangible asset amortization | 96,900 | 30,739 | 31.7 | % | ||||||
Restructuring and acquisition-related charges | 147,724 | 34,824 | 23.6 | % | ||||||
Amortization of VMware's capitalized software from prior periods | 12,511 | 4,056 | 32.4 | % | ||||||
R&D tax credit | — | 66,500 | — | % | ||||||
EMC Consolidated Non-GAAP | $ | 1,182,820 | $ | 270,866 | 22.9 | % |
Three Months Ended | |||||||
March 31, | March 31, | ||||||
2013 | 2012 | ||||||
Cash Flow from Operations | $ | 1,712,796 | $ | 1,688,188 | |||
Capital expenditures | (165,356 | ) | (153,631 | ) | |||
Capitalized software development costs | (105,792 | ) | (105,848 | ) | |||
Free Cash Flow | $ | 1,441,648 | $ | 1,428,709 |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | R&D Tax Credit | |||||||||||||||
EMC Consolidated | |||||||||||||||||||
Cost of revenue | $ | (29,782 | ) | $ | (57,649 | ) | $ | — | $ | (12,511 | ) | $ | — | ||||||
Research and development | (90,446 | ) | (2,118 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (114,095 | ) | (37,133 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (147,724 | ) | — | — | |||||||||||||
Non-operating (income) expense | 348 | — | — | — | — | ||||||||||||||
Income tax provision | 58,687 | 30,739 | 34,824 | 4,056 | 66,500 | ||||||||||||||
Net income attributable to VMware | (18,547 | ) | (4,202 | ) | (9,351 | ) | (1,700 | ) | 6,355 | ||||||||||
EMC Information Infrastructure | |||||||||||||||||||
Cost of revenue | $ | (20,056 | ) | $ | (33,338 | ) | $ | — | $ | — | $ | — | |||||||
Research and development | (28,091 | ) | (1,124 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (64,034 | ) | (34,553 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (83,514 | ) | — | — | |||||||||||||
Non-operating (income) expense | 348 | — | — | — | — | ||||||||||||||
Income tax provision | 28,774 | 23,748 | 17,116 | — | 34,900 | ||||||||||||||
Net income attributable to VMware | — | — | — | — | — | ||||||||||||||
VMware within EMC | |||||||||||||||||||
Cost of revenue | $ | (9,726 | ) | $ | (24,311 | ) | $ | — | $ | (12,511 | ) | $ | — | ||||||
Research and development | (62,355 | ) | (994 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (50,061 | ) | (2,580 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (64,210 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | — | ||||||||||||||
Income tax provision | 29,913 | 6,991 | 17,708 | 4,056 | 31,600 | ||||||||||||||
Net income attributable to VMware | (18,547 | ) | (4,202 | ) | (9,351 | ) | (1,700 | ) | 6,355 |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | ||||||||||||
EMC Consolidated | |||||||||||||||
Cost of revenue | $ | (30,796 | ) | $ | (44,365 | ) | $ | — | $ | (18,600 | ) | ||||
Research and development | (67,718 | ) | (2,437 | ) | — | — | |||||||||
Selling, general and administrative | (106,196 | ) | (38,753 | ) | — | — | |||||||||
Restructuring and acquisition-related charges | — | — | (25,893 | ) | — | ||||||||||
Non-operating (income) expense | 1,719 | — | — | — | |||||||||||
Income tax provision | 47,580 | 26,353 | 6,058 | 5,907 | |||||||||||
Net income attributable to VMware | (14,190 | ) | (2,658 | ) | (8 | ) | (2,595 | ) | |||||||
EMC Information Infrastructure | |||||||||||||||
Cost of revenue | $ | (21,299 | ) | $ | (30,674 | ) | $ | — | $ | — | |||||
Research and development | (28,342 | ) | (1,686 | ) | — | — | |||||||||
Selling, general and administrative | (70,026 | ) | (35,821 | ) | — | — | |||||||||
Restructuring and acquisition-related charges | — | — | (25,854 | ) | — | ||||||||||
Non-operating (income) expense | 1,719 | — | — | — | |||||||||||
Income tax provision | 31,949 | 21,982 | 6,058 | — | |||||||||||
Net income attributable to VMware | — | — | — | — | |||||||||||
VMware within EMC | |||||||||||||||
Cost of revenue | $ | (9,497 | ) | $ | (13,691 | ) | $ | — | $ | (18,600 | ) | ||||
Research and development | (39,376 | ) | (751 | ) | — | — | |||||||||
Selling, general and administrative | (36,170 | ) | (2,932 | ) | — | — | |||||||||
Restructuring and acquisition-related charges | — | — | (39 | ) | — | ||||||||||
Non-operating (income) expense | — | — | — | — | |||||||||||
Income tax provision | 15,631 | 4,371 | — | 5,907 | |||||||||||
Net income attributable to VMware | (14,190 | ) | (2,658 | ) | (8 | ) | (2,595 | ) |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,191,466 | $ | (3,412 | ) | $ | 1,188,054 | ||||
Cost of revenue | 181,940 | (869 | ) | 181,071 | |||||||
Gross margin | 1,009,526 | (2,543 | ) | 1,006,983 | |||||||
Research and development | 270,558 | (1,702 | ) | 268,856 | |||||||
Selling, general and administrative | 515,884 | (3,011 | ) | 512,873 | |||||||
Restructuring and acquisition-related charges | 62,882 | 1,328 | 64,210 | ||||||||
Operating income | 160,202 | 842 | 161,044 | ||||||||
Non-operating income (expense) | 3,881 | (198 | ) | 3,683 | |||||||
Income before taxes | 164,083 | 644 | 164,727 | ||||||||
Income tax provision | (9,486 | ) | (612 | ) | (10,098 | ) | |||||
Net income | $ | 173,569 | 1,256 | 174,825 | |||||||
Net income attributable to VMware | (34,904 | ) | (34,904 | ) | |||||||
Net income attributable to EMC | $ | (33,648 | ) | $ | 139,921 |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,055,182 | $ | (1,781 | ) | $ | 1,053,401 | ||||
Cost of revenue | 170,915 | (942 | ) | 169,973 | |||||||
Gross margin | 884,267 | (839 | ) | 883,428 | |||||||
Research and development | 222,390 | (3,598 | ) | 218,792 | |||||||
Selling, general and administrative | 444,712 | (1,017 | ) | 443,695 | |||||||
Restructuring and acquisition-related charges | — | 39 | 39 | ||||||||
Operating income | 217,165 | 3,737 | 220,902 | ||||||||
Non-operating income (expense) | 6,741 | 560 | 7,301 | ||||||||
Income before taxes | 223,906 | 4,297 | 228,203 | ||||||||
Income tax provision | 32,470 | 4,590 | 37,060 | ||||||||
Net income | $ | 191,436 | (293 | ) | 191,143 | ||||||
Net income attributable to VMware | (39,137 | ) | (39,137 | ) | |||||||
Net income attributable to EMC | $ | (39,430 | ) | $ | 152,006 |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | FY 2012 | Q1 2013 | ||||||||||||||||||
Information Storage: | |||||||||||||||||||||||
Product Revenue | $ | 2,454,735 | $ | 2,512,914 | $ | 2,438,665 | $ | 2,956,473 | $ | 10,362,787 | $ | 2,481,026 | |||||||||||
Services Revenue | 1,234,172 | 1,304,311 | 1,324,110 | 1,363,995 | 5,226,588 | 1,330,079 | |||||||||||||||||
Total Information Storage Revenue | $ | 3,688,907 | $ | 3,817,225 | $ | 3,762,775 | $ | 4,320,468 | $ | 15,589,375 | $ | 3,811,105 | |||||||||||
Information Intelligence Group: | |||||||||||||||||||||||
Product Revenue | $ | 36,062 | $ | 45,497 | $ | 49,881 | $ | 69,390 | $ | 200,830 | $ | 43,610 | |||||||||||
Services Revenue | 109,491 | 107,276 | 108,117 | 114,467 | 439,351 | 112,306 | |||||||||||||||||
Total Information Intelligence Group Revenue | $ | 145,553 | $ | 152,773 | $ | 157,998 | $ | 183,857 | $ | 640,181 | $ | 155,916 | |||||||||||
RSA Information Security: | |||||||||||||||||||||||
Product Revenue | $ | 96,489 | $ | 103,458 | $ | 106,020 | $ | 106,312 | $ | 412,279 | $ | 99,736 | |||||||||||
Services Revenue | 110,028 | 117,312 | 120,918 | 128,208 | 476,466 | 132,572 | |||||||||||||||||
Total RSA Information Security Revenue | $ | 206,517 | $ | 220,770 | $ | 226,938 | $ | 234,520 | $ | 888,745 | $ | 232,308 | |||||||||||
EMC Information Infrastructure: | |||||||||||||||||||||||
Product Revenue | $ | 2,587,286 | $ | 2,661,869 | $ | 2,594,566 | $ | 3,132,175 | $ | 10,975,896 | $ | 2,624,372 | |||||||||||
Services Revenue | 1,453,691 | 1,528,899 | 1,553,145 | 1,606,670 | 6,142,405 | 1,574,957 | |||||||||||||||||
Total EMC Information Infrastructure Revenue | $ | 4,040,977 | $ | 4,190,768 | $ | 4,147,711 | $ | 4,738,845 | $ | 17,118,301 | $ | 4,199,329 | |||||||||||
VMware: | |||||||||||||||||||||||
Product Revenue | $ | 481,571 | $ | 516,868 | $ | 489,875 | $ | 596,313 | $ | 2,084,627 | $ | 487,564 | |||||||||||
Services Revenue | 571,830 | 603,757 | 640,590 | 694,797 | 2,510,974 | 700,490 | |||||||||||||||||
Total VMware Revenue | $ | 1,053,401 | $ | 1,120,625 | $ | 1,130,465 | $ | 1,291,110 | $ | 4,595,601 | $ | 1,188,054 | |||||||||||
Consolidated Revenues: | |||||||||||||||||||||||
Product Revenue | $ | 3,068,857 | $ | 3,178,737 | $ | 3,084,441 | $ | 3,728,488 | $ | 13,060,523 | $ | 3,111,936 | |||||||||||
Services Revenue | 2,025,521 | 2,132,656 | 2,193,735 | 2,301,467 | 8,653,379 | 2,275,447 | |||||||||||||||||
Total Consolidated Revenues | $ | 5,094,378 | $ | 5,311,393 | $ | 5,278,176 | $ | 6,029,955 | $ | 21,713,902 | $ | 5,387,383 | |||||||||||
Percentage impact to EMC revenue growth rate due to changes in exchange rates from the prior year | (0.5)% | (2.1)% | (1.5)% | (0.5)% | (1.1)% | (0.5)% |