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 July 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 July 24, 2013 |
Contact: | Lesley Ogrodnick |
Highlights: | |
l | Record second-quarter consolidated revenue, net income and EPS |
l | Year-over-year revenue growth across EMC's three federated businesses - EMC Information Infrastructure, VMware and Pivotal |
l | Year-over-year revenue growth across U.S. and major global geographies, with strong revenue growth from BRIC+13 markets |
l | EMC reaffirms full-year 2013 business outlook for consolidated revenue, non-GAAP EPS and free cash flow |
• | 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 non-operating expense, which includes investment income, interest expense and other income and expense, is expected to be $331 million and consolidated non-GAAP non-operating expense is expected to be $350 million in 2013. Excluded from consolidated non-GAAP non-operating expense is a net gain on disposition of certain lines of business and other for ($19 million). |
• | 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 $4.0 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, the benefit of the 2012 R&D tax credit and a net gain on disposition of certain lines of business and other, which account for $675 million, $260 million, $170 million, $15 million, ($60 million) and ($11 million), respectively. |
• | Consolidated GAAP earnings per weighted average diluted share are expected to be $1.37 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, the benefit of the 2012 R&D tax credit and a net gain on disposition of certain lines of business and other, which account for $0.31, $0.12, $0.08, $0.01, ($0.03) and ($0.01) 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, the benefit of the 2012 R&D tax credit and a net gain on disposition of certain lines of business and other, 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 $190 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, the benefit of the 2012 R&D tax credit and a net gain on disposition of certain lines of business and other, which account for $71 million, $15 million, $14 |
• | 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 2.17 billion for 2013. |
• | EMC expects to repurchase an aggregate of $3.5 billion of the company's common stock in 2013 and the first half of 2014. |
• | EMC will host its 2013 second-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/ir |
• | 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/ir |
• | Visit http://ir.vmware.com for more information about VMware's second-quarter financial results |
• | Visit EMC Pulse, EMC's product and technology news blog. Connect with EMC via Twitter, Facebook, YouTube, and LinkedIn |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 3,258 | $ | 3,179 | $ | 6,369 | $ | 6,248 | ||||||||
Services | 2,356 | 2,132 | 4,632 | 4,158 | ||||||||||||
5,614 | 5,311 | 11,001 | 10,406 | |||||||||||||
Cost and expenses: | ||||||||||||||||
Cost of product sales | 1,340 | 1,254 | 2,696 | 2,556 | ||||||||||||
Cost of services | 765 | 710 | 1,498 | 1,389 | ||||||||||||
Research and development | 695 | 655 | 1,370 | 1,244 | ||||||||||||
Selling, general and administrative | 1,785 | 1,717 | 3,499 | 3,367 | ||||||||||||
Restructuring and acquisition-related charges | 7 | 28 | 155 | 53 | ||||||||||||
Operating income | 1,022 | 947 | 1,783 | 1,797 | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Investment income | 34 | 26 | 67 | 55 | ||||||||||||
Interest expense | (31 | ) | (18 | ) | (51 | ) | (37 | ) | ||||||||
Other income (expense), net | (59 | ) | (51 | ) | (142 | ) | (95 | ) | ||||||||
Total non-operating income (expense) | (56 | ) | (43 | ) | (126 | ) | (77 | ) | ||||||||
Income before provision for income taxes | 966 | 904 | 1,657 | 1,720 | ||||||||||||
Income tax provision | 216 | 214 | 292 | 405 | ||||||||||||
Net income | 750 | 690 | 1,365 | 1,315 | ||||||||||||
Less: Net income attributable to the non-controlling interest in VMware, Inc. | (49 | ) | (40 | ) | (84 | ) | (79 | ) | ||||||||
Net income attributable to EMC Corporation | $ | 701 | $ | 650 | $ | 1,281 | $ | 1,236 | ||||||||
Net income per weighted average share, basic attributable to EMC Corporation common shareholders | $ | 0.34 | $ | 0.31 | $ | 0.61 | $ | 0.59 | ||||||||
Net income per weighted average share, diluted attributable to EMC Corporation common shareholders | $ | 0.32 | $ | 0.29 | $ | 0.59 | $ | 0.56 | ||||||||
Weighted average shares, basic | 2,092 | 2,096 | 2,097 | 2,082 | ||||||||||||
Weighted average shares, diluted | 2,174 | 2,208 | 2,181 | 2,205 | ||||||||||||
Cash dividends declared per common share | $ | 0.10 | $ | — | $ | 0.10 | $ | — |
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,526 | $ | 4,714 | ||||
Short-term investments | 3,620 | 1,422 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $64 and $68 | 3,204 | 3,433 | ||||||
Inventories | 1,233 | 1,201 | ||||||
Deferred income taxes | 940 | 942 | ||||||
Other current assets | 651 | 465 | ||||||
Total current assets | 17,174 | 12,177 | ||||||
Long-term investments | 6,430 | 5,260 | ||||||
Property, plant and equipment, net | 3,291 | 3,145 | ||||||
Intangible assets, net | 1,833 | 2,035 | ||||||
Goodwill | 13,994 | 13,840 | ||||||
Other assets, net | 1,676 | 1,612 | ||||||
Total assets | $ | 44,398 | $ | 38,069 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,013 | $ | 1,041 | ||||
Accrued expenses | 2,671 | 2,522 | ||||||
Income taxes payable | 159 | 514 | ||||||
Convertible debt | 1,669 | 1,652 | ||||||
Deferred revenue | 4,997 | 4,575 | ||||||
Total current liabilities | 10,509 | 10,304 | ||||||
Income taxes payable | 297 | 293 | ||||||
Deferred revenue | 3,276 | 2,976 | ||||||
Deferred income taxes | 516 | 575 | ||||||
Long-term debt | 5,493 | — | ||||||
Other liabilities | 349 | 339 | ||||||
Total liabilities | 20,440 | 14,487 | ||||||
Convertible debt | 26 | 58 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Preferred stock, par value $0.01; authorized 25 shares; none outstanding | — | — | ||||||
Common stock, par value $0.01; authorized 6,000 shares; issued and outstanding 2,081 and 2,107 shares | 21 | 21 | ||||||
Additional paid-in capital | 2,946 | 3,691 | ||||||
Retained earnings | 19,922 | 18,853 | ||||||
Accumulated other comprehensive loss, net | (299 | ) | (208 | ) | ||||
Total EMC Corporation's shareholders' equity | 22,590 | 22,357 | ||||||
Non-controlling interests | 1,342 | 1,167 | ||||||
Total shareholders' equity | 23,932 | 23,524 | ||||||
Total liabilities and shareholders' equity | $ | 44,398 | $ | 38,069 |
Six Months Ended | |||||||||||
June 30, | June 30, | ||||||||||
2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||
Cash received from customers | $ | 12,007 | $ | 11,286 | |||||||
Cash paid to suppliers and employees | (8,485 | ) | (8,051 | ) | |||||||
Dividends and interest received | 79 | 14 | |||||||||
Interest paid | (18 | ) | (16 | ) | |||||||
Income taxes paid | (642 | ) | (308 | ) | |||||||
Net cash provided by operating activities | 2,941 | 2,925 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | (437 | ) | (332 | ) | |||||||
Capitalized software development costs | (219 | ) | (207 | ) | |||||||
Purchases of short- and long-term available-for-sale securities | (6,456 | ) | (3,590 | ) | |||||||
Sales of short- and long-term available-for-sale securities | 2,394 | 2,455 | |||||||||
Maturities of short- and long-term available-for-sale securities | 564 | 583 | |||||||||
Business acquisitions, net of cash acquired | (207 | ) | (625 | ) | |||||||
Purchases of strategic and other related investments | (46 | ) | (16 | ) | |||||||
Sales of strategic and other related investments | — | 51 | |||||||||
Joint venture funding | (158 | ) | (107 | ) | |||||||
Proceeds from divestiture of businesses | 31 | — | |||||||||
Net cash used in investing activities | (4,534 | ) | (1,788 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of EMC's common stock | 175 | 300 | |||||||||
Proceeds from the issuance of VMware's common stock | 115 | 144 | |||||||||
EMC repurchase of EMC's common stock | (991 | ) | (260 | ) | |||||||
EMC purchase of VMware's common stock | (160 | ) | (95 | ) | |||||||
VMware repurchase of VMware's common stock | (302 | ) | (178 | ) | |||||||
Excess tax benefits from stock-based compensation | 63 | 155 | |||||||||
Payment of long-term and short-term obligations | (21 | ) | (1,714 | ) | |||||||
Proceeds from long-term and short-term obligations | 5,463 | 3 | |||||||||
Interest rate contract settlement | — | (24 | ) | ||||||||
Third party contribution to Pivotal | 105 | — | |||||||||
Net cash provided by (used in) financing activities | 4,447 | (1,669 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (42 | ) | (10 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 2,812 | (542 | ) | ||||||||
Cash and cash equivalents at beginning of period | 4,714 | 4,492 | |||||||||
Cash and cash equivalents at end of period | $ | 7,526 | $ | 3,950 | |||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Net income | $ | 1,365 | $ | 1,315 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 803 | 743 | |||||||||
Non-cash interest expense on debt | 24 | 20 | |||||||||
Non-cash restructuring and other special charges | 7 | 7 | |||||||||
Stock-based compensation expense | 441 | 423 | |||||||||
Provision for doubtful accounts | (3 | ) | 24 | ||||||||
Deferred income taxes, net | (55 | ) | (117 | ) | |||||||
Excess tax benefits from stock-based compensation | (63 | ) | (155 | ) |
Other, net | 11 | (37 | ) | ||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts and notes receivable | 243 | (24 | ) | ||||||||
Inventories | (178 | ) | (172 | ) | |||||||
Other assets | 119 | 28 | |||||||||
Accounts payable | (28 | ) | (69 | ) | |||||||
Accrued expenses | (211 | ) | (162 | ) | |||||||
Income taxes payable | (290 | ) | 214 | ||||||||
Deferred revenue | 766 | 880 | |||||||||
Other liabilities | (10 | ) | 7 | ||||||||
Net cash provided by operating activities | $ | 2,941 | $ | 2,925 |
Three Months Ended | ||||||||||||||||
Diluted | Diluted | |||||||||||||||
June 30, | Earnings | June 30, | Earnings | |||||||||||||
2013 | Per Share | 2012 | Per Share | |||||||||||||
Net Income Attributable to EMC GAAP | $ | 701 | $ | 0.322 | $ | 650 | $ | 0.293 | ||||||||
Stock-based compensation expense | 140 | 0.065 | 154 | 0.070 | ||||||||||||
Intangible asset amortization | 65 | 0.030 | 57 | 0.026 | ||||||||||||
Restructuring and acquisition-related charges | 5 | 0.002 | 22 | 0.010 | ||||||||||||
Amortization of VMware's capitalized software from prior periods | 7 | 0.003 | 10 | 0.004 | ||||||||||||
RSA special charge (release) | — | — | (18 | ) | (0.008 | ) | ||||||||||
Loss on interest rate swaps | — | — | 24 | 0.011 | ||||||||||||
Gain on strategic investment | — | — | (32 | ) | (0.014 | ) | ||||||||||
Net gain on disposition of certain lines of business and other | (11 | ) | (0.005 | ) | — | — | — | |||||||||
Net Income Attributable to EMC Non-GAAP | $ | 907 | $ | 0.416 | $ | 867 | $ | 0.391 | ||||||||
Weighted average shares, diluted | 2,174 | 2,208 | ||||||||||||||
Incremental VMware dilution | $ | 2 | $ | 3 |
* | 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 | ||||||||
June 30, | June 30, | |||||||
2013 | 2012 | |||||||
Gross Margin GAAP | $ | 3,509 | $ | 3,347 | ||||
Stock-based compensation expense | 30 | 31 | ||||||
Intangible asset amortization | 58 | 46 | ||||||
Amortization of VMware's capitalized software from prior periods | 12 | 18 | ||||||
RSA special charge (release) | — | (24 | ) | |||||
Gross Margin Non-GAAP | $ | 3,609 | $ | 3,418 | * | |||
Revenues | $ | 5,614 | $ | 5,311 | ||||
Gross Margin Percentages: | ||||||||
GAAP | 62.5 | % | 63.0 | % | ||||
Non-GAAP | 64.3 | % | 64.4 | % | * |
Three Months Ended | |||||||
June 30, | June 30, | ||||||
2013 | 2012 | ||||||
Operating Margin GAAP | $ | 1,022 | $ | 947 | |||
Stock-based compensation expense | 218 | 219 | |||||
Intangible asset amortization | 97 | 88 | |||||
Restructuring and acquisition-related charges | 7 | 28 | |||||
Amortization of VMware's capitalized software from prior periods | 12 | 18 | |||||
RSA special charge (release) | — | (24 | ) | ||||
Operating Margin Non-GAAP | $ | 1,356 | $ | 1,275 | |||
Revenues | $ | 5,614 | $ | 5,311 | |||
Operating Margin Percentages: | |||||||
GAAP | 18.2 | % | 17.8 | % | |||
Non-GAAP | 24.2 | % | 24.0 | % |
Three Months Ended June 30, 2013 | ||||||||||
Income Before | Tax | Tax | ||||||||
Tax | Provision | Rate | ||||||||
EMC Consolidated GAAP | $ | 966 | $ | 216 | 22.4 | % | ||||
Stock-based compensation expense | 218 | 62 | 28.6 | % | ||||||
Intangible asset amortization | 97 | 28 | 28.7 | % | ||||||
Restructuring and acquisition-related charges | 7 | 2 | 22.8 | % | ||||||
Amortization of VMware's capitalized software from prior periods | 12 | 4 | 32.4 | % | ||||||
Net gain on disposition of certain lines of business and other | (19 | ) | (5 | ) | 24.8 | % | ||||
EMC Consolidated Non-GAAP | $ | 1,282 | $ | 308 | 24.0 | % |
Six Months Ended | ||||||||
June 30, | June 30, | |||||||
2013 | 2012 | |||||||
Cash Flow from Operations | $ | 2,941 | $ | 2,925 | ||||
Capital expenditures | (437 | ) | (332 | ) | ||||
Capitalized software development costs | (219 | ) | (207 | ) | ||||
Free Cash Flow | $ | 2,285 | $ | 2,386 |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | Net Gain on Disposition of Certain Lines of Business and Other | |||||||||||||||
EMC Consolidated | |||||||||||||||||||
Cost of revenue | $ | (30 | ) | $ | (58 | ) | $ | — | $ | (12 | ) | $ | — | ||||||
Research and development | (83 | ) | (2 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (105 | ) | (37 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (7 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | (19 | ) | |||||||||||||
Income tax provision | 62 | 28 | 2 | 4 | (5 | ) | |||||||||||||
Net income attributable to VMware | (16 | ) | (4 | ) | — | (2 | ) | 3 | |||||||||||
EMC Information Infrastructure plus Pivotal | |||||||||||||||||||
Cost of revenue | $ | (21 | ) | $ | (35 | ) | $ | — | $ | — | $ | — | |||||||
Research and development | (32 | ) | (1 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (60 | ) | (35 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (6 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | — | ||||||||||||||
Income tax provision | 35 | 22 | 2 | — | — | ||||||||||||||
Net income attributable to VMware | — | — | — | — | — | ||||||||||||||
VMware within EMC | |||||||||||||||||||
Cost of revenue | $ | (9 | ) | $ | (23 | ) | $ | — | $ | (12 | ) | $ | — | ||||||
Research and development | (51 | ) | (1 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (45 | ) | (2 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (1 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | (19 | ) | |||||||||||||
Income tax provision | 27 | 6 | — | 4 | (5 | ) | |||||||||||||
Net income attributable to VMware | (16 | ) | (4 | ) | — | (2 | ) | 3 |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | RSA Special (Charge) Release | Loss on Interest Rate Swaps | Gain on Strategic Investment | ||||||||||||||||||||||
EMC Consolidated | ||||||||||||||||||||||||||||
Cost of revenue | $ | (31 | ) | $ | (46 | ) | $ | — | $ | (18 | ) | $ | 24 | $ | — | $ | — | |||||||||||
Research and development | 80 | (3 | ) | — | — | — | — | — | ||||||||||||||||||||
Selling, general and administrative | 107 | (39 | ) | — | — | — | — | — | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (28 | ) | — | — | — | — | ||||||||||||||||||||
Non-operating (income) expense | — | — | — | — | 446 | — | 39 | (32 | ) | |||||||||||||||||||
Income tax provision | 47 | 28 | 6 | 6 | (6 | ) | 15 | — | ||||||||||||||||||||
Net income attributable to VMware | (17 | ) | (3 | ) | — | (3 | ) | — | — | — | ||||||||||||||||||
EMC Information Infrastructure plus Pivotal | ||||||||||||||||||||||||||||
Cost of revenue | $ | (21 | ) | $ | (33 | ) | $ | — | $ | — | $ | 24 | $ | — | $ | — | ||||||||||||
Research and development | (36 | ) | (2 | ) | — | — | — | — | — | |||||||||||||||||||
Selling, general and administrative | (64 | ) | (37 | ) | — | — | — | — | — | |||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (26 | ) | — | — | — | — | ||||||||||||||||||||
Non-operating (income) expense | — | — | — | — | — | 39 | (32 | ) | ||||||||||||||||||||
Income tax provision | 28 | 23 | 6 | — | (6 | ) | 15 | — | ||||||||||||||||||||
Net income attributable to VMware | — | — | — | — | — | — | — | |||||||||||||||||||||
VMware within EMC | ||||||||||||||||||||||||||||
Cost of revenue | $ | (10 | ) | $ | (13 | ) | $ | — | $ | (18 | ) | $ | — | $ | — | $ | — | |||||||||||
Research and development | (44 | ) | (1 | ) | — | — | — | — | — | |||||||||||||||||||
Selling, general and administrative | (43 | ) | (2 | ) | — | — | — | — | — | |||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (2 | ) | — | — | — | — | ||||||||||||||||||||
Non-operating (income) expense | — | — | — | — | — | — | — | |||||||||||||||||||||
Income tax provision | 19 | 5 | — | 6 | — | — | — | |||||||||||||||||||||
Net income attributable to VMware | (17 | ) | (3 | ) | — | (3 | ) | — | — | — |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,243 | $ | (5 | ) | $ | 1,238 | ||||
Cost of revenue | 173 | 1 | 174 | ||||||||
Gross margin | 1,070 | (6 | ) | 1,064 | |||||||
Research and development | 261 | (2 | ) | 258 | |||||||
Selling, general and administrative | 538 | (2 | ) | 536 | |||||||
Restructuring and acquisition-related charges | 1 | 1 | 1 | ||||||||
Operating income | 270 | (1 | ) | 269 | |||||||
Non-operating income (expense) | 23 | (1 | ) | 22 | |||||||
Income before taxes | 293 | (3 | ) | 291 | |||||||
Income tax provision | 49 | 12 | 61 | ||||||||
Net income | $ | 244 | (15 | ) | 230 | ||||||
Net income attributable to VMware | (49 | ) | (49 | ) | |||||||
Net income attributable to EMC | $ | (63 | ) | $ | 181 |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,123 | $ | (35 | ) | $ | 1,088 | ||||
Cost of revenue | 179 | (14 | ) | 165 | |||||||
Gross margin | 944 | (21 | ) | 923 | |||||||
Research and development | 249 | (26 | ) | 223 | |||||||
Selling, general and administrative | 483 | (19 | ) | 465 | |||||||
Restructuring and acquisition-related charges | — | 2 | 2 | ||||||||
Operating income | 212 | 22 | 234 | ||||||||
Non-operating income (expense) | 2 | 2 | 5 | ||||||||
Income before taxes | 214 | 25 | 239 | ||||||||
Income tax provision | 22 | (1 | ) | 22 | |||||||
Net income | $ | 192 | 25 | 217 | |||||||
Net income attributable to VMware | (40 | ) | (40 | ) | |||||||
Net income attributable to EMC | $ | (15 | ) | $ | 177 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,568 | $ | 39 | $ | 98 | $ | 2,705 | $ | 24 | $ | 2,729 | |||||||||||
Services revenues | 1,358 | 113 | 130 | 1,601 | 46 | 1,647 | |||||||||||||||||
Total consolidated revenues | 3,926 | 152 | 228 | 4,306 | 70 | 4,376 | |||||||||||||||||
Gross profit | $ | 2,230 | $ | 96 | $ | 148 | $ | 2,474 | $ | 26 | $ | 2,500 | |||||||||||
Gross profit percentage | 56.8 | % | 63.1 | % | 65.1 | % | 57.5 | % | 37.1 | % | 57.1 | % | |||||||||||
Research and development | 375 | 28 | 403 | ||||||||||||||||||||
Selling, general and administrative | 1,117 | 37 | 1,154 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,492 | 65 | 1,557 | ||||||||||||||||||||
Operating income | $ | 982 | $ | (39 | ) | $ | 943 | ||||||||||||||||
Operating margin percentage | 22.8 | % | (55.9 | )% | 21.6 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 2,729 | $ | 529 | $ | — | $ | 3,258 | |||||||
Services revenues | 1,647 | 709 | — | 2,356 | |||||||||||
Total consolidated revenues | 4,376 | 1,238 | — | 5,614 | |||||||||||
Gross profit | $ | 2,500 | $ | 1,109 | $ | (100 | ) | $ | 3,509 | ||||||
Gross profit percentage | 57.1 | % | 89.6 | % | — | 62.5 | % | ||||||||
Research and development | 403 | 207 | 85 | 695 | |||||||||||
Selling, general and administrative | 1,154 | 489 | 142 | 1,785 | |||||||||||
Restructuring and acquisition-related charges | — | — | 7 | 7 | |||||||||||
Total costs and expenses | 1,557 | 696 | 234 | 2,487 | |||||||||||
Operating income | 943 | 413 | (334 | ) | 1,022 | ||||||||||
Operating margin percentage | 21.6 | % | 33.4 | % | — | 18.2 | % | ||||||||
Non-operating income (expense) | (77 | ) | 3 | 18 | (56 | ) | |||||||||
Income tax provision | 214 | 93 | (91 | ) | 216 | ||||||||||
Net income | 652 | 323 | (225 | ) | 750 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (68 | ) | 19 | (49 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 652 | $ | 255 | $ | (206 | ) | $ | 701 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,461 | $ | 43 | $ | 100 | $ | 2,604 | $ | 24 | $ | 2,628 | |||||||||||
Services revenues | 1,303 | 112 | 133 | 1,548 | 45 | 1,593 | |||||||||||||||||
Total consolidated revenues | 3,764 | 155 | 233 | 4,152 | 69 | 4,221 | |||||||||||||||||
Gross profit | $ | 2,079 | $ | 99 | $ | 152 | $ | 2,330 | $ | 26 | $ | 2,356 | |||||||||||
Gross profit percentage | 55.2 | % | 63.6 | % | 65.4 | % | 56.1 | % | 38.3 | % | 55.8 | % | |||||||||||
Research and development | 364 | 28 | 392 | ||||||||||||||||||||
Selling, general and administrative | 1,075 | 38 | 1,113 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,439 | 66 | 1,505 | ||||||||||||||||||||
Operating income | $ | 891 | $ | (40 | ) | $ | 851 | ||||||||||||||||
Operating margin percentage | 21.4 | % | (57.8 | )% | 20.2 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 2,628 | $ | 484 | $ | — | $ | 3,112 | |||||||
Services revenues | 1,593 | 682 | — | 2,275 | |||||||||||
Total consolidated revenues | 4,221 | 1,166 | — | 5,387 | |||||||||||
Gross profit | $ | 2,356 | $ | 1,042 | $ | (100 | ) | $ | 3,298 | ||||||
Gross profit percentage | 55.8 | % | 89.3 | % | — | 61.2 | % | ||||||||
Research and development | 392 | 191 | 93 | 676 | |||||||||||
Selling, general and administrative | 1,113 | 450 | 150 | 1,713 | |||||||||||
Restructuring and acquisition-related charges | — | — | 148 | 148 | |||||||||||
Total costs and expenses | 1,505 | 641 | 391 | 2,537 | |||||||||||
Operating income | 851 | 401 | (491 | ) | 761 | ||||||||||
Operating margin percentage | 20.2 | % | 34.4 | % | — | 14.1 | % | ||||||||
Non-operating income (expense) | (73 | ) | 4 | (1 | ) | (70 | ) | ||||||||
Income tax provision | 188 | 83 | (195 | ) | 76 | ||||||||||
Net income | 590 | 322 | (297 | ) | 615 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (62 | ) | 27 | (35 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 590 | $ | 260 | $ | (270 | ) | $ | 580 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,925 | $ | 69 | $ | 106 | $ | 3,100 | $ | 39 | $ | 3,139 | |||||||||||
Services revenues | 1,338 | 115 | 128 | 1,581 | 58 | 1,639 | |||||||||||||||||
Total consolidated revenues | 4,263 | 184 | 234 | 4,681 | 97 | 4,778 | |||||||||||||||||
Gross profit | $ | 2,529 | $ | 132 | $ | 146 | $ | 2,807 | $ | 64 | $ | 2,871 | |||||||||||
Gross profit percentage | 59.3 | % | 72.1 | % | 62.3 | % | 60.0 | % | 65.5 | % | 60.1 | % | |||||||||||
Research and development | 355 | 32 | 387 | ||||||||||||||||||||
Selling, general and administrative | 1,212 | 43 | 1,255 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,567 | 75 | 1,642 | ||||||||||||||||||||
Operating income | $ | 1,240 | $ | (11 | ) | $ | 1,229 | ||||||||||||||||
Operating margin percentage | 26.5 | % | (11.3 | )% | 25.7 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 3,139 | $ | 589 | $ | — | $ | 3,728 | |||||||
Services revenues | 1,639 | 663 | — | 2,302 | |||||||||||
Total consolidated revenues | 4,778 | 1,252 | — | 6,030 | |||||||||||
Gross profit | $ | 2,871 | $ | 1,119 | $ | (100 | ) | $ | 3,890 | ||||||
Gross profit percentage | 60.1 | % | 89.5 | % | — | 64.5 | % | ||||||||
Research and development | 387 | 183 | 93 | 663 | |||||||||||
Selling, general and administrative | 1,255 | 510 | 163 | 1,928 | |||||||||||
Restructuring and acquisition-related charges | — | — | 30 | 30 | |||||||||||
Total costs and expenses | 1,642 | 693 | 286 | 2,621 | |||||||||||
Operating income | 1,229 | 426 | (386 | ) | 1,269 | ||||||||||
Operating margin percentage | 25.7 | % | 34.1 | % | — | 21.0 | % | ||||||||
Non-operating income (expense) | (35 | ) | 7 | (2 | ) | (30 | ) | ||||||||
Income tax provision | 292 | 66 | (31 | ) | 327 | ||||||||||
Net income | 902 | 367 | (357 | ) | 912 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (75 | ) | 33 | (42 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 902 | $ | 292 | $ | (324 | ) | $ | 870 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,421 | $ | 50 | $ | 106 | $ | 2,577 | $ | 23 | $ | 2,600 | |||||||||||
Services revenues | 1,305 | 108 | 121 | 1,534 | 43 | 1,577 | |||||||||||||||||
Total consolidated revenues | 3,726 | 158 | 227 | 4,111 | 66 | 4,177 | |||||||||||||||||
Gross profit | $ | 2,119 | $ | 108 | $ | 146 | $ | 2,373 | $ | 37 | $ | 2,410 | |||||||||||
Gross profit percentage | 56.9 | % | 68.1 | % | 64.2 | % | 57.7 | % | 55.6 | % | 57.7 | % | |||||||||||
Research and development | 356 | 31 | 387 | ||||||||||||||||||||
Selling, general and administrative | 1,079 | 38 | 1,117 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,435 | 69 | 1,504 | ||||||||||||||||||||
Operating income | $ | 938 | $ | (32 | ) | $ | 906 | ||||||||||||||||
22.8 | % | (48.4 | )% | 21.7 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 2,600 | $ | 485 | $ | — | $ | 3,085 | |||||||
Services revenues | 1,577 | 616 | — | 2,193 | |||||||||||
Total consolidated revenues | 4,177 | 1,101 | — | 5,278 | |||||||||||
Gross profit | $ | 2,410 | $ | 975 | $ | (97 | ) | $ | 3,288 | ||||||
Gross profit percentage | 57.7 | % | 88.6 | % | — | 62.3 | % | ||||||||
Research and development | 387 | 178 | 88 | 653 | |||||||||||
Selling, general and administrative | 1,117 | 421 | 171 | 1,709 | |||||||||||
Restructuring and acquisition-related charges | — | — | 27 | 27 | |||||||||||
Total costs and expenses | 1,504 | 599 | 286 | 2,389 | |||||||||||
Operating income | 906 | 376 | (383 | ) | 899 | ||||||||||
Operating margin percentage | 21.7 | % | 34.2 | % | — | 17.0 | % | ||||||||
Non-operating income (expense) | (63 | ) | 9 | (2 | ) | (56 | ) | ||||||||
Income tax provision | 202 | 86 | (103 | ) | 185 | ||||||||||
Net income | 641 | 299 | (282 | ) | 658 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (58 | ) | 26 | (32 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 641 | $ | 241 | $ | (256 | ) | $ | 626 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,500 | $ | 45 | $ | 103 | $ | 2,648 | $ | 23 | $ | 2,671 | |||||||||||
Services revenues | 1,287 | 108 | 117 | 1,512 | 40 | 1,552 | |||||||||||||||||
Total consolidated revenues | 3,787 | 153 | 220 | 4,160 | 63 | 4,223 | |||||||||||||||||
Gross profit | $ | 2,164 | $ | 102 | $ | 179 | $ | 2,445 | $ | 33 | $ | 2,478 | |||||||||||
Gross profit percentage | 57.1 | % | 67.0 | % | 81.1 | % | 58.8 | % | 53.2 | % | 58.7 | % | |||||||||||
Research and development | 363 | 33 | 396 | ||||||||||||||||||||
Selling, general and administrative | 1,114 | 36 | 1,150 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,477 | 69 | 1,546 | ||||||||||||||||||||
Operating income | $ | 968 | $ | (36 | ) | $ | 932 | ||||||||||||||||
Operating margin percentage | 23.3 | % | (57.7 | )% | 22.1 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 2,671 | $ | 508 | $ | — | $ | 3,179 | |||||||
Services revenues | 1,552 | 580 | — | 2,132 | |||||||||||
Total consolidated revenues | 4,223 | 1,088 | — | 5,311 | |||||||||||
Gross profit | $ | 2,478 | $ | 964 | $ | (95 | ) | $ | 3,347 | ||||||
Gross profit percentage | 58.7 | % | 88.5 | % | — | 63.0 | % | ||||||||
Research and development | 396 | 178 | 83 | 657 | |||||||||||
Selling, general and administrative | 1,150 | 418 | 147 | 1,715 | |||||||||||
Restructuring and acquisition-related charges | — | — | 28 | 28 | |||||||||||
Total costs and expenses | 1,546 | 596 | 258 | 2,400 | |||||||||||
Operating income | 932 | 368 | (353 | ) | 947 | ||||||||||
Operating margin percentage | 22.1 | % | 33.7 | % | — | 17.8 | % | ||||||||
Non-operating income (expense) | (40 | ) | 5 | (8 | ) | (43 | ) | ||||||||
Income tax provision | 265 | 52 | (103 | ) | 214 | ||||||||||
Net income | 627 | 321 | (258 | ) | 690 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (63 | ) | 23 | (40 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 627 | $ | 258 | $ | (235 | ) | $ | 650 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 2,437 | $ | 37 | $ | 96 | $ | 2,570 | $ | 21 | $ | 2,591 | |||||||||||
Services revenues | 1,226 | 109 | 110 | 1,445 | 23 | 1,468 | |||||||||||||||||
Total consolidated revenues | 3,663 | 146 | 206 | 4,015 | 44 | 4,059 | |||||||||||||||||
Gross profit | $ | 2,046 | $ | 90 | $ | 133 | $ | 2,269 | $ | 19 | $ | 2,288 | |||||||||||
Gross profit percentage | 55.9 | % | 61.6 | % | 64.6 | % | 56.5 | % | 44.4 | % | 56.4 | % | |||||||||||
Research and development | 328 | 28 | 356 | ||||||||||||||||||||
Selling, general and administrative | 1,078 | 38 | 1,116 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,406 | 66 | 1,472 | ||||||||||||||||||||
Operating income | $ | 863 | $ | (47 | ) | $ | 816 | ||||||||||||||||
Operating margin percentage | 21.5 | % | (105.8 | )% | 20.1 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 2,591 | $ | 478 | $ | — | $ | 3,069 | |||||||
Services revenues | 1,468 | 557 | — | 2,025 | |||||||||||
Total consolidated revenues | 4,059 | 1,035 | — | 5,094 | |||||||||||
Gross profit | $ | 2,288 | $ | 919 | $ | (94 | ) | $ | 3,113 | ||||||
Gross profit percentage | 56.4 | % | 88.7 | % | — | 61.1 | % | ||||||||
Research and development | 356 | 161 | 70 | 587 | |||||||||||
Selling, general and administrative | 1,116 | 390 | 145 | 1,651 | |||||||||||
Restructuring and acquisition-related charges | — | — | 26 | 26 | |||||||||||
Total costs and expenses | 1,472 | 551 | 241 | 2,264 | |||||||||||
Operating income | 816 | 368 | (335 | ) | 849 | ||||||||||
Operating margin percentage | 20.1 | % | 35.5 | % | — | 16.7 | % | ||||||||
Non-operating income (expense) | (38 | ) | 7 | (1 | ) | (32 | ) | ||||||||
Income tax provision | 209 | 68 | (86 | ) | 191 | ||||||||||
Net income | 569 | 307 | (250 | ) | 626 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (59 | ) | 20 | (39 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 569 | $ | 248 | $ | (230 | ) | $ | 587 |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | FY 2012 | Q1 2013 | Q2 2013 | Q2 2013 v Q2 2012 | Q2 2013 v Q1 2013 | |||||||||||||||||||||||||
Information Storage: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 2,437 | $ | 2,500 | $ | 2,421 | $ | 2,925 | $ | 10,283 | $ | 2,461 | $ | 2,568 | 3 | % | 4 | % | |||||||||||||||
Services Revenue | 1,226 | 1,287 | 1,305 | 1,338 | 5,157 | 1,303 | 1,358 | 5 | 4 | ||||||||||||||||||||||||
Total Information Storage Revenue | $ | 3,663 | $ | 3,787 | $ | 3,726 | $ | 4,263 | $ | 15,440 | $ | 3,764 | $ | 3,926 | 4 | % | 4 | % | |||||||||||||||
Information Intelligence Group: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 37 | $ | 45 | $ | 50 | $ | 69 | $ | 200 | $ | 43 | $ | 39 | (14 | )% | (11 | )% | |||||||||||||||
Services Revenue | 109 | 108 | 108 | 115 | 440 | 112 | 113 | 6 | 1 | ||||||||||||||||||||||||
Total Information Intelligence Group Revenue | $ | 146 | $ | 153 | $ | 158 | $ | 184 | $ | 640 | $ | 155 | $ | 152 | — | % | (2 | )% | |||||||||||||||
RSA Information Security: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 96 | $ | 103 | $ | 106 | $ | 106 | $ | 413 | $ | 100 | $ | 98 | (5 | )% | (2 | )% | |||||||||||||||
Services Revenue | 110 | 117 | 121 | 128 | 476 | 133 | 130 | 11 | (2 | ) | |||||||||||||||||||||||
Total RSA Information Security Revenue | $ | 206 | $ | 220 | $ | 227 | $ | 234 | $ | 889 | $ | 233 | $ | 228 | 3 | % | (2 | )% | |||||||||||||||
EMC Information Infrastructure: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 2,570 | $ | 2,648 | $ | 2,577 | $ | 3,100 | $ | 10,896 | $ | 2,604 | $ | 2,705 | 2 | % | 4 | % | |||||||||||||||
Services Revenue | 1,445 | 1,512 | 1,534 | 1,581 | 6,073 | 1,548 | 1,601 | 6 | 3 | ||||||||||||||||||||||||
Total EMC Information Infrastructure Revenue | $ | 4,015 | $ | 4,160 | $ | 4,111 | $ | 4,681 | $ | 16,969 | $ | 4,152 | $ | 4,306 | 4 | % | 4 | % | |||||||||||||||
Pivotal: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 21 | $ | 23 | $ | 23 | $ | 39 | $ | 106 | $ | 24 | $ | 24 | 4 | % | (2 | )% | |||||||||||||||
Services Revenue | 23 | 40 | 43 | 58 | 164 | 45 | 46 | 15 | 3 | ||||||||||||||||||||||||
Total Pivotal Revenue | $ | 44 | $ | 63 | $ | 66 | $ | 97 | $ | 270 | $ | 69 | $ | 70 | 11 | % | 1 | % | |||||||||||||||
VMware: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 478 | $ | 508 | $ | 485 | $ | 589 | $ | 2,058 | $ | 484 | $ | 529 | 4 | % | 9 | % | |||||||||||||||
Services Revenue | 557 | 580 | 616 | 663 | 2,417 | 682 | 709 | 22 | 4 | ||||||||||||||||||||||||
Total VMware Revenue | $ | 1,035 | $ | 1,088 | $ | 1,101 | $ | 1,252 | $ | 4,475 | $ | 1,166 | $ | 1,238 | 14 | % | 6 | % | |||||||||||||||
Consolidated Revenues: | |||||||||||||||||||||||||||||||||
Product Revenue | $ | 3,069 | $ | 3,179 | $ | 3,085 | $ | 3,728 | $ | 13,060 | $ | 3,112 | $ | 3,258 | 2 | % | 5 | % | |||||||||||||||
Services Revenue | 2,025 | 2,132 | 2,193 | 2,302 | 8,654 | 2,275 | 2,356 | 10 | 4 | ||||||||||||||||||||||||
Total Consolidated Revenues | $ | 5,094 | $ | 5,311 | $ | 5,278 | $ | 6,030 | $ | 21,714 | $ | 5,387 | $ | 5,614 | 6 | % | 4 | % | |||||||||||||||
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)% | (0.7 | )% |