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 January 29, 2014 |
EMC CORPORATION | |
By: | /s/ David I. Goulden |
David I. Goulden | |
Chief Executive Officer, EMC Information Infrastructure |
Exhibit No. | Description |
99.1 | Press release from EMC Corporation dated January 29, 2014 |
Contact: | Lesley Ogrodnick |
Highlights: | |
l | Q4 revenue growth up 11% year over year |
l | Q4 GAAP EPS and non-GAAP EPS growth up 23% and 11% year over year, respectively |
l | Double-digit year-over-year revenue growth across U.S., EMEA and Latin America, with strong revenue growth from BRIC+13 markets |
l | Q4 revenue from the Emerging Storage business up 73% year over year |
l | Strong year-over-year increase in operating and free cash flow |
• | Consolidated revenues are expected to be $24.5 billion for 2014. Consolidated revenues for the three months ended March 31, 2014 are expected to be 22% of the full-year revenue. |
• | Consolidated GAAP operating income is expected to be 18% of revenues for 2014 and consolidated non-GAAP7 operating income is expected to be 25% of revenues for 2014. |
• | Consolidated GAAP earnings per weighted average diluted share are expected to be $1.38 for 2014 and consolidated non-GAAP7 earnings per weighted average diluted share are expected to be $1.95 for 2014. |
• | Consolidated GAAP earnings per weighted average diluted share are expected to be $0.19 for the three months ended March 31, 2014 and consolidated non-GAAP7 earnings per weighted average diluted share are expected to be $0.35 for the three months ended March 31, 2014. |
• | The consolidated GAAP income tax rate is expected to be 23% for 2014 and the consolidated non-GAAP7 income tax rate is expected to be 23.5% for 2014. This assumes that the U.S. research and development tax credit for 2014 is extended in the fourth quarter 2014. |
• | The weighted average outstanding diluted shares are expected to be 2.06 billion for 2014. |
• | EMC expects to repurchase an aggregate of $2.0 billion of the company’s common stock in 2014. |
• | EMC will host its fourth-quarter and full-year 2013 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 fourth-quarter and full-year 2013 financial results |
• | Visit EMC Pulse, EMC’s product and technology news blog, and EMC Reflections |
• | Connect with EMC via Twitter, Facebook, YouTube, and LinkedIn |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 4,155 | $ | 3,728 | $ | 13,690 | $ | 13,061 | ||||||||
Services | 2,527 | 2,302 | 9,532 | 8,653 | ||||||||||||
6,682 | 6,030 | 23,222 | 21,714 | |||||||||||||
Cost and expenses: | ||||||||||||||||
Cost of product sales | 1,630 | 1,410 | 5,650 | 5,259 | ||||||||||||
Cost of services | 828 | 730 | 3,099 | 2,817 | ||||||||||||
Research and development | 705 | 663 | 2,761 | 2,560 | ||||||||||||
Selling, general and administrative | 2,029 | 1,928 | 7,338 | 7,004 | ||||||||||||
Restructuring and acquisition-related charges | 29 | 30 | 224 | 110 | ||||||||||||
Operating income | 1,461 | 1,269 | 4,150 | 3,964 | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Investment income | 35 | 30 | 128 | 115 | ||||||||||||
Interest expense | (47 | ) | (21 | ) | (156 | ) | (79 | ) | ||||||||
Other income (expense), net | (61 | ) | (39 | ) | (257 | ) | (196 | ) | ||||||||
Total non-operating income (expense) | (73 | ) | (30 | ) | (285 | ) | (160 | ) | ||||||||
Income before provision for income taxes | 1,388 | 1,239 | 3,865 | 3,804 | ||||||||||||
Income tax provision | 298 | 327 | 772 | 918 | ||||||||||||
Net income | 1,090 | 912 | 3,093 | 2,886 | ||||||||||||
Less: Net income attributable to the non-controlling interest in VMware, Inc. | (68 | ) | (42 | ) | (204 | ) | (153 | ) | ||||||||
Net income attributable to EMC Corporation | $ | 1,022 | $ | 870 | $ | 2,889 | $ | 2,733 | ||||||||
Net income per weighted average share, basic attributable to EMC Corporation common shareholders | $ | 0.50 | $ | 0.41 | $ | 1.39 | $ | 1.31 | ||||||||
Net income per weighted average share, diluted attributable to EMC Corporation common shareholders | $ | 0.48 | $ | 0.39 | $ | 1.33 | $ | 1.23 | ||||||||
Weighted average shares, basic | 2,034 | 2,105 | 2,074 | 2,093 | ||||||||||||
Weighted average shares, diluted | 2,114 | 2,201 | 2,160 | 2,206 | ||||||||||||
Cash dividends declared per common share | $ | 0.10 | $ | — | $ | 0.30 | $ | — |
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7,891 | $ | 4,714 | ||||
Short-term investments | 2,773 | 1,422 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $62 and $68 | 3,861 | 3,433 | ||||||
Inventories | 1,334 | 1,201 | ||||||
Deferred income taxes | 912 | 784 | ||||||
Other current assets | 507 | 465 | ||||||
Total current assets | 17,278 | 12,019 | ||||||
Long-term investments | 6,924 | 5,260 | ||||||
Property, plant and equipment, net | 3,478 | 3,145 | ||||||
Intangible assets, net | 1,780 | 2,035 | ||||||
Goodwill | 14,424 | 13,840 | ||||||
Other assets, net | 1,965 | 1,663 | ||||||
Total assets | $ | 45,849 | $ | 37,962 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,434 | $ | 1,041 | ||||
Accrued expenses | 2,783 | 2,492 | ||||||
Notes converted and payable | 1,665 | — | ||||||
Income taxes payable | 639 | 514 | ||||||
Convertible debt | — | 1,652 | ||||||
Deferred revenue | 5,278 | 4,575 | ||||||
Total current liabilities | 11,799 | 10,274 | ||||||
Income taxes payable | 296 | 293 | ||||||
Deferred revenue | 3,701 | 2,976 | ||||||
Deferred income taxes | 421 | 468 | ||||||
Long-term debt | 5,494 | — | ||||||
Other liabilities | 352 | 369 | ||||||
Total liabilities | 22,063 | 14,380 | ||||||
Convertible debt | — | 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 2,020 and 2,107 shares | 20 | 21 | ||||||
Additional paid-in capital | 1,406 | 3,691 | ||||||
Retained earnings | 21,114 | 18,853 | ||||||
Accumulated other comprehensive loss, net | (239 | ) | (208 | ) | ||||
Total EMC Corporation's shareholders' equity | 22,301 | 22,357 | ||||||
Non-controlling interests | 1,485 | 1,167 | ||||||
Total shareholders' equity | 23,786 | 23,524 | ||||||
Total liabilities and shareholders' equity | $ | 45,849 | $ | 37,962 |
Twelve Months Ended | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||
Cash received from customers | $ | 24,319 | $ | 22,585 | |||||||
Cash paid to suppliers and employees | (16,708 | ) | (16,019 | ) | |||||||
Dividends and interest received | 169 | 103 | |||||||||
Interest paid | (96 | ) | (33 | ) | |||||||
Income taxes paid | (761 | ) | (374 | ) | |||||||
Net cash provided by operating activities | 6,923 | 6,262 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | (943 | ) | (819 | ) | |||||||
Capitalized software development costs | (465 | ) | (419 | ) | |||||||
Purchases of short- and long-term available-for-sale securities | (11,250 | ) | (6,347 | ) | |||||||
Sales of short- and long-term available-for-sale securities | 5,292 | 4,983 | |||||||||
Maturities of short- and long-term available-for-sale securities | 2,845 | 1,049 | |||||||||
Business acquisitions, net of cash acquired | (770 | ) | (2,136 | ) | |||||||
Purchases of strategic and other related investments | (131 | ) | (117 | ) | |||||||
Sales of strategic and other related investments | 35 | 70 | |||||||||
Joint venture funding | (411 | ) | (228 | ) | |||||||
Proceeds from divestiture of businesses | 38 | 58 | |||||||||
Net cash used in investing activities | (5,760 | ) | (3,906 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of EMC's common stock | 342 | 560 | |||||||||
Proceeds from the issuance of VMware's common stock | 197 | 253 | |||||||||
EMC repurchase of EMC's common stock | (3,015 | ) | (685 | ) | |||||||
EMC purchase of VMware's common stock | (160 | ) | (290 | ) | |||||||
VMware repurchase of VMware's common stock | (508 | ) | (468 | ) | |||||||
Excess tax benefits from stock-based compensation | 116 | 261 | |||||||||
Payment of long-term and short-term obligations | (46 | ) | (1,715 | ) | |||||||
Proceeds from long-term and short-term obligations | 5,460 | 5 | |||||||||
Interest rate contract settlement | — | (70 | ) | ||||||||
Dividend payment | (415 | ) | — | ||||||||
Third party contribution to Pivotal | 105 | — | |||||||||
Net cash provided by (used in) financing activities | 2,076 | (2,149 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (62 | ) | 15 | ||||||||
Net increase in cash and cash equivalents | 3,177 | 222 | |||||||||
Cash and cash equivalents at beginning of period | 4,714 | 4,492 | |||||||||
Cash and cash equivalents at end of period | $ | 7,891 | $ | 4,714 | |||||||
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Net income | $ | 3,093 | $ | 2,886 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,665 | 1,528 | |||||||||
Non-cash interest expense on debt | 62 | 46 | |||||||||
Non-cash restructuring and other special charges | 8 | 13 | |||||||||
Stock-based compensation expense | 935 | 895 | |||||||||
Provision for (recovery of) doubtful accounts | (1 | ) | 39 | ||||||||
Deferred income taxes, net | (202 | ) | (118 | ) |
Excess tax benefits from stock-based compensation | (116 | ) | (261 | ) | |||||||
Gain on XtremeIO Stock | — | (32 | ) | ||||||||
Other, net | 40 | 22 | |||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts and notes receivable | (377 | ) | (535 | ) | |||||||
Inventories | (408 | ) | (459 | ) | |||||||
Other assets | 269 | 174 | |||||||||
Accounts payable | 380 | 89 | |||||||||
Accrued expenses | (162 | ) | (94 | ) | |||||||
Income taxes payable | 222 | 661 | |||||||||
Deferred revenue | 1,475 | 1,367 | |||||||||
Other liabilities | 40 | 41 | |||||||||
Net cash provided by operating activities | $ | 6,923 | $ | 6,262 |
Three Months Ended | |||||||||||||||
Diluted | Diluted | ||||||||||||||
December 31, | Earnings | December 31, | Earnings | ||||||||||||
2013 | Per Share | 2012 | Per Share | ||||||||||||
Net Income Attributable to EMC GAAP | $ | 1,022 | $ | 0.482 | $ | 870 | $ | 0.394 | |||||||
Stock-based compensation expense | 176 | 0.083 | 159 | 0.073 | |||||||||||
Intangible asset amortization | 62 | 0.029 | 64 | 0.029 | |||||||||||
Restructuring and acquisition-related charges | 19 | 0.009 | 23 | 0.010 | |||||||||||
Amortization of VMware's capitalized software from prior periods | 1 | — | 7 | 0.003 | |||||||||||
Special tax items | (4 | ) | (0.002 | ) | 11 | 0.005 | |||||||||
R&D tax credit | — | — | 60 | 0.027 | |||||||||||
Net Income Attributable to EMC Non-GAAP | $ | 1,276 | $ | 0.602 | $ | 1,194 | $ | 0.541 | |||||||
Weighted average shares, diluted | 2,114 | 2,201 | |||||||||||||
Incremental VMware dilution | $ | 2 | $ | 2 |
Twelve Months Ended | |||||||||||||||
Diluted | Diluted | ||||||||||||||
December 31, | Earnings | December 31, | Earnings | ||||||||||||
2013 | Per Share | 2012 | Per Share | ||||||||||||
Net Income Attributable to EMC GAAP | $ | 2,889 | $ | 1.333 | $ | 2,733 | $ | 1.234 | |||||||
Stock-based compensation expense | 636 | 0.295 | 623 | 0.282 | |||||||||||
Intangible asset amortization | 256 | 0.118 | 238 | 0.108 | |||||||||||
Restructuring and acquisition-related charges | 156 | 0.072 | 87 | 0.040 | |||||||||||
Amortization of VMware's capitalized software from prior periods | 18 | 0.009 | 33 | 0.015 | |||||||||||
Net gain on disposition of certain lines of business and other | (21 | ) | (0.010 | ) | — | — | |||||||||
RSA special charge (release) | — | — | (18 | ) | (0.008 | ) | |||||||||
Loss on interest rate swaps | — | — | 24 | 0.011 | |||||||||||
Gain on strategic investment | — | — | (32 | ) | (0.014 | ) | |||||||||
Special tax items | 19 | 0.009 | 11 | 0.005 | |||||||||||
R&D tax credit | (60 | ) | (0.028 | ) | 60 | 0.027 | |||||||||
Net Income Attributable to EMC Non-GAAP | $ | 3,893 | $ | 1.798 | $ | 3,759 | $ | 1.700 | |||||||
Weighted average shares, diluted | 2,160 | 2,206 | |||||||||||||
Incremental VMware dilution | $ | 8 | $ | 10 |
* | 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 | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Gross Margin GAAP | $ | 4,224 | $ | 3,890 | $ | 14,473 | $ | 13,638 | |||||||
Stock-based compensation expense | 32 | 31 | 124 | 126 | |||||||||||
Intangible asset amortization | 59 | 57 | 232 | 199 | |||||||||||
Amortization of VMware's capitalized software from prior periods | 1 | 13 | 34 | 62 | |||||||||||
RSA special charge (release) | — | — | — | (24 | ) | ||||||||||
Gross Margin Non-GAAP | $ | 4,317 | $ | 3,991 | $ | 14,864 | $ | 14,001 | |||||||
Revenues | $ | 6,682 | $ | 6,030 | $ | 23,222 | $ | 21,714 | |||||||
Gross Margin Percentages: | |||||||||||||||
GAAP | 63.2 | % | 64.5 | % | 62.3 | % | 62.8 | % | |||||||
Non-GAAP | 64.6 | % | 66.2 | % | 64.0 | % | 64.5 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating Margin GAAP | $ | 1,461 | $ | 1,269 | $ | 4,150 | $ | 3,964 | |||||||
Stock-based compensation expense | 239 | 246 | 935 | 920 | |||||||||||
Intangible asset amortization | 98 | 98 | 389 | 365 | |||||||||||
Restructuring and acquisition-related charges | 29 | 30 | 224 | 110 | |||||||||||
Amortization of VMware's capitalized software from prior periods | 1 | 13 | 34 | 62 | |||||||||||
RSA special charge (release) | — | — | — | (24 | ) | ||||||||||
Operating Margin Non-GAAP | $ | 1,828 | $ | 1,656 | $ | 5,732 | $ | 5,397 | |||||||
Revenues | $ | 6,682 | $ | 6,030 | $ | 23,222 | $ | 21,714 | |||||||
Operating Margin Percentages: | |||||||||||||||
GAAP | 21.9 | % | 21.0 | % | 17.9 | % | 18.3 | % | |||||||
Non-GAAP | 27.4 | % | 27.5 | % | 24.7 | % | 24.9 | % |
Three Months Ended December 31, 2013 | ||||||||||
Income Before | Tax | Tax | ||||||||
Tax | Provision | Rate | ||||||||
EMC Consolidated GAAP | $ | 3,865 | $ | 772 | 20.0 | % | ||||
Stock-based compensation expense | 936 | 226 | 24.1 | % | ||||||
Intangible asset amortization | 389 | 117 | 30.1 | % | ||||||
Restructuring and acquisition-related charges | 224 | 57 | 25.7 | % | ||||||
Amortization of VMware's capitalized software from prior periods | 34 | 11 | 32.6 | % | ||||||
Net gain on disposition of certain lines of business and other | (30 | ) | (3 | ) | (7.6 | )% | ||||
Special tax items | — | (18 | ) | 0.0 | % | |||||
R&D tax credit | — | 66 | 0.0 | % | ||||||
EMC Consolidated Non-GAAP | $ | 5,417 | $ | 1,228 | 22.7 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cash Flow from Operations | $ | 2,190 | $ | 1,899 | $ | 6,923 | $ | 6,262 | ||||||||
Capital expenditures | (270 | ) | (296 | ) | (943 | ) | (819 | ) | ||||||||
Capitalized software development costs | (123 | ) | (103 | ) | (465 | ) | (419 | ) | ||||||||
Free Cash Flow | $ | 1,797 | $ | 1,500 | $ | 5,515 | $ | 5,024 |
Twelve Months Ended December 31, | ||
2014 | ||
Operating Income as a % of Revenue - GAAP | 18.0 | % |
Stock-based compensation expense | 4.6 | % |
Intangible asset amortization | 1.5 | % |
Restructuring and acquisition-related charges | 0.9 | % |
Operating Income as a % of Revenue - Non-GAAP | 25.0 | % |
Twelve Months Ended December 31, | Three Months Ended March 31, | ||||||
2014 | 2014 | ||||||
Diluted Earnings Per Share - GAAP | $ | 1.38 | $ | 0.19 | |||
Stock-based compensation expense | 0.37 | 0.09 | |||||
Intangible asset amortization | 0.12 | 0.03 | |||||
Restructuring and acquisition-related charges | 0.08 | 0.04 | |||||
Diluted Earnings Per Share - Non-GAAP* | $ | 1.95 | $ | 0.35 |
Twelve Months Ended December 31, | ||
2014 | ||
Tax Rate - GAAP | 23.0 | % |
Impact of stock-based compensation expense, intangible asset amortization and restructuring and acquisition-related charges | 0.5 | % |
Tax Rate - Non-GAAP | 23.5 | % |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | Special Tax Items | |||||||||||||||
EMC Consolidated | |||||||||||||||||||
Cost of revenue | $ | (32 | ) | $ | (59 | ) | $ | — | $ | (1 | ) | $ | — | ||||||
Research and development | (94 | ) | (2 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (113 | ) | (37 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (29 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | — | ||||||||||||||
Income tax provision | 41 | 32 | 10 | — | 5 | ||||||||||||||
Net income attributable to VMware | (22 | ) | (4 | ) | — | — | 1 | ||||||||||||
EMC Information Infrastructure plus Pivotal | |||||||||||||||||||
Cost of revenue | $ | (24 | ) | $ | (36 | ) | $ | — | $ | — | $ | — | |||||||
Research and development | (32 | ) | (1 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (61 | ) | (36 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (23 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | — | ||||||||||||||
Income tax provision | 28 | 27 | 5 | — | — | ||||||||||||||
Net income attributable to VMware | — | — | — | — | — | ||||||||||||||
VMware within EMC | |||||||||||||||||||
Cost of revenue | $ | (8 | ) | $ | (23 | ) | $ | — | $ | (1 | ) | $ | — | ||||||
Research and development | (62 | ) | (1 | ) | — | — | — | ||||||||||||
Selling, general and administrative | (52 | ) | (1 | ) | — | — | — | ||||||||||||
Restructuring and acquisition-related charges | — | — | (6 | ) | — | — | |||||||||||||
Non-operating (income) expense | — | — | — | — | — | ||||||||||||||
Income tax provision | 13 | 5 | 5 | — | 5 | ||||||||||||||
Net income attributable to VMware | (22 | ) | (4 | ) | — | — | 1 |
Stock-Based Compensation Expense | Intangible Asset Amortization | Restructuring and Acquisition-Related Charges | Amortization of VMware's Capitalized Software from Prior Periods | Special Tax Items | R&D Tax Credit | ||||||||||||||||||
EMC Consolidated | |||||||||||||||||||||||
Cost of revenue | $ | (31 | ) | $ | (57 | ) | $ | — | $ | (13 | ) | $ | — | $ | — | ||||||||
Research and development | (90 | ) | (3 | ) | — | — | — | — | |||||||||||||||
Selling, general and administrative | (125 | ) | (38 | ) | — | — | — | — | |||||||||||||||
Restructuring and acquisition-related charges | — | — | (30 | ) | — | — | — | ||||||||||||||||
Non-operating (income) expense | 2 | — | — | — | — | — | |||||||||||||||||
Income tax provision | 70 | 29 | 7 | 4 | (12 | ) | (66 | ) | |||||||||||||||
Net income attributable to VMware | (19 | ) | (5 | ) | — | (2 | ) | (1 | ) | (6 | ) | ||||||||||||
EMC Information Infrastructure plus Pivotal | |||||||||||||||||||||||
Cost of revenue | $ | (21 | ) | $ | (33 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Research and development | (32 | ) | (2 | ) | — | — | — | — | |||||||||||||||
Selling, general and administrative | (74 | ) | (36 | ) | — | — | — | — | |||||||||||||||
Restructuring and acquisition-related charges | — | — | (30 | ) | — | — | — | ||||||||||||||||
Non-operating (income) expense | 2 | — | — | — | — | — | |||||||||||||||||
Income tax provision | 37 | 25 | 7 | — | (8 | ) | (34 | ) | |||||||||||||||
Net income attributable to VMware | — | — | — | — | — | — | |||||||||||||||||
VMware within EMC | |||||||||||||||||||||||
Cost of revenue | $ | (10 | ) | $ | (24 | ) | $ | — | $ | (13 | ) | $ | — | $ | — | ||||||||
Research and development | (58 | ) | (1 | ) | — | — | — | — | |||||||||||||||
Selling, general and administrative | (51 | ) | (2 | ) | — | — | — | — | |||||||||||||||
Restructuring and acquisition-related charges | — | — | — | — | — | — | |||||||||||||||||
Non-operating (income) expense | — | — | — | — | — | — | |||||||||||||||||
Income tax provision | 33 | 4 | — | 4 | (4 | ) | (32 | ) | |||||||||||||||
Net income attributable to VMware | (19 | ) | (5 | ) | — | (2 | ) | (1 | ) | (6 | ) |
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 | Special Tax Items | R&D Tax Credit | |||||||||||||||||||||
EMC Consolidated | |||||||||||||||||||||||||||
Cost of revenue | $ | (124 | ) | $ | (232 | ) | $ | — | $ | (34 | ) | $ | — | $ | — | $ | — | ||||||||||
Research and development | (357 | ) | (8 | ) | — | — | — | — | — | ||||||||||||||||||
Selling, general and administrative | (454 | ) | (149 | ) | — | — | — | — | — | ||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (224 | ) | — | — | — | — | |||||||||||||||||||
Non-operating (income) expense | 1 | — | — | — | (30 | ) | — | — | |||||||||||||||||||
Income tax provision | 226 | 117 | 57 | 11 | (3 | ) | (18 | ) | 66 | ||||||||||||||||||
Net income attributable to VMware | (74 | ) | (16 | ) | (11 | ) | (5 | ) | 6 | 1 | 6 | ||||||||||||||||
EMC Information Infrastructure plus Pivotal | |||||||||||||||||||||||||||
Cost of revenue | $ | (88 | ) | $ | (141 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Research and development | (134 | ) | (5 | ) | — | — | — | — | — | ||||||||||||||||||
Selling, general and administrative | (256 | ) | (142 | ) | — | — | — | — | — | ||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (150 | ) | — | — | — | — | |||||||||||||||||||
Non-operating (income) expense | 1 | — | — | — | — | — | — | ||||||||||||||||||||
Income tax provision | 129 | 95 | 33 | — | — | (23 | ) | 34 | |||||||||||||||||||
Net income attributable to VMware | — | — | — | — | — | — | — | ||||||||||||||||||||
VMware within EMC | |||||||||||||||||||||||||||
Cost of revenue | $ | (36 | ) | $ | (91 | ) | $ | — | $ | (34 | ) | $ | — | $ | — | $ | — | ||||||||||
Research and development | (223 | ) | (3 | ) | — | — | — | — | — | ||||||||||||||||||
Selling, general and administrative | (198 | ) | (7 | ) | — | — | — | — | — | ||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (74 | ) | — | — | — | — | |||||||||||||||||||
Non-operating (income) expense | — | — | — | — | (30 | ) | — | — | |||||||||||||||||||
Income tax provision | 97 | 22 | 24 | 11 | (3 | ) | 5 | 32 | |||||||||||||||||||
Net income attributable to VMware | (74 | ) | (16 | ) | (11 | ) | (5 | ) | 6 | 1 | 6 |
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 | Special Tax Items | R&D Tax Credit | |||||||||||||||||||||||||||
EMC Consolidated | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | (126 | ) | $ | (199 | ) | $ | — | $ | (62 | ) | $ | 24 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Research and development | (324 | ) | (10 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Selling, general and administrative | (470 | ) | (156 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (110 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Non-operating (income) expense | 3 | — | — | — | — | 39 | (32 | ) | — | — | |||||||||||||||||||||||||
Income tax provision | 230 | 112 | 22 | 20 | (6 | ) | 15 | — | (12 | ) | (66 | ) | |||||||||||||||||||||||
Net income attributable to VMware | (70 | ) | (15 | ) | (1 | ) | (9 | ) | — | — | — | (1 | ) | (6 | ) | ||||||||||||||||||||
EMC Information Infrastructure plus Pivotal | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | (86 | ) | $ | (132 | ) | $ | — | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Research and development | (129 | ) | (7 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Selling, general and administrative | (279 | ) | (146 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (108 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Non-operating (income) expense | 3 | — | — | — | — | 39 | (32 | ) | — | — | |||||||||||||||||||||||||
Income tax provision | 123 | 93 | 22 | — | (6 | ) | 15 | — | (8 | ) | (34 | ) | |||||||||||||||||||||||
Net income attributable to VMware | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
VMware within EMC | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | (40 | ) | $ | (67 | ) | $ | — | $ | (62 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Research and development | (195 | ) | (3 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Selling, general and administrative | (191 | ) | (10 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | (2 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Non-operating (income) expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Income tax provision | 107 | 19 | — | 20 | — | — | — | (4 | ) | (32 | ) | ||||||||||||||||||||||||
Net income attributable to VMware | (70 | ) | (15 | ) | (1 | ) | (9 | ) | — | — | — | (1 | ) | (6 | ) |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,483 | $ | (25 | ) | $ | 1,458 | ||||
Cost of revenue | 192 | — | 192 | ||||||||
Gross margin | 1,291 | (25 | ) | 1,266 | |||||||
Research and development | 284 | (1 | ) | 283 | |||||||
Selling, general and administrative | 629 | (4 | ) | 625 | |||||||
Restructuring and acquisition-related charges | 4 | 2 | 6 | ||||||||
Operating income | 374 | (22 | ) | 352 | |||||||
Non-operating income (expense) | 7 | — | 7 | ||||||||
Income before taxes | 381 | (22 | ) | 359 | |||||||
Income tax provision | 46 | (3 | ) | 43 | |||||||
Net income | $ | 335 | (19 | ) | 316 | ||||||
Net income attributable to VMware | (68 | ) | (68 | ) | |||||||
Net income attributable to EMC | $ | (87 | ) | $ | 248 |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 1,293 | $ | (42 | ) | $ | 1,251 | ||||
Cost of revenue | 191 | (13 | ) | 178 | |||||||
Gross margin | 1,102 | (29 | ) | 1,073 | |||||||
Research and development | 268 | (26 | ) | 242 | |||||||
Selling, general and administrative | 581 | (17 | ) | 564 | |||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||
Operating income | 253 | 14 | 267 | ||||||||
Non-operating income (expense) | 7 | — | 7 | ||||||||
Income before taxes | 260 | 14 | 274 | ||||||||
Income tax provision | 54 | 6 | 60 | ||||||||
Net income | $ | 206 | 8 | 214 | |||||||
Net income attributable to VMware | (42 | ) | (42 | ) | |||||||
Net income attributable to EMC | $ | (34 | ) | $ | 172 |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 5,207 | $ | (60 | ) | $ | 5,147 | ||||
Cost of revenue | 730 | (12 | ) | 718 | |||||||
Gross margin | 4,477 | (48 | ) | 4,429 | |||||||
Research and development | 1,082 | (30 | ) | 1,052 | |||||||
Selling, general and administrative | 2,234 | (25 | ) | 2,209 | |||||||
Restructuring and acquisition-related charges | 68 | 5 | 73 | ||||||||
Operating income | 1,093 | 2 | 1,095 | ||||||||
Non-operating income (expense) | 54 | (2 | ) | 52 | |||||||
Income before taxes | 1,147 | — | 1,147 | ||||||||
Income tax provision | 133 | (4 | ) | 129 | |||||||
Net income | $ | 1,014 | 4 | 1,018 | |||||||
Net income attributable to VMware | (204 | ) | (204 | ) | |||||||
Net income attributable to EMC | $ | (200 | ) | $ | 814 |
VMware Standalone GAAP | GAAP Adjustments and Eliminations | VMware within EMC GAAP | |||||||||
Revenue | $ | 4,605 | $ | (130 | ) | $ | 4,475 | ||||
Cost of revenue | 721 | (54 | ) | 667 | |||||||
Gross margin | 3,884 | (76 | ) | 3,808 | |||||||
Research and development | 999 | (100 | ) | 899 | |||||||
Selling, general and administrative | 2,013 | (73 | ) | 1,940 | |||||||
Restructuring and acquisition-related charges | — | 4 | 4 | ||||||||
Operating income | 872 | 93 | 965 | ||||||||
Non-operating income (expense) | 21 | 7 | 28 | ||||||||
Income before taxes | 893 | 100 | 993 | ||||||||
Income tax provision | 147 | 14 | 161 | ||||||||
Net income | $ | 746 | 86 | 832 | |||||||
Net income attributable to VMware | (153 | ) | (153 | ) | |||||||
Net income attributable to EMC | $ | (67 | ) | $ | 679 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 3,250 | $ | 65 | $ | 136 | $ | 3,451 | $ | 28 | $ | 3,479 | |||||||||||
Services revenues | 1,419 | 124 | 139 | 1,682 | 63 | 1,745 | |||||||||||||||||
Total consolidated revenues | 4,669 | 189 | 275 | 5,133 | 91 | 5,224 | |||||||||||||||||
Gross profit | $ | 2,674 | $ | 129 | $ | 185 | 2,988 | 31 | 3,019 | ||||||||||||||
Gross profit percentage | 57.3 | % | 68.2 | % | 67.2 | % | 58.2 | % | 34.2 | % | 57.8 | % | |||||||||||
Research and development | 360 | 29 | 389 | ||||||||||||||||||||
Selling, general and administrative | 1,261 | 47 | 1,308 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 1,621 | 76 | 1,697 | ||||||||||||||||||||
Operating income | $ | 1,367 | $ | (45 | ) | $ | 1,322 | ||||||||||||||||
Operating margin percentage | 26.6 | % | (49.7 | )% | 25.3 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 3,479 | $ | 676 | $ | — | $ | 4,155 | |||||||
Services revenues | 1,745 | 782 | — | 2,527 | |||||||||||
Total consolidated revenues | 5,224 | 1,458 | — | 6,682 | |||||||||||
Gross profit | $ | 3,019 | $ | 1,297 | $ | (92 | ) | $ | 4,224 | ||||||
Gross profit percentage | 57.8 | % | 89.1 | % | — | 63.2 | % | ||||||||
Research and development | 389 | 220 | 96 | 705 | |||||||||||
Selling, general and administrative | 1,308 | 571 | 150 | 2,029 | |||||||||||
Restructuring and acquisition-related charges | — | — | 29 | 29 | |||||||||||
Total costs and expenses | 1,697 | 791 | 275 | 2,763 | |||||||||||
Operating income | 1,322 | 506 | (367 | ) | 1,461 | ||||||||||
Operating margin percentage | 25.3 | % | 34.7 | % | — | 21.9 | % | ||||||||
Non-operating income (expense) | (80 | ) | 7 | — | (73 | ) | |||||||||
Income tax provision | 316 | 70 | (88 | ) | 298 | ||||||||||
Net income | 926 | 443 | (279 | ) | 1,090 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (93 | ) | 25 | (68 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 926 | $ | 350 | $ | (254 | ) | $ | 1,022 |
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 | $ | 2,530 | $ | 132 | $ | 146 | 2,808 | 64 | 2,872 | ||||||||||||||
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 | $ | 1,241 | $ | (11 | ) | $ | 1,230 | ||||||||||||||||
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 | $ | 2,872 | $ | 1,119 | $ | (101 | ) | $ | 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 | 1,230 | 426 | (387 | ) | 1,269 | ||||||||||
Operating margin percentage | 25.7 | % | 34.1 | % | — | 21.0 | % | ||||||||
Non-operating income (expense) | (35 | ) | 7 | (2 | ) | (30 | ) | ||||||||
Income tax provision | 293 | 66 | (32 | ) | 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 | $ | 10,694 | $ | 180 | $ | 453 | $ | 11,327 | $ | 110 | $ | 11,437 | |||||||||||
Services revenues | 5,438 | 467 | 534 | 6,439 | 199 | 6,638 | |||||||||||||||||
Total consolidated revenues | 16,132 | 647 | 987 | 17,766 | 309 | 18,075 | |||||||||||||||||
Gross profit | $ | 9,082 | $ | 419 | $ | 655 | 10,156 | 118 | 10,274 | ||||||||||||||
Gross profit percentage | 56.3 | % | 64.8 | % | 66.4 | % | 57.2 | % | 38.0 | % | 56.8 | % | |||||||||||
Research and development | 1,453 | 117 | 1,570 | ||||||||||||||||||||
Selling, general and administrative | 4,567 | 165 | 4,732 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 6,020 | 282 | 6,302 | ||||||||||||||||||||
Operating income | $ | 4,136 | $ | (164 | ) | $ | 3,972 | ||||||||||||||||
Operating margin percentage | 23.3 | % | (53.3 | )% | 22.0 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 11,437 | $ | 2,253 | $ | — | $ | 13,690 | |||||||
Services revenues | 6,638 | 2,894 | — | 9,532 | |||||||||||
Total consolidated revenues | 18,075 | 5,147 | — | 23,222 | |||||||||||
Gross profit | $ | 10,274 | $ | 4,589 | $ | (390 | ) | $ | 14,473 | ||||||
Gross profit percentage | 56.8 | % | 89.2 | % | — | 62.3 | % | ||||||||
Research and development | 1,570 | 826 | 365 | 2,761 | |||||||||||
Selling, general and administrative | 4,732 | 2,003 | 603 | 7,338 | |||||||||||
Restructuring and acquisition-related charges | — | — | 224 | 224 | |||||||||||
Total costs and expenses | 6,302 | 2,829 | 1,192 | 10,323 | |||||||||||
Operating income | 3,972 | 1,760 | (1,582 | ) | 4,150 | ||||||||||
Operating margin percentage | 22.0 | % | 34.2 | % | — | 17.9 | % | ||||||||
Non-operating income (expense) | (336 | ) | 22 | 29 | (285 | ) | |||||||||
Income tax provision | 911 | 317 | (456 | ) | 772 | ||||||||||
Net income | 2,725 | 1,465 | (1,097 | ) | 3,093 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (297 | ) | 93 | (204 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 2,725 | $ | 1,168 | $ | (1,004 | ) | $ | 2,889 |
EMC Information Infrastructure | |||||||||||||||||||||||
Information Storage | Information Intelligence Group | RSA Information Security | EMC Information Infrastructure | Pivotal | EMC Information Infrastructure plus Pivotal | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product revenues | $ | 10,283 | $ | 200 | $ | 414 | $ | 10,897 | $ | 106 | $ | 11,003 | |||||||||||
Services revenues | 5,157 | 440 | 475 | 6,072 | 164 | 6,236 | |||||||||||||||||
Total consolidated revenues | 15,440 | 640 | 889 | 16,969 | 270 | 17,239 | |||||||||||||||||
Gross profit | 8,860 | 432 | 604 | 9,896 | 153 | 10,049 | |||||||||||||||||
Gross profit percentage | 57.4 | % | 67.5 | % | 68.0 | % | 58.3 | % | 56.7 | % | 58.3 | % | |||||||||||
Research and development | 1,402 | 124 | 1,526 | ||||||||||||||||||||
Selling, general and administrative | 4,484 | 155 | 4,639 | ||||||||||||||||||||
Restructuring and acquisition-related charges | — | — | — | ||||||||||||||||||||
Total costs and expenses | 5,886 | 279 | 6,165 | ||||||||||||||||||||
Operating income | $ | 4,010 | $ | (126 | ) | $ | 3,884 | ||||||||||||||||
Operating margin percentage | 23.6 | % | (46.6 | )% | 22.5 | % |
EMC Information Infrastructure plus Pivotal | VMware Virtual Infrastructure within EMC | Corp Reconciling Items | Consolidated | ||||||||||||
Revenues: | |||||||||||||||
Product revenues | $ | 11,003 | $ | 2,058 | $ | — | $ | 13,061 | |||||||
Services revenues | 6,236 | 2,417 | — | 8,653 | |||||||||||
Total consolidated revenues | 17,239 | 4,475 | — | 21,714 | |||||||||||
Gross profit | $ | 10,049 | $ | 3,976 | $ | (387 | ) | $ | 13,638 | ||||||
Gross profit percentage | 58.3 | % | 88.9 | % | — | 62.8 | % | ||||||||
Research and development | 1,526 | 700 | 334 | 2,560 | |||||||||||
Selling, general and administrative | 4,639 | 1,739 | 626 | 7,004 | |||||||||||
Restructuring and acquisition-related charges | — | — | 110 | 110 | |||||||||||
Total costs and expenses | 6,165 | 2,439 | 1,070 | 9,674 | |||||||||||
Operating income | 3,884 | 1,537 | (1,457 | ) | 3,964 | ||||||||||
Operating margin percentage | 22.5 | % | 34.3 | % | — | 18.3 | % | ||||||||
Non-operating income (expense) | (177 | ) | 27 | (10 | ) | (160 | ) | ||||||||
Income tax provision | 968 | 271 | (321 | ) | 918 | ||||||||||
Net income | 2,739 | 1,293 | (1,146 | ) | 2,886 | ||||||||||
Net income attributable to the non-controlling interest in VMware, Inc. | — | (255 | ) | 102 | (153 | ) | |||||||||
Net income attributable to EMC Corporation | $ | 2,739 | $ | 1,038 | $ | (1,044 | ) | $ | 2,733 |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | FY 2012 | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | FY 2013 | ||||||||||||||||||||||||||||||
Information Storage: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 2,437 | $ | 2,500 | $ | 2,420 | $ | 2,925 | $ | 10,283 | $ | 2,461 | $ | 2,568 | $ | 2,415 | $ | 3,250 | $ | 10,694 | |||||||||||||||||||
Services Revenue | 1,226 | 1,287 | 1,306 | 1,338 | 5,157 | 1,303 | 1,358 | 1,358 | 1,419 | 5,438 | |||||||||||||||||||||||||||||
Total Information Storage Revenue | $ | 3,663 | $ | 3,787 | $ | 3,726 | $ | 4,263 | $ | 15,440 | $ | 3,764 | $ | 3,926 | $ | 3,773 | $ | 4,669 | $ | 16,132 | |||||||||||||||||||
Information Intelligence Group: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 37 | $ | 45 | $ | 50 | $ | 69 | $ | 200 | $ | 43 | $ | 39 | $ | 32 | $ | 65 | $ | 180 | |||||||||||||||||||
Services Revenue | 109 | 108 | 108 | 115 | 440 | 112 | 113 | 117 | 124 | 467 | |||||||||||||||||||||||||||||
Total Information Intelligence Group Revenue | $ | 146 | $ | 153 | $ | 158 | $ | 184 | $ | 640 | $ | 155 | $ | 152 | $ | 149 | $ | 189 | $ | 647 | |||||||||||||||||||
RSA Information Security: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 96 | $ | 103 | $ | 106 | $ | 106 | $ | 414 | $ | 100 | $ | 98 | $ | 120 | $ | 136 | $ | 453 | |||||||||||||||||||
Services Revenue | 110 | 117 | 121 | 128 | 475 | 133 | 130 | 132 | 139 | 534 | |||||||||||||||||||||||||||||
Total RSA Information Security Revenue | $ | 206 | $ | 220 | $ | 227 | $ | 234 | $ | 889 | $ | 233 | $ | 228 | $ | 252 | $ | 275 | $ | 987 | |||||||||||||||||||
EMC Information Infrastructure: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 2,570 | $ | 2,648 | $ | 2,576 | $ | 3,100 | $ | 10,897 | $ | 2,604 | $ | 2,705 | $ | 2,567 | $ | 3,451 | $ | 11,327 | |||||||||||||||||||
Services Revenue | 1,445 | 1,512 | 1,535 | 1,581 | 6,072 | 1,548 | 1,601 | 1,607 | 1,682 | 6,439 | |||||||||||||||||||||||||||||
Total EMC Information Infrastructure Revenue | $ | 4,015 | $ | 4,160 | $ | 4,111 | $ | 4,681 | $ | 16,969 | $ | 4,152 | $ | 4,306 | $ | 4,174 | $ | 5,133 | $ | 17,766 | |||||||||||||||||||
Pivotal: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 21 | $ | 23 | $ | 23 | $ | 39 | $ | 106 | $ | 24 | $ | 24 | $ | 35 | $ | 28 | $ | 110 | |||||||||||||||||||
Services Revenue | 23 | 40 | 43 | 58 | 164 | 45 | 46 | 45 | 63 | 199 | |||||||||||||||||||||||||||||
Total Pivotal Revenue | $ | 44 | $ | 63 | $ | 66 | $ | 97 | $ | 270 | $ | 69 | $ | 70 | $ | 80 | $ | 91 | $ | 309 | |||||||||||||||||||
VMware: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 478 | $ | 508 | $ | 485 | $ | 589 | $ | 2,058 | $ | 484 | $ | 529 | $ | 563 | $ | 676 | $ | 2,523 | |||||||||||||||||||
Services Revenue | 557 | 580 | 616 | 663 | 2,417 | 682 | 709 | 722 | 782 | 2,894 | |||||||||||||||||||||||||||||
Total VMware Revenue | $ | 1,035 | $ | 1,088 | $ | 1,101 | $ | 1,252 | $ | 4,475 | $ | 1,166 | $ | 1,238 | $ | 1,285 | $ | 1,458 | $ | 5,147 | |||||||||||||||||||
Consolidated Revenues: | |||||||||||||||||||||||||||||||||||||||
Product Revenue | $ | 3,069 | $ | 3,179 | $ | 3,084 | $ | 3,728 | $ | 13,061 | $ | 3,112 | $ | 3,258 | $ | 3,165 | $ | 4,155 | $ | 13,690 | |||||||||||||||||||
Services Revenue | 2,025 | 2,132 | 2,194 | 2,302 | 8,653 | 2,275 | 2,356 | 2,374 | 2,527 | 9,532 | |||||||||||||||||||||||||||||
Total Consolidated Revenues | $ | 5,094 | $ | 5,311 | $ | 5,278 | $ | 6,030 | $ | 21,714 | $ | 5,387 | $ | 5,614 | $ | 5,539 | $ | 6,682 | $ | 23,222 | |||||||||||||||||||
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 | )% | (0.8 | )% | (0.5 | )% | (0.6 | )% |