Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PHHdLUOACs+/+0Ctk1AlgxYShJtlbs027ZnWgzJDx0S94JEO1XSLe5ARxA8fDoD0 JL0RkHcX9bNwi3jtlE/F2w== 0001193125-07-225311.txt : 20071025 0001193125-07-225311.hdr.sgml : 20071025 20071025080152 ACCESSION NUMBER: 0001193125-07-225311 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20071025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071025 DATE AS OF CHANGE: 20071025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMC CORP CENTRAL INDEX KEY: 0000790070 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 042680009 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09853 FILM NUMBER: 071189535 BUSINESS ADDRESS: STREET 1: 176 SOUTH STREET CITY: HOPKINTON STATE: MA ZIP: 01748-9103 BUSINESS PHONE: 5084351000 MAIL ADDRESS: STREET 1: 176 SOUTH STREET CITY: HOPKINTON STATE: MA ZIP: 01748-9103 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF

1934

Date of report (Date of earliest event reported): October 25, 2007

EMC CORPORATION

(Exact Name of Registrant as Specified in Charter)

Massachusetts

1-9853

No. 04-2680009

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)


176 South Street, Hopkinton, MA		01748
(Address of Principal Executive Offices)		(Zip code)

Registrant’s telephone number, including area code: (508) 435-1000

N/A

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.

Results of Operations and Financial Condition.

On October 25, 2007, EMC Corporation (“EMC”) issued a press release announcing financial results for the quarter ended September 30, 2007. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 2.02 and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits


99.1		Press release of EMC Corporation dated October 25, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


EMC CORPORATION

By:		/s/ David I. Goulden
		David I. Goulden
		Executive Vice President and Chief Financial Officer

Date: October 25, 2007

EXHIBIT INDEX


Exhibit No.		Description
99.1		Press Release of EMC Corporation dated October 25, 2007

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO


	Contact:	Michael Gallant
		508-293-6357
FOR IMMEDIATE RELEASE		gallant_michael@emc.com

EMC REPORTS RECORD THIRD-QUARTER FINANCIAL RESULTS

HOPKINTON, Mass. – Oct. 25, 2007 – EMC Corporation (NYSE:EMC), the world leader in information infrastructure solutions, today announced record third-quarter revenue and net income. EMC has now delivered seventeen consecutive quarters of double-digit revenue growth marked by strong, balanced execution across all its business lines and major geographies.

Total consolidated revenue for the third quarter of 2007 was $3.3 billion, an increase of 17% over the $2.8 billion reported for the third quarter of 2006. GAAP net income for the third quarter of 2007 was $492.9 million or $0.23 per diluted share, 77% higher than the GAAP earnings per diluted share of $0.13 reported for the year-ago period. GAAP net income for the third quarter of 2007 includes net gains of $115.2 million, primarily from the sale of six million shares of EMC’s interest in VMware to Cisco Systems. Excluding this item, net income was $377.8 million or $0.17 per diluted share, an increase of 31% year-over-year. During the quarter, EMC generated operating cash flow of $718 million, an increase of 57% compared with the same period a year ago and free cash flow of $475 million, an increase of 124% year-over-year.

“Solid global execution of our strategy resulted in record third-quarter financial results,” said Joe Tucci, EMC Chairman, President and Chief Executive Officer. “Customers around the world are benefiting from the breadth and quality of our information infrastructure product and services portfolio, which provides them with the most cost-effective way to store, protect, optimize, and leverage their vast and growing quantities of strategic information. We see broad opportunities in the global marketplace, and we will continue to drive profitable growth by furthering technology integration across our portfolio, investing in research and development, and expanding into the fastest-growing global markets.”

Tucci continued, “Among the many standouts during the quarter was VMware’s quarterly performance and the completion of the initial public offering of approximately 10% of VMware. VMware is not only one of the fastest-growing businesses in the history of the software industry, but it has also created an entire IT category based on one of the very few game-changing technologies out there today. The IPO has enabled EMC to expose and unlock more of VMware’s value for shareholders.”

EMC systems revenue increased 9% year-over-year and represented 43% of total third-quarter revenue. Software license and maintenance revenue increased 25% year-over-year and accounted for 41% of total third-quarter revenue. Professional services, systems maintenance and other services revenue grew by 25% year-over-year and represented 16% of total third-quarter revenue.

Revenue from North America increased 15% compared with the same period a year ago and represented 59% of total third-quarter revenue. Revenue from operations outside of North America grew 21% year-over-year, highlighted by double-digit year-over-year revenue growth in EMC’s Europe, Middle East and Africa (EMEA) and Asia-Pacific and Japan (APJ) regions.

“We demonstrated crisp business and financial execution around the world with operating income growing faster than revenue and free cash flow more than doubling compared to the same period a year ago,” said David Goulden, EMC Executive Vice President and Chief Financial Officer. “We remain focused on driving operating leverage across the business. To continue to return value back to shareholders, we are also increasing our previously announced stock buyback commitment from $1 billion to $2 billion. Based on our results year-to-date and our expectations for a solid fourth quarter, we are now very clearly on track to exceed the annual financial targets we set in January.”

Third-Quarter Highlights

EMC’s Information Storage business, which includes revenue from storage systems, storage software and related customer and professional services, reached $2.6 billion, an increase of 8% compared with the year-ago period. Third-quarter growth in this business was largely driven by strong customer demand for EMC’s industry-leading CLARiiON and Celerra networked storage systems and from EMC’s expansive information protection portfolio, including the EMC Disk Library for back-up to disk, EMC Avamar for data de-duplication and EMC Recoverpoint for CDP. EMC Smarts resource management and EMC Rainfinity global file virtualization software experienced double-digit, year-over-year revenue growth. In the third quarter, EMC also announced its expansion of the industry’s broadest set of storage technologies – spanning from entry-level to the high-end, helping customers of all sizes store information more cost-effectively, securely and intelligently.

EMC’s Content Management and Archiving business posted double-digit revenue growth, increasing third-quarter revenue 27% year-over-year to $189 million. New license revenue increased 34% on a year-over-year basis. During the quarter, EMC announced the Documentum 6 platform, a key component of EMC’s suite of enterprise content management products. With the release of Documentum 6, EMC continues to lead the industry into the next generation of enterprise content management, as it moves from a separate application platform to an integral part of an organization’s information infrastructure.

RSA information security revenues for the third quarter of 2007 grew 22% when compared with the results of the division’s constituent companies in the year-ago period, reaching $133 million in revenue. This growth was primarily driven by RSA’s core authentication business, as well as its consumer-facing applications and information and event management offerings. The division also continued to see success in its comprehensive security solutions for businesses seeking to comply with regulatory mandates and managing information risk holistically across the enterprise.

VMware Inc. (NYSE: VMW), which is the global leader in virtual infrastructure software for industry-standard systems and is majority-owned by EMC, had third-quarter revenues of $354 million, an increase of approximately 90% compared to the year-ago quarter. Visit http://ir.vmware.com for more information about the virtualization software leader’s third-quarter financial results.

About EMC

EMC Corporation (NYSE: EMC) is the world’s leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC’s products and services can be found at www.EMC.com.

EMC, Documentum, CLARiiON, Celerra, Avamar, Smarts and Rainfinity are registered trademarks of EMC Corporation. VMware is a registered trademark of VMware, Inc. RSA is a registered trademark of RSA Security Inc. All other trademarks used are the property of their respective owners.

Forward-Looking Statements

This release contains “forward-looking statements” as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) our ability to protect our proprietary technology; (iv) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (v) fluctuations in VMware, Inc.’s operating results and risks associated with trading of VMware stock; (vi) competitive factors, including but not limited to pricing pressures and new product introductions; (vii) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (viii) component and product quality and availability; (ix) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (x) insufficient, excess or obsolete inventory; (xi) war or acts of terrorism; (xii) the ability to attract and retain highly qualified employees; (xiii) fluctuating currency exchange rates; and (xiv) other one-time events and other important factors disclosed previously and from time to time in EMC’s filings with the U.S. Securities and Exchange Commission. EMC disclaims any obligation to update any such forward-looking statements after the date of this release.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of EMC’s performance or liquidity, should be considered in addition to, not as a substitute for, measures of EMC’s financial performance or liquidity prepared in accordance with GAAP. EMC’s non-GAAP financial measures may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how EMC defines its non-GAAP financial measures.

Where specified in the accompanying schedules for various periods entitled “Reconciliation of GAAP to Non-GAAP,” certain items noted on each such specific schedule (including, for certain time periods where noted, amounts relating to tax benefits, net gains on investments, including gain on sale of VMware stock, restructuring and IPR&D charges relating to EMC on a consolidated basis, and stock-based compensation expense and intangible amortization relating to only EMC Information Infrastructure) are excluded from the non-GAAP financial measures.

EMC’s management uses the non-GAAP financial measures in the accompanying schedules to gain an understanding of EMC’s comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects and excludes the above-listed items from its internal financial statements for purposes of its internal budgets and each reporting segment’s financial goals. These non-GAAP financial measures are used by EMC’s management in their financial and operating decision-making because management believes they reflect EMC’s ongoing business in a manner that allows meaningful period-to-period comparisons. EMC’s management believes that these non-GAAP financial measures provide useful information to investors and others (a) in understanding and evaluating EMC’s current operating performance and future prospects in the same manner as management does, if they so choose, and (b) in comparing in a consistent manner the Company’s current financial results with the Company’s past financial results.

This release also includes disclosures regarding free cash flow which is a non-GAAP financial measure. Free cash flow is defined as net cash provided by operating activities less additions to property, plant and equipment and capitalized software development costs. EMC uses free cash flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures and capitalized software development costs. Management believes that information

regarding free cash flow provides investors with an important perspective on the cash available to make strategic acquisitions and investments, repurchase shares, service debt and fund ongoing operations. As free cash flow is not a measure of liquidity calculated in accordance with GAAP, free cash flow should be considered in addition to, but not as a substitute for, the analysis provided in the statement of cash flows.

All of the foregoing non-GAAP financial measures have limitations. Specifically, the non-GAAP financial measures that exclude the items noted above do not include all items of income and expense that affect EMC’s operations. Further, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and do not reflect any benefit that such items may confer on EMC. Management compensates for these limitations by also considering EMC’s financial results as determined in accordance with GAAP.

EMC CORPORATION

Consolidated Income Statements

(in thousands, except per share amounts)

Unaudited


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2007			2006			2007			2006
Revenues:
Product sales	$	2,332,884		$	2,035,652		$	6,667,665		$	5,717,780
Services		966,870			779,654			2,731,766			2,222,736

		3,299,754			2,815,306			9,399,431			7,940,516

Cost and expenses:
Cost of product sales		1,056,714			992,272			3,131,434			2,794,910
Cost of services		421,396			339,295			1,175,600			970,532
Research and development		383,600			312,302			1,123,958			895,220
Selling, general and administrative		983,774			809,086			2,783,813			2,339,326
In-process research and development		800			23,000			800			35,410
Restructuring credits		(571	)		(2,779	)		(3,241	)		(4,359	)

Operating income		454,041			342,130			1,187,067			909,477

Net gain on investments, including gain on sale of VMware stock		137,330			—			137,330			—
Investment income		67,192			51,160			170,181			174,676
Interest expense		(17,937	)		(5,807	)		(54,366	)		(8,438	)
Other income (expense), net		(6,857	)		(947	)		951			2,248

Income before taxes, minority interest and cumulative effect of a change in accounting principle		633,769			386,536			1,441,163			1,077,963
Income tax provision		136,390			102,872			296,770			239,378

Income before minority interest and cumulative effect of a change in accounting principle		497,379			283,664			1,144,393			838,585
Minority interest, net of taxes⁽¹⁾		(4,459	)		—			(4,459	)		—

Income before cumulative effect of a change in accounting principle		492,920			283,664			1,139,934			838,585
Cumulative effect of a change in accounting principle, net of taxes of $107		—			—			—			247

Net income	$	492,920		$	283,664		$	1,139,934		$	838,832

Net income per weighted average share, basic:

Income before cumulative effect of a change in accounting principle	$	0.24		$	0.13		$	0.55		$	0.37
Cumulative effect of a change in accounting principle		—			—			—			—

Net income	$	0.24		$	0.13		$	0.55		$	0.37

Net income per weighted average share, diluted:

Income before cumulative effect of a change in accounting principle	$	0.23		$	0.13		$	0.53		$	0.36
Cumulative effect of a change in accounting principle		—			—			—			—

Net income	$	0.23		$	0.13		$	0.53		$	0.36

Weighted average shares, basic		2,080,507			2,215,039			2,077,289			2,290,157
Weighted average shares, diluted		2,177,259			2,240,291			2,140,555			2,327,365

As a % of total revenue:
Gross margin		55.2	%		52.7	%		54.2	%		52.6	%
Selling, general and administrative		29.8	%		28.7	%		29.6	%		29.5	%
Research and development		11.6	%		11.1	%		12.0	%		11.3	%
Operating income		13.8	%		12.2	%		12.6	%		11.5	%
Net income		14.9	%		10.1	%		12.1	%		10.6	%

Note: Prior periods have been adjusted to reclassify a portion of the cumulative effect of adoption of FAS123R in Q1'06 from the income statement to stockholders' equity. This reclassification results in an increase to net income in Q1'06 and YTD 2006 of $3,619 and a corresponding decrease in additional paid-in capital.

(1)	Represents minority interest in the net income of VMware which equaled approximately 7% of VMware’s net income for the three months ended September 30, 2007.

Reconciliation of GAAP to Non-GAAP

For the Nine Months Ended September 30, 2007

(in thousands, except per share amounts)

Unaudited


	Revenue			Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income			Other Income, net			Income Before Taxes and Minority Interest			Income Tax Provision			Income Before Minority Interest			Minority Interest			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	9,399,431		$	4,307,034		$	1,123,958		$	2,783,813		$	(2,441	)	$	1,187,067		$	254,096		$	1,441,163		$	296,770		$	1,144,393		$	(4,459	)	$	1,139,934		$	0.549		$	0.533
Tax benefits		—			—			—			—			—						—						19,912			(19,912	)		—			(19,912	)	$	(0.010	)	$	(0.009	)
Net gains on investments, including gain on sale of VMware stock		—			—			—			—			—			—			(137,330	)		(137,330	)		(22,180	)		(115,150	)		—			(115,150	)	$	(0.055	)	$	(0.054	)

EMC Consolidated Non-GAAP		9,399,431			4,307,034			1,123,958			2,783,813			(2,441	)		1,187,067			116,766			1,303,833			294,502			1,009,331			(4,459	)		1,004,872		$	0.484		$	0.469
VMware standalone GAAP		913,336			151,492			194,379			408,598			—			158,867			(1,649	)		157,218			17,236			139,982			—			139,982		$	0.067		$	0.065
Adjustments and minority interest elimination		(4,930	)		(832	)		10,310			3,598			—			(18,006	)		—			(18,006	)		(4,137	)		(13,869	)		(4,459	)		(18,328	)	$	(0.009	)	$	(0.009	)

VMware within EMC		908,406			150,660			204,689			412,196			—			140,861			(1,649	)		139,212			13,099			126,113			(4,459	)		121,654		$	0.059		$	0.057

EMC Information Infrastructure (1)		8,491,025			4,156,374			919,269			2,371,617			(2,441	)		1,046,206			118,415			1,164,621			281,403			883,218			—			883,218		$	0.425		$	0.413
Stock based compensation expense		—			(38,136	)		(49,527	)		(124,169	)		—			211,832			—			211,832			54,592			157,240			—			157,240		$	0.076		$	0.073
Intangible amortization		—			(72,765	)		(6,486	)		(49,295	)		—			128,546			—			128,546			44,966			83,580			—			83,580		$	0.040		$	0.039

EMC Information Infrastructure Non-GAAP (2)	$	8,491,025		$	4,045,473		$	863,256		$	2,198,153		$	(2,441	)	$	1,386,584		$	118,415		$	1,504,999		$	380,962		$	1,124,037		$	—		$	1,124,037		$	0.541		$	0.525

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Nine Months Ended September 30, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income		Other Income, net			Income Before Taxes and Cumulative Effect of a Change in Accounting Principle		Income Tax Provision		Income Before Cumulative Effect of a Change in Accounting Principle			Cumulative Effect of a Change in Accounting Principle			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	7,940,516	$	3,765,442		$	895,220		$	2,339,326		$	31,051		$	909,477	$	168,486		$	1,077,963	$	239,378	$	838,585		$	247		$	838,832		$	0.366		$	0.360
Restructuring and IPR&D		—		—			—			—			(35,024	)		35,024		—			35,024		—		35,024			—			35,024		$	0.015		$	0.015
Tax benefits		—		—			—			—			—			—		—			—		33,266		(33,266	)		—			(33,266	)	$	(0.015	)	$	(0.014	)

EMC Consolidated Non-GAAP		7,940,516		3,765,442			895,220			2,339,326			(3,973	)		944,501		168,486			1,112,987		272,644		840,343			247			840,590		$	0.367		$	0.361
VMware standalone GAAP (1)		474,323		86,132			98,123			202,238			—			87,830		674			88,504		30,068		58,436			175			58,611		$	0.026		$	0.025
Adjustments		2,682		1,926			(1,924	)		(4,231	)		—			6,911		(13	)		6,898		1,580		5,318			—			5,318		$	0.002		$	0.002

VMware within EMC		477,005		88,058			96,199			198,007			—			94,741		661			95,402		31,648		63,754			175			63,929		$	0.028		$	0.027

EMC Information Infrastructure (2)		7,463,511		3,677,384			799,021			2,141,319			(3,973	)		849,760		167,825			1,017,585		240,996		776,589			72			776,661		$	0.339		$	0.334
Stock based compensation expense		—		(47,646	)		(62,224	)		(154,622	)		—			264,492		—			264,492		55,247		209,245			(72	)		209,173		$	0.091		$	0.090
Intangible amortization		—		(50,268	)		(10,623	)		(29,398	)		—			90,289		—			90,289		31,066		59,223			—			59,223		$	0.026		$	0.025

EMC Information Infrastructure Non-GAAP (3)	$	7,463,511	$	3,579,470		$	726,174		$	1,957,299		$	(3,973	)	$	1,204,541	$	167,825		$	1,372,366	$	327,310	$	1,045,056		$	—		$	1,045,057		$	0.456		$	0.449

(1)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

(2)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(3)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended September 30, 2007

(in thousands, except per share amounts)

Unaudited


	Revenue			Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D		Operating Income			Other Income, net			Income Before Taxes and Minority Interest			Income Tax Provision			Income Before Minority Interest			Minority Interest			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,299,754		$	1,478,110		$	383,600		$	983,774		$	229	$	454,041		$	179,728		$	633,769		$	136,390		$	497,379		$	(4,459	)	$	492,920		$	0.237		$	0.226
Net gains on investments, including gain on sale of VMware stock		—			—			—			—			—		—			(137,330	)		(137,330	)		(22,180	)		(115,150	)		—			(115,150	)	$	(0.055	)	$	(0.053	)

EMC Consolidated Non-GAAP		3,299,754			1,478,110			383,600			983,774			229		454,041			42,398			496,439			114,210			382,229			(4,459	)		377,770		$	0.182		$	0.174
VMware standalone GAAP		357,816			58,651			67,840			165,575			—		65,750			538			66,288			1,610			64,678			—			64,678		$	0.031		$	0.030
Adjustments and minority interest elimination		(3,525	)		—			—			—			—		(3,525	)		—			(3,525	)		(806	)		(2,719	)		(4,459	)		(7,178	)	$	(0.003	)	$	(0.003	)

VMware within EMC		354,291			58,651			67,840			165,575			—		62,225			538			62,763			804			61,959			(4,459	)		57,500		$	0.028		$	0.026

EMC Information Infrastructure (1)		2,945,463			1,419,459			315,760			818,199			229		391,816			41,860			433,676			113,406			320,270			—			320,270		$	0.154		$	0.147
Stock based compensation expense		—			(12,652	)		(15,996	)		(40,248	)		—		68,896			—			68,896			17,738			51,158			—			51,158		$	0.025		$	0.023
Intangible amortization		—			(25,003	)		(2,206	)		(17,071	)		—		44,280			—			44,280			15,470			28,810			—			28,810		$	0.014		$	0.013

EMC Information Infrastructure Non-GAAP (2)	$	2,945,463		$	1,381,804		$	297,558		$	760,880		$	229	$	504,992		$	41,860		$	546,852		$	146,614		$	400,238		$	—		$	400,238		$	0.192		$	0.184

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2007

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Operating Income			Other Income, net			Income Before Taxes			Income Tax Provision			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,124,672	$	1,423,859		$	384,966		$	924,349		$	391,498		$	35,682		$	427,180		$	92,773		$	334,407		$	0.161		$	0.158
VMware standalone GAAP		296,825		48,817			71,581			129,692			46,735			(5,223	)		41,512			7,288			34,224		$	0.017		$	0.016
Adjustments		1,272		665			(634	)		2,496			(1,255	)		(290	)		(1,545	)		(360	)		(1,185	)	$	(0.001	)	$	(0.001	)

VMware within EMC		298,097		49,482			70,947			132,188			45,480			(5,513	)		39,967			6,928			33,039		$	0.016		$	0.016

EMC Information Infrastructure (1)		2,826,575		1,374,377			314,019			792,161			346,018			41,195			387,213			85,845			301,368		$	0.146		$	0.142
Stock based compensation expense		—		(12,456	)		(16,481	)		(42,296	)		71,233			—			71,233			17,054			54,179		$	0.026		$	0.026
Intangible amortization		—		(23,970	)		(2,167	)		(16,171	)		42,308			—			42,308			14,781			27,527		$	0.013		$	0.013

EMC Information Infrastructure Non-GAAP (2)	$	2,826,575	$	1,337,951		$	295,371		$	733,694		$	459,559		$	41,195		$	500,754		$	117,680		$	383,074		$	0.185		$	0.181

(1)	Represents EMC Consolidated GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2007

(in thousands, except per share amounts)

Unaudited


	Revenue			Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income			Other Income, net		Income Before Taxes			Income Tax Provision			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	2,975,005		$	1,405,065		$	355,392		$	875,690		$	(2,670	)	$	341,528		$	38,686	$	380,214		$	67,607		$	312,607		$	0.150		$	0.147
Tax benefits		—			—			—			—			—			—			—		—			19,912			(19,912	)	$	(0.010	)	$	(0.009	)

EMC Consolidated Non-GAAP		2,975,005			1,405,065			355,392			875,690			(2,670	)		341,528			38,686		380,214			87,519			292,695		$	0.141		$	0.138
VMware standalone GAAP		258,695			44,024			54,958			113,331			—			46,382			3,036		49,418			8,338			41,080		$	0.020		$	0.019
Adjustments		(2,677	)		(1,497	)		10,944			1,102			—			(13,226	)		290		(12,936	)		(2,971	)		(9,965	)	$	(0.005	)	$	(0.005	)

VMware within EMC		256,018			42,527			65,902			114,433			—			33,156			3,326		36,482			5,367			31,115		$	0.015		$	0.015

EMC Information Infrastructure (1)		2,718,987			1,362,538			289,490			761,257			(2,670	)		308,372			35,360		343,732			82,152			261,580		$	0.126		$	0.123
Stock based compensation expense		—			(13,028	)		(17,050	)		(41,625	)		—			71,703			—		71,703			19,801			51,902		$	0.025		$	0.024
Intangible amortization		—			(23,792	)		(2,113	)		(16,053	)		—			41,958			—		41,958			14,715			27,243		$	0.013		$	0.013

EMC Information Infrastructure Non-GAAP (2)	$	2,718,987		$	1,325,718		$	270,327		$	703,579		$	(2,670	)	$	422,033		$	35,360	$	457,393		$	116,667		$	340,726		$	0.164		$	0.161

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Year Ended December 31, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income		Other Income, net		Income Before Taxes and Cumulative Effect of a Change in Accounting Principle		Income Tax Provision		Income Before Cumulative Effect of a Change in Accounting Principle			Cumulative Effect of a Change in Accounting Principle			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	11,155,090	$	5,241,891		$	1,254,193		$	3,253,274		$	197,974		$	1,207,758	$	182,260	$	1,390,018	$	162,664	$	1,227,354		$	247		$	1,227,601		$	0.546		$	0.537
Restructuring and IPR&D		—		—			—			—			(201,947	)		201,947		—		201,947		37,833		164,114			—			164,114		$	0.072		$	0.072
Tax benefits		—		—			—			—			—			—		—		—		144,856		(144,856	)		—			(144,856	)	$	(0.064	)	$	(0.063	)

EMC Consolidated Non-GAAP		11,155,090		5,241,891			1,254,193			3,253,274			(3,973	)		1,409,705		182,260		1,591,965		345,353		1,246,612			247			1,246,859		$	0.555		$	0.545
VMware standalone GAAP		703,904		123,382			148,254			307,929			—			124,339		1,908		126,247		36,832		89,415			175			89,590		$	0.040		$	0.039
Adjustments		5,132		4,069			(4,722	)		(3,529	)		—			9,314		—		9,314		2,141		7,173			—			7,173		$	0.003		$	0.003

VMware within EMC		709,036		127,451			143,532			304,400			—			133,653		1,908		135,561		38,973		96,588			175			96,763		$	0.043		$	0.042

EMC Information Infrastructure (1)		10,446,054		5,114,440			1,110,661			2,948,874			(3,973	)		1,276,052		180,352		1,456,404		306,380		1,150,024			72			1,150,096		$	0.512		$	0.503
Stock based compensation expense		—		(63,805	)		(81,139	)		(202,518	)		—			347,462		—		347,462		77,134		270,328			(72	)		270,256		$	0.120		$	0.118
Intangible amortization		—		(72,491	)		(12,600	)		(42,411	)		—			127,502		—		127,502		44,269		83,233			—			83,233		$	0.037		$	0.036

EMC Information Infrastructure Non-GAAP (2)	$	10,446,054	$	4,978,144		$	1,016,922		$	2,703,945		$	(3,973	)	$	1,751,016	$	180,352	$	1,931,368	$	427,783	$	1,503,585		$	—		$	1,503,586		$	0.669		$	0.658

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended December 31, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income		Other Income, net		Income Before Taxes		Income Tax Provision			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,214,574	$	1,476,449		$	358,973		$	913,948		$	166,923		$	298,281	$	13,774	$	312,055	$	(76,714	)	$	388,769		$	0.183		$	0.180
Restructuring charges		—		—			—			—			(166,923	)		166,923		—		166,923		37,833			129,090		$	0.061		$	0.060
Tax benefits		—		—			—			—			—			—		—		—		111,590			(111,590	)	$	(0.053	)	$	(0.052	)

EMC Consolidated Non-GAAP		3,214,574		1,476,449			358,973			913,948			—			465,204		13,774		478,978		72,709			406,269		$	0.191		$	0.188
VMware standalone GAAP		229,581		37,250			50,131			105,691			—			36,509		1,234		37,743		6,764			30,979		$	0.015		$	0.014
Adjustments		2,450		2,143			(2,798	)		702			—			2,403		13		2,416		561			1,855		$	0.001		$	0.001

VMware within EMC		232,031		39,393			47,333			106,393			—			38,912		1,247		40,159		7,325			32,834		$	0.015		$	0.015

EMC Information Infrastructure (1)		2,982,543		1,437,056			311,640			807,555			—			426,292		12,527		438,819		65,384			373,435		$	0.176		$	0.173
Stock based compensation expense		—		(16,159	)		(18,915	)		(47,896	)		—			82,970		—		82,970		21,887			61,083		$	0.029		$	0.028
Intangible amortization		—		(22,223	)		(1,977	)		(13,013	)		—			37,213		—		37,213		13,202			24,011		$	0.011		$	0.011

EMC Information Infrastructure Non-GAAP (2)	$	2,982,543	$	1,398,674		$	290,748		$	746,646		$	—		$	546,475	$	12,527	$	559,002	$	100,473		$	458,529		$	0.216		$	0.212

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended September 30, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue			Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income			Other Income, net			Income Before Taxes			Income Tax Provision			Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	2,815,306		$	1,331,567		$	312,302		$	809,086		$	20,221		$	342,130		$	44,406		$	386,536		$	102,872		$	283,664		$	0.128		$	0.127
IPR&D		—			—			—			—			(23,000	)		23,000			—			23,000			—			23,000		$	0.010		$	0.010

EMC Consolidated Non-GAAP		2,815,306			1,331,567			312,302			809,086			(2,779	)		365,130			44,406			409,536			102,872			306,664		$	0.138		$	0.137
VMware standalone GAAP		188,806			37,512			43,169			80,093			—			28,032			964			28,996			9,765			19,231		$	0.009		$	0.009
Adjustments		(306	)		1,311			3,711			(1,980	)		—			(3,348	)		(605	)		(3,953	)		(1,094	)		(2,859	)	$	(0.001	)	$	(0.001	)

VMware within EMC		188,500			38,823			46,880			78,113			—			24,684			359			25,043			8,671			16,372		$	0.007		$	0.007

EMC Information Infrastructure (1)		2,626,806			1,292,744			265,422			730,973			(2,779	)		340,446			44,047			384,493			94,201			290,292		$	0.131		$	0.130
Stock based compensation expense		—			(12,902	)		(19,216	)		(48,861	)		—			80,979			—			80,979			18,017			62,962		$	0.028		$	0.028
Intangible amortization		—			(17,590	)		(3,933	)		(10,314	)		—			31,837			—			31,837			10,960			20,877		$	0.009		$	0.009

EMC Information Infrastructure Non-GAAP (2)	$	2,626,806		$	1,262,252		$	242,273		$	671,798		$	(2,779	)	$	453,262		$	44,047		$	497,309		$	123,178		$	374,131		$	0.169		$	0.167

(1)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income		Other Income, net			Income Before Taxes		Income Tax Provision		Net Income			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	2,574,523	$	1,216,531		$	299,429		$	782,016		$	12,024		$	264,523	$	61,571		$	326,094	$	47,001	$	279,093		$	0.121		$	0.119
Restructuring and IPR&D		—		—			—			—			(12,024	)		12,024		—			12,024		—		12,024		$	0.005		$	0.005
Tax benefits		—		—			—			—			—			—		—			—		33,266		(33,266	)	$	(0.014	)	$	(0.014	)

EMC Consolidated Non-GAAP		2,574,523		1,216,531			299,429			782,016			—			276,547		61,571			338,118		80,267		257,851		$	0.112		$	0.110
VMware standalone (1)		156,440		26,616			32,619			67,732			—			29,473		(282	)		29,191		10,322		18,869		$	0.008		$	0.008
Adjustments		1,052		(186	)		(1,121	)		326			—			2,033		498			2,531		577		1,954		$	0.001		$	0.001

VMware within EMC		157,492		26,430			31,498			68,058			—			31,506		216			31,722		10,899		20,823		$	0.009		$	0.009

EMC Information Infrastructure (2)		2,417,031		1,190,101			267,931			713,958			—			245,041		61,355			306,396		69,368		237,028		$	0.103		$	0.101
Stock based compensation expense		—		(15,850	)		(19,970	)		(50,545	)		—			86,365		—			86,365		16,622		69,743		$	0.030		$	0.030
Intangible amortization		—		(16,466	)		(3,277	)		(9,672	)		—			29,415		—			29,415		10,154		19,261		$	0.008		$	0.008

EMC Information Infrastructure Non-GAAP (3)	$	2,417,031	$	1,157,785		$	244,684		$	653,741		$	—		$	360,821	$	61,355		$	422,176	$	96,144	$	326,032		$	0.141		$	0.139

(1)	Excludes IPR&D charge of $3,700.

(2)	Represents EMC Consolidated Non-GAAP less VMware within EMC.

(3)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2006

(in thousands, except per share amounts)

Unaudited


	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and IPR&D			Operating Income		Other Income, net			Income Before Taxes and Cumulative Effect of a Change in Accounting Principle		Income Tax Provision		Income Before Cumulative Effect of a Change in Accounting Principle		Cumulative Effect of a Change in Accounting Principle			Net Income		Net Income per Weighted Average Share, Basic		Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	2,550,687	$	1,217,344		$	283,489		$	748,224		$	(1,194	)	$	302,824	$	62,509		$	365,333	$	89,505	$	275,828	$	247		$	276,075	$	0.117	$	0.115
VMware standalone GAAP		129,077		22,004			22,335			54,413			—			30,325		(8	)		30,317		9,981		20,336		175			20,511	$	0.009	$	0.009
Adjustments		1,936		801			(4,514	)		(2,577	)		—			8,226		94			8,320		2,097		6,223		—			6,223	$	0.003	$	0.003

VMware within EMC		131,013		22,805			17,821			51,836			—			38,551		86			38,637		12,078		26,559		175			26,734	$	0.011	$	0.011

EMC Information Infrastructure (1)		2,419,674		1,194,539			265,668			696,388			(1,194	)		264,273		62,423			326,696		77,427		249,269		72			249,341	$	0.106	$	0.104
Stock based compensation expense		—		(18,894	)		(23,038	)		(55,216	)		—			97,148		—			97,148		20,608		76,540		(72	)		76,468	$	0.033	$	0.032
Intangible amortization		—		(16,212	)		(3,413	)		(9,412	)		—			29,037		—			29,037		9,953		19,084		—			19,084	$	0.008	$	0.008

EMC Information Infrastructure Non-GAAP (2)	$	2,419,674	$	1,159,433		$	239,217		$	631,760		$	(1,194	)	$	390,458	$	62,423		$	452,881	$	107,988	$	344,893	$	—		$	344,893	$	0.147	$	0.144

(1)	Represents EMC Consolidated GAAP less VMware within EMC.

(2)	Represents EMC Information Infrastructure less stock based compensation expense and intangible amortization.

May not foot due to rounding.

EMC CORPORATION

Consolidated Balance Sheets

(in thousands, except per share amounts)

Unaudited


	September 30, 2007			December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	4,546,010		$	1,828,106
Short-term investments		1,281,930			1,521,925
Accounts and notes receivable, less allowance for doubtful accounts of $30,819 and $39,509		1,920,172			1,692,214
Inventories		886,729			834,800
Deferred income taxes		447,224			418,146
Other current assets		298,571			225,396

Total current assets		9,380,636			6,520,587
Long-term investments		1,699,368			2,246,290
Property, plant and equipment, net		2,106,207			2,035,559
Deferred income taxes		—			104,446
Intangible assets, net		942,510			1,003,549
Other assets, net		684,261			638,655
Goodwill, net		6,408,993			6,017,161

Total assets	$	21,221,975		$	18,566,247


LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	805,592		$	680,263
Accrued expenses		1,547,502			1,592,022
Income taxes payable		114,154			63,806
Deferred revenue		1,618,435			1,325,671

Total current liabilities		4,085,683			3,661,762
Income taxes payable		239,675			219,342
Deferred revenue		904,513			780,124
Deferred income taxes		351,910			—
Long-term convertible debt		3,450,000			3,450,000
Other liabilities		128,135			129,312

Minority interest⁽¹⁾		173,347			—

Commitments and contingencies
Stockholders' equity:
Series preferred stock, par value $.01; authorized 25,000 shares, none outstanding		—			—
Common stock, par value $.01; authorized 6,000,000 shares; issued 2,098,225 and 2,122,339 shares		20,982			21,223
Additional paid-in capital		2,957,177			2,560,935
Retained earnings		8,944,555			7,798,112
Accumulated other comprehensive loss		(34,002	)		(54,563	)

Total stockholders' equity		11,888,712			10,325,707

Total liabilities and stockholders' equity	$	21,221,975		$	18,566,247

⁽¹⁾	Represents minority interest in the stockholders’ equity of VMware which equaled approximately 14% of VMware’s stockholders’ equity.

EMC CORPORATION

Consolidated Statements of Cash Flows

(in thousands)

Unaudited


	Nine Months Ended
	September 30, 2007			September 30, 2006
Cash flows from operating activities:
Cash received from customers	$	9,620,908		$	8,074,003
Cash paid to suppliers and employees		(7,455,043	)		(6,311,034	)
Dividends and interest received		182,840			198,721
Interest paid		(41,706	)		(3,115	)
Income taxes paid		(159,106	)		(471,078	)

Net cash provided by operating activities		2,147,893			1,487,497


Cash flows from investing activities:
Additions to property, plant and equipment		(501,462	)		(506,054	)
Capitalized software development costs		(163,350	)		(152,614	)
Purchases of short and long-term available for sale securities		(5,053,999	)		(5,011,854	)
Sales and maturities of short and long-term available for sale securities		5,871,715			6,016,126
Proceeds from the sale of EMC's interest in VMware to Cisco		150,000			—
Business acquisitions, net of cash acquired		(508,574	)		(2,464,187	)
Other		(10,860	)		(20,860	)

Net cash used in investing activities		(216,530	)		(2,139,443	)


Cash flows from financing activities:
Issuance of common stock from the exercise of stock options		553,319			144,602
Proceeds from the sale of VMware's common stock		1,253,533			—
Issuance of VMware's common stock from the exercise of stock options		2,760			—
Repurchase of EMC common stock		(1,102,602	)		(2,464,888	)
Excess tax benefits from stock based compensation		55,250			12,036
Payment of long-term and short-term obligations		(4,369	)		(127,538	)
Proceeds from long-term and short-term obligations		19,550			2,200,085

Net cash provided by (used in) financing activities		777,441			(235,703	)

Effect of exchange rate changes on cash		9,100			23,599

Net increase (decrease) in cash and cash equivalents		2,717,904			(864,050	)
Cash and cash equivalents at beginning of period		1,828,106			2,322,370

Cash and cash equivalents at end of period	$	4,546,010		$	1,458,320


Reconciliation of net income to net cash provided by operating activities:
Net income	$	1,139,934		$	838,832
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of a change in accounting principle		—			(247	)
Minority interest in VMware		4,459			—
Net gain on investments, including gain on sale of VMware stock		(137,330	)		—
Depreciation and amortization		669,168			555,965
In-process research and development		800			35,410
Stock-based compensation expense		271,189			299,510
Increase in provision for doubtful accounts		2,605			9,512
Deferred income taxes, net		(31,495	)		(80,647	)
Excess tax benefits from stock based compensation		(55,250	)		(12,036	)
Other		5,262			23,934
Changes in assets and liabilities, net of acquisitions:
Accounts and notes receivable		(188,486	)		2,013
Inventories		(2,702	)		(131,284	)
Other assets		(125,538	)		(53,473	)
Accounts payable		109,594			141,775
Accrued expenses		(87,235	)		(115,146	)
Income taxes payable		169,065			(151,320	)
Deferred revenue		407,357			121,962
Other liabilities		(3,504	)		2,737

Net cash provided by operating activities	$	2,147,893		$	1,487,497

EMC CORPORATION

Reconciliation of Cash Flow from Operations to Free Cash Flow

(in thousands)

Unaudited


	Q1 2006			Q2 2006			Q3 2006			Q4 2006			Q1 2007			Q2 2007			Q3 2007			YTD Q3 2006			YTD Q3 2007
EMC Consolidated:
Cash flow from Operations	$	637,178		$	392,024		$	458,295		$	652,927		$	808,683		$	621,565		$	717,645		$	1,487,497		$	2,147,893
Capital Expenditures		(160,520	)		(155,600	)		(189,934	)		(212,041	)		(170,526	)		(153,684	)		(177,252	)		(506,054	)		(501,462	)
Capitalized Software		(48,883	)		(47,191	)		(56,540	)		(40,281	)		(51,920	)		(46,126	)		(65,304	)		(152,614	)		(163,350	)

Free Cash Flow	$	427,775		$	189,233		$	211,821		$	400,605		$	586,237		$	421,755		$	475,089		$	828,829		$	1,483,081

VMware within EMC:
Cash flow from Operations	$	92,317		$	89,475		$	108,107		$	100,253		$	192,596		$	150,119		$	188,616		$	289,899		$	531,331
Capital Expenditures		(10,440	)		(11,362	)		(47,904	)		(45,563	)		(47,817	)		(62,921	)		(48,302	)		(69,706	)		(159,040	)
Capitalized Software		(10,839	)		(10,079	)		(8,684	)		(2,150	)		(6,959	)		(3,872	)		(22,314	)		(29,602	)		(33,145	)

Free Cash Flow	$	71,038		$	68,034		$	51,519		$	52,540		$	137,820		$	83,326		$	118,000		$	190,591		$	339,146

EMC Information Infrastructure:
Cash flow from Operations	$	544,861		$	302,549		$	350,188		$	552,674		$	616,087		$	471,446		$	529,029		$	1,197,598		$	1,616,562
Capital Expenditures		(150,080	)		(144,238	)		(142,030	)		(166,478	)		(122,709	)		(90,763	)		(128,950	)		(436,348	)		(342,422	)
Capitalized Software		(38,044	)		(37,112	)		(47,856	)		(38,131	)		(44,961	)		(42,254	)		(42,990	)		(123,012	)		(130,205	)

Free Cash Flow	$	356,737		$	121,199		$	160,302		$	348,065		$	448,417		$	338,429		$	357,089		$	638,238		$	1,143,935

Free cash flow for VMware and EMC excludes the change in the intercompany due to/due from balances. Additionally, capital expenditures for VMware’s headquarters facilities which were reimbursed by EMC during 2006 and 2007 have been classified as VMware capital expenditures as incurred. Including the change in the intercompany due to/due from balances and excluding capital expenditures for VMware’s headquarters facilities as VMware expenditures as incurred, results in free cash flow for VMware of $76,844 for the quarter ended March 31, 2006, $38,281 for the quarter ended June 30, 2006, $130,103 for the quarter ended September 30, 2006, $109,744 for the quarter ended December 31, 2006, $81,642 for the quarter ended March 31, 2007, $49,424 for the quarter ended June 30, 2007, $133,644 for the quarter ended September 30, 2007, $85,022 for the nine months ended September 30, 2006 and $339,146 for the nine months ended September 30, 2007. Including the change in the intercompany due to/due from balances and excluding capital expenditures for VMware’s headquarters facilities as VMware expenditures as incurred, results in free cash flow for EMC Information Infrastructure of $264,710 for the quarter ended March 31, 2006, $150,952 for the quarter ended June 30, 2006, $241,924 for the quarter ended September 30, 2006, $290,861 for the quarter ended December 31, 2006, $504,595 for the quarter ended March 31, 2007, $372,331 for the quarter ended June 30, 2007, $341,445 for the quarter ended September 30, 2007, $743,807 for the nine months ended September 30, 2006 and $1,218,371 for the nine months ended September 30, 2007.

EMC Corporation

Supplemental Financial Data

Revenue Analysis

(in thousands)

Unaudited

Revenue Components


	Q1 2006			Q2 2006			Q3 2006			YTD 2006			Q4 2006			2006			Q1 2007			Q2 2007			Q3 2007			YTD 2007
Revenues
Systems	$	1,226,928		$	1,151,600		$	1,299,321		$	3,677,849		$	1,462,777		$	5,140,626		$	1,305,766		$	1,354,438		$	1,411,367		$	4,071,571

Software:
Software License		621,602			681,998			736,331			2,039,931			897,485			2,937,416			806,660			867,917			921,517			2,596,094
Software Maintenance		303,202			315,189			345,650			964,041			371,163			1,335,204			382,080			400,233			426,198			1,208,511

Total Software License & Maintenance		924,804			997,187			1,081,981			3,003,972			1,268,648			4,272,620			1,188,740			1,268,150			1,347,715			3,804,605

Professional, Systems Maintenance and Other Services		396,081			423,525			431,989			1,251,595			481,471			1,733,066			478,972			500,798			539,609			1,519,379

		2,547,813			2,572,312			2,813,291			7,933,416			3,212,896			11,146,312			2,973,478			3,123,386			3,298,691			9,395,555

Other Businesses		2,874			2,211			2,015			7,100			1,678			8,778			1,527			1,286			1,063			3,876

Total Consolidated Revenues	$	2,550,687		$	2,574,523		$	2,815,306		$	7,940,516		$	3,214,574		$	11,155,090		$	2,975,005		$	3,124,672		$	3,299,754		$	9,399,431

Percentage impact to EMC revenue growth rate due to changes in exchange rates from the prior year		(2.1	)%		(1.1	)%		0.7	%		(0.8	)%		1.4	%		(0.2	)%		2.1	%		2.1	%		1.8	%		2.0	%

EMC Corporation

Supplemental Financial Data

Revenue Analysis

(in thousands)

Unaudited

Supplemental Revenue Data


	Q1 2006		Q2 2006		Q3 2006		YTD 2006		Q4 2006		2006		Q1 2007		Q2 2007		Q3 2007		YTD 2007
Storage systems revenue	$	1,222,624	$	1,147,892	$	1,295,524	$	3,666,040	$	1,458,740	$	5,124,780	$	1,302,741	$	1,347,357	$	1,405,139	$	4,055,237
Storage software license revenue		446,720		493,002		524,679		1,464,401		550,856		2,015,257		486,558		512,521		515,056		1,514,135
Storage maintenance and services revenue		583,010		610,015		619,496		1,812,521		656,020		2,468,541		637,629		668,140		703,092		2,008,861

Total Storage revenue	$	2,252,354	$	2,250,909	$	2,439,699	$	6,942,962	$	2,665,616	$	9,608,578	$	2,426,928	$	2,528,018	$	2,623,287	$	7,578,233

Content Management and Archiving systems revenue	$	4,304	$	3,708	$	87	$	8,099	$	522	$	8,621	$	68	$	1,708	$	1,485	$	3,261
Content Management and Archiving Software license revenue		83,038		75,161		59,092		217,291		106,302		323,593		68,472		69,046		79,247		216,765
Content Management and Archiving maintenance and services revenue		79,978		87,253		90,173		257,404		96,172		353,576		103,658		102,848		108,580		315,086

Total Content Management and Archiving revenue	$	167,320	$	166,122	$	149,352	$	482,794	$	202,996	$	685,790	$	172,198	$	173,602	$	189,312	$	535,112

Security systems revenue	$	—	$	—	$	3,710	$	3,710	$	3,515	$	7,225	$	2,958	$	5,373	$	4,743	$	13,074
Security software license revenue		—		—		27,084		27,084		76,835		103,919		81,934		81,300		82,979		246,213
Security maintenance and services revenue		—		—		6,961		6,961		33,581		40,542		34,969		38,282		45,142		118,393

Total Security revenue	$	—	$	—	$	37,755	$	37,755	$	113,931	$	151,686	$	119,861	$	124,955	$	132,864	$	377,680

VMware software license revenue	$	91,844	$	113,835	$	125,476	$	331,155	$	163,492	$	494,647	$	169,696	$	205,050	$	244,235	$	618,981
VMware maintenance and services revenue		39,169		43,657		63,024		145,850		68,539		214,389		86,322		93,047		110,056		289,425

Total VMware revenue	$	131,013	$	157,492	$	188,500	$	477,005	$	232,031	$	709,036	$	256,018	$	298,097	$	354,291	$	908,406

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-----END PRIVACY-ENHANCED MESSAGE-----