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): July 23, 2009

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 July 23, 2009, EMC Corporation (“EMC”) issued a press release announcing financial results for the quarter ended June 30, 2009. 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 July 23, 2009

2

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: July 23, 2009

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of EMC Corporation dated July 23, 2009

EX-99.1

Exhibit 99.1

Contact: Dave Farmer 508-293-7206 Farmer_dave@emc.com

EMC REPORTS SECOND-QUARTER 2009

FINANCIAL RESULTS

Highlights

• Second-quarter consolidated revenue – $3.26 billion, up 3% sequentially; GAAP net income attributable to EMC – $205.2 million, up 6% sequentially

• Second-quarter GAAP EPS of $0.10 and non-GAAP EPS of $0.18

• Sequential revenue growth across all major geographies and business units within EMC Information Infrastructure business

• Year to date operating cash flow of $1.44 billion; free cash flow of approximately $1.1 billion

• Record cash and investments – $10 billion

• Full-year 2009 business outlook – consolidated revenue of $13.8 billion; GAAP EPS of $0.51 and Non-GAAP EPS of $0.82

HOPKINTON, Mass. – July 23, 2009 – EMC Corporation (NYSE:EMC), the world leader in information infrastructure solutions, today reported second-quarter 2009 revenue of $3.26 billion, an increase of 3% sequentially and second-quarter GAAP net income attributable to EMC of $205.2 million, an increase of 6% sequentially. A continued focus on its technology leadership, global sales and service execution and achieving maximum operating efficiencies contributed to EMC’s sequential revenue and profit growth.

Second-quarter consolidated revenue of $3.26 billion declined 11% compared with the year-ago period or 8% adjusting for the impact from currency. Second-quarter 2009 GAAP net income attributable to EMC was $205.2 million or $0.10 per diluted share, compared with $360.1 million or $0.17 per diluted share for the second quarter of 2008. Second-quarter 2009 non-GAAP¹ net income attributable to EMC was $358.9 million or $0.18 per diluted share, compared with $494.4 million or $0.24 per diluted share for the second quarter of 2008.² In the second quarter, EMC generated operating cash flow of $574 million, free cash flow of $400 million and ended the quarter with record cash and investments of $10 billion. Year to date EMC generated operating cash flow of $1.44 billion and free cash flow of approximately $1.1 billion.

Joe Tucci, EMC Chairman, President and Chief Executive Officer, said, “This marks another quarter of solid execution, and I am proud of the EMC and VMware teams around the world that produced these results. We are focused on four of the hottest and fastest-growing areas of IT spending – next-generation fully virtualized data centers; cloud computing; virtualized desktops and clients; and next-generation backup, recovery and archive solutions. This, together with our market leading products, solutions, services and proven go-to-market model gives us confidence that EMC will continue to gain market share this year. When IT markets resume to more normal spending rates, we expect EMC will return to generating double-digit revenue growth.”

David Goulden, EMC Executive Vice President and Chief Financial Officer, said, “While global conditions remain challenging and our full-year view of declining IT spending remains unchanged, EMC’s second-quarter financial performance reflects customers’ budget stabilization and improved business predictability. Continued focus on helping customers address their most pressing IT priorities helped EMC’s Information Infrastructure business achieve balanced sequential revenue growth across all major geographies and in every business unit. Our sustained focus on cost containment and operational efficiency helped drive sequential growth in our Information Infrastructure gross and operating margins.”

Second-Quarter Highlights

EMC’s Information Infrastructure business revenue for the second quarter – comprising Information Storage, RSA Security, and Content Management & Archiving – was $2.80 billion, an increase of 5% sequentially. The business was driven by strong sequential growth of the company’s market-leading EMC CLARiiON mid-tier storage systems; EMC Celerra unified storage systems; EMC’s backup and recovery software; RSA information security solutions; and EMC Global Services. During the quarter, the business also benefited from new, industry-leading products, technology integrations and product enhancements from across EMC’s Information Infrastructure portfolio. Second-quarter highlights also included customer demand for EMC’s:

• Market-leading networked storage solutions that deliver unprecedented levels of performance, scalability and efficiency, in particular EMC’s unified storage systems that connect to a variety of networks, its next-generation high-end systems for virtual data centers and its entire line of storage systems that leverage enterprise flash drives.

• RSA security solutions helping customers solve their most complex information security requirements while efficiently running their security operations, with particular strength in the quarter from the RSA security information and event management solutions, RSA data loss prevention suite, and the RSA identity protection and verification suite.

• Enterprise content management and archiving solutions that help customers advance business process and collaboration, while also driving efficiency, information governance and compliance.

• Broad consulting and professional services portfolio enabling customers to meet their near-term cost containment, business agility and IT optimization requirements, while supporting their longer-term strategies in areas such as the next-generation virtual data center and cloud computing.

• Expanding portfolio of increasingly strategic backup, recovery and archive solutions that leverage data deduplication to meet a variety of data protection requirements, maximize efficiency of storage environments and help customers curb costs.

EMC also announced today the successful completion of its tender offer for all outstanding shares of common stock of Data Domain, Inc., with stockholders tendering approximately 90.3% of outstanding Data Domain shares. Together with the 3.9% of outstanding Data Domain shares EMC previously purchased, EMC now controls approximately 94.2% of Data Domain shares outstanding. EMC expects to effect a second-step merger and close its acquisition of Data Domain today. Upon completion of the acquisition, Data Domain will form the foundation of a new, high-growth product division within EMC’s Information Storage business focused on the development and delivery of next-generation disk-based backup, recovery and archive solutions. For its quarter ending June 30, 2009, Data Domain achieved consolidated revenues of nearly $86 million, an increase of 40% compared with the year ago period.

VMware (NYSE: VMW), which is majority-owned by EMC, contributed second-quarter revenue of $455 million.

EMC consolidated second-quarter revenue from the United States was $1.68 billion, up 3% sequentially, and represented 52% of total second-quarter revenue. Revenue from EMC’s operations outside of the United States was $1.58 billion, up 4% sequentially, and represented 48% of total second-quarter revenue.

Business Outlook

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not give effect to the potential impact of mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. These statements supersede all prior statements regarding business outlook and certain items impacting 2009 set forth in prior EMC news releases.

All dollar amounts and percentages set forth below should be considered to be approximations.

• Consolidated EMC revenues are expected to be $13.8 billion in 2009, including $200 million of revenues from Data Domain. Consolidated third-quarter revenues are expected to increase 2% to 3% from the second quarter 2009 excluding revenues from the acquisition of Data Domain, and are expected to increase 4% to 5% including revenues from the acquisition of Data Domain.

• Consolidated GAAP diluted earnings per share are expected to be $0.51 in 2009, including the negative impact of a little less than $0.02 per share from the acquisition of Data Domain.

• Consolidated non-GAAP diluted earnings per share, excluding the impact of restructuring and acquisition-related charges, stock-based compensation expense, intangible asset amortization and a gain recognized from holdings in Data Domain common stock are expected to be $0.82 in 2009. The acquisition of Data Domain is expected to have a neutral impact on non-GAAP diluted EPS for the full-year 2009.

• Consolidated restructuring and acquisition-related charges, stock-based compensation expense and intangible asset amortization are expected to be $0.04, $0.20 and $0.08 per diluted share, respectively in 2009. Expected to offset these charges is a $0.01 per diluted share gain recognized from holdings in Data Domain common stock.

• Information storage GAAP gross margins are expected to be 50% for the second half of 2009. Excluding the impact of stock-based compensation expense, which impacts gross margins by 0.6% and intangible asset amortization, which impacts gross margins by 0.4%, information storage non-GAAP gross margins are expected to be 51% for the second half of 2009.

• The consolidated GAAP income tax rate is expected to be 17% in 2009. Excluding the impact of restructuring and acquisition-related charges, stock-based compensation expense, intangible asset amortization and gain recognized from holdings in Data Domain common stock, which collectively impact the tax rate by 4%, the consolidated non-GAAP income tax rate is expected to be 21% for 2009.

• In 2010, savings from cost reduction actions are expected to reduce the company’s 2008 cost base by $500 million.

• In 2010, revenues from Data Domain and EMC Avamar products and services are expected to exceed $1 billion.

# # #

¹Items excluded from the non-GAAP results are stock-based compensation expense and intangible asset amortization for the second quarters of 2009 and 2008 and restructuring and other special charges for the second quarter of 2009. See attached schedules for reconciliation of GAAP to non-GAAP.

²The results for 2008 have been adjusted to give effect to the adoption of Statement of Financial Accounting Standards No. 160, “Non-controlling Interests in Consolidated Financial Statements-An Amendment of ARB No. 51” and FASB Staff Position No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”.

EMC, Avamar, CLARiiON and Celerra are registered trademarks of EMC Corporation. RSA is a registered trademark of RSA Security Inc. VMware is a registered trademark of VMware, 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; (xiv) litigation that we may be involved in; and (xv) 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 from time to time and 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 in this release.

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, where noted, amounts relating to stock-based compensation expense, intangible asset amortization and restructuring and other special charges) 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						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
				(As Adjusted)						(As Adjusted)
Revenues:
Product sales	$	2,005,270		$	2,461,651		$	3,974,390		$	4,802,081
Services		1,252,082			1,212,223			2,433,724			2,341,852
		3,257,352			3,673,874			6,408,114			7,143,933
Cost and expenses:
Cost of product sales		1,057,205			1,119,553			2,070,535			2,194,136
Cost of services		456,369			525,751			910,546			1,011,832
Research and development		397,881			442,502			781,174			876,016
Selling, general and administrative		1,051,204			1,135,674			2,075,977			2,217,889
In-process research and development		—			—			—			79,204
Restructuring and other special charges (credits)		33,234			—			48,806			(357	)
Operating income		261,459			450,394			521,076			765,213
Investment income		31,343			58,730			71,187			135,870
Interest expense		(44,158	)		(44,044	)		(89,701	)		(87,113	)
Other income (expense), net		17			(2,811	)		(10,741	)		(7,574	)
Income before tax		248,661			462,269			491,821			806,396
Income tax provision		38,045			94,432			75,860			180,751
Net income		210,616			367,837			415,961			625,645
Less: Net income attributable to the non-controlling interests in VMware, Inc.		(5,384	)		(7,713	)		(16,660	)		(13,874	)
Net income attributable to EMC Corporation	$	205,232		$	360,124		$	399,301		$	611,771
Net income per weighted average share, basic:
common shareholders:	$	0.10		$	0.18		$	0.20		$	0.30
Net income per weighted average share, diluted:
common shareholders:	$	0.10		$	0.17		$	0.20		$	0.29
Weighted average shares, basic		2,011,508			2,057,766			2,010,147			2,066,470
Weighted average shares, diluted		2,030,048			2,094,795			2,025,433			2,102,184

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2009

(in thousands, except per share amounts)

Unaudited

	Revenue			Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring and Other Special Charges			Operating Income		Other Expense, net			Income Before Taxes		Income Tax Provision		Net Income		Net Income Attributable to VMware			Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,257,352		$	1,513,574		$	397,881		$	1,051,204		$	33,234		$	261,459	$	(12,798	)	$	248,661	$	38,045	$	210,616	$	(5,384	)	$	205,232		$	0.102		$	0.101
Restructuring and other special charges		—			—			—			—			(33,234	)		33,234		—			33,234		5,915		27,319		—			27,319		$	0.014		$	0.013
EMC Consolidated Adjusted (1)		3,257,352			1,513,574			397,881			1,051,204			—			294,693		(12,798	)		281,895		43,960		237,935		(5,384	)		232,551		$	0.116		$	0.114
Stock-based compensation expense		—			(22,257	)		(43,715	)		(55,912	)		—			121,884		—			121,884		26,863		95,021		(7,324	)		87,697		$	0.044		$	0.043
Intangible asset amortization		—			(30,535	)		(3,221	)		(25,656	)		—			59,412		—			59,412		20,426		38,986		(350	)		38,636		$	0.019		$	0.019
EMC Consolidated Non-GAAP (2)	$	3,257,352		$	1,460,782		$	350,945		$	969,636		$	—		$	475,989	$	(12,798	)	$	463,191	$	91,249	$	371,942	$	(13,058	)	$	358,884		$	0.178		$	0.177
EMC Information Infrastructure GAAP	$	2,802,239		$	1,432,563		$	277,756		$	838,141		$	33,234		$	220,545	$	(12,818	)	$	207,727	$	31,286	$	176,441	$	—		$	176,441		$	0.088		$	0.087
Restructuring and other special charges		—			—			—			—			(33,234	)		33,234		—			33,234		5,915		27,319		—			27,319		$	0.014		$	0.013
EMC Information Infrastructure Adjusted (3)		2,802,239			1,432,563			277,756			838,141			—			253,779		(12,818	)		240,961		37,201		203,760		—			203,760		$	0.101		$	0.100
Stock-based compensation expense		—			(15,224	)		(17,267	)		(34,665	)		—			67,156		—			67,156		16,388		50,768		—			50,768		$	0.025		$	0.025
Intangible asset amortization		—			(27,778	)		(3,221	)		(25,144	)		—			56,143		—			56,143		19,272		36,871		—			36,871		$	0.018		$	0.018
EMC Information Infrastructure Non-GAAP (4)	$	2,802,239		$	1,389,561		$	257,268		$	778,332		$	—		$	377,078	$	(12,818	)	$	364,260	$	72,861	$	291,399	$	—		$	291,399		$	0.145		$	0.144
VMware standalone GAAP	$	455,675		$	81,146		$	121,380		$	215,150		$	—		$	37,999	$	872		$	38,871	$	6,336	$	32,535	$	—		$	32,535		$	0.016		$	0.016
GAAP adjustments and eliminations		(562	)		(135	)		(1,255	)		(2,087	)		—			2,915		(852	)		2,063		423		1,640		(5,384	)		(3,744	)	$	(0.002	)	$	(0.002	)
VMware within EMC GAAP (5)		455,113			81,011			120,125			213,063			—			40,914		20			40,934		6,759		34,175		(5,384	)		28,791		$	0.014		$	0.014
Stock-based compensation expense		—			(7,033	)		(26,448	)		(21,247	)		—			54,728		—			54,728		10,475		44,253		(7,324	)		36,929		$	0.018		$	0.018
Intangible asset amortization		—			(2,757	)		—			(512	)		—			3,269		—			3,269		1,154		2,115		(350	)		1,765		$	0.001		$	0.001
VMware within EMC Non-GAAP (6)	$	455,113		$	71,221		$	93,677		$	191,304		$	—		$	98,911	$	20		$	98,931	$	18,388	$	80,543	$	(13,058	)	$	67,485		$	0.034		$	0.033
																												Wtd. Average Share O/S						2,011,508			2,030,048

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2009

(in thousands, except per share amounts)

Unaudited

(Continued)

The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results

	Revenue		Cost of Revenue		Research and Development		Selling, General and Administrative		Restructuring and Other Special Charges		Operating Income			Other expense, net			Income Before Taxes			Income Tax Provision			Net Income			Net Income Attributable to VMware		Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
Non-cash interest expense on convertible debt (7)	$	—	$	—	$	—	$	—	$	—	$	—		$	(26,780	)	$	(26,780	)	$	(8,385	)	$	(18,395	)	$	—	$	(18,395	)	$	(0.009	)	$	(0.009	)
Transition costs (8)		—		1,342		1,616		5,951		—		(8,909	)		—			(8,909	)		(2,341	)		(6,568	)		—		(6,568	)	$	(0.003	)	$	(0.003	)
	$	—	$	1,342	$	1,616	$	5,951	$	—	$	(8,909	)	$	(26,780	)	$	(35,689	)	$	(10,726	)	$	(24,963	)	$	—	$	(24,963	)	$	(0.012	)	$	(0.012	)

(1) Represents EMC Consolidated GAAP excluding restructuring and other special charges.

(2) Represents EMC Consolidated Adjusted excluding stock-based compensation expense and intangible asset amortization.

(3) Represents EMC Information Infrastructure GAAP excluding restructuring and other special charges.

(4) Represents EMC Information Infrastructure Adjusted excluding stock-based compensation expense and intangible asset amortization.

(5) Represents VMware within EMC GAAP.

(6) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization.

(7) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million required to be recognized pursuant to FSP 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”.

(8) Represents incremental costs incurred to transform our current cost structure to a more streamlined cost structure.

Note: schedule may not add due to rounding

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2009

(in thousands, except per share amounts)

Unaudited

	Revenue		Cost of Revenue			Research and Development			Selling, General and Administrative			Restructuring Charge			Operating Income		Other Expense, net			Income Before Taxes		Income Tax Provision		Net Income		Net Income Attributable to VMware			Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,150,762	$	1,467,507		$	383,293		$	1,024,773		$	15,572		$	259,617	$	(16,457	)	$	243,160	$	37,815	$	205,345	$	(11,276	)	$	194,069		$	0.097		$	0.096
Restructuring charge		—		—			—			—			(15,572	)		15,572		—			15,572		6,115		9,457		—			9,457		$	0.005		$	0.005
EMC Consolidated Adjusted (1)		3,150,762		1,467,507			383,293			1,024,773			—			275,189		(16,457	)		258,732		43,930		214,802		(11,276	)		203,526		$	0.101		$	0.101
Stock-based compensation expense		—		(19,894	)		(41,242	)		(51,511	)		—			112,647		—			112,647		24,340		88,307		(6,672	)		81,635		$	0.041		$	0.040
Intangible asset amortization		—		(30,610	)		(3,210	)		(25,368	)		—			59,188		—			59,188		20,321		38,867		(345	)		38,522		$	0.019		$	0.019
EMC Consolidated Non-GAAP (2)	$	3,150,762	$	1,417,003		$	338,841		$	947,894		$	—		$	447,024	$	(16,457	)	$	430,567	$	88,591	$	341,976	$	(18,293	)	$	323,683		$	0.161		$	0.160
EMC Information Infrastructure GAAP	$	2,680,361	$	1,392,825		$	278,499		$	823,249		$	15,572		$	170,216	$	(13,508	)	$	156,708	$	22,081	$	134,627	$	—		$	134,627		$	0.067		$	0.067
Restructuring charge		—		—			—			—			(15,572	)		15,572		—			15,572		6,115		9,457		—			9,457		$	0.005		$	0.005
EMC Information Infrastructure Adjusted (3)		2,680,361		1,392,825			278,499			823,249			—			185,788		(13,508	)		172,280		28,196		144,084		—			144,084		$	0.072		$	0.071
Stock-based compensation expense		—		(14,233	)		(17,312	)		(29,404	)		—			60,949		—			60,949		14,030		46,919		—			46,919		$	0.023		$	0.023
Intangible asset amortization		—		(27,853	)		(3,210	)		(24,816	)		—			55,879		—			55,879		19,153		36,726		—			36,726		$	0.018		$	0.018
EMC Information Infrastructure Non-GAAP (4)	$	2,680,361	$	1,350,739		$	257,977		$	769,029		$	—		$	302,616	$	(13,508	)	$	289,108	$	61,379	$	227,729	$	—		$	227,729		$	0.113		$	0.113
VMware standalone GAAP	$	470,310	$	75,003		$	105,401		$	203,003		$	—		$	86,903	$	(1,436	)	$	85,467	$	15,532	$	69,935	$	—		$	69,935		$	0.035		$	0.035
GAAP adjustments and eliminations		91		(321	)		(607	)		(1,479	)		—			2,498		(1,513	)		985		202		783		(11,276	)		(10,493	)	$	(0.005	)	$	(0.005	)
VMware within EMC GAAP (5)		470,401		74,682			104,794			201,524			—			89,401		(2,949	)		86,452		15,734		70,718		(11,276	)		59,442		$	0.030		$	0.029
Stock-based compensation expense		—		(5,661	)		(23,930	)		(22,107	)		—			51,698		—			51,698		10,310		41,388		(6,672	)		34,716		$	0.017		$	0.017
Intangible asset amortization		—		(2,757	)		—			(552	)		—			3,309		—			3,309		1,168		2,141		(345	)		1,796		$	0.001		$	0.001
VMware within EMC Non-GAAP (6)	$	470,401	$	66,264		$	80,864		$	178,865		$	—		$	144,408	$	(2,949	)	$	141,459	$	27,212	$	114,247	$	(18,293	)	$	95,954		$	0.048		$	0.047
Wtd. Average Share O/S																																	2,008,915			2,021,062

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2009

(in thousands, except per share amounts)

Unaudited

(Continued)

The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results

	Revenue		Cost of Revenue		Research and Development		Selling, General and Administrative		Restructuring Charge		Operating Income			Other expense, net			Income Before Taxes			Income Tax Provision			Net Income			Net Income Attributable to VMware		Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
Non-cash interest expense on convertible debt (7)	$	—	$	—	$	—	$	—	$	—	$	—		$	(26,299	)	$	(26,299	)	$	(8,234	)	$	(18,065	)	$	—	$	(18,065	)	$	(0.009	)	$	(0.009	)
Transition costs (8)		—		896		393		8,366		—		(9,655	)		—			(9,655	)		(3,346	)		(6,309	)		—		(6,309	)	$	(0.003	)	$	(0.003	)
	$	—	$	896	$	393	$	8,366	$	—	$	(9,655	)	$	(26,299	)	$	(35,954	)	$	(11,580	)	$	(24,374	)	$	—	$	(24,374	)	$	(0.012	)	$	(0.012	)

(1) Represents EMC Consolidated GAAP excluding restructuring charge.

(2) Represents EMC Consolidated Adjusted excluding stock-based compensation expense and intangible asset amortization.

(3) Represents EMC Information Infrastructure GAAP excluding restructuring charge.

(4) Represents EMC Information Infrastructure Adjusted excluding stock-based compensation expense and intangible asset amortization.

(5) Represents VMware within EMC GAAP.

(6) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization.

(7) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million required to be recognized pursuant to FSP 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”.

(8) Represents incremental costs incurred to transform our current cost structure to a more streamlined cost structure.

Note: schedule may not add due to rounding.

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2008

(in thousands, except per share amounts)

Unaudited

				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 (Benefit)			Net Income			Net Income Attributable to VMware			Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
	Revenue
EMC Consolidated GAAP	$	3,673,874		$	1,645,304		$	442,502		$	1,135,674		$	—	$	450,394		$	11,875	$	462,269		$	94,432		$	367,837		$	(7,713	)	$	360,124		$	0.175		$	0.171
Stock-based compensation expense		—			(19,058	)		(39,433	)		(61,829	)		—		120,320			—		120,320			26,455			93,865			(5,043	)		88,822		$	0.043		$	0.042
Intangible asset amortization		—			(39,268	)		(2,866	)		(26,743	)		—		68,877			—		68,877			23,045			45,832			(375	)		45,457		$	0.022		$	0.022
EMC Consolidated Non-GAAP (1)	$	3,673,874		$	1,586,978		$	400,203		$	1,047,102		$	—	$	639,591		$	11,875	$	651,466		$	143,932		$	507,534		$	(13,131	)	$	494,403		$	0.240		$	0.235
EMC Information Infrastructure GAAP	$	3,221,299		$	1,564,859		$	327,917		$	937,000		$	—	$	391,523		$	8,313	$	399,836		$	83,024		$	316,812		$	—		$	316,812		$	0.154		$	0.151
Stock-based compensation expense		—			(12,486	)		(19,631	)		(43,307	)		—		75,424			—		75,424			15,770			59,654			—			59,654		$	0.029		$	0.028
Intangible asset amortization		—			(36,974	)		(2,866	)		(25,198	)		—		65,038			—		65,038			21,752			43,286			—			43,286		$	0.021		$	0.021
EMC Information Infrastructure Non-GAAP (2)	$	3,221,299		$	1,515,399		$	305,420		$	868,495		$	—	$	531,985		$	8,313	$	540,298		$	120,546		$	419,752		$	—		$	419,752		$	0.204		$	0.200
VMware standalone GAAP	$	456,128		$	80,531		$	114,128		$	200,469		$	—	$	61,000		$	3,101	$	64,101		$	11,765		$	52,336		$	—		$	52,336		$	0.025		$	0.025
GAAP adjustments and eliminations		(3,553	)		(86	)		457			(1,795	)		—		(2,129	)		461		(1,668	)		(357	)		(1,311	)		(7,713	)		(9,024	)	$	(0.004	)	$	(0.005	)
VMware within EMC GAAP (3)		452,575			80,445			114,585			198,674			—		58,871			3,562		62,433			11,408			51,025			(7,713	)		43,312		$	0.021		$	0.020
Stock-based compensation expense		—			(6,572	)		(19,802	)		(18,522	)		—		44,896			—		44,896			10,685			34,211			(5,043	)		29,168		$	0.014		$	0.014
Intangible asset amortization		—			(2,294	)		—			(1,545	)		—		3,839			—		3,839			1,293			2,546			(375	)		2,171		$	0.001		$	0.001
VMware within EMC Non-GAAP (4)	$	452,575		$	71,579		$	94,783		$	178,607		$	—	$	107,606		$	3,562	$	111,168		$	23,386		$	87,782		$	(13,131	)	$	74,651		$	0.036		$	0.035
																														Wtd. Average Share O/S						2,057,766			2,094,795

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended June 30, 2008

(in thousands, except per share amounts)

Unaudited

(Continued)

The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results

			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 Attributable to VMware		Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
	Revenue
Non-cash interest expense on convertible debt (5)	$	—	$	—	$	—	$	—	$	—	$	—	$	(25,250	)	$	(25,250	)	$	(7,906	)	$	(17,344	)	$	—	$	(17,344	)	$	(0.008	)	$	(0.008	)

(1) Represents EMC Consolidated GAAP excluding stock-based compensation expense and intangible asset amortization.

(2) Represents EMC Information Infrastructure GAAP excluding stock-based compensation expense and intangible asset amortization.

(3) Represents VMware within EMC GAAP.

(4) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization.

(5) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million required to be recognized pursuant to FSP 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”.

Note: schedule may not add due to rounding

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2008

(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 Attributable to VMware			Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
EMC Consolidated GAAP	$	3,470,059		$	1,560,664		$	433,514		$	1,082,215		$	78,847		$	314,819	$	29,308	$	344,127	$	86,319	$	257,808	$	(6,161	)	$	251,647		$	0.121		$	0.118
IPR&D		—			—			—			—			(79,204	)		79,204		—		79,204		—		79,204		—			79,204		$	0.038		$	0.038
EMC Consolidated Adjusted (1)		3,470,059			1,560,664			433,514			1,082,215			(357	)		394,023		29,308		423,331		86,319		337,012		(6,161	)		330,851		$	0.159		$	0.156
Stock-based compensation expense		—			(18,312	)		(38,825	)		(61,950	)		—			119,087		—		119,087		27,831		91,256		(5,095	)		86,161		$	0.042		$	0.041
Intangible asset amortization		—			(38,198	)		(3,011	)		(24,791	)		—			66,000		—		66,000		22,533		43,467		(349	)		43,118		$	0.021		$	0.020
EMC Consolidated Non-GAAP (2)	$	3,470,059		$	1,504,154		$	391,678		$	995,474		$	(357	)	$	579,110	$	29,308	$	608,418	$	136,683	$	471,735	$	(11,605	)	$	460,130		$	0.222		$	0.217
EMC Information Infrastructure GAAP	$	3,031,889		$	1,483,604		$	315,428		$	890,640		$	78,847		$	263,370	$	26,669	$	290,039	$	77,600	$	212,439	$	—		$	212,439		$	0.102		$	0.101
IPR&D		—			—			—			—			(79,204	)		79,204		—		79,204		—		79,204		—			79,204		$	0.038		$	0.038
EMC Information Infrastructure Adjusted (3)		3,031,889			1,483,604			315,428			890,640			(357	)		342,574		26,669		369,243		77,600		291,643		—			291,643		$	0.141		$	0.138
Stock-based compensation expense		—			(12,136	)		(17,912	)		(44,412	)		—			74,460		—		74,460		18,834		55,626		—			55,626		$	0.027		$	0.026
Intangible asset amortization		—			(35,888	)		(3,011	)		(23,250	)		—			62,149		—		62,149		21,122		41,027		—			41,027		$	0.020		$	0.019
EMC Information Infrastructure Non-GAAP (4)	$	3,031,889		$	1,435,580		$	294,505		$	822,978		$	(357	)	$	479,183	$	26,669	$	505,852	$	117,557	$	388,295	$	—		$	388,295		$	0.187		$	0.184
VMware standalone GAAP	$	438,175		$	77,170		$	119,255		$	193,359		$	—		$	48,391	$	2,639	$	51,030	$	7,975	$	43,055	$	—		$	43,055		$	0.021		$	0.020
GAAP adjustments and eliminations		(5	)		(110	)		(1,169	)		(1,784	)		—			3,058		—		3,058		744		2,314		(6,161	)		(3,847	)	$	(0.002	)	$	(0.003	)
VMware within EMC GAAP (5)		438,170			77,060			118,086			191,575			—			51,449		2,639		54,088		8,719		45,369		(6,161	)		39,208		$	0.019		$	0.018
Stock-based compensation expense		—			(6,176	)		(20,913	)		(17,538	)		—			44,627		—		44,627		8,997		35,630		(5,095	)		30,535		$	0.015		$	0.014
Intangible asset amortization		—			(2,310	)		—			(1,541	)		—			3,851		—		3,851		1,411		2,440		(349	)		2,091		$	0.001		$	0.001
VMware within EMC Non-GAAP (6)	$	438,170		$	68,574		$	97,173		$	172,496		$	—		$	99,927	$	2,639	$	102,566	$	19,126	$	83,440	$	(11,605	)	$	71,834		$	0.035		$	0.033
Wtd. Average Share O/S																																	2,075,152			2,110,805

Reconciliation of GAAP to Non-GAAP

For the Three Months Ended March 31, 2008

(in thousands, except per share amounts)

Unaudited

(Continued)

The following costs are included in EMC Consolidated Non-GAAP and EMC Information Infrastructure Non-GAAP results

	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 Attributable to VMware		Net Income Attributable to EMC			Net Income per Weighted Average Share, Basic			Net Income per Weighted Average Share, Diluted
Non-cash interest expense on convertible debt (7)	$	—	$	—	$	—	$	—	$	—	$	—	$	(25,027	)	$	(25,027	)	$	(7,836	)	$	(17,191	)	$	—	$	(17,191	)	$	(0.008	)	$	(0.008	)

(1) Represents EMC Consolidated GAAP excluding IPR&D.

(2) Represents EMC Consolidated Adjusted excluding stock-based compensation expense and intangible asset amortization.

(3) Represents EMC Information Infrastructure GAAP excluding IPR&D.

(4) Represents EMC Information Infrastructure Adjusted less stock-based compensation expense and intangible asset amortization.

(5) Represents VMware within EMC GAAP.

(6) Represents VMware within EMC excluding stock-based compensation expense and intangible asset amortization.

(7) Represents the non-cash interest charge associated with our convertible senior notes due 2011 and 2013 totaling $3,450 million required to be recognized pursuant to FSP 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”.

Note: schedule may not add due to rounding

EMC CORPORATION

Consolidated Balance Sheets

(in thousands, except per share amounts)

Unaudited

	June 30,			December 31,
	2009			2008
				(As Adjusted)
ASSETS
Current assets:
Cash and cash equivalents	$	6,422,760		$	5,843,685
Short-term investments		835,490			963,292
Accounts and notes receivable, less allowance for doubtful accounts of $52,761 and $48,080		1,855,986			2,252,640
Inventories		773,528			842,803
Deferred income taxes		457,193			477,101
Other current assets		341,305			285,508
Total current assets		10,686,262			10,665,029
Long-term investments		2,765,946			2,370,493
Property, plant and equipment, net		2,229,053			2,223,007
Intangible assets, net		698,180			795,616
Goodwill, net		7,109,565			7,046,799
Other assets, net		998,326			773,631
Total assets	$	24,487,332		$	23,874,575
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	697,389		$	757,405
Accrued expenses		1,812,674			1,901,884
Securities lending payable		260,125			412,321
Income taxes payable		—			136,802
Deferred revenue		2,137,173			2,010,024
Total current liabilities		4,907,361			5,218,436
Income taxes payable		226,517			255,182
Deferred revenue		1,208,825			1,182,360
Deferred income taxes		454,516			389,787
Long-term convertible debt		3,045,022			2,991,943
Other liabilities		196,730			180,917
Total Liabilities		10,038,971			10,218,625
Commitments and contingencies
EMC Corporation’s Shareholders’ equity:
Preferred stock, par value $.01; authorized 25,000 shares, none outstanding		—			—
Common stock, par value $.01; authorized 6,000,000 shares; issued 2,022,048 and 2,012,938 shares		20,220			20,129
Additional paid-in capital		3,105,717			2,817,054
Retained earnings		11,070,513			10,671,212
Accumulated other comprehensive loss		(141,487	)		(179,952	)
Total EMC Corporation’s shareholders’ equity		14,054,963			13,328,443
Non-controlling interest in VMware, Inc.		393,398			327,507
Total shareholders’ equity		14,448,361			13,655,950
Total liabilities and shareholders’ equity	$	24,487,332		$	23,874,575

EMC CORPORATION

Consolidated Statements of Cash Flows

(in thousands)

Unaudited

	Six Months Ended
	June 30, 2009			June 30, 2008
				(As Adjusted)
Cash flows from operating activities:
Cash received from customers	$	6,951,380		$	7,585,822
Cash paid to suppliers and employees		(5,348,576	)		(5,947,544	)
Dividends and interest received		73,448			135,058
Interest paid		(35,900	)		(36,778	)
Income taxes paid		(202,273	)		(199,689	)
Net cash provided by operating activities		1,438,079			1,536,869
Cash flows from investing activities:
Additions to property, plant and equipment		(205,512	)		(326,449	)
Capitalized software development costs		(151,774	)		(118,848	)
Purchases of short and long-term available for sale securities		(3,315,606	)		(1,005,655	)
Sales and maturities of short and long-term available for sale securities		3,078,580			1,572,954
Purchase of Data Domain common stock		(65,000	)		—
Acquisitions, net of cash acquired		(98,860	)		(604,788	)
Increase in strategic and other related investments		(107,055	)		(3,060	)
Net cash used in investing activities		(865,227	)		(485,846	)
Cash flows from financing activities:
Issuance of EMC’s common stock from the exercise of stock options		84,028			156,220
Issuance of VMware’s common stock from the exercise of stock options		81,606			133,327
Repayments on securities lending		(152,196	)		—
Repurchase of EMC’s common stock		—			(686,950	)
Excess tax benefits from stock-based compensation		6,715			88,613
Payment of short and long-term obligations		(19,364	)		(5,279	)
Proceeds from short and long-term obligations		1,116			1,820
Net cash used in financing activities		1,905			(312,249	)
Effect of exchange rate changes on cash		4,318			(1,638	)
Net increase in cash and cash equivalents		579,075			737,136
Cash and cash equivalents at beginning of period		5,843,685			4,482,211
Cash and cash equivalents at end of period	$	6,422,760		$	5,219,347
Reconciliation of net income to net cash provided by operating activities:
Net income	$	415,961		$	625,645
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		509,066			517,692
Non-cash interest expense on convertible debt		53,079			50,277
Non-cash restructuring and in-process research and development		9,300			80,970
Stock-based compensation expense		234,531			239,405
Increase in provision for doubtful accounts		7,219			8,576
Deferred income taxes, net		60,067			10,431
Excess tax benefits from stock-based compensation		(6,715	)		(88,613	)
Other		450			(5,123	)
Changes in assets and liabilities, net of acquisitions:
Accounts and notes receivable		391,899			160,492
Inventories		(9,910	)		12,668
Other assets		(37,540	)		(35,719	)
Accounts payable		(27,915	)		(61,343	)
Accrued expenses		(134,894	)		(248,139	)
Income taxes payable		(186,480	)		(32,677	)
Deferred revenue		144,148			272,821
Other liabilities		15,813			29,506
Net cash provided by operating activities	$	1,438,079		$	1,536,869

EMC Corporation

Reconciliation of Cash Flow from Operations to Free Cash Flow

(in thousands)

Unaudited

	Three Months Ended						Six Months Ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008
EMC Consolidated
Cash flow from Operations	$	574,388		$	618,577		$	1,438,079		$	1,536,869
Capital Expenditures		(110,192	)		(179,937	)		(205,512	)		(326,449	)
Capitalized Software		(64,147	)		(64,527	)		(151,774	)		(118,848	)
Free Cash Flow	$	400,049		$	374,113		$	1,080,793		$	1,091,572
VMware within EMC
Cash flow from Operations	$	225,351		$	126,699		$	466,294		$	232,757
Capital Expenditures		(23,323	)		(45,324	)		(47,649	)		(86,343	)
Capitalized Software		(14,745	)		(11,770	)		(44,680	)		(15,934	)
Free Cash Flow	$	187,283		$	69,605		$	373,965		$	130,480
EMC Information Infrastructure
Cash flow from Operations	$	349,037		$	491,878		$	971,785		$	1,304,112
Capital Expenditures		(86,869	)		(134,613	)		(157,863	)		(240,106	)
Capitalized Software		(49,402	)		(52,757	)		(107,094	)		(102,914	)
Free Cash Flow	$	212,766		$	304,508		$	706,828		$	961,092

Free cash flow for the three months ended June 30, 2009 includes intercompany tax payments of $85.4 million from EMC Information Infrastructure to VMware within EMC.

EMC Corporation

Reconciliation of EMC Information Storage Gross Margin GAAP to Non-GAAP

(In thousands)

Unaudited

	Q1 ‘07		Q2 ‘07		Q3 ‘07		Q4 ‘07		Q1 ‘08		Q2 ‘08		Q3 ‘08		Q4 ‘08		Q1 ‘09		Q2 ‘09
EMC Information Storage Gross Margin GAAP	$	1,174,130	$	1,269,402	$	1,327,380	$	1,524,768	$	1,370,420	$	1,455,853	$	1,472,280	$	1,571,111	$	1,108,748	$	1,179,673
Less: Stock-based compensation		12,755		11,516		9,530		8,853		10,131		10,406		13,060		13,877		11,885		12,686
Intangible asset amortization		8,343		8,352		8,885		9,727		10,374		11,394		11,614		11,681		8,217		8,167
EMC Information Storage Gross Margin Non-GAAP	$	1,195,228	$	1,289,270	$	1,345,795	$	1,543,348	$	1,390,925	$	1,477,653	$	1,496,954	$	1,596,669	$	1,128,850	$	1,200,526

EMC Corporation

Reconciliation of Expected EMC Information Storage Gross Margin Percentage

Second Half of 2009

EMC Information Storage Gross Margin GAAP Percentage	50.0	%
Stock-based compensation	0.6
Intangible asset amortization	0.4
EMC Information Storage Gross Margin Non-GAAP Percentage	51.0	%

EMC Corporation

Supplemental

Revenue Analysis

(in thousands)

Unaudited

Supplemental Revenue Data

	Q1 2008			Q2 2008			Q3 2008			Q4 2008			YTD 2008			Q1 2009			Q2 2009
Information Storage:
Product Revenue	$	1,903,639		$	2,018,026		$	2,056,498		$	2,285,366		$	8,263,529		$	1,572,408		$	1,632,309
Services Revenue		808,190			855,221			851,825			853,539			3,368,775			790,932			842,558
Total Information Storage Revenue	$	2,711,829		$	2,873,247		$	2,908,323		$	3,138,905		$	11,632,304		$	2,363,340		$	2,474,867
Content Management and Archiving:
Product Revenue	$	61,128		$	73,415		$	62,576		$	81,054		$	278,173		$	58,710		$	60,792
Services Revenue		124,075			130,591			125,493			127,316			507,475			115,605			119,445
Total Content Management and Archiving Revenue	$	185,203		$	204,006		$	188,069		$	208,370		$	785,648		$	174,315		$	180,237
Security:
Product Revenue	$	81,683		$	89,067		$	88,779		$	95,534		$	355,063		$	80,671		$	84,080
Services Revenue		53,174			54,979			58,561			59,498			226,212			62,035			63,055
Total Security Revenue	$	134,857		$	144,046		$	147,340		$	155,032		$	581,275		$	142,706		$	147,135
EMC Information Infrastructure:
Product Revenue	$	2,046,450		$	2,180,508		$	2,207,853		$	2,461,954		$	8,896,765		$	1,711,789		$	1,777,181
Services Revenue		985,439			1,040,791			1,035,879			1,040,353			4,102,462			968,572			1,025,058
Total EMC Information Infrastructure Revenue	$	3,031,889		$	3,221,299		$	3,243,732		$	3,502,307		$	12,999,227		$	2,680,361		$	2,802,239
VMware:
Product Revenue	$	293,980		$	281,143		$	285,088		$	314,840		$	1,175,051		$	257,331		$	228,089
Services Revenue		144,190			171,432			186,772			199,491			701,885			213,070			227,024
Total VMware Revenue	$	438,170		$	452,575		$	471,860		$	514,331		$	1,876,936		$	470,401		$	455,113
Consolidated Revenues
Product Revenue	$	2,340,430		$	2,461,651		$	2,492,941		$	2,776,794		$	10,071,816		$	1,969,120		$	2,005,270
Services Revenue		1,129,629			1,212,223			1,222,651			1,239,844			4,804,347			1,181,642			1,252,082
Total Consolidated Revenues	$	3,470,059		$	3,673,874		$	3,715,592		$	4,016,638		$	14,876,163		$	3,150,762		$	3,257,352
Percentage impact to EMC revenue growth rate due to changes in exchange rates from the prior year		2.3	%		2.7	%		1.2	%		(2.3	)%		0.8	%		(3.5	)%		(3.7	)%