DELL Quarterly DELL Asset Management source SEC filings dollar values are in millions by fsd65350

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									                                                              DELL Quarterly


DELL Asset Management
(source: SEC filings)
              (dollar values are in millions)                                     Figure 1: Dell Quarterly Inventory Turns
             Quarterly                    TTM Inventory
        Date Revenue Inventory Revenue           Turns     DSI                     160.0
   4/28/1996 $ 1,638                                                               140.0
   7/28/1996 $ 1,690                                                               120.0
  10/27/1996 $ 2,019                                                               100.0




                                                                        Turns
    2/2/1997 $ 2,412 $        251 $ 7,759          30.9    11.8                        80.0
    5/4/1997 $ 2,588 $        266 $ 8,709          32.7    11.1                        60.0
    8/3/1997 $ 2,814 $        273 $ 9,833          36.0    10.1                        40.0
   11/2/1997 $ 3,188 $        301 $ 11,002         36.6    10.0
                                                                                       20.0
    2/1/1998 $ 3,737 $        233 $ 12,327         52.9     6.9
                                                                                        0.0
    5/3/1998 $ 3,920 $        254 $ 13,659         53.8     6.8




                                                                                                 Feb-97
                                                                                                          Feb-98
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    8/2/1998 $ 4,331 $        288 $ 15,176         52.7     6.9
   11/1/1998 $ 4,818 $        281 $ 16,806         59.8     6.1
   1/29/1999 $ 5,174 $        273 $ 18,243         66.8     5.5                                                                                             Quarter
   4/30/1999 $ 5,537 $        289 $ 19,860         68.7     5.3
   7/30/1999 $ 6,142 $        336 $ 21,671         64.5     5.7
  10/29/1999 $ 6,784 $        374 $ 23,637         63.2     5.8
   1/28/2000 $ 6,802 $        391 $ 25,265         64.6     5.6                                                    Figure 2: Dell Quarterly DSI
   4/28/2000 $ 7,280 $        441 $ 27,008         61.2     6.0
   7/28/2000 $ 7,670 $        442 $ 28,536         64.6     5.7                 14.0
  10/27/2000 $ 8,264 $        424 $ 30,016         70.8     5.2
                                                                                12.0
    2/2/2001 $ 8,674 $        400 $ 31,888         79.7     4.6
                                                                                10.0
    5/4/2001 $ 8,028 $        350 $ 32,636         93.2     3.9
    8/3/2001 $ 7,611 $        292 $ 32,577        111.6     3.3                  8.0

                                                                        DSI
   11/2/2001 $ 7,468 $        269 $ 31,781        118.1     3.1                  6.0
    2/1/2002 $ 8,061 $        272 $ 31,168        114.6     3.2                  4.0
    5/3/2002 $ 8,066 $        284 $ 31,206        109.9     3.3
                                                                                 2.0
    8/2/2002 $ 8,459 $        291 $ 32,054        110.2     3.3
   11/1/2002 $ 9,144 $        307 $ 33,730        109.9     3.3                  0.0
                                                                                       Feb-97

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                                                                                                                                                                                                                                                 Feb-10
    2/1/2003 $ 9,735 $        306 $ 35,404        115.7     3.2
    5/2/2003 $ 9,532 $        264 $ 36,870        139.7     2.6
    8/1/2003 $ 9,778 $        358 $ 38,189        106.7     3.4                                                                                      Quarter
  10/31/2003 $ 10,622 $       358 $ 39,667        110.8     3.3
   1/30/2004 $ 11,512 $       327 $ 41,444        126.7     2.9



                                                          DELL Asset Management
                                                               DELL Quarterly


 4/30/2004   $   11,540   $     425   $   43,452   102.2     3.6
 7/30/2004   $   11,706   $     418   $   45,380   108.6     3.4
10/29/2004   $   12,502   $     415   $   47,260   113.9     3.2
 1/28/2005   $   13,457   $     459   $   49,205   107.2     3.4
 4/29/2005   $   13,386   $     483   $   51,051   105.7     3.5
 7/29/2005   $   13,428   $     570   $   52,773    92.6     3.9
10/28/2005   $   13,911   $     582   $   54,182    93.1     3.9
  2/3/2006   $   15,183   $     576   $   55,908    97.1     3.8
  5/5/2006   $   14,216   $     636   $   56,738    89.2     4.1
  8/4/2006   $   14,211   $     669   $   57,521    86.0     4.2
 11/3/2006   $   14,419   $     680   $   58,029    85.3     4.3
  2/2/2007   $   14,470   $     660   $   57,316    86.8     4.2
  5/4/2007   $   14,722   $     764   $   57,822    75.7     4.8
  8/3/2007   $   14,776   $     973   $   58,387    60.0     6.1
 11/2/2007   $   15,646   $   1,102   $   59,614    54.1     6.7
  2/1/2008   $   15,989   $   1,180   $   61,133    51.8     7.0
  5/2/2008   $   16,077   $   1,258   $   62,488    49.7     7.3
  8/1/2008   $   16,434   $   1,104   $   64,146    58.1     6.3
10/31/2008   $   15,162   $   1,109   $   63,662    57.4     6.4
 1/30/2009   $   13,428   $     867   $   61,101    70.5     5.2
  5/1/2009   $   12,342   $     842   $   57,366    68.1     5.4
 7/31/2009   $   12,764   $     839   $   53,696    64.0     5.7
10/30/2009   $   12,896   $     952   $   51,430    54.0     6.8
 1/29/2010   $   14,900   $   1,051   $   52,902    50.3     7.3
 4/30/2010   $   14,874   $   1,182   $   55,434    46.9     7.8




                                                           DELL Asset Management
                                                                                                                                                        DELL Quarterly




                                                            Figure 3: Dell Quarterly Revenues
                                                                        TTM Basis
                       $70,000

                       $60,000
Revenues ($Millions)




                       $50,000

                       $40,000

                       $30,000

                       $20,000

                       $10,000

                            $-
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                                                                                                                                             DELL Asset Management
                                                                               DELL vs HPQ


DELL vs HPQ
Annual Data                    (dollar values are in millions)
                                                 Total           Annual   Inventory              Asset
               Inventory             PPE       Assets          Revenues      Turns     DSI    Turnover
DELL                                                                                                         Turns          DELL    HPQ
  1/28/2005   $      459   $      3,017   $   23,215   $       49,121        107.0      3.4         2.1              2004   107.0   11.3
   2/3/2006   $      588   $      3,557   $   23,252   $       55,788         94.9      3.8         2.4              2005    94.9   12.6
   2/2/2007   $      660   $      4,049   $   25,635   $       57,420         87.0      4.2         2.2              2006    87.0   11.8
   2/1/2008   $    1,180   $      4,614   $   27,561   $       61,133         51.8      7.0         2.2              2007    51.8   13.0
  1/30/2009   $      867   $      4,510   $   26,500   $       61,101         70.5      5.2         2.3              2008    70.5   15.0
  1/29/2010   $    1,051   $      4,652   $   33,652   $       52,902         50.3      7.3         1.6              2009    50.3   18.7
HPQ                                                                                                          DSI            DELL    HPQ
 10/31/2004   $    7,071   $     13,838   $ 76,138     $      79,905          11.3     32.3         1.0              2004     3.4   32.3
 10/31/2005   $    6,877   $     13,880   $ 77,317     $      86,696          12.6     29.0         1.1              2005     3.8   29.0
 10/31/2006   $    7,750   $     15,024   $ 48,264     $      91,658          11.8     30.9         1.9              2006     4.2   30.9
 10/31/2007   $    8,033   $     16,411   $ 88,699     $     104,286          13.0     28.1         1.2              2007     7.0   28.1
 10/31/2008   $    7,879   $     18,885   $ 113,331    $     118,364          15.0     24.3         1.0              2008     5.2   24.3
 10/31/2009   $    6,128   $     20,944   $ 114,799    $     114,552          18.7     19.5         1.0              2009     7.3   19.5


                     Inventory Turn Comparison                                                            Total Asset Turn Comparison

           120.0                                                                              3.0
           100.0                                                                              2.5
            80.0                                                                              2.0
   Turns




                                                                             DELL
            60.0                                                                                                                           DELL



                                                                                        DSI
                                                                             HPQ              1.5
            40.0                                                                                                                           HPQ
                                                                                              1.0
            20.0
                                                                                              0.5
             0.0
                                                                                              0.0
                   2004 2005 2006 2007 2008 2009
                                                                                                    2004 2005 2006 2007 2008 2009
                                           Year                                                                  Year




                                                              d7d74b32-4b25-4ada-b6fd-00524862ee29.xls

								
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