DELL LBO Model Part 2 Completed (Excel)

8/13/2019 DELL LBO Model Part 2 Completed (Excel)

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Dell Inc. - LBO Model for Private Equity Interview Case Study

($ in Millions Except Per Share Data)

Transaction Assumptions

Company Name: Dell Inc. Transaction Close Date: 2/1/2013 EBITDA Purchase Multiple: 5.1 x

"Undisturbed" Share Price: 10.88$ Equity Purchase Price: 24,675$ Baseline EBITDA Exit Multiple: 4.0 x

Offer Premium: 25.5% Transaction Enterprise Value: 21,212

Advisory Fee %: 0.10%

Offer Price Per Share: 13.65$ Funds Required: Financing Fee %: 0.60%

Equity Purchase Price: 24,675$ Legal & Misc. Fees: 30$

Refinance Existing Debt? No Plus: Debt Refinanced: -Less: Excess Cash: (6,220) LIBOR Units: 10,000

% Debt Used for "Funds Required": 90% Less: Founder Cash Contribution: (750)

Debt Used: 12,650 Less: Founder Rollover: (3,726)

Pro-Forma TTM Debt / EBITDA: 5.2 x Total Funds Required (Excl. Fees): 13,979$ Minimum Cash Balance: 3,000$

Tax Rate for Repatriated Cash: 35.0%

Purchase Price Calculations: Diluted Shares: Company Effective Tax Rate: 21.2%

Shares Owned by Founder: 273.0 Operating Case: 2 Base

Common Shares: 1,762.0 Exercise 1 Conservative

Diluted Shares: 1,807.7 Name Number Price Dilution 2 BaseOptions A: 8.0 7.38$ 3.675 3 Upside

Diluted Equity Value: 24,675$ Options B: 42.0 15.57 - 4 Street Consensus

Less: Cash & Cash-Equivalents: (12,569) Options C: 45.0 25.86 -

Plus: Debt 9,085 Options D: 31.0 34.31 - Year 5 Revenue in Selected Case: 58,625$

Plus: Noncontrolling Interests 21 Options E: 17.0 40.23 - 5-Year Revenue Growth: 3.0%

Plus: Preferred Stock - RSUs: 42.0 42.000 Year 5 EBITDA in Selected Case: 5,301$

Plus: Other Liabilities - Total 45.675 Year 5 EBITDA Margin: 9.0%

Enterprise Value: 21,212$ 5-Year EBITDA Growth: 27.5%

Debt Assumptions

Interest Rates: Principal Repayment %:

Revolver Commitment (Undrawn): 1,100$ Revolver: L + 100 Revolver: N/A

Total Existing Debt (if assumed): 9,085$ Total Existing Debt: 3.66% Total Existing Debt: (See schedule)

%: $ Amount:

Total Debt Raised: 12,650$

Term Loan B: 32% 4,000 Term Loan B: L + 250 Term Loan B: 5.0%

Term Loan C: 12% 1,500 Term Loan C: L + 350 Term Loan C: 1.0%

ABL Facility: 15% 1,900 ABL Facility: 5.50% ABL Facility: 0.0%1st Lien Fixed Rate Notes: 16% 2,000 1st Lien Fixed Rate Notes: 6.00% 1st Lien Fixed Rate Notes: 0.0%

2nd Lien Fixed Rate Notes: 10% 1,250 2nd Lien Fixed Rate Notes: 6.50% 2nd Lien Fixed Rate Notes: 0.0%

Microsoft - Subordinated Note: 16% 2,000 Microsoft - Subordinated Note: 7.50% Microsoft - Subordinated Note: 0.0%


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Sources & Uses

Sources: Uses:

Revolver: -$ Equity Value of Company: 24,675$

Term Loan B: 4,000 Refinance Existing Debt: -

Term Loan C: 1,500 Assume Existing Debt: 9,085

ABL Facility: 1,900 Advisory Fees: 25

Bridge Loan (1st Lien Fixed Rate Notes): 2,000 Capitalized Financing Fees: 76

Bridge Loan (2nd Lien Fixed Rate Notes): 1,250 Legal & Misc. Fees: 30

Microsoft - Subordinated Note: 2,000 Total Uses: 33,891$

Assume Existing Debt: 9,085

Company - Excess Cash: 6,220Founder - Cash Contribution for Equity: 750

MD Investors - Founder Rollover Equity: 3,726

Silver Lake - Investor Equity: 1,460

Total Sources: 33,891$

Ownership Percentages, Pre and Post-Deal:

Pre-Deal Ownership Percentages: Post-Deal Ownership Percentages:

Michael Dell: 15.1% Michael Dell: 75.4%

Silver Lake Partners: 0.0% Silver Lake Partners: 24.6%Institutional Investors: 84.9% Institutional Investors: 0.0%

Total: 100.0% Total: 100.0%

Goodwill Creation & Purchase Price Allocation

Goodwill Calculation: Fixed Asset Write-Up:

Equity Purchase Price: 24,675$ PP&E Write-Up %: 10.0%

Less: Seller Book Value: (10,680) PP&E Write-Up Amount: 213

Plus: Write-Off of Existing Goodwill: 9,304 Depreciation Period (Years): 8

Total Allocable Purchase Premium: 23,299$Intangible Asset Write-Up:

Less: Write-Up of PP&E: (213)$ Purchase Price to Allocate: 23,299

Less: Write-Up of Intangibles: (4,660) % Allocated to Intangibles: 20.0%

Less: Write-Down of DTL: - Intangibles Write-Up Amount: 4,660

Plus: New Deferred Tax Liability: 1,032 Amortization Period (Years): 5

Total Goodwill Created: 19,459$

Financing Fees Amortization Period: 5 New Deferred Tax Liability: 1,032$


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Margins, Expense and Working Capital Trends, and BS / CFS Assumptions

Historical Transaction Adjustments Projected

FY Ending February 1, 2010 2011 2012 2013 Debit Credit 2013 2014 2015 2016 2017 2018

Revenue Growth %: (13.4%) 16.2% 0.9% (8.3%) (0.3%) 2.7% (0.5%) 2.0% (0.9%)

COGS % Revenue: 82.5% 81.5% 77.7% 78.6% 78.3% 78.0% 77.7% 77.4% 77.1%

Cases - COGS % Revenue:

Conservative Case: 79.0% 79.5% 80.0% 80.5% 81.0%

Base Case: 78.3% 78.0% 77.7% 77.4% 77.1%

Upside Case: 78.0% 77.5% 77.3% 77.0% 76.7%Street Consensus Case: 78.6% 78.6% 78.6% 78.6% 78.6%

Selected Case: Base 78.3% 78.0% 77.7% 77.4% 77.1%

OpEx % Revenue: 13.4% 12.9% 15.1% 16.1% 16.5% 16.0% 16.0% 15.5% 15.5%

Cases - OpEx % Revenue:


Base Case: 16.5% 16.0% 16.0% 15.5% 15.5%

Upside Case: 16.3% 15.9% 15.5% 15.5% 15.5%

Street Consensus Case: 16.7% 16.9% 17.2% 17.2% 17.4%Selected Case: Base 16.5% 16.0% 16.0% 15.5% 15.5%

Effective Tax Rate: 29.2% 21.3% 17.6% 16.5% 21.2% 21.2% 21.2% 21.2% 21.2%

AR % Revenue: 11.0% 10.6% 10.4% 11.6% 10.9% 10.9% 10.9% 10.9% 10.9%

Provision for Doubtful Accounts % AR: 7.3% 5.9% 3.6% 3.9% 5.2% 5.2% 5.2% 5.2% 5.2%

ST Financing Receivables % Revenue: 5.1% 5.9% 5.4% 5.6% 5.5% 5.5% 5.5% 5.5% 5.5%

Inventory % COGS: 2.4% 2.6% 2.9% 3.1% 2.8% 2.8% 2.8% 2.8% 2.8%

Prepaid Expenses % OpEx: 51.4% 40.4% 36.5% 43.2% 42.9% 42.9% 42.9% 42.9% 42.9%

Accounts Payable % COGS: 26.1% 22.5% 24.2% 25.9% 24.7% 24.7% 24.7% 24.7% 24.7%

Accrued Expenses % OpEx: 54.8% 52.5% 41.9% 39.7% 40.0% 39.0% 38.0% 37.0% 36.0%

ST Deferred Revenue % Revenue: 5.7% 5.1% 5.7% 7.7% 8.0% 8.0% 9.0% 9.0% 10.0%

LT Deferred Revenue % Revenue: 5.7% 5.7% 6.2% 7.0% 7.5% 7.5% 8.0% 8.5% 9.0%

Depreciation % Revenue: 1.2% 1.0% 0.9% 0.9% 1.0% 1.0% 1.0% 1.0% 1.0%

Amortization of Existing Intangibles: 205 349 391 613 770 682 613 515 370

SBC % Revenue: 0.6% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%

Deferred Taxes % Total Taxes: (8.8%) (6.3%) 2.5% (91.3%) (5.0%) (5.0%) (5.0%) (5.0%) (5.0%)

CapEx % Revenue: 0.7% 0.7% 1.1% 0.9% 1.2% 1.2% 1.2% 1.2% 1.2%

Income Statement



Revenue: 61,101$ 52,902$ 61,494$ 62,071$ 56,940$ 56,783$ 58,313$ 58,031$ 59,179$ 58,625$

Cost of Goods Sold: 43,641 50,098 48,260 44,754 44,461 45,484 45,090 45,805 45,200

Gross Profit: 9,261 11,396 13,811 12,186 12,322 12,829 12,941 13,374 13,425

Gross Margin %: 17.5% 18.5% 22.3% 21.4% 21.7% 22.0% 22.3% 22.6% 22.9%

Operating Expenses: 7,089 7,963 9,380 9,174 9,369 9,330 9,285 9,173 9,087

Depreciation of PP&E Write-Up: - - - -

New Intangibles Amortization: - - - -

Amortization of Financing Fees: - - - -


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Balance Sheet

Historical Transaction Adjustments ProjectedFY Ending February 1, 2010 2011 2012 2013 Debit Credit 2013 2014 2015 2016 2017 2018

Assets:

Current Assets:

Cash & Cash-Equivalents: 10,635$ 13,913$ 13,852$ 12,569$ 15,097$ 17,546$ 20,673$ 23,888$ 27,431$

Short-Term Investments: 373 452 966 208 208 208 208 208 208

Accounts Receivable: 5,837 6,493 6,476 6,629 6,199 6,366 6,335 6,461 6,400

Short-Term Financing Receivables: 2,706 3,643 3,327 3,213 3,129 3,213 3,198 3,261 3,231

Allowances for Losses / Doubtful Accounts: - - - - (321) (651) (980) (1,315) (1,647)

Inventories, Net: 1,051 1,301 1,404 1,382 1,223 1,251 1,240 1,260 1,243

Prepaid Expenses & Other: 3,643 3,219 3,423 3,967 4,018 4,001 3,982 3,934 3,897Total Current Assets: 24,245 29,021 29,448 27,968 29,553 31,934 34,656 37,697 40,764

Long-Term Assets:

Net PP&E: 2,181 1,953 2,124 2,126 2,188 2,252 2,316 2,382 2,448

Long-Term Investments: 781 704 3,404 2,565 2,897 3,230 3,562 3,894 4,226

Long-Term Financing Receivable, Net: 332 799 1,372 1,349 1,328 1,307 1,286 1,265 1,244

Other Non-Current Assets: 6,113 6,122 490 854 812 770 728 686 644

Goodwill: - - 5,838 9,304 9,304 9,304 9,304 9,304 9,304

Intangible Assets: - - 1,857 3,374 2,604 1,922 1,309 794 424

Capitalized Financing Fees: - - - - - - - - -Total Long-Term Assets: 9,407 9,578 15,085 19,572 19,133 18,785 18,505 18,325 18,290

Total Assets: 33,652$ 38,599$ 44,533$ 47,540$ 48,686$ 50,719$ 53,161$ 56,022$ 59,053$

Liabilities & Shareholders' Equity:

Current Liabilities:

Revolver: -$ -$ -$ -$

Accounts Payable: 11,373 11,293 11,656 11,579 10,963 11,215 11,118 11,294 11,145

Accrued Expenses & Other: 3,884 4,181 3,934 3,644 3,748 3,639 3,528 3,394 3,271

Short-Term Deferred Revenue: 3,040 3,158 3,544 4,373 4,543 4,665 5,223 5,326 5,862Total Current Liabilities: 18,297 18,632 19,134 19,596 19,253 19,519 19,869 20,014 20,279

Long-Term Liabilities:

Total Existing Debt: 4,080 5,997 9,254 9,085 9,085 9,085 9,085 9,085 9,085

Long-Term Deferred Revenue: 3,029 3,518 3,836 3,971 4,259 4,373 4,642 5,030 5,276

Other Long-Term Liabilities: 2,605 2,686 3,392 4,187 4,158 4,123 4,085 4,041 3,994

Term Loan B: - - - -

Term Loan C: - - - -

ABL Facility: - - - -

1st Lien Fixed Rate Notes: - - - -2nd Lien Fixed Rate Notes: - - - -

Microsoft - Subordinated Note: - - - -

Long-Term Deferred Tax Liability: - - - -

Total Long-Term Liabilities: 9,714 12,201 16,482 17,243 17,502 17,581 17,813 18,157 18,356

Total Liabilities: 28,011$ 30,833$ 35,616$ 36,839$ 36,755$ 37,100$ 37,682$ 38,170$ 38,634$

Equity:

Shareholders' Equity: 5,641 7,766 8,917 10,680 11,910 13,598 15,458 17,831 20,398

Noncontrolling Interests: - - - 21 21 21 21 21 21Founder Equity:

Sponsor Common Equity:

Total Equity: 5,641$ 7,766$ 8,917$ 10,701$ 11,931$ 13,619$ 15,479$ 17,852$ 20,419$


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Cash Flow Statement



Net Income: 1,433$ 2,635$ 3,492$ 2,372$ 2,162$ 2,611$ 2,785$ 3,291$ 3,489$

Depreciation of Existing PP&E: 647 621 545 531 574 589 587 598 593

Amortization of Existing Intangibles: 205 349 391 613 770 682 613 515 370

Stock-Based Compensation: 312 332 362 347 330 339 337 344 340

FX Rate Effects: 59 (4) (5) 18 17 17 17 17 17

Deferred Income Taxes: (52) (45) 19 (428) (29) (35) (37) (44) (47)

Provision For Doubtful Accounts: 429 382 234 258 321 330 328 335 332

Other: 102 26 21 19 42 42 42 42 42

Depreciation of PP&E Write-Up:Goodwill Impairment: - - - - - - - - -

New Intangibles Amortization:

Amortization of Financing Fees:

Changes in Operating Assets & Liabilities:

Accounts Receivable: (660) (707) (53) (150) 430 (167) 31 (125) 61

Financing Receivables: (1,085) (709) (372) (193) 84 (84) 16 (63) 31

Inventories: (183) (248) (52) 48 159 (28) 11 (20) 17

Other Assets: (225) 516 (28) (334) (51) 17 19 48 37

Accounts Payable: 2,833 (151) 327 (74) (616) 252 (97) 176 (149)

Deferred Revenue: 135 551 720 382 457 237 827 491 782Accrued And Other Liabilities: (44) 421 (74) (126) 104 (109) (110) (134) (123)

Cash Flow from Operations: 3,906 3,969 5,527 3,283 4,754 4,692 5,367 5,470 5,791

Cash Flow from Investing:

Purchases of Investments: (1,383) (1,360) (4,656) (2,615) (2,504) (2,504) (2,504) (2,504) (2,504)

Maturities And Sales of Investments: 1,538 1,358 1,435 4,354 2,171 2,171 2,171 2,171 2,171

Maturities / (Purchases) of ST Investments: - - - - - - - - -

Capital Expenditures (367) (444) (675) (513) (681) (700) (696) (710) (703)

Proceeds From Asset Sales: 16 18 14 135 46 46 46 46 46

Purchase of Financing Receivables: - (430) - - (108) (108) (108) (108) (108)Collections of Financing Receivables: - 69 278 167 129 129 129 129 129

Acquisition Of Businesses: (3,613) (376) (2,562) (4,844) - - - - -

Cash Flow from Investing: (3,809) (1,165) (6,166) (3,316) (947) (965) (962) (976) (969)

Cash Flow from Financing:

Repurchases Of Common Stock: - (800) (2,717) (724) (1,060) (1,060) (1,060) (1,060) (1,060)

Cash Dividends Paid: - - - (278) (278) (278) (278) (278) (278)

Issuance Of Common Stock: 2 12 40 52 27 27 27 27 27

Issuance (Repayment) Of Comm. Paper: 76 (176) 635 (331) - - - - -

Proceeds From Debt: 2,058 3,069 4,050 3,311 - - - - -Repayments Of Debt: (122) (1,630) (1,435) (3,248) - - - - -

Other: (2) 2 4 8 - - - - -

Changes in Noncontrolling Interests: - - - - - - - - -

Cash Flow from Financing: 2,012 477 577 (1,210) (1,312) (1,312) (1,312) (1,312) (1,312)

Cash Flow Avail. for Debt Repayment: 2,109 3,281 (62) (1,243) 2,495 2,415 3,094 3,183 3,510

Revolver: - - - -

Total Existing Debt: - - - -

Term Loan B: - - - -Term Loan C: - - - -

ABL Facility: - - - -

1st Lien Fixed Rate Notes: - - - -

2nd Lien Fixed Rate Notes: - - - -


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Debt & Interest Schedules

Projected

FY Ending February 1, 2014 2015 2016 2017 2018

LIBOR Curve: 0.30% 0.30% 0.50% 0.75% 1.00%

Fixed

Interest Rate Assumptions: LIBOR + Interest

Revolver: 1.00%

Total Existing Debt: 3.66%

Term Loan B: 2.50%

Term Loan C: 3.50%

ABL Facility: 5.50%

1st Lien Fixed Rate Notes: 6.00%2nd Lien Fixed Rate Notes: 6.50%

Microsoft - Subordinated Note: 7.50%

Cash & Cash-Equivalents and All Investments: 0.50% 0.80% 0.80% 1.00% 1.25% 1.50%

Interest Income / (Expense) Calculations:

Revolver:

Total Existing Debt: (332) (332) (332) (332) (332)

Term Loan B:

Term Loan C:

ABL Facility:1st Lien Fixed Rate Notes:

2nd Lien Fixed Rate Notes:

Microsoft - Subordinated Note:

Cash & Cash-Equivalents and All Investments: 123 146 210 306 420

Net Interest Income / (Expense): (210) (187) (123) (27) 87

Sources of Funds:

Beginning Cash Balance:

Less: Minimum Cash Balance:

Plus: Cash Flow Available for Debt Repayment:Subtotal Before Revolver:

Revolver Borrowing Required:

Total Sources of Funds:

Payment Schedule for Existing Debt: 1,404 1,291 701 400 300

Uses of Funds:

Mandatory Debt Repayment:

Total Existing Debt:

Term Loan B:Term Loan C:

ABL Facility:

Bridge Loan (1st Lien Fixed Rate Notes):

Bridge Loan (2nd Lien Fixed Rate Notes):

Microsoft - Subordinated Note:

Mandatory Repayment Total:

Optional Debt Repayment:

Revolver:

Total Existing Debt:Term Loan B:

Term Loan C:

ABL Facility:

Bridge Loan (1st Lien Fixed Rate Notes):


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Dell Inc. - Revenue, Operating Income, and Market Share and Market Data

($ in Millions Except Per Share Data)

Income Statement - Segment-Level Revenue ScenariosHistorical Transaction Adjustments Projected


Revenue by Product:

Servers and Networking: 6,032$ 7,609$ 8,336$ 9,294$ 9,517$ 9,993$ 10,193$ 10,589$ 10,694$

Storage: 2,192 2,295 1,943 1,699 1,750 1,802 1,839 1,875 1,913

Services: 5,622 7,673 8,322 8,396 9,179 9,592 10,024 10,425 10,842

Software & Peripherals: 9,499 10,261 10,222 9,257 9,627 10,012 10,313 10,622 10,888

Mobility: 16,610 18,971 19,104 15,303 13,909 14,048 13,334 13,401 12,612

Desktop PCs: 12,947 14,685 14,144 12,991 12,801 12,865 12,329 12,267 11,675Total Revenue: 52,902 61,494 62,071 56,940 56,783 58,313 58,031 59,179 58,625

Selected Case: Base

Total Market Size by Product Segment:

Servers and Networking: 49,851$ 52,840$ 55,573$ 54,351$ 55,981$ 57,101$ 58,243$ 58,825$ 59,414$

Mobility: 136,920 162,145 160,538 151,515 154,545 156,091 156,871 157,655 157,655

Desktop PCs: 98,198 107,582 104,770 105,618 106,674 107,207 107,207 106,671 106,138

Growth in Total Market Size by Product Segment:

Servers and Networking: 6.0% 5.2% (2.2%) 3.0% 2.0% 2.0% 1.0% 1.0%Mobility: 18.4% (1.0%) (5.6%) 2.0% 1.0% 0.5% 0.5% 0.0%

Desktop PCs: 9.6% (2.6%) 0.8% 1.0% 0.5% 0.0% (0.5%) (0.5%)

Market Share by Product: Base Case:

Servers and Networking: 12.1% 14.4% 15.0% 17.1% 17.0% 17.5% 17.5% 18.0% 18.0%

Market Share Cases - Servers and Networking:


Base Case: 17.0% 17.5% 17.5% 18.0% 18.0%




Mobility: 12.1% 11.7% 11.9% 10.1% 9.0% 9.0% 8.5% 8.5% 8.0%

Market Share Cases - Mobility:


Base Case: 9.0% 9.0% 8.5% 8.5% 8.0%




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Desktop PCs: 13.2% 13.7% 13.5% 12.3% 12.0% 12.0% 11.5% 11.5% 11.0%

Market Share Cases - Desktop PCs:

Conservative Case: 10.5% 10.0% 9.5% 8.5% 7.5%Base Case: 12.0% 12.0% 11.5% 11.5% 11.0%

Upside Case: 12.5% 12.5% 13.0% 13.0% 13.5%

Street Consensus Case: 11.5% 11.0% 10.0% 9.0% 8.0%


Base Case:

Services Revenue: 5,622$ 7,673$ 8,322$ 8,396$ 9,179$ 9,592$ 10,024$ 10,425$ 10,842$

Services Segment Metrics:

Deferred Revenue from Warranties: 5,900$ 6,416$ 7,002$ 7,103$Contracted Services Backlog: 6,900 7,500 8,400 8,700$

Total Services Backlog: 12,800 13,916 15,402 15,803$ 16,514 17,257 17,948 18,665 19,319

Services Revenue % Prior Year Backlog: 59.9% 59.8% 54.5% 58.1% 58.1% 58.1% 58.1% 58.1%

Base Case:

Growth Rate in Services Backlog: 8.7% 10.7% 2.6% 4.5% 4.5% 4.0% 4.0% 3.5%

Growth Rate Cases - Services Backlog:

Conservative Case: 2.5% 2.5% 2.0% 2.0% 1.5%Base Case: 4.5% 4.5% 4.0% 4.0% 3.5%

Upside Case: 6.0% 7.0% 7.0% 6.5% 6.5%



Base Case:

Software & Peripherals Revenue: 9,499$ 10,261$ 10,222$ 9,257$ 9,627$ 10,012$ 10,313$ 10,622$ 10,888$

Growth Rate: 8.0% (0.4%) (9.4%) 4.0% 4.0% 3.0% 3.0% 2.5%

Growth Rate Cases - Software & Peripherals:Conservative Case: 2.0% 2.0% 1.5% 1.5% 1.0%

Base Case: 4.0% 4.0% 3.0% 3.0% 2.5%

Upside Case: 6.5% 6.5% 6.0% 5.5% 5.0%



Storage Revenue: 2,192$ 2,295$ 1,943$ 1,699$ 1,750$ 1,802$ 1,839$ 1,875$ 1,913$

Growth Rate: 4.7% (15.3%) (12.6%) 3.0% 3.0% 2.0% 2.0% 2.0%


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Other Revenue and Expense Metrics and Key Performance Indicators

Historical Transaction Adjustments 41671


Revenue by Business Unit:Global Large Enterprise: 18,111$ 18,786$ 17,781$

Global Public: 16,377 16,070 14,828

Global Small And Medium Business: 12,608 13,547 13,413

Global Consumer: 14,398 13,668 10,918

Total Revenue: 52,902 61,494 62,071 56,940

Market Share of Business Units:

Global Large Enterprise: 8.9% 8.6% 8.7% 7.0%

Global Public: 12.0% 12.8% 13.0% 12.0%

Global Small And Medium Business: 20.9% 17.7% 16.9% 15.0%Global Consumer: 31.8% 29.3% 26.5% 24.0%

Other Data - Global Desktop, Notebook, and Tablet Shipments (Millions):

Enterprise Desktops: 94.7 84.4 89.9 87.6 89.3

Enterprise Notebooks: 69.9 68.3 80.8 86.2 86.0

Consumer Desktops: 48.0 47.1 49.9 48.2 42.7

Consumer Notebooks: 59.1 69.0 89.1 98.8 95.3

Consumer Netbooks: 12.9 32.7 34.4 24.4 17.1

Total, Branded PCs: 301.5 344.1 345.2 330.4

Non-Branded PCs: 23.9 20.8 27.5 43.2 60.2Total Shipments: 322.3 371.6 388.4 390.6

Tablet Shipments: 0.0 18.0 70.0 125.0

Total Enterprise Shipments: 164.6 152.7 170.7 173.8 175.3

Total Consumer Shipments: 120 148.8 173.4 171.4 155.1

Total Desktop Shipments: 142.7 131.5 139.8 135.8 132.0

Total Notebook Shipments: 141.9 170.0 204.3 209.4 198.4

Growth Rates by Segment:Enterprise: (7.2%) 11.8% 1.8% 0.9%

Consumer: 24.0% 16.5% (1.2%) (9.5%)

Desktop: (7.8%) 6.3% (2.9%) (2.8%)

Notebook: 19.8% 20.2% 2.5% (5.3%)

Non-Branded PCs: (13.0%) 32.2% 57.1% 39.4%

Tablets: N/A N/A 288.9% 78.6%

New Signings: N/A N/A 1,900 2,100

Growth Rate: N/A 17.0% N/A 10.5%

Operating Income by Business Unit:

Global Large Enterprise: 1,490 1,889 1,553

Global Public: 1,446 1,584 1,238

Global Small And Medium Business: 1,383 1,581 1,505

Global Consumer: 180 433 (11)

Total Operating Income (Excl. Overhead): 3,327 4,499 5,487 4,285

Operating Margin (Excl. Overhead): 6.3% 7.3% 8.8% 7.5%

DELL LBO Model Part 2 Completed (Excel)

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Transcript of DELL LBO Model Part 2 Completed (Excel)