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Earnings Releases

EMC Corporation (NYSE:EMC) reported second-quarter 2014 financial results, including record second-quarter revenue of $5.9 billion, an increase of 5% year over year. GAAP net income attributable to EMC was $589 million and GAAP earnings per weighted average diluted share was $0.28. Non-GAAP1 net income attributable to EMC was $882 million and non-GAAP1 earnings per weighted average diluted share was $0.43.

EMC generated $1.3 billion in operating cash flow and $930 million in free cash flow2 in the second quarter ā€“ up 2% and 10% year over year, respectively. EMC ended the quarter with $14.6 billion in cash and investments. The company repurchased approximately $600 million worth of its common stock in the second quarter and returned approximately $200 million to shareholders via a quarterly dividend.

In addition, EMC's Board of Directors has approved an acceleration of EMC's share buyback plan for 2014 from $2 billion to $3 billion. Including the accelerated buyback and EMC's increased dividend (announced in the first quarter of 2014), EMC expects to return more than $7 billion to shareholders over the course of 2013 and 2014.

Highlights:

  • Record Q2 revenue of $5.9 billion, up 5% year over year
  • Q2 GAAP EPS of $0.28 and Q2 non-GAAP EPS of $0.43
  • Accelerates 2014 share buyback plan from $2 billion to $3 billion
  • Increases full-year GAAP and non-GAAP EPS outlook by $0.01 each
  • Double-digit Q2 revenue growth from VMware (up 17%) and Pivotal (up 29%) year over year


1 Items excluded from the non-GAAP results for the second quarters of 201 4 and 201 3 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring charges, acquisition and other related charges , the amortization of VMware's capitalized software from prior periods , a net gain on the disposition of certain lines of business and other, a gain on previously held interests in strategic investments, an impairment of strategic investment and a VMware litigation charge . A benefit of the U.S. research and development (ā€œR&Dā€) tax credit for the second quarter of 2014 is included in the non-GAAP results for the second quarter of 2014 as if the credit had been extended . See attached schedules for GAAP to non-GAAP reconciliations.

2 Free cash flow is a non-GAAP financial measure which is defined as net cash provided by operating activities, less additions to property, plant and equipment and capitalized software development costs. See attached schedules for a reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30 , 201 4 and 2013.


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