Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Dell (NASDAQ:DELL)

Q1 2012 Earnings Call

May 17, 2011 5:00 pm ET

Executives

Paul Bell - President of Public-Large Enterprise Business Unit

Brian Gladden - Chief Financial Officer and Senior Vice President

Robert Williams - Director of Investor Relations

Michael Dell - Founder, Chairman and Chief Executive Officer

Analysts

Brian Alexander - Raymond James & Associates, Inc.

Abhey Lamba - ISI Group Inc.

Kevin Hunt - Auriga USA LLC

Maynard Um - UBS Investment Bank

Benjamin Reitzes - Barclays Capital

Amit Daryanani - RBC Capital Markets, LLC

Aaron Rakers - Stifel, Nicolaus & Co., Inc.

Richard Gardner - Citigroup Inc

Jayson Noland - Robert W. Baird & Co. Incorporated

Chris Whitmore - Deutsche Bank AG

Toni Sacconaghi - Sanford C. Bernstein & Co., Inc.

Scott Craig

Shannon Cross - Weeden & Co., LP

Operator

Good afternoon, and welcome to the Dell Inc. First Quarter Fiscal Year 2012 Earnings Conference Call. I'd like to inform all participants that this call is being recorded at the request of Dell. This broadcast is the copyrighted property of Dell Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Inc. is prohibited. As a reminder, Dell is also simulcasting this presentation with slides at www.dell.com/investor. [Operator Instructions]

I'd like to turn the call over to Rob Williams, Head of Investor Relations. Mr. Williams, you may begin.

Robert Williams

Thank you. With me today are Michael Dell; Brian Gladden; and Paul Bell, President of our Public and Large Enterprises Business. We have posted a web deck on dell.com and we released a V-log on Dell Shares. I encourage you to review these materials for additional perspective.

In Q2, we will attend the Bernstein Conference on June 1, we will be hosting our analyst meeting on June 28 and 29, and our stockholders meeting on July 15. Next, I'd like to remind you that all statements made during this call that relate to future results and events are forward-looking statements that are based on our current expectations. Actual results and events could differ materially from those projected in the forward-looking statements because of a number of risks and uncertainties, which are discussed in our annual and quarterly SEC filings, and in the cautionary statement contained in our press release and in our web deck. We assume no obligation to update our forward-looking statements.

Please note that on today's call, we will be referring to non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income, and earnings per share. Historical non-GAAP financial measures are reconciled to the most directly comparable GAAP measures in the slide presentation posted on the Investor Relations portion of our website at dell.com, and in our press release included in the 8-K filed today. Please also note that unless otherwise mentioned, all growth percentages refer to year-over-year progress.

Now, I'll turn it over to Brian.

Brian Gladden

Thanks, Rob. We're pleased with the progress we're making in advancing our strategy and the impact it's having on the company's results. More than a year ago, we committed to a growth strategy based on delivering efficient and flexible IT solutions for the Virtual Era. This strategy is built around 2 primary objectives: Accelerating our investment in Enterprise Solutions and Services and improving our execution in our core client business.

Over the past several quarters, you've seen us execute on our commitment to build, develop and grow our solutions capabilities. These include organic and inorganic investments in storage, services, security and systems management. As we transition to more Dell-owned IP, we're selling higher value and more differentiated products, and we're having deeper conversations with our customers about their technology challenges and opportunities. We're seeing significant trends like driving [Audio Gap] to Dell Storage offerings and higher margins for value sold in our services, server, and networking offerings. As such, we're capturing a growing share in the faster growing segments of the IT profit pool.

Today, our client business has radically improved from where it was 3 years ago when we first moved into retail and began our transition to more contract manufacturing. We're seeing significantly improved profitability across our client...

[Technical Difficulty]

Robert Williams

Thank you. With me today are Michael Dell; Brian Gladden; and Paul Bell, President of our Public and Large Enterprise business. We have posted a web deck on dell.com, and we released a V-log on Dell Shares. I encourage you to review these materials for additional perspective.

In Q2, we will attend the Bernstein Conference on June 1, we will be hosting our analyst meeting on June 28 and 29, and our stockholders meeting on July 15.

[Technical Difficulty]

Sure, thanks. Well clearly we're experiencing some fairly significant technical problems there. We're just going to pick this back up and turn the call over to Brian, and start with Brian again and hopefully, we've got these problems cleaned up. So Brian, could you go ahead and get started?

Brian Gladden

Yup, thanks, Rob. We're pleased with the progress we're making in advancing our strategy, and the impact it's having on the company's results. More than a year ago, we committed to a growth strategy based on delivering efficient and flexible IP solutions for the Virtual Era. This strategy's built around 2 primary objectives: Accelerating our investment in Enterprise Solutions and Services and improving our execution in our core client business.

Over the past several quarters, you've seen us execute on our commitment to build, develop and grow our solutions capabilities. These include organic and inorganic investments in storage, services, security and systems management. As we transition to more Dell-owned IP, we're selling higher value and more differentiated products, and we're having deeper conversations with our customers about their technology challenges and opportunities.

We're seeing significant trends like driving better product mix to Dell Storage offerings and higher margins for value sold in our services, server and networking offerings. As such, we're capturing a growing share in the faster growing segments of the IT profit pool. Today, our Client business has radically improved from where it was 3 years ago when we first moved into retail and began our transition to more contract manufacturing. We're seeing significantly improved probability across our Client, Desktop, and Mobility business that would have not been possible without concerted efforts of our procurement, global operations, product organizations to reduce cost across the value chain and, simplified, improve our product offerings.

We're also selling a higher value client portfolio and seeing improved sales execution across the company. These strategic initiatives, coupled with our focus on intellectual property, product innovation and differentiation are driving our business results. Our gross margins and operating income margins have improved across our lines of business in each of the 4 customer segments. We're pleased with our progress in this strategy, but recognize that we still have a lot of work to do. We think our first quarter results again demonstrate the profound changes we're driving in the company as we execute on our long-term value creation commitments.

So let's review our first quarter results. Key performance metrics are provided for your reference on Pages 5 and 6 in the web deck. Revenue in the first quarter was $15 billion, up 1% year-over-year and down 4% sequentially. Our Enterprise Solutions and Services business grew 5% to $4.4 billion. While we did see strong growth in several key areas this quarter like the Small and Medium Business, Asia-Pacific, Japan, and our Server business, our overall revenue was slightly weaker than our outlook as we saw slower growth from our Consumer business and some budget-related timing weakness in the Public sector.

We gained or held revenue and profit share in most of our key customer segments and product verticals, maintaining a healthy balance of profitable revenue growth across the business. And we continue to believe that profit share is more important than unit share.

On a GAAP basis, operating income was $1.2 billion or 8.1% of revenue, and we delivered earnings per share of $0.49. Earnings per share was up 188% year-over-year and 2% sequentially.

For the rest of the call, I'll refer to non-GAAP financial measures. We delivered 23.4% gross margins driven by continued solid supply chain execution, a shift of our product mix to Dell IP and higher value products, and continued component cost declines. Pricing discipline also remains key for us, as we continue to prune and eliminate lower margin business that's not accretive to the company. OpEx was $2.1 billion or 14.2% of revenue. We continue to invest in all the areas that will benefit Dell for the long-term and shift to a more specialized sales force. Enterprise Product specialists now make up nearly 30% of our sales spend. Moreover, our R&D spend has shifted dramatically over the past 2 years to favor Enterprise Solutions and Services versus client R&D.

Operating income grew 67% to $1.4 billion or 9.2% of revenue. We continue to focus on areas with accretive margins and make appropriate trade-offs to trim lower margin business in places like S&P and our Storage portfolio. All of our segments showed improved operating leverage in the quarter.

The Commercial segment as a whole delivered an 11.1% operating income, representing a 340 basis point increase from the previous year. And we achieved our second quarter in a row of record operating profit in our Large Enterprise and Small and Medium Businesses.

Interest and other expenses were $42 million, driven by approximately $60 million in quarterly interest and offset by investment income. For the quarter, our tax rate was 21.3%, driven by an increase in earnings attributable to lower tax jurisdictions. Earnings per share increased 83% year-over-year to $0.55 per share.

In the quarter, we generated $465 million in cash flow from operations, and have now delivered $4.2 billion in the trailing 4 quarters. Our cash conversion cycle was a negative 31 days, working capital and our cash conversion cycle were adversely impacted by a reduction in our days payable, which is driven by a slight shift in production in procurement linearity and seasonal buying patterns. Days inventory increased by 1 day due to strategic purchases of commodities. We expect our cash conversion cycle should move back to mid-negative 30s over the course of the year.

We ended the quarter with $15.2 billion in cash and investments and in the quarter, we repurchased $450 million worth of stock.

Now let's take a look at our lines of business and regional performance, which you'll find on Pages 11 through 15 in the deck. Enterprise Solutions and Services revenue grew 5% to $4.4 billion driven by solid performance in Servers and Services. Server and Networking revenue grew 11% with Commercial services revenue increasing 6%. Demand for blades and networking was up 23% and 32% respectively. This quarter, we also launched our vStart offering to provide customers with fully configured virtual machines.

Our Storage business declined 13% year-over-year, mainly due to declining revenue of EMC products. However, Dell owned intellectual property, which now includes Compellent, EqualLogic, PowerVault and DX Optic Storage grew 11% in the quarter. We're pleased with our acquisition of Compellent and the strong pipeline it's developed in the 2.5 months that we've owned the business. Our Fibre Channel opportunity with Compellent is now larger than where we were a year ago with EMC, and we're confident in the growth plans that we have for this business.

Dell Services revenue grew 5% to $2 billion. Transactional Support revenue grew 5% and was mostly attributable to our tax-based services sold to our Commercial customers. Outsourcing revenue grew 3%. The total contract value of new contracts signed over the past 12 months was $1 billion. Following a year of elongated sales cycles, we're now beginning to see a progression in our sales pipeline and a greater number of deals coming to closure.

Project and consulting revenue grew by 13%, with infrastructure, applications and business process projects all delivering double-digit growth. Our Services backlog is now $14.1 billion and is split between $6.9 billion in deferred services revenue and $7.2 billion in contracted services backlog.

Turning to Client, we continue to see the corporate refresh play out as expected, with Client revenue and Large Enterprise up 7% while S&P grew 1%. Overall, Client hardware revenues fell 2% to $8 billion, driven by weakness in Public and Consumer, which were down 10% and 5% respectively.

Software and peripherals grew 3% to $2.6 billion and represent 17% of our revenue now. We have significantly improved the profitability in our S&P business over the past few quarters and continue to exit portions of this business where margin rates and returns are unacceptable.

Geographically, revenue in APJ and EMEA grew 15% and 1% respectively, while revenue in the Americas was down 3%. Taking a further look between growth markets in developed countries, growth markets outside the U.S. and Canada, Western Europe and Japan now account for 27% of our revenue, and they grew 17% over the previous year. BRIC countries grew 18%, with India up 28% and China up 22%.

Turning to our segment level performance on Pages 16 through 20, in our Large Enterprise Public and S&P segments combined, revenue grew 3% to $12 billion. The combination of these segments delivered $1.3 billion in operating income or 11.1% of revenue, and was up 340 basis points from the previous year. Our Small and Medium Business had a very strong revenue and profit quarter. Revenue of $3.8 billion was up 7% to the highest level in 2 years, driven by strong demand across all product lines. Servers and Storage revenue were up 19% and 7% respectively, while our client hardware grew revenue up 1%. We delivered operating income of $463 million or 12.3% of revenue.

As we moved through the quarter Consumer demand was weaker than we had anticipated. For the quarter, Consumer revenue was down 7% to $3.0 billion, and down 8% sequentially. Even as revenue decelerated, our profit improved significantly, and we delivered $136 million in operating income and a 4.5% operating profit rate. Keys to the progress included new, simplified brand strategy in improved products, a shift to higher value products, a better mix of profitable retail and structural and component cost improvements in our supply chain.

Now I'll turn it over to Paul Bell to discuss our Public and Large Enterprise performance.

Paul Bell

Thanks, Brian. I'll start by echoing Brian's comments on our strategy. As we continue to innovate and bring differentiated IP to our portfolio, our business is more solutions-focused than ever before. Our solutions feature designs that are open, capable and affordable, all attributes that provide customers with tangible benefits around efficiency and flexibility. This is important because our dialogue with customers these days is especially focused on productivity and efficiency of IT.

For instance in our Public business, budget cuts dampened spend on the client refresh. However, the same budget issues are having the opposite effect on server consolidation, virtualization, efficient IT services, anything that can drive structural cost reduction for customers given the budget challenges they're facing. Simply put, customers everywhere are looking to do more with less money, while at the same time capturing resources to focus on innovation for their users and their customers. This is where Dell's new solutions begin to resonate with customers in an overall cost level.

When we say Compellent requires nearly 50% less disk capacity versus traditional SANs, or security can be managed as a service via SecureWorks or we offer multi-vendor support and can do so remotely, then customers really begin to listen. They've known Dell for open, capable and affordable offerings and hardware systems for over 2 decades now and they're very receptive when they see the same value proposition brought to bear in their core Enterprise infrastructure.

Second, none of our Enterprise expansion will be possible without the investments we're making to enhance our sales and solutions delivery capabilities. Over the past year we've added more than 5,000 growth resources, a 50-50 split between additional sales resources and engineers dedicated to the development of Enterprise Solutions and Services. Third, we're sustaining our flow of organic and inorganic investments following a string of Enterprise acquisitions. We've announced last month our expansion organic rate into building out new customer data centers and solution centers.

Our multi-quarter initiatives are evident to our customers. They know our commitment is real, they know we're going to sustain it, and they're giving us the right to play as we design new products and services for them.

Turning back to our business unit results in Q1, we maintained pricing discipline and drove a strong mix of Enterprise and Services business, resulting in year-on-year operating income growth of 24% in Public and 78% in Large Enterprise.

Our Public revenue is down 2% to $3.8 billion. We continue to see a mixed demand environment here with budget challenges both in the U.S. and in Western Europe but with strong growth in Asia. Enterprise Solutions and Services revenue was up 3% while total client was down 10%. Overall, Public operating income was $370 million and improved 210 basis points to 9.8% of revenue. In Large Enterprise, segment revenue was up 5% to $4.5 billion, led by an ongoing hardware refresh. Client revenue was up 7% and server growth was up 6%. Op inc as a percentage of revenue improved 460 basis points to $504 million or 11.3% of revenue.

Overall, the Public and Large Enterprise business represents about 55% of Dell's revenue, and about 60% of the companies operating income. As our solution focus gathers momentum, we have a big opportunity to drive an even larger contribution in future quarters.

Now let me turn it back over to Brian.

Brian Gladden

Thanks, Paul. So let's turn to our outlook. As we think about revenue for the second quarter, our Public business will benefit from stronger spending among state and local governments and education as they close out their fiscal years. We also see our SMB and Consumer businesses experiencing above average seasonality due to solid demand for Dell's Sandy Bridge based offerings, which are now widely available, good consumer back-to-school spending, and a refreshed portfolio of XPS products.

In total, we expect mid-single-digit sequential revenue growth in the second quarter, which is slightly above normal sequential growth of 2% to 3%. On the cost side, as we've been saying, the component cost environment is moderated, and the overall rate of deflation is slowing as we move into the second and third quarters. Despite this inflection point, we're confident in our sustainability of strong margins as we head into this environment.

On a quarterly basis, we anticipate interest and other to be around $70 million in expense. On tax, we continue to experience a higher proportion of our earnings in lower tax jurisdictions, and we now expect our full year tax rate to be between 21% and 23%.

The commitment to our strategy is working. We continue to innovate and own Dell intellectual property. And our teams are motivated to grow revenue, sustain pricing discipline and operating income growth and deliver cash earnings. As we move through fiscal year '12, we expect improving demand dynamics in the markets that are critical for us. Our strong commercial client business, with continued refresh tailwind, coupled with our expanding Enterprise mix, with strong demand for our Dell-branded Storage and Services and our significantly better positioned Consumer business all give us confidence that we can deliver on our revenue outlook of 5% to 9% growth.

In our outlook for the rest of the year, we're very excited about the ramp of Compellent and our growing services pipeline, and believe Dell-owned Storage and Dell Services are positioned for above average industry growth. And in Servers, we continue to execute a move to more differentiated and higher value products that should continue to drive above market revenue and strong margin performance.

As you recall, our operating income growth outlook for the year was for 6% to 12% growth versus last year. Our strong first quarter earnings results are a great start to the year, and we're now raising our total year operating income growth outlook to 12% to 18%.

With that, I'll turn it over to Michael.

Michael Dell

Thank you, Brian. We're off to a solid start in FY '12. Our substantial profit increase demonstrates that our strategy is working and our execution is improving. As Brian said, we are laser-focused on executing our strategy to drive efficient and flexible Enterprise solutions for the Virtual Era. We're moving much more into the core of IT and into the data center increasingly with our own intellectual property.

We fine-tuned our focus on 3 key solution domains: Next-generation computing solutions and intelligent data management; services, security and cloud; and end-user computing. Each of these solution domains represents key areas where Dell has to win. As a design principle, we're creating solutions that are open, capable and affordable. This is an increasingly differentiated position that customers love.

We built a significant leadership position in Servers, having sold around 15 million of them during the past decade. Now, we're extending that strength further into Storage and Networking. In Servers, this quarter, we launched vStart, which combines servers, storage and networking and management software to provide customers with hundreds of virtual machines that are preconfigured and ready to run.

In Storage, we're really excited about our Compellent acquisition and the tremendous ramp and customer enthusiasm we're seeing for our newest SAN solution. This quarter we also launched our first NAS product, based on our Exanet architecture we acquired a year ago. Combined with our number one position in iSCSI Storage, we're quickly becoming a technology leader in intelligent data management. With our own IP, we expect this will continue to be a source of expanding margins and profits.

In Services, Steve Schuckenbrock has refined our strategy, and you'll see we're focused on winning business where Dell can lower the overall cost of service delivery. To get there, we're building out capabilities in multi-vendor support and remote infrastructure management, security, and application management for the data center.

We also launched an initiative to invest $1 billion to add solutions-focus resources to build out data centers and solution centers to help our customers as they begin to migrate to private and public clouds. As our results demonstrate, our strategy is working well. We have the strongest IT solutions in our history, and we appreciate the trust and confidence our millions of customers place in Dell each day.

We'll have more to share with you about our strategy and the IT solutions we're creating at our meeting in June. We look forward to updating you all then more on our progress. With that, let's open it up for questions.

Robert Williams

[Operator Instructions] Casey, can we have the first question?

Question-and-Answer Session

Operator

[Operator Instructions] Our first question will come from Maynard Um with UBS.

Maynard Um - UBS Investment Bank

I'm just trying to understand how much of the gross margin strength is sustainable even if we head into a stronger component headwind. Is there a way to quantify how much of the upside was the component pricing environment versus the structural changes you've made? And then my second question is on visibility on these larger contracts. Is it right to assume that the rollouts happen over multiple quarters so you do have some recurring nature to them? And if so, any sense of what percentage of your Enterprise refresh revenue might be viewed as recurring?

Brian Gladden

I'll take the first part and then Paul can take a shot at the second one. This is a similar conversation we had last quarter. I mean, we continue to be focused on driving operating income as the priority. Again, we've seen pretty good improvement over the past 3 quarters, and in general, we're exceeding the long-term value creation op inc target that we talked about over the last 2 quarters. We're updating our outlook in terms of the operating income growth for the year to 12% to 18%, which we think is pretty good progress. So there is some sustainability and a track record here. We're focused on operating income. And again this target is a 7% GAAP number. I mean, we've been leaning on profitable growth as the priority and we've done that over the last few quarters. The teams are focused on balancing that growth, again, with operating income and probability and cash flow. So we're not going to provide gross margin or OpEx guidance, and I don't intend to parse the individual elements of that performance. But we've talked about progress and things like driving to higher value products and services with stronger intellectual property. We've got simplification and cost activities going on the product lines that we talked about for multiple quarters. And I would tell you that we feel pretty good about the progress in the Supply Chain there. We're pruning and eliminating business that we're saying isn't strategic for the company. And then we've been managing our pricing fairly well in terms of optimizing growth, but also clearly leaning on profitability. So a lot of things that I would argue are sustainable. At the same time, it has been a good component environment. And we're prepared for the change and the inflection point in terms of what component dynamics are going on right now. So that's sort of the view on margins. I'll let Paul talk about...

Paul Bell

There's no question that you get some very large engagements with major public or corporate accounts getting spread over many quarters we actually just won one, a few weeks ago that will be for 600,000 client systems over multiple years. And clearly, that would be recurring revenue and we think about it in terms of how we stage that and execute that over multiple periods. But you have everything from that extreme down to pretty large refreshes that might be down as one chunk in a quarter. So a lot of our large business is the kind that we can plan out for overtly like that. There's others where we have contracts that give us the right to go sell over a period of time and we're pretty confident on our win rates these days. So yes, there's a lot we have to help us plan.

Operator

Our next question will come from Richard Gardner with Citi Investment Research.

Richard Gardner - Citigroup Inc

Brian, you talked earlier about confidence in the sustainability of "strong margins." Your 12% to 18% growth target though for non-GAAP operating income implies the deceleration back to zero or negative growth in operating income during the back half of the year. And I just wanted to get a sense of if that is indeed the way you're viewing the progression of the year or whether you view the 12% to 18% number as duly conservative for the year?

Brian Gladden

Richard, I would just, I would go back to -- we're pleased with the first quarter, good results. We've sustained pretty strong operating income levels for the past few quarters. And again, we're taking up the outlook for the year. We're focused on driving to the 7% GAAP operating income target. Our outlook for the year implies pretty dramatic improvement year-over-year for the total year towards these commitments. And we continue to focus on balancing profitability with growth and cash flow as kind of the priority. So I what I would say it's early in the year. It's one quarter into it. We clearly have some uncertainty in the demand and commodity cost environments and we'll continue to monitor the environment and work to optimize within the framework that we see in the environment. So in that context, we're still driving to these long term value creation sort of targets.

Richard Gardner - Citigroup Inc

And then the follow-up, I guess, is which do you see -- I guess it's a follow-up to Maynard's question, which do you see being a bigger factor as we progress throughout the year? It looks like you are expecting operating profit margins to decline throughout the year. Is the bigger factor going to be the component environment or is it going to be a conscious decision on your part to reinvest some of this margin that's above your longer-term target back into higher growth rates?

Brian Gladden

Yes, again, I think it's a balance of trying to optimize given what the environment gives us. We would -- the targets we've given you clearly implies stronger revenue growth in the second half of the year. We're trying to balance that equation, deliver strong profitability again the 7% target is something we're focused on. And managing to get to the 5% to 9% growth is clearly a priority as well. So I think we're going to manage that as an equation. It's not as simple as commodity deflation or pricing. It's sort of all one big equation around how we manage the business.

Operator

Our next question will come from Jayson Noland with Robert Baird.

Jayson Noland - Robert W. Baird & Co. Incorporated

A question for Brian on OpEx. We're up sequentially into Q1 and I recognize some of that's Compellent and some of it's additional value add salespeople. But is there anything else going on there that should be discussed?

Brian Gladden

I wouldn't call it anything unusual. We've been saying for a while that the shape of the P&L is going to change over time as we move to become more solutions-oriented Enterprise products and services become more central to the company. The investments that we're making are the things we've been talking about: Enterprise, R&D, sales specialists, sales resources to drive the growth. I would say things like G&A we're working hard to basically hold those essentially flat as we move forward. So again, we're focused on operating income growth. And with the margin improvements that we've seen, it's allowed us to really fund the strategic initiatives that are longer-term and focused on the profitability targets that were talking about. So we'll continue to make those investments, monitor the environments, and we'll adjust them as we see fit, and managing to the operating income.

Jayson Noland - Robert W. Baird & Co. Incorporated

And is there anything you can say qualitatively on an absolute basis? Should we expect OpEx to be kind of flat to up off current levels?

Brian Gladden

We're not going to provide either gross margin or OpEx guidance specifically. But as we see strong profitability in the business, we're going to continue to invest in the future.

Operator

Our next question will come from Toni Sacconaghi with Sanford Bernstein.

Toni Sacconaghi - Sanford C. Bernstein & Co., Inc.

I have one and a follow-up please. Regarding your revenue guidance, as you mentioned, Brian, you're expecting a pretty dramatic acceleration in the second half. If I take the midpoint of your revenue guidance, it's 7%. I get your second half revenue growing 12.5% over your first half. You haven't done that in 8 years, that kind of growth rate. So can you talk a little bit about what you see as unique factors in the second half? You highlighted Compellent, but it's simply not big enough quite frankly. So what is it that you see either about Dell's initiatives or about the market environment that leads you to, at least recently, a pretty unprecedented acceleration in revenue growth in the second half? And I have a follow-up.

Brian Gladden

Tony, I think as you think about 5% to 9%, clearly in that it has to be a stronger second half. We expect that in general, the market should improve over the course of the year. We also believe, and we have a differentiated view around how we expect to exceed the market forecast for demand growth and that's not just around client. Clearly the Client business is weighted more towards Commercial versus Consumer where the growth is stronger. And clearly pricing and margins are stronger. The Consumer business, we think is in very good shape and well-positioned to grow. And grow faster than the market. And particularly a higher value segment to that market with higher revenue. We're gaining revenue and profit share in key growth countries, which we think are growing in double digits, clearly, around the world. There's investments that are going in and have been going in now for multiple quarters around adding sales resources on the Enterprise side of the business, and we, again, think we can grow at above market rates there with more capacity on the sales side. The Server growth is driven by good position in blades, DCS, and moving to higher value offerings and a higher revenue per box in the server space is good progress. Storage is a bit of a mixed bag. Clearly we have pressure versus given the EMC deterioration of revenue, but again, as you know, the Dell-owned IP is growing -- should grow faster than the market and is going to be higher margins for us as well. And then services, we've talked about this in the past, but it has the benefit of the dynamic with a growing deferred balance that's sort of accelerating here. And that will affect the Support services and the pipeline and outsourcing services looks pretty good. So I think it's important that you kind of put a different lens on the company as you think about revenue growth and recognize that the portfolio is increasingly more diverse, and that we have several places that we think we can grow faster than the market and impact the overall revenue growth rate for the year.

Toni Sacconaghi - Sanford C. Bernstein & Co., Inc.

I also wanted to ask about cash usage. You significantly accelerated your share repurchases this quarter. I think you'd been doing about $200 million a quarter for several quarters. And that was up to $450 million this quarter despite the fact that your cash balance was lower or your, certainly, your ending cash balance was considerably lower. Can you talk about whether that was opportunistic given your stock price or whether you're getting more confidence in your business outlook and we should be thinking about this level of repurchases as a more sustained level on a go-forward basis?

Brian Gladden

Yes, Tony, I would say we haven't changed our capital allocation strategy that we've been communicating. We're still prioritizing investments, organic and inorganic investments, that are in-line with the strategy that we've been talking about clearly M&A is an important part of that. CapEx is up this year, as you know. Those are things that are prioritized. We've said I think that we would use between 10% and 30% of our free cash flow for buyback activities. So that's kind of where we are for the quarter, not really going to provide guidance around where we go with the buyback from here.

Operator

Our next question will come from Brian Alexander with Raymond James.

Brian Alexander - Raymond James & Associates, Inc.

Just struggling a little bit to understand how the mix can be having such a pronounced effect on your consolidated operating margins, just looking at Dell's overall performance, operating margins are up over 350 basis points, which is incredible. But your Enterprise Solutions mix only increased to 30% from 20% -- 28%, I think, year-over-year which isn't that dramatic. So if I drill down on the mix shifts within the customer segment, there also doesn't appear to be such a dramatic mix shift towards Enterprise. So could you just explain what I might be missing here? Because it doesn't seem like the mix is footing with the margin improvement in Enterprise.

Brian Gladden

Yes, it -- clearly mix is one of the drivers. And it's clearly where we're focused in terms of strategically driving the company. But the reality is for us to drive that sort of improvement in profitability, margins have to go up across the portfolio. And that's what's happening. So driving to higher value products and services and solutions across every segment of the business is what's happening here. And the mix is helping to contribute to that, but it's profitably generally going up everywhere.

Paul Bell

Yes, I'll just add that specifically the way that is work is we've had the opportunity to look at what we're doing with each customer, their fundamental challenges, how we add more value, and look at how we be the best partner across their whole IT spend. So, this isn't just about the volume of units that we sell to each customer, it's how we add the most value. And there's a mix shift within. Even in a client business, we've seen a faster growth in our revenue and units as we have really delivered with our latest generation some real competitively differentiated client products. So we're moving to the higher end of price range and getting more value-added out of that and that is playing out across other types of products and services. So it's more with mix within the lines of business than you describe rather than across the lines of business.

Brian Alexander - Raymond James & Associates, Inc.

It sounds like you guys are fairly bullish on the commercial PC refresh cycle, but if I, kind of, add up the client business within your Commercial segments, it looks like the client business within Commercial was flat year-over-year. So I just wanted to clarify that and just understand that a little bit better. If you're bullish on Commercial PCs, why was that flat year-over-year?

Brian Gladden

I think the client business in Commercial was actually up, I think, 5%. So it's clearly the area that -- Yes, it's up 5% on a revenue basis across the business in the quarter. So it is clearly differentiated versus the Consumer space. And we continue to feel good about the refresh as we look out over the course of the next multiple quarters. Maybe, Paul, refresh?

Paul Bell

Yes, we're back to solid growth in IT spending which puts you into IT budgets growing in the mid-single digits. We had very pronounced growth in Commercial last year as people were recovering from the depth of the recession and starting to execute on the projects that they knew would have a good ROI. So when we see mid-single-digits growth, and we can see that as sustainable, that saying that we're in a pretty solid environment. And it allows us to work with our customers and pick the right deals, the ones where we can apply the pricing discipline, where we can add real value. That isn't just selling them the hardware, but it's, say, a whole Win 7 migration or helping them implement applications that are going to be important for them for their next generation of their products. That picking and choosing allows us to ride what is a solid refresh cycle and make sure we're driving strong margins.

Robert Williams

Brian, this is Rob, I'll just clarify that point a little bit. Our total client business was up 5% year-over-year. If you actually look at within the Commercial and Public businesses, I don't want to break down every single one of those businesses. But for example, in our Large Enterprise business, notebooks were up 16% year-on-year. If you look at the Public businesses, as you know, there were some timing-related items there that we talked about on the call. So we did have negative in both desktops and notebooks in the Public business. But then in SMB both desktops and notebooks did grow year-over-year. So you you've got a little bit of a mix going on there, Public versus Commercial in there. But you're definitely still seeing some signs of a refresh. Although clearly, we're coming down off of some pretty phenomenal rates 2 or 3 quarters ago off of some very, very easy compares. So I think Paul mentioned this earlier, we're back to somewhat of a more normalized refresh cycle as opposed to the accelerated refresh cycle that we were seeing 2 to 3 quarters ago.

Operator

Our next question will come from Scott Craig with Bank of America.

Scott Craig

Two questions around the Consumer business. First, when you look on a year-over-year basis from a revenue perspective, Brian, how much of the Consumer weakness is from, say, end demand versus you guys still getting rid of some lower profitable business or pruning business, however you want to phrase it. And then on the operating profit, where are we in the improvement cycle in the Consumer business? You've obviously done an awesome job in the last 2 quarters, massive improvements. But where do you guys feel you are with the whole getting the standardized products and going to more boat versus air, et cetera?

Brian Gladden

On the first one, there's still pruning going on. There's still refocusing the portfolio. There's still a mix shift between regions around the world. There's clearly growth. We're seeing growth in the emerging countries, and that's a place that we're focused on and we'll see continued growth. There are other places where we're continuing to prune and focus our energy around the higher margin, higher value products. So there's still quite a bit of that going on. As we did say, the market itself is weaker than we had anticipated coming into the quarter. And that's just -- we've been talking about that for a year in terms of that general demand dynamic. From a cost standpoint, from a prioritization of activities within the portfolio, there's still work there to do and as you think about how much we've got on the water, as you think about product launches that we've got coming over the course of the summer that will refresh much of the portfolio within Consumer, a lot of that's going to be at higher margins, improved focus on the higher price points and higher value products in that portfolio. So I think we've still got quite a bit to do there and we're encouraged by the progress to be at this level of profitability, with still that much opportunity in front of us. I think it's encouraging. And it allows us to appropriately manage that balance between growth and margins as we move forward hopefully.

Operator

Our next question will come from Ben Reitzes with Barclays.

Benjamin Reitzes - Barclays Capital

I was wondering if we could take a different tact on the gross margin question. Based on my math, your outlook kind of implies 7% operating margin for the remaining quarters on average. I guess my question is what is sustainable about the improvements that you've done? If you could just reiterate those again. And also what isn't? Is there something maybe with sea shipping that maybe wears off? Is there something that you saw in the quarter, was there anything with certain accruals or anything that's not sustainable? Just to account for the sequential drop-off, but also to offset that. What are the positives that keep it only at that rate?

Brian Gladden

I can't call out anything I would call unusual or not an opportunity to continue to drive sustaining improvement in margins. Clearly the environment externally is something we have to continue to watch and manage as you think about commodity pricing, which is clearly moderating, as you look at how the markets play out in terms of overall demand and as you look at pricing behavior in the marketplace. So the things that we've talked about in terms of differentiated products and the new launches that are coming, a clear focus and move to higher value products within and across the portfolio. Execution that we've driven around contract manufacturing, moving to more fixed configurations, continued to increase the number of fixed configuration Client Products sold, ocean shipments still is a big opportunity and frankly it's a bigger opportunity with higher oil prices today. And we continue to focus there. So clearly those elements are generally repeatable. And the reality that, as you know, is continued focus on expanding that Services business, focusing on driving more server growth in Storage and those elements will continue to mix up the company.

Benjamin Reitzes - Barclays Capital

What is your latest view on tablets? Are you seeing any of that creep into corporate? And do you think you can play, if you indeed believe that, that trend is picking up steam?

Michael Dell

This is Michael. We're engaged with a number of customers on the services side, helping them deal with tablets from a security standpoint, manageability standpoint, and clearly that's a near-term opportunity for us. We see the ecosystems coming together, probably taking a little longer than we would've liked. But as that comes together there'll be some nice opportunities there. Anecdotally, I think what we're seeing is that, can't really find a lot of companies that are going to have 3 devices for all of their users. Yet the tablet, in almost all the instances we found, is a third device. So it's not exactly clear how many units are going to be sold. I think it'll be a lot of units. Gardner says it will be 2 billion PCs in 2014. I think there have been 10 or so million tablets sold in the last 6 months. So put it in perspective, we're very focused on creating the solutions and as the ecosystems come together, having a very strong offering that kind of intersects with when this is relevant, when there are applications, when security is in place and real deployments are occurring. But I'm not seeing this replacing either the smartphone or the PC in large numbers of organizations.

Operator

Our next question will come from Aaron Rakers with Stifel, Nicolaus.

Aaron Rakers - Stifel, Nicolaus & Co., Inc.

The first question is going back to the Consumer side of the business. At 4.5% operating margin, you guys have obviously attained your target long-term model. Can you talk a little bit about the sustainability of that and whether or not we should think about that as being somewhat volatile over the next couple of quarters or are we at a new level where you think you can run at? And is that a clean number? I know in the past when you guys have seen quarterly moves like this, there's been some onetime items in those?

Brian Gladden

It is a clean number. It's good execution and we're pleased with that. And over the past couple of quarters, I think you've seen this progress, and there's a lot of things that Steve Felice talked about last year at the analyst meeting and when we had him in the call in, I think, the third quarter. So a lot of good execution. We're not going to provide targets for individual business segments, and again, I think what we said was we weren't satisfied with the profitability when it was below 2%. And again, we've seen nice improvements. We did talk about the fact that this is sort of the level of profitability that we'd ultimately like to see in this business and that's pretty consistent with what we said even a year ago over a longer term [indiscernible]. So we'll continue to balance growth with profitability and we're pretty pleased with that profitability right now.

Aaron Rakers - Stifel, Nicolaus & Co., Inc.

And the follow-up for me is on the PC side in general, I think in prior quarters you've talked about or provided unit growth numbers. Can you provide those for notebook and desktop? And on that, talk a little bit about what you're seeing currently in the pricing environment in the PC industry?

Brian Gladden

Are we going to provide unit growth numbers?

Paul Bell

No.

Brian Gladden

Not something we're going to provide. We're focused again on revenue and profit share more than units.

Aaron Rakers - Stifel, Nicolaus & Co., Inc.

Any comment on the pricing environment?

Brian Gladden

Yes, pricing environment, as we've been saying for a few quarters here has been relatively benign. Maybe Paul can give you a view from a customer standpoint?

Paul Bell

We certainly made it less aggressive for us because we're just not seeking out what frankly can be negative margin business in this industry, where people go in large reverse options, and that sort of thing. We're focused so much on having deeper relationships with customers where we're working across the whole span of their IT infrastructure that we're just not getting in that as much. I think that has probably contributed to a more benign price environment because we're not doing that. And that will, of course, applies to the larger Commercial space. And we have more to come to the table with, with our new acquisitions, our Enterprise portfolio, we talk about fundamental transitions of their IT capabilities, and it just makes the whole discussion about what we're going to price the client devices at a less critical path. So I'd say that market is sort of average, maybe trending towards benign, but you can still get in some fights if you choose to. We're just trying to really focus on what is value for customers.

Operator

Our next question will come from Chris Whitmore with Deutsche Bank.

Chris Whitmore - Deutsche Bank AG

I'm having trouble reconciling your margin guidance with the rest of the commentary on the call regarding business mix trends, pricing trends demand trends, et cetera. Can you maybe lay out the top 2 or 3 drivers that will take operating margins down from, on a GAAP basis, 8% plus to 7% over the next couple of quarters?

Brian Gladden

Chris, I think we've kind of laid out the key drivers that we think are impacting margins as we move throughout the year. We're not going to continue to break that down. I think as you think about the second half of the year, we're one quarter into it. And as you think about the uncertainty we may have here in the demand environment, in the competitive environment and commodity costs, we're just going to kind of manage through that. And I think as you think about the framework that you've got, we're going to drive these elements that we've highlighted here that we think will generate positive results and react to what the market will give us. So again, we're one quarter into it, we'll continue to provide insights on how we're viewing that over the course of the year.

Paul Bell

I would just add to that. Pretty consistently for the last 2 years, we've been very focused on operating income results, cash earnings performance. And regardless of the environment that we found ourselves in, and it has been a fairly varied environment over the last 6 or 7 quarters, we fairly consistently delivered, in fact, I would say consistently delivered on our operating income commitment. That's really the focus of the company and I think that if you look at the ability to balance the different factors, whether it was a very difficult component cost environment, say a year or so ago, to a more favorable component and cost environment now, then layering in the investments that we've made, the sales force, the specialists, there's been a lot of work that's been done here and we've done that all with an eye towards operating income, dollar growth, and frankly, it's been pretty consistent. So that's really what we want to get you guys to focus on. We need to have the flexibility to manage the business on a quarter by quarter basis and drive that balance that we're seeking to achieve.

Operator

Our next question will come from Amit Daryanani with RBC Capital Markets.

Amit Daryanani - RBC Capital Markets, LLC

It's two questions. One, on Japan, can you just talk about if you saw any revenue or commodity and margin headwinds emanating out of Japan either in the April quarter or in the quarter you guys are guiding for?

Brian Gladden

In the quarter, we did have some slight revenue and cost pressure from the market disruption. The revenue, to be honest, was slightly less than we anticipated, and we did incur some logistics and supply chain pressure and incremental cost picture that we delivered on customer commitments. But I would tell you it's pretty immaterial overall to the results, and we're not even calling it out. The good news is that demand is returning to more normalized levels. In some cases, there could even be upside as it relates to a restructuring base kind of a reconstructing kinds of activities in Japan. We continue to watch components. But in general, we feel like the supply chain's pretty solid. Though we will incur some, probably, some incremental cost in the second quarter around that Supply Chain. Again, I would call it immaterial to the overall. So we'll just continue to monitor it. But we're optimistic that we're kind of through this from our standpoint.

Amit Daryanani - RBC Capital Markets, LLC

And if I could, kind of, just go back once more to the margin question. I mean if you look at where your numbers are, op margins is rounded by 370 basis points with very limited revenue growth. How much would that 370 basis points do you think was due to sustainable and controllable factors that you've been executing on, versus things like commodities that may be a little bit out of control at this point?

Brian Gladden

Singling out commodities as a driver here is a bit dangerous and the reality is, it's an execution sort of model that we have to drive, taking into account commodity prices in any environment. And as you think about the things that we've done to drive progress in the business, it's around the products and services that we're offering. It's an increase mix and solutions. It's good execution and Supply Chain. Is moving to higher price point and higher value products. It's more solutions. It's all these things that we've talked about and we detailed over the course of the multiple quarters.

Amit Daryanani - RBC Capital Markets, LLC

Did you think all that you're talking about is the bigger or more than a 50% driver of the margin expansion?

Brian Gladden

Absolutely.

Operator

Our next question will come from Shannon Cross with Cross Research.

Shannon Cross - Weeden & Co., LP

My first question is just with regard to linearity during the quarter. Can you talk about whether you saw things improving and maybe on a segment basis? That would be helpful.

Brian Gladden

Yes, Shannon, I wouldn't call out anything unusual in terms of linearity in the quarter. I mean we did have the Easter holiday towards the end. But other than that, I wouldn't say there was anything different in terms of linearity than you would typically see in the quarter. Paul, you may have different view?

Paul Bell

Yes, in general that's right. It was pretty consistent theme into the forecast throughout the quarter, at least in Public and Large Enterprise, and one exception would be the federal government, which is just a piece of our Public business but you have real sustained budget cuts throughout the year via an extreme stop, as everybody was just waiting for the continuing resolutions in the budget. But that's less than a quarter of our total Public business, and I think we balanced that out pretty well.

Shannon Cross - Weeden & Co., LP

I'm just curious, if you think about where you've gone about sort of going into your Enterprise customers, your public customers and looking at where you can add value-added services and sort of digging down into them. What inning do you think you are in terms of, soft of, optimizing the revenue opportunities that these customers? Are we early days or is this something where you've been doing this for several quarters?

Paul Bell

Well, let me come at it from 2 perspectives. One, we've been at the relationship building side of that for 27 years, and I'm not being flip. That's a very important part of the equation. When we come to them with new capabilities from what we just acquired or we have developed a new solution, we have an incredibly receptive audience because customers have worked with us and seen what open, capable, affordable solutions mean. Then if you actually talk about the solutions themselves and what inning where we are, well some are inning one or we're still in the dugout because we've just bought the company. But you've got others that we've been really working hard at and we're in the third, fourth, fifth generation of the products. So you really have to look offer by offer to see where we are. But really, the important thing is that we're really leveraging the direct relationships we've had with these accounts. We know them. We, unlike many of our competitors, have one account executive whose job it is to represent all of Dell, know everything they can about that account and their challenges. And so that's how I think we accelerate the demand in our solutions.

Shannon Cross - Weeden & Co., LP

Have you changed sales comp plans at all in fiscal 2012 to drive more profit in revenue?

Paul Bell

Yes, ma'am. We've put much more focus on margins as we drive more high margin products. We also, in some businesses that had not gone through it yet, we extended the quota cycle. So it was too short when it was quarter by quarter. So a lot of the world had already gone to a 6 month plan or in some cases an annual plan. Now everybody's on the longer plans because it takes a longer sales cycle to close these.

Operator

Our next question will come from Kevin Hunt with Auriga.

Kevin Hunt - Auriga USA LLC

I just want a follow-up on the Storage question. Some of this has been touched on, but if you kind of look at what you guys reported on Storage, it was pretty weak overall. Even the 11%, you guys reported for the high IP businesses was down, fairly substantial deceleration you've been doing in those types of businesses for the last year or so. And it was well below -- not well below, but below what NetApp and EMC were doing. You kind of seem to be implying that, that business is going to accelerate. So I kind of want to just get some more basis for why we should think that's going to accelerate going forward. And then also maybe a comment on when this EMC and maybe legacy PowerVault business, it's such a small number here. We're really seeing short growth from that higher IP stuff.

Brian Gladden

We absolutely think it's going to grow. As you think about it, we're in a quarter where we're continuing to build out the portfolio and a pretty dramatic shift in the focus. Obviously a lot going on with the close of the Compellent transaction. And the EMC dynamics in the quarter, we've added significantly to the Storage specialist population. As you think about that, just a lot going on in terms of distraction amongst the team. But again, as margins continue to expand overall, even within the quarter, the pipeline looks very good, very optimistic about that. And we expect to see strong growth there. The lead times and this close cycles of some of these transactions is actually longer especially on the PLE or the Public and Large Enterprise side. And we begin to see that some of those deals begin to flow through the pipeline as we move forward, especially on things like Compellent. In our SMB business for instance, we have fundamentally almost completely replaced the EMC revenue with Compellent revenue quarter on quarter. And so those has a much shorter kind of close cycle and the impact of that is much more dramatic in a quicker time frame so very encouraged about that. We do expect this will accelerate pretty aggressively as we move throughout the year as we get past the first quarter.

Kevin Hunt - Auriga USA LLC

So should we also assume that means for the total business we should be maybe one or 2 quarters away from hitting an inflection point where that starts growing substantially because there's really isn't much more left to lose on EMC?

Brian Gladden

Yes, I think we'll start, as you get towards the end of this year, clearly driving positive revenue year-over-year growth. I think it's been declining for a while, but clearly saw an acceleration towards the end of the year.

Michael Dell

We had margin growth in the quarter and that's

been going on for a year-over-year basis for a long time as we continue to change out the portfolio. Q1 was a dramatic change out, and high confidence in our ability to grow Storage margins and revenue going forward.

Paul Bell

Yes, and we have owned Compellent for less than a full quarter, and the number of salespeople out there introducing Compellent technology to customers is up by an order of magnitude. So most of that went into building the pipeline, and so we're very bullish about the acceleration there.

Operator

Our last question will come from Abhey Lamba with ISI Group.

Abhey Lamba - ISI Group Inc.

Just following up on the tablet question. Can you talk about how do you plan to, kind of, participate in this space? Which operating systems will you build it out on? And where do you see most demand from your Enterprise customers?

Brian Gladden

Well clearly for us we're in the Android and Windows camp. I think Windows really starts to become relevant in the Windows 8 timeframe. There was a lot of activity around our microprocessors, obviously in tablets to get the thin and low-power lightweight characteristics. So those are really the attributes. When you go to the Enterprise, customers are looking at security, they're looking at applications, they're looking at kind of a robust set of offerings. Those are still being formed. And we're very much active with a number of partners to kind of create those and form them. And as that all comes together, I think you'll see us be very present in that market. So it's Android Honeycomb on the tablet side, and I think we're still seeing earlier release versions that needs to get a bit more mature.

Abhey Lamba - ISI Group Inc.

Lastly, Brian, now that you've achieved your operating margin level in the Consumer business where you wanted it to be, do you have room over here to go towards market share gain? Or are you going to continue to improve upon on margins in that business?

Brian Gladden

We're not changing the strategy. We're going to continue to lean on profit. We think we're in a spot now where we can begin to grow the business as well, while maintaining some pretty good profit.

Michael Dell

I think the broader point here is that we have an improving product line execution, and that, along with change in our approach to our customers, where we've changed the conversation to be more solutions-based is really opening up a new set of opportunities for us. And I think that's what's contributing to the strong growth in earnings that you're seeing.

Robert Williams

Great. Well, thanks to everyone for joining us. We look forward to talking to you over the course of the quarter, and would remind you that we have our analyst meeting here in Austin on June 28 and 29. Thanks again.

Operator

This concludes today's conference call. We appreciate your participation. You may disconnect at this time.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Dell's CEO Discusses Q1 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts