All comparisons are year-over-year unless otherwise noted. Industry growth rates exclude Dell.

We announced Q1 results today.  Revenue was up 9% to $16.1 billion on 22% unit growth.  EPS were up 12% to $0.38 per share and cash from operations was $143 million and $4.2 billion on a trailing four quarters basis.  We encourage investors to read the full press release and earnings presentation; and listen to a replay of our conference call that can be found on the investor relations web site after the earnings call. 

A year ago we made a conscious decision to reignite growth, and our results this quarter demonstrate we're making progress.  For the first time in several quarters, Dell is growing faster than the industry in all major product categories and regions.  In the U.S. we grew 16% vs. flat industry growth.  In APJ we grew 43% vs. industry growth of 14%.  BRIC revenues were up 58% on a 73% increase in units.  And, Global Consumer revenues were up 20% and units were up 47% as we continue to move into retail.  These results reflect the strength of the Dell brand worldwide, and our ability to deliver the products customers want in the regions where they live and the places where they shop.

These are solid growth numbers in areas that matter and they are important first steps to driving competitiveness in our business.  Revenues and share are growing, enabling us to better scale operating expenses and deliver sustained earnings performance.  A year ago we made the decision to eliminate redundancies and better align our operating expenses, and last quarter we made a commitment to reduce total costs by $3 billion.  Here too we're making headway.  Our operating expenses are down 7% sequentially, headcount is down 7,000 year-over-year not including acquisitions, and profitability in Global Consumer improved significantly.  These are signs of tangible progress and we're confident this trend will continue. 

This quarter, you will also notice we changed our reporting structure to completely break out Global Consumer from each one of the regions.  We are now reporting four operating segments, Americas Commercial, EMEA Commercial, APJ Commercial, and Global Consumer and we are providing five quarters of historical data for each segment.

Finally, on the earnings call today we will be introducing our new CFO, Brian Gladden, to the broader investment community.  A 20 year GE veteran and formerly CEO of SABIC Innovative Plastics, we're happy to have Brian join our team.