News summary
- Record full-year revenue of $101.2 billion, up 17%, fueled by continued growth across all business units and record PC shipments
- Record full-year diluted earnings per share of $6.26, up 114%, and non-GAAP diluted earnings per share of $6.22, up 27%
- Announcing a quarterly cash dividend policy, with an initial quarterly dividend of $0.33 per share and expected aggregate fiscal 2023 dividends of approximately $1 billion
Full story
Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2022 fourth quarter and full year. The company also announces that its board of directors has approved a dividend policy under which the company intends to pay quarterly cash dividends on its common stock, with an initial dividend rate of $1.32 per share per year for fiscal 2023, or approximately $1 billion in aggregate. The board has declared the initial quarterly dividend of $0.33 per share, which will be payable on April 29 to stockholders of record as of April 20.
Full-year revenue was a record $101.2 billion, up 17% over the prior year, fueled by record demand, strong execution, continued growth across all business units, and record PC shipments. The company generated record operating income of $4.7 billion, a 26% increase over the prior year, and record non-GAAP operating income of $7.8 billion, up 12%. For the full year, both net income from continuing operations and non-GAAP net income were $4.9 billion. Cash flow from operations was $10.3 billion and cash flow from operations excluding VMware was a record $7.1 billion. Full-year diluted earnings per share from continuing operations was $6.26, up 114%, and non-GAAP diluted earnings per share was $6.22, up 27%.
Fourth quarter revenue increased 16% to $28 billion. The company generated operating income of $1.6 billion, up 13%, and non-GAAP operating income of $2.2 billion, up 1%. Net loss from continuing operations was $29 million, non-GAAP net income was $1.4 billion and adjusted EBITDA was $2.7 billion. Cash flow from operations was $3.1 billion. Fourth quarter diluted loss per share was $0.04, and non-GAAP diluted earnings per share was $1.72, in each case resulting in part from a higher than anticipated effective tax rate in the quarter.
Fourth Quarter and Full-Year Fiscal 2022 Financial Results
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| Three Months Ended |
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| Fiscal Year Ended |
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| January 28,
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| January 29,
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| Change |
| January 28,
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| January 29,
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| Change |
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| (in millions, except per share amounts and percentages; unaudited) | ||||||||||
Total net revenue | $ 27,992 |
| $ 24,150 |
| 16% |
| $ 101,197 |
| $ 86,670 |
| 17% |
Operating income | $ 1,609 |
| $ 1,423 |
| 13% |
| $ 4,659 |
| $ 3,685 |
| 26% |
Net income (loss) from continuing operations | $ (29) |
| $ 695 |
| (104)% |
| $ 4,942 |
| $ 2,245 |
| 120% |
| Earnings (loss) per share from continuing operations attributable to Dell Technologies Inc. — diluted: | $ (0.04) |
| $ 0.90 |
| (104)% |
| $ 6.26 |
| $ 2.93 |
| 114% |
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| Non-GAAP net revenue | $ 28,000 |
| $ 24,176 |
| 16% |
| $ 101,229 |
| $ 86,776 |
| 17% |
| Non-GAAP operating income | $ 2,191 |
| $ 2,170 |
| 1% |
| $ 7,785 |
| $ 6,949 |
| 12% |
| Non-GAAP net income | $ 1,390 |
| $ 1,362 |
| 2% |
| $ 4,924 |
| $ 3,746 |
| 31% |
| Adjusted EBITDA | $ 2,686 |
| $ 2,620 |
| 3% |
| $ 9,660 |
| $ 8,645 |
| 12% |
| Non-GAAP earnings per share - diluted | $ 1.72 |
| $ 1.76 |
| (2)% |
| $ 6.22 |
| $ 4.88 |
| 27% |
