Dell Technologies Delivers Second Quarter Fiscal 2024 Financial Results

ROUND ROCK, Texas, Aug. 31, 2023 — (PRNewswire) —

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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 second quarter. Revenue was $22.9 billion, down 13% year-over-year and up 10% sequentially. The company generated operating income of $1.2 billion and non-GAAP operating income of $2 billion, down 8% and up 1% year-over-year, respectively. Diluted earnings per share was $0.63, and non-GAAP diluted earnings per share was $1.74, down 7% and up 4% year-over-year, respectively. Cash flow from operations for the second quarter was $3.2 billion, driven by working capital improvements, sequential growth and profitability. The company has generated $8.1 billion of cash flow from operations throughout the last 12 months.

Dell ended the quarter with remaining performance obligations of $39 billion, recurring revenue of $5.6 billion, up 8% year-over-year, and deferred revenue of $30.3 billion, up 8% year-over-year, primarily due to increases in service and software maintenance agreements. Cash and investments were $9.9 billion, and the company returned $525 million to shareholders in the second quarter through share repurchases and dividends.

"Our Q2 performance underscores the power of our model to generate cash in a sequential growth environment," said Yvonne McGill, chief financial officer, Dell Technologies. "Revenue grew 10% sequentially to $22.9 billion, with strong cash flow from operations of $3.2 billion in Q2 and $8.1 billion over the last 12 months. We continue to deliver value to shareholders and have flexibility to increase our return of capital going forward."

Second Quarter Fiscal 2024 Financial Results


Three Months Ended




Six Months Ended




August 4,
2023


July 29,
2022


Change


August 4,
2023


July 29,
2022


Change


(in millions, except per share amounts and percentages; unaudited)













Total net revenue

$         22,934


$          26,425


(13) %


$         43,856


$          52,541


(17) %

Operating income

$           1,165


$            1,270


(8) %


$           2,234


$            2,820


(21) %

Net income

$              455


$               506


(10) %


$           1,033


$            1,575


(34) %

Earnings per share - diluted

$             0.63


$              0.68


(7) %


$             1.42


$              2.06


(31) %













Non-GAAP net revenue

$         22,934


$          26,425


(13) %


$         43,856


$          52,541


(17) %

Non-GAAP operating income

$           1,977


$            1,952


1 %


$           3,575


$            4,087


(13) %

Non-GAAP net income

$           1,283


$            1,266


1 %


$           2,246


$            2,700


(17) %

Adjusted EBITDA

$           2,595


$            2,449


6 %


$           4,799


$            5,058


(5) %

Non-GAAP earnings per share - diluted

$             1.74


$              1.68


4 %


$             3.05


$              3.52


(13) %




Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year-over-year unless otherwise noted.


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