Dell Technologies Delivers Third Quarter Fiscal 2024 Financial Results

ROUND ROCK, Texas, Nov. 30, 2023 — (PRNewswire) —

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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 third quarter. Revenue was $22.3 billion, down 10% year-over-year. The company generated operating income of $1.5 billion and non-GAAP operating income of $2 billion, down 16% and 17% year-over-year, respectively. Diluted earnings per share was $1.36, and non-GAAP diluted earnings per share was $1.88. Cash flow from operations for the third quarter was $2.2 billion, driven by profitability and strong working capital performance. The company has generated $9.9 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 4% year-over-year, and deferred revenue of $29.1 billion, up 7% year-over-year, primarily due to increases in software and hardware maintenance agreements. The company's cash and investment balance was $9.9 billion.

"We have proven our ability to generate strong cash flow through profitability and working capital efficiency, including $9.9 billion of cash flow from operations over the last twelve months," said Yvonne McGill, chief financial officer, Dell Technologies. "Our long-term financial framework and capital allocation plan continue to deliver results, with $1 billion returned to shareholders in the third quarter through share repurchases and dividends."

Third Quarter Fiscal 2024 Financial Results


Three Months Ended




Nine Months Ended




November 3, 2023


October 28, 2022


Change


November 3, 2023


October 28, 2022


Change


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













Net revenue

$         22,251


$          24,721


(10) %


$         66,107


$           77,262


(14) %

Operating income

$           1,486


$            1,762


(16) %


$           3,720


$             4,582


(19) %

Net income

$           1,004


$               241


317 %


$           2,037


$             1,816


12 %

Earnings per share - diluted

$             1.36


$              0.33


312 %


$             2.78


$               2.41


15 %













Non-GAAP net revenue

$         22,251


$          24,721


(10) %


$         66,107


$          77,262


(14) %

Non-GAAP operating income

$           1,964


$            2,380


(17) %


$           5,539


$            6,467


(14) %

Non-GAAP net income

$           1,389


$            1,705


(19) %


$           3,635


$            4,405


(17) %

Adjusted EBITDA

$           2,579


$            2,946


(12) %


$           7,378


$            8,004


(8) %

Non-GAAP earnings per share - diluted

$             1.88


$              2.30


(18) %


$             4.93


$              5.81


(15) %




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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