Future-of-Work Solutions Power Dell Technologies' Record First Quarter Fiscal 2022 Financial Results

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies' business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies' annual report on Form 10-K for the fiscal year ended January 29, 2021, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC's website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

 

 

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Income and Related Financial Highlights
(in millions, except percentages; unaudited)



Three Months Ended




April 30, 2021


May 1, 2020


Change

Net revenue:






Products

$

18,034


$

16,038


12%

Services

6,453


5,859


10%

Total net revenue

24,487


21,897


12%

Cost of net revenue:






Products

14,214


12,804


11%

Services

2,615


2,240


17%

Total cost of net revenue

16,829


15,044


12%

Gross margin

7,658


6,853


12%

Operating expenses:






Selling, general, and administrative

4,960


4,886


2%

Research and development

1,323


1,265


5%

Total operating expenses

6,283


6,151


2%

Operating income

1,375


702


96%

Interest and other, net

(388)


(566)


31%

Income before income taxes

987


136


626%

Income tax expense (benefit)

49


(46)


207%

Net income

938


182


415%

Less: Net income attributable to non-controlling interests

51


39


31%

Net income attributable to Dell Technologies Inc.

$

887


$

143


520%







Percentage of Total Net Revenue:





Gross margin

31

%


31

%



Selling, general, and administrative

20

%


22

%



Research and development

5

%


6

%



Operating expenses

26

%


28

%



Operating income

6

%


3

%



Income before income taxes

4

%


1

%



Net income

4

%


1

%



Income tax rate

5.0

%


-33.8

%















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