Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2023 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 28, 2022, 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. FINANCIAL INFORMATION

Basis of Presentation

Spin-Off of VMware, Inc. — On November 1, 2021, Dell Technologies Inc. completed its spin-off of VMware, Inc. ("VMware") by means of a special stock dividend (the "VMware Spin-off"). In accordance with applicable accounting guidance, the results of VMware, excluding Dell's resale of VMware offerings, are presented as discontinued operations in the Condensed Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented prior to the completion of the spin-off. The Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.

 

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



Three Months Ended




Fiscal Year Ended




February 3,
2023


January 28,
2022


Change


February 3,
2023


January 28,
2022


Change

Net revenue:












Products

$     19,038


$     22,469


(15) %


$  79,250


$  79,830


(1) %

Services

6,001


5,523


9 %


23,051


21,367


8 %

Total net revenue

25,039


27,992


(11) %


102,301


101,197


1 %

Cost of net revenue:












Products

15,748


19,265


(18) %


66,029


67,224


(2) %

Services

3,535


3,109


14 %


13,586


12,082


12 %

Total cost of net revenue

19,283


22,374


(14) %


79,615


79,306


— %

Gross margin

5,756


5,618


2 %


22,686


21,891


4 %

Operating expenses:












Selling, general, and administrative

3,772


3,398


11 %


14,136


14,655


(4) %

Research and development

795


611


30 %


2,779


2,577


8 %

Total operating expenses

4,567


4,009


14 %


16,915


17,232


(2) %

Operating income

1,189


1,609


(26) %


5,771


4,659


24 %

Interest and other, net

(266)


(1,657)


84 %


(2,546)


1,264


(301) %

Income before income taxes

923


(48)


NM


3,225


5,923


(46) %

Income tax expense (benefit)

317


(19)


NM


803


981


(18) %

Net income from continuing operations

606


(29)


NM


2,422


4,942


(51) %

Income from discontinued operations, net of income taxes


30


(100) %



765


(100) %

Net income

606


1


NM


2,422


5,707


(58) %

   Less: Net loss attributable to non-controlling
   interests

(8)


(1)


(700) %


(20)


(6)


(233) %

   Less: Net income attributable to non-controlling
   interests of discontinued operations



— %



150


(100) %

Net income attributable to Dell Technologies Inc.

$           614


$               2


NM


$     2,442


$     5,563


(56) %













Percentage of Total Net Revenue:












Gross margin

23.0 %


20.1 %




22.2 %


21.6 %



Selling, general, and administrative

15.1 %


12.2 %




13.9 %


14.5 %



Research and development

3.2 %


2.2 %




2.7 %


2.5 %



Operating expenses

18.3 %


14.2 %




16.6 %


17.0 %



Operating income

4.7 %


5.7 %




5.6 %


4.6 %



Income before income taxes

3.7 %


(0.2) %




3.2 %


5.9 %



Net income (loss) from continuing operations

2.4 %


(0.1) %




2.4 %


4.9 %



Income tax rate

34.3 %


39.6 %




24.9 %


16.6 %




                                                 Amounts are based on underlying data and may not visually foot due to rounding.


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