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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. Thecompany 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. Thecompany 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 |
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| Nine Months Ended |
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| November 3, 2023 |
| October 28, 2022 |
| Change |
| November 3, 2023 |
| October 28, 2022 |
| Change |
| (in millions, except per share amounts and percentages; unaudited) | ||||||||||
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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% |
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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.
Infrastructure Solutions Groupdelivered third quarter revenue of$8.5 billion, flat sequentially and down 12% year-over-year. Servers and networking revenue was$4.7 billion, with 9% sequential growth driven by AI-optimized servers. Storage revenue was$3.8 billion, down 8% sequentially with demand strength in unstructured data solutions and data protection. Operating income was$1.1 billion.
Client Solutions Groupdelivered third quarter revenue of$12.3 billion, down 11% year-over-year and 5% sequentially. Commercial client revenue was$9.8 billion, and Consumer revenue was$2.4 billion. Operating income was$925 million.
"Technology is everywhere, and we continue to focus on extending our leadership positions and turning new opportunities into incremental growth," said Jeff Clarke, vice chairman and chief operating officer. "Our servers and networking business was up 9% sequentially fueled by customer interest in generative AI. And heading into FY25, we expect revenue growth given the tailwinds to our business."
Dell continued to expand its broad portfolio to help customers meet their performance, cost and security requirements across clouds, on premises and at the edge.
Operating Segments Results
| Three Months Ended |
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| Nine Months Ended |
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| November 3, 2023 |
| October 28, 2022 |
| Change |
| November 3, 2023 |
| October 28, 2022 |
| Change |
| (in millions, except percentages; unaudited) | ||||||||||
Infrastructure Solutions Group (ISG): |
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Net revenue: |
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Servers and networking | $ 4,656 |
| $ 5,201 |
| (10)% |
| $ 12,767 |
| $ 15,458 |
| (17)% |
Storage | 3,843 |
| 4,429 |
| (13)% |
| 11,786 |
| 12,993 |
| (9)% |
Total ISG net revenue | $ 8,499 |
| $ 9,630 |
| (12)% |
| $ 24,553 |
| $ 28,451 |
| (14)% |
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Operating Income: |
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ISG operating income | $ 1,069 |
| $ 1,374 |
| (22)% |
| $ 2,858 |
| $ 3,502 |
| (18)% |
% of ISG net revenue | 12.6 % |
| 14.3 % |
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| 11.6 % |
| 12.3 % |
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% of total reportable segment operating income | 54 % |
| 56 % |
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| 51 % |
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