Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2021 first quarter. First quarter revenue was$21.9 billion. During the quarter, the company generated operating income of$702 million, a 28 percent increase over the same period in the prior year, and non-GAAP operating income of$2.2 billion. Net income was$182 million, non-GAAP net income was$1.1 billion and adjusted EBITDA was$2.6 billion. Net cash used in operating activities was$0.8 billion. Diluted earnings per share was$0.19 and non-GAAP diluted earnings per share was$1.34.

"Customers need essential technology now more than ever to put business continuity, remote working and learning plans into practice," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "In Q1, we saw orders with banking and financial services, government, healthcare and life sciences customers up 15 to 20 percent -all to meet immediate needs of their customers, communities and patients. As the world pivots from response to recovery, we'll continue to put our broad capabilities to work to deliver differentiated results for our customers and our company."

First Quarter Fiscal 2021 Financial Results

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.

Dell Technologies ended the quarter with cash and investments of$13.2 billion, and total deferred revenue of$27.6 billion, up 14 percent year-over-year. Recurring revenue, which includes deferred revenue amortization, utility, and as-a-Service delivered as part of Dell Technologies on Demand, is now approximately$6 billion a quarter, up 16 percent year-over-year.

"Since February, almost everything in the world has changed. What remains unchanged is our ability to deliver for customers and run the business in a disciplined way for the long-term -with an emphasis on growth, share gain, and a strong capital structure," said Tom Sweet, chief financial officer, Dell Technologies.

Operating segments summary

Client Solutions Grouprevenue for the first quarter was$11.1 billion, up 2 percent versus the first quarter of last year. Operating income was$592 million or more than 5 percent of Client Solutions Group revenue.

Key highlights:

• Double-digit unit and revenue growth in commercial notebooks and high-single-digit revenue growth in mobile workstations
• Powered by a resilient supply chain, outperformed the PC industry, as the only top 5 vendor gaining year-over-year worldwide share in total and commercial client units¹
• Moved up to#2 worldwide in commercial PC sales with a 26.2 percent-unit share.¹

Infrastructure Solutions Grouprevenue for the first quarter was$7.6 billion, an 8 percent decrease year-over-year, with customers directing more spend towards remote work and business continuity solutions. Storage revenue was$3.8 billion, down 5 percent year-over-year, while servers and networking revenue was$3.8 billion, down 10 percent. Operating income was$732 million for the first quarter, or approximately 10 percent of Infrastructure Solutions Group revenue.

Key highlights:

• Began shippingPowerStore-an innovative autonomous storage platform built from the ground up to support multiple workloads for the midrange segment, the biggest part of the external storage market. PowerStore includes CloudIQ storage monitoring and analytics software that combines machine learning and human intelligence. Dell Technologies will integrate CloudIQ across the full Dell Technologies infrastructure portfolio for greater insights. Dell EMC Cloud Storage Services can connect PowerStore to all of the big three public clouds as a managed service.
• Earlier this month, announced Dell TechnologiesCloud OneFS for Google Cloudto help organizations control exponential data and application growth and ease the flow of files across their private clouds and Google Cloud
• Added a one-year term to Dell Technologies On Demand flexible consumption offerings, which can also be used with the Dell Technologies Cloud Platform to consume cloud infrastructure and rapidly get a hybrid cloud up and running.

VMwarerevenue was$2.8 billion for the first quarter, up 12 percent driven by broad-based strength across a diverse product portfolio. Operating income for the quarter was$773 million, or approximately 28 percent of VMware revenue.

Key highlights:

• Announced the new VMware Tanzu Portfolio and its suite of tools for deploying and managing Kubernetes and the new VMware vSphere 7.          
• Released VMware Cloud Foundation 4, which delivers intrinsic security and lifecycle management across software-defined compute, storage and networking, and hybrid cloud environments.

Conference call information

As previously announced, the Company will hold a conference call to discuss its first quarter performance today, May 28, 2020 at 4:30 p.m. CDT.  The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/events-and-presentations/upcoming-events

For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.

Additional financial and operating information may be downloaded fromhttps://investors.delltechnologies.com/financial-information/quarterly-results

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1.      IDC WW Quarterly Personal Computing Device (PDC) Tracker CY20Q1.