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News summary
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2021 third quarter. Revenue was up 3% to$23.5 billion. The company generated operating income of$1.1 billion, a 35% increase over the same period in the prior year, and non-GAAP operating income of$2.7 billion, up 12%. Net income was$881 million, non-GAAP net income was$1.7 billion and adjusted EBITDA was$3.2 billion. Net cash from operating activities was$3.0 billion. Diluted earnings per share was$1.08, up 64% and non-GAAP diluted earnings per share was$2.03, up 16%.
"Technology has never been more important, and as the world evolves, so does our business," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. " We met unprecedented demand for remote work and learn solutions this quarter while increasing revenue to$23.5 billion. At the same time, we accelerated our as-a-Service strategy and hybrid cloud capabilities at the edge -positioning us to win in these growing markets and making it easy for customers to manage data and workloads across all their operations."
In October, atDell Technologies World Experience, the company announced the expansion of its as-a-Service capabilities with Project APEX to simplify how customers and partners access technology on-demand -across storage, servers, networking, hyperconverged infrastructure, PCs and broader solutions. Project APEX will unify the company's as-a-Service and cloud strategies, technology offerings, and go-to-market efforts. Businesses will have a consistent as-a-Service experience wherever they run workloads including on-premises, edge locations and public clouds.
Third Quarter Fiscal 2021 Financial Results
| Three Months Ended |
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| Nine Months Ended |
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| ||||||||||||
| October 30, 2020 |
| November 1, 2019 |
| Change |
| October 30, 2020 |
| November 1, 2019 |
| Change |
| ||||||||
| (in millions, except per share amounts and percentages; unaudited) | |||||||||||||||||||
Total net revenue | $ | 23,482 |
|
| $ | 22,844 |
|
| 3% |
| $ | 68,112 |
|
| $ | 68,122 |
|
| -% |
|
Operating income | $ | 1,129 |
|
| $ | 836 |
|
| 35% |
| $ | 2,967 |
|
| $ | 1,905 |
|
| 56% |
|
Net income | $ | 881 |
|
| $ | 552 |
|
| 60% |
| $ | 2,162 |
|
| $ | 5,113 |
|
| (58)% |
|
Earnings per share - diluted | $ | 1.08 |
|
| $ | 0.66 |
|
| 64% |
| $ | 2.64 |
|
| $ | 5.50 |
|
| (52)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Non-GAAP net revenue | $ | 23,521 |
|
| $ | 22,928 |
|
| 3% |
| $ | 68,241 |
|
| $ | 68,372 |
|
| -% |
|
Non-GAAP operating income | $ | 2,725 |
|
| $ | 2,442 |
|
| 12% |
| $ | 7,504 |
|
| $ | 7,381 |
|
| 2% |
|
Non-GAAP net income | $ | 1,711 |
|
| $ | 1,445 |
|
| 18% |
| $ | 4,475 |
|
| $ | 4,405 |
|
| 2% |
|
Adjusted EBITDA | $ | 3,231 |
|
| $ | 2,857 |
|
| 13% |
| $ | 8,938 |
|
| $ | 8,586 |
|
| 4% |
|
Non-GAAP earnings per share - diluted | $ | 2.03 |
|
| $ | 1.75 |
|
| 16% |
| $ | 5.28 |
|
| $ | 5.35 |
|
| (1)% |
|
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 billion and paid down$4.6 billion in debt during the quarter. The company had total deferred revenue of$28.7 billion as of quarter end, up 11% year-over-year. Recurring revenue, which includes deferred revenue amortization, utility and as-a-Service models was approximately$6 billion for the quarter, up 13% year-over-year.
"We delivered differentiated performance through our diversified portfolio and are leaning into growth opportunities while managing operating expenses in a disciplined way," said Tom Sweet, chief financial officer, Dell Technologies. "In the third quarter, we drove value by expanding profitability at a significant multiple of revenue and generated$3 billion in operating cash flow."
Operating segments summary
Client Solutions Grouprevenue for the third quarter was a record$12.3 billion. Operating income was a record$1.0 billion, up 36% and 8.2% of Client Solutions Group revenue. The company saw continued demand for remote work, learning and gaming solutions. Consumer revenue was$3.5 billion, up 14%, while commercial client revenue was$8.8 billion, up 5%.
Key highlights:
Infrastructure Solutions Grouprevenue for the third quarter was$8.0 billion, with customers continuing to direct more spending towards remote work and business continuity solutions. Storage revenue was$3.9 billion, while servers and networking revenue was$4.2 billion. Operating income was$882 million for the third quarter, or approximately 11% of Infrastructure Solutions Group revenue.
Key highlights:
VMwarerevenue was$2.9 billion for the third quarter, up 8% driven by broad-based strength across a diverse product portfolio. Operating income for the quarter was$837 million, or 28.9% of VMware revenue.
Conference call information
As previously announced, the Company will hold a conference call to discuss its third quarter performance today, November 24, 2020 at 4:30 p.m. CST. 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
Dell Technologies(NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the data era.
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