News summary
- Record full year revenue of $92.2 billion
- Full year net income of $5.5 billion; adjusted EBITDA of $11.8 billion
- Record Client Solutions Group full year revenue of $45.8 billion
- Share repurchase program of up to $1 billion over the next 24 months
Full story
Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2020 fourth quarter and full year.
Fourth quarter revenue was $24.0 billion, up 1 percent, and non-GAAP revenue was $24.1 billion, up 1 percent, over the same period last year. During the quarter, the company generated operating income of $717 million, a 117 percent increase over the same period in the prior year, and non-GAAP operating income of $2.8 billion, up 4 percent over the prior year. Net income was $416 million or approximately 2 percent of revenue. Non-GAAP net income was $1.7 billion or 7 percent of non-GAAP revenue. Diluted earnings per share was $0.54 and non-GAAP diluted earnings per share was $2.00.
For the full year, revenue was $92.2 billion, up 2 percent, and non-GAAP revenue was $92.5 billion, up 1 percent, over the prior year. The company increased its operating income to $2.6 billion from a $0.2 billion loss in the prior year and generated non-GAAP operating income of $10.1 billion, up 15 percent over the prior year. Cash flow from operations was $9.3 billion, up 33 percent from fiscal year 2019. For the full year, net income was $5.5 billion and non-GAAP net income was $6.1 billion. Diluted earnings per share was $6.03 and non-GAAP diluted earnings per share was $7.35.
"In fiscal 2020, we focused on integration and simplicity across our businesses and product portfolio to accelerate winning go-to-market solutions for our customers," said Jeff Clarke, chief operating officer, Dell Technologies. "With more than $180 billion in revenue over the past two years and significant investments in research, innovation and breadth of capability, we have a uniquely advantaged position heading into the next digital decade."
Fourth Quarter and Full Year Fiscal 2020 Financial Results | ||||||||||||||||
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| Three Months Ended |
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| Fiscal Year Ended |
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| January 31,
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| February 1,
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| Change |
| January 31,
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| February 1, 2019 |
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| (in millions, except percentages; unaudited) |
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Total net revenue | $ | 24,032 |
| $ | 23,841 |
| 1% |
| $ | 92,154 |
| $ | 90,621 |
| 2% | |
Operating income (loss) | $ | 717 |
| $ | 331 |
| 117% |
| $ | 2,622 |
| $ | (191) |
| NM | |
Net income (loss) | $ | 416 |
| $ | (287) |
| 245% |
| $ | 5,529 |
| $ | (2,181) |
| 354% | |
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| Non-GAAP net revenue | $ | 24,129 |
| $ | 24,008 |
| 1% |
| $ | 92,501 |
| $ | 91,324 |
| 1% | |
| Non-GAAP operating income | $ | 2,767 |
| $ | 2,656 |
| 4% |
| $ | 10,148 |
| $ | 8,854 |
| 15% | |
| Non-GAAP net income | $ | 1,684 |
| $ | 1,592 |
| 6% |
| $ | 6,089 |
| $ | 5,227 |
| 16% | |
| Adjusted EBITDA | $ | 3,201 |
| $ | 3,028 |
| 6% |
| $ | 11,787 |
| $ | 10,296 |
| 14% | |
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| 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. | ||||||||||||||||
