Dell Technologies Reports Fiscal Year 2018 Third Quarter 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 the Dell Technologies' business, financial condition, results of operations, and prospects, in its reports filed with the Securities and Exchange Commission, including Dell Technologies' Annual Report on Form 10-K for the fiscal year ended February 3, 2017, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the Securities and Exchange Commission'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.

Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights

(in millions, except per share amounts and percentages; unaudited)

                       
 

Three Months Ended

     

Nine Months Ended

   
 

November 3, 2017

 

October 28, 2016

 

Change

 

November 3, 2017

 

October 28, 2016

 

Change

Net revenue:

                     

Products

$             14,680

 

$             12,366

 

19 %

 

$             42,003

 

$             33,510

 

25 %

Services

4,930

 

3,881

 

27 %

 

14,722

 

8,058

 

83 %

Total net revenue

19,610

 

16,247

 

21 %

 

56,725

 

41,568

 

36 %

                       

Cost of net revenue:

                     

Products

12,369

 

10,562

 

17 %

 

36,206

 

28,856

 

25 %

Services

2,078

 

1,786

 

16 %

 

6,245

 

4,284

 

46 %

Total cost of net revenue

14,447

 

12,348

 

17 %

 

42,451

 

33,140

 

28 %

                       

Gross margin

5,163

 

3,899

 

32 %

 

14,274

 

8,428

 

69 %

                       

Operating expenses:

                     

Selling, general, and administrative

4,625

 

4,556

 

2 %

 

13,989

 

8,647

 

62 %

Research and development

1,071

 

855

 

25 %

 

3,297

 

1,365

 

142 %

Total operating expenses

5,696

 

5,411

 

5 %

 

17,286

 

10,012

 

73 %

                       

Operating loss

(533)

 

(1,512)

 

65 %

 

(3,012)

 

(1,584)

 

(90)%

                       

Interest and other, net

(682)

 

(794)

 

14 %

 

(1,800)

 

(1,362)

 

(32)%

Loss from continuing operations before income taxes

(1,215)

 

(2,306)

 

47 %

 

(4,812)

 

(2,946)

 

(63)%

Income tax benefit

(274)

 

(669)

 

59 %

 

(1,510)

 

(623)

 

(142)%

Net loss from continuing operations

(941)

 

(1,637)

 

43 %

 

(3,302)

 

(2,323)

 

(42)%

Income (loss) from discontinued operations, net of income taxes

 

(438)

 

100 %

 

 

875

 

(100)%

Net loss

(941)

 

(2,075)

 

55 %

 

(3,302)

 

(1,448)

 

(128)%

Less: Net loss attributable to non-controlling interests

(4)

 

(11)

 

64 %

 

(85)

 

(12)

 

(608)%

Net loss attributable to Dell Technologies Inc.

$               (937)

 

$           (2,064)

 

55 %

 

$             (3,217)

 

$             (1,436)

 

(124)%

                       

Earnings (loss) per share attributable to Dell Technologies Inc. - basic:

                     

Continuing operations - Class V Common Stock - basic

$                1.10

 

$                0.79

     

$                2.50

 

$                0.79

   

Continuing operations - DHI Group - basic

$              (2.05)

 

$              (3.62)

     

$              (6.57)

 

$              (5.70)

   

Discontinued operations - DHI Group - basic

$                   —

 

$              (0.88)

     

$                   —

 

$                2.01

   
                       

Earnings (loss) per share attributable to Dell Technologies Inc. - diluted:

                     

Continuing operations - Class V Common Stock - diluted

$                1.09

 

$                0.78

     

$                2.46

 

$                0.78

   

Continuing operations - DHI Group - diluted

$              (2.05)

 

$              (3.63)

     

$              (6.58)

 

$              (5.70)

   

Discontinued operations - DHI Group - diluted

$                   —

 

$              (0.88)

     

$                   —

 

$                2.01

   
                       

Weighted-average shares outstanding:

                     

Basic - Class V Common Stock

202

 

222

     

204

 

222

   

Diluted - Class V Common Stock

202

 

222

     

204

 

222

   

Basic - DHI Group

567

 

497

     

567

 

436

   

Diluted - DHI Group

567

 

497

     

567

 

436

   
                       

Percentage of Total Net Revenue:

                     

Gross margin

26 %

 

24 %

     

25 %

 

20 %

   

Selling, general, and administrative

24 %

 

28 %

     

25 %

 

21 %

   

Research and development

5 %

 

5 %

     

6 %

 

3 %

   

Operating expenses

29 %

 

33 %

     

30 %

 

24 %

   

Operating loss

(3)%

 

(9)%

     

(5)%

 

(4)%

   

Loss from continuing operations before income taxes

(6)%

 

(14)%

     

(8)%

 

(7)%

   

Net loss from continuing operations

(5)%

 

(10)%

     

(6)%

 

(6)%

   
                       

Income tax rate

23 %

 

29 %

     

31 %

 

21 %

   

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