Dell Technologies Reports Fiscal Year 2018 Fourth Quarter and Full Year 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

     

Fiscal Year Ended

   
 

February 2, 2018

 

February 3, 2017

 

Change

 

February 2, 2018

 

February 3, 2017

 

Change

Net revenue:

                     

Products

$                   16,798

 

$                   15,196

 

11 %

 

$                   58,801

 

$                   48,706

 

21 %

Services

5,137

 

4,878

 

5 %

 

19,859

 

12,936

 

54 %

Total net revenue

21,935

 

20,074

 

9 %

 

78,660

 

61,642

 

28 %

                       

Cost of net revenue:

                     

Products

14,009

 

13,313

 

5 %

 

50,215

 

42,169

 

19 %

Services

2,146

 

2,230

 

(4)%

 

8,391

 

6,514

 

29 %

Total cost of net revenue

16,155

 

15,543

 

4 %

 

58,606

 

48,683

 

20 %

                       

Gross margin

5,780

 

4,531

 

28 %

 

20,054

 

12,959

 

55 %

                       

Operating expenses:

                     

Selling, general, and administrative

5,014

 

4,928

 

2 %

 

19,003

 

13,575

 

40 %

Research and development

1,087

 

1,271

 

(14)%

 

4,384

 

2,636

 

66 %

Total operating expenses

6,101

 

6,199

 

(2)%

 

23,387

 

16,211

 

44 %

                       

Operating loss

(321)

 

(1,668)

 

81 %

 

(3,333)

 

(3,252)

 

(2)%

                       

Interest and other, net

(555)

 

(742)

 

25 %

 

(2,355)

 

(2,104)

 

(12)%

Loss from continuing operations before income taxes

(876)

 

(2,410)

 

64 %

 

(5,688)

 

(5,356)

 

(6)%

Income tax benefit

(323)

 

(996)

 

68 %

 

(1,833)

 

(1,619)

 

(13)%

Net loss from continuing operations

(553)

 

(1,414)

 

61 %

 

(3,855)

 

(3,737)

 

(3)%

Income from discontinued operations, net of income taxes

 

1,144

 

(100)%

 

 

2,019

 

(100)%

Net loss

(553)

 

(270)

 

(105)%

 

(3,855)

 

(1,718)

 

(124)%

Less: Net loss attributable to non-controlling interests

(42)

 

(34)

 

(24)%

 

(127)

 

(46)

 

(176)%

Net loss attributable to Dell Technologies Inc.

$                      (511)

 

$                      (236)

 

(117)%

 

$                   (3,728)

 

$                   (1,672)

 

(123)%

                       

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

                     

Continuing operations - Class V Common Stock - basic

$                    (1.12)

 

$                      0.64

     

$                      1.41

 

$                      1.44

   

Continuing operations - DHI Group - basic

$                    (0.51)

 

$                    (2.68)

     

$                    (7.08)

 

$                    (8.52)

   

Discontinued operations - DHI Group - basic

$                         —

 

$                      2.02

     

$                         —

 

$                      4.30

   
                       

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

                     

Continuing operations - Class V Common Stock - diluted

$                    (1.12)

 

$                      0.64

     

$                      1.39

 

$                      1.43

   

Continuing operations - DHI Group - diluted

$                    (0.51)

 

$                    (2.68)

     

$                    (7.08)

 

$                    (8.52)

   

Discontinued operations - DHI Group - diluted

$                         —

 

$                      2.02

     

$                         —

 

$                      4.30

   
                       

Weighted-average shares outstanding:

                     

Basic - Class V Common Stock

199

 

215

     

203

 

217

   

Diluted - Class V Common Stock

199

 

215

     

203

 

217

   

Basic - DHI Group

568

 

566

     

567

 

470

   

Diluted - DHI Group

568

 

566

     

567

 

470

   
                       

Percentage of Total Net Revenue:

                     

Gross margin

26 %

 

23 %

     

25 %

 

21 %

   

Selling, general, and administrative

23 %

 

25 %

     

24 %

 

22 %

   

Research and development

5 %

 

6 %

     

6 %

 

4 %

   

Operating expenses

28 %

 

31 %

     

30 %

 

26 %

   

Operating loss

(1)%

 

(8)%

     

(4)%

 

(5)%

   

Loss from continuing operations before income taxes

(4)%

 

(12)%

     

(7)%

 

(9)%

   

Net loss from continuing operations

(3)%

 

(7)%

     

(5)%

 

(6)%

   
                       

Income tax rate

37 %

 

41 %

     

32 %

 

30 %

   

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