News summary
- GAAP revenue up 15 percent to $22.5 billion
- Third consecutive quarter of double-digit growth across all reportable segments
- Continued cross-sell synergies across the family of businesses
Full story
Dell Technologies (NYSE: DVMT) announces its fiscal 2019 third quarter results. For the third quarter, revenue was $22.5 billion, up 15 percent, and non-GAAP revenue was $22.7 billion, up 14 percent from the prior period. During the quarter, the company generated a GAAP operating loss of $356 million1, with a non-GAAP operating income of $2.1 billion, down 2 percent. Cash flow from operations was approximately $833 million.
"The digital transformation of our world is underway, and we are in the early stages of a massive, technology-led investment cycle," said Michael Dell, chairman and CEO, Dell Technologies. "Dell Technologies was created to meet this opportunity head on for our customers and our investors. You can see the proof in our strong growth, in our powerful innovation and in the depth of our customer relationships."
The company ended the third quarter with a cash and investments balance of $20.4 billion. During the quarter, Dell Technologies paid down approximately $1.3 billion of core debt2. Within the past two years, the company has paid down approximately $14.4 billion in gross debt, excluding Dell Financial Services related and subsidiary debt.
"Dell Technologies has assembled a broad set of capabilities and unique position that drive an attractive financial model," said Tom Sweet, chief financial officer, Dell Technologies. "Our third quarter of double-digit growth in all three of our reportable segments shows that our customers increasingly see us as a key partner with a deep portfolio to meet their needs, from the edge to the core to the cloud."
DELL TECHNOLOGIES INC. |
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Fiscal year 2019 third quarter results: |
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| Three Months Ended |
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| Nine Months Ended |
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| November 2, 2018 |
| November 3, 2017 |
| Change |
| November 2, 2018 |
| November 3, 2017 |
| Change | ||||
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| (in millions, except percentages; unaudited) | ||||||||||||||
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Total net revenue | $ | 22,482 |
| $ | 19,556 |
| 15 % |
| $ | 66,780 |
| $ | 57,077 |
| 17 % |
| Operating loss | $ | (356) |
| $ | (410) |
| 13 % |
| $ | (522) |
| $ | (2,347) |
| 78 % |
| Net loss | $ | (895) |
| $ | (851) |
| (5)% |
| $ | (1,894) |
| $ | (2,793) |
| 32 % |
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| Non-GAAP net revenue | $ | 22,651 |
| $ | 19,851 |
| 14 % |
| $ | 67,316 |
| $ | 58,062 |
| 16 % |
| Non-GAAP operating income | $ | 2,064 |
| $ | 2,109 |
| (2)% |
| $ | 6,198 |
| $ | 5,400 |
| 15 % |
| Non-GAAP net income | $ | 1,200 |
| $ | 1,199 |
| —% |
| $ | 3,723 |
| $ | 3,072 |
| 21 % |
| Adjusted EBITDA | $ | 2,426 |
| $ | 2,441 |
| (1)% |
| $ | 7,268 |
| $ | 6,416 |
| 13 % |
