Dell Technologies Delivers Fourth Quarter and Full-Year Fiscal 2022 Financial Results

ROUND ROCK, Texas, Feb. 24, 2022 — (PRNewswire) —

News summary

  • Record full-year revenue of $101.2 billion, up 17%, fueled by continued growth across all business units and record PC shipments
  • Record full-year diluted earnings per share of $6.26, up 114%, and non-GAAP diluted earnings per share of $6.22, up 27%
  • Announcing a quarterly cash dividend policy, with an initial quarterly dividend of $0.33 per share and expected aggregate fiscal 2023 dividends of approximately $1 billion

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2022 fourth quarter and full year. The company also announces that its board of directors has approved a dividend policy under which the company intends to pay quarterly cash dividends on its common stock, with an initial dividend rate of $1.32 per share per year for fiscal 2023, or approximately $1 billion in aggregate. The board has declared the initial quarterly dividend of $0.33 per share, which will be payable on April 29 to stockholders of record as of April 20.

Dell Technologies logo (PRNewsfoto/Dell Technologies)

Full-year revenue was a record $101.2 billion, up 17% over the prior year, fueled by record demand, strong execution, continued growth across all business units, and record PC shipments. The company generated record operating income of $4.7 billion, a 26% increase over the prior year, and record non-GAAP operating income of $7.8 billion, up 12%. For the full year, both net income from continuing operations and non-GAAP net income were $4.9 billion.  Cash flow from operations was $10.3 billion and cash flow from operations excluding VMware was a record $7.1 billion. Full-year diluted earnings per share from continuing operations was $6.26, up 114%, and non-GAAP diluted earnings per share was $6.22, up 27%.

Fourth quarter revenue increased 16% to $28 billion. The company generated operating income of $1.6 billion, up 13%, and non-GAAP operating income of $2.2 billion, up 1%. Net loss from continuing operations was $29 million, non-GAAP net income was $1.4 billion and adjusted EBITDA was $2.7 billion. Cash flow from operations was $3.1 billion. Fourth quarter diluted loss per share was $0.04, and non-GAAP diluted earnings per share was $1.72, in each case resulting in part from a higher than anticipated effective tax rate in the quarter.

Fourth Quarter and Full-Year Fiscal 2022 Financial Results


Three Months Ended




Fiscal Year Ended




January 28,
2022


January 29,
2021


Change


January 28,
2022


January 29,
2021


Change


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

Total net revenue

$             27,992


$               24,150


16%


$            101,197


$              86,670


17%

Operating income

$               1,609


$                 1,423


13%


$                4,659


$                3,685


26%

Net income (loss) from continuing operations

$                   (29)


$                    695


(104)%


$                4,942


$                2,245


120%

Earnings (loss) per share from continuing operations attributable to Dell Technologies Inc. — diluted:

$                (0.04)


$                  0.90


(104)%


$                  6.26


$                 2.93


114%













Non-GAAP net revenue

$             28,000


$              24,176


16%


$            101,229


$             86,776


17%

Non-GAAP operating income

$               2,191


$                2,170


1%


$                7,785


$               6,949


12%

Non-GAAP net income

$               1,390


$                1,362


2%


$                4,924


$               3,746


31%

Adjusted EBITDA

$               2,686


$                2,620


3%


$                9,660


$               8,645


12%

Non-GAAP earnings per share - diluted

$                 1.72


$                  1.76


(2)%


$                  6.22


$                 4.88


27%


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