Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2023 Financial Results

ROUND ROCK, Texas, March 2, 2023 — (PRNewswire) —  

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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2023 fourth quarter and full year. Revenue for the year was a record $102.3 billion, up 1% over fiscal year 2022. The company generated record operating income of $5.8 billion, up 24% over the prior year, and record non-GAAP operating income of $8.6 billion, up 11%. For the full year, net income from continuing operations was $2.4 billion and non-GAAP net income was $5.7 billion. Cash flow from operations was $3.6 billion. Full-year diluted earnings per share from continuing operations was $3.24, and non-GAAP diluted earnings per share was $7.61.

Fourth quarter revenue was $25 billion, down 11%. Operating income was $1.2 billion, representing 4.7% of revenue, and non-GAAP operating income was $2.2 billion, representing 8.7% of revenue. Net income from continuing operations for the quarter was $606 million, and non-GAAP net income was $1.3 billion. Cash flow from operations for the quarter was $2.7 billion. Diluted earnings per share from continuing operations was $0.84, and non-GAAP diluted earnings per share was $1.80.

Dell ended the quarter with remaining performance obligations of $40 billion, deferred revenue of $30.3 billion and recurring revenue of approximately $5.6 billion, up 12% year-over-year. Cash and investments were $10.2 billion, and $3.8 billion was returned to shareholders in fiscal year 2023 through share repurchases and dividends. The company will increase its annual cash dividend by 12% to $1.48 per common share, with $0.37 per common share for the first quarterly distribution payable on May 5 to shareholders of record as of April 25. 

Fourth Quarter and Full Year Fiscal 2023 Financial Results


Three Months Ended




Fiscal Year Ended




February 3,
2023


January 28,
2022


Change


February 3,
2023


January 28,
2022


Change




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

Total net revenue

$            25,039


$            27,992


(11) %


$          102,301


$          101,197


1 %

Operating income

$              1,189


$              1,609


(26) %


$              5,771


$              4,659


24 %

Net income (loss) from continuing operations

$                 606


$                  (29)


NM


$              2,422


$              4,942


(51) %

Earnings per share - diluted

$                0.84


$               (0.04)


NM


$                3.24


$                6.26


(48) %













Non-GAAP net revenue

$            25,039


$            28,000


(11) %


$          102,301


$          101,229


1 %

Non-GAAP operating income

$              2,170


$              2,191


(1) %


$              8,637


$              7,785


11 %

Non-GAAP net income

$              1,322


$              1,390


(5) %


$              5,727


$              4,924


16 %

Non-GAAP earnings per share - diluted

$                1.80


$                1.72


5 %


$                7.61


$                6.22


22 %

____________________

Fiscal year 2023 and its fourth quarter had an extra week compared to the prior corresponding periods.

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.


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