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Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2024 second quarter. Revenue was $22.9 billion, down 13% year-over-year and up 10% sequentially. The company generated operating income of $1.2 billion and non-GAAP operating income of $2 billion, down 8% and up 1% year-over-year, respectively. Diluted earnings per share was $0.63, and non-GAAP diluted earnings per share was $1.74, down 7% and up 4% year-over-year, respectively. Cash flow from operations for the second quarter was $3.2 billion, driven by working capital improvements, sequential growth and profitability. The company has generated $8.1 billion of cash flow from operations throughout the last 12 months.
Dell ended the quarter with remaining performance obligations of $39 billion, recurring revenue of $5.6 billion, up 8% year-over-year, and deferred revenue of $30.3 billion, up 8% year-over-year, primarily due to increases in service and software maintenance agreements. Cash and investments were $9.9 billion, and the company returned $525 million to shareholders in the second quarter through share repurchases and dividends.
"Our Q2 performance underscores the power of our model to generate cash in a sequential growth environment," said Yvonne McGill, chief financial officer, Dell Technologies. "Revenue grew 10% sequentially to $22.9 billion, with strong cash flow from operations of $3.2 billion in Q2 and $8.1 billion over the last 12 months. We continue to deliver value to shareholders and have flexibility to increase our return of capital going forward."
Second Quarter Fiscal 2024 Financial Results
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| August 4,
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| July 29,
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| August 4,
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| July 29,
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Total net revenue | $ 22,934 |
| $ 26,425 |
| (13) % |
| $ 43,856 |
| $ 52,541 |
| (17) % |
Operating income | $ 1,165 |
| $ 1,270 |
| (8) % |
| $ 2,234 |
| $ 2,820 |
| (21) % |
Net income | $ 455 |
| $ 506 |
| (10) % |
| $ 1,033 |
| $ 1,575 |
| (34) % |
| Earnings per share - diluted | $ 0.63 |
| $ 0.68 |
| (7) % |
| $ 1.42 |
| $ 2.06 |
| (31) % |
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| Non-GAAP net revenue | $ 22,934 |
| $ 26,425 |
| (13) % |
| $ 43,856 |
| $ 52,541 |
| (17) % |
| Non-GAAP operating income | $ 1,977 |
| $ 1,952 |
| 1 % |
| $ 3,575 |
| $ 4,087 |
| (13) % |
| Non-GAAP net income | $ 1,283 |
| $ 1,266 |
| 1 % |
| $ 2,246 |
| $ 2,700 |
| (17) % |
| Adjusted EBITDA | $ 2,595 |
| $ 2,449 |
| 6 % |
| $ 4,799 |
| $ 5,058 |
| (5) % |
| Non-GAAP earnings per share - diluted | $ 1.74 |
| $ 1.68 |
| 4 % |
| $ 3.05 |
| $ 3.52 |
| (13) % |
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| 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. |
