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Dell Technologies (NYSE:
DELL) announces financial results for its fiscal 2024 third quarter. Revenue was $22.3 billion, down 10% year-over-year. The company generated operating income of $1.5 billion and non-GAAP operating income of $2 billion, down 16% and 17% year-over-year, respectively. Diluted earnings per share was $1.36, and non-GAAP diluted earnings per share was $1.88. Cash flow from operations for the third quarter was $2.2 billion, driven by profitability and strong working capital performance. The company has generated $9.9 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 4% year-over-year, and deferred revenue of $29.1 billion, up 7% year-over-year, primarily due to increases in software and hardware maintenance agreements. The company's cash and investment balance was $9.9 billion.
"We have proven our ability to generate strong cash flow through profitability and working capital efficiency, including $9.9 billion of cash flow from operations over the last twelve months," said Yvonne McGill, chief financial officer, Dell Technologies. "Our long-term financial framework and capital allocation plan continue to deliver results, with $1 billion returned to shareholders in the third quarter through share repurchases and dividends."
Third Quarter Fiscal 2024 Financial Results
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| Three Months Ended |
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| Nine Months Ended |
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| November 3, 2023 |
| October 28, 2022 |
| Change |
| November 3, 2023 |
| October 28, 2022 |
| Change |
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| (in millions, except per share amounts and percentages; unaudited) | ||||||||||
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Net revenue | $ 22,251 |
| $ 24,721 |
| (10) % |
| $ 66,107 |
| $ 77,262 |
| (14) % |
Operating income | $ 1,486 |
| $ 1,762 |
| (16) % |
| $ 3,720 |
| $ 4,582 |
| (19) % |
Net income | $ 1,004 |
| $ 241 |
| 317 % |
| $ 2,037 |
| $ 1,816 |
| 12 % |
| Earnings per share - diluted | $ 1.36 |
| $ 0.33 |
| 312 % |
| $ 2.78 |
| $ 2.41 |
| 15 % |
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| Non-GAAP net revenue | $ 22,251 |
| $ 24,721 |
| (10) % |
| $ 66,107 |
| $ 77,262 |
| (14) % |
| Non-GAAP operating income | $ 1,964 |
| $ 2,380 |
| (17) % |
| $ 5,539 |
| $ 6,467 |
| (14) % |
| Non-GAAP net income | $ 1,389 |
| $ 1,705 |
| (19) % |
| $ 3,635 |
| $ 4,405 |
| (17) % |
| Adjusted EBITDA | $ 2,579 |
| $ 2,946 |
| (12) % |
| $ 7,378 |
| $ 8,004 |
| (8) % |
| Non-GAAP earnings per share - diluted | $ 1.88 |
| $ 2.30 |
| (18) % |
| $ 4.93 |
| $ 5.81 |
| (15) % |
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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. |
