Dell Technologies Reports Fiscal Year 2017 Fourth Quarter and Full Year Financial Results

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect the Dell Technologies' business, financial condition, results of operations, and prospects, in its filings with the Securities and Exchange Commission, including Dell Technologies' annual report on Form 10-K, which we expect to file on March 31, 2017, and current reports on Form 8-K. These filings are available for review through the Securities and Exchange Commission's website at www.sec.gov. Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

Special Note on the Divestitures:
On March 27, 2016, Dell entered into a definitive agreement with NTT Data International L.L.C. to sell substantially all of Dell Services for cash consideration of approximately $3.0 billion. On June 19, 2016, Dell entered into a definitive agreement with Francisco Partners and Elliot Management Corporation to sell substantially all of Dell Software Group for cash consideration of approximately $2.4 billion. On Sept. 12, 2016, EMC Corporation entered into a definitive agreement with OpenText to divest the Dell EMC Enterprise Content Division, or ECD, for cash consideration of approximately $1.6 billion. Accordingly, the results of operations of Dell Services, Dell Software Group and ECD have been excluded from the results of continuing operations and from segment results. On October 31, 2016, Dell completed the sale of Dell Software Group. On November 2, 2016, Dell completed substantially all of the sale of Dell Services. The remainder of the Dell Services transaction closed subsequent to the fiscal year ended February 3, 2017. On January 23, 2017, Dell Technologies completed the sale of ECD.

 

DELL TECHNOLOGIES INC.

Consolidated Statements of Income (Loss) and Related Financial Highlights

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














Three Months Ended




Fiscal Year Ended




February 3, 2017


January 29, 2016


Change


February 3, 2017


January 29, 2016


Change

Net revenue:












Products

$                 15,196


$                  10,642


43 %


$                 48,706


$                  42,742


14 %

Services

4,878


2,037


139 %


12,936


8,169


58 %

Total net revenue

20,074


12,679


58 %


61,642


50,911


21 %













Cost of net revenue:












Products

13,313


9,208


45 %


42,169


37,563


12 %

Services

2,230


1,217


83 %


6,514


4,961


31 %

Total cost of net revenue

15,543


10,425


49 %


48,683


42,524


14 %













Gross margin

4,531


2,254


101 %


12,959


8,387


55 %













Operating expenses:












Selling, general, and administrative

4,928


2,001


146 %


13,575


7,850


73 %

Research and development

1,271


279


356 %


2,636


1,051


151 %

Total operating expenses

6,199


2,280


172 %


16,211


8,901


82 %













Operating loss

(1,668)


(26)


NM


(3,252)


(514)


(533)%













Interest and other, net

(742)


(172)


(331)%


(2,104)


(772)


(173)%

Loss from continuing operations before income taxes

(2,410)


(198)


NM


(5,356)


(1,286)


(316)%

Income tax benefit

(996)


(30)


NM


(1,619)


(118)


NM

Net loss from continuing operations

(1,414)


(168)


(742)%


(3,737)


(1,168)


(220)%

Income from discontinued operations, net of income taxes

1,144


13


NM


2,019


64


NM

Net loss

(270)


(155)


(74)%


(1,718)


(1,104)


(56)%

Less: Net loss attributable to non-controlling interests

(34)



NA


(46)



NA

Net loss attributable to Dell Technologies Inc.

$                (236)


$                 (155)


(52)%


$             (1,672)


$              (1,104)


(51)%













Earnings (loss) per share attributable to Dell Technologies Inc. - basic:












  Continuing operations - Class V Common Stock - basic

$

0.64


$




$

1.44


$



  Continuing operations - DHI Group - basic

$

(2.68)


$

(0.41)




$

(8.52)


$

(2.88)



  Discontinued operations - DHI Group - basic

$

2.02


$

0.03




$

4.30


$

0.16















Earnings (loss) per share attributable to Dell Technologies Inc. - diluted:












  Continuing operations - Class V Common Stock - diluted

$

0.64


$




$

1.43


$



  Continuing operations - DHI Group - diluted

$

(2.68)


$

(0.41)




$

(8.52)


$

(2.88)



  Discontinued operations - DHI Group - diluted

$

2.02


$

0.03




$

4.30


$

0.16















Weighted-average shares outstanding:












  Basic - Class V Common Stock

215





217




  Diluted - Class V Common Stock

215





217




  Basic - DHI Group

566


405




470


405



  Diluted - DHI Group

566


405




470


405















Percentage of Total Net Revenue:












Gross margin

23 %


18 %




21 %


16 %



Selling, general, and administrative

25 %


16 %




22 %


15 %



Research and development

6 %


2 %




4 %


2 %



Operating expenses

31 %


18 %




26 %


17 %



Operating loss

(8)%


(0)%




(5)%


(1)%



Loss from continuing operations before income taxes

(12)%


(2)%




(9)%


(3)%



Net loss from continuing operations

(7)%


(1)%




(6)%


(2)%















Income tax rate

41 %


15 %




30 %


9 %




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