Dell Technologies Reports Fiscal Year 2018 Third Quarter 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 reports filed with the Securities and Exchange Commission, including Dell Technologies' Annual Report on Form 10-K for the fiscal year ended February 3, 2017, quarterly reports on Form 10-Q, 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.

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights

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














Three Months Ended




Nine Months Ended




November 3, 2017


October 28, 2016


Change


November 3, 2017


October 28, 2016


Change

Net revenue:












Products

$             14,680


$             12,366


19 %


$             42,003


$             33,510


25 %

Services

4,930


3,881


27 %


14,722


8,058


83 %

Total net revenue

19,610


16,247


21 %


56,725


41,568


36 %













Cost of net revenue:












Products

12,369


10,562


17 %


36,206


28,856


25 %

Services

2,078


1,786


16 %


6,245


4,284


46 %

Total cost of net revenue

14,447


12,348


17 %


42,451


33,140


28 %













Gross margin

5,163


3,899


32 %


14,274


8,428


69 %













Operating expenses:












Selling, general, and administrative

4,625


4,556


2 %


13,989


8,647


62 %

Research and development

1,071


855


25 %


3,297


1,365


142 %

Total operating expenses

5,696


5,411


5 %


17,286


10,012


73 %













Operating loss

(533)


(1,512)


65 %


(3,012)


(1,584)


(90)%













Interest and other, net

(682)


(794)


14 %


(1,800)


(1,362)


(32)%

Loss from continuing operations before income taxes

(1,215)


(2,306)


47 %


(4,812)


(2,946)


(63)%

Income tax benefit

(274)


(669)


59 %


(1,510)


(623)


(142)%

Net loss from continuing operations

(941)


(1,637)


43 %


(3,302)


(2,323)


(42)%

Income (loss) from discontinued operations, net of income taxes


(438)


100 %



875


(100)%

Net loss

(941)


(2,075)


55 %


(3,302)


(1,448)


(128)%

Less: Net loss attributable to non-controlling interests

(4)


(11)


64 %


(85)


(12)


(608)%

Net loss attributable to Dell Technologies Inc.

$               (937)


$           (2,064)


55 %


$             (3,217)


$             (1,436)


(124)%













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












Continuing operations - Class V Common Stock - basic

$                1.10


$                0.79




$                2.50


$                0.79



Continuing operations - DHI Group - basic

$              (2.05)


$              (3.62)




$              (6.57)


$              (5.70)



Discontinued operations - DHI Group - basic

$                   —


$              (0.88)




$                   —


$                2.01















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












Continuing operations - Class V Common Stock - diluted

$                1.09


$                0.78




$                2.46


$                0.78



Continuing operations - DHI Group - diluted

$              (2.05)


$              (3.63)




$              (6.58)


$              (5.70)



Discontinued operations - DHI Group - diluted

$                   —


$              (0.88)




$                   —


$                2.01















Weighted-average shares outstanding:












Basic - Class V Common Stock

202


222




204


222



Diluted - Class V Common Stock

202


222




204


222



Basic - DHI Group

567


497




567


436



Diluted - DHI Group

567


497




567


436















Percentage of Total Net Revenue:












Gross margin

26 %


24 %




25 %


20 %



Selling, general, and administrative

24 %


28 %




25 %


21 %



Research and development

5 %


5 %




6 %


3 %



Operating expenses

29 %


33 %




30 %


24 %



Operating loss

(3)%


(9)%




(5)%


(4)%



Loss from continuing operations before income taxes

(6)%


(14)%




(8)%


(7)%



Net loss from continuing operations

(5)%


(10)%




(6)%


(6)%















Income tax rate

23 %


29 %




31 %


21 %




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