Dell Technologies Reports Second Quarter Results; Revenue and Profits Grow Year-Over-Year

ROUND ROCK, Texas, Aug. 29, 2019 — (PRNewswire) —

News summary

  • Operating income of $519 million; non-GAAP operating income of $2.7 billion
  • Client Solutions Group posts record revenue and units
  • VMware revenue up 12%
  • Record cash flow from operations of $3.3 billion

Full story
Dell Technologies (NYSE: DELL) today announced financial results for its fiscal 2020 second quarter ended August 2, 2019. Second quarter revenue was $23.4 billion, up 2 percent, and non-GAAP revenue was $23.5 billion, up 1 percent over the same period last year. Operating income was $519 million1 compared to an operating loss of $13 million last year, and non-GAAP operating income was $2.7 billion compared to $2.1 billion in fiscal 2019. Net income was $4.5 billion or 19.3 percent of revenue, non-GAAP net income was $1.8 billion or 7.5 percent of non-GAAP revenue, and adjusted EBITDA was $3.2 billion or 13.5 percent of non-GAAP revenue. Record cash flow from operations was $3.3 billion. Diluted earnings per share was $4.83 and non-GAAP diluted earnings per share was $2.15.

"We are in the early stages of a technology-led investment cycle. IT spending remains healthy and our business drivers remain strong," said Jeff Clarke, vice chairman, Dell Technologies. "We are innovating and integrating across the Dell Technologies portfolio, from the edge to the core to the cloud, with a diverse business designed to succeed in any macro environment. For example, core Dell orders were up four percent in the quarter excluding China."

Second Quarter Fiscal 2020 Financial Results


Three Months Ended




Six Months Ended




August 2,
2019


August 3,
2018


Change


August 2,
2019


August 3,
2018


Change



(in millions, except percentages; unaudited)

Total net revenue

$

23,370


$

22,942


2%


$

45,278


$

44,298


2%

Operating income (loss)

$

519


$

(13)


NM


$

1,069


$

(166)


744%

Net income (loss)

$

4,505


$

(461)


NM


$

4,834


$

(999)


584%

















Non-GAAP net revenue

$

23,454


$

23,122


1%


$

45,444


$

44,665


2%

Non-GAAP operating income

$

2,743


$

2,108


30%


$

4,939


$

4,134


19%

Non-GAAP net income

$

1,751


$

1,259


39%


$

2,960


$

2,438


21%

Adjusted EBITDA

$

3,156


$

2,459


28%


$

5,729


$

4,842


18%


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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