Technology

Dell Technologies Delivers Second Quarter Fiscal 2025 Financial Results

Published

2 years ago

August 29, 2024

News summary

Second quarter revenue of $25.0 billion, up 9% year over yearRecord Infrastructure Solutions Group (ISG) revenue of $11.6 billion, up 38% year over year, with record servers and networking revenue of $7.7 billion, up 80%Client Solutions Group (CSG) revenue of $12.4 billion, down 4% year over year, with commercial client revenue flat at $10.6 billionDiluted earnings per share of $1.17, up 86% year over year, and non-GAAP diluted earnings per share of $1.89, up 9%

ROUND ROCK, Texas, Aug. 29, 2024 /PRNewswire/ —

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 second quarter. Revenue was $25.0 billion, up 9% year over year. Operating income was $1.3 billion and non-GAAP operating income was $2.0 billion, up 15% and 3% year over year, respectively. Diluted earnings per share was $1.17, and non-GAAP diluted earnings per share was $1.89, up 86% and 9% year over year, respectively.

“In Q2 our combined ISG and CSG revenue was $24.1 billion, up 12% year over year, positioning us well for the second half of the year and beyond,” said Yvonne McGill, chief financial officer, Dell Technologies. “Our momentum in ISG is a significant tailwind, with record ISG revenue of $11.6 billion, up 38% year over year.”

Cash flow from operations was $1.3 billion. Dell returned $1 billion to shareholders through share repurchases and dividends and ended the quarter with $6.0 billion in cash and investments.

Second Quarter Fiscal 2025 Financial Results

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

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

Net revenue

$ 25,026

$ 22,934

9 %

$ 47,270

$ 43,856

8 %

Operating income

$ 1,342

$ 1,165

15 %

$ 2,262

$ 2,234

1 %

Net income

$ 841

$ 455

85 %

$ 1,796

$ 1,033

74 %

Change in cash from operating activities

$ 1,340

$ 3,214

(58) %

$ 2,383

$ 4,991

(52) %

Earnings per share – diluted

$ 1.17

$ 0.63

86 %

$ 2.49

$ 1.42

75 %

Non-GAAP operating income

$ 2,034

$ 1,977

3 %

$ 3,508

$ 3,575

(2) %

Non-GAAP net income

$ 1,371

$ 1,283

7 %

$ 2,294

$ 2,246

2 %

Adjusted free cash flow

$ 1,284

$ 3,050

(58) %

$ 1,907

$ 3,737

(49) %

Non-GAAP earnings per share – diluted

$ 1.89

$ 1.74

9 %

$ 3.16

$ 3.05

4 %

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.

Infrastructure Solutions Group (ISG) delivered record second quarter revenue of $11.6 billion, up 38% year over year. Servers and networking revenue was a record $7.7 billion, up 80%, with demand growth across AI and traditional servers. Storage revenue was $4.0 billion, down 5%. Operating income was $1.3 billion.

“Our AI momentum accelerated in Q2, and we’ve seen an increase in the number of enterprise customers buying AI solutions each quarter,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “AI-optimized server demand was $3.2 billion, up 23% sequentially, and $5.8 billion year to date. Backlog was $3.8 billion, and our pipeline has grown to several multiples of our backlog.”

Client Solutions Group (CSG) delivered second quarter revenue of $12.4 billion, down 4% year over year. Commercial client revenue was flat at $10.6 billion, and Consumer revenue was $1.9 billion, down 22%. Operating income was $767 million.

Operating Segments Results

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 7,672

$ 4,274

80 %

$ 13,138

$ 8,111

62 %

Storage

3,974

4,187

(5) %

7,735

7,943

(3) %

Total ISG net revenue

$ 11,646

$ 8,461

38 %

$ 20,873

$ 16,054

30 %

Operating Income:

ISG operating income

$ 1,284

$ 1,049

22 %

$ 2,020

$ 1,789

13 %

% of ISG net revenue

11.0 %

12.4 %

9.7 %

11.1 %

% of total reportable segment operating income

63 %

52 %

57 %

49 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 10,556

$ 10,554

— %

$ 20,710

$ 20,416

1 %

Consumer

1,858

2,388

(22) %

3,671

4,509

(19) %

Total CSG net revenue

$ 12,414

$ 12,942

(4) %

$ 24,381

$ 24,925

(2) %

Operating Income:

CSG operating income

$ 767

$ 969

(21) %

$ 1,499

$ 1,861

(19) %

% of CSG net revenue

6.2 %

7.5 %

6.1 %

7.5 %

% of total reportable segment operating income

37 %

48 %

43 %

51 %

Conference call information
As previously announced, the company will hold a conference call to discuss its performance and financial guidance on August 29 at 3:30 p.m. CDT. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.

For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

About Dell Technologies
Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry’s broadest and most innovative technology and services portfolio for the AI era.

Copyright © 2024 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

Non-GAAP Financial Measures:
This press release presents information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:
Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies’ current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will” and “would,” or similar words or expressions that refer to future events or outcomes.

Dell Technologies’ results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: adverse global economic conditions and instability in financial markets; competitive pressures; Dell Technologies’ reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies’ ability to achieve favorable pricing from its vendors; Dell Technologies’ execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; Dell Technologies’ ability to manage solutions and products and services transitions in an effective manner; Dell Technologies’ ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies’ ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; Dell Technologies’ foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies’ product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies’ sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; adverse economic conditions and the effect of additional regulation on Dell Technologies’ financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies’ ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies’ infrastructure; Dell Technologies’ ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies’ dependence on the services of Michael Dell and key employees; Dell Technologies’ level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies’ quarterly cash dividend policy and dividend rate.

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 Dell Technologies’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies’ annual report on Form 10-K for the fiscal year ended February 2, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’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 and Related Financial Highlights

(in millions, except percentages; unaudited)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

Net revenue:

Products

$ 18,954

$ 16,935

12 %

$ 35,081

$ 31,971

10 %

Services

6,072

5,999

1 %

12,189

11,885

3 %

Total net revenue

25,026

22,934

9 %

47,270

43,856

8 %

Cost of net revenue:

Products

16,079

14,002

15 %

29,845

26,377

13 %

Services

3,636

3,545

3 %

7,308

7,074

3 %

Total cost of net revenue

19,715

17,547

12 %

37,153

33,451

11 %

Gross margin

5,311

5,387

(1) %

10,117

10,405

(3) %

Operating expenses:

Selling, general, and administrative

3,189

3,517

(9) %

6,312

6,778

(7) %

Research and development

780

705

11 %

1,543

1,393

11 %

Total operating expenses

3,969

4,222

(6) %

7,855

8,171

(4) %

Operating income

1,342

1,165

15 %

2,262

2,234

1 %

Interest and other, net

(353)

(451)

22 %

(726)

(815)

11 %

Income before income taxes

989

714

39 %

1,536

1,419

8 %

Income tax expense (benefit)

148

259

(43) %

(260)

386

(167) %

Net income

841

455

85 %

1,796

1,033

74 %

Less: Net loss attributable to non-controlling
interests

(5)

(7)

29 %

(10)

(12)

17 %

Net income attributable to Dell Technologies Inc.

$ 846

$ 462

83 %

$ 1,806

$ 1,045

73 %

Percentage of Total Net Revenue:

Gross margin

21.2 %

23.5 %

21.4 %

23.7 %

Selling, general, and administrative

12.7 %

15.3 %

13.3 %

15.4 %

Research and development

3.1 %

3.3 %

3.2 %

Operating expenses

15.8 %

18.4 %

16.6 %

18.6 %

Operating income

5.4 %

5.1 %

4.8 %

5.1 %

Income before income taxes

4.0 %

3.1 %

3.2 %

Net income

3.4 %

2.0 %

3.8 %

2.4 %

Income tax rate

15.0 %

36.3 %

(16.9) %

27.2 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Financial Position

(in millions; unaudited)

August 2, 2024

February 2, 2024

ASSETS

Current assets:

Cash and cash equivalents

$ 4,550

$ 7,366

Accounts receivable, net of allowance of $78 and $71

11,391

9,343

Short-term financing receivables, net of allowance of $79 and $79

4,968

4,643

Inventories

5,953

3,622

Other current assets

10,681

10,973

Total current assets

37,543

35,947

Property, plant, and equipment, net

6,300

6,432

Long-term investments

1,302

1,316

Long-term financing receivables, net of allowance of $87 and $91

6,124

5,877

Goodwill

19,654

19,700

Intangible assets, net

5,374

5,701

Other non-current assets

6,390

7,116

Total assets

$ 82,687

$ 82,089

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$ 6,711

$ 6,982

Accounts payable

24,095

19,389

Accrued and other

6,374

6,805

Short-term deferred revenue

14,853

15,318

Total current liabilities

52,033

48,494

Long-term debt

17,811

19,012

Long-term deferred revenue

12,859

13,827

Other non-current liabilities

2,781

3,065

Total liabilities

85,484

84,398

Stockholders’ equity (deficit):

Total Dell Technologies Inc. stockholders’ equity (deficit)

(2,894)

(2,404)

Non-controlling interests

Total stockholders’ equity (deficit)

(2,797)

(2,309)

Total liabilities and stockholders’ equity

$ 82,687

$ 82,089

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

August 2,
2024

August 4,
2023

Cash flows from operating activities:

Net income

$ 841

$ 455

$ 1,796

$ 1,033

Adjustments to reconcile net income to net cash provided
by operating activities:

499

2,759

587

3,958

Change in cash from operating activities

1,340

3,214

2,383

4,991

Cash flows from investing activities:

Purchases of investments

(25)

(98)

(64)

(113)

Maturities and sales of investments

108

216

127

Capital expenditures and capitalized software
development costs

(682)

(624)

(1,278)

(1,325)

Other

113

Change in cash from investing activities

(557)

(605)

(1,013)

(1,289)

Cash flows from financing activities:

Proceeds from the issuance of common stock

Repurchases of common stock

(725)

(260)

(1,425)

(500)

Repurchases of common stock for employee tax
withholdings

(14)

(6)

(535)

(312)

Payments of dividends and dividend equivalents

(316)

(269)

(652)

(545)

Proceeds from debt

1,941

2,134

4,933

4,655

Repayments of debt

(2,917)

(3,384)

(6,394)

(7,082)

Debt-related costs and other, net

(2)

(44)

(37)

(49)

Change in cash from financing activities

(2,032)

(1,827)

(4,109)

(3,829)

Effect of exchange rate changes on cash, cash equivalents,
and restricted cash

(42)

(59)

(97)

(117)

Change in cash, cash equivalents, and restricted cash

(1,291)

723

(2,836)

(244)

Cash, cash equivalents, and restricted cash at beginning of
the period

5,962

7,927

7,507

8,894

Cash, cash equivalents, and restricted cash at end of the
period

$ 4,671

$ 8,650

$ 4,671

$ 8,650

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 7,672

$ 4,274

80 %

$ 13,138

$ 8,111

62 %

Storage

3,974

4,187

(5) %

7,735

7,943

(3) %

Total ISG net revenue

$ 11,646

$ 8,461

38 %

$ 20,873

$ 16,054

30 %

Operating Income:

ISG operating income

$ 1,284

$ 1,049

22 %

$ 2,020

$ 1,789

13 %

% of ISG net revenue

11.0 %

12.4 %

9.7 %

11.1 %

% of total reportable segment operating income

63 %

52 %

57 %

49 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 10,556

$ 10,554

— %

$ 20,710

$ 20,416

1 %

Consumer

1,858

2,388

(22) %

3,671

4,509

(19) %

Total CSG net revenue

$ 12,414

$ 12,942

(4) %

$ 24,381

$ 24,925

(2) %

Operating Income:

CSG operating income

$ 767

$ 969

(21) %

$ 1,499

$ 1,861

(19) %

% of CSG net revenue

6.2 %

7.5 %

6.1 %

7.5 %

% of total reportable segment operating income

37 %

48 %

43 %

51 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued)

Three Months Ended

Six Months Ended

August 2, 2024

August 4, 2023

August 2, 2024

August 4, 2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$ 24,060

$ 21,403

$ 45,254

$ 40,979

Other businesses (a)

966

1,528

2,015

2,871

Unallocated transactions (b)

—

Total consolidated net revenue

$ 25,026

$ 22,934

$ 47,270

$ 43,856

Reconciliation to consolidated operating income:

Reportable segment operating income

$ 2,051

$ 2,018

$ 3,519

$ 3,650

Other businesses (a)

(17)

(44)

(11)

(80)

Unallocated transactions (b)

—

Amortization of intangibles (c)

(168)

(213)

(336)

(416)

Stock-based compensation expense (d)

(191)

(223)

(401)

(448)

Other corporate expenses (e)

(333)

(376)

(509)

(477)

Total consolidated operating income

$ 1,342

$ 1,165

$ 2,262

$ 2,234

_________________

(a)

Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.

(b)

Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.

(c)

Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(e)

Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments. Other corporate expenses included $328 million and $364 million of severance expense during the three months ended August 2, 2024 and August 4, 2023, respectively.

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow and adjusted free cash flow, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.

Selected Financial Measures

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

Three Months Ended

Six Months Ended

August 2, 2024

August 4, 2023

Change

August 2, 2024

August 4, 2023

Change

Net revenue

$ 25,026

$ 22,934

9 %

$ 47,270

$ 43,856

8 %

Non-GAAP gross margin

$ 5,464

$ 5,536

(1) %

$ 10,411

$ 10,700

(3) %

% of net revenue

21.8 %

24.1 %

22.0 %

24.4 %

Non-GAAP operating expenses

$ 3,430

$ 3,559

(4) %

$ 6,903

$ 7,125

(3) %

% of net revenue

13.7 %

15.5 %

14.6 %

16.2 %

Non-GAAP operating income

$ 2,034

$ 1,977

3 %

$ 3,508

$ 3,575

(2) %

% of net revenue

8.1 %

8.6 %

7.4 %

8.2 %

Non-GAAP net income

$ 1,371

$ 1,283

7 %

$ 2,294

$ 2,246

2 %

% of net revenue

5.5 %

5.6 %

4.9 %

5.1 %

Non-GAAP earnings per share – diluted

$ 1.89

$ 1.74

9 %

$ 3.16

$ 3.05

4 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Six Months Ended

August 2, 2024

August 4, 2023

Change

August 2, 2024

August 4, 2023

Change

Gross margin

$ 5,311

$ 5,387

(1) %

$ 10,117

$ 10,405

(3) %

Non-GAAP adjustments:

Amortization of intangibles

119

163

Stock-based compensation expense

Other corporate expenses

Non-GAAP gross margin

$ 5,464

$ 5,536

(1) %

$ 10,411

$ 10,700

(3) %

Operating expenses

$ 3,969

$ 4,222

(6) %

$ 7,855

$ 8,171

(4) %

Non-GAAP adjustments:

Amortization of intangibles

(109)

(129)

(217)

(253)

Stock-based compensation expense

(153)

(186)

(325)

(373)

Other corporate expenses

(277)

(348)

(410)

(420)

Non-GAAP operating expenses

$ 3,430

$ 3,559

(4) %

$ 6,903

$ 7,125

(3) %

Operating income

$ 1,342

$ 1,165

15 %

$ 2,262

$ 2,234

1 %

Non-GAAP adjustments:

Amortization of intangibles

168

213

336

416

Stock-based compensation expense

191

223

401

448

Other corporate expenses

333

376

509

477

Non-GAAP operating income

$ 2,034

$ 1,977

3 %

$ 3,508

$ 3,575

(2) %

Net income

$ 841

$ 455

85 %

$ 1,796

$ 1,033

74 %

Non-GAAP adjustments:

Amortization of intangibles

168

213

336

416

Stock-based compensation expense

191

223

401

448

Other corporate expenses

329

432

499

530

Fair value adjustments on equity
investments

(5)

Aggregate adjustment for income
taxes (a)

(153)

(69)

(763)

(225)

Non-GAAP net income

$ 1,371

$ 1,283

7 %

$ 2,294

$ 2,246

2 %

____________________

(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited; continued)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

Earnings per share attributable to Dell Technologies Inc. —
diluted

$ 1.17

$ 0.63

86 %

$ 2.49

$ 1.42

75 %

Non-GAAP adjustments:

Amortization of intangibles

0.23

0.29

0.46

0.56

Stock-based compensation expense

0.26

0.30

0.55

0.61

Other corporate expenses

0.46

0.58

0.69

0.72

Fair value adjustments on equity investments

(0.01)

0.04

0.06

Aggregate adjustment for income taxes (a)

(0.21)

(0.09)

(1.05)

(0.31)

Total non-GAAP adjustments attributable to non-
controlling interests

(0.01)

(0.02)

(0.01)

Non-GAAP earnings per share attributable to Dell
Technologies Inc. — diluted

$ 1.89

$ 1.74

9 %

$ 3.16

$ 3.05

4 %

____________________

(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

Change

August 2,
2024

August 4,
2023

Change

Cash flow from operations

$ 1,340

$ 3,214

(58) %

$ 2,383

$ 4,991

(52) %

Non-GAAP adjustments:

Capital expenditures and capitalized software
development costs, net (a)

(636)

(624)

(1,222)

(1,322)

Free cash flow

$ 704

$ 2,590

(73) %

$ 1,161

$ 3,669

(68) %

Free cash flow

$ 704

$ 2,590

(73) %

$ 1,161

$ 3,669

(68) %

Non-GAAP adjustments:

Financing receivables (b)

487

497

652

130

Equipment under operating leases (c)

(37)

(62)

Adjusted free cash flow

$ 1,284

$ 3,050

(58) %

$ 1,907

$ 3,737

(49) %

____________________

(a)

Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, and other assets.

(b)

Financing receivables represent the operating cash flow impact from the change in DFS financing receivables.

(c)

Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dell-technologies-delivers-second-quarter-fiscal-2025-financial-results-302234416.html

SOURCE Dell Technologies

Technology

Wondershare Demonstrates AI-Powered Document Workflows with PDFelement at Microsoft AI Tour Hong Kong

Published

30 minutes ago

April 23, 2026

HONG KONG, April 23, 2026 /PRNewswire/ — Wondershare, a global leader in digital productivity and creativity software, showcased its latest AI-powered solutions at the Microsoft AI Tour Hong Kong, highlighting how its flagship product, Wondershare PDFelement, integrates with Microsoft technologies to enable smarter, more secure, and more efficient document workflows for enterprises.

As Microsoft’s flagship global AI event, the Microsoft AI Tour brings together partners and industry leaders to explore how AI is transforming business operations. At the Hong Kong stop, Wondershare demonstrated its deep collaboration with Microsoft across key solution areas, showcasing how its product ecosystem aligns with Microsoft technologies to deliver integrated, end-to-end AI workflows.

At the center of the showcase was Wondershare PDFelement, an AI-powered, all-in-one PDF solution designed to streamline document-centric processes in enterprise environments. Through deep integration with the Microsoft ecosystem, PDFelement enables seamless interoperability with widely used applications such as Word, Excel, and PowerPoint, allowing users to convert PDFs into fully editable formats while preserving original layout and structure. With built-in Office plugins, users can also generate standardized PDFs directly within Microsoft applications. PDFelement further supports deployment in Microsoft Azure environments, enabling Single Sign-On (SSO) for streamlined access management, while maintaining compatibility with Microsoft Rights Management Services (RMS) to securely manage protected documents.

Beyond its ecosystem integration, PDFelement also introduces a suite of AI-powered capabilities to enhance productivity across document workflows. Smart Redact enables automatic detection and masking of over 70 types of sensitive data to support compliance requirements, while Professional AI Translation delivers accurate, industry-specific language output for cross-border collaboration. The Admin Console provides enterprise-grade centralized access and permission control, allowing IT teams to manage AI, cloud, and eSign features with real-time visibility into license usage. At the event, attendees can also experience a range of enhanced AI features, including AI Summarize, Chat with PDF, AI Translate, AI Detect and Rewrite, as well as AI Proofread, Voice, Explain, Grammar Check, and Mind Map Generation.

In addition to PDFelement, Wondershare also showcased how its broader product portfolio integrates with Microsoft technologies. EdrawMax offers full compatibility with Microsoft Visio through bidirectional .vsdx import and export, along with Office add-ins, OLE embedding, and data-driven diagram generation from Excel, while also featuring AI-powered capabilities such as the Edraw Agent, natural language-driven diagram generation, and text-to-diagram conversion across platforms. EdrawMind enables one-click conversion of mind maps into PowerPoint and supports intelligent analysis of Office documents to generate structured knowledge frameworks, alongside AI features including webpage summarization, node-based note generation, and AI-powered search. Filmora is optimized for the Windows AI PC ecosystem, leveraging on-device NPU acceleration for AI-powered video processing, supporting Windows on Arm, and enabling natural language interaction with RAG-based asset matching, while also incorporating AI Extend, AI Portrait, and Smart Cutout. Reelmate provides an AI-powered, agent-driven platform covering the full content production pipeline from generation to post-production for creating premium comic series.

Through live demonstrations, attendees were able to experience how Wondershare’s AI-powered solutions can be applied across real-world enterprise scenarios, from document processing and knowledge management to visual communication and content creation. The showcase attracted strong interest from professionals across industries such as finance, education, information technology, and telecommunications, particularly around capabilities related to document security, automation, and cross-language collaboration.

Wondershare’s participation in the Microsoft AI Tour Hong Kong highlights its continued commitment to advancing practical AI adoption through deep ecosystem integration. By combining AI capabilities with seamless compatibility across Microsoft technologies, Wondershare is helping enterprises build more secure, connected, and efficient workflows for the future.

About Wondershare:

Wondershare is a globally recognized software company founded in 2003, known for its innovative solutions in creativity and productivity. Driven by the mission “Creativity Simplified”, Wondershare offers a range of tools, including PDFelement for document management; EdrawMax, EdrawMind for diagraming, Filmora and SelfyzAI for video editing. With over 2 billion cumulative active users across all products and a presence in over 200 countries and regions, Wondershare empowers the next generation of creators with intuitive software and trendy creative resources, continually expanding the possibilities of creativity worldwide.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/wondershare-demonstrates-ai-powered-document-workflows-with-pdfelement-at-microsoft-ai-tour-hong-kong-302751206.html

SOURCE Wondershare Technology

Technology

TCL Solar Highlights Groundbreaking Solar Products at Korea Green Energy Expo 2026

Published

30 minutes ago

April 23, 2026

Booth No: K-450

DAEGU, South Korea, April 23, 2026 /PRNewswire/ — TCL Solar is currently exhibiting its latest photovoltaic solutions at the Korea Green Energy Expo, reinforcing its commitment to advancing South Korea’s renewable energy market. As South Korea is poised to become a key global player in the solar energy sector, the country is on track to achieve a cumulative installed solar capacity of 55.7GW by 2030, with over 5GW set to be installed annually. Among the growing demand, distributed and floating photovoltaic systems are driving significant market expansion.

TCL Solar is actively supporting South Korea’s renewable energy goals by offering high-efficiency, reliable solar modules and localized services that are integral to helping the country meet its solar installation targets and accelerate its transition to sustainable energy.

TCL Solar is showcasing its T5 Pro TOPCon Multi-Cut Product, which utilizes advanced TOPCon technology with overlapping cell architecture, offering a maximum power output of up to 670W、755W. This cutting-edge solution represents the pinnacle of high-efficiency solar energy.

Additionally, the C2 BC Module, powered by Back Contact technology, delivers significantly higher energy yields, making it perfect for complex applications with high BOS costs, low ground reflectivity, limited land availability, partial shadow scenarios, or aesthetic requirements.

The BC module with its no busbar design and no front metal lines present a more visually appealing aesthetic, meeting Korean architectural requirements. Offering a power output 20W higher than TOPCon modules, it also maintains significantly better hot spot resistance and a degradation rate of just 0.35%.

Additionally, the company introduced the lightweight modules (5.4kg/m², reducing weight by 49%) that are particularly suitable for low-load rooftops of aging factories in Korea.

Besides, the company proudly congratulate Prana Solution Co., Ltd. on winning the 2025 TCL Solar Top Sales Award on site. This remarkable achievement highlights the strong partnership between Prana Solution and TCL Solar, built on a shared commitment to innovation and sustainable energy.

Backed by TCL Zhonghuan’s (TCL Solar parent company) advanced manufacturing capabilities including the launch of the industry’s first 4.0 silicon wafer factory in 2020, TCL Solar guarantees excellent quality and technical support. TCL Solar will continue to collaborate with local partners to help South Korea achieve its renewable energy goals, while advancing its global expansion through partnership with the Korean market for mutual growth.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tcl-solar-highlights-groundbreaking-solar-products-at-korea-green-energy-expo-2026-302751217.html

SOURCE TCL Solar

Technology

BCG Reports $14.4 Billion in Revenue, Marking 22nd Consecutive Year of Growth

Published

30 minutes ago

April 23, 2026

Tech- and AI-Focused Services Now Represent More than 40% of Total RevenueBCG Grew to 33,500 Employees

BOSTON, April 23, 2026 /PRNewswire/ — Boston Consulting Group (BCG) has reported 7% global revenue growth, rising to $14.4 billion in 2025 from $13.5 billion in 2024, marking its 22nd consecutive year of growth. The firm expanded across all regions, reflecting client demand globally for large-scale transformation and applied AI impact.

Growth in 2025 was driven by clients seeking to harness technology and AI, pursue new avenues of growth, achieve cost excellence, and redesign their organizations for sustained results. AI- and tech-focused services now represent over 40% of BCG’s total revenue, driven by 25% year-over-year growth in AI services. BCG’s applied AI approach, embedding technology in real business operations at enterprise scale, enabled exponential impact for clients including IBM, Reckitt, and Foxconn.

“Our growth reflects the ambition of our clients and the dedication of our teams,” said Christoph Schweizer, BCG’s CEO. “We partner with leaders at defining moments to navigate uncertainty, embrace AI, and turn strategy into sustained advantage. As AI reshapes business, it is also reshaping how we operate as a firm. AI is now woven into every offering, client relationship, and daily case team experience to drive transformation and multiply impact for our clients.”

Building Up BCG’s Team to Deliver Transformational Results
BCG continued to expand its global talent base in 2025, growing its workforce to 33,500 employees. The firm added AI engineers, data scientists, IT architects, and deep-industry specialists, while continuing to develop its consulting teams to lead complex end-to-end transformations.

AI upskilling efforts have further accelerated across the firm, equipping teams to combine human judgment with AI-powered tools. BCG employees now use AI tools daily, with nearly 4,000 BCG employees actively developing and scaling AI workflows through advanced coding and automation. LinkedIn’s AI Talent Maturity Index places BCG’s workforce as leaders in the industry.

“Our people are at the center of our performance,” Schweizer said. “Their judgment, empathy, and ability to combine applied AI with strategic clarity are what enable us to deliver lasting impact for clients.”

Serving Clients in an Applied AI World
As AI reshapes industries, BCG is embedding AI directly into how it designs and delivers client solutions. Over the past year, the firm has reimagined its offerings by integrating AI into core consulting workflows—embedding proprietary knowledge, data, and proven delivery approaches into reusable, human-led agentic processes that accelerate impact.

Through BCG X, the firm builds bespoke AI solutions where differentiation matters most, deploying industry-specific platforms such as Auto AI, Retail AI, and Deep Customer Engagement AI directly into client systems. In 2025, BCG launched the BCG X AI Science Institute to advance frontier applications across industries, strengthening its work at the intersection of science, technology, and business transformation. BCG also serves as an ecosystem orchestrator working to deliver integrated solutions in collaboration with its tech alliance partners.

To best serve clients, BCG remains a leader in developing and using AI in a manner that is secure, responsible, and trusted by clients, partners, and regulators. BCG was among the first 100 organizations globally, and the only premium consulting firm, certified for ISO/IEC 42001 International Standard for AI Management Systems.

Media Contact:
Brian Bannister
Bannister.Brian@bcg.com

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bcg-reports-14-4-billion-in-revenue-marking-22nd-consecutive-year-of-growth-302751073.html

SOURCE Boston Consulting Group (BCG)