Technology

Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 Financial Results

Published

2 years ago

February 29, 2024

News summary

Fourth quarter revenue of $22.3 billion and full-year revenue of $88.4 billionFull-year operating income of $5.2 billion and non-GAAP operating income of $7.7 billionFull-year cash flow from operations of $8.7 billionFull-year diluted earnings per share of $4.36 and non-GAAP diluted earnings per share of $7.13Announcing a 20% increase in annual cash dividend to $1.78 per common share

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

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2024 fourth quarter and full year. Fourth quarter revenue was $22.3 billion, down 11% year over year. Operating income was $1.5 billion and non-GAAP operating income was $2.1 billion, up 25% and down 1% year over year, respectively. Cash flow from operations was $1.5 billion. Diluted earnings per share was $1.59, and non-GAAP diluted earnings per share was $2.20, up 89% and 22% year over year, respectively.

Revenue for the year was $88.4 billion, down 14% from fiscal year 2023. Operating income was $5.2 billion and non-GAAP operating income was $7.7 billion, down 10% and 11% year over year, respectively. Cash flow from operations for the full year was $8.7 billion. Full-year diluted earnings per share was $4.36, and non-GAAP diluted earnings per share was $7.13, up 35% and down 6% year over year, respectively.

Cash and investments were $9.0 billion, and Dell reached its core leverage target of 1.5x exiting the fiscal year. Dell is increasing its annual cash dividend by 20% to $1.78 per common share, with $0.445 per common share for the first quarterly distribution payable on May 3 to shareholders of record as of April 23.

“We generated $8.7 billion in cash flow from operations this fiscal year, returning $7 billion to shareholders since Q1 FY23,” said Yvonne McGill, chief financial officer, Dell Technologies. “We’re optimistic about FY25 and are increasing our annual dividend by 20% – a testament to our confidence in the business and ability to generate strong cash flow.”

Fourth Quarter Fiscal 2024 Financial Results

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

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

Net revenue

$ 22,318

$ 25,039

(11) %

$ 88,425

$ 102,301

(14) %

Operating income

$ 1,491

$ 1,189

25 %

$ 5,211

$ 5,771

(10) %

Net income

$ 1,158

$ 606

91 %

$ 3,195

$ 2,422

32 %

Earnings per share – diluted

$ 1.59

$ 0.84

89 %

$ 4.36

$ 3.24

35 %

Non-GAAP operating income

$ 2,139

$ 2,170

(1) %

$ 7,678

$ 8,637

(11) %

Non-GAAP net income

$ 1,610

$ 1,322

22 %

$ 5,245

$ 5,727

(8) %

Adjusted free cash flow

$ 1,010

$ 2,267

(55) %

$ 5,607

$ 1,533

266 %

Non-GAAP earnings per share – diluted

$ 2.20

$ 1.80

22 %

$ 7.13

$ 7.61

(6) %

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 fourth quarter revenue of $9.3 billion, up 10% sequentially and down 6% year over year. Servers and networking revenue was $4.9 billion, with sequential growth driven primarily by AI-optimized servers. Storage revenue was $4.5 billion, up 16% sequentially with demand strength across the portfolio. Operating income was $1.4 billion. Full-year ISG revenue was $33.9 billion, down 12% year over year, and full-year operating income was $4.3 billion, down 15% year over year.

Client Solutions Group (CSG) delivered fourth quarter revenue of $11.7 billion, down 5% sequentially and 12% year over year. Commercial client revenue was $9.6 billion, and Consumer revenue was $2.2 billion. Operating income was $726 million. Full-year CSG revenue was $48.9 billion, down 16% year over year, and full-year operating income was $3.5 billion, down 8% year over year.

“Our strong AI-optimized server momentum continues, with orders increasing nearly 40% sequentially and backlog nearly doubling, exiting our fiscal year at $2.9 billion,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “We’ve just started to touch the AI opportunities ahead of us, and we believe Dell is uniquely positioned with our broad portfolio to help customers build GenAI solutions that meet performance, cost and security requirements.”

Dell continues to expand its portfolio to help customers meet their performance, cost and security requirements across clouds, on premises and at the edge:

Expanded the Dell Generative AI Solutions portfolio with support for the AMD Instinct™ MI300X accelerator in Dell PowerEdge XE9680 servers and the new Dell Validated Design for Generative AI with AMD ROCm™ powered AI frameworks.Introduced new enterprise data storage advancements and planned validation with the NVIDIA DGX SuperPOD AI infrastructure, helping customers quickly access data for AI workloads with Dell PowerScale systems.Announced Dell will have the broadest portfolio of commercial AI laptops and mobile workstations, which feature built-in AI acceleration with the addition of the neural processing unit (NPU). New XPS systems also feature the NPU, helping to improve performance, productivity and collaboration.Forged partnership with Nokia to serve as its preferred infrastructure partner for Nokia AirFrame customers, transitioning them to Dell PowerEdge servers with Dell global services and support. Dell will also offer Nokia’s Digital Automation Cloud solution with Dell NativeEdge to provide a comprehensive, scalable solution for enterprises.

Operating Segments Results

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 4,857

$ 4,940

(2) %

$ 17,624

$ 20,398

(14) %

Storage

4,475

4,965

(10) %

16,261

17,958

(9) %

Total ISG net revenue

$ 9,332

$ 9,905

(6) %

$ 33,885

$ 38,356

(12) %

Operating Income:

ISG operating income

$ 1,428

$ 1,543

(7) %

$ 4,286

$ 5,045

(15) %

% of ISG net revenue

15.3 %

15.6 %

12.6 %

13.2 %

% of total reportable segment operating income

66 %

70 %

55 %

57 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 9,563

$ 10,697

(11) %

$ 39,814

$ 45,556

(13) %

Consumer

2,152

2,664

(19) %

9,102

12,657

(28) %

Total CSG net revenue

$ 11,715

$ 13,361

(12) %

$ 48,916

$ 58,213

(16) %

Operating Income:

CSG operating income

$ 726

$ 671

8 %

$ 3,512

$ 3,824

(8) %

% of CSG net revenue

6.2 %

5.0 %

7.2 %

6.6 %

% of total reportable segment operating income

34 %

30 %

45 %

43 %

Conference call information
As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Feb. 29 at 3:30 p.m. CST. 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.

Environmental, Social and Governance (ESG)
Our Environmental, Social and Governance (ESG) efforts focus on driving positive impact for people and our planet while delivering long-term value for our stakeholders. ESG resources can be accessed at https://www.dell.com/en-us/dt/corporate/social-impact/reporting/esg-governance.htm

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 data 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 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; 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 3, 2023, 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.

Consolidated Statements of Income and Related Financial Highlights

(in millions, except percentages; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

Net revenue:

Products

$ 16,149

$ 19,038

(15) %

$ 64,353

$ 79,250

(19) %

Services

6,169

6,001

3 %

24,072

23,051

4 %

Total net revenue

22,318

25,039

(11) %

88,425

102,301

(14) %

Cost of net revenue:

Products

13,393

15,748

(15) %

53,316

66,029

(19) %

Services

3,609

3,535

2 %

14,240

13,586

5 %

Total cost of net revenue

17,002

19,283

(12) %

67,556

79,615

(15) %

Gross margin

5,316

5,756

(8) %

20,869

22,686

(8) %

Operating expenses:

Selling, general, and administrative

3,109

3,772

(18) %

12,857

14,136

(9) %

Research and development

716

795

(10) %

2,801

2,779

1 %

Total operating expenses

3,825

4,567

(16) %

15,658

16,915

(7) %

Operating income

1,491

1,189

25 %

5,211

5,771

(10) %

Interest and other, net

(203)

(266)

24 %

(1,324)

(2,546)

48 %

Income before income taxes

1,288

923

40 %

3,887

3,225

21 %

Income tax expense

130

317

(59) %

692

803

(14) %

Net income

1,158

606

91 %

3,195

2,422

32 %

Less: Net loss attributable to non-controlling interests

(2)

(8)

75 %

(16)

(20)

20 %

Net income attributable to Dell Technologies Inc.

$ 1,160

$ 614

89 %

$ 3,211

$ 2,442

31 %

Percentage of Total Net Revenue:

Gross margin

23.8 %

23.0 %

23.6 %

22.2 %

Selling, general, and administrative

13.9 %

15.1 %

14.5 %

13.9 %

Research and development

3.2 %

2.7 %

Operating expenses

17.1 %

18.3 %

17.7 %

16.6 %

Operating income

6.7 %

4.7 %

5.9 %

5.6 %

Income before income taxes

5.8 %

3.7 %

4.4 %

3.2 %

Net income

5.2 %

2.4 %

3.6 %

2.4 %

Income tax rate

10.1 %

34.3 %

17.8 %

24.9 %

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

DELL TECHNOLOGIES INC.

Consolidated Statements of Financial Position

(in millions; unaudited)

February 2, 2024

February 3, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 7,366

$ 8,607

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

9,343

12,482

Due from related party, net

—

378

Short-term financing receivables, net of allowance of $79 and $142

4,643

5,281

Inventories

3,622

4,776

Other current assets

10,957

10,827

Current assets held for sale

—

Total current assets

35,947

42,351

Property, plant, and equipment, net

6,432

6,209

Long-term investments

1,316

1,518

Long-term financing receivables, net of allowance of $91 and $59

5,877

5,638

Goodwill

19,700

19,676

Intangible assets, net

5,701

6,468

Due from related party, net

—

440

Other non-current assets

7,116

7,311

Total assets

$ 82,089

$ 89,611

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$ 6,982

$ 6,573

Accounts payable

19,389

18,598

Due to related party

—

2,067

Accrued and other

6,805

8,874

Short-term deferred revenue

15,318

15,542

Total current liabilities

48,494

51,654

Long-term debt

19,012

23,015

Long-term deferred revenue

13,827

14,744

Other non-current liabilities

3,065

3,223

Total liabilities

84,398

92,636

Stockholders’ equity (deficit):

Total Dell Technologies Inc. stockholders’ equity (deficit)

(2,404)

(3,122)

Non-controlling interests

Total stockholders’ equity (deficit)

(2,309)

(3,025)

Total liabilities and stockholders’ equity

$ 82,089

$ 89,611

DELL TECHNOLOGIES INC.

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

February 2,
2024

February 3,
2023

Cash flows from operating activities:

Net income

$ 1,158

$ 606

$ 3,195

$ 2,422

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

375

2,108

5,481

1,143

Change in cash from operating activities

1,533

2,714

8,676

3,565

Cash flows from investing activities:

Purchases of investments

(29)

(7)

(172)

(108)

Maturities and sales of investments

226

116

Capital expenditures and capitalized software development
costs

(727)

(759)

(2,756)

(3,003)

Acquisition of businesses and assets, net

(70)

(126)

(70)

Other

Change in cash from investing activities

(669)

(796)

(2,783)

(3,024)

Cash flows from financing activities:

Proceeds from the issuance of common stock

—

Repurchases of common stock

(878)

(165)

(2,080)

(2,883)

Repurchases of common stock for employee tax withholdings

(18)

(372)

(398)

Payments of dividends and dividend equivalents

(261)

(236)

(1,072)

(964)

Proceeds from debt

871

3,700

7,775

12,479

Repayments of debt

(1,480)

(1,746)

(11,246)

(9,825)

Debt-related costs and other, net

(55)

(22)

(109)

(39)

Change in cash from financing activities

(1,819)

1,513

(7,094)

(1,625)

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

239

(186)

(104)

Change in cash, cash equivalents, and restricted cash

(941)

3,670

(1,387)

(1,188)

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

8,448

5,224

8,894

10,082

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

$ 7,507

$ 8,894

$ 7,507

$ 8,894

DELL TECHNOLOGIES INC.

Segment Information

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

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

Change

February 2,
2024

February 3,
2023

Change

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 4,857

$ 4,940

(2) %

$ 17,624

$ 20,398

(14) %

Storage

4,475

4,965

(10) %

16,261

17,958

(9) %

Total ISG net revenue

$ 9,332

$ 9,905

(6) %

$ 33,885

$ 38,356

(12) %

Operating Income:

ISG operating income

$ 1,428

$ 1,543

(7) %

$ 4,286

$ 5,045

(15) %

% of ISG net revenue

15.3 %

15.6 %

12.6 %

13.2 %

% of total reportable segment operating income

66 %

70 %

55 %

57 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 9,563

$ 10,697

(11) %

$ 39,814

$ 45,556

(13) %

Consumer

2,152

2,664

(19) %

9,102

12,657

(28) %

Total CSG net revenue

$ 11,715

$ 13,361

(12) %

$ 48,916

$ 58,213

(16) %

Operating Income:

CSG operating income

$ 726

$ 671

8 %

$ 3,512

$ 3,824

(8) %

% of CSG net revenue

6.2 %

5.0 %

7.2 %

6.6 %

% of total reportable segment operating income

34 %

30 %

45 %

43 %

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

Fiscal Year Ended

February 2,
2024

February 3,
2023

February 2,
2024

February 3,
2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$ 21,047

$ 23,266

$ 82,801

$ 96,569

Other businesses (a)

1,269

1,770

5,614

5,721

Unallocated transactions (b)

Total consolidated net revenue

$ 22,318

$ 25,039

$ 88,425

$ 102,301

Reconciliation to consolidated operating income:

Reportable segment operating income

$ 2,154

$ 2,214

$ 7,798

$ 8,869

Other businesses (a)

(17)

(48)

(129)

(240)

Unallocated transactions (b)

Impact of purchase accounting (c)

(4)

(11)

(14)

(44)

Amortization of intangibles

(206)

(238)

(819)

(970)

Transaction-related expenses (d)

(3)

(6)

(12)

(22)

Stock-based compensation expense (e)

(203)

(228)

(878)

(931)

Other corporate expenses (f)

(232)

(498)

(744)

(899)

Total consolidated operating income

$ 1,491

$ 1,189

$ 5,211

$ 5,771

_________________

(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)

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

(d)

Transaction-related expenses includes acquisition, integration, and divestiture related costs. From time to time, this category also may include transaction-related income related to divestitures of businesses or asset sales.

(e)

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

(f)

Other corporate expenses includes severance, impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, facilities action, and other costs.

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, 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

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

Change

Net revenue (a)

$ 22,318

$ 25,039

(11) %

$ 88,425

$ 102,301

(14) %

Non-GAAP gross margin

$ 5,468

$ 5,971

(8) %

$ 21,444

$ 23,427

(8) %

% of non-GAAP net revenue

24.5 %

23.8 %

24.3 %

22.9 %

Non-GAAP operating expenses

$ 3,329

$ 3,801

(12) %

$ 13,766

$ 14,790

(7) %

% of non-GAAP net revenue

14.9 %

15.1 %

15.6 %

14.5 %

Non-GAAP operating income

$ 2,139

$ 2,170

(1) %

$ 7,678

$ 8,637

(11) %

% of non-GAAP net revenue

9.6 %

8.7 %

8.4 %

Non-GAAP net income

$ 1,610

$ 1,322

22 %

$ 5,245

$ 5,727

(8) %

% of non-GAAP net revenue

7.2 %

5.3 %

5.9 %

5.6 %

Non-GAAP earnings per share – diluted

$ 2.20

$ 1.80

22 %

$ 7.13

$ 7.61

(6) %

____________________

(a)

Effective in the first quarter of Fiscal 2023, non-GAAP net revenue no longer differs from net revenue, the most comparable GAAP financial measure.

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

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Gross margin

$ 5,316

$ 5,756

(8) %

$ 20,869

$ 22,686

(8) %

Non-GAAP adjustments:

Amortization of intangibles

331

414

Impact of purchase accounting

—

Stock-based compensation expense

149

152

Other corporate expenses

173

Non-GAAP gross margin

$ 5,468

$ 5,971

(8) %

$ 21,444

$ 23,427

(8) %

Operating expenses

$ 3,825

$ 4,567

(16) %

$ 15,658

$ 16,915

(7) %

Non-GAAP adjustments:

Amortization of intangibles

(122)

(139)

(488)

(556)

Impact of purchase accounting

(4)

(11)

(14)

(42)

Transaction-related expenses

(3)

(6)

(12)

(22)

Stock-based compensation expense

(166)

(188)

(729)

(779)

Other corporate expenses

(201)

(422)

(649)

(726)

Non-GAAP operating expenses

$ 3,329

$ 3,801

(12) %

$ 13,766

$ 14,790

(7) %

Operating income

$ 1,491

$ 1,189

25 %

$ 5,211

$ 5,771

(10) %

Non-GAAP adjustments:

Amortization of intangibles

206

238

819

970

Impact of purchase accounting

Transaction-related expenses

Stock-based compensation expense

203

228

878

931

Other corporate expenses

232

498

744

899

Non-GAAP operating income

$ 2,139

$ 2,170

(1) %

$ 7,678

$ 8,637

(11) %

Net income

$ 1,158

$ 606

91 %

$ 3,195

$ 2,422

32 %

Non-GAAP adjustments:

Amortization of intangibles

206

238

819

970

Impact of purchase accounting

Transaction-related (income) expenses

(5)

(14)

(16)

Stock-based compensation expense

203

228

878

931

Other corporate expenses

232

392

744

1,812

Fair value adjustments on equity investments

(83)

(47)

206

Aggregate adjustment for income taxes

(105)

(148)

(407)

(642)

Non-GAAP net income

$ 1,610

$ 1,322

22 %

$ 5,245

$ 5,727

(8) %

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Earnings per share attributable to Dell
Technologies, Inc. – diluted

$ 1.59

$ 0.84

89 %

$ 4.36

$ 3.24

35 %

Non-GAAP adjustments:

Amortization of intangibles

0.28

0.32

1.11

1.29

Impact of purchase accounting

0.01

0.02

0.06

Transaction-related (income) expenses

(0.01)

(0.02)

0.07

(0.02)

Stock-based compensation expense

0.28

0.31

1.19

1.24

Other corporate expenses

0.32

0.53

1.01

2.41

Fair value adjustments on equity
investments

(0.11)

0.01

(0.06)

0.27

Aggregate adjustment for income taxes

(0.15)

(0.19)

(0.55)

(0.86)

Total non-GAAP adjustments attributable
to non-controlling interests

(0.01)

(0.02)

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

$ 2.20

$ 1.80

22 %

$ 7.13

$ 7.61

(6) %

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Cash flow from operations

$ 1,533

$ 2,714

(44) %

$ 8,676

$ 3,565

143 %

Non-GAAP adjustments:

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

(727)

(749)

(2,753)

(2,993)

Free cash flow

$ 806

$ 1,965

(59) %

$ 5,923

$ 572

935 %

Free cash flow

$ 806

$ 1,965

(59) %

$ 5,923

$ 572

935 %

Non-GAAP adjustments:

DFS financing receivables (b)

136

175

(309)

461

DFS operating leases (c)

127

(7)

500

Adjusted free cash flow

$ 1,010

$ 2,267

(55) %

$ 5,607

$ 1,533

266 %

____________________

(a)

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

(b)

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

(c)

DFS operating leases represents the change in net carrying value of equipment for DFS operating leases.

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SOURCE Dell Technologies

Technology

Wearable Technology Market Expected to Reach $183.2 Billion by 2031, Growing at a CAGR of 12.75% — Allied Market Research

Published

19 minutes ago

April 21, 2026

Surge in AI & IoT-enabled smart wearables, rising healthcare monitoring demand, and expanding enterprise deployments are reshaping the global wearable technology market.

WILMINGTON, Del., April 21, 2026 /PRNewswire/ — Allied Market Research has published a comprehensive new report titled, “Wearable Technology Market by Device, Product Type, and Application: Global Opportunity Analysis and Industry Forecast, 2024–2033.” According to the report, the global wearable technology market size was valued at USD 54.8 billion in 2020 and is projected to reach USD 183.2 billion by 2031, registering a CAGR of 12.75% from 2022 to 2031. Rising global rates of chronic disease, post-pandemic behavioral shifts toward preventive health, and the accelerating integration of artificial intelligence and IoT connectivity into wearable devices are the primary forces fueling robust wearable technology market growth across consumer, clinical, and enterprise segments.

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Key Market Snapshot

Report Title

Wearable Technology Market — Global Opportunity Analysis & Industry Forecast, 2024–2033

Market Size (2020)

USD 54.8 Billion

Market Forecast (2031)

USD 183.2 Billion

CAGR (2022–2031)

12.75 %

Leading Segment by Product

Smartwatches & Fitness Bands

Leading Application

Healthcare & Medical Monitoring

Leading End User

Consumer Electronics Segment

Dominant Region

North America

Fastest Growing Region

Asia-Pacific

Top Growth Driver

AI & IoT-Enabled Wearable Devices

Report Coverage

2017–2033 | Multi-segmented, Multi-regional

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Key Market Insights

Market Size: The global wearable technology market was valued at USD 54.8 billion in 2020 and is projected to reach USD 183.2 billion by 2031 growing at a CAGR of12.75% making it one of the fastest-growing consumer electronics and digital health segments worldwide.The Smartwatches and fitness bands, who are not only growing the presence in the field of heart rate tracking or sleep tracking but also new product advances such contactless payments along with smartphone features basically serving needs for both a proliferation of wellness consumers and burgeoning population of more clinically oriented users.The Highest Growing Application Vertical: Healthcare and medical monitoring is the fastest-growing segment of application vertical, due to increasing clinical validation for ECG monitoring, blood glucose estimation, SpO2 tracking & fall detection in wearable devices — allowing continuous remote patient management.Hearables as a New Subsector: A growing sector of wearables, hearables — smart earbuds and AI-driven hearing aids are one of the most dynamic wearable categories now, propelled further by relaxation of US regulations on over-the-counter (OTC) hearing aids.Regional Leaders: North America led the market for global wearable technology in 2020 due to high consumer technology adoption, advanced healthcare infrastructure and a strong ecosystem for employer-subsidized wellness programs.Largest Growth Frontier: Equipped with increasing smartphone penetration, expanding urban middle class incomes, and large young rural populations across India, China, South Korea & Southeast Asia; AsiaPacific is undoubtedly the fastest growing region.Artificial intelligence (AI) as an Enabler: The addition of AI built directly into wearables — delivering personalized fitness coaching, real-time alerts to changes in health conditions, anomaly detection and predictive analytics — will finally be transforming the nature of smart watches from mere data collectors to actual intelligent health companions.

Technology Drivers

Introduction There are several converging technologies that will redefine usage wearables. On-device AI and machine learning provide personal fitness recommendations, real-time health alerts, and behavioral coaching to individual users which will drive stickiness on the platform The widespread emergence of 5G infrastructure worldwide is enabling low-latency biosignal streaming to cloud health platforms, paving the way for new use cases in remote patient monitoring and augmented reality wearables along with industrial safety applications.

Flexible batteries, which can keep power-hungry chip designs thinner and allow energy harvesting from body heat and motion, combined with increasingly compact chip design are helping create tinier devices that provide better fulfillment of consumer expectations surrounding comfort and aesthetics. With the birth of smart ring category — small, low-power and unobtrusive devices —shows that appetite is growing for wearable form factors beyond the wrist.

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Market Segmentation

Based on Product Type: Smartwatches: & amp; Fitness bands, hearables, medical wearables smart glasses and smart clothing.

By Application: Sports and fitness is still the largest segment by volume, while healthcare and medical monitoring is fastest-growing as biosensors receive clinical validation (for arrhythmia detection), continuous glucose monitoring and chronic disease management.

Global Shipments of Device by End User: Individual consumers are the leader in global shipments of devices. But healthcare providers and enterprise clients are scaling too quickly as wearables move past consumer toys to actual clinical and operational tools with credible ROI. Through comprehensive employee wellness programs, enterprises throughout North America and Europe are integrating wearables into their health initiatives that form another valuable institutional procurement channel, next to where most consumer wearables are sold today retail.

Regional Insights

North America will occupy the largest revenue share as a growing middle class translates to overall health, with high levels of consumer technology adoption and a healthcare system that has embraced remote monitoring. Consumer health wearables are accelerating clinical validation with FDA clearances, and sustained demand is being created by employer subsidized wellness programs, over above direct retail

Technological advances coupled with significant smartphone penetration and an increasing middle-class income are propelling growth of the Asia-Pacific market, which is also home to some of the youngest populations in world (in India, China, South Korea and Southeast Asia). China has the combined characteristics of being the largest manufacturer in the world as well as a large domestic consumer market: many new brands compete fiercely on feature set and price. India is forecast to also experience one of the highest regional growth rates until 2033 from e-commerce expansion and rising urban health awareness.

Europe has a large presence, spinning off notably to the medical and sports performance space. Representing a different landscape of data governance that wearable health platforms face today, consumer privacy awareness is affecting the market and EU digital health regulations actively are shaping product development for manufacturers worldwide. Its the UK and Germany, France and the Nordic nations that are at the fore.

LAMEA (Latin America, Middle East, and Africa) is an emerging high-growth opportunity. In Saudi Arabia, the UAE and Qatar this institutional push for wearables is being supported by government-led incentives for Smart City and digital health initiatives. For Latin American adoption, Brazil leads and South Africa anchors the African wearables ecosystem.

Competitive Landscape

The market is defined by intense competition among technology giants, specialized medical device makers, and consumer electronics challengers:

Apple leads the smartwatch segment with its Apple Watch ecosystem, integrating consumer wellness with clinical-grade health monitoring.Samsung competes through its Galaxy Watch and Galaxy Buds portfolio, backed by the Samsung Health platform.Fitbit (Google) pioneered consumer fitness tracking and is now targeting clinical-grade health monitoring within Google’s broader digital health ecosystem.Garmin commands premium loyalty among athletes and outdoor professionals through precision GPS and biometric analytics.Huawei and Xiaomi dominate volume in Asia-Pacific — Huawei through advanced health sensing and Xiaomi through ultra-competitive pricing in emerging markets.Abbott, Dexcom, and Medtronic lead in medical wearables, particularly continuous glucose monitors and implantable cardiac devices.Meta and Snap are pursuing next-generation augmented reality smart glasses.

Recent Developments

There are a few major trends that will influence the direction of the market in the near term. Non-invasive Blood Glucose monitoring is one of the most awaited features in future smartwatches and for good reason too; it could unlock the world’s biggest diabetic care market. So far, large language model-based AI coaching assistants have been dispersed in wearable platforms and are producing tailored fitness, sleep and stress management advice. For Consumer Domestics: The FDA and CE Clearances for ECG, Atrial Fibrillation Detection, And Blood Oxygen Monitoring Have Notably Broadened the Clinical Legitimacy of Smartwatches from Consumers Ruggedized wearables for workplace safety and augmented reality-assisted operations will deliver a high-value B2B channel targeting enterprise and industrial deployments. With technology conglomerates, healthcare systems, and insurers all vying to consolidate platforms and intellectual property across connected health, strategic M&A and investment activity is accelerating.

Analyst Perspective

Structural Inflection Point for Wearable Tech Market With the largest-aged population globally, they require continuous non-invasive monitoring of heart, lung and brain health by detecting early symptoms. At the same time, healthcare systems pressed financially are transitioning to preventive care models — a switch in which clinically validated consumer wearables form a critical enabling play.

The synthesis of AI-enabled edge computing, 5G, next-generation biosensor arrays, and flexible electronics is creating a new class of devices that will serve not only as data collectors but also as smart health companions with capabilities for personalization, anomaly detection and integration across larger digital health systems.

For market stakeholders, the key success factors all remain constant; device accuracy and clinical validation (with effective engagement that engenders habitual use), platform ecosystem stickiness (entrenchment to create a barrier to competition), data privacy & regulatory compliance, and the demonstrated ability to deliver measurable health outcomes that warrant a premium price point for consumers or institutional uptake. Those companies getting all four of these dimensions right are best positioned to capture outsized value as the market scales through 2033

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides end-to-end solutions along with information, education, advocacy, and networking resources to SMEs and early-stage start-ups to bring excellence to their processes. In addition, we offer a nurturing environment required to develop and grow businesses, including business planning; virtual support; market intelligence; acquiring resources; and getting direct access to finance, suppliers, and other experts to boost the growth of businesses and entrepreneurs.

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SOURCE Allied Market Research

Technology

AI Innovation Surges as Security Fundamentals Lag, Kroll Research Finds

Published

19 minutes ago

April 21, 2026

Key Takeaways

76% of organizations have experienced a security incident involving AI applications or models in the past two years. 27% of organizations report costs exceeding $1 million from AI-related security incidents.As organizational cyber maturity increases, the likelihood of experiencing an incident involving AI reduces significantly, from 89% (very low maturity) to 54% (very high maturity).

NEW YORK, April 21, 2026 /PRNewswire/ — Kroll, the leading independent provider of global financial and risk advisory solutions, has released global cyber resilience research which reveals that rapid artificial intelligence (AI) adoption is dramatically outpacing governance, security controls and incident preparedness.

It has become clear that AI, and in particular agentic AI, has changed the threat model permanently. The research results indicate that while AI is becoming embedded across enterprise operations, 76% of businesses have experienced a security incident involving AI applications or models in the past two years. The research reveals organizations lack the foundational security practices and governance frameworks necessary to deploy AI safely and effectively, costing almost one-third of organizations (27%) over one million dollars related to AI-related security incidents.

While there is appetite to incorporate the promise of AI into security infrastructure, 90% of respondents surveyed identified barriers preventing greater investment in AI security. Lack of clear ROI, insufficient executive understanding of AI risks and the belief that current measures are sufficient account for 40% of those barriers.

The Innovation-Security Trade-Off

The research shows that most organizations are inadequately prepared for AI threats, despite the rapid increase in attacks.

Organizations spend an average of 13% of their AI initiative budget on using AI to test security controls or to test the models themselves, leaving critical gaps in AI security posture and illuminating a disconnect between AI adoption and AI security investment.Companies with highly mature security practices are six times more likely to spend over 20% of their AI budget on testing security controls.Almost half (48%) of respondents stated they have little to no organizational governance on AI tool and service adoption, creating an expanded attack surface that extends far beyond the organization’s traditional perimeter.

Dave Burg, Global Group Head of Cyber and Data Resilience at Kroll, says, “Organizations are under pressure to embrace AI to respond faster and with greater precision to increasingly complex threats. However, this cannot come at the expense of the basics for prevention, detection and responding to attacks. We’re seeing businesses enthusiastically integrate AI into their operations without getting the fundamentals right first, and that’s creating a dangerous security debt.

The real story isn’t that AI is risky; it’s that without the right foundational security in place, AI amplifies existing security weaknesses. Fortunately, there are opportunities for organizations to remediate this. Kroll was recently among industry leaders joining CrowdStrike’s Charlotte AI AgentWorks Ecosystem which helps operationalize AI within managed detection and response, building tailored agents that accelerate investigations and response.”

Maturity Matters: Organizations with Strong Foundations Experience Significantly Fewer AI Incidents

As organizational cyber maturity increases, the likelihood of experiencing an AI-related security incident drops significantly:

89% of organizations with very low cyber maturity experience AI-related security incidents.In contrast, 54% of organizations with very high cyber maturity experience AI-related security incidents.Even further, 46% of organizations with very high cyber maturity reported zero AI-related cyber incidents in the past two years, demonstrating that robust security foundations directly translate to AI security resilience.This is understandable as 69% of organizations with very high cyber maturity have a centralized AI platform strategy with security controls, compared to just 39% of those with very low cyber maturity.

Quiessence Philips, Head of Security Architecture and Engineering at Kroll, says, “AI’s ability to accelerate productivity and innovation is undeniable, and the goal is not to slow it down. However, adoption without concurrent investment in security foundations is not bold, it’s reckless. The agentic AI ecosystem is now the fastest-growing enterprise attack surface, and the organizations most at risk are the ones chasing the opportunity without building security alongside it. Secure architecture, identity management, incident response, security culture – these aren’t limitations on innovation, but what make innovation sustainable.”

You can access the full report on the Kroll website.

You can also register for the webinar discussing these results in-depth here.

About the Research

Kroll commissioned independent research firm Sapio Research to conduct a comprehensive study into cybersecurity resilience and risk alignment in enterprise organizations. The research surveyed 1,000 cybersecurity decision-makers at companies with annual revenues from $50 million to more than $5 billion across 10 countries: the United Kingdom, Ireland, Germany, Switzerland, the United States, Japan, Singapore, Australia, the United Arab Emirates and Saudi Arabia. The survey was conducted in November and December 2025.

About Kroll

As the leading independent provider of financial and risk advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex valuation demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.

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SOURCE Kroll

Technology

Premialab Partners with BBVA CIB

Published

19 minutes ago

April 21, 2026

LONDON, April 21, 2026 /PRNewswire/ — Premialab, the leading independent platform for quantitative analytics and systematic investment strategies, today announced that BBVA Global Markets QIS has joined its global contributor network. BBVA GM QIS will add its suite of rule-based strategies to the Premialab platform and leverage Premialab’s advanced analytics, including its Pure Factors framework, to independently benchmark and analyze performance and risk characteristics. This collaboration underscores Premialab’s commitment to deepening its quantitative solutions ecosystem and offering institutional investors a broader toolkit of data-driven strategies.

BBVA GM QIS offers a diverse suite of systematic strategies spanning equities including thematic and smart beta and systematic asset allocation, both aligned with its well-established Structured Products platform, as well as Alternative Risk Premia indices designed to capture systematic risk premiums available in the market. These solutions can also serve as overlays to traditional portfolios, providing additional income or hedging features.

Together, these investable systematic strategies enable investors to achieve their risk-return objectives by calibrating factor exposures and risk budgets in a flexible, transparent, and cost-efficient manner.

“Joining the Premialab platform is an exciting step for BBVA GM QIS,” said Pablo Suárez, Head of QIS at BBVA Global Markets. “We see Premialab as a natural partner, given the strong alignment between its independent analytics capabilities and our systematic investment framework. Its data infrastructure provides an ideal environment to showcase our strategies to a global institutional audience. This collaboration reflects our commitment to working closely together, enabling investors to better understand the risk and return drivers of our systematic solutions and how they can complement their broader portfolio objectives.”

We are delighted to partner with BBVA GM QIS,” said Adrien Geliot, CEO of Premialab. “Their quantitative expertise and strong track record in developing innovative, rule-based investment solutions align with our mission to bring greater transparency, consistency, and insight to the systematic investing landscape. This partnership expands our coverage and strengthens the value we deliver to institutional investors.

Premialab’s multi-asset, multi-region platform handles over 15 million data points daily across more than 7,000 investible systematic strategies, representing client assets under management of approximately USD 20 trillion. Its proprietary dataset and analytics provide detailed risk decomposition, factor attribution, and scenario-based analysis – enabling investors to make better allocation decisions.

Notes to Editors

About Premialab
Premialab is the leading independent platform that collaborates with leading investment banks and institutional investors globally, providing data, analytics, and risk solutions for systematic, factor, and multi-asset strategies. With offices in London, Paris, New York, Hong Kong, Dubai and Sydney, the company partners with the top 18 investment banks, leading asset managers, pension funds, sovereign wealth funds and insurance companies globally. For more information, please visit: www.premialab.com.

About BBVA CIB

BBVA is a global financial services group founded in 1857. The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In the United States, BBVA also has a significant investment, transactional, and capital markets banking business.

Its division BBVA Corporate & Investment Banking (BBVA CIB) brings together the activities of investment banking, markets, financing and transactional services for institutional investors and corporate clients. It has a strong global presence, providing services in 25 countries through an extensive team of experts, including investment banking specialists and advisors in specific industries and sectors. BBVA CIB offers a wide range of value-added products and financial solutions, for the simplest needs and for the most complex ones. Its mission is to help clients to carry out their projects and achieve their business, transformation and sustainability objectives, whether they are local or international.

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