Technology

Dell Technologies Delivers Third Quarter Fiscal 2025 Financial Results

Published

1 year ago

November 26, 2024

News summary

Third quarter revenue of $24.4 billion, up 10% year over yearInfrastructure Solutions Group (ISG) revenue of $11.4 billion, up 34% year over year, with servers and networking revenue of $7.4 billion, up 58%Client Solutions Group (CSG) revenue of $12.1 billion, down 1% year over year, with commercial client revenue up 3% at $10.1 billionDiluted earnings per share of $1.58, up 16% year over year, and non-GAAP diluted earnings per share of $2.15, up 14%

ROUND ROCK, Texas, Nov. 26, 2024 /PRNewswire/ —

Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 third quarter. Revenue was $24.4 billion, up 10% year over year. Operating income was $1.7 billion and non-GAAP operating income was $2.2 billion, both up 12% year over year. Diluted earnings per share was $1.58, and non-GAAP diluted earnings per share was $2.15, up 16% and 14% year over year, respectively.

“We continued to build on our AI leadership and momentum, delivering combined ISG and CSG revenue of $23.5 billion, up 13% year over year,” said Yvonne McGill, chief financial officer, Dell Technologies. “Our continued focus on profitability resulted in EPS growth that outpaced revenue growth, and we again delivered strong cash performance.”

Cash flow from operations was $1.6 billion, and Dell ended the quarter with $6.6 billion in cash and investments.

Third Quarter Fiscal 2025 Financial Results

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

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

Net revenue

$ 24,366

$ 22,251

10 %

$ 71,636

$ 66,107

8 %

Operating income

$ 1,668

$ 1,486

12 %

$ 3,930

$ 3,720

6 %

Net income

$ 1,127

$ 1,004

12 %

$ 2,923

$ 2,037

43 %

Change in cash from operating activities

$ 1,553

$ 2,152

(28) %

$ 3,936

$ 7,143

(45) %

Earnings per share – diluted

$ 1.58

$ 1.36

16 %

$ 4.07

$ 2.78

46 %

Non-GAAP operating income

$ 2,199

$ 1,964

12 %

$ 5,707

$ 5,539

3 %

Non-GAAP net income

$ 1,540

$ 1,389

11 %

$ 3,834

$ 3,635

5 %

Adjusted free cash flow

$ 716

$ 860

(17) %

$ 2,623

$ 4,597

(43) %

Non-GAAP earnings per share – diluted

$ 2.15

$ 1.88

14 %

$ 5.31

$ 4.93

8 %

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 third-quarter revenue of $11.4 billion, up 34% year over year. Servers and networking revenue was $7.4 billion, up 58%, with demand growth across AI and traditional servers. Storage revenue was $4.0 billion, up 4%. Operating income was $1.5 billion.

“AI is a robust opportunity for us with no signs of slowing down,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%, with growth across all customer types.”

Client Solutions Group (CSG) delivered third quarter revenue of $12.1 billion, down 1% year over year. Commercial client revenue was up 3% at $10.1 billion, and Consumer revenue was $2.0 billion, down 18%. Operating income was $694 million.

Operating Segments Results

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 7,364

$ 4,656

58 %

$ 20,502

$ 12,767

61 %

Storage

4,004

3,843

4 %

11,739

11,786

— %

Total ISG net revenue

$ 11,368

$ 8,499

34 %

$ 32,241

$ 24,553

31 %

Operating Income:

ISG operating income

$ 1,508

$ 1,069

41 %

$ 3,528

$ 2,858

23 %

% of ISG net revenue

13.3 %

12.6 %

10.9 %

11.6 %

% of total reportable segment operating income

68 %

54 %

62 %

51 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 10,138

$ 9,835

3 %

$ 30,848

$ 30,251

2 %

Consumer

1,993

2,441

(18) %

5,664

6,950

(19) %

Total CSG net revenue

$ 12,131

$ 12,276

(1) %

$ 36,512

$ 37,201

(2) %

Operating Income:

CSG operating income

$ 694

$ 925

(25) %

$ 2,193

$ 2,786

(21) %

% of CSG net revenue

5.7 %

7.5 %

6.0 %

7.5 %

% of total reportable segment operating income

32 %

46 %

38 %

49 %

Conference call information

As previously announced, the company will hold a conference call to discuss its performance and financial guidance on Nov. 26 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.

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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Net revenue:

Products

18,290

16,233

13 %

53,371

48,204

11 %

Services

6,076

6,018

1 %

18,265

17,903

2 %

Total net revenue

24,366

22,251

10 %

71,636

66,107

8 %

Cost of net revenue:

Products

15,541

13,546

15 %

45,386

39,923

14 %

Services

3,518

3,557

(1) %

10,826

10,631

2 %

Total cost of net revenue

19,059

17,103

11 %

56,212

50,554

11 %

Gross margin

5,307

5,148

3 %

15,424

15,553

(1) %

Operating expenses:

Selling, general, and administrative

2,894

2,970

(3) %

9,206

9,748

(6) %

Research and development

745

692

8 %

2,288

2,085

10 %

Total operating expenses

3,639

3,662

(1) %

11,494

11,833

(3) %

Operating income

1,668

1,486

12 %

3,930

3,720

6 %

Interest and other, net

(276)

(306)

10 %

(1,002)

(1,121)

11 %

Income before income taxes

1,392

1,180

18 %

2,928

2,599

13 %

Income tax expense

265

176

51 %

562

(99) %

Net income

1,127

1,004

12 %

2,923

2,037

43 %

Less: Net loss attributable to non-controlling interests

(5)

(2)

(150) %

(15)

(14)

(7) %

Net income attributable to Dell Technologies Inc.

$ 1,132

$ 1,006

13 %

$ 2,938

$ 2,051

43 %

Percentage of Total Net Revenue:

Gross margin

21.8 %

23.1 %

21.5 %

23.5 %

Selling, general, and administrative

11.9 %

13.3 %

12.8 %

14.7 %

Research and development

3.1 %

3.2 %

Operating expenses

15.0 %

16.4 %

16.0 %

17.9 %

Operating income

6.8 %

6.7 %

5.5 %

5.6 %

Income before income taxes

5.7 %

5.3 %

4.1 %

3.9 %

Net income

4.6 %

4.5 %

4.1 %

3.1 %

Income tax rate

19.0 %

14.9 %

0.2 %

21.6 %

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)

November 1, 2024

February 2, 2024

ASSETS

Current assets:

Cash and cash equivalents

$ 5,225

$ 7,366

Accounts receivable, net of allowance of $62 and $71

11,189

9,343

Short-term financing receivables, net of allowance of $74 and $79

5,001

4,643

Inventories

6,652

3,622

Other current assets

9,306

10,973

Current assets held for sale

662

—

Total current assets

38,035

35,947

Property, plant, and equipment, net

6,327

6,432

Long-term investments

1,312

1,316

Long-term financing receivables, net of allowance of $70 and $91

5,849

5,877

Goodwill

19,243

19,700

Intangible assets, net

5,147

5,701

Other non-current assets

6,038

7,116

Total assets

$ 81,951

$ 82,089

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

$ 5,612

$ 6,982

Accounts payable

23,400

19,389

Accrued and other

6,490

6,805

Short-term deferred revenue

13,787

15,318

Current liabilities held for sale

211

—

Total current liabilities

49,500

48,494

Long-term debt

19,410

19,012

Long-term deferred revenue

12,424

13,827

Other non-current liabilities

2,807

3,065

Total liabilities

84,141

84,398

Stockholders’ equity (deficit):

Common stock and capital in excess of $0.01 par value

8,951

8,926

Treasury stock at cost

(7,747)

(5,900)

Accumulated deficit

(2,669)

(4,630)

Accumulated other comprehensive loss

(820)

(800)

Total Dell Technologies Inc. stockholders’ equity (deficit)

(2,285)

(2,404)

Non-controlling interests

Total stockholders’ equity (deficit)

(2,190)

(2,309)

Total liabilities and stockholders’ equity

$ 81,951

$ 82,089

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(in millions; unaudited)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Cash flows from operating activities:

Net income

$ 1,127

$ 1,004

$ 2,923

$ 2,037

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

426

1,148

1,013

5,106

Change in cash from operating activities

1,553

2,152

3,936

7,143

Cash flows from investing activities:

Purchases of investments

(19)

(30)

(83)

(143)

Maturities and sales of investments

121

337

150

Capital expenditures and capitalized software development costs

(639)

(704)

(1,917)

(2,029)

Acquisition of businesses and assets, net

—

(127)

—

(127)

Other

126

Change in cash from investing activities

(524)

(825)

(1,537)

(2,114)

Cash flows from financing activities:

Proceeds from the issuance of common stock

—

Repurchases of common stock

(429)

(702)

(1,854)

(1,202)

Repurchases of common stock for employee tax withholdings

(25)

(42)

(560)

(354)

Payments of dividends and dividend equivalents

(312)

(266)

(964)

(811)

Proceeds from debt

3,680

2,249

8,613

6,904

Repayments of debt

(3,200)

(2,684)

(9,594)

(9,766)

Debt-related costs and other, net

(29)

(5)

(66)

(54)

Change in cash from financing activities

(315)

(1,446)

(4,424)

(5,275)

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

(83)

(78)

(200)

Change in cash, cash equivalents, and restricted cash

733

(202)

(2,103)

(446)

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

4,671

8,650

7,507

8,894

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

$ 5,404

$ 8,448

$ 5,404

$ 8,448

DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued on next page)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Infrastructure Solutions Group (ISG):

Net revenue:

Servers and networking

$ 7,364

$ 4,656

58 %

$ 20,502

$ 12,767

61 %

Storage

4,004

3,843

4 %

11,739

11,786

— %

Total ISG net revenue

$ 11,368

$ 8,499

34 %

$ 32,241

$ 24,553

31 %

Operating Income:

ISG operating income

$ 1,508

$ 1,069

41 %

$ 3,528

$ 2,858

23 %

% of ISG net revenue

13.3 %

12.6 %

10.9 %

11.6 %

% of total reportable segment operating income

68 %

54 %

62 %

51 %

Client Solutions Group (CSG):

Net revenue:

Commercial

$ 10,138

$ 9,835

3 %

$ 30,848

$ 30,251

2 %

Consumer

1,993

2,441

(18) %

5,664

6,950

(19) %

Total CSG net revenue

$ 12,131

$ 12,276

(1) %

$ 36,512

$ 37,201

(2) %

Operating Income:

CSG operating income

$ 694

$ 925

(25) %

$ 2,193

$ 2,786

(21) %

% of CSG net revenue

5.7 %

7.5 %

6.0 %

7.5 %

% of total reportable segment operating income

32 %

46 %

38 %

49 %

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

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$ 23,499

$ 20,775

$ 68,753

$ 61,754

Other businesses (a)

867

1,474

2,882

4,345

Unallocated transactions (b)

—

Total consolidated net revenue

$ 24,366

$ 22,251

$ 71,636

$ 66,107

Reconciliation to consolidated operating income:

Reportable segment operating income

$ 2,202

$ 1,994

$ 5,721

$ 5,644

Other businesses (a)

(3)

(32)

(14)

(112)

Unallocated transactions (b)

—

Amortization of intangibles (c)

(168)

(207)

(504)

(623)

Stock-based compensation expense (d)

(198)

(227)

(599)

(675)

Other corporate expenses (e)

(165)

(44)

(674)

(521)

Total consolidated operating income

$ 1,668

$ 1,486

$ 3,930

$ 3,720

(a)

Other businesses consists of: 1) Dell’s resale of standalone VMware LLC, formerly 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.

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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Net revenue

$ 24,366

$ 22,251

10 %

$ 71,636

$ 66,107

8 %

Non-GAAP gross margin

$ 5,437

$ 5,276

3 %

$ 15,848

$ 15,976

(1) %

% of net revenue

22.3 %

23.7 %

22.1 %

24.2 %

Non-GAAP operating expenses

$ 3,238

$ 3,312

(2) %

$ 10,141

$ 10,437

(3) %

% of net revenue

13.3 %

14.9 %

14.1 %

15.8 %

Non-GAAP operating income

$ 2,199

$ 1,964

12 %

$ 5,707

$ 5,539

3 %

% of net revenue

9.0 %

8.8 %

8.0 %

8.4 %

Non-GAAP net income

$ 1,540

$ 1,389

11 %

$ 3,834

$ 3,635

5 %

% of net revenue

6.3 %

6.2 %

5.4 %

5.5 %

Non-GAAP earnings per share – diluted

$ 2.15

$ 1.88

14 %

$ 5.31

$ 4.93

8 %

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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Gross margin

$ 5,307

$ 5,148

3 %

$ 15,424

$ 15,553

(1) %

Non-GAAP adjustments:

Amortization of intangibles

179

247

Stock-based compensation expense

115

112

Other corporate expenses

130

Non-GAAP gross margin

$ 5,437

$ 5,276

3 %

$ 15,848

$ 15,976

(1) %

Operating expenses

$ 3,639

$ 3,662

(1) %

$ 11,494

$ 11,833

(3) %

Non-GAAP adjustments:

Amortization of intangibles

(108)

(123)

(325)

(376)

Stock-based compensation expense

(159)

(190)

(484)

(563)

Other corporate expenses

(134)

(37)

(544)

(457)

Non-GAAP operating expenses

$ 3,238

$ 3,312

(2) %

$ 10,141

$ 10,437

(3) %

Operating income

$ 1,668

$ 1,486

12 %

$ 3,930

$ 3,720

6 %

Non-GAAP adjustments:

Amortization of intangibles

168

207

504

623

Stock-based compensation expense

198

227

599

675

Other corporate expenses

165

674

521

Non-GAAP operating income

$ 2,199

$ 1,964

12 %

$ 5,707

$ 5,539

3 %

Net income

$ 1,127

$ 1,004

12 %

$ 2,923

$ 2,037

43 %

Non-GAAP adjustments:

Amortization of intangibles

168

207

504

623

Stock-based compensation expense

198

227

599

675

Other corporate expenses

166

665

566

Fair value adjustments on equity investments

(46)

(8)

(21)

Aggregate adjustment for income taxes (a)

(73)

(77)

(836)

(302)

Non-GAAP net income

$ 1,540

$ 1,389

11 %

$ 3,834

$ 3,635

5 %

(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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Earnings per share attributable to Dell Technologies Inc. — diluted

$ 1.58

$ 1.36

16 %

$ 4.07

$ 2.78

46 %

Non-GAAP adjustments:

Amortization of intangibles

0.23

0.28

0.70

0.84

Stock-based compensation expense

0.28

0.31

0.83

0.91

Other corporate expenses

0.23

0.04

0.92

0.77

Fair value adjustments on equity investments

(0.06)

(0.01)

(0.03)

0.05

Aggregate adjustment for income taxes (a)

(0.10)

(1.16)

(0.41)

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

$ 2.15

$ 1.88

14 %

$ 5.31

$ 4.93

8 %

(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

Nine Months Ended

November 1, 2024

November 3, 2023

Change

November 1, 2024

November 3, 2023

Change

Cash flow from operations

$ 1,553

$ 2,152

(28) %

$ 3,936

$ 7,143

(45) %

Non-GAAP adjustments:

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

(639)

(704)

(1,861)

(2,026)

Free cash flow

$ 914

$ 1,448

(37) %

$ 2,075

$ 5,117

(59) %

Free cash flow

$ 914

$ 1,448

(37) %

$ 2,075

$ 5,117

(59) %

Non-GAAP adjustments:

Financing receivables (b)

(233)

(575)

419

(445)

Equipment under operating leases (c)

(13)

129

(75)

Adjusted free cash flow

$ 716

$ 860

(17) %

$ 2,623

$ 4,597

(43) %

(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-third-quarter-fiscal-2025-financial-results-302316911.html

SOURCE Dell Technologies

Technology

CNN to bring its Global Perspectives events series to Bangkok

Published

49 minutes ago

April 21, 2026

Conversations to be led by CNN journalists including Dr. Sanjay Gupta, Richard Quest and Kristie Lu Stout

HONG KONG, April 21, 2026 /PRNewswire/ — CNN will hold the inaugural Asia chapter of its Global Perspectives events franchise in Bangkok, Thailand, on 14 October 2026, reinforcing the network’s commitment to convene global leaders and fostering dialogue on the critical issues shaping international business, policy and economic development.

CNN will bring together dignitaries, visionaries, political and business leaders for Global Perspectives: In Bangkok, to explore big ideas, bold leadership and the dynamic economies at the forefront of global transformation. On-stage conversations will be led by CNN’s esteemed anchors and correspondents, including Dr. Sanjay Gupta, Richard Quest, Kristie Lu Stout, Will Ripley and Hanako Montgomery, with editorial content and news-making interviews from the event featured across CNN platforms.

Expanding the Global Perspectives series with this Bangkok edition underscores CNN’s long-standing engagement in Asia. As a historic economic and cultural crossroads, Bangkok sits at the intersection of global economic dynamism, regional influence and vibrant cultural energy. The event will take place as global leaders, investors and policymakers gather in the city for the International Monetary Fund and World Bank Group Annual Meetings, creating an exclusive platform for CNN to examine a world in transition and the forces reshaping power and influence.

Ellana Lee, Group SVP, GM APAC, & Global Head of Productions at CNN, said: “Global Perspectives: In Bangkok will reflect CNN’s deep commitment to Asia and will aim to foster conversations that matter most on the global stage. At a time of rapid transformation, this event will bring together influential voices to examine the ideas, opportunities and challenges shaping the region and the world.”

James Hunt, SVP, Head of Client Solutions & Business Lead, Global Perspectives, CNN International Commercial said: “Global Perspectives provides a unique platform for leaders and partners to engage in meaningful dialogue and connect with the forces driving global change. Hosting the event in Bangkok creates new opportunities for brand partners and sponsors to be associated with important conversations about collaboration, insight and impact at the heart of one of the world’s most dynamic regions.”

Expanding its events franchise by holding Global Perspectives: In Bangkok builds on CNN’s long-standing presence in Asia which includes a network of bureaus and correspondents across Hong Kong, Beijing, Bangkok, Taiwan, Seoul, Tokyo, New Delhi and Islamabad.

Global Perspectives is an invitation-only gathering for international decision-makers and influential leaders from across industries, including technology, finance, investment, trade, geopolitics, healthcare, media, entertainment and more. The event will be attended by heads of state, regional and global leaders, and participants can expect to form meaningful connections that will last well beyond the event itself. Global Perspectives will be hosted at The Ritz-Carlton, Bangkok.

Further details on speakers and programming will be announced in due course. People interested in attending Global Perspectives: In Bangkok can register their interest at: https://cnnicevents.cnn.com/gpbangkok/prl

About CNN Worldwide

CNN Worldwide is the most honored brand in cable news, reaching more individuals through television, streaming and online than any other cable news organization in the United States. Globally, people across the world can watch CNN International, which is widely distributed in over 200 countries and territories. CNN Digital is the #1 online news destination, with more unique visitors than any other news source. HBO Max, Warner Bros. Discovery’s streaming platform, features CNN Max, a 24/7 streaming news offering available to subscribers alongside expanded access to News content and CNN Originals. CNN’s award-winning portfolio includes non-scripted programming from CNN Original Series and CNN Films for broadcast, streaming and distribution across multiple platforms. CNN programming can be found on CNN, CNN International and CNN en Español channels, via CNN Max and the CNN Originals hub on discovery+ and via pay TV subscription on CNN.com, CNN apps and cable operator platforms. Additionally, CNN Newsource is the world’s most extensively utilized news service partnering with over 1,000 local and international news organizations around the world. CNN is a division of Warner Bros. Discovery.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cnn-to-bring-its-global-perspectives-events-series-to-bangkok-302748000.html

SOURCE CNN International

Technology

Quality Executive Partners, Inc.® Announces Exclusive Partnership with Vi’eNnI® Training and Consulting LLP to Accelerate Workforce Development in India’s Huge Pharmaceutical Sector with Virtuosi®

Published

49 minutes ago

April 21, 2026

ATLANTA and BENGALURU, India, April 21, 2026 /PRNewswire/ — Quality Executive Partners, Inc.® (QxP), a global leader in pharmaceutical quality, workforce development, regulatory compliance, and manufacturing consulting, today announced an exclusive strategic partnership with Vi’eNnI® Training and Consulting LLP to introduce and scale Virtuosi® across the Indian biopharmaceutical market.

Virtuosi helps biopharmaceutical manufacturers to solve one of their most critical operational challenges—the readiness of the workforce to perform in high-risk, high-complexity GMP environments—by building and sustaining operational capability across the employee lifecycle.

Under this agreement, Vienni will be QxP’s exclusive partner for Virtuosi in India, leading market engagement, client identification, and commercial activities.

Vi’eNnI® TRAINING & CONSULTING LLP: Enabling Scalable Training Excellence Across India

Vi’eNnI® is a recognized leader in pharmaceutical training and capability development in India, with a strong track record in GMP education, regulatory compliance, and industry engagement. Vi’eNnI® through its association with Eduoriens Skill Development LLP and professional bodies such as Parenteral Drug Association (PDA) India, Vienni operates at the center of India’s pharmaceutical training and compliance ecosystem.

With this established network, operational credibility, and relationships across India’s leading pharmaceutical manufacturers, Vienni is uniquely positioned to drive the adoption of Virtuosi at scale across the Indian market.

“This alliance is intended to deepen, enrich, and embed the field of training. The advantage of this collaboration is expected to make learning stick, with recall much higher when a participant leaves the learning zone,” said Vishal Sharma, Co-Founder Director, Vi’eNnI® TRAINING & CONSULTING LLP

“This marks the beginning of driving innovation and shaping outcomes that matter. Together, we forge a partnership that speaks the language of impact, influence, and enduring progress for teaching-learning & implementation,” said Ivy Louis, Founder Director, Vi’eNnI® TRAINING & CONSULTING LLP

“Vi’eNnI®’s mission is to empower doers to excel in their craft. This association with QxP for Virtuosi marks a pivotal step in advancing workforce capability and highlighting the strategic value of immersive training in India. We are proud to continue driving this mission forward.”

“We are honored to partner with Vi’eNnI® , a highly respected organization with deep roots in the Indian pharmaceutical industry,” said Crystal Mersh, Chief Executive Officer of Quality Executive Partners, Inc. “Together, we are enabling broader access to Virtuosi in a way that allows clients to build and sustain the knowledge, skills, and behaviors required to perform under real operating conditions. This embeds compliance and capability into daily execution in order to deliver high quality medicines to patients around the world.”

Virtuosi by QxP: Advancing Workforce Capability in India’s Globally Critical Pharmaceutical Hubs

India is one of the most critical pharmaceutical manufacturing markets globally and is poised for significant growth in the coming years, particularly across biologics, biosimilars, and advanced therapies. As manufacturers expand into more complex product categories and face increasing scrutiny from global regulatory agencies—including the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) —the ability to rapidly build, standardize, and sustain a high-performing, inspection-ready workforce has become a strategic priority.

cGMP experts at QxP created Virtuosi to address this exact challenge. Virtuosi is an immersive workforce readiness program accredited by the International Accreditors for Continuing Education and Training (IACET), aligning with globally recognized standards for continuing education and distinguishing it as the only virtual reality–based training program to achieve such accreditation.

Combining virtual reality interactive experiences with digital course content, Virtuosi enables professionals to practice critical manufacturing and quality processes—such as aseptic operations, microbiology, and advanced therapies—in realistic, risk-free environments. The platform includes over 100 hours of education, 56 technical courses, and 20 immersive VR experiences, and is available in seven languages—English, French, German, Italian, Mandarin, Spanish, and Swedish—to support global workforce standardization. Virtuosi helps organizations reduce human error, accelerate time to competency, and improve compliance and operational performance across global pharmaceutical operations.

By shifting training from passive instruction to experiential learning, Virtuosi helps reduce time to competency and human error, improve inspection readiness, and drive measurable quality outcomes which translates directly to revenue protection and growth. This partnership strengthens not only the competitiveness of individual organizations, but also the long-term resilience, regulatory standing, and global leadership of India’s pharmaceutical sector.

About Quality Executive Partners, Inc.® (QxP)

Quality Executive Partners, Inc. (QxP) is a premium CGMP consulting firm focused on solving complex operational and regulatory challenges in pharmaceutical manufacturing. QxP services pharmaceutical manufactures and CDMOs globally across all major modalities – OTC, oral solid dosage, sterile, biologics, ATMPs, clinical-stage manufacturing, and combination products. We support clients throughout the product lifecycle, including clinical operations, commercial readiness, regulatory strategy, quality transformations, and remediation. Through our ‘Teach and Do®’ model, QxP embeds senior GMP experts / former regulators into day-to-day operations to execute alongside client teams and build internal capability. This model ensures solutions are effective in practice, sustainable, and directly reduce operational risk. .

About Vi’eNnI®

Vi’eNnI® Training and Consulting LLP is a pharmaceutical training and consulting organization based in Bengaluru, India, focused on advancing workforce capability, regulatory compliance, and operational excellence across the life sciences sector, for the past 16 years. The company delivers targeted training and consulting services across GMP, quality systems, aseptic processing, microbiology, and inspection readiness, competency and culture building initiatives, helping organizations strengthen performance, consolidate efficiency and achieve sustainable compliance. Known for its practical, implementation-focused approach, Vi’eNnI® enables pharmaceutical and biotechnology companies to translate training into measurable improvements on the shop floor, supporting continuous improvement and long-term capability development across India’s pharmaceutical industry with a variety of options and tools.

Media Contact (Global)
Robin Mersh
SVP, Virtuosi Sales
Quality Executive Partners, Inc.
Email: RobinMersh@QualityExecutivePartners.com
Phone: (+1) 678-496-7503

Media Contact (India)
Ivy Louis
Founder-Director
Vi’eNnI® Training and Consulting LLP
Email: Ivy_louis@vienni.com
Phone: +91 9986821045
WhatsApp: +91 9986821045

Vi’eNnI® & Virtuosi® are registered trademarks for VIENNI & Quality Executive Partners, Inc., respectively.

Logo – https://mma.prnewswire.com/media/2790799/5926395/Virtuosi_Logo.jpg

View original content:https://www.prnewswire.com/in/news-releases/quality-executive-partners-inc-announces-exclusive-partnership-with-vienni-training-and-consulting-llp-to-accelerate-workforce-development-in-indias-huge-pharmaceutical-sector-with-virtuosi-302748013.html

Technology

Tuniu Corporation Files Its Annual Report on Form 20-F

Published

49 minutes ago

April 21, 2026

NANJING, China, April 20, 2026 /PRNewswire/ — Tuniu Corporation (NASDAQ:TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 20, 2026, U.S. Eastern Time. The annual report can be accessed on the Company’s investor relations website at http://ir.tuniu.com or the SEC’s website at www.sec.gov. The Company will provide a copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Investor Relations Department at 12th floor, building 6-A, Juhuiyuan, No.108 Xuanwudadao, Xuanwu District, Nanjing, Jiangsu Province 210023, The People’s Republic of China.

About Tuniu Corporation

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

View original content:https://www.prnewswire.com/news-releases/tuniu-corporation-files-its-annual-report-on-form-20-f-302747995.html

SOURCE Tuniu Corporation