Dell Technologies Reports First Quarter Fiscal 2020 Financial Results

May 30, 2019 at 4:21 PM EDT

ROUND ROCK, Texas, May 30, 2019 /PRNewswire/ --

Dell Technologies

News summary

  • First quarter revenue of $21.9 billion, up 3 percent; non-GAAP first quarter revenue of $22.0 billion, up 2 percent
  • Operating income of $550 million; non-GAAP operating income of $2.2 billion
  • Diluted earnings per share of $0.38; non-GAAP diluted earnings per share of $1.45

Full story

Dell Technologies (NYSE: DELL) today announced financial results for its fiscal 2020 first quarter ended May 3, 2019. First quarter revenue was $21.9 billion, up 3 percent, and non-GAAP revenue was $22.0 billion, up 2 percent over the same period in the prior year. The company generated operating income of $550 million1, compared to an operating loss of $153 million last year, and non-GAAP operating income of $2.2 billion, compared to $2.0 billion last year. Net income was $329 million or 1.5 percent of revenue, non-GAAP net income was $1.2 billion or 5.5 percent of non-GAAP revenue, and adjusted EBITDA was $2.6 billion or 11.7 percent of non-GAAP revenue. Cash flow from operations was approximately $682 million for the quarter with diluted earnings per share of $0.38 and non-GAAP diluted earnings per share of $1.45.

"We're in the middle of a technology led investment cycle that's fueled by the explosion of data," said Jeff Clarke, vice chairman, Dell Technologies. "No one is better positioned to deliver the solutions customers need to grow in the data era. One example is our new Dell Technologies Cloud platform jointly engineered with VMware to expedite customers' moves to hybrid cloud environments."

Unveiled at Dell Technologies World earlier in the quarter, the Dell Technologies Cloud combines the power of VMware and Dell Technologies to make hybrid cloud environments simpler to deploy and manage with consistent infrastructure, operations, and services. Dell Technologies Cloud seamlessly extends from the public cloud into the data center with the option of hyperconverged or converged infrastructure, including VMware Cloud Foundation on VxRail, as well as being able to be consumed as a fully managed Data Center-as-a-Service, VMware Cloud on Dell EMC.

Also at Dell Technologies World 2019, the company extended its leadership in edge computing with the announcement of Unified Workspace, which integrates solutions across Dell devices and services, VMware Workspace ONE, and Secureworks to simplify the entire device lifecycle for IT.

First Quarter Fiscal 2020 Financial Results


Three Months Ended



May 3, 2019


May 4, 2018


Change


(in millions, except percentages; unaudited)

Total net revenue

$

21,908


$

21,356


3%

Operating income (loss)

$

550


$

(153)


459%

Net income (loss)

$

329


$

(538)


161%







Non-GAAP net revenue

$

21,990


$

21,543


2%

Non-GAAP operating income

$

2,196


$

2,026


8%

Non-GAAP net income

$

1,209


$

1,179


3%

Adjusted EBITDA

$

2,573


$

2,383


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.

Dell Technologies ended the quarter with a cash and investments balance of $9.8 billion. The company paid down approximately $400 million in gross debt in the first quarter and approximately $15 billion in gross debt over the two and a half years since the closing of the EMC transaction, excluding Dell Financial Services-related debt, public subsidiary debt, and debt incurred to finance the Class V transaction. The company is on track to repay approximately $4.8 billion of gross debt in fiscal year 2020.

"I am pleased that we grew revenue and profitability while taking share in a dynamic environment," said Tom Sweet, chief financial officer, Dell Technologies. "We remain focused on long-term relative growth and innovating across our family of businesses to help our customers transform for their digital future."

Operating segments summary

Infrastructure Solutions Group revenue for the first quarter was $8.2 billion, a 5 percent decrease year-over-year. This was driven by a 1 percent decrease in storage revenue to $4.0 billion and a 9 percent decrease in server and networking revenue to $4.2 billion. Operating income was $843 million for the first quarter, or 10.3 percent of Infrastructure Solutions Group revenue.

Key highlights:

  • Newer software-defined data center solutions and hyper converged infrastructure are growing rapidly, including VxRail, which grew triple digits again during the first quarter
  • Launched midrange storage portfolio with new Unity XT solution announced at Dell Technologies World 2019, as well as new Cloud Storage Services extending support for hybrid cloud environments
  • Strengthened data protection portfolio with announcement of PowerProtect X400 and PowerProtect Software platform offerings at Dell Technologies World 2019

Client Solutions Group revenue for the first quarter was $10.9 billion, up 6 percent versus the first quarter of last year. Commercial revenue grew 13 percent to $8.3 billion, and Consumer revenue was down 10 percent to $2.6 billion. Operating income was $793 million for the first quarter, or 7.3 percent of Client Solutions Group revenue.

Key highlights:

  • Gained year-over-year worldwide PC share2 for 25th consecutive quarter
  • Double-digit revenue growth in commercial notebooks, desktops, and workstations
  • Launched new Dell Latitude mobile PC portfolio with breakthroughs in security, productivity, and connectivity

VMware revenue was $2.3 billion for the first quarter, up 13 percent driven by broad-based strength across a diverse product portfolio. Operating income for the first quarter was $614 million, or 26.9 percent of VMware revenue.

Conference call information

As previously announced, the company will hold a conference call to discuss its first quarter performance today, May 30, 2019 at 4:30 p.m. CDT. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/events-and-presentations/upcoming-events For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.

A slide presentation containing additional financial and operating information may be downloaded from Dell Technologies' website at https://investors.delltechnologies.com/financial-information/quarterly-results  

About Dell Technologies

Dell Technologies (NYSE:DELL) is a unique family of businesses that helps organizations and individuals build their digital future and transform how they work and live. The company provides customers with the industry's broadest and most innovative technology and services portfolio spanning from edge to core to cloud. The Dell Technologies family includes Dell, Dell EMC, Pivotal, RSA, Secureworks, Virtustream and VMware.

Copyright © 2019 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. 

1 Due to the EMC transaction, significant non-cash bridging items will remain between GAAP and non-GAAP results for the next few years.
2 IDC WW Quarterly Personal Computing Device (PCD) Tracker CY19Q1

Non-GAAP Financial Measures:

This press release presents information about Dell Technologies' non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to non-controlling interest, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, EBITDA, and adjusted EBITDA, 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 historical 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: 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; adverse global economic conditions and instability in financial markets; Dell Technologies' execution of its growth, business and acquisition strategies; the success of Dell Technologies' cost efficiency measures; Dell Technologies' ability to manage solutions and products and services transitions in an effective manner; Dell Technologies' ability to deliver high-quality products and services; Dell Technologies' foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies' product, 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; weak economic conditions and additional regulation; counterparty default risks; the loss by Dell Technologies of any services contracts with its customers, including government contracts, and its ability to perform such contracts at its estimated costs; 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; infrastructure disruptions, cyberattacks, or other data security breaches; 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; increased costs and additional regulations and requirements as a result of Dell Technologies' operation as a public company; Dell Technologies' ability to develop and maintain effective internal control over financial reporting; compliance requirements of changing environmental and safety laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; Dell Technologies' substantial level of indebtedness; the impact of the financial performance of VMware; and the market volatility of Dell Technologies' pension plan assets.

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 1, 2019, 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 (Loss) and Related Financial Highlights

(in millions, except percentages; unaudited)



Three Months Ended




May 3, 2019


May 4, 2018


Change

Net revenue:






Products

$

16,754



$

16,671



—%

Services

5,154



4,685



10%

Total net revenue

21,908



21,356



3%

Cost of net revenue:






Products

13,079



13,606



(4)%

Services

2,032



1,872



9%

Total cost of net revenue

15,111



15,478



(2)%

Gross margin

6,797



5,878



16%

Operating expenses:






Selling, general, and administrative

5,071



4,944



3%

Research and development

1,176



1,087



8%

Total operating expenses

6,247



6,031



4%

Operating income (loss)

550



(153)



459%

Interest and other, net

(693)



(470)



(47)%

Loss before income taxes

(143)



(623)



77%

Income tax benefit

(472)



(85)



(455)%

Net income (loss)

329



(538)



161%

Less: Net income attributable to non-controlling interests

36



98



63%

Net income (loss) attributable to Dell Technologies Inc.

$

293



$

(636)



146%

Percentage of Total Net Revenue:






Gross margin

31

%


28

%



Selling, general, and administrative

23

%


23

%



Research and development

5

%


5

%



Operating expenses

29

%


28

%



Operating income (loss)

3

%


(1)

%



Loss before income taxes

(1)

%


(3)

%



Net income (loss)

2

%


(3)

%



Income tax rate

330.1

%


13.6

%



 

 

DELL TECHNOLOGIES INC.

Consolidated Statements of Financial Position

(in millions; unaudited)



May 3, 2019


February 1, 2019

ASSETS

Current assets:




Cash and cash equivalents

$

9,040


$

9,676

Short-term investments


Accounts receivable, net

10,517


12,371

Short-term financing receivables, net

4,277


4,398

Inventories, net

3,360


3,649

Other current assets

6,461


6,044

Total current assets

33,655


36,138

Property, plant, and equipment, net

5,505


5,259

Long-term investments

782


1,005

Long-term financing receivables, net

4,131


4,224

Goodwill

40,015


40,089

Intangible assets, net

20,948


22,270

Other non-current assets

4,856


2,835

Total assets

$

109,892


$

111,820


LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:




Short-term debt

$

4,884


$

4,320

Accounts payable

18,097


19,213

Accrued and other

7,455


8,495

Short-term deferred revenue

13,043


12,944

Total current liabilities

43,479


44,972

Long-term debt

48,640


49,201

Long-term deferred revenue

11,135


11,066

Other non-current liabilities

6,525


6,327

Total liabilities

109,779


111,566

Redeemable shares

1,774


1,196

Stockholders' equity (deficit):




Total Dell Technologies Inc. stockholders' equity (deficit)

(6,464)


(5,765)

Non-controlling interests

4,803


4,823

Total stockholders' equity (deficit)

(1,661)


(942)

Total liabilities, redeemable shares, and stockholders' equity (deficit)

$

109,892


$

111,820

 

 

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)



Three Months Ended


May 3, 2019


May 4, 2018

Cash flows from operating activities:




Net income (loss)

$

329


$

(538)

Adjustments to reconcile net loss to net cash provided by operating activities

353


1,697

Change in cash from operating activities

682


1,159

Cash flows from investing activities:




Investments:




Purchases

(38)


(439)

Maturities and sales

337


531

Capital expenditures

(610)


(273)

Proceeds from sale of facilities, land, and other assets


10

Capitalized software development costs

(106)


(89)

Collections on purchased financing receivables

7


10

Acquisition of businesses, net

(45)


Divestitures of businesses, net


142

Asset acquisitions, net


(38)

Asset dispositions, net

(3)


(3)

Change in cash from investing activities

(458)


(149)

Cash flows from financing activities:




Share repurchases for tax withholdings of equity awards

(215)


(100)

Proceeds from the issuance of common stock of subsidiaries

133


642

Repurchases of common stock of subsidiaries

(592)


Proceeds from debt

9,563


1,863

Repayments of debt

(9,569)


(1,822)

Other

(39)


(40)

Change in cash from financing activities

(719)


543

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

(36)


(86)

Change in cash, cash equivalents, and restricted cash

(531)


1,467

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

10,240


14,378

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

$

9,709


$

15,845

 

 

DELL TECHNOLOGIES INC.

Segment Information

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



Three Months Ended




May 3, 2019


May 4, 2018


Change

Infrastructure Solutions Group (ISG):






Net Revenue:






Servers and networking

$

4,180



$

4,585



(9)%

Storage

4,022



4,082



(1)%

Total ISG net revenue

$

8,202



$

8,667



(5)%







Operating Income:






ISG operating income

$

843



$

939



(10)%

% of ISG net revenue

10

%


11

%



% of total reportable segment operating income

37

%


45

%









Client Solutions Group (CSG):






Net Revenue:






Commercial

$

8,307



$

7,363



13%

Consumer

2,603



2,908



(10)%

Total CSG net revenue

$

10,910



$

10,271



6%







Operating Income:






CSG operating income

$

793



$

533



49%

% of CSG net revenue

7

%


5

%



% of total reportable segment operating income

35

%


26

%









VMware:






Net Revenue:






Total VMware net revenue

$

2,282



$

2,028



13%







Operating Income:






VMware operating income

$

614



$

613



—%

% of VMware net revenue

27

%


30

%



% of total reportable segment operating income

27

%


29

%



 

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued)



Three Months Ended


May 3, 2019


May 4, 2018

Reconciliation to consolidated net revenue:





Reportable segment net revenue

$

21,394


$

20,966

Other businesses (a)

596


579

Unallocated transactions (b)


(2)

Impact of purchase accounting (c)

(82)


(187)

Total consolidated net revenue

$

21,908


$

21,356





Reconciliation to consolidated operating income (loss):






Reportable segment operating income

$

2,250


$

2,085

Other businesses (a)

(53)


(50)

Unallocated transactions (b)

(1)


(9)

Impact of purchase accounting (c)

(101)


(222)

Amortization of intangibles

(1,217)


(1,522)

Transaction-related expenses (d)

(42)


(166)

Stock-based compensation expense (e)

(263)


(199)

Other corporate expenses (f)

(23)


(70)

Total consolidated operating income (loss)

$

550


$

(153)

________________

(a)

Pivotal, SecureWorks, RSA Security, Virtustream, and Boomi constitute "Other businesses" and do not meet the requirements for a reportable segment, either individually or collectively.  The results of Other businesses are not material to the Company's overall results.

(b)

Unallocated transactions include long-term incentives, certain short-term incentive compensation expenses, and 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, as well as the costs incurred in the Class V transaction.

(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 and facility action costs.

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to non-controlling interest, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, EBITDA, and adjusted EBITDA, 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 conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.

Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited)



Three Months Ended




May 3, 2019


May 4, 2018


Change

Non-GAAP net revenue

$

21,990



$

21,543



2%

Non-GAAP gross margin

$

7,434



$

6,919



7%

% of non-GAAP net revenue

34

%


32

%



Non-GAAP operating expenses

$

5,238



$

4,893



7%

% of non-GAAP net revenue

24

%


23

%



Non-GAAP operating income

$

2,196



$

2,026



8%

% of non-GAAP net revenue

10

%


9

%



Non-GAAP net income (a)

$

1,209



$

1,179



3%

% of non-GAAP net revenue

5

%


5

%



Adjusted EBITDA

$

2,573



$

2,383



8%

% of non-GAAP net revenue

12

%


11

%



________________

(a)

Non-GAAP net income has been recast to exclude fair value adjustments on equity investments, the corresponding tax effects of those adjustments, and discrete tax items.

 

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

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



Three Months Ended




May 3, 2019


May 4, 2018


Change

Net revenue

$

21,908


$

21,356


3%

Non-GAAP adjustments:






Impact of purchase accounting

82


187



Non-GAAP net revenue

$

21,990


$

21,543


2%







Gross margin

$

6,797


$

5,878


16%

Non-GAAP adjustments:






Amortization of intangibles

519


710



Impact of purchase accounting

84


193



Transaction-related expenses

(5)


116



Stock-based compensation expense

26


16



Other corporate expenses

13


6



Non-GAAP gross margin

$

7,434


$

6,919


7%







Operating expenses

$

6,247


$

6,031


4%

Non-GAAP adjustments:






Amortization of intangibles

(698)


(812)



Impact of purchase accounting

(17)


(29)



Transaction-related expenses

(47)


(50)



Stock-based compensation expense

(237)


(183)



Other corporate expenses

(10)


(64)



Non-GAAP operating expenses

$

5,238


$

4,893


7%







Operating income (loss)

$

550


$

(153)


459%

Non-GAAP adjustments:






Amortization of intangibles

1,217


1,522



Impact of purchase accounting

101


222



Transaction-related expenses

42


166



Stock-based compensation expense

263


199



Other corporate expenses

23


70



Non-GAAP operating income

$

2,196


$

2,026


8%

 

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)



Three Months Ended




May 3, 2019


May 4, 2018


Change

Net income (loss)

$

329


$

(538)


161%

Non-GAAP adjustments:






Amortization of intangibles

1,217


1,522



Impact of purchase accounting

101


222



Transaction-related expenses

42


166



Stock-based compensation expense

263


199



Other corporate expenses

23


70



Fair value adjustments on equity investments

(62)


(107)



Aggregate adjustment for income taxes

(704)


(355)



Non-GAAP net income (a)

$

1,209


$

1,179


3%







Net income (loss)

$

329


$

(538)


161%

Adjustments:






Interest and other, net

693


470



Income tax provision (benefit)

(472)


(85)



Depreciation and amortization

1,616


1,914



EBITDA

$

2,166


$

1,761


23%







EBITDA

$

2,166


$

1,761


23%

Adjustments:






Stock-based compensation expense

263


199



Impact of purchase accounting

83


222



Transaction-related expenses

42


166



Other corporate expenses

19


35



Adjusted EBITDA

$

2,573


$

2,383


8%

_________________

(a)

Non-GAAP net income has been recast to exclude fair value adjustments on equity investments, the corresponding tax effects of those adjustments, and discrete tax items.

 

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Three Months Ended May 3, 2019

(in millions, except per share amounts; unaudited)



GAAP


Amortization of
intangibles


Impact of
purchase
accounting


Transaction-
related
expenses


Stock-based
compensation
expense


Other
corporate
expenses


Fair value
adjustments
on equity
investments


Aggregate
adjustment
for income
taxes


Non-
GAAP

Net income

$

329


1,217


101


42


263


23


(62)


(704)


$

1,209

Less: Net income attributable to non-controlling interests (a)

36


72


6


3


46



(25)


(29)


109

Net income attributable to Dell Technologies Inc. - basic

293


1,145


95


39


217


23


(37)


(675)


1,100

Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. (b)

(8)
















(8)

Net income attributable to Dell Technologies Inc. - diluted

$

285
















$

1,092



















Earnings per share - basic

$

0.41
















$

1.53

Earnings per share - diluted

$

0.38
















$

1.45



















Weighted-average shares outstanding - basic

717
















717

Weighted-average shares outstanding - diluted

751
















751

_____________________

(a)  

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware Inc., Pivotal Software Inc., and SecureWorks Corp. by their non-GAAP net income adjustments for the period presented.

(b)  

Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. represents the impact of VMware Inc.'s dilutive securities on the diluted earnings per share of Dell Technologies Inc. and is calculated by multiplying the difference between VMware's basic and diluted earnings per share by the number of shares of VMware Inc. common stock held by Dell Technologies Inc.

 

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SOURCE Dell Technologies

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