Future-of-Work Solutions Power Dell Technologies' Record First Quarter Fiscal 2022 Financial Results

May 27, 2021 at 4:25 PM EDT

ROUND ROCK, Texas, May 27, 2021 /PRNewswire/ --

News summary

  • Record first quarter revenue of $24.5 billion, up 12%, driven by growth across Infrastructure Solutions, Client Solutions and VMware business units
  • Record first quarter operating income of $1.4 billion, up 96%, and record first quarter non-GAAP operating income of $2.7 billion, up 26%
  • Diluted earnings per share up 495% to $1.13, non-GAAP diluted earnings per share up 59% to $2.13

Full story

Dell Technologies (NYSE: DELL) announces record financial results for its fiscal 2022 first quarter. Revenue was up 12% to $24.5 billion. The company generated operating income of $1.4 billion, a 96% increase over the same period in the prior year, and non-GAAP operating income of $2.7 billion, up 26%. Net income was $938 million, non-GAAP net income was $1.8 billion and adjusted EBITDA was $3.2 billion. Net cash from operating activities was $2.2 billion. Diluted earnings per share was $1.13, up 495% and non-GAAP diluted earnings per share was $2.13, up 59%.

"There has been a substantial acceleration in digital transformation across the globe and you can see it in our results with record first quarter revenue of $24.5 billion. Now more than ever, customers are turning to Dell Technologies to help build their digital future," said Jeff Clarke, chief operating officer and vice chairman, Dell Technologies. "Looking ahead, we see technology becoming increasingly central to the global economy and society. We're excited for the opportunities ahead and for the data-fueled future we're creating."

First Quarter Fiscal 2022 Financial Results



Three Months Ended




April 30, 2021


May 1, 2020


Change


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

Total net revenue

$

24,487



$

21,897



12%

Operating income

$

1,375



$

702



96%

Net income

$

938



$

182



415%

Earnings per share - diluted

$

1.13



$

0.19



495%







Non-GAAP net revenue

$

24,499



$

21,945



12%

Non-GAAP operating income

$

2,714



$

2,161



26%

Non-GAAP net income

$

1,819



$

1,143



59%

Adjusted EBITDA

$

3,235



$

2,607



24%

Non-GAAP earnings per share - diluted

$

2.13



$

1.34



59%











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 remaining performance obligations of $42 billion and cash and investments of $15.9 billion. The company has paid down $2.5 billion in debt year-to-date and revised its debt paydown target for its fiscal year 2022 to at least $16.0 billion upon completion of its announced spin-off of VMware.

"We had record first quarter revenue and operating income, and record trailing 12 month cash flow from operations of $14.4 billion – all driven by strength and execution across all three of our business units," said Tom Sweet, chief financial officer, Dell Technologies. "Our focus continues to be on strengthening our capital structure, modernizing our core infrastructure and PC businesses, and continuing to grow in hybrid and private cloud, edge, telecom and as-a-Service."

Operating segments summary

Earlier in May, at Dell Technologies World, the company announced new offers for its APEX portfolio of as-a-Service offerings, and a new set of solutions and partnerships designed to extract more value from data at the edge, including smart manufacturing solutions. The APEX portfolio of services allows customers to scale IT as needed to launch new applications, kickstart new projects and address the changing needs of their organizations – all managed by Dell and accessed through a single console.

Client Solutions Group had record revenue for the first quarter of $13.3 billion, up 20%. Operating income was a record $1.1 billion, up 84%, and 8.2% of Client Solutions Group revenue, as the company innovates across the ecosystem to deliver an enhanced experience for customers looking to work and play effectively from anywhere. Consumer revenue was $3.5 billion, up 42%, while commercial client revenue was $9.8 billion, up 14%.

Key highlights:

  • Consumer online business orders up 58%, with XPS notebook orders up 21% and Alienware notebooks orders up 76%
  • Double-digit orders growth in Latitude, Precision systems, and Commercial Chromebooks
  • Announced a sweeping new portfolio of commercial, consumer and gaming devices to help people create, play and work from anywhere

Infrastructure Solutions Group revenue for the first quarter was $7.9 billion, up 5% as customers accelerate their IT investments with focus on hybrid cloud solutions. Servers and networking revenue was $4.1 billion, up 9%, and storage revenue was $3.8 billion. Operating income was $788 million for the first quarter, up 8%, or approximately 10% of Infrastructure Solutions Group revenue.

Key highlights:

  • Expanded the Dell EMC PowerProtect Cyber Recovery solution with multi-cloud options to help customers build a cyber resilient strategy as ransomware threats continue
  • Launch of Dell EMC PowerStore software advancements that improve workload performance by up to 25%, building on its novel container-based architecture and supporting the new PowerStore 500, a lower-cost model suitable for a broad range of businesses and use cases with enterprise performance and features
  • Launch of the next generation of Dell EMC PowerEdge servers, the most powerful and secure systems to date, embracing AI and addressing customer need to keep pace with IT demands in data centers and at the edge
  • Launch of Dell EMC Streaming Data Platform advancements that offer powerful, real-time analytics at the edge and the Dell Technologies Manufacturing Edge Solution enabling critical applications in smart manufacturing

VMware revenue was $3.0 billion for the first quarter, up 9% driven by broad-based strength across a diverse product portfolio. Operating income for the quarter was $841 million, or 28.1% of VMware revenue.

Conference call information

As previously announced, the Company will hold a conference call to discuss its first quarter performance today, May 27, 2021 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.

Additional financial and operating information may be downloaded from https://investors.delltechnologies.com/financial-information/quarterly-results

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 © 2021 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 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 interests, 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 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: risks and uncertainties relating to our agreement to spin off VMware, Inc., including risks that could affect our ability to complete the transaction on the terms announced or at all and the potential effects on our business of the announcement and consummation of the transaction; the effects of the COVID-19 pandemic; 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, software, and services; cyber attacks or other data security incidents; 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; weak 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; compliance requirements of changing environmental and safety laws or other laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; Dell Technologies' dependence on the services of Michael Dell and key employees; Dell Technologies' level of indebtedness; and the impact of the financial performance of VMware, Inc.

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 January 29, 2021, 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




April 30, 2021


May 1, 2020


Change

Net revenue:






Products

$

18,034


$

16,038


12%

Services

6,453


5,859


10%

Total net revenue

24,487


21,897


12%

Cost of net revenue:






Products

14,214


12,804


11%

Services

2,615


2,240


17%

Total cost of net revenue

16,829


15,044


12%

Gross margin

7,658


6,853


12%

Operating expenses:






Selling, general, and administrative

4,960


4,886


2%

Research and development

1,323


1,265


5%

Total operating expenses

6,283


6,151


2%

Operating income

1,375


702


96%

Interest and other, net

(388)


(566)


31%

Income before income taxes

987


136


626%

Income tax expense (benefit)

49


(46)


207%

Net income

938


182


415%

Less: Net income attributable to non-controlling interests

51


39


31%

Net income attributable to Dell Technologies Inc.

$

887


$

143


520%







Percentage of Total Net Revenue:





Gross margin

31

%


31

%



Selling, general, and administrative

20

%


22

%



Research and development

5

%


6

%



Operating expenses

26

%


28

%



Operating income

6

%


3

%



Income before income taxes

4

%


1

%



Net income

4

%


1

%



Income tax rate

5.0

%


-33.8

%














 

 

DELL TECHNOLOGIES INC.
Consolidated Statements of Financial Position
(in millions; unaudited)



April 30, 2021


January 29, 2021

ASSETS

Current assets:




Cash and cash equivalents

$

14,244



$

14,201


Accounts receivable, net

10,909



12,788


Short-term financing receivables, net

4,980



5,155


Inventories, net

3,828



3,402


Other current assets

8,378



8,021


Total current assets

42,339



43,567


Property, plant, and equipment, net

6,557



6,431


Long-term investments

1,670



1,624


Long-term financing receivables, net

5,261



5,339


Goodwill

40,839



40,829


Intangible assets, net

13,729



14,429


Other non-current assets

11,357



11,196


Total assets

$

121,752



$

123,415






LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS' EQUITY

Current liabilities:




Short-term debt

$

8,748



$

6,362


Accounts payable

21,545



21,696


Accrued and other

7,728



9,549


Short-term deferred revenue

16,835



16,525


Total current liabilities

54,856



54,132


Long-term debt

37,935



41,622


Long-term deferred revenue

14,541



14,276


Other non-current liabilities

5,276



5,360


Total liabilities

112,608



115,390


Redeemable shares

558



472


Stockholders' equity:




Total Dell Technologies Inc. stockholders' equity

3,487



2,479


Non-controlling interests

5,099



5,074


Total stockholders' equity

8,586



7,553


Total liabilities, redeemable shares, and stockholders' equity

$

121,752



$

123,415


 

 

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



Three Months Ended


April 30, 2021


May 1, 2020

Cash flows from operating activities:




Net income

$

938



$

182


Adjustments to reconcile net income to net cash provided by (used in) operating activities

1,300



(978)


Change in cash from operating activities

2,238



(796)


Cash flows from investing activities:




Purchases of investments

(146)



(56)


Maturities and sales of investments

256



39


Capital expenditures and capitalized software development costs

(625)



(559)


Acquisition of businesses and assets, net

(10)



(38)


Divestitures of businesses and assets, net



120


Other

6



9


Change in cash from investing activities

(519)



(485)


Cash flows from financing activities:




Proceeds from the issuance of common stock

160



116


Repurchases of parent common stock

(9)



(240)


Repurchases of subsidiary common stock (a)

(434)



(300)


Proceeds from debt

2,726



10,135


Repayments of debt

(4,070)



(5,405)


Other

(11)



(42)


Change in cash from financing activities

(1,638)



4,264


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

(5)



(136)


Change in cash, cash equivalents, and restricted cash

76



2,847


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

15,184



10,151


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

$

15,260



$

12,998


_________________

(a)   Subsidiary common stock repurchases are inclusive of employee tax withholding on stock-based compensation.


 

 

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



Three Months Ended




April 30, 2021


May 1, 2020


Change

Infrastructure Solutions Group (ISG):

Net Revenue:






Servers and networking

$

4,109



$

3,758



9%

Storage

3,802



3,811



—%

Total ISG net revenue

$

7,911



$

7,569



5%







Operating Income:






ISG operating income

$

788



$

732



8%

% of ISG net revenue

10

%


10

%



% of total reportable segment operating income

29

%


35

%









Client Solutions Group (CSG):

Net Revenue:






Commercial

$

9,803



$

8,634



14%

Consumer

3,502



2,470



42%

Total CSG net revenue

$

13,305



$

11,104



20%







Operating Income:






CSG operating income

$

1,090



$

592



84%

% of CSG net revenue

8

%


5

%



% of total reportable segment operating income

40

%


28

%









VMware:

Net Revenue:






Total VMware net revenue

$

2,991



$

2,755



9%







Operating Income:






VMware operating income

$

841



$

773



9%

% of VMware net revenue

28

%


28

%



% of total reportable segment operating income

31

%


37

%



 

 

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



Three Months Ended


April 30, 2021


May 1, 2020

Reconciliation to consolidated net revenue:



Reportable segment net revenue

$

24,207



$

21,428


Other businesses (a)

290



517


Unallocated transactions (b)

2




Impact of purchase accounting (c)

(12)



(48)


Total consolidated net revenue

$

24,487



$

21,897






Reconciliation to consolidated operating income:

Reportable segment operating income

$

2,719



$

2,097


Other businesses (a)

(5)



65


Unallocated transactions (b)



(1)


Impact of purchase accounting (c)

(25)



(63)


Amortization of intangibles

(709)



(855)


Transaction-related expenses (d)

(51)



(76)


Stock-based compensation expense (e)

(435)



(370)


Other corporate expenses (f)

(119)



(95)


Total consolidated operating income

$

1,375



$

702


_________________

(a) 

Secureworks, 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. On September 1, 2020, the Company completed the sale of RSA Security. Prior to divestiture, RSA Security's results were included within Other businesses.

(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.

(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 impairment charges, severance, facility action, and other 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 interests, 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 these reports in conjunction with the presentation of non-GAAP financial measures.

 

DELL TECHNOLOGIES INC.
Selected Non-GAAP Financial Measures
(in
millions, except per share amounts and percentages; unaudited)



Three Months Ended




April 30, 2021


May 1, 2020


Change

Non-GAAP net revenue

$

24,499


$

21,945


12%

Non-GAAP gross margin

$

8,018


$

7,325


9%

% of non-GAAP net revenue

33

%


33

%



Non-GAAP operating expenses

$

5,304


$

5,164


3%

% of non-GAAP net revenue

22

%


24

%



Non-GAAP operating income

$

2,714


$

2,161


26%

% of non-GAAP net revenue

11

%


10

%



Non-GAAP net income

$

1,819


$

1,143


59%

% of non-GAAP net revenue

7

%


5

%



Adjusted EBITDA

$

3,235


$

2,607


24%

% of non-GAAP net revenue

13

%


12

%



Non-GAAP earnings per share - diluted

$

2.13


$

1.34


59%











 

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




April 30, 2021


May 1, 2020


Change

Net revenue

$

24,487



$

21,897



12%

Non-GAAP adjustments:






Impact of purchase accounting

12



48




Non-GAAP net revenue

$

24,499



$

21,945



12%







Gross margin

$

7,658



$

6,853



12%

Non-GAAP adjustments:






Amortization of intangibles

276



372




Impact of purchase accounting

13



51




Transaction-related expenses






Stock-based compensation expense

58



40




Other corporate expenses

13



9




Non-GAAP gross margin

$

8,018



$

7,325



9%







Operating expenses

$

6,283



$

6,151



2%

Non-GAAP adjustments:






Amortization of intangibles

(433)



(483)




Impact of purchase accounting

(12)



(12)




Transaction-related expenses

(51)



(76)




Stock-based compensation expense

(377)



(330)




Other corporate expenses

(106)



(86)




Non-GAAP operating expenses

$

5,304



$

5,164



3%







Operating income

$

1,375



$

702



96%

Non-GAAP adjustments:






Amortization of intangibles

709



855




Impact of purchase accounting

25



63




Transaction-related expenses

51



76




Stock-based compensation expense

435



370




Other corporate expenses

119



95




Non-GAAP operating income

$

2,714



$

2,161



26%

 

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)



Three Months Ended




April 30, 2021


May 1, 2020


Change

Net income

$

938



$

182



415%

Non-GAAP adjustments:






Amortization of intangibles

709



855




Impact of purchase accounting

25



63




Transaction-related expenses

51



(44)




Stock-based compensation expense

435



370




Other corporate expenses

119



95




Fair value adjustments on equity investments

(157)



(94)




Aggregate adjustment for income taxes

(301)



(284)




Non-GAAP net income

$

1,819



$

1,143



59%







Net income

$

938



$

182



415%

Adjustments:






Interest and other, net

388



566




Income tax expense (benefit)

49



(46)




Depreciation and amortization

1,239



1,316




EBITDA

$

2,614



$

2,018



30%







EBITDA

$

2,614



$

2,018



30%

Adjustments:






Stock-based compensation expense

435



370




Impact of purchase accounting

16



48




Transaction-related expenses

51



76




Other corporate expenses

119



95




Adjusted EBITDA

$

3,235



$

2,607



24%

 

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
For the Three Months Ended April 30, 2021
(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

$

938



709



25



51



435



119



(157)



(301)



$

1,819


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

51



53



1



4



52



1



7



(23)



146


Net income attributable to Dell Technologies Inc. - basic

887



656



24



47



383



118



(164)



(278)



1,673


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

(2)

















(4)


Net income attributable to Dell Technologies Inc. - diluted

$

885

















$

1,669




















Earnings per share - basic

$

1.17

















$

2.21


Earnings per share - diluted

$

1.13

















$

2.13




















Weighted-average shares outstanding - basic

757

















757


Weighted-average shares outstanding - diluted

782

















782


_________________

(a)  

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware, Inc. and SecureWorks Corp. by their respective 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, Inc.'s basic and diluted earnings per share by the number of shares of VMware, Inc. common stock held by Dell Technologies Inc.

 

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
For the Three Months Ended May 1, 2020
(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

$

182



855



63



(44)



370



95



(94)



(284)



$

1,143


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

39



60



3



7



54





(1)



(35)



127


Net income attributable to Dell Technologies Inc. - basic

143



795



60



(51)



316



95



(93)



(249)



1,016


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

(2)

















(4)


Net income attributable to Dell Technologies Inc. - diluted

$

141

















$

1,012




















Earnings per share - basic

$

0.19

















$

1.37


Earnings per share - diluted

$

0.19

















$

1.34




















Weighted-average shares outstanding - basic

740

















740


Weighted-average shares outstanding - diluted

755

















755


_________________

(a)

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware, Inc. and SecureWorks Corp. by their respective 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, Inc.'s basic and diluted earnings per share by the number of shares of VMware, Inc. common stock held by Dell Technologies Inc.

 

 

Cision View original content:http://www.prnewswire.com/news-releases/future-of-work-solutions-power-dell-technologies-record-first-quarter-fiscal-2022-financial-results-301301239.html

SOURCE Dell Technologies

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