Dell Technologies Reports Second Quarter Results; Revenue and Profits Grow Year-Over-Year

DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights

(in millions, except percentages; unaudited)



Three Months Ended




Six Months Ended




August 2, 2019


August 3, 2018


Change


August 2, 2019


August 3, 2018


Change

Net revenue:












Products

$

18,110



$

18,149



—%


$

34,864



$

34,820



—%

Services

5,260



4,793



10%


10,414



9,478



10%

Total net revenue

23,370



22,942



2%


45,278



44,298



2%

Cost of net revenue:












Products

13,889



14,943



(7)%


26,968



28,549



(6)%

Services

2,155



1,876



15%


4,187



3,748



12%

Total cost of net revenue

16,044



16,819



(5)%


31,155



32,297



(4)%

Gross margin

7,326



6,123



20%


14,123



12,001



18%

Operating expenses:












Selling, general, and administrative

5,578



4,961



12%


10,649



9,905



8%

Research and development

1,229



1,175



5%


2,405



2,262



6%

Total operating expenses

6,807



6,136



11%


13,054



12,167



7%

Operating income (loss)

519



(13)



NM


1,069



(166)



744%

Interest and other, net

(630)



(455)



(38)%


(1,323)



(925)



(43)%

Loss before income taxes

(111)



(468)



76%


(254)



(1,091)



77%

Income tax benefit

(4,616)



(7)



NM


(5,088)



(92)



NM

Net income (loss)

4,505



(461)



NM


4,834



(999)



584%

Less: Net income attributable to non-controlling interests

816



38



NM


852



136



526%

Net income (loss) attributable to Dell Technologies Inc.

$

3,689



$

(499)



839%


$

3,982



$

(1,135)



451%













Percentage of Total Net Revenue:











Gross margin

31

%


27

%




31

%


27

%



Selling, general, and administrative

24

%


22

%




24

%


22

%



Research and development

5

%


5

%




5

%


5

%



Operating expenses

29

%


27

%




29

%


28

%



Operating income (loss)

2

%


%




2

%


%



Loss before income taxes

%


(2)

%




(1)

%


(3)

%



Net income (loss)

19

%


(2)

%




11

%


(2)

%



Income tax rate

4158.6

%


1.5

%




2003.1

%


8.4

%




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