Dell Technologies Reports Fiscal Year 2020 Fourth Quarter and Full Year Financial Results

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




Fiscal Year Ended




January 31,
2020


February 1,
2019


Change


January 31,
2020


February 1,
2019


Change

Net revenue (a):












Products

$

18,153



$

18,676



(3)%


$

69,918



$

70,751



(1)%

Services

5,879



5,165



14%


22,236



19,870



12%

Total net revenue

24,032



23,841



1%


92,154



90,621



2%

Cost of net revenue:












Products

13,999



14,775



(5)%


54,525



57,889



(6)%

Services

2,349



1,957



20%


8,696



7,679



13%

Total cost of net revenue

16,348



16,732



(2)%


63,221



65,568



(4)%

Gross margin

7,684



7,109



8%


28,933



25,053



15%

Operating expenses:












Selling, general, and
administrative

5,642



5,576



1%


21,319



20,640



3%

Research and development

1,325



1,202



10%


4,992



4,604



8%

Total operating expenses

6,967



6,778



3%


26,311



25,244



4%

Operating income (loss)

717



331



117%


2,622



(191)



NM

Interest and other, net

(626)



(606)



(3)%


(2,626)



(2,170)



(21)%

Income (loss) before income taxes

91



(275)



133%


(4)



(2,361)



100%

Income tax provision (benefit)

(325)



12



NM


(5,533)



(180)



NM

Net income (loss)

416



(287)



245%


5,529



(2,181)



354%

Less: Net income attributable to
non-controlling interests

8



12



(33)%


913



129



608%

Net income (loss) attributable
to Dell Technologies Inc.

$

408



$

(299)



236%


$

4,616



$

(2,310)



300%













Percentage of Total Net Revenue:











Gross margin

32%



30%





31%



28%




Selling, general, and
administrative

23%



23%





23%



23%




Research and development

6%



5%





5%



5%




Operating expenses

29%



28%





29%



28%




Operating income (loss)

3%



1%





3%



—%




Income (loss) before income
taxes

—%



(1)%





—%



(3)%




Net income (loss)

2%



(1)%





6%



(2)%




Income tax rate

(357.1)%



(4.4)%





138325.0%



7.6%




____________________



(a)

During the fourth quarter of Fiscal 2020, the Company reclassified revenue associated with certain service and software-as-
a-service offerings from product revenue to services revenue.  There was no change to total revenue as a result of
the reclassifications.  Prior period results have been recast to conform with current period presentation.


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