Dell Technologies Reports Fiscal Year 2017 Third Quarter Financial Results

ROUND ROCK, Texas — (BUSINESS WIRE) — December 8, 2016 — Dell Technologies (NYSE: DVMT):

News summary:

  • Third quarter revenue was $16.2 billion, non-GAAP revenue was $16.8 billion
  • Operating loss of $1.5 billion, non-GAAP operating income of $2 billion
  • $5.8 billion of debt paid down to date following the EMC merger close
  • Combined company hit the ground running, shipped first integrated product just 27 days after transaction close

Full story:

Dell Technologies (NYSE: DVMT) announced its fiscal 2017 third quarter results, which reflect the impact of the EMC merger and include 52 days of financial results from EMC and VMware. Consolidated revenue from continuing operations was $16.2 billion and non-GAAP revenue from continuing operations was $16.8 billion. The company generated an operating loss of $1.5 billion in the quarter, with a non-GAAP operating income of $2 billion.

“Overall we had a solid quarter with revenue of $16.2 billion, or $16.8 billion on a non-GAAP basis,” said Tom Sweet, chief financial officer, Dell Technologies Inc. “We remain intensely focused on enabling customers’ digital transformation initiatives. This customer-first focus is also driving our near-term priorities, which include successfully integrating our salesforce and channel partner programs and seizing top-line synergies through cross-selling opportunities.”

The company ended the quarter with a cash and investments balance of $15 billion. During the quarter, Dell Technologies paid down $500 million of debt and repurchased $165 million of Class V Common Stock under the repurchase program it announced Sept. 7. Since the completion of the EMC transaction, Dell Technologies has reduced total debt by $5.8 billion and repurchased $324 million of Class V Common Stock under its repurchase program.

Fiscal year 2017 third quarter results:

      Three Months Ended     Nine Months Ended
      October 28, 2016     October 30, 2015     Change     October 28, 2016     October 30, 2015     Change
      (in millions, except percentages; unaudited)
                                     
Net revenue     $ 16,247       $ 12,674       28 %     $ 41,568       $ 38,232       9 %
Operating loss     $ (1,512 )     $ (78 )     NM       $ (1,584 )     $ (488 )     (225 %)
Net loss from continuing operations     $ (1,637 )     $ (264 )     (520 %)     $ (2,323 )     $ (1,000 )     (132 %)
                                     
Non-GAAP net revenue     $ 16,777       $ 12,781       31 %     $ 42,241       $ 38,602       9 %
Non-GAAP operating income     $ 1,975       $ 607       225 %     $ 3,270       $ 1,570       108 %
Non-GAAP net income from continuing operations     $ 970       $ 294       230 %     $ 1,596       $ 671       138 %
Adjusted EBITDA     $ 2,230       $ 711       214 %     $ 3,757       $ 1,880       100 %
                                     

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