Dell Technologies Reports Fiscal Year 2017 Fourth Quarter and Full Year Financial Results

(PRNewswire) —

News summary

  • Fourth quarter revenue of $20.1 billion, with full-year revenue of $61.6 billion
  • Non-GAAP fourth quarter revenue of $20.6 billion, with non-GAAP annual revenue of $62.8 billion
  • Fourth quarter operating loss of $1.7 billion, with non-GAAP operating income of $1.8 billion
  • Fiscal 2017 accomplishments include completion of industry's largest merger transaction, combined award-winning solutions portfolio, completed announced divestitures and reduced debt

Full story

Dell Technologies (NYSE: DVMT) announces its fiscal 2017 fourth quarter and full year results, which reflect the growth and impact of the EMC transaction.

For the fourth quarter, consolidated revenue from continuing operations was $20.1 billion and non-GAAP revenue from continuing operations was $20.6 billion. During the quarter, the company generated an operating loss of $1.7 billion, with a non-GAAP operating income of $1.8 billion.

For the full year, consolidated revenue from continuing operations was $61.6 billion and non-GAAP revenue from continuing operations was $62.8 billion. The company generated an operating loss of $3.3 billion, with a non-GAAP operating income of $5.1 billion.

Due to the EMC transaction as well as the Dell going-private transaction, significant non-cash bridging items will remain between GAAP and non-GAAP results for the next few years. Prior-year historical Dell Technologies financials do not include EMC historical results, thereby impacting any year-over-year comparisons.

"I'm pleased with our overall fiscal 2017 performance, with growth in our client business and positive momentum from investments we're making in our infrastructure business," said Tom Sweet, chief financial officer, Dell Technologies Inc. "In our fiscal year 2018, we'll drive that momentum forward, beginning with our new sales go-to-market capabilities, and continue to target identified revenue and cost synergies while investing in our broad portfolio of solutions."

The company ended the year with a cash and investments balance of $15.3 billion, an increase of $287 million from the third quarter.

Since closing the EMC transaction, Dell Technologies has paid down approximately $7 billion in debt and repurchased $824 million of Class V Common Stock under the previously announced Class V Common Stock repurchase programs.

Today the company also announced the board has approved an amendment to its existing Class V Group Repurchase Program for up to an additional $300 million over six months. The amount will be funded solely through a new VMware Class A Stock Purchase Agreement with VMware.

Fiscal year 2017 fourth quarter and full year results














Three Months Ended




Fiscal Year Ended




February 3, 2017


January 29, 2016


Change


February 3, 2017


January 29, 2016


Change


(in millions, except percentages, unaudited)













Net revenue

$                 20,074


$                  12,679


58 %


$                 61,642


$                  50,911


21 %

Operating loss

$                (1,668)


$                      (26)


NM


$                (3,252)


$                    (514)


(533)%

Net loss from continuing operations

$                (1,414)


$                    (168)


(742)%


$                (3,737)


$                 (1,168)


(220)%













Non-GAAP net revenue

$                 20,581


$                  12,768


61 %


$                 62,822


$                  51,370


22 %

Non-GAAP operating income

$                   1,843


$                       655


181 %


$                   5,113


$                    2,225


130 %

Non-GAAP net income from continuing operations

$                   1,091


$                       382


186 %


$                   2,687


$                    1,053


155 %

Adjusted EBITDA

$                   2,184


$                       753


190 %


$                   5,941


$                    2,633


126 %


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