Dell Technologies Delivers Record First Quarter Fiscal 2023 Financial Results

ROUND ROCK, Texas, May 26, 2022 — (PRNewswire) —

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Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2023 first quarter. Revenue was a first quarter record of $26.1 billion, up 16%, with growth across Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). The company generated record first quarter operating income of $1.6 billion, a 57% increase, and record non-GAAP operating income of $2.1 billion, up 21%. Net income from continuing operations was $1.1 billion, up 62%, and non-GAAP net income was $1.4 billion, up 36%, both driven by growth in operating income and lower interest expense due to reduced debt balances. Diluted earnings per share was $1.37, up 63%, and non-GAAP diluted earnings per share was $1.84, up 36%.

Dell Technologies ended the quarter with remaining performance obligations of $42 billion, up 14% year-over-year, deferred revenue of $27.4 billion, and cash and investments of $8.5 billion. Recurring revenue for the first quarter was approximately $5.3 billion, up 15%.

First Quarter Fiscal 2023 Financial Results


Three Months Ended




April 29, 2022


April 30, 2021


Change


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

Total net revenue

$

26,116


$

22,590


16%

Operating income

$

1,550


$

987


57%

Net income from continuing operations

$

1,069


$

659


62%

Earnings per share - diluted

$

1.37


$

0.84


63%







Non-GAAP net revenue

$

26,116


$

22,589


16%

Non-GAAP operating income

$

2,135


$

1,770


21%

Non-GAAP net income

$

1,434


$

1,055


36%

Non-GAAP earnings per share - diluted

$

1.84


$

1.35


36%




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.


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