(PRNewswire) —
News summary
- First quarter revenue was $17.8 billion, non-GAAP revenue was $18.2 billion
- Operating loss of $1.5 billion, non-GAAP operating income of $1.2 billion
- Successfully integrated sales organization to execute one go-to-market motion for customers
Full story
Dell Technologies (NYSE: DVMT) announces its fiscal 2018 first quarter results, which reflect the growth and impact of the EMC transaction. 1
For the first quarter, consolidated revenue was $17.8 billion and non-GAAP revenue was $18.2 billion. During the quarter, the company generated an operating loss of $1.5 billion, with a non-GAAP operating income of $1.2 billion.
"We're pleased with overall results in the first quarter of our new go-to-market structure and the demand velocity we saw in a challenging component cost environment," said Tom Sweet, chief financial officer, Dell Technologies Inc. "I'm encouraged by these achievements and excited about the opportunities ahead as we continue to provide a broad portfolio of solutions for our customers' digital transformations."
The company ended the quarter with a cash and investments balance of $14.9 billion. Since closing the EMC transaction, Dell Technologies has paid down approximately $7.1 billion in gross debt, resulting in a $200 million reduction in annualized interest expense on a run-rate basis. The company also has repurchased $1.1 billion of Class V Common Stock under both the previously announced Class V Group and DHI Group repurchase programs.
Fiscal first quarter 2018 results
|
Three Months Ended |
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|
May 5, 2017 |
April 29, 2016 |
Change |
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|
(in millions, except percentages; unaudited) |
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|
Net revenue |
$ 17,816 |
$ 12,241 |
46 % |
||
|
Operating loss |
$ (1,500) |
$ (139) |
(979)% |
||
|
Net loss from continuing operations |
$ (1,383) |
$ (424) |
(226)% |
||
|
Non-GAAP net revenue |
$ 18,171 |
$ 12,319 |
48 % |
||
|
Non-GAAP operating income |
$ 1,197 |
$ 539 |
122 % |
||
|
Non-GAAP net income from continuing operations |
$ 581 |
$ 264 |
120 % |
||
|
Adjusted EBITDA |
$ 1,567 |
$ 643 |
144 % |
||
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.
Operating segments summary
Client Solutions Group continued to outgrow the market worldwide in unit shipments for both commercial and consumer product categories on a calendar year basis. Revenue for the first quarter was $9.1 billion, up 6 percent year over year. Operating income was $374 million for the quarter, or 4.1 percent of revenue.
