Dell Technologies Reports Fiscal Year 2020 Fourth Quarter and

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%
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(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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