Dell Technologies ended the quarter with remaining performance obligations of $42 billion, up 20% year-over-year, deferred revenue of $27.6 billion, and cash and investments of $11.3 billion. The company had net debt paydowns of $16.5 billion in fiscal 2022 and received an Investment Grade corporate family rating from all three major credit rating agencies.

Operating segments summary

Client Solutions Group delivered record results, with revenue for the fourth quarter of $17.3 billion, up 26% year-over-year. This performance was driven by $12.9 billion in commercial revenue – a 30% increase year-over-year – and $4.4 billion in consumer revenue – a 16% increase year-over-year. Operating income was $1.2 billion, or approximately 6.7% of Client Solutions Group revenue. For the full year, Client Solutions Group delivered record revenue of $61.5 billion, up 27% versus the prior year. Client Solutions Group full-year operating income was $4.4 billion, a 31% increase versus the prior year.

Key areas of innovation:

• Won 47 awards at CES, where Dell introduced the new XPS 13 Plus – a completely redesigned XPS that brings together modern design with more performance. 
• Introduced the world's thinnest gaming laptop ( Alienware x14), the world's first quantum dot OLED gaming monitor ( Alienware 34 Curved QD-OLED gaming monitor) and the most powerful 17-inch AMD Advantage gaming laptop.
• Launched the latest UltraSharp video conferencing monitor, which features a 4K webcam, echo cancelling microphones and Microsoft Teams certification to provide the best collaboration and visual experience possible.
• Introduced  Concept Luna, an advanced commercial notebook concept built around sustainability, recyclability and reuse.

Infrastructure Solutions Group revenue for the fourth quarter was $9.2 billion, up 3% year-over-year. Storage revenue was $4.5 billion, while servers and networking revenue was $4.7 billion – up 7% year-over-year. Operating income was $1.1 billion or approximately 12% of Infrastructure Solutions Group revenue. For the full year, revenue was $34.4 billion, with operating income of $3.7 billion.

Key areas of innovation:

• Announced expansions to our APEX multi-cloud capabilities, enabling customers to move from multi-cloud by default to multi-cloud by design, as well as connect to multiple clouds without hyperscale lock-in.
• Introduced Dell PowerProtect Cyber Recovery for AWS (Amazon Web Services), giving organizations modern data protection to isolate critical data from a ransomware attack and accelerate data recovery.

Executive Quotes:

• "Fiscal 2022 was the best year in Dell Technologies history. We reached more than $100 billion in revenue and grew 17% – a huge achievement and ahead of our long-term growth targets," said Jeff Clarke, vice chairman and co-chief operating officer, Dell Technologies. "For our customers, the biggest opportunity is to turn data into insight, action and progress, and they are prioritizing investments in technology."
• "In FY22, widespread digital transformation continued to accelerate growth in technology spend, and we are encouraged by growing demand across our entire portfolio," said Chuck Whitten, co-chief operating officer, Dell Technologies. "We also made strategic progress across multi-cloud, edge, as-a-Service and telecom. We launched solutions in these spaces, engaged customers, and made investments to position Dell for future growth." 
• "Last year we achieved a number of milestones that unleashed shareholder value. We generated cash flow of $10.3 billion, achieved investment grade rating and spun-off VMware," said Tom Sweet, chief financial officer, Dell Technologies. "We remain focused on executing our strategy to consolidate and modernize our core and build new growth engines that enable our customers' multi-cloud future while delivering shareholder value."

Dell Technologies World
Join us May 2 – May 5 for Dell Technologies World, the company's flagship event that brings together the latest trends, technology and gurus. During the event, customers and partners will explore the connected ecosystem of IT infrastructure, applications, devices and security along with our APEX and multi-cloud solutions that give customers greater flexibility to scale IT to meet business needs, transform and inspire the next breakthrough. Register here.

Conference call information
As previously announced, the Company will hold a conference call to discuss its fiscal 2022 fourth quarter and full-year performance and financial guidance, February 24, 2022 at 4:30 p.m. CST. The conference call will be broadcast live over the internet and can be accessed at
https://investors.delltechnologies.com/events-and-presentations/upcoming-events 

For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.

Additional financial and operating information may be downloaded from
https://investors.delltechnologies.com/financial-information/quarterly-results 

Customer Highlights Blog
Read our quarterly blog from Bill Scannell, Dell Technologies president of Global Sales & Customer Operations, to learn more about how we are helping customers with their digital transformations: https://www.dell.com/en-us/blog/giving-customers-an-edge-in-todays-digital-world/

Environmental, Social and Governance (ESG)
Our Environmental, Social and Governance (ESG) efforts are focused on driving positive impact for people and our planet while delivering long-term value for all stakeholders. Explore our ESG resources.

About Dell Technologies
Dell Technologies (NYSE: DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the data era.

Copyright © 2022 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners. 

Non-GAAP Financial Measures:
This press release presents information about Dell Technologies' non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to non-controlling interests, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, EBITDA, and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:
Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies' current expectations. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "confidence," "could," "estimate," "expect," "guidance," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will" and "would," or similar words or expressions that refer to future events or outcomes.

Dell Technologies' results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: risks and uncertainties relating to our spin-off of VMware, Inc., including the potential effects on our business of the transaction; the effects of the COVID-19 pandemic; competitive pressures; Dell Technologies' reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies' ability to achieve favorable pricing from its vendors; adverse global economic conditions and instability in financial markets; Dell Technologies' execution of its growth, business and acquisition strategies; the success of Dell Technologies' cost efficiency measures; Dell Technologies' ability to manage solutions and products and services transitions in an effective manner; Dell Technologies' ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies' foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies' product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies' sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; weak economic conditions and the effect of additional regulation on Dell Technologies' financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies' ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies' infrastructure; Dell Technologies' ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; compliance requirements of changing environmental and safety laws or other laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; Dell Technologies' dependence on the services of Michael Dell and key employees; Dell Technologies' level of indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies' quarterly cash dividend policy and dividend rate.