Technology
Dell Technologies Delivers Second Quarter Fiscal 2025 Financial Results
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3 weeks agoon
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News summary
Second quarter revenue of $25.0 billion, up 9% year over yearRecord Infrastructure Solutions Group (ISG) revenue of $11.6 billion, up 38% year over year, with record servers and networking revenue of $7.7 billion, up 80%Client Solutions Group (CSG) revenue of $12.4 billion, down 4% year over year, with commercial client revenue flat at $10.6 billionDiluted earnings per share of $1.17, up 86% year over year, and non-GAAP diluted earnings per share of $1.89, up 9%
ROUND ROCK, Texas, Aug. 29, 2024 /PRNewswire/ —
Full story
Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2025 second quarter. Revenue was $25.0 billion, up 9% year over year. Operating income was $1.3 billion and non-GAAP operating income was $2.0 billion, up 15% and 3% year over year, respectively. Diluted earnings per share was $1.17, and non-GAAP diluted earnings per share was $1.89, up 86% and 9% year over year, respectively.
“In Q2 our combined ISG and CSG revenue was $24.1 billion, up 12% year over year, positioning us well for the second half of the year and beyond,” said Yvonne McGill, chief financial officer, Dell Technologies. “Our momentum in ISG is a significant tailwind, with record ISG revenue of $11.6 billion, up 38% year over year.”
Cash flow from operations was $1.3 billion. Dell returned $1 billion to shareholders through share repurchases and dividends and ended the quarter with $6.0 billion in cash and investments.
Second Quarter Fiscal 2025 Financial Results
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
(in millions, except per share amounts and percentages; unaudited)
Net revenue
$ 25,026
$ 22,934
9 %
$ 47,270
$ 43,856
8 %
Operating income
$ 1,342
$ 1,165
15 %
$ 2,262
$ 2,234
1 %
Net income
$ 841
$ 455
85 %
$ 1,796
$ 1,033
74 %
Change in cash from operating activities
$ 1,340
$ 3,214
(58) %
$ 2,383
$ 4,991
(52) %
Earnings per share – diluted
$ 1.17
$ 0.63
86 %
$ 2.49
$ 1.42
75 %
Non-GAAP operating income
$ 2,034
$ 1,977
3 %
$ 3,508
$ 3,575
(2) %
Non-GAAP net income
$ 1,371
$ 1,283
7 %
$ 2,294
$ 2,246
2 %
Adjusted free cash flow
$ 1,284
$ 3,050
(58) %
$ 1,907
$ 3,737
(49) %
Non-GAAP earnings per share – diluted
$ 1.89
$ 1.74
9 %
$ 3.16
$ 3.05
4 %
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.
Infrastructure Solutions Group (ISG) delivered record second quarter revenue of $11.6 billion, up 38% year over year. Servers and networking revenue was a record $7.7 billion, up 80%, with demand growth across AI and traditional servers. Storage revenue was $4.0 billion, down 5%. Operating income was $1.3 billion.
“Our AI momentum accelerated in Q2, and we’ve seen an increase in the number of enterprise customers buying AI solutions each quarter,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “AI-optimized server demand was $3.2 billion, up 23% sequentially, and $5.8 billion year to date. Backlog was $3.8 billion, and our pipeline has grown to several multiples of our backlog.”
Client Solutions Group (CSG) delivered second quarter revenue of $12.4 billion, down 4% year over year. Commercial client revenue was flat at $10.6 billion, and Consumer revenue was $1.9 billion, down 22%. Operating income was $767 million.
Operating Segments Results
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
(in millions, except percentages; unaudited)
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking
$ 7,672
$ 4,274
80 %
$ 13,138
$ 8,111
62 %
Storage
3,974
4,187
(5) %
7,735
7,943
(3) %
Total ISG net revenue
$ 11,646
$ 8,461
38 %
$ 20,873
$ 16,054
30 %
Operating Income:
ISG operating income
$ 1,284
$ 1,049
22 %
$ 2,020
$ 1,789
13 %
% of ISG net revenue
11.0 %
12.4 %
9.7 %
11.1 %
% of total reportable segment operating income
63 %
52 %
57 %
49 %
Client Solutions Group (CSG):
Net revenue:
Commercial
$ 10,556
$ 10,554
— %
$ 20,710
$ 20,416
1 %
Consumer
1,858
2,388
(22) %
3,671
4,509
(19) %
Total CSG net revenue
$ 12,414
$ 12,942
(4) %
$ 24,381
$ 24,925
(2) %
Operating Income:
CSG operating income
$ 767
$ 969
(21) %
$ 1,499
$ 1,861
(19) %
% of CSG net revenue
6.2 %
7.5 %
6.1 %
7.5 %
% of total reportable segment operating income
37 %
48 %
43 %
51 %
Conference call information
As previously announced, the company will hold a conference call to discuss its performance and financial guidance on August 29 at 3:30 p.m. CDT. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to financial guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet and can be accessed at https://investors.delltechnologies.com/news-events/upcoming-events.
For those unable to listen to the live broadcast, the final remarks and presentation with financial guidance will be available following the broadcast, and an archived version will be available at the same location for one year.
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 AI era.
Copyright © 2024 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 non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow, and adjusted free cash flow, all of 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: adverse global economic conditions and instability in financial markets; 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; Dell Technologies’ execution of its strategy; social and ethical issues relating to the use of new and evolving technologies; 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’ ability to successfully execute on strategic initiatives including acquisitions, divestitures or cost savings measures; 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; adverse 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; expectations relating to environmental, social and governance (ESG) considerations; compliance requirements of changing environmental and safety laws, human rights laws, or other laws; the effect of armed hostilities, terrorism, natural disasters, or public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; 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.
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 2, 2024, 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 and Related Financial Highlights
(in millions, except percentages; unaudited)
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
Net revenue:
Products
$ 18,954
$ 16,935
12 %
$ 35,081
$ 31,971
10 %
Services
6,072
5,999
1 %
12,189
11,885
3 %
Total net revenue
25,026
22,934
9 %
47,270
43,856
8 %
Cost of net revenue:
Products
16,079
14,002
15 %
29,845
26,377
13 %
Services
3,636
3,545
3 %
7,308
7,074
3 %
Total cost of net revenue
19,715
17,547
12 %
37,153
33,451
11 %
Gross margin
5,311
5,387
(1) %
10,117
10,405
(3) %
Operating expenses:
Selling, general, and administrative
3,189
3,517
(9) %
6,312
6,778
(7) %
Research and development
780
705
11 %
1,543
1,393
11 %
Total operating expenses
3,969
4,222
(6) %
7,855
8,171
(4) %
Operating income
1,342
1,165
15 %
2,262
2,234
1 %
Interest and other, net
(353)
(451)
22 %
(726)
(815)
11 %
Income before income taxes
989
714
39 %
1,536
1,419
8 %
Income tax expense (benefit)
148
259
(43) %
(260)
386
(167) %
Net income
841
455
85 %
1,796
1,033
74 %
Less: Net loss attributable to non-controlling
interests
(5)
(7)
29 %
(10)
(12)
17 %
Net income attributable to Dell Technologies Inc.
$ 846
$ 462
83 %
$ 1,806
$ 1,045
73 %
Percentage of Total Net Revenue:
Gross margin
21.2 %
23.5 %
21.4 %
23.7 %
Selling, general, and administrative
12.7 %
15.3 %
13.3 %
15.4 %
Research and development
3.1 %
3.1 %
3.3 %
3.2 %
Operating expenses
15.8 %
18.4 %
16.6 %
18.6 %
Operating income
5.4 %
5.1 %
4.8 %
5.1 %
Income before income taxes
4.0 %
3.1 %
3.2 %
3.2 %
Net income
3.4 %
2.0 %
3.8 %
2.4 %
Income tax rate
15.0 %
36.3 %
(16.9) %
27.2 %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Financial Position
(in millions; unaudited)
August 2, 2024
February 2, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 4,550
$ 7,366
Accounts receivable, net of allowance of $78 and $71
11,391
9,343
Short-term financing receivables, net of allowance of $79 and $79
4,968
4,643
Inventories
5,953
3,622
Other current assets
10,681
10,973
Total current assets
37,543
35,947
Property, plant, and equipment, net
6,300
6,432
Long-term investments
1,302
1,316
Long-term financing receivables, net of allowance of $87 and $91
6,124
5,877
Goodwill
19,654
19,700
Intangible assets, net
5,374
5,701
Other non-current assets
6,390
7,116
Total assets
$ 82,687
$ 82,089
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 6,711
$ 6,982
Accounts payable
24,095
19,389
Accrued and other
6,374
6,805
Short-term deferred revenue
14,853
15,318
Total current liabilities
52,033
48,494
Long-term debt
17,811
19,012
Long-term deferred revenue
12,859
13,827
Other non-current liabilities
2,781
3,065
Total liabilities
85,484
84,398
Stockholders’ equity (deficit):
Total Dell Technologies Inc. stockholders’ equity (deficit)
(2,894)
(2,404)
Non-controlling interests
97
95
Total stockholders’ equity (deficit)
(2,797)
(2,309)
Total liabilities and stockholders’ equity
$ 82,687
$ 82,089
DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(in millions; unaudited)
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
August 2,
2024
August 4,
2023
Cash flows from operating activities:
Net income
$ 841
$ 455
$ 1,796
$ 1,033
Adjustments to reconcile net income to net cash provided
by operating activities:
499
2,759
587
3,958
Change in cash from operating activities
1,340
3,214
2,383
4,991
Cash flows from investing activities:
Purchases of investments
(25)
(98)
(64)
(113)
Maturities and sales of investments
97
108
216
127
Capital expenditures and capitalized software
development costs
(682)
(624)
(1,278)
(1,325)
Other
53
9
113
22
Change in cash from investing activities
(557)
(605)
(1,013)
(1,289)
Cash flows from financing activities:
Proceeds from the issuance of common stock
1
2
1
4
Repurchases of common stock
(725)
(260)
(1,425)
(500)
Repurchases of common stock for employee tax
withholdings
(14)
(6)
(535)
(312)
Payments of dividends and dividend equivalents
(316)
(269)
(652)
(545)
Proceeds from debt
1,941
2,134
4,933
4,655
Repayments of debt
(2,917)
(3,384)
(6,394)
(7,082)
Debt-related costs and other, net
(2)
(44)
(37)
(49)
Change in cash from financing activities
(2,032)
(1,827)
(4,109)
(3,829)
Effect of exchange rate changes on cash, cash equivalents,
and restricted cash
(42)
(59)
(97)
(117)
Change in cash, cash equivalents, and restricted cash
(1,291)
723
(2,836)
(244)
Cash, cash equivalents, and restricted cash at beginning of
the period
5,962
7,927
7,507
8,894
Cash, cash equivalents, and restricted cash at end of the
period
$ 4,671
$ 8,650
$ 4,671
$ 8,650
DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking
$ 7,672
$ 4,274
80 %
$ 13,138
$ 8,111
62 %
Storage
3,974
4,187
(5) %
7,735
7,943
(3) %
Total ISG net revenue
$ 11,646
$ 8,461
38 %
$ 20,873
$ 16,054
30 %
Operating Income:
ISG operating income
$ 1,284
$ 1,049
22 %
$ 2,020
$ 1,789
13 %
% of ISG net revenue
11.0 %
12.4 %
9.7 %
11.1 %
% of total reportable segment operating income
63 %
52 %
57 %
49 %
Client Solutions Group (CSG):
Net revenue:
Commercial
$ 10,556
$ 10,554
— %
$ 20,710
$ 20,416
1 %
Consumer
1,858
2,388
(22) %
3,671
4,509
(19) %
Total CSG net revenue
$ 12,414
$ 12,942
(4) %
$ 24,381
$ 24,925
(2) %
Operating Income:
CSG operating income
$ 767
$ 969
(21) %
$ 1,499
$ 1,861
(19) %
% of CSG net revenue
6.2 %
7.5 %
6.1 %
7.5 %
% of total reportable segment operating income
37 %
48 %
43 %
51 %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued)
Three Months Ended
Six Months Ended
August 2, 2024
August 4, 2023
August 2, 2024
August 4, 2023
Reconciliation to consolidated net revenue:
Reportable segment net revenue
$ 24,060
$ 21,403
$ 45,254
$ 40,979
Other businesses (a)
966
1,528
2,015
2,871
Unallocated transactions (b)
—
3
1
6
Total consolidated net revenue
$ 25,026
$ 22,934
$ 47,270
$ 43,856
Reconciliation to consolidated operating income:
Reportable segment operating income
$ 2,051
$ 2,018
$ 3,519
$ 3,650
Other businesses (a)
(17)
(44)
(11)
(80)
Unallocated transactions (b)
—
3
—
5
Amortization of intangibles (c)
(168)
(213)
(336)
(416)
Stock-based compensation expense (d)
(191)
(223)
(401)
(448)
Other corporate expenses (e)
(333)
(376)
(509)
(477)
Total consolidated operating income
$ 1,342
$ 1,165
$ 2,262
$ 2,234
_________________
(a)
Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.
(b)
Unallocated transactions includes other corporate items that are not allocated to Dell Technologies’ reportable segments.
(c)
Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.
(d)
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.
(e)
Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments. Other corporate expenses included $328 million and $364 million of severance expense during the three months ended August 2, 2024 and August 4, 2023, respectively.
SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES
These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share attributable to Dell Technologies Inc. – diluted, free cash flow and adjusted free cash flow, all of 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 detailed discussion of Dell Technologies’ reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.
DELL TECHNOLOGIES INC.
Selected Financial Measures
(in millions, except per share amounts and percentages; unaudited)
Three Months Ended
Six Months Ended
August 2, 2024
August 4, 2023
Change
August 2, 2024
August 4, 2023
Change
Net revenue
$ 25,026
$ 22,934
9 %
$ 47,270
$ 43,856
8 %
Non-GAAP gross margin
$ 5,464
$ 5,536
(1) %
$ 10,411
$ 10,700
(3) %
% of net revenue
21.8 %
24.1 %
22.0 %
24.4 %
Non-GAAP operating expenses
$ 3,430
$ 3,559
(4) %
$ 6,903
$ 7,125
(3) %
% of net revenue
13.7 %
15.5 %
14.6 %
16.2 %
Non-GAAP operating income
$ 2,034
$ 1,977
3 %
$ 3,508
$ 3,575
(2) %
% of net revenue
8.1 %
8.6 %
7.4 %
8.2 %
Non-GAAP net income
$ 1,371
$ 1,283
7 %
$ 2,294
$ 2,246
2 %
% of net revenue
5.5 %
5.6 %
4.9 %
5.1 %
Non-GAAP earnings per share – diluted
$ 1.89
$ 1.74
9 %
$ 3.16
$ 3.05
4 %
Amounts are based on underlying data and may not visually foot due to rounding.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
Six Months Ended
August 2, 2024
August 4, 2023
Change
August 2, 2024
August 4, 2023
Change
Gross margin
$ 5,311
$ 5,387
(1) %
$ 10,117
$ 10,405
(3) %
Non-GAAP adjustments:
Amortization of intangibles
59
84
119
163
Stock-based compensation expense
38
37
76
75
Other corporate expenses
56
28
99
57
Non-GAAP gross margin
$ 5,464
$ 5,536
(1) %
$ 10,411
$ 10,700
(3) %
Operating expenses
$ 3,969
$ 4,222
(6) %
$ 7,855
$ 8,171
(4) %
Non-GAAP adjustments:
Amortization of intangibles
(109)
(129)
(217)
(253)
Stock-based compensation expense
(153)
(186)
(325)
(373)
Other corporate expenses
(277)
(348)
(410)
(420)
Non-GAAP operating expenses
$ 3,430
$ 3,559
(4) %
$ 6,903
$ 7,125
(3) %
Operating income
$ 1,342
$ 1,165
15 %
$ 2,262
$ 2,234
1 %
Non-GAAP adjustments:
Amortization of intangibles
168
213
336
416
Stock-based compensation expense
191
223
401
448
Other corporate expenses
333
376
509
477
Non-GAAP operating income
$ 2,034
$ 1,977
3 %
$ 3,508
$ 3,575
(2) %
Net income
$ 841
$ 455
85 %
$ 1,796
$ 1,033
74 %
Non-GAAP adjustments:
Amortization of intangibles
168
213
336
416
Stock-based compensation expense
191
223
401
448
Other corporate expenses
329
432
499
530
Fair value adjustments on equity
investments
(5)
29
25
44
Aggregate adjustment for income
taxes (a)
(153)
(69)
(763)
(225)
Non-GAAP net income
$ 1,371
$ 1,283
7 %
$ 2,294
$ 2,246
2 %
____________________
(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(unaudited; continued)
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
Earnings per share attributable to Dell Technologies Inc. —
diluted
$ 1.17
$ 0.63
86 %
$ 2.49
$ 1.42
75 %
Non-GAAP adjustments:
Amortization of intangibles
0.23
0.29
0.46
0.56
Stock-based compensation expense
0.26
0.30
0.55
0.61
Other corporate expenses
0.46
0.58
0.69
0.72
Fair value adjustments on equity investments
(0.01)
0.04
0.04
0.06
Aggregate adjustment for income taxes (a)
(0.21)
(0.09)
(1.05)
(0.31)
Total non-GAAP adjustments attributable to non-
controlling interests
(0.01)
(0.01)
(0.02)
(0.01)
Non-GAAP earnings per share attributable to Dell
Technologies Inc. — diluted
$ 1.89
$ 1.74
9 %
$ 3.16
$ 3.05
4 %
____________________
(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.
DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)
Three Months Ended
Six Months Ended
August 2,
2024
August 4,
2023
Change
August 2,
2024
August 4,
2023
Change
Cash flow from operations
$ 1,340
$ 3,214
(58) %
$ 2,383
$ 4,991
(52) %
Non-GAAP adjustments:
Capital expenditures and capitalized software
development costs, net (a)
(636)
(624)
(1,222)
(1,322)
Free cash flow
$ 704
$ 2,590
(73) %
$ 1,161
$ 3,669
(68) %
Free cash flow
$ 704
$ 2,590
(73) %
$ 1,161
$ 3,669
(68) %
Non-GAAP adjustments:
Financing receivables (b)
487
497
652
130
Equipment under operating leases (c)
93
(37)
94
(62)
Adjusted free cash flow
$ 1,284
$ 3,050
(58) %
$ 1,907
$ 3,737
(49) %
____________________
(a)
Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, and other assets.
(b)
Financing receivables represent the operating cash flow impact from the change in DFS financing receivables.
(c)
Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS leases and contractually embedded leases identified within flexible consumption arrangements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/dell-technologies-delivers-second-quarter-fiscal-2025-financial-results-302234416.html
SOURCE Dell Technologies
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Automotive Seat Heater Market to Reach $5.5 Billion, Globally, by 2033 at 6% CAGR: Allied Market Research
Published
20 mins agoon
September 20, 2024By
Key factors contributing to the growth of the automotive heat seater market include advancements in heating technology, such as the integration of more efficient heating elements and improved temperature control systems.
WILMINGTON, Del., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive seat heater Market by Type (Carbon Heater and Composite Heater), Vehicle Type (Passenger Cars and Commercial Vehicles), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the automotive seat heater market was valued at $3.1 billion in 2023, and is estimated to reach $5.5 billion by 2033, growing at a CAGR of 6% from 2024 to 2033.
The global automotive seat heaters market is driven by increased demand for comfort and customization. As increasing numbers of individuals utilize the roads, the number of affordable vehicles available in recent years has skyrocketed. As a result, there is a greater need for vehicles with interiors that are both visually appealing and practical. The market for vehicle interior materials is being driven by rising consumer demand for customization and technical developments across the industry. In response to client demand, companies are now offering customization choices for creating modern interiors. Consumers increasing health consciousness is also driving the development of environmentally friendly automotive interior materials that contribute to increased comfort.
Request Sample of the Report on Automotive Seat Heater Market Forecast 2033: https://www.alliedmarketresearch.com/request-sample/A323768
Prime determinants of growth
The growing level of competition in the automotive industry is a primary driver of the automotive seat heater market’s expansion. Furthermore, improving consumer affordability, rising consumer income, and the availability of easy financing to purchase a vehicle are all driving forces in the global automobile sector. Furthermore, expansion in the automobile industry causes growth in the global market. Rising popularity of carbon fiber technology, rising demand for comfort and energy efficiency in vehicles, and rising preferences for high-end passenger cars are some of the major and insightful factors that will most likely drive the growth of the automotive seat heater market during the forecast period. The health benefits, such as reduction from discomfort backs and rapid warming, are driving market expansion. The expanding aftermarket sales of car seat heaters are driving the market forward.
Have a Question? Connect to our Analyst – https://www.alliedmarketresearch.com/connect-to-analyst/A323768
By Type
The carbon heater segment is expected to grow faster throughout the forecast period.
The carbon heater segment is anticipated to experience faster growth in the automotive seat heater market. Carbon fiber meshed weave heating pads will remain the largest market segment as this type of seat heater ensures good strength and requires very low voltage to produce heat. a growing preference for energy-efficient and environmentally friendly components, aligning with the broader push towards sustainable automotive solutions. The integration of advanced technologies, such as automatic climate control systems that adjust seat heating based on ambient temperature and individual preferences, is becoming increasingly popular.
By Vehicle Type
The passenger car segment is expected to grow faster throughout the forecast period.
The passenger car segment is anticipated to experience growth in the automotive seat heater market. The increasing expenditure on passenger and driver comfort. The development of premium features and the surge in passenger vehicle numbers in Europe and North America significantly contribute to this growth. Additionally, there is a rising demand for SUVs and luxury vehicles in emerging markets. Automotive manufacturers are continuously innovating electronic technologies, which create new opportunities for the application of heated seats in passenger cars. This trend is further bolstered by the emphasis on enhancing vehicle comfort and the integration of advanced climate control systems.
Procure Complete Report (324 Pages PDF with In-depth Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/automotive-seat-heater-market-A323768
By Sales Channel
The aftermarket segment is expected to grow faster throughout the forecast period.
The aftermarket segment is anticipated to experience growth in the automotive seat heater market. One of the standardization of temperature control seats in various mid-range and high-end vehicles is helping the OEM section of the automobile seat heater industry. Seat heater replacement rates are predicted to rise due to excessive wear and tear, as well as changing climatic circumstances in cold locations, driving up aftermarket sales. When compared to OEM products, aftermarket products are more cost-effective. Furthermore, owners of vehicles without seat heaters add this equipment in the aftermarket, which boosts seat heater aftermarket sales.
By Region
Europe to maintain its dominance by 2033.
Europe is expected to maintain its dominance in the automotive heat seater market by 2033 owing to robust industrialization, infrastructural development, and growing investments in automotive and manufacturing sectors. has witnessed a surge in the popularity and necessity of automotive seat heaters. As the nation’s economy expands and consumer prosperity grows, there is a corresponding increase in the demand for vehicles equipped with advanced comfort amenities. Once considered a luxury, seat heaters are now becoming more accessible to a wider demographic, fueling their adoption among consumers.
Europe will maintain its pivotal role as a significant market for automotive seat heaters. This is primarily due to the increasing demand from end users who prioritize cabin comfort, especially in the winter months. Seat heaters are favored for their ability to significantly enhance occupant comfort during this season.
Players: –
Continental AGPanasonic CorporationGentherm IncorporatedII-VI IncorporatedRoadwire LLCRostra Precision Controls Inc.Firsten Automotive Electronics Co., Ltd.Guangzhou Tachibana Electronic Co., Ltd.SINOMASChampion Auto Systems
The report provides a detailed analysis of these key players in the global automotive seat heater market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
In August 2020, Lear and Gentherm introduced INTU™ Thermal Comfort Seating with ClimateSense™ Technology.
For More In-depth Insights: https://www.alliedmarketresearch.com/automotive-seat-heater-market-A323768
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research:
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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View original content:https://www.prnewswire.co.uk/news-releases/automotive-seat-heater-market-to-reach-5-5-billion-globally-by-2033-at-6-cagr-allied-market-research-302254048.html
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/R E P E A T — MEDIA ADVISORY – Minister Wilkinson to Make a Critical Minerals Infrastructure Announcement/
Published
20 mins agoon
September 20, 2024By
VANCOUVER, BC, Sept. 19, 2024 /CNW/ – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and Ranj Pillai, the Premier of Yukon, will make a funding announcement in support of critical minerals infrastructure projects. A media availability will follow.
Date: September 20, 2024
Time: 10:30 a.m. PT
All accredited media are asked to pre-register by emailing media@nrcan-rncan.gc.ca. A dial-in line is available for media and will be provided upon registration.
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SOURCE Natural Resources Canada
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Olink Proteomics Announces the ‘Olink Proteomics World’ Virtual Conference: A Novel Platform Exploring the Latest Advancements in Proteomics and Proteogenomics
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The ‘Olink Proteomics World’ Virtual Conference will bring together scientists from around the globe to explore the latest advancements in proteomics and proteogenomics across fields such as immunology, oncology, neuroscience, aging, and inflammation on September 26th, 2024.
WALTHAM, Mass., Sept. 20, 2024 /PRNewswire-PRWeb/ — Olink Proteomics, part of Thermo Fisher Scientific, a leading provider of advances proteomics solutions, is exited to announce its upcoming virtual conference, Olink Proteomics World, on September 26th, 2024.
This innovative virtual conference will bring together scientists from around the globe to explore the latest advancements in proteomics and proteogenomics across fields such as immunology, oncology, neuroscience, aging, and inflammation. The digital event features presentations from esteemed scientists and provides a platform to connect with peers, identify potential collaborations, and explore advanced protein biomarker discovery tools and results.
Our lineup of esteemed presenters will cover a wide range of topics, including:
The Aged Tumor Microenvironment: Understanding how aging influences the tumor microenvironment and its implications for cancer therapy.Infectious Diseases Dynamics: Unravelling how proteomics can enhance our understanding and management of infectious diseases.Alzheimer’s Diagnostics and Disease Monitoring: Exploring the latest tools and biomarkers for early detection and monitoring of Alzheimer’s disease.Aging Mechanisms: Insights into the biological processes of aging and how they can inform healthcare strategies.Predicting Disease Risks: Utilizing multiomics data to forecast disease risks and improve preventive measures.Genetics and Proteomics of Obesity: Investigating the complex interplay between genetics, proteomics, and obesity.Microbiome Transplantation Effects: Evaluating the impact of faecal transplants on human health and disease.Biomarker Discovery in Multiple Sclerosis: Cutting-edge research on identifying biomarkers for better diagnosis and treatment of Multiple Sclerosis.
In addition to these topics, our speakers will delve into various aspects of multiomics research, offering insights into how integrated approaches are shaping the future of personalized medicine and healthcare.
To see the full agenda and list of speakers for this event click here.
In addition to expert presentations, attendees can participate in interactive sessions, visit the digital poster hall, and engage in real-time Q&A sessions with speakers.
For further information about the event & to register for free, click here.
About Olink Proteomics
Olink’s mission is to accelerate proteomics together with the scientific community, to understand real-time biology and gain actionable insights into human health and disease. Our innovative solutions deliver highly sensitive and accurate protein quantification, giving scientists the power to investigate complex biological processes with precision.
About Labroots
Labroots is the leading scientific social networking website, & primary source for scientific trending news & premier educational virtual events & webinars & more. Contributing to the advancement of science through content sharing capabilities, Labroots is a powerful advocate in amplifying global networks & communities. Founded in 2008, Labroots emphasizes digital innovation in scientific collaboration & learning. Offering more than articles & webcasts that go beyond the mundane & explore the latest discoveries in the world of science, Labroots users can stay atop their field by gaining continuing education credits from a wide range of topics through their participation in the webinars & virtual events.
Media Contact
Akshay Masand, Labroots, 714-463-4673, akshay.masand@labroots.com, https://olink.com/
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SOURCE Labroots
Automotive Seat Heater Market to Reach $5.5 Billion, Globally, by 2033 at 6% CAGR: Allied Market Research
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