In fiscal year 2022, Q4 Dell had a net operating loss of US $29 million, which was converted into profit and loss year-on-year From Dell earnings
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Dell technologies today announced its fourth quarter and full year results for fiscal year 2022. The report shows that Dell’s total net revenue in the fourth quarter was $27.992 billion, an increase of 16% compared with $24.15 billion in the same period last year; The net loss from continuing operations was $29 million, compared with the net profit from continuing operations of $695 million in the same period last year; The net profit attributable to Dell was US $2 million, compared with us $1227 million in the same period last year;
The adjusted net profit not in accordance with us gaap was US $1.390 billion, an increase of 2% compared with us $1.362 billion in the same period last year.
Dell technology’s fourth quarter and full year revenue exceeded Wall Street analysts’ expectations, but its adjusted earnings per share failed to meet expectations in the fourth quarter and the whole year, resulting in a sharp decline in its after hours share price of more than 7%.
Summary of fourth quarter results:
In the fiscal quarter ended January 28, 2022, Dell technology’s net loss from continuing operations was $29 million, compared with a net profit from continuing operations of $695 million in the same period last year; Diluted loss per share from continuing operations was $0.04, compared with $0.90 per share from continuing operations in the same period last year. In the fourth quarter, the net profit attributable to Dell was $2 million, compared with $1227 million in the same period last year.
Not in accordance with the U.S. general accounting standards (excluding amortization expenses of intangible assets, tax impact, equity incentive expenses and other one-time items), Dell technology’s adjusted net profit in the fourth fiscal quarter was $1.390 billion, an increase of 2% compared with $1.362 billion in the same period of the previous year; Adjusted earnings per share was $1.72, down 2% from $1.76 a year earlier, less than analysts expected. According to the data provided by Yahoo Finance Channel, 16 analysts had expected Dell technology’s adjusted earnings per share to reach $1.95 in the fourth fiscal quarter.
Dell’s total net revenue in the fourth quarter was $27.992 billion, up 16% from $24.15 billion in the same period last year. Not in accordance with U.S. GAAP, Dell technology’s adjusted net revenue in the fourth quarter was $28 billion, up 16% from $24.176 billion in the same period last year, exceeding analysts’ expectations. According to the data provided by Yahoo Finance Channel, 12 analysts had expected Dell technology’s fourth quarter revenue to reach $27.44 billion on average.
According to the overall business category, the product revenue of Dell technology in the fourth quarter was US $22.469 billion, an increase of 17% compared with us $19.167 billion in the same period of last year; Service revenue was US $5.523 billion, an increase of 11% compared with us $4.983 billion in the same period last year.
Divided by specific business departments, Dell technology’s revenue from infrastructure solutions group in the fourth quarter was US $9.219 billion, an increase of 3% compared with us $8.915 billion in the same period last year. Among them, the revenue of server and networking business was US $4.720 billion, an increase of 7% compared with us $4.405 billion in the same period of last year; The revenue of storage business was US $4.499 billion, which was basically the same as US $4.51 billion in the same period last year. The operating profit of infrastructure solutions group in the fourth quarter was US $1.102 billion, a year-on-year decrease of 7%, accounting for 12% of the group’s revenue; In contrast, the operating profit in the same period last year was US $1183 million, accounting for 13% of the group’s revenue.
Dell technology’s fourth quarter revenue from the customer solutions group was $17.329 billion, up 26% from $13.77 billion in the same period last year. Among them, the revenue of the commercial sector was US $12.891 billion, an increase of 30% compared with us $9.946 billion in the same period last year; The revenue of the consumer sector was US $4.438 billion, an increase of 26% compared with us $3.824 billion in the same period last year. The operating profit of customer solutions group in the fourth quarter was US $1.157 billion, an increase of 11% year-on-year, accounting for 7% of the group’s revenue; In contrast, the operating profit in the same period last year was US $1.040 billion, accounting for 8% of the group’s revenue.
Dell technology’s fourth quarter operating profit was $1.609 billion, up 13% from $1.423 billion in the same period last year. Not in accordance with U.S. GAAP, Dell technology’s operating profit in the fourth quarter was $2.191 billion, an increase of 1% compared with $2.170 billion in the same period last year.
Dell technology’s fourth quarter adjusted EBITDA (i.e. net profit excluding interest, tax, depreciation and amortization) was $2.686 billion, an increase of 3% from $2.620 billion in the same period last year.
The total revenue cost of Dell technology in the fourth quarter was $22.374 billion, an increase of 20% compared with $18.626 billion in the same period last year. Among them, the product revenue cost was 19.265 billion US dollars, an increase of 21% compared with 15.879 billion US dollars in the same period of last year; The service revenue cost was US $3.109 billion, an increase of 13% compared with us $2.747 billion in the same period last year.
Dell technology’s total operating expenses in the fourth quarter were $409 million, down 2% from $4.101 billion in the same period last year. Among them, the expenditure on sales, general affairs and administration was US $3.398 billion, an increase of 2% compared with us $3.467 billion in the same period of last year; R & D expenditure was US $611 million, down 4% from US $634 million in the same period last year.
Dell’s fourth quarter cash flow from business operations was $3.1 billion. As of the end of the fourth quarter of fiscal year 2022, the cash and investment balance held by Dell technology was US $11.3 billion; Total deferred revenue was $27.6 billion; The remaining performance obligations were US $42 billion, a year-on-year increase of 20%.
Summary of annual performance:
Dell technology’s total net revenue in fiscal year 2022 was $101.197 billion, an increase of 17% compared with $86.670 billion in fiscal year 2021. Not in accordance with U.S. GAAP, Dell technology’s total net revenue in fiscal year 2022 was $101.229 billion, an increase of 17% compared with $86.776 billion in fiscal year 2021, exceeding analysts’ expectations. According to the data provided by Yahoo Finance Channel, seven analysts had expected Dell technology’s annual revenue to reach $100.88 billion on average.
Dell technology’s operating profit in fiscal year 2022 was $4.659 billion, an increase of 26% compared with $3.685 billion in fiscal year 2021. Not in accordance with U.S. GAAP, Dell technology’s operating profit in fiscal year 2022 was $7.785 billion, an increase of 12% compared with $6.949 billion in fiscal year 2021.
Dell technology’s net profit from continuing operations in fiscal year 2022 was $4.942 billion, an increase of 120% compared with $2.245 billion in fiscal year 2021; Diluted earnings per share from continuing operations was $6.26, up 114% from $293 million in fiscal 2021. Not in accordance with US GAAP, Dell technology’s adjusted net profit in fiscal year 2022 was US $4.924 billion, an increase of 31% compared with us $3.746 billion in fiscal year 2021; Adjusted diluted earnings per share was $6.22, up 27% from $4.88 in fiscal 2021, but still not as expected. According to the data provided by Yahoo Finance Channel, eight analysts had expected Dell technology’s annual adjusted earnings per share to reach $6.53 on average.
Dell technology’s adjusted EBITDA in fiscal year 2022 was $9.66 billion, an increase of 12% compared with $8.645 billion in fiscal year 2021.
Changes in share price:
On the same day, Dell technology shares fell $0.94, or 1.66%, to $55.84 in regular trading on the New York Stock Exchange. In the subsequent after hours trading as of 5:24 p.m. Eastern time on the 24th (6:24 a.m. Beijing time on the 25th), Dell technology’s share price fell another $3.94, or 7.06%, to $51.90. In the past 52 weeks, the highest price of Dell technology was $61.54 and the lowest price was $40.03.
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