1、June 1,20231Q FY24Performance ReviewCopyright Dell Inc.All Rights Reserved.2DisclosuresNON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue,non-GAAP gross margin,non-GAAP operating expenses,non-GAAP operating income,non-GAAP cash flow from operations,non-GAAP inc

2、ome tax,non-GAAP net income,non-GAAP net income attributable to Dell Technologies Inc.,non-GAAP earnings per share-basic and non-GAAP earnings per share-diluted,as well as non-GAAP interest and other,net,adjusted EBITDA,free cash flow and adjusted free cash flow(collectively the“non-GAAP financial m

3、easures”),which are not measurements of financial performance prepared in accordance with U.S.generally accepted accounting principles.We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in Appendix B and Appendix D.SPECIAL NOTE ON FORWA

4、RD-LOOKING STATEMENTS Statements in this presentation that relate to future results and events are forward-looking statements and are based on Dell Technologies current expectations.In some cases,you can identify these statements by such forward-looking words as“anticipate,”“believe,”“could,”“estima

5、te,”“expect,”“intend,”“confidence,”“may,”“plan,”“potential,”“should,”“will”and“would,”or similar expressions.Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks,uncertainties and other fact

6、ors,including those discussed in Dell Technologies periodic reports filed with the Securities and Exchange Commission.Dell Technologies assumes no obligation to update its forward-looking statements.SPIN-OFF OF VMWARE,INC.On November 1,2021,Dell Technologies Ipleted its spin-off of VMware,Inc.In acc

7、ordance with applicable accounting guidance,the results of VMware,Inc.,excluding Dells resale of VMware,Inc.offerings,are presented as discontinued operations in the Consolidated Statements of Income and,as such,have been excluded from both continuing operations and segment results for all periods p

8、rior to the spin-off.The results of Dells resale of VMware,Inc.s standalone offerings are classified within Other Businesses,which does not meet the definition of a reportable segment.The Consolidated Statements of Cash Flows have not been recast to reflect the operating cash flows of VMware,Inc.as

9、discontinued operations.Except as noted,this presentation is consistent with the foregoing accounting guidance.In Appendix C we present consolidated GAAP results inclusive of net income attributable to discontinued operations.Copyright Dell Inc.All Rights Reserved.3Copyright Dell Inc.All Rights Rese

10、rved.31See supplemental slides in Appendix B for reconciliation of non-GAAP measures to GAAP.Delivered balanced financial results Revenue of$20.9B,down 20%Diluted EPS of$0.79,and diluted non-GAAP EPS1of$1.31Strong execution against the current economic backdrop Increased gross margin rate 2 pts with

11、 pricing discipline and component cost favorability Generated strong cash flow from operations of$1.8B Strong working capital management,with inventory down$0.8B Q/Q and$2.3B Y/YReturning cash to shareholders in excess of our framework Repurchased$251M of shares and paid$276M in dividends in Q1 Incr

12、eased our dividend 12%in Q1 Returned$5B to shareholders over the last six quarters,or 96%of our adjusted FCFEnhanced our governance structure Ellen Kullman elected lead independent director with robust oversight responsibilities All board committees now composed solely of independent directors Encou

13、raged about the potential for future inclusion in the S&P 500 index following recent S&P Global eligibility rule changesQ1 FY24 OverviewCopyright Dell Inc.All Rights Reserved.4Q1 HighlightsStrong execution given the macro with disciplined pricing,prudent cost management,and working capital efficienc

14、y 1Source:IDC Worldwide PC Tracker Q1 CY23 Final Historical.Share GainsGained 70 bps of commercial PC share excluding Chrome1and expect to gain share in storageCost Mgmt.Reduced operating expense 6%Y/Y and focused on continued prudent cost managementSupply ChainNormalized backlog post-pandemic,ahead

15、 of competitorsCSG Profitability7.4%operating margin,up 20 bps Y/Y,driven by higher gross margin rate and lower operatingexpenses$in millions,except per share amounts1Q24Y/YRevenue20,922-20%Operating Income1,069-31%Diluted EPS$0.79-42%Non-GAAP Revenue20,922-20%Non-GAAP Operating Income1,598-25%Non-G

16、AAP Diluted EPS$1.31-29%CSG Revenue11,983-23%Operating Income892-20%Commercial Revenue9,862-18%Consumer Revenue2,121-41%ISG Revenue7,593-18%Operating Income740-32%Servers&Networking Revenue3,837-24%Storage Revenue3,756-11%Dell TechnologiesClient Solutions Group Infrastructure Solutions Group Copyrig

17、ht Dell Inc.All Rights Reserved.5Dell Technologies investment thesisLeading market positions and a differentiated strategy,supported by durable competitive advantages,to generate consistent growth and significant value creationAttractive long-termfinancial model3-4%Revenue growth6+%Diluted EPS growt

18、hNI to adj.FCF Conversion of 100%or betterTarget returning 40-60%of adj.FCF to shareholders Durable and reinforcing competitive advantages that uniquely position Dell to win in core and adjacent markets A differentiated strategy to Win the consolidation and modernization of our core markets Build ne

19、w businesses where Dell has a unique right to win Leadership positions in large,stable,and expanding markets with strong underlying fundamentals We are uniquely positioned in the data,AI,and multicloud era A track record of consistent growth,profitability,and shareholder value creation6Copyright Del

20、l Inc.All Rights Reserved.Dell Technologies strategyLeading market positions and a differentiated strategy,supported by durable competitive advantages#1 positions in CSG and ISGLargest GTMand Channel ecosystemLeadingfinancial services capabilities World-class people and cultureLeading global service

21、s footprint Industry-leading scale and supply chain E2E productand multicloud offeringsS T R A T E G Y S U P P O R T E D B Y D U R A B L E C O M P E T I T I V E A D V A N T A G E SGrow and modernize the Core businessBuild new growth businesses where we have a unique right to winCopyright Dell Inc.Al

22、l Rights Reserved.7PC&TabletPeripheralsServerStorageIT NetworkingHW Deploy and SupportTechnology OutsourcingTelecom NetworkingIaaSImplementationSW Deploy and SupportApplication DevelopmentIT Consulting&TrainingSystem Infrastructure SoftwareData ManagementApplicationsDevelopment&Deployment0%20%40%60%

23、80%100%HardwareServicesSoftware$0.8T$0.9T$0.9TAmple room to grow within$775B core business TAM and pursuing growth in adjacent markets within an incremental$840B TAMNote:PC includes PC and TabletSource:Dell CSG TAM estimate(Peripherals);Dell ISG TAM estimate(Server,Storage,IT Networking);IDC Worldwi

24、de ICT Spending Guide 2022 data;excludes from ICT Spending Guide categories out of the scope of Dells business(e.g.,mobile phone hardware,telecom services,BPO services)Extended Dell market:$840B growing at 10%CAGR to 2026ECore Dell market:$775B growing at 2%CAGR to 2026E2022 Global IT market$1.6T Se

25、rved Addressable MarketCopyright Dell Inc.All Rights Reserved.8Dell Technologies Storage key leadership positionsWe have#1 positions in all key storage categoriesNote:based on vendor revenue.All FlashArray#1Dell maintained the#1 position with 25.7%sharePer IDC WW Quarterly Enterprise Storage Systems

26、 Tracker CY22Q4StorageSoftware#1Dell maintained the#1 position with 9.0%sharePer IDC WW Storage Software and Cloud Services Tracker CY22Q4External Enterprise Storage#1Dell maintained the#1 position with 24.3%sharePer IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q4Purpose-Built Backup Appl

27、iance#1Dell maintained the#1 position with 40.0%share Per IDC WW Quarterly Purpose-Built Backup Appliance Tracker CY22Q4Mid Range Storage#1High EndStorage#1Converged Systems#1Dell maintained the#1 position with 45.6%sharePer IDC WW Quarterly Converged Systems Tracker CY22Q4Hyperconverged Systems#1De

28、ll maintained the#1 position with 31.4%sharePer IDC WW Quarterly Converged Systems Tracker CY22Q4Dell maintained the#1 position with 35.5%sharePer IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q4Dell maintained the#1 position with 25.7%sharePer IDC WW Quarterly Enterprise Storage Systems T

29、racker CY22Q4Copyright Dell Inc.All Rights Reserved.9Dell Technologies Server&PC key leadership positionsWe have#1 positions in servers and the most profitable segments of the PC marketNote:based on units unless otherwise indicated.x86 Server#1Dell is the leader with 13.8%unit share and 16.5%revenue

30、 sharePer IDC WW Quarterly Server Tracker CY22Q4Mainstream Server#1Dell is the leader with 25.1%unit share and 28.4%revenue sharePer IDC WW Quarterly Server Tracker CY22Q4PCMonitors#1Dell maintained the#1 position with 19.7%sharePer IDC WW Quarterly Monitor Tracker CY23Q1Client Business#1Leading Cli

31、ent Business by revenueClient PC&upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs financial public filings,as of Q4 FY23North America Commercial PC#1North America Total PC#1Dell is the leader with 27.2%sharePer IDC WW Quarterly PC Device Tracker,CY23Q1.In

32、cludes workstationsHigh-End PC Gaming#1Dell maintained the#1 position with 20.5%sharePer IDC Quarterly Gaming Tracker,CY23Q1,$1,500+price bandPC Workstations#1Dell maintained the#1 position with 36.6%sharePer IDC WW Quarterly PC Device Tracker,CY23Q1.Includes workstationsDell maintained the#1 positi

33、on with 46.4%sharePer IDC WW Quarterly Workstation Tracker CY23Q1Copyright Dell Inc.All Rights Reserved.10Innovation overviewOur innovation engine continues to advance in strategic areas like edge,multicloud,and as-a-ServiceCloud-to-Ground|APEX Cloud PlatformsNew Dell APEX Cloud Platforms developed

34、with Microsoft,Red Hat,and VMware to seamlessly extend public cloud operating environments to on-prem environments.Ground-to-Cloud|APEX Storage for Public CloudDelivering on the promise of Project Alpine,Dell brings our industry-leading block and file enterprise storage capabilities to public clouds

35、.Cloud Experiences to Dedicated IT EnvironmentsExpanded APEX to include client devices and servers,with new Dell APEX PC-as-a-Service,Managed Device Service,and Dell APEX Compute.New Partnership with DatabricksCustomers can enjoy the control and cost efficiency previously only available in the cloud

36、 while also leveraging cloud-native Databricks analytics.Dell APEX Professional Services Extend the value of APEX with a focus on operational benefits and providing on-demand IT services.Dell NativeEdgeDelivering on the promise of Project Frontier,we introduced Dell NativeEdge,a new software platfor

37、m that makes it easier for customers to manage,simplify and secure their entire edge estate with a single solution.Dell Validated Design for Retail Edge with InViaDesigned to simplify the deployment of intelligent warehouse management to turn existing warehouse and retail spaces into a micro-fulfill

38、ment center.Dell Private Wireless with Airspan and DruidMeets the enterprise demand for reliable quality of service,speed and latency of edge connectivity for business-critical applications,and massive device connectivity.ProDedeploy Flex for Edge A modular deployment service designed to further acc

39、elerate time to value for customers at the edge.Sonic 4.1 softwareContinued innovation of our Enterprise SONiC Distribution,building on benefits of prior versions.We are expanding our security portfolio,working with over 30 partners on an Advanced Zero Trust private cloud solution to protect against

40、 cyberattacks.Project Fort Zero and Security ServicesProject Helix validated designs make it easier for enterprises to more quickly and securely deploy generative AI on-premises.The Dell and NVIDIA solutions,available starting in Q2,will provide enterprises with a foundation of expertise to kickstar

41、t Generative AI initiatives at a business-wide and global scale.Project Helix|Generative AIDell APEX and MulticloudEdgeCopyright Dell Inc.All Rights Reserved.111Based on Dell internal analysis,May 2023.Dell APEXThe worlds most comprehensive as-a-Service and multicloud portfolio,spanning from data ce

42、nter to public cloud to client,that helps companies better manage their data and applications wherever they live1APEX Managed Device ServiceAPEX Data Center UtilityAPEX Private Cloud APEX High Performance ComputingAPEX Block Storage for Public CloudAPEX File Storage for Public CloudAPEX Navigator fo

43、r KubernetesAPEX Hybrid Cloud for VMwareAPEX Backup ServicesAPEX Protection Storage for Public CloudAPEX Navigator for Multicloud StorageAPEX Cloud Platform for Red Hat OpenShiftAPEX Cloud Platform for VMwareCloud PlatformsDevicesCustomCompute and HCIStorageManagement ToolsCyber/Data ProtectionNewRe

44、cently announced at DTWAPEX PC as-a-ServiceAPEX Flex on DemandAPEX ComputeAPEX Data Storage ServicesAPEX ConsoleAPEX Cloud Platform for Microsoft AzureAPEX Cyber Recovery ServicesCopyright Dell Inc.All Rights Reserved.12Shaping our customers digital futureCustomers are increasingly turning to Dell T

45、echnologies as a trusted,strategic partnerTechnicolor Creative Studios,which provides award-winning visual effects(VFX)and animation for global entertainment majors,is working with Dell Technologies and their partner Ninth Dimension IT Solutions to help meet increased demand for their VFX&Animation

46、services across film,episodic,advertising,and games industries.Dells storage platform has enabled them to increase throughput and rendering efficiency.Technicolor Creative StudiosLightstorm Entertainment,the film production company responsible for hits like Avatar,is working with Dell Technologies t

47、o simplify data collection and production experiences.Dell storage,servers and workstations help meet the scalability and performance requirements created by the avalanche of data generated by its movies and ensure seamless collaboration for creative artists,editors and directors across two continen

48、ts.Lightstorm EntertainmentDell Technologies provides Hyundai AutoEver with an agile,responsive and highly scalable IT infrastructure that positions it to process vast amounts of data quickly and deliver new,innovative and sophisticated services to Hyundai Motor Group and its customers.Hyundai AutoE

49、verExhibit A Brewing Company is working with Dell to explore how intelligent sensors,5G devices and edge computing can brew better craft beer.Dell partnered with the 5G Open Innovation Lab to harness these emerging technologies to monitor the entire brewing process remotely and reduce waste.Exhibit

50、A Brewing CompanyTrident Proposal Management,a consulting firm that helps clients identify opportunities and prepare proposals for federal government contracts,is focusing on its business and shifting day-to-day support and PC management to Dell with APEX Managed Device Service.Trident Proposal Mana

51、gement Copyright Dell Inc.All Rights Reserved.13$37.8B$33.4B$16.5B$18.4B$17.6BFY20FY21FY22FY23Q1 FY24-12%Y/Y-51%Y/Y+4%Y/Y-11%Y/Y+12%Y/Y$85.0B$86.8B$101.2B$102.3BFY20FY21FY22FY236%CAGR+2%Y/Y+17%Y/Y+1%Y/Y+1%Y/Y$4.60$4.88$6.22$7.61FY20FY21FY22FY2318%CAGR+6%Y/Y+27%Y/Y+22%Y/Y$5.3B$6.5B$5.2B$1.5BFY20FY21F

52、Y22FY23+22%Y/Y-19%Y/Y-71%Y/Y+56%Y/YProven track record of performanceConsistent,profitable growth with strong cash flow over time and a commitment to capital returnsRevenue1,2Adjusted Free Cash Flow1Diluted EPS1,2Non-GAAPNon-GAAP We have grown revenue at a 6%CAGR and diluted EPS at an 18%CAGR over t

53、he last 3 fiscal years We continue to structurally gain share in our core markets3 890 bps of mainstream server revenue share over last ten years 560 bps of midrange storage revenue share over last five years 10 consecutive years of commercial PC unit share gains We have delivered$18.5B of adjusted

54、FCF over the last 4 fiscal years We have returned$5B,or 96%of FCF,to shareholders since instituting our capital return policy in Sept 2021Long-term PerformanceCore Debt and Other4Historical Core Leverage5Core Leverage1.7x3.2x2.5x1.8x1)See Appendix B for a reconciliation of these measures to their mo

55、st directly comparable GAAP measures.2)Revenue and non-GAAP diluted earnings per share are presented on a continuing operations basis.3)Per IDC WW Quarterly Server Tracker 4QCY22,data between 4QCY12 4QCY22 TTM.Per IDC WW Quarterly Enterprise Storage Systems Tracker 4QCY22,data between 4QCY17 4QCY22

56、TTM.Per IDC PC Units Q1CY23,data between Q1CY12 Q4CY22.4)Core debt+margin loan,mirror note,and other debt,excluding public subsidiary debt and DFS related debt.5)FY20-FY21 core leverage ratio is presented on a historical basis and calculated as Core debt/(TTM Dell Tech adj.EBITDA excluding VMW)+(81%

57、of TTM VMW EBITDA)-(TTM DFS EBITDA).FY22 is recast to be presented on a continuing operations basis and is calculated as Core debt/(TTM adj.EBITDA)-(TTM DFS EBITDA).DFS estimated EBITDA calculated as a 4%return on assets comprised of financing receivables and DFS operating lease balance.4%return on

58、assets is derived from a peer benchmark analysis and is an indicative proxy for DFS EBITDA.Growth above long-term framework$4.6B Avg.Annual Adj FCF FY20-FY23EPS growing faster than RevenueApproaching 1.5x Core Leverage Target1.8xCopyright Dell Inc.All Rights Reserved.14$in millions,except per share

59、amounts1Q232Q233Q234Q231Q24Y/YQ/QRevenue26,11626,42524,72125,03920,922-20%-16%Gross Margin5,7845,4395,7075,7565,018-13%-13%Gross Margin as a%of Revenue22.1%20.6%23.1%23.0%24.0%SG&A3,5533,5433,2683,7723,261-8%-14%R&D6816266777956881%-13%Operating Expense4,2344,1693,9454,5673,949-7%-14%Operating Expen

60、se as a%of Revenue16.2%15.8%16.0%18.3%18.9%Operating Income1,5501,2701,7621,1891,069-31%-10%Operating Income as a%of Revenue5.9%4.8%7.1%4.7%5.1%Interest and Other,Net(337)(635)(1,308)(266)(364)-8%-37%Income Tax144129213317127-12%-60%Effective tax rate%11.9%20.3%46.9%34.3%18.0%Net Income1,06950624160

61、6578-46%-5%Less:Net Income attributable to non-controlling interests(3)(5)(4)(8)(5)-67%38%Net Income attributable to Dell Technologies Inc.1,072511245614583-46%-5%Earnings Per Share-basic 21.420.690.340.860.81-43%-6%Earnings Per Share-diluted 21.370.680.330.840.79-42%-6%Consolidated GAAP results1We

62、are focused on maximizing long-term value creation for all shareholders1 See supplemental slides in Appendix B for reconciliation of GAAP to non-GAAP measures.2 See Appendix B for weighted average shares and EPS calculation.Copyright Dell Inc.All Rights Reserved.15Consolidated non-GAAP results1We de

63、livered balanced financial results with strong pricing discipline and cost management1See supplemental slides in Appendix B for reconciliation of GAAP to non-GAAP measures.2See Appendix B for weighted average shares and EPS calculation.$in millions,except per share amounts1Q232Q233Q234Q231Q24Y/YQ/QR

64、evenue26,11626,42524,72125,03920,922-20%-16%Gross Margin5,9415,6505,8655,9715,164-13%-14%Gross Margin as a%of Revenue22.7%21.4%23.7%23.8%24.7%SG&A3,1983,1342,8823,0982,954-8%-5%R&D6085646037036121%-13%Operating Expense3,8063,6983,4853,8013,566-6%-6%Operating Expense as a%of Revenue14.5%14.0%14.1%15.

65、1%17.1%Operating Income2,1351,9522,3802,1701,598-25%-26%Operating Income as a%of Revenue8.2%7.4%9.6%8.7%7.6%Interest and Other,Net(358)(371)(353)(383)(352)2%8%Income Tax343315322465283-17%-39%Effective tax rate%19.3%19.9%15.9%26.0%22.7%Net Income1,4341,2661,7051,322963-33%-27%Less:Net Income attribu

66、table to non-controlling interests(1)(2)(2)(2)(3)-200%-50%Net Income attributable to Dell Technologies Inc.1,4351,2681,7071,324966-33%-27%Earnings Per Share-basic 21.901.722.341.851.33-30%-28%Earnings Per Share-diluted 21.841.682.301.801.31-29%-27%Copyright Dell Inc.All Rights Reserved.16CASH FLOW F

67、ROMOPERATIONS1+761%Y/YADJUSTEDFCF2+164%Y/YRPO3$39B-7%Y/Y-3%Q/Q$0.7B$1.8B1Q232Q233Q234Q231Q24$1.8B$2.7B$5.6B$3.6B$0.4B$3.9B$0.7B$5.7B$-0.3B$5.8B1Q232Q233Q234Q231Q24$0.7B$2.3B$3.3B$1.5B$0.1B$2.2B$0.3B$3.7B$-1.1B$3.9B1Q232Q233Q234Q231Q24$39B$40B$39B$41B$42BSelect financial metricsAverage cash flow from

68、 operations of$5.8B over the past 4 fiscal years1 and$5.6B over the last twelve monthsFiscal quarterTTM1Cash flow from operations,excluding VMware.$5.8B average between FY20-FY23.2 See supplemental slides in Appendix B for reconciliation of adjusted free cash flow to cash flow from operations.3 Rema

69、ining performance obligations(RPO)include deferred revenue and committed contract value not included in deferred revenue.4 We define recurring revenue as revenue recognized primarily related to hardware and software maintenance as well as subscription,as-a-Service,usage-based offerings,and operating

70、 leases.Strong Q1 cash flow from operations of$1.8B,driven by working capital improvementsCash and investments was$9.2B and core leverage ratio improved to 1.7x exiting Q1RPO was down Y/Ydue to a reduction in backlog,partially offset by an 8%increase in deferred revenueQ1 recurring revenue4was$5.6B,

71、up 6%Y/YCopyright Dell Inc.All Rights Reserved.17REVENUE$7.6B-18%Y/Y-23%Q/QServers&Networking$5.0B,+22%Y/Y$5.2B,+16%Y/Y$5.2B,+14%Y/Y$4.9B,+5%Y/Y$3.8B,-24%Y/YStorage$4.2B,+9%Y/Y$4.3B,+6%Y/Y$4.4B,+11%Y/Y$5.0B,+10%Y/Y$3.8B,-11%Y/YOPERATINGINCOME$0.7B-32%Y/Y-52%Q/Q%of ISG revenueBasis points+200bps Y/Y-

72、30bps Y/Y+390bps Y/Y+360bps Y/Y-200bps Y/Y11.7%11.0%14.3%15.6%9.7%1Q232Q233Q234Q231Q24$7.6B$9.9B-18%Y/Y+7%Y/Y$9.6B+12%Y/Y$9.5B+12%Y/Y$9.3B+16%Y/Y1Q232Q233Q234Q231Q24$740M$1,543M-32%Y/Y+40%Y/Y$1,374M+54%Y/Y$1,046M+9%Y/Y$1,082M+39%Y/YInfrastructure Solutions GroupWe continue to innovate across our por

73、tfolio in Multicloud,Edge,AI,and SecurityAmounts are based on underlying data and may not visually foot due to rounding.Storage revenue was$3.8B,with demand growth in PowerStore and PowerFlexDemand for our AI optimized solutions increased,particularly our new purpose built 16G server for AIAPEX mome

74、ntum continued with an increase in the number of our APEX customersServer ASPs expanded and our mix of high value workload servers continued to increaseCopyright Dell Inc.All Rights Reserved.1833222229%41%48%37%28%22%External StorageHigh EndCIHCIMidrangeAFA25%27%22%30%21%20%Mainstream Server Share G

75、ains21%22%23%23%23%27%29%28%28%29%30%20122013201420152016201720182019202020212022ISG strong portfolio of#1 positionsLong-term structural share gains in server and storage share greater than#2,3,and 4 competitors combined1)IDC Quarterly Server Tracker,2022Q4,based on TTM revenue.Mainstream Server is

76、based on OEM vendor type and includes:Large System,Standard Rack,Tower,and Blade.2)IDC Quarterly Enterprise Storage Systems Tracker,2022Q4,based on TTM revenue.3)IDC Quarterly Converged Systems Tracker 2022Q4,based on TTM revenue.(IDC Mainstream Server Revenue)DellGained9ptsShareOver thePast10 years

77、11CY22 Storage leadership positions vs nearest competitorsObservations#1 in mainstream server revenue with 9 pts of share gain over the past 10 years1#1 in external storage with share greater than#2,3,and 4 combined and strong leadership positions across categories122(IDC External Storage Revenue&ID

78、C Converged Revenue)Copyright Dell Inc.All Rights Reserved.19REVENUE$12.0B-23%Y/Y-10%Q/QCommercial$12.0B,+22%Y/Y$12.1B,+15%Y/Y$10.7B,-13%Y/Y$10.7B,-17%Y/Y$9.9B,-18%Y/YConsumer$3.6B,+3%Y/Y$3.3B,-9%Y/Y$3.0B,-29%Y/Y$2.7B,-40%Y/Y$2.1B,-41%Y/YOPERATINGINCOME$0.9B-20%Y/Y+33%Q/Q%of CSG revenueBasis points5

79、.0%-170bps Y/Y7.4%+20bps Y/Y7.2%-90bps Y/Y6.3%-60bps Y/Y7.7%+80bps Y/Y1Q232Q233Q234Q231Q24$12.0B$13.4B-23%Y/Y-23%Y/Y$13.8B-17%Y/Y$15.5B+9%Y/Y$15.6B+17%Y/Y1Q232Q233Q234Q231Q24$892M$671M-20%Y/Y-42%Y/Y$1,060M-7%Y/Y$978M-1%Y/Y$1,115M+3%Y/YClient Solutions GroupFocused on our core markets commercial PC,h

80、igh-end consumer,and gamingAmounts are based on underlying data and may not visually foot due to rounding.1Source:IDC Worldwide PC Tracker Q1 CY23 Final Historical.Gained over+70 bps of share in Commercial excluding Chrome1in calendar Q1Increased average selling prices in both Commercial and Consume

81、r through pricing disciplineSaw some early signs of demand stabilization in commercial PCs within SMB as the quarter progressedStrong profitability with operating income at 7.4%of revenue,up 20 bps Y/YCopyright Dell Inc.All Rights Reserved.2015%16%17%18%19%20%22%23%23%24%25%25%2012201320142015201620

82、17201820192020202120221Q23TTMFY23Total PC MarketDELL IDCCSG focused on the most stable&profitable PC segmentsLong track record of structural share gains and will continue to consolidate and modernize(IDC CY2022 Units)ChromeMainstreamConsumer PCsPremiumConsumer PCsCommercialPCs10 pts of Commercial PC

83、 unit share gain over the past 10 yearsHigher mix of Commercial&Premium PC units vs the industryDells focus areas have richer configurations and higher ASPs75%of Dells PC Revenue is from Commercial PCsCommercial ASPs excluding Chrome are 3.6x higher than ChromePremium Consumer ASPs are 2.8xhigher th

84、an mainstream ConsumerNote:Premium Consumer includes units with ASP$800;Mainstream Consumer includes units with ASP 75%of DellsCSG Revenue Mix4Observations10 pts ofshare gainover thepast10 yearsDell Commercial PC Unit Share1343Copyright Dell Inc.All Rights Reserved.21$608$609$150$251$242$238$236$276

85、2Q233Q234Q231Q24Share RepurchaseDividend$850$386$527$847 Capital allocation prioritiesWe have returned$5B to shareholders over the past six quarters,or 96%of our adjusted FCF1Core leverage ratio is calculated as core debt divided by(TTM adjusted EBITDA)-(TTM DFS adjusted EBITDA).Invest remaining 40-

86、60%in the business,growth opportunities and debt repaymentM&A We paid$1.32 per share,or$1B during the first year of our dividend program We raised our annual dividend 12%to$1.48 per share this year,subject to quarterly Board approvalDuring Q1 We paid$276M in dividends We repurchased 6.1M shares of s

87、tock for$251MDividendsShare RepurchaseReinvest in organic growth opportunitiesTargeted M&A that accelerates our strategy Additional debt paydown as we work toward our 1.5x core leverage1target$in Millions Weve repurchased 40M shares for$1.6B over the past 12 months Following a programmatic approach

88、to managing dilution and will buy back shares opportunistically based on market conditionsTarget returning 40-60%of adjusted FCF to shareholdersAttractivelong-termfinancial model3-4%Revenue growth6+%EPS growthNI to adj.FCF Conversion of 100%or betterTarget returning 40-60%of adj.FCF to shareholdersC

89、opyright Dell Inc.All Rights Reserved.22Copyright Dell Inc.All Rights Reserved.22Q2 FY241 Revenue expected to be in the range of$20.2B and$21.2B,or between down 3%and up 1%sequentially,with a midpoint of$20.7B Expect CSG Revenue to be roughly flat sequentially and ISG to be down in the low single di

90、gits sequentially FX is expected to be a Revenue headwind of roughly 200bps Gross margin rates expected to be down 30 bps sequentially.Non-GAAP gross margin rates expected to be down 50 bps sequentially.Diluted share count expected to be roughly 733M to 738M shares Diluted EPS expected to be$0.61 pl

91、us or minus$0.10.Diluted non-GAAP EPS expected to be$1.10 plus or minus$0.10,down sequentially,primarily driven by lower revenueFY241 Maintaining our FY24 revenue expectations,down between 12%and 18%and down 15%at the midpoint Implies a return to sequential growth in the 2ndhalf of the year For non-

92、GAAP tax rate2,assume 24.0%plus or minus 100 bps We are increasing FY24 EPS guidance.Diluted EPS is expected to be$3.51 plus or minus$0.25.Diluted non-GAAP EPS expected to be$5.50 plus or minus$0.251Please refer to Appendix D for reconciliation of non-GAAP measures to GAAP.2 The estimated tax rate d

93、oes not include the impact of any possible law changes.GuidanceCopyright Dell Inc.All Rights Reserved.23ESG highlights1From our latest ESG reporting2and external recognition Net-Zero goal across our full value chain by 2050 or earlier 47%of our employees participated in Employee Resource Groups(ERGs

94、)to drive Social ImpactSource:1.)Metrics are for Dell Technologies;excluding Secureworks.2.)FY22 Environmental,Social,and Governance Report.3.)See full and robust responsibilities in the 2023 Proxy Statement.Net-Zero goal across our full value chain by 2050 or earlier 47%of our employees participate

95、d in Employee Resource Groups(ERGs)to drive Social ImpactEnabling growth by advancing sustainability and cultivating inclusion90%sustainable materials used in our packagingFormal ESG governance established with cross-functional executive leadership159M+people reached with education,healthcare or fin

96、ancial inclusion programsEncouraged about the potential for future inclusion in the S&P 500 index following recent S&P Global eligibility rule changes-30%reduction in Scopes 1&2market-based greenhouse gas emissions since FY20Net-Zero goal across our full value chain by 2050 or earlier 55%of electric

97、ity from renewable sources across Dell facilities47%of our employees participated in Employee Resource Groups(ERGs)to drive Social Impact88%of team members rated their job as meaningful99.6%of our employees participated in foundational learning on key DE&I topics(up 67%)Ellen Kullman elected by our

98、board as Lead Independent Director 3All Dell board committee members are independent directorsGovernanceSocialEnvironmentalRobust shareholder engagement program driving ongoing governance enhancementsAppendix ADEBT AND DFS SUMMARYCopyright Dell Inc.All Rights Reserved.25$in billions 1,21Q232Q233Q234

99、Q231Q24Revolver-Senior Notes16.316.316.318.317.3Legacy Dell IG Notes1.01.01.01.01.0DFS Allocated Debt(0.7)(1.1)(1.0)(1.2)(1.0)Total Core Debt 316.516.116.218.117.2Margin Loan and Other0.30.30.30.30.3DFS Debt9.99.710.110.310.2DFS Allocated Debt0.71.11.01.21.0Total DFS Related Debt10.610.811.111.511.1

100、Total Debt27.427.227.629.928.7Debt summary1 Amounts are based on underlying data and may not visually foot due to rounding.2Principal Face Value.3Core debt represents the total principal amount of our debt,less:(a)public subsidiary debt,(b)DFS related debt,and(c)other debt.Copyright Dell Inc.All Rig

101、hts Reserved.26$in billions1Q232Q233Q234Q231Q24Originations 12.12.32.33.01.8Trailing twelve months8.79.19.49.79.5Financing Receivables 210.210.310.610.910.5Operating Leases 31.92.02.12.22.2Total Managed Assets 413.213.513.814.714.3DFS summary1 Originations represent the amounts of financing provided

102、 by DFS to customers for equipment and related software and services,including third-party originations.2 Amounts represent financing receivables included on the Dell Technologies Consolidated Statements of Financial Position.3 Amounts represent net carrying value of equipment for DFS operating leas

103、es.4 Total managed assets consists of financing receivables,syndicated receivables DFS still services,operating leases,and committed contract value for flex on demand.Appendix BSUPPLEMENTAL NON-GAAP MEASURESCopyright Dell Inc.All Rights Reserved.28$in millions1Q232Q233Q234Q231Q24GAAP gross margin5,7

104、845,4395,7075,7565,018Amortization of intangibles1041051069979Impact of purchase accounting 12-Stock-based compensation3837374038Other corporate expenses 21369157629Total adjustments to gross margin157211158215146Non-GAAP gross margin5,9415,6505,8655,9715,164GM%of non-GAAP revenue22.7%21.4%23.7%23.8

105、%24.7%Supplemental non-GAAP measuresGross margin1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.2Consists of severance,facilities action,impairment,and other costs.Copyright Dell Inc.All Rights Reserved.29$in millions1Q232Q233Q23

106、4Q231Q24GAAP SG&A3,5533,5433,2683,7723,261Amortization of intangibles(139)(139)(139)(139)(120)Impact of purchase accounting 1(7)(3)(21)(11)(4)Transaction(costs)income 2(5)(3)(8)(6)(3)Stock-based compensation(138)(142)(142)(129)(124)Other corporate expenses 3(66)(122)(76)(389)(56)Non-GAAP SG&A3,1983,

107、1342,8823,0982,954GAAP R&D681626677795688Stock-based compensation(56)(57)(56)(59)(63)Other corporate expenses 3(17)(5)(18)(33)(13)Non-GAAP R&D608564603703612GAAP operating expenses4,2344,1693,9454,5673,949Amortization of intangibles(139)(139)(139)(139)(120)Impact of purchase accounting 1(7)(3)(21)(1

108、1)(4)Transaction(costs)income 2(5)(3)(8)(6)(3)Stock-based compensation(194)(199)(198)(188)(187)Other corporate expenses 3(83)(127)(94)(422)(69)Total adjustments to operating expenses(428)(471)(460)(766)(383)Non-GAAP operating expenses3,8063,6983,4853,8013,566OpEx%of non-GAAP revenue14.5%14.0%14.1%15

109、.1%17.1%Supplemental non-GAAP measuresSG&A,R&D and operating expense1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.2Consists of acquisition,integration,and divestiture-related costs.3Consists of impairment charges,severance,faci

110、lities action,incentive charges related to equity investments,other costs,and payroll taxes associated with stock-based compensation.Copyright Dell Inc.All Rights Reserved.30$in millions1Q232Q233Q234Q231Q24GAAP operating income1,5501,2701,7621,1891,069Non-GAAP adjustments:Amortization of intangibles

111、243244245238199Impact of purchase accounting 19321114Transaction costs(income)253863Stock-based compensation232236235228225Other corporate expenses 39619610949898Total adjustments to operating income585682618981529Non-GAAP operating income2,1351,9522,3802,1701,598OpInc%of non-GAAP revenue8.2%7.4%9.6

112、%8.7%7.6%Supplemental non-GAAP measuresOperating income1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.2Consists of acquisition,integration,and divestiture-related costs.3Consists of impairment charges,severance,facilities action

113、,incentive charges related to equity investments,other costs,and payroll taxes associated with stock-based compensation.Copyright Dell Inc.All Rights Reserved.31$in millions1Q232Q233Q234Q231Q24GAAP interest and other,net:Investment income,primarily interest1516214859Gain on investments,net14(255)44(

114、9)(15)Interest expense(265)(298)(272)(387)(405)Foreign exchange(89)(66)(72)(38)(32)Other 1(12)(32)(1,029)12029GAAP interest and other,net(337)(635)(1,308)(266)(364)Adjustments:Non-GAAP adjustments 2(21)264955(117)12Non-GAAP interest and other,net(358)(371)(353)(383)(352)I&O as a%of non-GAAP revenue1

115、.4%1.4%1.4%1.6%1.6%Supplemental non-GAAP measuresInterest and other1During 3Q23,other includes$1.0B expense recognized for the Class V litigation settlement.2Consists of the fair value adjustments on strategic equity investments as well as$1.0B expense recognized for the Class V litigation settlemen

116、t during 3Q23.Copyright Dell Inc.All Rights Reserved.32$in millions1Q232Q233Q234Q231Q24GAAP net income1,069506241606578Non-GAAP adjustments:Amortization of intangibles243244245238199Impact of purchase accounting 19321114Transaction costs(income)2(2)(4)4(14)(1)Stock-based compensation232236235228225O

117、ther corporate expenses 3962121,11239299Fair value adjustments on equity investments 4(14)255(44)915Aggregate adjustment for income taxes 5(199)(186)(109)(148)(156)Total adjustments3657601,464716385Non-GAAP net income1,4341,2661,7051,322963NI%of non-GAAP revenue5.5%4.8%6.9%5.3%4.6%Supplemental non-G

118、AAP measuresNet income from continuing operations1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.2Consists of acquisition,integration,and divestiture-related costs and gains.3Consists of impairment charges,incentive charges relat

119、ed to equity investments,severance,facility action,other costs,and payroll taxes associated with stock-based compensation.During 3Q23,other includes$1.0B expense recognized for the Class V litigation settlement.4Consists of the gain(loss)on strategic investments,which includes recurring fair value a

120、djustments on equity investments.5Consists of the tax effects of non-GAAP adjustments,as well as an adjustment for discrete tax items.Copyright Dell Inc.All Rights Reserved.33$in millions1Q232Q233Q234Q231Q24GAAP net income attributable to Dell Technologies Inc.1,072511245614583Amortization of intang

121、ibles243244245238199Impact of purchase accounting 19321114Transaction costs(income)2(2)(4)4(14)(1)Stock-based compensation232236235228225Other corporate expenses 3962121,11239299Fair value adjustments on equity investments 4(14)255(44)915Aggregate adjustment for income taxes 5(199)(186)(109)(148)(15

122、6)Total non-GAAP adjustments attributable to non-controlling interests(2)(3)(2)(6)(2)Total adjustments3637571,462710383Non-GAAP net income attributable to Dell Technologies Inc.1,4351,2681,7071,324966Supplemental non-GAAP measuresNet income attributable to Dell Technologies Inc.from continuing opera

123、tions1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.2Consists of acquisition,integration,and divestiture-related costs and gains.3Consists of impairment charges,incentive charges related to equity investments,severance,facility

124、action,other costs,and payroll taxes associated with stock-based compensation.During 3Q23,other includes$1.0B expense recognized for the Class V litigation settlement.4Consists of the gain(loss)on strategic investments,which includes recurring fair value adjustments on equity investments.5Consists o

125、f the tax effects of non-GAAP adjustments,as well as an adjustment for discrete tax items.Copyright Dell Inc.All Rights Reserved.34$in millions,except per share figures1Q232Q233Q234Q231Q24GAAP net income attributable to Dell Technologies Inc.1,072511245614583Weighted-average shares outstanding-basic

126、754739728716724GAAP EPS attributable to Dell Technolgies Inc.-basic$1.42$0.69$0.34$0.86$0.81GAAP net income attributable to Dell Technolgies Inc.-diluted1,072511245614583Weighted-average shares outstanding-diluted780755743735737GAAP EPS attributable to Dell Technolgies Inc.-diluted$1.37$0.68$0.33$0.

127、84$0.79Non-GAAP net income attributable to Dell Technologies Inc.1,4351,2681,7071,324966Weighted-average shares outstanding-basic754739728716724Non-GAAP EPS attributable to Dell Technolgies Inc.-basic$1.90$1.72$2.34$1.85$1.33Non-GAAP net income attributable to Dell Technolgies Inc.-diluted1,4351,268

128、1,7071,324966Weighted-average shares outstanding-diluted780755743735737Non-GAAP EPS attributable to Dell Technolgies Inc.-diluted$1.84$1.68$2.30$1.80$1.31Supplemental non-GAAP measuresEarnings per share-basic and dilutedCopyright Dell Inc.All Rights Reserved.35$in millions1Q232Q233Q234Q231Q24GAAP ne

129、t income1,069506241606578Adjustments:Interest and other,net 13376351,308266364Income tax provision(benefit)144129213317127Depreciation and amortization726744832854809EBITDA2,2762,0142,5942,0431,878Adjustments:Transaction costs(income)253863Stock-based compensation232236235228225Other corporate expen

130、ses 39619610949898Adjusted EBITDA2,6092,4492,9462,7752,204Adj EBITDA%of non-GAAP revenue10.0%9.3%11.9%11.1%10.5%Supplemental non-GAAP measuresAdjusted EBITDA1During 3Q23,other includes$1.0B expense recognized for the Class V litigation settlement.2Consists of acquisition,integration,and divestiture-

131、related costs and gains.3Consists of impairment charges,incentive charges related to equity investments,severance,facility action,other costs,and payroll taxes associated with stock-based compensation.Copyright Dell Inc.All Rights Reserved.36$in millions1Q232Q233Q234Q231Q24Cash flow from operations(

132、269)7243962,7141,777Adjustments:Capital expenditures and capitalized software development costs,net(690)(807)(747)(749)(698)Free cash flow(959)(83)(351)1,9651,079Adjustments:DFS financing receivables(280)202364175(367)DFS operating leases 115813481127(25)Free cash flow before impact from DFS related

133、 items(1,081)253942,267687Supplemental non-GAAP measuresFree cash flow1 Amount represents change in net carrying value of equipment for DFS operating leases.Copyright Dell Inc.All Rights Reserved.37$in millions1FY20FY21FY22FY23Cash flow from operations9,29111,40710,3073,565Adjustments:Capital expend

134、itures and capitalized software development costs,net(2,553)(2,062)(2,755)(2,993)Free cash flow6,7389,3457,552572Adjustments:DFS financing receivables1,329728241461DFS operating leases 2819474394500Free cash flow before impact from DFS related items8,88610,5478,1871,533VMware cash flow from operatio

135、ns3,8724,4093,220-Adjustments:VMware capital expenditures(279)(329)(263)-VMware free cash flow3,5934,0802,957-Free cash flow,excluding VMware,before impact from DFS related items5,2936,4675,2301,533Supplemental non-GAAP measuresAdjusted free cash flow1Amounts are based on underlying data and may not

136、 visually foot due to rounding.2Amount represents change in net carrying value of equipment for DFS operating leases.Copyright Dell Inc.All Rights Reserved.38Supplemental FY20-FY23 non-GAAP Measures 1This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger tr

137、ansaction.2Consists of acquisition,integration,and divestiture-related costs and gains.3Consists of impairment charges,severance,facilities action,incentive charges related to equity investments,and other costs.4Consists of the gain(loss)on strategic investments,which includes recurring fair value a

138、djustments on equity investments.5Consists of the tax effects of non-GAAP adjustments,as well as an adjustment for discrete tax items.$in millions,except per share amounts FY20FY21FY22FY23Revenue84,815$86,670$101,197$102,301$Impact of purchase accounting 1229 106 32 -Non-GAAP revenue85,044$86,776$10

139、1,229$102,301$Net income from continuing operations attributable to Dell Technologies Inc.525$2,249$4,948$2,442$Amortization of intangibles2,971 2,133 1,641 970 Impact of purchase accounting 1274 144 67 44 Transaction costs 2116 (332)(2,143)(16)Stock-based compensation245 487 808 931 Other corporate

140、 expenses 3844 268 337 1,812 Fair value adjustment on equity investments 4(159)(427)(572)206 Aggregate adjustment for income taxes 5(1,361)(772)(156)(642)Total non-GAAP adjustments attributable to non-controlling interest(4)(6)(7)(13)Total adjustments to Net income attributable to Dell Technologies

141、Inc.2,926$1,495$(25)$3,292$Non-GAAP net income attributable to Dell Technologies Inc.3,451$3,744$4,923$5,734$Net income attributable to Dell Technologies Inc.525$2,249$4,948$2,442$Weighted-average shares outstanding-basic724 744 762 734 Earnings per share attributable to Dell Technologies Inc.-basic

142、0.73$3.02$6.49$3.33$Weighted-average shares outstanding-diluted751 767 791 753 Earnings per share attributable to Dell Technologies Inc.-diluted0.70$2.93$6.26$3.24$Non-GAAP Net income attributable to Dell Technologies Inc.3,451$3,744$4,923$5,734$Weighted-average shares outstanding-basic724 744 762 7

143、34 Non-GAAP earnings per share attributable to Dell Technologies Inc.-basic4.77$5.03$6.46$7.81$Weighted-average shares outstanding-diluted751 767 791 753 Non-GAAP earnings per share attributable to Dell Technologies Inc.-diluted4.60$4.88$6.22$7.61$Appendix CSUPPLEMENTAL FINANCIAL STATEMENTS Copyrigh

144、t Dell Inc.All Rights Reserved.40$in millions1Q232Q233Q234Q231Q24Current assets:Cash and cash equivalents6,654 5,507 4,904 8,607 7,631 Accounts receivable,net11,837 13,431 11,431 12,482 9,399 Due from related parties,net131 195 203 378 384 Short-term financing receivables,net4,796 4,860 4,915 5,281

145、5,013 Inventories,net6,277 5,883 6,172 4,776 4,016 Other current assets11,681 12,386 11,157 10,827 10,949 Total current assets41,376 42,262 38,787 42,351 37,392 Property,plant,and equipment,net5,516 5,772 5,847 6,209 6,261 Long-term investments1,868 1,520 1,534 1,518 1,399 Long-term financing receiv

146、ables,net5,398 5,450 5,659 5,638 5,524 Goodwill19,598 19,505 19,366 19,676 19,661 Intangible assets,net7,217 6,972 6,728 6,468 6,269 Due from related parties,net713 609 612 440 442 Other non-current assets6,720 6,685 6,639 7,311 7,146 Total assets88,406 88,775 85,172 89,611 84,094 Balance SheetAsset

147、sCopyright Dell Inc.All Rights Reserved.41$in millions1Q232Q233Q234Q231Q24Current liabilities:Short-term debt5,925 6,647 6,767 6,573 5,470 Accounts payable25,585 25,339 22,507 18,598 17,796 Due to related parties,net622 1,269 712 2,067 594 Accrued and other6,598 6,810 7,915 8,874 7,438 Short-term de

148、ferred revenue14,329 14,724 14,106 15,542 15,527 Total current liabilities53,059 54,789 52,007 51,654 46,825 Long-term debt21,197 20,287 20,562 23,015 22,962 Long-term deferred revenue13,074 13,301 12,983 14,744 14,168 Other non-current liabilities3,431 3,153 2,988 3,223 3,063 Total liabilities90,76

149、1 91,530 88,540 92,636 87,018 Total Dell Technologies Inc.stockholders equity(deficit)(2,462)(2,860)(3,469)(3,122)(3,023)Non-controlling interest107 105 101 97 99 Total stockholders equity(deficit)(2,355)(2,755)(3,368)(3,025)(2,924)Total liabilities,redeemable shares and stockholders equity(deficit)

150、88,406 88,775 85,172 89,611 84,094 Balance SheetLiabilities and equityAppendix DFY24 Q1 GUIDANCECopyright Dell Inc.All Rights Reserved.43($in billions,except per share amounts)Gross marginOperating expensesDiluted EPSInterest and other,netDiluted EPSGAAP guidance$4.8 -$5.0$3.8 -$3.8$0.51 -$0.71$1.5$

151、3.26 -$3.76Estimated adjustments for:2Impact of purchase accounting and amortization of intangibles30.1(0.1)0.27-1.09Stock-based compensation-(0.2)0.30-1.21Other corporate and transaction related expenses4-(0.0)0.01-0.16Fair value adjustments on equity investments2-0.02Aggregate adjustment for incom

152、e taxes5-(0.09)-(0.49)Non-GAAP guidance$4.9 -$5.1$3.5 -$3.5$1.00 -$1.20$1.5$5.25 -$5.75FY242Q24Supplemental non-GAAP MeasuresFinancial guidance11Amounts are subject to change with no obligation to reconcile these estimates.Amounts may not visually foot due to underlying data.2No estimates are includ

153、ed for 2Q-4QFY24 guidance purposes on potential fair value adjustments on strategic investments given the potential volatility of either gains or losses on those equity investments.3Impact of purchase accounting and amortization of intangibles represents an estimate for acquisitions completed as of

154、May 5,2023 and does not include estimates for potential acquisitions,if any,during the remainder of FY24.4Consists of acquisition,integration,divestiture-related,and other costs.No estimate is included for 2Q-4QFY24 severance expense as it cannot be reasonably estimated at this time.5The aggregate a

155、djustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items.Appendix EBUSINESS UNITS TRENDINGCopyright Dell Inc.All Rights Reserved.45$in millions FY221Q232Q233Q234Q23FY231Q24Revenue101,19726,11626,42524,72125

156、,039102,30120,922Operating Income4,6591,5501,2701,7621,1895,7711,069Non-GAAP Revenue 1101,22926,11626,42524,72125,039102,30120,922Non-GAAP Operating Income 17,7852,1351,9522,3802,1708,6371,598CSG Revenue61,46415,58715,49013,77513,36158,21311,983Operating Income4,3651,1159781,0606713,824892Commercial

157、 Revenue45,57611,97112,14110,74710,69745,5569,862Consumer Revenue15,8883,6163,3493,0282,66412,6572,121ISG Revenue34,3669,2859,5369,6309,90538,3567,593Operating Income3,7361,0821,0461,3741,5435,045740Servers&Networking Revenue17,9015,0485,2095,2014,94020,3983,837Storage Revenue16,4654,2374,3274,4294,

158、96517,9583,756Other Revenue5,3881,2391,3991,3131,7705,7211,343Operating Loss(319)(64)(71)(57)(48)(240)(36)Client Solutions Group Infrastructure Solutions Group Other BusinessesDell TechnologiesBusiness units trendingStrong,balanced growth as customers continue to invest in their digital futures1See supplemental slides in Appendix B for reconciliation of non-GAAP measures to GAAP.