Record Revenue and Income for Dell in FY 2022 First Quarter

Dell announced record financial results for its fiscal 2022 first quarter. The company had very good year-on-year results in the period with record revenue and operating income.

Revenue was up 12% to $24.5 billion. The company generated operating income of $1.4 billion, a 96% increase over the same period in the prior year, and non-GAAP operating income of $2.7 billion, up 26%. Net income was $938 million, non-GAAP net income was $1.8 billion and adjusted EBITDA was $3.2 billion. Diluted earnings per share was $1.13, up 495% and non-GAAP diluted earnings per share was $2.13, up 59%.

“There has been a substantial acceleration in digital transformation across the globe and you can see it in our results with record first quarter revenue of $24.5 billion. Now more than ever, customers are turning to Dell to help build their digital future,“ said Jeff Clarke, COO and vice chairman of Dell. “Looking ahead, we see technology becoming increasingly central to the global economy and society. We’re excited for the opportunities ahead and for the data-fueled future we’re creating.“

Dell ended the quarter with remaining performance obligations of $42 billion and cash and investments of $15.9 billion. The company has paid down $2.5 billion in debt year-to-date and revised its debt paydown target for its fiscal year 2022 to at least $16.0 billion upon completion of its announced spin-off of VMware.

“We had record first quarter revenue and operating income, and record trailing 12 month cash flow from operations of $14.4 billion, all driven by strength and execution across all three of our business units,“ said Tom Sweet, Dell CFO. “Our focus continues to be on strengthening our capital structure, modernizing our core infrastructure and PC businesses, and continuing to grow in hybrid and private cloud, edge, telecom and as-a-Service.“