ROUND ROCK, Texas, Dec. 7, 2017 News summary Third quarter revenue of $19.6 billion, non-GAAP revenue of $19.9 billion Cash flow from operations of $1.6 billion Company unveils new capabilities and offerings, including new midrange storage solutions and Future-Proof Storage Loyalty Program Full story Dell Technologies (NYSE: DVMT) announces its fiscal 2018 third quarter results. For the third quarter, consolidated revenue was $19.6 billion and non-GAAP revenue was $19.9 billion. During the quarter, the company generated an operating loss of $533 million1, with non-GAAP operating income of $2.0 billion. The company generated cash flow from operations of $1.6 billion. "In the third fiscal quarter, we delivered solid performance across the business," said Tom Sweet, chief financial officer, Dell Technologies. "Moving forward, we'll maintain our focus on profitable growth, generating strong cash flow and delivering a comprehensive and seamless solutions portfolio, incorporating the capabilities of all of the companies under Dell Technologies." Fiscal year 2018 third quarter results:
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. "Our strategy to be the essential infrastructure provider is resonating with our customers, who turn to Dell Technologies to transform and digitize their environments," said Jeff Clarke, vice-chairman, Products & Operations, Dell Technologies. "We deliver a more holistic view and set of solutions, offering a higher level of innovation and integration across the edge, core and cloud that is unmatched in the industry." Operating segments summary Client Solutions Group (Dell) continued to outperform the market worldwide as the overall PC market moved back to positive year-over-year growth during the calendar quarter. Revenue for the third fiscal quarter was $10.0 billion, up 8 percent from the same quarter of fiscal 2017. Operating income was $672 million, a 6 percent increase. Key highlights: Double-digit revenue growth in notebooks for both commercial and consumer Delivered 19th consecutive quarter of year-over-year PC unit share growth2 No. 1 workstation vendor worldwide, outperforming the industry and positive growth in every major region3 No. 1 displays provider worldwide for the 17th consecutive quarter4 Infrastructure Solutions Group (Dell EMC) experienced growth of 2 percent quarter over quarter, with third quarter revenue of $7.5 billion and operating income of $678 million. Servers and networking revenue was $3.9 billion, which was an increase of 32 percent year over year and 3 percent quarter over quarter. Storage revenue remained flat at $3.7 billion quarter over quarter. Key highlights: Record revenue and double-digit growth for servers for 2nd consecutive quarter Worldwide leader in servers, outgrowing the market in units and revenue for both mainstream and hyperscale5 Triple-digit growth in hyperconverged portfolio, led by VxRail Double-digit demand growth for Isilon scale-out NAS and all-flash arrays VMware segment revenue for the third quarter was $2.0 billion, with operating income of $639 million, or 32.7 percent of revenue. Additional highlights During the third quarter, Dell Technologies paid down $1.7 billion in debt, and since the close of the EMC transaction, it has paid down $9.7 billion of gross debt, excluding DFS-related debt. Also since closing the EMC transaction, the company has repurchased a total of 23.4 million shares of Class V common stock under the previously announced repurchase programs. The company ended the quarter with a cash and investments balance of $18.0 billion. During the quarter, Dell Technologies launched a dedicated Internet of Things (IoT) division aimed at coordinating development of IoT products and services across all of our businesses. This comprehensive approach includes IoT-specific products, labs, partner program and consumption models to help customers speed the implementation of their IoT solutions. Subsequent to the end of the quarter, Dell EMC announced the expansion of its industry-leading midrange storage portfolio with two new SC All-Flash data storage arrays, along with key software updates to Dell EMC Unity designed to boost efficiency and cost savings for mixed block and file workloads. Additionally, Dell EMC launched its new Future-Proof Storage Loyalty Program to help customers protect their investment. Conference call information As previously announced, the company will hold a conference call to discuss its third quarter performance this morning at 7 a.m. CST. The conference call will be broadcast live over the internet and can be accessed at investors.delltechnologies.com. For those unable to listen to the live broadcast, an archived version will be available at the same location for one year. A slide presentation containing additional financial and operating information may be downloaded from Dell Technologies' website at investors.delltechnologies.com. Additional resources Find out more about how Dell Technologies is collaboratively solving customers' biggest challenges by visiting our Annual Report to Customers Follow the latest news on Twitter from @DellTech
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