Company Quick10K Filing
Dell
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 751 $60,080
10-Q 2019-12-09 Quarter: 2019-11-01
10-Q 2019-09-10 Quarter: 2019-08-02
10-Q 2019-06-10 Quarter: 2019-05-03
10-K 2019-03-29 Annual: 2019-02-01
10-Q 2018-12-10 Quarter: 2018-11-02
10-Q 2018-09-11 Quarter: 2018-08-03
10-Q 2018-06-12 Quarter: 2018-05-04
10-K 2018-03-29 Annual: 2018-02-02
10-Q 2017-12-12 Quarter: 2017-11-03
10-Q 2017-09-08 Quarter: 2017-08-04
10-Q 2017-06-09 Quarter: 2017-05-05
10-K 2017-03-31 Annual: 2017-02-03
10-Q 2016-12-09 Quarter: 2016-10-28
10-Q 2016-09-06 Quarter: 2016-07-29
10-Q 2016-06-10 Quarter: 2016-04-29
8-K 2019-12-11 Sale of Shares
8-K 2019-12-09 Officers
8-K 2019-12-02 Officers, Regulation FD, Exhibits
8-K 2019-11-26 Earnings, Exhibits
8-K 2019-09-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-29 Earnings, Exhibits
8-K 2019-08-22 Regulation FD, Other Events, Exhibits
8-K 2019-07-09 Officers, Shareholder Vote, Exhibits
8-K 2019-06-28 Sale of Shares
8-K 2019-06-24 Sale of Shares
8-K 2019-05-30 Earnings, Exhibits
8-K 2019-04-02 Officers
8-K 2019-03-20 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-15 Officers, Exhibits
8-K 2019-03-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-06 Other Events, Exhibits
8-K 2019-02-28 Earnings, Exhibits
8-K 2018-12-25 Enter Agreement, Leave Agreement, Shareholder Rights, Officers, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2018-12-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-12 Other Events
8-K 2018-12-11 Shareholder Vote, Other Events, Exhibits
8-K 2018-11-29 Earnings, Exhibits
8-K 2018-11-28 Regulation FD, Other Events, Exhibits
8-K 2018-11-26 Other Events, Exhibits
8-K 2018-11-14 Enter Agreement, Regulation FD, Exhibits
8-K 2018-10-03 Other Events
8-K 2018-09-06 Earnings, Exhibits
8-K 2018-08-06 Other Events, Exhibits
8-K 2018-07-01 Enter Agreement, Regulation FD, Exhibits
8-K 2018-06-25 Shareholder Vote
8-K 2018-06-04 Earnings, Exhibits
8-K 2018-05-17 Regulation FD
8-K 2018-04-26 Regulation FD, Exhibits
8-K 2018-03-08 Earnings, Exhibits
8-K 2018-02-02 Regulation FD, Exhibits
DVMT 2019-11-01
Part I - Financial Information
Item 1 - Financial Statements (Unaudited)
Note 1 - Basis of Presentation
Note 2 - Interim Update To Summary of Significant Accounting Policies
Note 3 - Fair Value Measurements and Investments
Note 4 - Financial Services
Note 5 - Leases
Note 6 - Debt
Note 7 - Derivative Instruments and Hedging Activities
Note 8 - Goodwill and Intangible Assets
Note 9 - Deferred Revenue
Note 10 - Commitments and Contingencies
Note 11 - Income and Other Taxes
Note 12 - Accumulated Other Comprehensive Income (Loss)
Note 13 - Non-Controlling Interests
Note 14 - Capitalization
Note 15 - Earnings (Loss) per Share
Note 16 - Stock-Based Compensation
Note 17 - Redeemable Shares
Note 18 - Segment Information
Note 19 - Supplemental Consolidated Financial Information
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Index To Exhibits
EX-4.1 exhibit41.htm
EX-31.1 exhibit311q3fy20.htm
EX-31.2 exhibit312q3fy20.htm
EX-32.1 exhibit321q3fy20.htm

Dell Earnings 2019-11-01

DVMT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BCEL 90,348 227 8 0 0 -18 -18 90,193 -5,033.4 -8%
UBER 76,613 30,980 15,072 6,265 0 -6,248 -5,579 67,526 0% -12.1 -20%
TWX 74,606 68,997 39,192 31,532 13,501 5,786 9,576 91,246 43% 9.5 8%
AET 66,578 57,103 38,540 61,233 30,264 3,690 5,387 67,966 49% 12.6 6%
DVMT 60,080 115,520 111,401 91,601 27,175 3,386 5,498 102,737 30% 18.7 3%
ESRX 53,843 55,442 34,869 101,353 8,926 4,910 6,726 63,111 9% 9.4 9%
PX 47,321 19,979 13,229 12,037 0 1,508 3,763 54,918 0% 14.6 8%
GLD 35,933 36,143 184 0 0 3,747 3,747 35,933 9.6 10%
BFB 30,994 5,322 3,659 4,064 2,141 821 1,187 32,954 53% 27.8 15%
WF 29,676 340,447,183 318,494,139 0 0 0 0 29,676 0%

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
 
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
 
For the quarterly period ended
November 1, 2019
 
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from            to           
 
Commission File Number: 001-37867
 
Dell Technologies Inc.
(Exact name of registrant as specified in its charter) 
 
Delaware
 
80-0890963
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
One Dell Way, Round Rock, Texas 78682
(Address of principal executive offices) (Zip Code)

1-800-289-3355 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class C Common Stock, par value $0.01 per share
DELL
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ 
 
 
Accelerated filer 
¨
Non-accelerated filer
¨
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ

As of December 3, 2019, there were 729,735,739 shares of the registrant’s common stock outstanding, consisting of 236,743,696 outstanding shares of Class C Common Stock, 373,656,005 outstanding shares of Class A Common Stock, and 119,336,038 outstanding shares of Class B Common Stock.


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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words may, will, anticipate, estimate, expect, intend, plan, aim, seek, and similar expressions as they relate to us or our management are intended to identify these forward-looking statements. All statements by us regarding our expected financial position, revenues, cash flows and other operating results, business strategy, legal proceedings, and similar matters are forward-looking statements. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks, including the risks discussed in “Part I — Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended February 1, 2019 and in our other periodic and current reports filed with the Securities and Exchange Commission (“SEC”). Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise.



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DELL TECHNOLOGIES INC.

TABLE OF CONTENTS




3


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PART I — FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS (UNAUDITED)

Index
 
Page



4


Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
 
November 1, 2019
 
February 1, 2019
ASSETS
Current assets:
 

 
 

Cash and cash equivalents
$
8,555

 
$
9,676

Accounts receivable, net
11,447

 
12,371

Short-term financing receivables, net
4,589

 
4,398

Inventories, net
3,257

 
3,649

Other current assets
6,924

 
6,044

Total current assets
34,772

 
36,138

Property, plant, and equipment, net
5,787

 
5,259

Long-term investments
838

 
1,005

Long-term financing receivables, net
4,465

 
4,224

Goodwill
41,688

 
40,089

Intangible assets, net
19,174

 
22,270

Other non-current assets
10,090

 
2,835

Total assets
$
116,814

 
$
111,820

LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
 

 
 

Short-term debt
$
7,664

 
$
4,320

Accounts payable
19,443

 
19,213

Accrued and other
8,161

 
8,495

Short-term deferred revenue
13,787

 
12,944

Total current liabilities
49,055

 
44,972

Long-term debt
44,727

 
49,201

Long-term deferred revenue
12,116

 
11,066

Other non-current liabilities
6,105

 
6,327

Total liabilities
112,003

 
111,566

Commitments and contingencies (Note 10)


 


Redeemable shares (Note 17)
934

 
1,196

Stockholders’ equity (deficit):
 
 
 
Common stock and capital in excess of $0.01 par value (Note 14)
16,192

 
16,114

Treasury stock at cost
(65
)
 
(63
)
Accumulated deficit
(17,299
)
 
(21,349
)
Accumulated other comprehensive loss
(632
)
 
(467
)
Total Dell Technologies Inc. stockholders’ deficit
(1,804
)
 
(5,765
)
Non-controlling interests
5,681

 
4,823

Total stockholders’ equity (deficit)
3,877

 
(942
)
Total liabilities, redeemable shares, and stockholders’ equity (deficit)
$
116,814

 
$
111,820



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



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Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except per share amounts; unaudited)
 
Three Months Ended
 
Nine Months Ended
 
November 1, 2019
 
November 2, 2018
 
November 1, 2019
 
November 2, 2018
Net revenue:
 

 
 
 
 
 
 
Products
$
17,485

 
$
17,625

 
$
52,349

 
$
52,445

Services
5,359

 
4,857

 
15,773

 
14,335

Total net revenue
22,844

 
22,482

 
68,122

 
66,780

Cost of net revenue:
 
 
 
 
 
 
 
Products
13,558

 
14,565

 
40,526

 
43,114

Services
2,160

 
1,974

 
6,347

 
5,722

Total cost of net revenue
15,718

 
16,539

 
46,873

 
48,836

Gross margin
7,126

 
5,943

 
21,249

 
17,944

Operating expenses:
 
 
 
 
 
 
 
Selling, general, and administrative
5,028

 
5,159

 
15,677

 
15,064

Research and development
1,262

 
1,140

 
3,667

 
3,402

Total operating expenses
6,290

 
6,299

 
19,344

 
18,466

Operating income (loss)
836

 
(356
)
 
1,905

 
(522
)
Interest and other, net
(677
)
 
(639
)
 
(2,000
)
 
(1,564
)
Income (loss) before income taxes
159

 
(995
)
 
(95
)
 
(2,086
)
Income tax benefit
(393
)
 
(100
)
 
(5,208
)
 
(192
)
Net income (loss)
552

 
(895
)
 
5,113

 
(1,894
)
Less: Net income (loss) attributable to non-controlling interests
53

 
(19
)
 
905

 
117

Net income (loss) attributable to Dell Technologies Inc.
$
499

 
$
(876
)
 
$
4,208

 
$
(2,011
)
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Dell Technologies Inc. - basic:
 
 
 
 
Dell Technologies Common Stock
$
0.69

 
 
 
$
5.84

 
 
Class V Common Stock
 
 
$
0.83

 
 
 
$
4.80

DHI Group
 
 
$
(1.84
)
 
 
 
$
(5.23
)
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Dell Technologies Inc. - diluted:
 
 
 
 
Dell Technologies Common Stock
$
0.66

 
 
 
$
5.50

 
 
Class V Common Stock
 
 
$
0.81

 
 
 
$
4.72

DHI Group
 
 
$
(1.84
)
 
 
 
$
(5.25
)
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions; unaudited)
 
Three Months Ended
 
Nine Months Ended
 
November 1, 2019
 
November 2, 2018
 
November 1, 2019
 
November 2, 2018
Net income (loss)
$
552

 
$
(895
)
 
$
5,113

 
$
(1,894
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
50

 
(118
)
 
(186
)
 
(721
)
Available-for-sale investments:
 
 
 
 
 
 
 
Change in unrealized gains (losses)

 
(1
)
 

 
(2
)
Reclassification adjustment for net gains realized in net income (loss)

 

 

 
(1
)
Net change in market value of investments

 
(1
)
 

 
(3
)
Cash flow hedges:
 
 
 
 
 
 
 
Change in unrealized gains (losses)
(47
)
 
73

 
210

 
314

Reclassification adjustment for net (gains) losses included in net income (loss)
(71
)
 
(76
)
 
(197
)
 
(122
)
Net change in cash flow hedges
(118
)
 
(3
)
 
13

 
192

Pension and other postretirement plans:
 
 
 
 
 
 
 
Recognition of actuarial net gain from pension and other postretirement plans

 

 
8

 

Reclassification adjustments for net (gains) losses from pension and other postretirement plans

 

 

 

Net change in actuarial net gain from pension and other postretirement plans

 

 
8

 

 
 
 
 
 
 
 
 
Total other comprehensive loss, net of tax expense (benefit) of $(6) and $0, respectively, and $1 and $7, respectively
(68
)
 
(122
)
 
(165
)
 
(532
)
Comprehensive income (loss), net of tax
484

 
(1,017
)
 
4,948

 
(2,426
)
Less: Net income (loss) attributable to non-controlling interests
53

 
(19
)
 
905

 
117

Less: Other comprehensive income (loss) attributable to non-controlling interests
(1
)
 

 

 
(4
)
Comprehensive income (loss) attributable to Dell Technologies Inc.
$
432

 
$
(998
)
 
$
4,043

 
$
(2,539
)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; continued on next page; unaudited)
 
Nine Months Ended
 
November 1, 2019
 
November 2, 2018
Cash flows from operating activities:
 
 
 
Net income (loss)
$
5,113

 
$
(1,894
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation and amortization
4,608

 
5,806

Stock-based compensation expense
886

 
671

Deferred income taxes
(5,927
)
 
(864
)
Provision for doubtful accounts — including financing receivables
128

 
117

Impairments
619

 
190

Other
119

 
297

Changes in assets and liabilities, net of effects from acquisitions and dispositions:
 
 
 
Accounts receivable
800

 
77

Financing receivables
(592
)
 
(735
)
Inventories
364

 
(1,413
)
Other assets
(1,272
)
 
(752
)
Accounts payable
299

 
1,546

Deferred revenue
1,811

 
1,597

Accrued and other liabilities
(1,173
)
 
(18
)
Change in cash from operating activities
5,783

 
4,625

Cash flows from investing activities:
 
 
 
Investments:
 
 
 
Purchases
(142
)
 
(912
)
Maturities and sales
449

 
2,185

Capital expenditures
(1,612
)
 
(861
)
Capitalized software development costs
(264
)
 
(246
)
Acquisition of businesses, net
(2,429
)
 
(493
)
Divestitures of businesses, net

 
142

Asset acquisitions, net
(8
)
 
(59
)
Asset dispositions, net
(3
)
 
(12
)
Other
27

 
35

Change in cash from investing activities
(3,982
)
 
(221
)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


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Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued; in millions; unaudited)
 
Nine Months Ended
 
November 1, 2019
 
November 2, 2018
Cash flows from financing activities:
 
 
 
Share repurchases for tax withholdings of equity awards
(407
)
 
(251
)
Proceeds from the issuance of common stock of subsidiaries
294

 
767

Repurchases of common stock of subsidiaries
(1,285
)
 
(1
)
Proceeds from debt
17,656

 
6,443

Repayments of debt
(18,948
)
 
(9,669
)
Other
90

 
(133
)
Change in cash from financing activities
(2,600
)
 
(2,844
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(100
)
 
(262
)
Change in cash, cash equivalents, and restricted cash
(899
)
 
1,298

Cash, cash equivalents, and restricted cash at beginning of the period
10,240

 
14,378

Cash, cash equivalents, and restricted cash at end of the period
$
9,341

 
$
15,676


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.



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Table of Contents

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in millions; unaudited)

Three Months Ended November 1, 2019

 
Common Stock and Capital in Excess of Par Value
 
Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
Dell Technologies Common Stock (a)
 
 
 
 
 
 
 
 
 
 
 
Issued Shares
 
Amount
 
Shares
 
Amount
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income/(Loss)
 
Dell Technologies
Stockholders’ Equity (Deficit)
 
Non-Controlling Interests
 
Total Stockholders Equity (Deficit)
Balances as of August 2, 2019
726

 
$
15,956

 
2

 
$
(65
)
 
$
(17,775
)
 
$
(565
)
 
$
(2,449
)
 
$
5,544

 
$
3,095

Net income

 

 

 

 
499

 

 
499

 
53

 
552

Foreign currency translation adjustments

 

 

 

 

 
50

 
50

 

 
50

Cash flow hedges, net change

 

 

 

 

 
(117
)
 
(117
)
 
(1
)
 
(118
)
Issuance of common stock
5

 
67

 

 

 

 

 
67

 

 
67

Stock-based compensation expense

 
61