Summary of Dell Technologies Inc. Conference Call Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Barclays 2022 Global Technology, Media and Telecommunications Conference Call - **Date**: December 7, 2022 Core Business Strategy - Dell operates in several large core businesses including servers, storage, and networking, with a focus on executing in these areas as a priority [4][5] - The company is pursuing a twin pillar strategy that includes core business execution and new opportunities in adjacent areas such as edge computing, multi-cloud, data management, and security [5][6] - Dell has consistently gained market share in core markets, with commercial PC share gains noted in 35 of the last 39 quarters [6] Edge Computing - Edge computing is defined as computing that occurs outside of traditional data center environments, with 75% of data processing expected to happen at the edge [8] - Dell is focusing on innovative solutions for edge environments, including remote management capabilities due to the lack of on-site IT staff [11] - Partnerships with companies like NVIDIA and AMD are crucial for enhancing edge computing capabilities [11] Multi-Cloud Strategy - Dell's Project Alpine aims to integrate storage expertise into public cloud environments, allowing seamless data flow between public, private, and edge environments [12][19] - The company emphasizes the importance of data management in a multi-cloud ecosystem, where different cloud providers offer unique innovations [13][21] - Dell's Data Domain product family is highlighted for its ability to economically store backup data in public clouds, achieving up to 55x reduction in storage costs [18] PC Business Insights - Dell focuses on the commercial PC market, which is significantly more lucrative than consumer markets, with commercial PCs being approximately three times more valuable than Chromebooks [38] - The pandemic has solidified the role of PCs in remote work, leading to a sustained demand for commercial PCs [40] - Dell anticipates durable growth in the PC segment, despite potential short-term fluctuations due to macroeconomic factors [41] Security Initiatives - Dell prioritizes data protection as a fundamental aspect of security, viewing it as essential for business continuity [44] - The company is investing in security partnerships and services, including Managed Detection and Response (MDR) services for customers lacking dedicated security personnel [45] - Dell is adopting a Zero Trust security model to enhance protection in increasingly porous business environments [46][47] Additional Insights - Dell has been offering subscription-oriented consumption models for over a decade, with recent enhancements through the Apex platform to modernize customer experiences [28][29] - The company recognizes the complexity of cloud economics and aims to provide solutions that help customers navigate these challenges [34] This summary encapsulates the key points discussed during the conference call, highlighting Dell's strategic focus areas, market insights, and future initiatives.

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 October 28, 2022 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 (Sta ...

Summary of Dell Technologies Inc. Conference Call Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Credit Suisse 26th Annual Technology Conference Call - **Date**: November 30, 2022 - **Participants**: Chuck Whitten (Co-COO), Shannon Cross (Credit Suisse IT Hardware Analyst) Key Points Financial Performance - **Q3 Earnings**: Reported record operating income of $2.4 billion and EPS of $2.30, up 39% despite a revenue decline of 6% [6][10] - **Operating Expenses**: Sequential decline in OpEx by 3% from Q1 to Q2 and 6% from Q2 to Q3, totaling a $300 million reduction since Q1 [9][12] - **Gross Margins**: Achieved gross margins of 23.7%, an increase of 200 basis points [9] Business Segment Performance - **PC Business**: Experienced a 17% decline, with consumer PCs more affected than commercial [6][8] - **Server Business**: Revenue growth of 14% driven by backlog reduction, but performance moderated more than anticipated [6][20] - **Storage Business**: Grew by 11% with strong demand across various storage types, particularly high-end hyper-converged infrastructure and PowerStore [6][22] Market Dynamics - **Customer Sentiment**: Customers are cautious, revisiting IT budgets and prioritizing digital transformation investments [8][9] - **Geographic Performance**: China faced a challenging environment, while sectors like energy and U.S. government showed strength [8] - **PC Industry Outlook**: Long-term bullish on commercial PC market despite short-term pressures, with a shift towards hybrid work driving demand for richer configurations [16][15] Guidance and Future Outlook - **Fiscal 2024 Guidance**: Revenue trajectory expected to be below normal sequentials, with Q4 guidance of $23 billion to $24 billion, down 16% at midpoint [11] - **Free Cash Flow**: Historically generated about $6 billion in free cash flow annually, but current environment has led to declines [12][14] Strategic Initiatives - **Project APEX**: Focus on flexible consumption models and infrastructure as a service, with significant growth in annual recurring revenue (ARR) [28][29] - **M&A Strategy**: Ongoing interest in strategic acquisitions, particularly in multi-cloud and telecommunications sectors [38][39] - **Channel Strategy**: Maintains an omni-channel approach, balancing direct sales and channel partnerships [33] Product Development - **PowerStore**: Strong performance with 24% of customers being new to Dell and 45% repeat buyers, indicating successful market penetration [24][26] - **Software Integration**: Emphasis on the importance of software in driving margins and enhancing product offerings [42] Telco Opportunity - **Telecommunications Market**: Investing in modernizing networks and open architectures, with a focus on reducing costs for operators [44] Conclusion - **Overall Positioning**: Dell Technologies is positioned to outperform in various market conditions, with strong profitability, market share gains, and growth opportunities across its core markets [46]

Dell Technologies Inc. (NYSE:DELL) Q3 2023 Results Conference Call November 21, 2022 4:30 AM ET Company Participants Rob Williams - Head, IR Jeff Clarke - Vice Chairman and Co-COO Chuck Whitten - Co-COO Tom Sweet - CFO Tyler Johnson - SVP and Treasurer Conference Call Participants Krish Sankar - Cowen and Company David Vogt - UBS Tim Long - Barclays Samik Chatterjee - JP Morgan Amit Daryanani - Evercore Aaron Rakers - Wells Fargo Sidney Ho - Deutsche Bank Erik Woodring - Morgan Stanley Steven Fox - Fox Advi ...

Summary of Dell Technologies Conference Call Company Overview - **Company**: Dell Technologies, Inc. (NYSE: DELL) - **Event**: Goldman Sachs Communacopia + Technology Conference - **Date**: September 12, 2022 Key Industry Insights - **Market Position**: Dell is positioned in a $720 billion total addressable market (TAM) where it holds leadership in various segments including client revenue, x86 servers, external storage, and hyper-converged infrastructure [6][5] - **Growth Potential**: An additional $720 billion TAM exists adjacent to core markets, which Dell aims to address through capabilities developed in its core business [7] - **Shareholder Value**: Dell has committed to returning 40% to 60% of adjusted free cash flow to shareholders, reflecting a balanced capital allocation strategy [7] Financial Performance - **Revenue Growth**: Dell reported $105 billion in revenue over the trailing 12 months, a 16% increase. Q2 revenue was $26.4 billion, up 9%, and the first half revenue was $52.5 billion, up 12% [8] - **Market Share Gains**: Significant share gains were noted in various segments: 200 basis points in client business, 300 basis points in commercial client business, and 188 basis points in servers [8][9] Demand Dynamics - **Commercial Segment**: A notable deceleration in demand was observed in Q2, particularly in the commercial side, attributed to hiring challenges and shifting IT priorities [11][12] - **Consumer Segment**: The consumer business faced challenges due to inflation impacting household sentiment, leading to a more significant deceleration than anticipated [12] - **ISG Dynamics**: Demand growth in the server and storage business moderated, with a cautious approach from customers leading to longer deal closures [13][14] Supply Chain and Inventory Management - **Supply Chain Status**: Supply chain dynamics are improving, particularly in the CSG segment, which is back to normal profiles. However, ISG continues to face challenges, especially in server components [23][24][25] - **Inventory Levels**: Elevated inventory levels are primarily in the infrastructure business, but this is not expected to be a permanent state [27][28] Cost and Margin Outlook - **Cost Pressures**: The inflationary environment has pressured margins, but there are signs of deflation in commodity costs, particularly in memory and LCDs [36] - **Margin Improvement**: Sequential margin improvement is anticipated in Q3 due to deflationary trends and a low inventory model [37] Product Portfolio and Innovation - **Storage Products**: Dell's PowerStore product has shown strong performance, representing 45% of the midrange SAN mix, with significant share gains in the midrange segment [40] - **Future Investments**: Focus areas for future investment include multicloud solutions, DevOps, and enhancing security features [42] Strategic Outlook - **Multi-Cloud Strategy**: Dell emphasizes the importance of operating in a multi-cloud environment, collaborating with major public clouds to enhance customer offerings [49][50] - **Economic Planning**: Dell is preparing for potential economic slowdowns by focusing on cost management and maintaining innovation investments [75][76] Shareholder Returns - **Dividend Policy**: Dell has committed to a $1.32 per share dividend, with plans for potential increases over time as part of its balanced capital allocation strategy [63][64] Conclusion - Dell Technologies is navigating a complex market environment with a focus on maintaining leadership positions, managing costs, and enhancing shareholder value through strategic investments and a robust capital allocation strategy. The company remains optimistic about future growth despite current demand challenges and supply chain constraints.

Summary of Dell Technologies Inc. Conference Call Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Citi 2022 Global Technology Conference - **Date**: September 7, 2022 - **Participants**: Michael Dell (Chairman and CEO), Tom Sweet (CFO), Jim Suva (Citigroup) Key Points Industry and Market Position - Dell operates in a **$1.4 trillion Total Addressable Market (TAM)** with a business generating over **$100 billion** annually, indicating significant growth opportunities [9][12] - The company has a strong focus on **multi-cloud environments**, which is becoming increasingly important as customers seek infrastructure-agnostic solutions [16][18] Strategic Changes and Growth - The **EMC acquisition** was highlighted as a historic opportunity that provided substantial revenue synergies and a leading portfolio across infrastructure [6][12] - Dell has successfully consolidated its storage portfolio, leading to consistent growth in storage solutions [7][12] - The company is focusing on **edge computing** and **telco** as new areas of growth, with partnerships with over **30 major carriers** to enhance infrastructure [10][12] Financial Performance - Dell's **Client Solutions Group (CSG)** grew by **9%**, with **15% growth in Commercial** and a **9% decline in Consumer** segments [15][16] - The **Infrastructure Solutions Group (ISG)** reported **12% growth**, with **15% in servers** and **6% in storage**, marking the seventh consecutive quarter of growth in the server platform [16][18] - The company has generated approximately **$6 billion in free cash flow** annually over the last four years, with a commitment to return capital to shareholders through stock buybacks and dividends [12][42] Supply Chain and Economic Resilience - Dell has maintained a competitive edge in supply chain management, which has been crucial during the ongoing supply chain challenges [29][34] - The company is prepared to manage costs and navigate potential economic downturns, leveraging its broad portfolio to provide complete solutions to customers [19][34] Capital Allocation Strategy - Dell has initiated a **3% dividend** and is focused on stock buybacks as part of its capital allocation strategy, emphasizing intrinsic value buying [39][41] - The company remains open to M&A opportunities but has not identified compelling targets recently [40][42] Future Outlook - Dell's management believes in the potential for continued growth and market share consolidation, supported by a strong execution track record and a shareholder-friendly approach [44] - The company is expanding its **APEX** flexible consumption model, which is expected to enhance cash flow and create a more sticky customer relationship [37][25] Conclusion - Dell Technologies is positioned for growth in a large and expanding market, with a focus on execution, shareholder value, and adapting to changing customer needs in the technology landscape [44]

Summary of Dell Technologies Conference Call Company Overview - **Company**: Dell Technologies, Inc. (NYSE: DELL) - **Industry**: Technology, specifically IT hardware and services Key Points and Arguments Company Strategy and Performance - Dell has made significant progress on its post-VMware spin framework, focusing on two main strategies: growing and modernizing the core business and building adjacent businesses where it has a competitive advantage [8][9] - The company reported $101 billion in revenue for FY '22, with double-digit growth and a 12% revenue increase in the first half of FY '23 [10] - Q2 revenue reached a record $26.4 billion, up 9%, with EPS growth of 14% [12] - The company is a structural share gainer, having gained PC share in 34 out of the last 38 quarters [19] Market Dynamics - The PC market is experiencing a slowdown, with a projected decline in CSG (Client Solutions Group) revenue in the high teens for the second half of the year [18][19] - Despite the slowdown, the installed base of PCs is larger than pre-pandemic levels, indicating potential for future refresh cycles [16][17] - The overall PC market is expected to be around 290 million units, down from previous estimates of 330 million [17] Infrastructure Solutions Group (ISG) - ISG revenue grew 12%, marking the sixth consecutive quarter of growth, driven by strong demand in storage and server segments [13][22] - The company expects ISG to grow in the low teens for the second half of the year, supported by a backlog in storage and server [24][25] Supply Chain and Inventory Management - Supply chain challenges persist, but improvements have been noted in high-volume components like CPUs and memory [27][28] - CSG backlog has returned to normal levels, while ISG backlog remains elevated due to trailing edge components [32] Pricing and Cost Management - Dell has raised prices to offset inflation and currency headwinds, with ASPs (Average Selling Prices) increasing due to richer configurations and higher attach rates [34][36] - The company has a history of managing costs effectively, having reduced OpEx by $1 billion during the pandemic and continuing to control costs in the current environment [40][41] Capital Allocation and Future Outlook - Dell's capital allocation framework aims to return 40% to 60% of adjusted free cash flow to shareholders through buybacks and dividends, with $2.7 billion in buybacks executed [49][50] - The company is focused on targeted M&A to enhance its IP and invest in growth areas like edge computing, telecom, and AI/ML [51] APEX and Subscription Services - Dell's APEX as-a-Service model has seen significant growth, with a 78% year-over-year increase and an ARR exceeding $1 billion [47][48] - The company is positioning itself to support customers' digital transformation journeys, emphasizing the importance of subscription revenue in the current market [42][43] Additional Important Insights - The company has a strong core business with solid cash flow generation and a durable competitive advantage through its direct sales force [53] - Dell is optimistic about future growth opportunities in adjacent markets, leveraging its unique strengths [53]

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 July 29, 2022 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 ...

Financial Data and Key Metrics Changes - The company reported record Q2 revenue of $26.4 billion, up 9% year-over-year, with diluted EPS at $1.68, up 14% [7][29] - Overall gross margin was $5.7 billion, approximately flat at 21.4% of revenue, which is 200 basis points lower than the previous year due to increased costs and FX headwinds [30] - Operating income was $2 billion, up 4% at 7.4% of revenue, with net income at $1.3 billion, up 9% [31][32] - Recurring revenue reached approximately $5.2 billion per quarter, up 8%, while remaining performance obligations (RPO) were approximately $41 billion, up 2% [32] Business Line Data and Key Metrics Changes - Client Solutions Group (CSG) revenue was $15.5 billion, up 9%, with commercial revenue growing 15% while consumer revenue declined 9% [20] - Infrastructure Solutions Group (ISG) revenue was $9.5 billion, up 12%, marking the sixth consecutive quarter of growth, with servers and networking growing 16% and storage growing 6% [22] - APEX annual recurring revenue (ARR) surpassed $1 billion, with orders growing 78% year-over-year in Q2 [24] Market Data and Key Metrics Changes - The demand environment for PCs slowed, with a decline in unit demand partially offset by higher average selling prices (ASPs) [9] - The company gained over 200 basis points of worldwide PC unit share and over 100 basis points of display share in calendar Q2 [21] - The macroeconomic environment has led to more cautious spending from customers, impacting demand across both CSG and ISG [10][29] Company Strategy and Development Direction - The company is focused on executing its long-term strategy, growing its core business while innovating for customers in the data era [6] - Significant advances in innovation were highlighted, including Project Alpine and new APEX offerings, aimed at enhancing multi-cloud capabilities [14][15] - The company remains confident in the long-term attractiveness of its core markets and aims to build new growth engines in the data and multi-cloud era [26][28] Management's Comments on Operating Environment and Future Outlook - Management noted a shift in customer behavior towards more cautious spending and longer decision cycles due to macroeconomic uncertainties [10][90] - The company expects Q3 revenue to be between $23.8 billion and $25 billion, with CSG declining in the high-teens and ISG growing in the low-teens [39] - Despite current challenges, management remains optimistic about long-term market dynamics, particularly in hybrid work and digital transformation [78][102] Other Important Information - The company repurchased 13.6 million shares for $608 million and paid $242 million in dividends during the quarter [37] - The cash flow from operations was $700 million in Q2, with a trailing 12-month cash flow of $5.7 billion [34] Q&A Session Summary Question: Can you elaborate on the linearity seen in the quarter? - Management observed that the pipeline did not build as expected, particularly in the client business, leading to a more cautious customer sentiment [44][45] Question: What is your take on pricing power amid demand trends? - The company believes it has maintained pricing power, particularly in commercial PCs and servers, due to a focus on higher-end products and configurations [55][56] Question: What actions are being taken in response to the weakening environment? - Cost measures have been instituted, including limiting external hiring and reducing discretionary spending, while maintaining a disciplined approach to pricing [66][70] Question: Can you provide insights on customer types experiencing the slowdown? - Large enterprises have shown a slowdown in purchasing, with a focus on immediate needs rather than future projects, while small and medium businesses performed relatively better [88][90] Question: Is there an opportunity for share shifts during this demand pause? - Management believes that while companies are cautious, their direct model positions them well to capture market share during downturns [102]

Summary of Dell Technologies, Inc. Conference Call Company Overview - **Company**: Dell Technologies, Inc. (NYSE: DELL) - **Event**: Bank of America 2022 Global Technology Conference - **Date**: June 7, 2022 - **Participants**: Yvonne McGill (SVP, Corporate Controller and CFO), Wamsi Mohan (Bank of America Merrill Lynch Analyst) Key Points Industry and Market Dynamics - **Digital Transformation**: Remains a top priority for enterprise customers, with strong demand for infrastructure solutions [9] - **Revenue Growth Expectations**: Dell anticipates overall revenue growth of 6% and EPS growth of over 12% for the year, reflecting a doubling of their long-term value creation framework [9][11] - **PC Market Outlook**: Dell projects a total addressable market (TAM) of approximately 330 million PC units, slightly above IDC's estimate of 320 million units, with expectations of sustained demand due to increased mobility and faster replacement cycles [40][41] Financial Performance - **Strong ASPs**: Dell has maintained strong average selling prices (ASPs) across its portfolio, with a 26% year-over-year growth in Client Solutions Group (CSG) and 22% growth in servers [11][20] - **Inventory Management**: Dell is carrying higher inventory levels due to business growth and supply chain challenges, but expects to work down these levels over time [18] - **Cost Headwinds**: Significant headwinds from foreign exchange (FX) rates, NAND and memory costs, and elevated logistics costs are anticipated to impact margins [20][21] Supply Chain and Competitive Advantage - **Supply Chain Resilience**: Dell's integrated business model and strong supplier relationships are seen as competitive advantages, allowing for better navigation through supply chain challenges [16] - **Component Shortages**: Servers are currently the most constrained product line, followed by PCs, while storage is less impacted [22] Strategic Initiatives - **Apex as a Service**: Dell's Apex service model is expected to provide stable cash flow and is growing in double digits, with annual recurring revenue (ARR) exceeding $1 billion [55] - **M&A Strategy**: Dell is focused on targeted M&A that accelerates innovation and fits within its strategic framework, with no large-scale acquisitions currently planned [66] Investor Relations and Market Perception - **Valuation Concerns**: Dell is perceived to be trading at a discount compared to peers, with a compelling valuation at a 7X forward price-to-earnings ratio [69] - **Free Cash Flow Generation**: Dell has consistently generated $6 billion in free cash flow annually over the past four years, highlighting its financial stability [69] Conclusion - **Future Outlook**: Dell Technologies is positioned for growth with a strong focus on digital transformation, robust financial performance, and strategic initiatives aimed at enhancing customer choice and operational efficiency [70]