Dell Technologies Inc. (NYSE:DELL) Q1 2024 Earnings Conference Call June 1, 2023 4:30 PM ET Company Participants Rob Williams - Head of Investor Relations Chuck Whitten - Co-Chief Operating Officer Tom Sweet - Chief Financial Officer Yvonne McGill - Corporate Controller Jeff Clarke - Vice Chairman and Co-Chief Operating Officer Tyler Johnson - Senior Vice President & Treasurer Conference Call Participants Erik Woodring - Morgan Stanley Wamsi Mohan - Bank of America Amit Daryanani - Evercore Toni Sacconaghi ...

Dell Technologies Inc. (NYSE:DELL) Bank of America’s View from the Top CEO Series Conference Transcript March 29, 2023 3:30 PM ET Executives Michael Dell - Chairman and CEO Analysts Wamsi Mohan - Bank of America Wamsi Mohan Hello and good afternoon. Welcome to our View from the Top CEO Call Series, where we’re focused on the vision and strategy CEOs that are driving their organizations toward. Before I get started, I need to mention the conflict disclosures as related to the individual companies or securiti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2023 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) (State or other jurisdiction of i ...

Dell Technologies Inc. Conference Call Summary Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 7, 2023 Key Points Financial Performance - **Fiscal Year 2023 Performance**: - Total revenue: $102.3 billion, up 1% year-over-year [4] - Record operating income: $8.6 billion, up 11% [4] - Record EPS: $7.61, up 22% [4] - **Segment Performance**: - Infrastructure Solutions Group (ISG) revenue: $38.4 billion, up 12% [4] - Record performance in server and networking revenue [4] - Storage business grew 10% in Q4 [5] Market Dynamics - **Demand Environment**: - First half of FY23 saw a 12% increase, while the second half experienced a 9% decline due to deteriorating demand [4] - Caution in spending observed across customer segments, with IT budgets holding up but requiring more approvals [9] - **Geographic Performance**: - North America performed better, while China showed weakness [9] - Strength noted in financial services and construction sectors [9] PC Market Insights - **Current Market Conditions**: - Price competition intensified, especially in the consumer segment [14] - Total addressable market (TAM) projected at just under 206 million units, focusing on lucrative profit pools in commercial and premium consumer segments [16] - **Long-term Outlook**: - Anticipation of a market refresh as companies delay projects but remain committed to technology spending [11][17] ISG Business Outlook - **Growth Trends**: - ISG had a record year with $38.4 billion in revenue [22] - Caution persists in the server business, with storage showing strength [22] - **Guidance**: - Mid-20% decline expected in ISG for Q1, with overall company guidance down mid-teens for the year [24] Cost Management and Margins - **Gross Margin Expectations**: - Anticipated improvement of about 100 basis points due to a shift towards storage and deflationary cost trends [34] - **Operating Expenses**: - Expected to be a tailwind, but descaling may pressure operating margins [34] Capital Allocation Strategy - **Shareholder Returns**: - Commitment to return 40% to 60% of adjusted free cash flow to shareholders [39] - Dividend increased by 12% [39] - **M&A Focus**: - Targeting talent and technology acquisitions that align with growth strategies [39] AI and Cloud Strategy - **AI Integration**: - AI embedded in solutions to enhance performance and efficiency [43] - Focus on private data sets for AI applications, aligning with core business strengths [45] - **APEX Initiative**: - Continued growth with a doubling of customers and crossing $1 billion in ARR [47] Long-term Vision - **Market Positioning**: - Leadership in x86 servers, storage categories, and commercial PC business [50] - Structural share gainer with significant market share headroom [32] - **Execution and Growth**: - Historical revenue growth of 6% and EPS growth of 18% over the last three years [52] - Strong free cash flow generation of $18.5 billion over four years [52] Conclusion - **Investor Outlook**: - Encouragement for long-term investors to reassess Dell's competitive advantages and market positioning amidst macroeconomic challenges [52] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of Dell Technologies Inc.'s current performance, market dynamics, and strategic outlook.

Dell Technologies Inc. (NYSE:DELL) Q4 2022 Earnings Conference Call March 2, 2023 4:30 PM ET Company Participants Rob Williams - SVP of IR Chuck Whitten - Co-COO Tom Sweet - Executive VP & CFO Tyler Johnson - Senior VP & Treasurer Jeffrey Clarke - Co-COO & Vice Chairman Michael Dell - Chairman & CEO Conference Call Participants Aaron Rakers - Wells Fargo David Vogt - UBS Toni Sacconaghi - Bernstein Jim Suva - Citigroup Erik Woodring - Morgan Stanley Samik Chatterjee - JPMorgan Wamsi Mohan - Bank of Am ...

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.