On this page of StockholderLetter.com we present the latest annual shareholder letter from Dell Technologies Inc. — ticker symbol DELL. Reading current and past DELL letters to shareholders can bring important insights into the investment thesis.
May 2024
Dear stockholders, customers, partners and friends,
In    scal year 2024 (FY24), we delivered another strong performance.
I   m proud of how our team remained focused on driving innova   on for
our customers and delivering results for our stakeholders.
It   s increasingly clear that data and technology are central to everything
our customers and partners do. Genera   ve ar      cial intelligence (GenAI)
is just the latest example of technology driving growth across the landscape
and advancements in human progress. Time and    me again, our strategy
and unique opera   ng model have posi   oned Dell Technologies for
these pivotal moments in history.
Financial Performance:


Delivered full-year revenue of $88.4B, down 14%
Full-year opera   ng income of $5.2B, down 10%
Generated strong cash    ow from opera   ons of $8.7B
Infrastructure Solu   ons Group:
Data is growing at an exponen   al rate and is becoming the world's most valuable asset. GenAI is a force
mul   plier for digital transforma   on around the world. Last year customers con   nued to be cau   ous in
their spending, but looking ahead, we believe AI will drive produc   vity, growth and signi   cant
investment in accelerated infrastructure.
ISG revenues were down year-over-year due to the macro environment and the capacity build-out of the
prior few years. However, technology trends and workloads con   nue to evolve in our direc   on. We are
innova   ng across our por   olio to extend our leadership posi   ons, capture new growth and drive
pro   tability.


Revenue of $33.9B, down 12%
AI server revenue of $1.5B
Opera   ng income of $4.3B, down 15%
Client Solu   ons Group:
Today, we are more excited than ever about the future of the PC and its role as the world's preeminent
produc   vity tool. Despite a challenging PC market, we are focused on what we can control. Staying
customer-focused and delivering against our innova   on agenda has served us well across mul   ple
cycles. Not all PCs are created equal, and we expect trends around AI-driven workloads and hybrid work
to play to our strengths and be a catalyst for growth later this year.

Revenue of $48.9B, down 16%
Opera   ng income of $3.5B, down 8%
Capital Return:
We're excited about the future and con   dent in our ability to create meaningful long-term value for
stakeholders.


Returned $7B to shareholders through $5B of share repurchases and $2B of dividends since
ini   a   ng our capital alloca   on framework (over 90% of our adjusted free cash    ow to
shareholders over the last two years)
Raised our annual dividend by 20% from $1.48 to $1.78 per share, re   ec   ng con   nued
con   dence in our long-term business model and ability to generate strong cash    ow over    me
Reached our 1.5x core leverage ra   o target exi   ng the    scal year
We are also commited to returning 80% or more of our adjusted free cash    ow to shareholders over the
long term and targe   ng at least 10% dividend growth each year through    scal year 2028.
Innova   on:
Through everything, we remain focused on delivering innova   on for customers. From GenAI to
Mul   cloud to Edge, our end-to-end solu   ons are accelera   ng customer transforma   on. We have only
scratched the surface of the AI opportunity. Customers are excited about our comprehensive solu   ons
and open ecosystem of partners. This includes our new AI enabled PCs, which will become even more
essen   al to unleash workforce produc   vity and for inferencing at the Edge. With enterprise and large
corporate customers in the early stages of AI adop   on, we see growing demand and an expanding
pipeline. The best is yet to come.
Looking Forward
There are strong tailwinds for the con   nued success of our business. We   re central to the technology
agendas of our customers. We believe in the health of our markets and the advantage of our business
model. Dell Technologies delivers on our commitments and executes with discipline no mater the
environment.
Thank you to our shareholders, customers and partners for their con   nued support.
Michael S. Dell
Chairman of the Board and Chief Execu   ve O   cer
UNITED STATES
S
SEC
CURITIES
S AND EXC
CHANG
GE COMMISS
C
SSION
Washing
hington, D.C.
C 20549
Form 10-K
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 2, 2024
or

TRANS
R
ITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commiission
i File
i Number: 001-37867
Dell Technologi
gies Inc.
(Exact name off regi
gistrant as specifi
ified
d in
i its
i charte
h r))
Delaware
80-0890963
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Dell Way,
y Round Rock, Texas 78682
(Add
ddress of princi
i ipall executive
i offi
ffices)) (Zip
i Code)
d )
1-800-289-3355
(Regi
gistrant   s teleph
l hone number,
b including
luding area codde))
Securiities
i regi
gisteredd pursuant to Sectiion 12(b)
(b) off the
h Act:
Title of each class
Tradingg Symbol(s)
y

Name of each exchange
g on which registered
g
Class C Common Stock, par value of $0.01 per share
DELL
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defin
f ed in Rule 405 of the Securities Act. Yes    No   
Indicate by check mark if the registrant is not required to ffile reports pursuant to Section 13 or Section 15(d) of the Act. Yes    No   
Indi
dicate bbyy chheck
k markk wheth
h her thhe regi
gistrant (1)) has
h fi
filledd all
ll reports requiired
d to be fi
filledd by Secti
S ion 13 or 15(d)
(d) off the
h Securiities
i Exchange
hange
Act of 1934 duri
d ingg thhe precedi
dingg 12 monthhs (or for
f such
h shorter
h
periiodd thhat thhe regi
gistrant was required
i d to ffil
ile such
h reports)), andd (2)) ha
h s been
b
suubjject to such filingg requirements for
f the past 90 days.
y Yes    No   
Indi
dicate bbyy chheck
k markk wheth
h her thhe regi
gistrant has
h submi
b ittedd ellectroniically
lly every
ry Interactiive Data Fil
ile required
i d to bbe submi
b ittedd pursuant to
Rulle 405 of Reggullation
i S-T (   232.405 of this
hi chapte
h
r)) duriingg thhe precedi
dingg 12 months
h (or for
f such
h shorter
h
periiodd thhat thhe regi
gistrant was
required to submit such files). Yes    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

Accelerated filer
Non-accelerated filer

Smaller reporting company    

Emerging growth company    
If an emerging
ging growth
h companyy, indi
dicate bbyy chheck
k markk if the
h regi
gistrant has elected
l
d not to use thhe extended
d d transiition
i periiodd ffor complying
mplying
with anyy new or revised fin
f ancial accountingg standards provided pursuant to Section 13(a) of the Exchange
g Act.    
Indicate by check mark whether the registrant has file
f d a report on and attestation to its management   s assessment of the effe
f ctiveness of its
internal control over fin
f ancial reporting under Section 404(b) of the Sarbane
r
s-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting fir
f m that prepared or issued its audit report.    
If securiities
i are regi
gistered
d pursuant to Sectiion 12(b)
(b) off the
h Act, indicat
di e bbyy chheck
k markk wheth
h her thhe fi
financiiall statements of thhe regi
gistrant
included in the filingg refle
f ct the correction of an error to previously
y issued financial statements.    
1
Indi
dicate bbyy chheck
k markk wheth
h her anyy of those
h
error correctiions are restatements thhat required
i d a recoveryy analy
lysiis of incentive-b
i basedd
compensation received byy anyy of the registrant   s
g
executive officers dur
d ingg the relevant recovery
y period pursuant to   240.10D-1(b).    
Indicate by check mark whether the registrant is a shell company (as defined in R
Rule 12b-2 of the Act). Yes     No   
As of August 4, 2023, the last business day of the registrant   s most recently completed second fiscal quarter, the aggregate market value of
the shares of the registrant   s common stock held by non-affi
f liates was approximately $13.2 billion (based on the closing price of $53.24 per
share of Class C Common Stock reported on the New York Stock Exchange on that date).
As of March 18, 2024, there were 713,790,335 shares of the registrant   s common stock outstanding, consisting of 305,216,717 outstanding
shares of Class C Common Stock, 328,262,341 outstanding shares of Class A Common Stock, and 80,311,277 outstanding shares of Class B
Common Stock.
DOCUMENTS INCORPORAT
R ED BY REFERENCE
f mation required by Part III of this report, to the extent not set fforth herein, is incorporated by reference ffrom the registrant   s proxy
The infor
statement relating to its annual meeting of stockholders to be held in 2024. The proxy statement will be filed with the Securities and
Exchange Commission within 120 days afte
f r the end of the fiscal year to which this report relates.
2
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,       pl
p an,   
   aim,       seek,    and similar expressions as they relate to us or our management are intended to identify
f these forward-looking
statements. All statements by us regarding our expected financial position, revenues, cash flo
f ws and other operating results,
business strategy, legal proceedings, and similar matters are fforward-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    and in our other
periodic and current reports filed with the Securities and Exchange Commission (   SEC   ). Any for
f ward-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 for
f ward-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.
3
 • shareholder letter icon 5/17/2024 Letter Continued (Full PDF)
 • stockholder letter icon 5/10/2023 DELL Stockholder Letter
 • stockholder letter icon More "Computers" Category Stockholder Letters
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DELL Shareholder/Stockholder Letter Transcript:

May 2024
Dear stockholders, customers, partners and friends,
In    scal year 2024 (FY24), we delivered another strong performance.
I   m proud of how our team remained focused on driving innova   on for
our customers and delivering results for our stakeholders.
It   s increasingly clear that data and technology are central to everything
our customers and partners do. Genera   ve ar      cial intelligence (GenAI)
is just the latest example of technology driving growth across the landscape
and advancements in human progress. Time and    me again, our strategy
and unique opera   ng model have posi   oned Dell Technologies for
these pivotal moments in history.
Financial Performance:


Delivered full-year revenue of $88.4B, down 14%
Full-year opera   ng income of $5.2B, down 10%
Generated strong cash    ow from opera   ons of $8.7B
Infrastructure Solu   ons Group:
Data is growing at an exponen   al rate and is becoming the world's most valuable asset. GenAI is a force
mul   plier for digital transforma   on around the world. Last year customers con   nued to be cau   ous in
their spending, but looking ahead, we believe AI will drive produc   vity, growth and signi   cant
investment in accelerated infrastructure.
ISG revenues were down year-over-year due to the macro environment and the capacity build-out of the
prior few years. However, technology trends and workloads con   nue to evolve in our direc   on. We are
innova   ng across our por   olio to extend our leadership posi   ons, capture new growth and drive
pro   tability.


Revenue of $33.9B, down 12%
AI server revenue of $1.5B
Opera   ng income of $4.3B, down 15%
Client Solu   ons Group:
Today, we are more excited than ever about the future of the PC and its role as the world's preeminent
produc   vity tool. Despite a challenging PC market, we are focused on what we can control. Staying
customer-focused and delivering against our innova   on agenda has served us well across mul   ple
cycles. Not all PCs are created equal, and we expect trends around AI-driven workloads and hybrid work
to play to our strengths and be a catalyst for growth later this year.

Revenue of $48.9B, down 16%
Opera   ng income of $3.5B, down 8%

Capital Return:
We're excited about the future and con   dent in our ability to create meaningful long-term value for
stakeholders.


Returned $7B to shareholders through $5B of share repurchases and $2B of dividends since
ini   a   ng our capital alloca   on framework (over 90% of our adjusted free cash    ow to
shareholders over the last two years)
Raised our annual dividend by 20% from $1.48 to $1.78 per share, re   ec   ng con   nued
con   dence in our long-term business model and ability to generate strong cash    ow over    me
Reached our 1.5x core leverage ra   o target exi   ng the    scal year
We are also commited to returning 80% or more of our adjusted free cash    ow to shareholders over the
long term and targe   ng at least 10% dividend growth each year through    scal year 2028.
Innova   on:
Through everything, we remain focused on delivering innova   on for customers. From GenAI to
Mul   cloud to Edge, our end-to-end solu   ons are accelera   ng customer transforma   on. We have only
scratched the surface of the AI opportunity. Customers are excited about our comprehensive solu   ons
and open ecosystem of partners. This includes our new AI enabled PCs, which will become even more
essen   al to unleash workforce produc   vity and for inferencing at the Edge. With enterprise and large
corporate customers in the early stages of AI adop   on, we see growing demand and an expanding
pipeline. The best is yet to come.
Looking Forward
There are strong tailwinds for the con   nued success of our business. We   re central to the technology
agendas of our customers. We believe in the health of our markets and the advantage of our business
model. Dell Technologies delivers on our commitments and executes with discipline no mater the
environment.
Thank you to our shareholders, customers and partners for their con   nued support.
Michael S. Dell
Chairman of the Board and Chief Execu   ve O   cer

UNITED STATES
S
SEC
CURITIES
S AND EXC
CHANG
GE COMMISS
C
SSION
Washing
hington, D.C.
C 20549
Form 10-K
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 2, 2024
or

TRANS
R
ITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commiission
i File
i Number: 001-37867
Dell Technologi
gies Inc.
(Exact name off regi
gistrant as specifi
ified
d in
i its
i charte
h r))
Delaware
80-0890963
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Dell Way,
y Round Rock, Texas 78682
(Add
ddress of princi
i ipall executive
i offi
ffices)) (Zip
i Code)
d )
1-800-289-3355
(Regi
gistrant   s teleph
l hone number,
b including
luding area codde))
Securiities
i regi
gisteredd pursuant to Sectiion 12(b)
(b) off the
h Act:
Title of each class
Tradingg Symbol(s)
y

Name of each exchange
g on which registered
g
Class C Common Stock, par value of $0.01 per share
DELL
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defin
f ed in Rule 405 of the Securities Act. Yes    No   
Indicate by check mark if the registrant is not required to ffile reports pursuant to Section 13 or Section 15(d) of the Act. Yes    No   
Indi
dicate bbyy chheck
k markk wheth
h her thhe regi
gistrant (1)) has
h fi
filledd all
ll reports requiired
d to be fi
filledd by Secti
S ion 13 or 15(d)
(d) off the
h Securiities
i Exchange
hange
Act of 1934 duri
d ingg thhe precedi
dingg 12 monthhs (or for
f such
h shorter
h
periiodd thhat thhe regi
gistrant was required
i d to ffil
ile such
h reports)), andd (2)) ha
h s been
b
suubjject to such filingg requirements for
f the past 90 days.
y Yes    No   
Indi
dicate bbyy chheck
k markk wheth
h her thhe regi
gistrant has
h submi
b ittedd ellectroniically
lly every
ry Interactiive Data Fil
ile required
i d to bbe submi
b ittedd pursuant to
Rulle 405 of Reggullation
i S-T (   232.405 of this
hi chapte
h
r)) duriingg thhe precedi
dingg 12 months
h (or for
f such
h shorter
h
periiodd thhat thhe regi
gistrant was
required to submit such files). Yes    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

Accelerated filer
Non-accelerated filer

Smaller reporting company    

Emerging growth company    
If an emerging
ging growth
h companyy, indi
dicate bbyy chheck
k markk if the
h regi
gistrant has elected
l
d not to use thhe extended
d d transiition
i periiodd ffor complying
mplying
with anyy new or revised fin
f ancial accountingg standards provided pursuant to Section 13(a) of the Exchange
g Act.    
Indicate by check mark whether the registrant has file
f d a report on and attestation to its management   s assessment of the effe
f ctiveness of its
internal control over fin
f ancial reporting under Section 404(b) of the Sarbane
r
s-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting fir
f m that prepared or issued its audit report.    
If securiities
i are regi
gistered
d pursuant to Sectiion 12(b)
(b) off the
h Act, indicat
di e bbyy chheck
k markk wheth
h her thhe fi
financiiall statements of thhe regi
gistrant
included in the filingg refle
f ct the correction of an error to previously
y issued financial statements.    
1

Indi
dicate bbyy chheck
k markk wheth
h her anyy of those
h
error correctiions are restatements thhat required
i d a recoveryy analy
lysiis of incentive-b
i basedd
compensation received byy anyy of the registrant   s
g
executive officers dur
d ingg the relevant recovery
y period pursuant to   240.10D-1(b).    
Indicate by check mark whether the registrant is a shell company (as defined in R
Rule 12b-2 of the Act). Yes     No   
As of August 4, 2023, the last business day of the registrant   s most recently completed second fiscal quarter, the aggregate market value of
the shares of the registrant   s common stock held by non-affi
f liates was approximately $13.2 billion (based on the closing price of $53.24 per
share of Class C Common Stock reported on the New York Stock Exchange on that date).
As of March 18, 2024, there were 713,790,335 shares of the registrant   s common stock outstanding, consisting of 305,216,717 outstanding
shares of Class C Common Stock, 328,262,341 outstanding shares of Class A Common Stock, and 80,311,277 outstanding shares of Class B
Common Stock.
DOCUMENTS INCORPORAT
R ED BY REFERENCE
f mation required by Part III of this report, to the extent not set fforth herein, is incorporated by reference ffrom the registrant   s proxy
The infor
statement relating to its annual meeting of stockholders to be held in 2024. The proxy statement will be filed with the Securities and
Exchange Commission within 120 days afte
f r the end of the fiscal year to which this report relates.
2

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,       pl
p an,   
   aim,       seek,    and similar expressions as they relate to us or our management are intended to identify
f these forward-looking
statements. All statements by us regarding our expected financial position, revenues, cash flo
f ws and other operating results,
business strategy, legal proceedings, and similar matters are fforward-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    and in our other
periodic and current reports filed with the Securities and Exchange Commission (   SEC   ). Any for
f ward-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 for
f ward-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.
3



shareholder letter icon 5/17/2024 Letter Continued (Full PDF)
 

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