Dell Technologies Value Proposition

Leading market positions and a differentiated strategy, supported by durable competitive advantages, lead to consistent growth and significant value creation

We are uniquely positioned in the data, AI, and multicloud era.

Leadership positions in large, stable, and expanding markets with strong underlying fundamentals

A track record of consistent growth, profitability, and shareholder value creation

A differentiated strategy to win the consolidation and modernization of our core markets and build new businesses where Dell has a unique right to win

Durable and reinforcing competitive advantages that uniquely position Dell to win in core and adjacent markets

Durable Competitive Advantages:
Uniquely position us to drive predictable financial results

#1 positions
in critical Client and Infrastructure segments, enabled by customer-driven innovation

End-to-end from the PC
to the core data center to the cloud to the edge, creating deep customer insights and driving innovation

Tech’s largest
direct go-to-market and channel partner ecosystem, creating unparalleled market reach and leading profitability versus competitors

Leading global services footprint in technology
to support complex customer needs, powered by modern, proactive, and predictive software

Industry-leading scale
and differentiated supply chain capabilities, enabling cost position, speed, continuity of supply, security, and sustainability

Leading financial services capabilities
that enable customers to invest across the IT lifecycle and create deep customer loyalty

World Class Culture
where our people feel empowered to achieve, have a sense of balance, are connected with those around them and accepted for who they are

Leading market positions and a differentiated strategy, supported by durable competitive advantages
Grow and modernize the Core business
 
 
Build new growth businesses where we have a unique right to win
 
Dell Strategy Logo
Target returning 40 - 60% of Adj. FCF to shareholders
Dividend
  • Paid $1.32 per share in FY23, or ~$1B in dividends over the course of the fiscal year
  • Announced a ~12% dividend increase to $1.48 per share, reflecting confidence in our long-term business model and our ability to grow our cash flow over time
Buy Backs
  • Repurchased 62.4M shares for $2.8B in FY23. Moving forward, share repurchases will continue to follow a programmatic approach to at least manage dilution and opportunistically return capital to shareholders
Invest the remaining Adj. FCF in the business
Invest remaining 40 - 60% in the business, growth opportunities and debt repayment
Additional debt paydown as we work toward our 1.5x core leverage target
Reinvest in organic growth opportunities
Targeted M&A that accelerates our strategy
Attractive long-term financial model
3 - 4% Revenue growth
6+% EPS growth
NI to Adj. FCF Conversion of 100% or better
Target returning 40 - 60% of Adj. FCF to shareholders
Base Case Revenue Growth & Operational Drivers
  • Broadest portfolio in the industry, focused on delivering customer solutions
  • Durable competitive advantages
  • Management team with a track record of execution
Additional Opportunities and Risks
 Acceleration of key technology trends
 Opportunities to expand into Telecom, Edge, Data Management and Managed Services
 Significant macroeconomic or geo-political events
Base Case Diluted EPS Growth and Operational Drivers
  • Broadest portfolio in the industry, focused on delivering customer solutions
  • Durable competitive advantages
  • Management team with a track record of execution
Additional Opportunities and Risks
 Revenue and Opinc growth beyond base case
 Interest expense leverage
 Tax policy

Dell's Business Units

SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS

Statements in this presentation that relate to future results and events are forward-looking statements and are based on Dell Technologies' current expectations. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “confidence,” “may,” “plan,” “potential,” “should,” “will” and “would,” or similar expressions. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including those discussed in Dell Technologies’ periodic reports filed with the Securities and Exchange Commission. Dell Technologies assumes no obligation to update its forward-looking statements.