10 House P (4) 440 100 11 I 71 1 and the 11 1 i a th B 1 11 I I T the the 1 i t the state 1 1 i = 11 h TI ti t = Title H in 11:4 H d t 1 1 18 i Thinglass The AI Investment Thesis Dell Technologies Inc. (NYSE:DELL) has received much attention lately and recently reported earnings on August 29 th, 2024. Given the recent news updates and the decline in share price, I am revisiting my investment thesis for Dell. In this article, I explain why I believe the stock is still a great investment, despite souring sent ...

Dell plans further workforce cuts and limits external hiring through February 2025. Dell is taking measures to minimize spending and to adapt to an AI world. Dell's restructuring has included layoffs. Insider Today NSIDER TODAY Sign up to get the inside scoop on today's biggest stories in markets, tech, and business — delivered daily. Read preview Bull Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email a ...

会议主要讨论的核心内容 - 公司正在经历前所未有的人工智能基础设施需求增长,过去一年公司销售了近95亿美元的AI基础设施,这种增长速度是非常快的 [3][4][5] - 公司正在通过提供高度定制化的AI系统设计、密集计算能力、高效散热等方面的技术优势,在大型云服务商和企业客户中获得较高的溢价 [7][8][9] - 公司传统服务器业务也在连续5个季度实现环比增长,主要得益于数据中心老化更新需求以及AI部署带来的服务器整合需求 [19][20][21] - 公司存储业务在上一季度实现了较好的增长和毛利率提升,得益于Dell自有存储产品销售占比提高以及数据压缩等新增值服务 [14][15][16][17] 问答环节重要的提问和回答 - 分析师询问公司在AI基础设施市场的定位和优势,公司表示通过提供高度定制化的系统设计、密集计算能力、高效散热等技术优势在大型云服务商和企业客户中获得较高溢价 [7][8][9][11][12] - 分析师询问公司传统服务器业务的恢复情况,公司表示主要得益于数据中心老化更新需求以及AI部署带来的服务器整合需求 [19][20][21] - 分析师询问公司存储业务的改善,公司表示得益于Dell自有存储产品销售占比提高以及数据压缩等新增值服务 [14][15][16][17] - 分析师询问公司对企业AI部署的预期,公司表示企业AI部署正在加速,未来几年内有望超过一半的数据中心需求将来自于AI [25][26][27][28]

业务概况 - 公司业务分为基础设施解决方案集团(ISG)和客户解决方案集团(CSG)两大业务部门[251][252] - ISG业务包括存储、服务器和网络产品,持续受益于人工智能技术的发展带来的需求增长[254][261] - CSG业务面临激烈的竞争环境,价格压力影响了毛利率表现[254][262] - 公司将继续通过投资和并购等方式推进战略目标和创新[264] 财务表现 - 公司预计全年ISG收入将受益于人工智能服务器需求增长,CSG收入将受益于PC更新周期[256] - 公司的非GAAP产品毛利率下降了7%,服务毛利率增长了2%[278] - 公司的非GAAP营业利润增长了1%[280] - 公司的非GAAP净利润增长了2%[280] - 公司的非GAAP每股收益增长了4%[280] - 第二季度和前六个月净收入分别增长9%和8%，主要由于ISG业务净收入增加抵消了其他业务和CSG业务净收入的下降[296] - ISG业务净收入增长主要由于服务器和网络产品销售增加[296] - 其他业务净收入下降主要由于不再作为独立VMware产品的分销商[296,297] - CSG业务净收入下降主要由于消费类产品销售下降[291] - 第二季度和前六个月营业利润和非GAAP营业利润分别增长15%和1%，受益于ISG业务的增长但受到CSG业务的拖累[292] - 第二季度和前六个月营业利润率和非GAAP营业利润率下降，主要由于毛利率下降,但被运营费用率下降所抵消[293] - 前六个月经营活动产生的现金流为24亿美元,主要由于盈利能力但受到营运资金变动的影响[294] - 公司相信凭借创新和解决方案的持续改进,能够实现长期盈利增长[295] - 服务净收入增长1%和3%，主要由于CSG服务净收入增长，部分被其他业务服务净收入下降所抵消[298,299] - 毛利率和非GAAP毛利率下降230个基点至21.2%和21.8%，主要由于产品组合向AI优化服务器倾斜以及CSG价格竞争环境[300,301] - 产品毛利率和非GAAP产品毛利率下降210和260个基点至15.2%和14.9%，主要由于产品组合向AI优化服务器倾斜以及CSG价格竞争环境[302,303] - 服务毛利率和非GAAP服务毛利率下降80和50个基点至40.1%和40.0%，主要由于CSG和ISG服务毛利率下降[305,306] - 销售、一般及管理费用下降9%和7%，主要由于员工薪酬福利费用下降[311,312] - 研发费用增加11%，主要由于研发相关员工薪酬福利费用增加[312,313] - 营业利润和非GAAP营业利润分别增加15%和3%，主要由于ISG业务增长[316,317] 税收 - 公司的有效所得税率可能会根据全球收益的地理分布而波动，因为公司的外国收益通常比美国的税率低[320] - 公司预计未来几年的有效所得税率和现金所得税支付可能会因全球最低税率而有所增加，但不会对2025财年的合并经营业绩产生重大影响[321] - 公司在第一六个月内确认了4亿美元的税收优惠,主要来自于税收不确定性的变化和股票激励相关税收[276] - 公司自2025财年开始采用固定的年度税率来计算非GAAP税收[276] 现金流与资产负债 - 公司使用自由现金流和调整后自由现金流作为非GAAP流动性指标来评估业绩[281,282,283] - 公司认为现有现金及现金等价物、未来经营活动产生的现金以及预期可用的循环信贷融资和商业票据计划将足以满足未来12个月及以后的主要现金需求[342] - 截至2024年8月2日，公司现金及现金等价物为45.5亿美元，剩余可用循环信贷融资为60亿美元，总现金及可用借款为105.49亿美元[343] - 公司维持商业票据计划，最高发行规模为50亿美元，截至2024年8月2日未有未偿发行[344] - 公司总债务本金额为247.44亿美元，较上一期减少14.78亿美元，主要由于偿还了部分高级票据和DFS债务[346] - 公司认为未来仍能够从现有和预期的现金来源中支付债务本金和利息[349] - 公司在2024财年上半年回购了约1200万股C类普通股，总金额约为14亿美元[357] - 公司宣布将从2025财年第一季度开始将每季度股息提高20%至0.445美元/股[358] - 截至2024年8月2日，公司有72亿美元的采购义务，其中60亿美元将在12个月内支付[360] - 公司净亏损为14.47亿美元[367] - 公司净收入为39.06亿美元[368] - 公司毛利率为48.2%[368] - 公司营业利润为4800万美元[368] - 公司利息及其他费用净额为20.85亿美元[368] - 公司税前亏损为20.37亿美元[368] - 公司流动资产为30.68亿美元[370] - 公司商誉及无形资产为142.60亿美元[370] - 公司总负债为650.89亿美元[370] 其他 - 公司将继续执行成本管控措施,包括限制外部招聘、员工重组等,预计将导致员工总数进一步下降[258] - 公司与VMware的商业关系发生变化,不再作为VMware独立产品和服务的分销商[259][260] - 汇率波动可能会影响公司的经营业绩[265][266] - 公司在第一六个月内确认了4亿美元的裁员

Hispanolistic We discussed buying Dell Technologies (NYSE:DELL) stock in early August, as its stock dropped below $90 during the late summer growth scare. While the stock has remained volatile, Dell has made a solid comeback, appreciating by approximately 35% from its recent low. Dell recently reported earnings, delivering better-thanexpected results and illustrating that the AI revolution is alive and well in the hardware enterprise segment. Moreover, Super Micro Computer "SMCI" (SMCI), one of Dell's prima ...

Dell Technologies (DELL) shares are one of the cheaper stocks in the broader Zacks Computer & Technology sector, with a Value Score of A. DELL stock is trading at a significant discount with a forward 12-month P/E of 11.43X compared with the sector's 24.54X. It is cheaper than its Zacks Computer – Micro Computers industry peer Apple (AAPL) , which is currently trading at a forward 12-month P/E of 29.43X. DELL's cheap valuation is attractive for investors. However, is it worth buying at current prices? Let's ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Both PLTR and DELL have built sizable year-to-date gains, and could soon add to them Two tech stocks are making moves on the charts today. On Friday after the close, it was announced Palantir Technologies Inc (NYSE:PLTR) and Dell Technologies Inc (NYSE:DELL) would join the S&P 500 Index (SPX) starting Sept. 23. Palantir is replacing American Airlines (AAL), while Dell is replacing e-tailer Etsy (ETSY). PLTR and DELL are both ripping higher in response to the news. Palantir stock was last seen up 12.1% to tr ...

In a major show of confidence, personal computer manufacturer Dell (NYSE: DELL) is anticipated to see its stock benefit after its inclusion in the S&P 500 index. Although DELL is trading in tandem with the general stock market patterns, its addition to the benchmark index could offer more exposure, particularly to institutional investors, and add more credibility to the equity—factors central to triggering a possible price appreciation. Notably, Dell, which earned its incorporation alongside software giant ...

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