Last week we announced our Q4 and full-year fiscal 2023 financial results. We had another strong year with record profitability in a challenging environment. I want to thank our customers and partners who trusted us with their business. We delivered record full-year revenue of $102.3 billion, up 1%. We continue to be #1 in servers and storage¹, and we expect to gain one or more basis points in mainstream server and storage revenue when IDC CY22 results come out this month. In PCs, we gained more than 140 bps of commercial PC unit share in CY22² – our 10th consecutive year of share gains.

While demand continues to shift, the uncertainty in this macroenvironment looks much different than others we’ve seen. Unlike prior cycles, customers aren’t stopping digital investments. They continue to plan IT projects – even as they scrutinize spend – because technology has become too essential to their competitiveness. Organizations are dealing with increasing complexity as data becomes more distributed across on-premises data centers, public clouds and at the edge. Dell Technologies and our end-to-end portfolio provide our customers and partners with solutions to navigate the complexity. As priorities change, we continue to be a trusted partner that can deliver in any environment.

NASA is an exciting example. We’ve provided them with computing systems and services for more than a decade, including for the recent Artemis 1 launch, which marked the to put humans back on the moon since the Apollo 17 mission in 1972. Dell PowerEdge servers were the compute muscle to help NASA run flight software applications, perform system monitoring capabilities and analyze data in real-time. Meanwhile Dell Precision workstations helped NASA interpret the 185,000 data points and telemetry coming from monitoring the launch at every level.

There are several ways insights and solutions are advancing human progress. Our customers are at the forefront of advancing sustainable communities and increasing energy efficiency within their data centers and technology offerings. Take Philippines-based Central Bicol State University of Agriculture (CBSUA), for example. Their smart agriculture solution is enhancing the university’s research programs and helping with higher crop yields and improved food safety and security for the Philippines. In India, PhonePe is providing financial services to more than 435 million registered users and 35 million merchants. They’re creating their first green data center designed with alternative cooling technologies that will facilitate quick and reliable transactions, while also helping the company reduce its carbon footprint. And Siemens Smart Building Solutions is running Desigo CC, a platform that creates high-performance, energy-efficient smart buildings, on Dell OEM infrastructure. The platform consolidates disparate systems and workstreams into one view and helps facility managers use insights generated at the edge to improve conditions for building occupants.

Across industries, our customers are realizing performance, productivity and efficiency gains throughout their IT environments. With hybrid work, the PC continues to be the top productivity tool, and it is being asked to do more – including telephony, collaboration, entertainment and analysis. This has led to a material reset in how consumers and businesses work. Zurich Insurance Group is providing the latest Dell PCs and peripherals to its workforce. Configured to their specific needs, Zurich is ensuring employees can start work immediately, from anywhere, and support customers across more than 210 countries and territories. Brazilian oil and gas company Petrobras is meanwhile reaching new levels of efficiency with its new supercomputer, Gaia. The new HPC system will feature 7.7 petaflops of computing power, allowing Petrobras to add another powerful exploration tool to help find oil or gas every time they drill.

Dell APEX is another way customers are experiencing flexibility and predictability. More and more of our customers are shifting to as-a-Service to combat inflation and scale their businesses. In FY23, we more than doubled the number of active customers that have subscribed to Dell APEX solutions over the course of the year. A few standouts across our portfolio:

• • Rede Record, one of Brazil’s largest media companies, is using Dell APEX Flex on Demand to take an OpEx approach to doubling its capacity for new high-definition content and digital media archiving.
  • Greece-based Philosofish supplies sustainably farmed fresh Mediterranean fish to tables across Europe and the U.S. The company is taking a multicloud approach, using Microsoft Azure and Dell APEX Backup Services after acquisitions boosted their annual production capacity by 400%. Dell APEX ensures applications and data are readily available and has provided significant cost savings.
  • The State University of New York (SUNY) is the largest university system in the United States with 64 institutions and 1.3 million students. As its individual universities prepare for data center refreshes, SUNY ITEC (Information Technology Exchange Center) – the IT managed services provider across the system – is turning to Dell APEX Private Cloud to optimize its resources at SUNY Potsdam and deliver more value and richer experiences to students, faculty and staff.
  • TMS Entertainment, an animation production company in Tokyo, Japan, has been creating hit works for more than half a century. The company is undergoing a digital transformation to support animation production, video licensing and merchandising initiatives – and backing up its entire virtualization infrastructure directly to the cloud.

Our customers and partners are achieving competitive advantage, coming out on top in their industries as they navigate the complexities of hybrid work, multicloud and the edge. With data increasing exponentially in both quantity and value, they’ll be well-positioned to innovate and serve their customers into the data era. And Dell Technologies will be with them every step of the way.

This material includes information about non-GAAP operating income and non-GAAP diluted earnings per share which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. We have provided a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures in the slides captioned “Supplemental non-GAAP measures” here.

¹ Per IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q3, IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q3, IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q3, IDC WW Storage Software and Cloud Services Tracker CY22Q3, IDC WW Quarterly Converged Systems Tracker CY22Q3, IDC WW Quarterly Converged Systems Tracker CY22Q3, IDC WW Quarterly Purpose-Built Backup Appliance Tracker CY22Q3, IDC WW Quarterly Enterprise Storage Systems Tracker CY22Q3, IDC WW Quarterly Server Tracker CY22Q3, IDC WW Quarterly Server Tracker CY22Q3

² IDC Worldwide PC Tracker Q4 CY22 Final Historical