Dell Technologies Announces Second Quarter Fiscal 2023 Financial Results

News summary

Record second quarter revenue of $26.4 billion , up 9%, driven by continued growth across client and infrastructure business units
Operating income up 25% at $1.3 billion , and non-GAAP operating income up 4% at $2 billion
Diluted earnings per share of $0.68 and non-GAAP diluted earnings per share of $1.68

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Full story

Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2023 second quarter. Revenue was a second quarter record of $26.4 billion , up 9%, driven by growth across Client Solutions Group (CSG) and Infrastructure Solutions Group (ISG). Operating income was $1.3 billion , up 25%, representing 4.8% of revenue, and non-GAAP operating income was $2 billion , up 4%, representing 7.4% of revenue. Net income from continuing operations was $506 million and non-GAAP net income was $1.3 billion . Diluted earnings per share was $0.68 , and non-GAAP diluted earnings per share was $1.68 .

Second Quarter Fiscal 2023 Financial Results

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
	(in millions, except per share amounts and percentages; unaudited)
Total net revenue	$ 26,425	$ 24,191	9 %	$ 52,541	$ 46,781	12 %
Operating income	$ 1,270	$ 1,017	25 %	$ 2,820	$ 2,004	41 %
Net income from continuing operations	$ 506	$ 629	(20) %	$ 1,575	$ 1,288	22 %
Earnings per share - diluted	$ 0.68	$ 0.80	(15) %	$ 2.06	$ 1.65	25 %

Non-GAAP net revenue	$ 26,425	$ 24,199	9 %	$ 52,541	$ 46,797	12 %
Non-GAAP operating income	$ 1,952	$ 1,868	4 %	$ 4,087	$ 3,638	12 %
Non-GAAP net income	$ 1,266	$ 1,166	9 %	$ 2,700	$ 2,221	22 %
Non-GAAP earnings per share - diluted	$ 1.68	$ 1.48	14 %	$ 3.52	$ 2.83	24 %

Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year-over-year unless otherwise noted.

Operating segments summary

Client Solutions Group delivered second quarter record revenue of $15.5 billion , up 9% year-over-year. Commercial revenue was $12.1 billion , a 15% increase year-over-year, and Consumer revenue was $3.3 billion , down 9% year-over-year. Focus on the commercial market continues to drive differentiated share results, with share gains in 34 of the last 38 quarters. ¹ Operating income was $1 billion , or approximately 6.3% of Client Solutions Group revenue.

Key areas of innovation:

Precision 7865 Tower delivers on 25 years of commercial workstation innovation, supporting demanding, multi-application workloads.
Alienware m15 R5 launches as the most powerful 17-inch AMD Advantage™ gaming laptop.
New commercial devices for hybrid work are available, including the Latitude 9330 , the world's first laptop with a collaboration touchpad that lets users mute, turn video on/off, screen share and chat.
This year's rollout of premium laptops continues with the launch of the XPS 13 and reveal of the versatile XPS 2-in-1.

Infrastructure Solutions Group delivered record second quarter revenue of $9.5 billion , up 12% and its sixth consecutive quarter of year-over-year growth. Storage revenue was $4.3 billion , up 6%, with growth across the portfolio and demand strength in high-end storage and our marquee mid-range product PowerStore, which has now grown every quarter since its launch. Servers and networking revenue was $5.2 billion , up 16% year-over-year. Operating income was $1 billion or approximately 11% of Infrastructure Solutions Group revenue.

Key areas of innovation:

The largest release in PowerStore history and new PowerMaxOS10 software are now available, delivering more than 500 new Dell storage software advancements that help customers drive faster insights, achieve better multicloud data control and increase cyber resiliency.

PowerProtect Cyber Recovery vault purchases grew 30% year-over-year , as customers seek multiple layers of protection from ransomware and other sophisticated threats.
Dell Validated Design for Analytics – Data Lakehouse , consisting of Dell's end-to-end ISG portfolio, provides secure access to reliable, quality data, so users can run analytics, AI, ML and other data-driven workloads.
T-Mobile and Dell Technologies join forces to pair a private 5G network with Dell edge-computing technologies, so data can be processed, stored and acted upon at locations like large business campuses, factories or universities.

Dell Technologies ended the quarter with remaining performance obligations of $41 billion , up 2% year-over-year, deferred revenue of $28 billion , and cash and investments of $7 .1 billion . Recurring revenue for the second quarter was approximately $5 .2 billion , up 8% year-over-year. APEX annual recurring revenue is now over $1 billion , with second quarter orders growth of 78% year-over-year.

Executive Quotes:

"We continued to execute well in an increasingly challenging environment with record second quarter revenue of $26.4 billion , up 9% ," said Jeff Clarke , vice chairman and co-chief operating officer, Dell Technologies. "We also advanced our long-term strategy – growing the core while innovating for our customers and enabling their opportunities in the data era."
"We delivered strong CSG and ISG growth and profitability – with revenue up 12% and 9% respectively – although we observed more cautious customer behavior as the quarter progressed," said Chuck Whitten , co-chief operating officer, Dell Technologies. "Customers continue to prioritize advanced technology solutions to compete and succeed in the years ahead, and we are confident in our long-term opportunities."
"Another quarter of record revenue, together with our operating income of $1.3 billion and non-GAAP operating income of $2 billion , affirms our industry strength and competitive position," said Tom Sweet , chief financial officer, Dell Technologies. "We remain focused on what we can control, staying flexible and opportunistic, and delivering revenue and EPS growth with strong free cash flow to our shareholders over time."

Conference call information

As previously announced, the Company will hold a conference call to discuss its performance and financial guidance on Aug. 25, 2022 , at 4:30 p.m. CDT . Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information prior to guidance may be downloaded from investors.delltechnologies.com. The conference call will be broadcast live over the internet can be accessed at
https://investors.delltechnologies.com/events-and-presentations/upcoming-events

For those unable to listen to the live broadcast, the final remarks and presentation with guidance will be available following the broadcast, and an archived version will be available at the same location for one year.

Customer Highlights Blog

Read our quarterly blog from Bill Scannell , Dell Technologies president of Global Sales & Customer Operations, to learn more about how we are helping customers with their digital transformations:
https://www.dell.com/en-us/blog/technology-investments-are-key-to-customers-competitive-advantage/

Environmental, Social and Governance (ESG)

Our Environmental, Social and Governance (ESG) efforts focus on driving positive impact for people and our planet while delivering long-term value for our stakeholders. The FY22 ESG report was published June 30, 2022 , and the Company held a conference call to discuss on July 21 . ESG resources can be accessed at
https://www.dell.com/en-us/dt/corporate/social-impact/reporting/esg-governance.htm

About Dell Technologies

Dell Technologies (NYSE:DELL) helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the data era.

Copyright © 2022 Dell Inc. or its subsidiaries. All Rights Reserved. Dell Technologies, Dell, EMC and Dell EMC are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.

Non-GAAP Financial Measures:

This press release presents information about Dell Technologies' non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to non-controlling interests, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, and non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the attached tables for each of the fiscal periods indicated.

Special Note on Forward-Looking Statements:

Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Dell Technologies' current expectations. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "confidence," "could," "estimate," "expect," "guidance," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "will" and "would," or similar words or expressions that refer to future events or outcomes.

Dell Technologies' results or events in future periods could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: risks and uncertainties relating to our spin-off of VMware, Inc., including the potential effects on our business of the transaction; the effects of the COVID-19 pandemic; competitive pressures; Dell Technologies' reliance on third-party suppliers for products and components, including reliance on single-source or limited-source suppliers; Dell Technologies' ability to achieve favorable pricing from its vendors; adverse global economic conditions and instability in financial markets; Dell Technologies' execution of its growth, business and acquisition strategies; the success of Dell Technologies' cost efficiency measures; Dell Technologies' ability to manage solutions and products and services transitions in an effective manner; Dell Technologies' ability to deliver high-quality products, software, and services; cyber attacks or other data security incidents; Dell Technologies' foreign operations and ability to generate substantial non-U.S. net revenue; Dell Technologies' product, services, customer, and geographic sales mix, and seasonal sales trends; the performance of Dell Technologies' sales channel partners; access to the capital markets by Dell Technologies or its customers; material impairment of the value of goodwill or intangible assets; weak economic conditions and the effect of additional regulation on Dell Technologies' financial services activities; counterparty default risks; the loss by Dell Technologies of any contracts for ISG services and solutions and its ability to perform such contracts at their estimated costs; loss by Dell Technologies of government contracts; Dell Technologies' ability to develop and protect its proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; disruptions in Dell Technologies' infrastructure; Dell Technologies' ability to hedge effectively its exposure to fluctuations in foreign currency exchange rates and interest rates; expiration of tax holidays or favorable tax rate structures, or unfavorable outcomes in tax audits and other tax compliance matters; impairment of portfolio investments; unfavorable results of legal proceedings; compliance requirements of changing environmental and safety laws or other laws; the effect of armed hostilities, terrorism, natural disasters, and public health issues; the effect of global climate change and legal, regulatory, or market measures to address climate change; Dell Technologies' dependence on the services of Michael Dell and key employees; Dell Technologies' level of indebtedness; the effect of the transition from LIBOR as a reference rate to calculate interest rates under our variable-rate indebtedness; and business and financial factors and legal restrictions affecting continuation of Dell Technologies' quarterly cash dividend policy and dividend rate.

This list of risks, uncertainties, and other factors is not complete. Dell Technologies discusses some of these matters more fully, as well as certain risk factors that could affect Dell Technologies' business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Dell Technologies' annual report on Form 10-K for the fiscal year ended January 28, 2022 , quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC's website at www.sec.gov . Any or all forward-looking statements Dell Technologies makes may turn out to be wrong and can be affected by inaccurate assumptions Dell Technologies might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. Dell Technologies does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

¹ Based on units, as of Q2 CY2022 IDC data. Data between Q1 CY2013 and Q2 CY2022.

DELL TECHNOLOGIES INC. FINANCIAL INFORMATION

Basis of Presentation

Spin-Off of VMware, Inc. — On November 1, 2021 , Dell Technologies Inc. completed its spin-off of VMware, Inc. ("VMware") by means of a special stock dividend (the "VMware Spin-off"). In accordance with applicable accounting guidance, the results of VMware, excluding Dell's resale of VMware offerings, are presented as discontinued operations in the Condensed Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for the three and six months ended July 30 , 2021. The Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.

DELL TECHNOLOGIES INC.
Consolidated Statements of Income and Related Financial Highlights
(in millions, except percentages; unaudited)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
Net revenue:
Products	$ 20,810	$ 18,895	10 %	$ 41,274	$ 36,382	13 %
Services	5,615	5,296	6 %	11,267	10,399	8 %
Total net revenue	26,425	24,191	9 %	52,541	46,781	12 %
Cost of net revenue:
Products	17,671	15,692	13 %	34,680	30,126	15 %
Services	3,315	3,024	10 %	6,638	5,916	12 %
Total cost of net revenue	20,986	18,716	12 %	41,318	36,042	15 %
Gross margin	5,439	5,475	(1) %	11,223	10,739	5 %
Operating expenses:
Selling, general, and administrative	3,543	3,761	(6) %	7,096	7,419	(4) %
Research and development	626	697	(10) %	1,307	1,316	(1) %
Total operating expenses	4,169	4,458	(6) %	8,403	8,735	(4) %
Operating income	1,270	1,017	25 %	2,820	2,004	41 %
Interest and other, net	(635)	(292)	(117) %	(972)	(580)	(68) %
Income before income taxes	635	725	(12) %	1,848	1,424	30 %
Income tax expense	129	96	34 %	273	136	101 %
Net income from continuing operations	506	629	(20) %	1,575	1,288	22 %
Income from discontinued operations, net of income taxes	—	251	(100) %	—	530	(100) %
Net income	506	880	(43) %	1,575	1,818	(13) %
Less: Net loss attributable to non-controlling interests	(5)	(2)	(150) %	(8)	(3)	(167) %
Less: Net income attributable to non-controlling interests of discontinued operations	—	51	(100) %	—	103	(100) %
Net income attributable to Dell Technologies Inc.	$ 511	$ 831	(39) %	$ 1,583	$ 1,718	(8) %

Percentage of Total Net Revenue:
Gross margin	20.6 %	22.6 %		21.4 %	23.0 %
Selling, general, and administrative	13.4 %	15.5 %		13.5 %	15.9 %
Research and development	2.4 %	2.9 %		2.5 %	2.8 %
Operating expenses	15.8 %	18.4 %		16.0 %	18.7 %
Operating income	4.8 %	4.2 %		5.4 %	4.3 %
Income before income taxes	2.4 %	3.0 %		3.5 %	3.0 %
Net income from continuing operations	1.9 %	2.6 %		3.0 %	2.8 %
Income tax rate	20.3 %	13.2 %		14.8 %	9.6 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.
Consolidated Statements of Financial Position
(in millions; unaudited)

	July 29, 2022	January 28, 2022
ASSETS
Current assets:
Cash and cash equivalents	$ 5,507	$ 9,477
Accounts receivable, net	13,431	12,912
Due from related party, net	195	131
Short-term financing receivables, net	4,860	5,089
Inventories	5,883	5,898
Other current assets	12,386	11,526
Total current assets	42,262	45,033
Property, plant, and equipment, net	5,772	5,415
Long-term investments	1,520	1,839
Long-term financing receivables, net	5,450	5,522
Goodwill	19,505	19,770
Intangible assets, net	6,972	7,461
Due from related party, net	609	710
Other non-current assets	6,685	6,985
Total assets	$ 88,775	$ 92,735
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	$ 6,647	$ 5,823
Accounts payable	25,339	27,143
Due to related party	1,269	1,414
Accrued and other	6,810	7,578
Short-term deferred revenue	14,724	14,261
Total current liabilities	54,789	56,219
Long-term debt	20,287	21,131
Long-term deferred revenue	13,301	13,312
Other non-current liabilities	3,153	3,653
Total liabilities	91,530	94,315
Stockholders' equity (deficit):
Total Dell Technologies Inc. stockholders' equity (deficit)	(2,860)	(1,685)
Non-controlling interests	105	105
Total stockholders' equity (deficit)	(2,755)	(1,580)
Total liabilities and stockholders' equity	$ 88,775	$ 92,735

DELL TECHNOLOGIES INC.
Consolidated Statements of Cash Flows
(in millions; unaudited)

	Three Months Ended		Six Months Ended
	July 29, 2022	July 30, 2021	July 29, 2022	July 30, 2021
Cash flows from operating activities:
Net income	$ 506	$ 880	$ 1,575	$ 1,818
Adjustments to reconcile net income to net cash provided by operating activities:	218	845	(1,120)	2,145
Change in cash from operating activities	724	1,725	455	3,963
Cash flows from investing activities:
Purchases of investments	(28)	(124)	(80)	(270)
Maturities and sales of investments	50	79	68	335
Capital expenditures and capitalized software development costs	(807)	(632)	(1,497)	(1,257)
Acquisition of businesses and assets, net	—	(6)	—	(16)
Other	7	14	11	20
Change in cash from investing activities	(778)	(669)	(1,498)	(1,188)
Cash flows from financing activities:
Proceeds from the issuance of common stock	1	26	5	186
Repurchases of parent common stock (a)	(689)	(8)	(2,468)	(17)
Repurchases of subsidiary common stock (a)	(1)	(544)	(8)	(978)
Payments of dividends to stockholders	(242)	—	(490)	—
Proceeds from debt	3,431	1,209	6,465	3,935
Repayments of debt	(3,539)	(4,353)	(6,242)	(8,423)
Debt-related costs and other, net	(7)	(3)	(14)	(14)
Change in cash from financing activities	(1,046)	(3,673)	(2,752)	(5,311)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(83)	(16)	(194)	(21)
Change in cash, cash equivalents, and restricted cash	(1,183)	(2,633)	(3,989)	(2,557)
Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations	7,276	15,260	10,082	15,184
Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations	6,093	12,627	6,093	12,627
Less: Cash, cash equivalents, and restricted cash attributable to discontinued operations	—	5,922	—	5,922
Cash, cash equivalents, and restricted cash from continuing operations	$ 6,093	$ 6,705	$ 6,093	$ 6,705

_________________

(a)	Common stock repurchases are inclusive of employee tax withholding on stock-based compensation.

DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued on next page)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking	$ 5,209	$ 4,480	16 %	$ 10,257	$ 8,620	19 %
Storage	4,327	4,070	6 %	8,564	7,963	8 %
Total ISG net revenue	$ 9,536	$ 8,550	12 %	$ 18,821	$ 16,583	13 %

Operating Income:
ISG operating income	$ 1,046	$ 962	9 %	$ 2,128	$ 1,740	22 %
% of ISG net revenue	11.0 %	11.3 %		11.3 %	10.5 %
% of total reportable segment operating income	52 %	49 %		50 %	46 %

Client Solutions Group (CSG):
Net revenue:
Commercial	$ 12,141	$ 10,577	15 %	$ 24,112	$ 20,385	18 %
Consumer	3,349	3,691	(9) %	6,965	7,194	(3) %
Total CSG net revenue	$ 15,490	$ 14,268	9 %	$ 31,077	$ 27,579	13 %

Operating Income:
CSG operating income	$ 978	$ 986	(1) %	$ 2,093	$ 2,066	1 %
% of CSG net revenue	6.3 %	6.9 %		6.7 %	7.5 %
% of total reportable segment operating income	48 %	51 %		50 %	54 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued)

	Three Months Ended		Six Months Ended
	July 29, 2022	July 30, 2021	July 29, 2022	July 30, 2021
Reconciliation to consolidated net revenue:
Reportable segment net revenue	$ 25,026	$ 22,818	$ 49,898	$ 44,162
Other businesses (a)	1,399	1,378	2,638	2,630
Unallocated transactions (b)	—	3	5	5
Impact of purchase accounting (c)	—	(8)	—	(16)
Total consolidated net revenue	$ 26,425	$ 24,191	$ 52,541	$ 46,781

Reconciliation to consolidated operating income:
Reportable segment operating income	$ 2,024	$ 1,948	$ 4,221	$ 3,806
Other businesses (a)	(71)	(77)	(135)	(167)
Unallocated transactions (b)	(1)	(3)	1	(1)
Impact of purchase accounting (c)	(3)	(15)	(12)	(35)
Amortization of intangibles	(244)	(442)	(487)	(887)
Transaction-related expenses (d)	(3)	(37)	(8)	(66)
Stock-based compensation expense (e)	(236)	(206)	(468)	(378)
Other corporate expenses (f)	(196)	(151)	(292)	(268)
Total consolidated operating income	$ 1,270	$ 1,017	$ 2,820	$ 2,004

_________________

(a)	Other businesses consists of: 1) Dell's resale of standalone VMware, Inc. products and services, "VMware Resale," 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.
(b)	Unallocated transactions includes other corporate items that are not allocated to Dell Technologies' reportable segments.
(c)	Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.
(d)	Transaction-related expenses includes acquisition, integration, and divestiture related costs.
(e)	Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.
(f)	Other corporate expenses includes impairment charges, incentive charges related to equity investments, severance, payroll taxes associated with stock-based compensation, facilities action, and other costs. During the three and six months ended Fiscal 2023, other corporate expenses includes impairment and other costs incurred in connection with exiting our business in Russia.

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc. - basic and diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, and non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.
Selected Non-GAAP Financial Measures
(in millions, except per share amounts and percentages; unaudited)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
Non-GAAP net revenue	$ 26,425	$ 24,199	9 %	$ 52,541	$ 46,797	12 %
Non-GAAP gross margin	$ 5,650	$ 5,673	— %	$ 11,591	$ 11,137	4 %
% of non-GAAP net revenue	21.4 %	23.4 %		22.1 %	23.8 %
Non-GAAP operating expenses	$ 3,698	$ 3,805	(3) %	$ 7,504	$ 7,499	— %
% of non-GAAP net revenue	14.0 %	15.7 %		14.3 %	16.0 %
Non-GAAP operating income	$ 1,952	$ 1,868	4 %	$ 4,087	$ 3,638	12 %
% of non-GAAP net revenue	7.4 %	7.7 %		7.8 %	7.8 %
Non-GAAP net income	$ 1,266	$ 1,166	9 %	$ 2,700	$ 2,221	22 %
% of non-GAAP net revenue	4.8 %	4.8 %		5.1 %	4.7 %
Non-GAAP earnings per share - diluted	$ 1.68	$ 1.48	14 %	$ 3.52	$ 2.83	24 %

Amounts are based on underlying data and may not visually foot due to rounding.

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
Net revenue	$ 26,425	$ 24,191	9 %	$ 52,541	$ 46,781	12 %
Non-GAAP adjustments:
Impact of purchase accounting	—	8		—	16
Non-GAAP net revenue	$ 26,425	$ 24,199	9 %	$ 52,541	$ 46,797	12 %

Gross margin	$ 5,439	$ 5,475	(1) %	$ 11,223	$ 10,739	5 %
Non-GAAP adjustments:
Amortization of intangibles	105	150		209	300
Impact of purchase accounting	—	9		2	18
Stock-based compensation expense	37	32		75	60
Other corporate expenses	69	7		82	20
Non-GAAP gross margin	$ 5,650	$ 5,673	— %	$ 11,591	$ 11,137	4 %

Operating expenses	$ 4,169	$ 4,458	(6) %	$ 8,403	$ 8,735	(4) %
Non-GAAP adjustments:
Amortization of intangibles	(139)	(292)		(278)	(587)
Impact of purchase accounting	(3)	(6)		(10)	(17)
Transaction-related expenses	(3)	(37)		(8)	(66)
Stock-based compensation expense	(199)	(174)		(393)	(318)
Other corporate expenses	(127)	(144)		(210)	(248)
Non-GAAP operating expenses	$ 3,698	$ 3,805	(3) %	$ 7,504	$ 7,499	— %

Operating income	$ 1,270	$ 1,017	25 %	$ 2,820	$ 2,004	41 %
Non-GAAP adjustments:
Amortization of intangibles	244	442		487	887
Impact of purchase accounting	3	15		12	35
Transaction-related expenses	3	37		8	66
Stock-based compensation expense	236	206		468	378
Other corporate expenses	196	151		292	268
Non-GAAP operating income	$ 1,952	$ 1,868	4 %	$ 4,087	$ 3,638	12 %

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change
Net income from continuing operations	$ 506	$ 629	(20) %	$ 1,575	$ 1,288	22 %
Non-GAAP adjustments:
Amortization of intangibles	244	442		487	887
Impact of purchase accounting	3	15		12	35
Transaction-related (income) expenses	(4)	25		(6)	54
Stock-based compensation expense	236	206		468	378
Other corporate expenses	212	151		308	268
Fair value adjustments on equity investments	255	(168)		241	(362)
Aggregate adjustment for income taxes	(186)	(134)		(385)	(327)
Non-GAAP net income	$ 1,266	$ 1,166	9 %	$ 2,700	$ 2,221	22 %

Net income from continuing operations attributable to Dell Technologies Inc.	$ 511	$ 631	(19) %	$ 1,583	$ 1,291	23 %
Non-GAAP adjustments:
Amortization of intangibles	244	442		487	887
Impact of purchase accounting	3	15		12	35
Transaction-related (income) expenses	(4)	25		(6)	54
Stock-based compensation expense	236	206		468	378
Other corporate expenses	212	151		308	268
Fair value adjustments on equity investments	255	(168)		241	(362)
Aggregate adjustment for income taxes	(186)	(134)		(385)	(327)
Total non-GAAP adjustments attributable to non-controlling interests	(3)	(2)		(5)	(3)
Non-GAAP net income attributable to Dell Technologies Inc.	$ 1,268	$ 1,166	9 %	$ 2,703	$ 2,221	22 %

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages and per share amounts; unaudited; continued)

	Three Months Ended			Six Months Ended
	July 29, 2022	July 30, 2021	Change	July 29, 2022	July 30, 2021	Change

*Earnings per share from continuing operations attributable to Dell Technologies Inc.*
Net income from continuing operations attributable to Dell Technologies Inc. — basic	$ 511	$ 631		$ 1,583	$ 1,291
Weighted-average shares outstanding — basic	739	763		746	760
Earnings per share attributable to Dell Technologies Inc. — basic	$ 0.69	$ 0.83	(17) %	$ 2.12	$ 1.70	25 %

Net income from continuing operations attributable to Dell Technologies Inc. — diluted	$ 511	$ 631		$ 1,583	$ 1,291
Weighted-average shares outstanding — diluted	755	786		768	784
Earnings per share attributable to Dell Technologies Inc. — diluted:	$ 0.68	$ 0.80	(15) %	$ 2.06	$ 1.65	25 %

*Earnings per share from discontinued operations attributable to Dell Technologies Inc.*
Net income from discontinued operations attributable to Dell Technologies Inc. — basic	$ —	$ 200		$ —	$ 427
Weighted-average shares outstanding — basic	—	763		—	760
Earnings per share attributable to Dell Technologies Inc. — basic	$ —	$ 0.26	NM	$ —	$ 0.56	NM
Incremental dilution from VMware, Inc. attributable to Dell Technologies	—	(3)		—	(5)
Net income from discontinued operations attributable to Dell Technologies Inc. — diluted	$ —	$ 197		$ —	$ 422
Weighted-average shares outstanding — diluted	—	786		—	784
Earnings per share attributable to Dell Technologies Inc. — diluted	$ —	$ 0.25	NM	$ —	$ 0.53	NM

*Non-GAAP earnings per share attributable to Dell Technologies Inc.*
Non-GAAP net income attributable to Dell Technologies Inc. — basic	$ 1,268	$ 1,166		$ 2,703	$ 2,221
Weighted-average shares outstanding — basic	739	763		746	760
Earnings per share attributable to Dell Technologies Inc. — basic	$ 1.72	$ 1.53	12 %	$ 3.62	$ 2.92	24 %

Non-GAAP net income attributable to Dell Technologies Inc. — diluted	$ 1,268	$ 1,166		$ 2,703	$ 2,221
Weighted-average shares outstanding — diluted	755	786		768	784
Earnings per share attributable to Dell Technologies Inc. — diluted	$ 1.68	$ 1.48	14 %	$ 3.52	$ 2.83	24 %

Amounts may not visually recalculate due to rounding.

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SOURCE Dell Technologies

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NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce that effective May 16, 2025, the Ontario Securities Commission has revoked the temporary management cease trade order ("MCTO") it had previously granted to the Company on May 8, 2025 under National Policy 12-203 Management Cease Trade Orders, as the Company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the year ended December 31, 2024 (collectively, the "Annual Filings") on May 14, 2025.

The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

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NorthStar Gaming Reports Year-End 2024 Results

Annual Revenue Growth of 57%, Gross Margin up 91%

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

Restatement of Results

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

Total Wagers¹ at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
Gross Gaming Revenue² at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
Revenue² was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
Profit/(loss) before marketing and other expenses¹ was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

Total Wagers² at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
Gross Gaming Revenue² at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
Revenue² was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.³
Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
Profit/(loss) before marketing and other expenses¹ was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

2024 Operating Highlights:

Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).

Outlook

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

FY 2024 Corporate Update Webinar

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

Extension of Strategic Marketing Agreement

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

Continuous Disclosure

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

Additional Information

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Total Wagers

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

Gross Gaming Revenue

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

Reconciliation of Non-IFRS Measures to IFRS Measures

In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows: $ Millions (unaudited)	Unaudited Three months ended		Year ended
	Dec 31, 2024	Dec 31, 2023	Dec 31, 2024	Dec 31, 2023
Gross gaming revenue from wagered games	$10.0	$ 7.6	$ 34.0	$22.5
Bonuses, promotional costs and free bets	(2.0)	(1.5)	(6.7)	(4.2)
Sub-total Gaming revenue	8.0	6.1	27.3	18.3
Other revenue from managed services	1.5	0.2	2.3	0.5
Revenue	$ 9.5	$ 6.3	$ 29.6	$ 18.8

Operating Results

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

$ Millions (unaudited)	Unaudited Three months ended		Year ended
$ Millions (unaudited)	Dec 31, 2024	Dec 31, 2023	Dec 31, 2024	Dec 31, 2023
Revenue	$ 9,478	$ 6,275	$ 29,556	$ 18,845
Cost of Revenues	5,868	4,167	19,013	13,317
Gross Margin	3,610	2,108	10,543	5,528
General and administrative expenses	3,033	4,452	10,453	12,277
Profit/(Loss) before marketing and other expenses (1)	577	(2,344)	90	(6,749)
Marketing	5,249	5,472	15,456	14,094
Loss before other expenses (1)	(4,672)	(7,816)	(15,366)	(20,843)
Other expenses	(1,070)	149	3,645	6,547
Net loss	$ (3,602)	$ (7,965)	$ (19,011)	$ (27,390)

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

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NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.

As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.

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NorthStar Gaming Announces Delay of Annual Filings

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces an anticipated delay in the filing of its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). The Company does not expect to file its Annual Filings by the regular filing deadline of April 30, 2025, as required, due to an unanticipated delay relating to the audit of the Annual Filings. The Company is working diligently with its auditor to finalize the Annual Filings and expects to file the Annual Filings no later than May 15, 2025.

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Dell Technologies Announces Second Quarter Fiscal 2023 Financial Results

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10. MotorSport Games (NASDAQ:MSGM)

Investor Insight

Overview

Financial Performance

Company Highlights

Key Brands

NorthStarBets.ca

NorthStarBets.com

Management Team

Michael Moskowitz – CEO and Chairman

Corey Goodman – Chief Development Officer, Counsel and Corporate Secretary

Chin Dhushenthen – Chief Financial Officer

Barry Shafran – Lead Director

Vic Bertrand – Director

Brian Cooper – Director

Sylvia Prentice – Director

Dean MacDonald – Director

Chris McGinnis – Director

Alex Latner – Director, General Counsel, Playtech

Mike Cormack – Head of Content & Integrations

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