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DELL TECHNOLOGIES INC. |
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Reconciliation of Selected Non-GAAP Financial Measures |
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(in millions, except percentages; unaudited) |
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Three Months Ended |
Fiscal Year Ended |
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February 2, 2018 |
February 3, 2017 |
Change |
February 2, 2018 |
February 3, 2017 |
Change |
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Net revenue |
$ 21,935 |
$ 20,074 |
9 % |
$ 78,660 |
$ 61,642 |
28 % |
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Non-GAAP adjustments: |
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Impact of purchase accounting |
284 |
507 |
1,269 |
1,180 |
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Non-GAAP net revenue |
$ 22,219 |
$ 20,581 |
8 % |
$ 79,929 |
$ 62,822 |
27 % |
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Gross margin |
$ 5,780 |
$ 4,531 |
28 % |
$ 20,054 |
$ 12,959 |
55 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
910 |
847 |
3,694 |
1,653 |
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Impact of purchase accounting |
292 |
1,110 |
1,312 |
2,007 |
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Transaction-related expenses |
2 |
18 |
24 |
43 |
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Other corporate expenses |
38 |
89 |
101 |
157 |
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Non-GAAP gross margin |
$ 7,022 |
$ 6,595 |
6 % |
$ 25,185 |
$ 16,819 |
50 % |
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Operating expenses |
$ 6,101 |
$ 6,199 |
(2)% |
$ 23,387 |
$ 16,211 |
44 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
(820) |
(688) |
(3,286) |
(2,028) |
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Impact of purchase accounting |
(59) |
(130) |
(234) |
(287) |
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Transaction-related expenses |
(85) |
(141) |
(478) |
(1,445) |
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Other corporate expenses |
(235) |
(488) |
(1,059) |
(745) |
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Non-GAAP operating expenses |
$ 4,902 |
$ 4,752 |
3 % |
$ 18,330 |
$ 11,706 |
57 % |
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Operating loss |
$ (321) |
$ (1,668) |
81 % |
$ (3,333) |
$ (3,252) |
(2)% |
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Non-GAAP adjustments: |
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Amortization of intangibles |
1,730 |
1,535 |
6,980 |
3,681 |
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Impact of purchase accounting |
351 |
1,240 |
1,546 |
2,294 |
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Transaction-related expenses |
87 |
159 |
502 |
1,488 |
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Other corporate expenses |
273 |
577 |
1,160 |
902 |
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Non-GAAP operating income |
$ 2,120 |
$ 1,843 |
15 % |
$ 6,855 |
$ 5,113 |
34 % |
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Net loss from continuing operations |
$ (553) |
$ (1,414) |
61 % |
$ (3,855) |
$ (3,737) |
(3)% |
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Non-GAAP adjustments: |
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Amortization of intangibles |
1,730 |
1,535 |
6,980 |
3,681 |
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Impact of purchase accounting |
351 |
1,240 |
1,546 |
2,294 |
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Transaction-related expenses |
87 |
159 |
502 |
1,485 |
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Other corporate expenses |
273 |
577 |
1,160 |
902 |
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Aggregate adjustment for income taxes |
(791) |
(1,006) |
(2,673) |
(1,938) |
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Non-GAAP net income from continuing operations |
$ 1,097 |
$ 1,091 |
1 % |
$ 3,660 |
$ 2,687 |
36 % |
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Net loss from continuing operations |
$ (553) |
$ (1,414) |
61 % |
$ (3,855) |
$ (3,737) |
(3)% |
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Adjustments: |
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Interest and other, net |
555 |
742 |
2,355 |
2,104 |
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Income tax benefit |
(323) |
(996) |
(1,833) |
(1,619) |
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Depreciation and amortization |
2,143 |
2,041 |
8,634 |
4,840 |
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EBITDA |
$ 1,822 |
$ 373 |
388 % |
$ 5,301 |
$ 1,588 |
234 % |
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EBITDA |
$ 1,822 |
$ 373 |
388 % |
$ 5,301 |
$ 1,588 |
234 % |
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Adjustments: |
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Stock-based compensation expense |
205 |
215 |
835 |
392 |
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Impact of purchase accounting |
284 |
1,075 |
1,274 |
1,926 |
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Transaction-related expenses |
87 |
159 |
502 |
1,525 |
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Other corporate expenses |
68 |
362 |
305 |
510 |
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Adjusted EBITDA |
$ 2,466 |
$ 2,184 |
13 % |
$ 8,217 |
$ 5,941 |
38 % |
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