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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 |
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May 4, 2018 |
May 5, 2017 |
Change |
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Net revenue |
$ 21,356 |
$ 18,000 |
19 % |
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Non-GAAP adjustments: |
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Impact of purchase accounting |
187 |
355 |
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Non-GAAP net revenue |
$ 21,543 |
$ 18,355 |
17 % |
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Gross margin |
$ 5,878 |
$ 4,457 |
32 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
710 |
950 |
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Impact of purchase accounting |
193 |
365 |
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Transaction related |
116 |
7 |
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Other corporate expenses |
22 |
22 |
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Non-GAAP gross margin |
$ 6,919 |
$ 5,801 |
19 % |
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Operating expenses |
$ 6,031 |
$ 5,729 |
5 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
(812) |
(826) |
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Impact of purchase accounting |
(29) |
(58) |
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Transaction related |
(50) |
(184) |
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Other corporate expenses |
(247) |
(285) |
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Non-GAAP operating expenses |
$ 4,893 |
$ 4,376 |
12 % |
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Operating loss |
$ (153) |
$ (1,272) |
88 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
1,522 |
1,776 |
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Impact of purchase accounting |
222 |
423 |
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Transaction related |
166 |
191 |
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Other corporate expenses |
269 |
307 |
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Non-GAAP operating income |
$ 2,026 |
$ 1,425 |
42 % |
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Net loss |
$ (538) |
$ (1,203) |
55 % |
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Non-GAAP adjustments: |
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Amortization of intangibles |
1,522 |
1,776 |
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Impact of purchase accounting |
222 |
423 |
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Transaction related |
166 |
191 |
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Other corporate expenses |
269 |
307 |
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Aggregate adjustment for income taxes |
(467) |
(733) |
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Non-GAAP net income |
$ 1,174 |
$ 761 |
54 % |
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Net loss |
$ (538) |
$ (1,203) |
55 % |
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Adjustments: |
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Interest and other, net |
470 |
572 |
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Income tax benefit |
(85) |
(641) |
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Depreciation and amortization |
1,914 |
2,212 |
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EBITDA |
$ 1,761 |
$ 940 |
87 % |
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EBITDA |
$ 1,761 |
$ 940 |
87 % |
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Adjustments: |
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Stock-based compensation expense |
199 |
201 |
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Impact of purchase accounting |
222 |
357 |
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Transaction-related expenses |
166 |
191 |
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Other corporate expenses |
35 |
106 |
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Adjusted EBITDA |
$ 2,383 |
$ 1,795 |
33 % |
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