DELL TECHNOLOGIES INC.
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| Three Months Ended |
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| Six Months Ended |
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| August 4, 2023 |
| July 29, 2022 |
| Change |
| August 4, 2023 |
| July 29, 2022 |
| Change |
Gross margin | $ 5,387 |
| $ 5,439 |
| (1) % |
| $ 10,405 |
| $ 11,223 |
| (7) % |
Non-GAAP adjustments: |
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Amortization of intangibles | 84 |
| 105 |
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| 163 |
| 209 |
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Impact of purchase accounting | — |
| — |
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| — |
| 2 |
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Stock-based compensation expense | 37 |
| 37 |
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| 75 |
| 75 |
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Other corporate expenses | 28 |
| 69 |
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| 57 |
| 82 |
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Non-GAAP gross margin | $ 5,536 |
| $ 5,650 |
| (2) % |
| $ 10,700 |
| $ 11,591 |
| (8) % |
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Operating expenses | $ 4,222 |
| $ 4,169 |
| 1 % |
| $ 8,171 |
| $ 8,403 |
| (3) % |
Non-GAAP adjustments: |
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Amortization of intangibles | (125) |
| (139) |
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| (245) |
| (278) |
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| Impact of purchase accounting | (4) |
| (3) |
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| (8) |
| (10) |
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| Transaction-related (income) expenses | (3) |
| (3) |
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| (6) |
| (8) |
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| Stock-based compensation expense | (186) |
| (199) |
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| (373) |
| (393) |
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| Other corporate expenses | (345) |
| (127) |
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| (414) |
| (210) |
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| Non-GAAP operating expenses | $ 3,559 |
| $ 3,698 |
| (4) % |
| $ 7,125 |
| $ 7,504 |
| (5) % |
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| Operating income | $ 1,165 |
| $ 1,270 |
| (8) % |
| $ 2,234 |
| $ 2,820 |
| (21) % |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 209 |
| 244 |
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| 408 |
| 487 |
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| Impact of purchase accounting | 4 |
| 3 |
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| 8 |
| 12 |
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| Transaction-related expenses | 3 |
| 3 |
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| 6 |
| 8 |
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| Stock-based compensation expense | 223 |
| 236 |
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| 448 |
| 468 |
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| Other corporate expenses | 373 |
| 196 |
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| 471 |
| 292 |
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| Non-GAAP operating income | $ 1,977 |
| $ 1,952 |
| 1 % |
| $ 3,575 |
| $ 4,087 |
| (13) % |
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| Net income | $ 455 |
| $ 506 |
| (10) % |
| $ 1,033 |
| $ 1,575 |
| (34) % |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 209 |
| 244 |
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| 408 |
| 487 |
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| Impact of purchase accounting | 4 |
| 3 |
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| 8 |
| 12 |
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| Transaction-related (income) expenses | 60 |
| (4) |
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| 59 |
| (6) |
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| Stock-based compensation expense | 223 |
| 236 |
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| 448 |
| 468 |
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| Other corporate expenses | 372 |
| 212 |
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| 471 |
| 308 |
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| Fair value adjustments on equity investments | 29 |
| 255 |
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| 44 |
| 241 |
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| Aggregate adjustment for income taxes | (69) |
| (186) |
|
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| (225) |
| (385) |
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| Non-GAAP net income | $ 1,283 |
| $ 1,266 |
| 1 % |
| $ 2,246 |
| $ 2,700 |
| (17) % |
Dell Technologies Delivers Second Quarter Fiscal 2024 Financial Results
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