Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter

Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year

DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)

	Fiscal Year Ended						% Growth Rates
	January 28,			January 29,
	2011			2010			Yr. to Yr.


GAAP gross margin	$	11,396		$	9,261		23	%

Non-GAAP adjustments:
Amortization of intangibles		278			151
Severance and facility actions		53			236
Acquisition-related		4			1
Non-GAAP gross margin	$	11,731		$	9,649		22	%


GAAP operating expenses	$	7,963		$	7,089		12	%

Non-GAAP adjustments:
Amortization of intangibles		(71	)		(54	)
Severance and facility actions		(76	)		(245	)
Acquisition-related		(94	)		(115	)
Other ⁽¹⁾		(140	)		-
Non-GAAP operating expenses	$	7,582		$	6,675		14	%


GAAP operating income	$	3,433		$	2,172		58	%

Non-GAAP adjustments:
Amortization of intangibles		349			205
Severance and facility actions		129			481
Acquisition-related		98			116
Other ⁽¹⁾		140			-
Non-GAAP operating income	$	4,149		$	2,974		40	%


GAAP net income	$	2,635		$	1,433		84	%

Non-GAAP adjustments:
Amortization of intangibles		349			205
Severance and facility actions		129			481
Acquisition-related		98			116
Other ⁽¹⁾		68			-
Aggregate adjustment for income taxes		(173	)		(181	)
Non-GAAP net Income	$	3,106		$	2,054		51	%


GAAP earnings per share - diluted	$	1.35		$	0.73		85	%
Non-GAAP adjustments per share - diluted		0.24			0.32
Non-GAAP earnings per share - diluted	$	1.59		$	1.05		51	%


GAAP Diluted WAS		1,955			1,962


Percentage of Total Net Revenue:

GAAP gross margin		18.5	%		17.5	%
Non-GAAP adjustment		0.6	%		0.7	%
Non-GAAP gross margin		19.1	%		18.2	%

GAAP operating expenses		12.9	%		13.4	%
Non-GAAP adjustment		(0.6	%)		(0.8	%)
Non-GAAP operating expenses		12.3	%		12.6	%

GAAP operating income		5.6	%		4.1	%
Non-GAAP adjustment		1.1	%		1.5	%
Non-GAAP operating income		6.7	%		5.6	%

Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

⁽¹⁾ Other for the fiscal year ended January 28, 2011 includes amounts for the $100 million settlement of the SEC investigation and a $40 million settlement for a securities litigation matter, which are both recorded in operating expenses, offset by Dell's receipt of a $72 million merger termination fee, which is recorded in Interest and Other, Net.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 Next Page »