Dell Technologies Reports Fiscal Year 2018 Third Quarter Financial Results

 

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited)














Three Months Ended




Nine Months Ended




November 3, 2017


October 28, 2016


Change


November 3, 2017


October 28, 2016


Change













Net revenue

$                   19,610


$                   16,247


21 %


$                   56,725


$                   41,568


36 %

Non-GAAP adjustments:












Impact of purchase accounting

295


530




985


673



Non-GAAP net revenue

$                   19,905


$                   16,777


19 %


$                   57,710


$                   42,241


37 %













Gross margin

$                     5,163


$                     3,899


32 %


$                   14,274


$                     8,428


69 %

Non-GAAP adjustments:












Impact of purchase accounting

307


729




1,020


897



Amortization of intangibles

914


604




2,784


806



Transaction-related expenses

5


30




22


25



Other corporate expenses

28


62




63


68



Non-GAAP gross margin

$                     6,417


$                     5,324


21 %


$                   18,163


$                   10,224


78 %













Operating expenses

$                     5,696


$                     5,411


5 %


$                   17,286


$                   10,012


73 %

Non-GAAP adjustments:












Impact of purchase accounting

(59)


(121)




(175)


(157)



Amortization of intangibles

(820)


(560)




(2,466)


(1,340)



Transaction-related expenses

(81)


(1,170)




(393)


(1,304)



Other corporate expenses

(305)


(211)




(824)


(257)



Non-GAAP operating expenses

$                     4,431


$                     3,349


32 %


$                   13,428


$                     6,954


93 %













Operating loss

$                      (533)


$                   (1,512)


65 %


$                   (3,012)


$                   (1,584)


(90)%

Non-GAAP adjustments:












Impact of purchase accounting

366


850




1,195


1,054



Amortization of intangibles

1,734


1,164




5,250


2,146



Transaction-related expenses

86


1,200




415


1,329



Other corporate expenses

333


273




887


325



Non-GAAP operating income

$                     1,986


$                     1,975


1 %


$                     4,735


$                     3,270


45 %













Net loss from continuing operations

$                      (941)


$                   (1,637)


43 %


$                   (3,302)


$                   (2,323)


(42)%

Non-GAAP adjustments:












Impact of purchase accounting

366


850




1,195


1,054



Amortization of intangibles

1,734


1,164




5,250


2,146



Transaction-related expenses

86


1,200




415


1,326



Other corporate expenses

333


273




887


325



Aggregate adjustment for income taxes

(469)


(880)




(1,882)


(932)



Non-GAAP net income from continuing operations

$                     1,109


$                        970


14 %


$                     2,563


$                     1,596


61 %













Net loss from continuing operations

$                      (941)


$                   (1,637)


43 %


$                   (3,302)


$                   (2,323)


(42)%

Adjustments:












Interest and other, net

682


794




1,800


1,362



Income tax benefit

(274)


(669)




(1,510)


(623)



Depreciation and amortization

2,137


1,576




6,491


2,799



EBITDA

$                     1,604


$                          64


NM


$                     3,479


$                     1,215


186 %













EBITDA

$                     1,604


$                          64


NM


$                     3,479


$                     1,215


186 %

Adjustments:












Stock-based compensation expense

221


144




630


177



Impact of purchase accounting

298


693




990


851



Transaction-related expenses

86


1,200




415


1,366



Other corporate expenses

109


129




237


148



Adjusted EBITDA

$                     2,318


$                     2,230


4 %


$                     5,751


$                     3,757


53 %














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