Dell Technologies Reports Fiscal Year 2019 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 2, 2018


November 3, 2017


Change


November 2, 2018


November 3, 2017


Change













Net revenue

$                   22,482


$                   19,556


15 %


$                   66,780


$                   57,077


17 %

   Non-GAAP adjustments:












   Impact of purchase accounting

169


295




536


985



   Non-GAAP net revenue

$                   22,651


$                   19,851


14 %


$                   67,316


$                   58,062


16 %













Gross margin

$                     5,943


$                     5,220


14 %


$                   17,944


$                   14,645


23 %

   Non-GAAP adjustments:












   Amortization of intangibles

726


914




2,154


2,784



   Impact of purchase accounting

171


307




549


1,020



   Transaction-related expenses

102


5




239


22



   Other corporate expenses

58


28




99


63



   Non-GAAP gross margin

$                     7,000


$                     6,474


8 %


$                   20,985


$                   18,534


13 %













Operating expenses

$                     6,299


$                     5,630


12 %


$                   18,466


$                   16,992


9 %

   Non-GAAP adjustments:












   Amortization of intangibles

(820)


(820)




(2,440)


(2,466)



   Impact of purchase accounting

(22)


(59)




(81)


(175)



   Transaction-related expenses

(65)


(81)




(198)


(393)



   Other corporate expenses

(456)


(305)




(960)


(824)



   Non-GAAP operating expenses

$                     4,936


$                     4,365


13 %


$                   14,787


$                   13,134


13 %













Operating loss

$                      (356)


$                      (410)


13 %


$                      (522)


$                   (2,347)


78 %

   Non-GAAP adjustments:












   Amortization of intangibles

1,546


1,734




4,594


5,250



   Impact of purchase accounting

193


366




630


1,195



   Transaction-related expenses

167


86




437


415



   Other corporate expenses

514


333




1,059


887



   Non-GAAP operating income

$                     2,064


$                     2,109


(2)%


$                     6,198


$                     5,400


15 %













Net loss

$                      (895)


$                      (851)


(5)%


$                   (1,894)


$                   (2,793)


32 %

   Non-GAAP adjustments:












   Amortization of intangibles

1,546


1,734




4,594


5,250



   Impact of purchase accounting

193


366




630


1,195



   Transaction-related expenses

167


86




437


415



   Other corporate expenses

514


333




1,059


887



   Aggregate adjustment for income taxes

(325)


(469)




(1,103)


(1,882)



   Non-GAAP net income

$                     1,200


$                     1,199


0 %


$                     3,723


$                     3,072


21 %













Net loss

$                      (895)


$                      (851)


(5)%


$                   (1,894)


$                   (2,793)


32 %

   Adjustments:












   Interest and other, net

639


682




1,564


1,799



   Income tax benefit

(100)


(241)




(192)


(1,353)



   Depreciation and amortization

1,961


2,137




5,806


6,491



   EBITDA

$                     1,605


$                     1,727


(7)%


$                     5,284


$                     4,144


28 %













EBITDA

$                     1,605


$                     1,727


(7)%


$                     5,284


$                     4,144


28 %

   Adjustments:












   Stock-based compensation expense

256


221




671


630



   Impact of purchase accounting

169


298




536


990



   Transaction-related expenses

158


86




409


415



   Other corporate expenses

238


109




368


237



   Adjusted EBITDA

$                     2,426


$                     2,441


(1)%


$                     7,268


$                     6,416


13 %


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