Dell Technologies Reports Second Quarter Results; Revenue and Profits Grow Year-Over-Year

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




Six Months Ended




August 2, 2019


August 3, 2018


Change


August 2, 2019


August 3, 2018


Change

Net revenue

$

23,370


$

22,942


2%


$

45,278


$

44,298


2%

Non-GAAP adjustments:












Impact of purchase accounting

84


180




166


367



Non-GAAP net revenue

$

23,454


$

23,122


1%


$

45,444


$

44,665


2%













Gross margin

$

7,326


$

6,123


20%


$

14,123


$

12,001


18%

Non-GAAP adjustments:












Amortization of intangibles

519


718




1,038


1,428



Impact of purchase accounting

85


185




169


378



Transaction-related expenses


21




(5)


137



Stock-based compensation expense

32


18




58


34



Other corporate expenses

24


1




37


7



Non-GAAP gross margin

$

7,986


$

7,066


13%


$

15,420


$

13,985


10%













Operating expenses

$

6,807


$

6,136


11%


$

13,054


$

12,167


7%

Non-GAAP adjustments:












Amortization of intangibles

(541)


(808)




(1,239)


(1,620)



Impact of purchase accounting

(17)


(30)




(34)


(59)



Transaction-related expenses

(47)


(83)




(94)


(133)



Stock-based compensation expense

(269)


(198)




(506)


(381)



Other corporate expenses

(690)


(59)




(700)


(123)



Non-GAAP operating expenses

$

5,243


$

4,958


6%


$

10,481


$

9,851


6%













Operating income (loss)

$

519


$

(13)


NM


$

1,069


$

(166)


744%

Non-GAAP adjustments:












Amortization of intangibles

1,060


1,526




2,277


3,048



Impact of purchase accounting

102


215




203


437



Transaction-related expenses

47


104




89


270



Stock-based compensation expense

301


216




564


415



Other corporate expenses

714


60




737


130



Non-GAAP operating income

$

2,743


$

2,108


30%


$

4,939


$

4,134


19%


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