Dell Technologies Reports Fiscal Year 2018 Fourth Quarter and Full Year Financial Results

 

 

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited)














Three Months Ended




Fiscal Year Ended




February 2, 2018


February 3, 2017


Change


February 2, 2018


February 3, 2017


Change













Net revenue

$                   21,935


$                   20,074


9 %


$                   78,660


$                   61,642


28 %

Non-GAAP adjustments:












  Impact of purchase accounting

284


507




1,269


1,180



  Non-GAAP net revenue

$                   22,219


$                   20,581


8 %


$                   79,929


$                   62,822


27 %













Gross margin

$                     5,780


$                     4,531


28 %


$                   20,054


$                   12,959


55 %

Non-GAAP adjustments:












  Amortization of intangibles

910


847




3,694


1,653



  Impact of purchase accounting

292


1,110




1,312


2,007



  Transaction-related expenses

2


18




24


43



  Other corporate expenses

38


89




101


157



  Non-GAAP gross margin

$                     7,022


$                     6,595


6 %


$                   25,185


$                   16,819


50 %













Operating expenses

$                     6,101


$                     6,199


(2)%


$                   23,387


$                   16,211


44 %

Non-GAAP adjustments:












  Amortization of intangibles

(820)


(688)




(3,286)


(2,028)



  Impact of purchase accounting

(59)


(130)




(234)


(287)



  Transaction-related expenses

(85)


(141)




(478)


(1,445)



  Other corporate expenses

(235)


(488)




(1,059)


(745)



  Non-GAAP operating expenses

$                     4,902


$                     4,752


3 %


$                   18,330


$                   11,706


57 %













Operating loss

$                      (321)


$                   (1,668)


81 %


$                   (3,333)


$                   (3,252)


(2)%

Non-GAAP adjustments:












  Amortization of intangibles

1,730


1,535




6,980


3,681



  Impact of purchase accounting

351


1,240




1,546


2,294



  Transaction-related expenses

87


159




502


1,488



  Other corporate expenses

273


577




1,160


902



  Non-GAAP operating income

$                     2,120


$                     1,843


15 %


$                     6,855


$                     5,113


34 %













Net loss from continuing operations

$                      (553)


$                   (1,414)


61 %


$                   (3,855)


$                   (3,737)


(3)%

Non-GAAP adjustments:












  Amortization of intangibles

1,730


1,535




6,980


3,681



  Impact of purchase accounting

351


1,240




1,546


2,294



  Transaction-related expenses

87


159




502


1,485



  Other corporate expenses

273


577




1,160


902



  Aggregate adjustment for income taxes

(791)


(1,006)




(2,673)


(1,938)



  Non-GAAP net income from continuing operations

$                     1,097


$                     1,091


1 %


$                     3,660


$                     2,687


36 %













Net loss from continuing operations

$                      (553)


$                   (1,414)


61 %


$                   (3,855)


$                   (3,737)


(3)%

Adjustments:












  Interest and other, net

555


742




2,355


2,104



  Income tax benefit

(323)


(996)




(1,833)


(1,619)



  Depreciation and amortization

2,143


2,041




8,634


4,840



  EBITDA

$                     1,822


$                        373


388 %


$                     5,301


$                     1,588


234 %













EBITDA

$                     1,822


$                        373


388 %


$                     5,301


$                     1,588


234 %

Adjustments:












  Stock-based compensation expense

205


215




835


392



  Impact of purchase accounting

284


1,075




1,274


1,926



  Transaction-related expenses

87


159




502


1,525



  Other corporate expenses

68


362




305


510



  Adjusted EBITDA

$                     2,466


$                     2,184


13 %


$                     8,217


$                     5,941


38 %


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