These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc. - basic and diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, EBITDA, adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.
DELL TECHNOLOGIES INC.
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| Three Months Ended |
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| Fiscal Year Ended |
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| January 28,
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| January 29,
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| Change |
| January 28,
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| January 29,
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| Change |
Non-GAAP net revenue | $ 28,000 |
| $ 24,176 |
| 16% |
| $ 101,229 |
| $ 86,776 |
| 17% |
Non-GAAP gross margin | $ 5,818 |
| $ 5,791 |
| —% |
| $ 22,684 |
| $ 21,233 |
| 7% |
% of non-GAAP net revenue | 21 % |
| 24 % |
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| 22 % |
| 24 % |
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Non-GAAP operating expenses | $ 3,627 |
| $ 3,621 |
| —% |
| $ 14,899 |
| $ 14,284 |
| 4% |
% of non-GAAP net revenue | 13 % |
| 15 % |
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| 15 % |
| 16 % |
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Non-GAAP operating income | $ 2,191 |
| $ 2,170 |
| 1% |
| $ 7,785 |
| $ 6,949 |
| 12% |
% of non-GAAP net revenue | 8 % |
| 9 % |
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| 8 % |
| 8 % |
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Non-GAAP net income | $ 1,390 |
| $ 1,362 |
| 2% |
| $ 4,924 |
| $ 3,746 |
| 31% |
| % of non-GAAP net revenue | 5 % |
| 6 % |
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| 5 % |
| 4 % |
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| Adjusted EBITDA | $ 2,686 |
| $ 2,620 |
| 3% |
| $ 9,660 |
| $ 8,645 |
| 12% |
| % of non-GAAP net revenue | 10 % |
| 11 % |
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| 10 % |
| 10 % |
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| Non-GAAP earnings per share - diluted | $ 1.72 |
| $ 1.76 |
| (2)% |
| $ 6.22 |
| $ 4.88 |
| 27% |
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| Amounts are based on underlying data and may not visually foot due to rounding. | |||||||||||
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| DELL TECHNOLOGIES INC.
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| Three Months Ended |
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| January 28,
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| January 29,
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| Change |
| January 28,
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| January 29,
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| Change |
| Net revenue | $ 27,992 |
| $ 24,150 |
| 16% |
| $ 101,197 |
| $ 86,670 |
| 17% |
| Non-GAAP adjustments: |
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| Impact of purchase accounting | 8 |
| 26 |
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| 32 |
| 106 |
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| Non-GAAP net revenue | $ 28,000 |
| $ 24,176 |
| 16% |
| $ 101,229 |
| $ 86,776 |
| 17% |
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| Gross margin | $ 5,618 |
| $ 5,524 |
| 2% |
| $ 21,891 |
| $ 20,140 |
| 9% |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 150 |
| 213 |
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| 598 |
| 853 |
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| Impact of purchase accounting | 8 |
| 25 |
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| 35 |
| 109 |
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| Stock-based compensation expense | 37 |
| 22 |
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| 133 |
| 75 |
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| Other corporate expenses | 5 |
| 7 |
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| 27 |
| 56 |
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| Non-GAAP gross margin | $ 5,818 |
| $ 5,791 |
| —% |
| $ 22,684 |
| $ 21,233 |
| 7% |
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| Operating expenses | $ 4,009 |
| $ 4,101 |
| (2)% |
| $ 17,232 |
| $ 16,455 |
| 5% |
| Non-GAAP adjustments: |
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| Amortization of intangibles | (173) |
| (314) |
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| (1,043) |
| (1,280) |
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| Impact of purchase accounting | (12) |
| (11) |
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| (32) |
| (35) |
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| Transaction-related expenses | 22 |
| (19) |
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| (273) |
| (124) |
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| Stock-based compensation expense | (179) |
| (115) |
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| (675) |
| (412) |
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| Other corporate expenses | (40) |
| (21) |
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| (310) |
| (320) |
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| Non-GAAP operating expenses | $ 3,627 |
| $ 3,621 |
| —% |
| $ 14,899 |
| $ 14,284 |
| 4% |
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| Operating income | $ 1,609 |
| $ 1,423 |
| 13% |
| $ 4,659 |
| $ 3,685 |
| 26% |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 323 |
| 527 |
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| 1,641 |
| 2,133 |
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| Impact of purchase accounting | 20 |
| 36 |
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| 67 |
| 144 |
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| Transaction-related (income) expenses | (22) |
| 19 |
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| 273 |
| 124 |
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| Stock-based compensation expense | 216 |
| 137 |
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| 808 |
| 487 |
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| Other corporate expenses | 45 |
| 28 |
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| 337 |
| 376 |
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| Non-GAAP operating income | $ 2,191 |
| $ 2,170 |
| 1% |
| $ 7,785 |
| $ 6,949 |
| 12% |
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| Three Months Ended |
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| Fiscal Year Ended |
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| January 28,
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| January 29,
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| Change |
| January 28,
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| January 29,
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| Change |
| Net income (loss) from continuing operations | $ (29) |
| $ 695 |
| (104)% |
| $ 4,942 |
| $ 2,245 |
| 120% |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 323 |
| 527 |
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| 1,641 |
| 2,133 |
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| Impact of purchase accounting | 20 |
| 36 |
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| 67 |
| 144 |
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| Transaction-related (income) expenses | 1,492 |
| 19 |
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| (2,143) |
| (332) |
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| Stock-based compensation expense | 216 |
| 137 |
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| 808 |
| 487 |
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| Other corporate expenses | 45 |
| 28 |
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| 337 |
| 268 |
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| Fair value adjustments on equity investments | (192) |
| (16) |
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| (572) |
| (427) |
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| Aggregate adjustment for income taxes | (485) |
| (64) |
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| (156) |
| (772) |
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| Non-GAAP net income | $ 1,390 |
| $ 1,362 |
| 2% |
| $ 4,924 |
| $ 3,746 |
| 31% |
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| Net income (loss) from continuing operations attributable to Dell Technologies Inc. | $ (28) |
| $ 697 |
| (104)% |
| $ 4,948 |
| $ 2,249 |
| 120% |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 323 |
| 527 |
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| 1,641 |
| 2,133 |
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| Impact of purchase accounting | 20 |
| 36 |
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| 67 |
| 144 |
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| Transaction-related (income) expenses | 1,492 |
| 19 |
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| (2,143) |
| (332) |
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| Stock-based compensation expense | 216 |
| 137 |
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| 808 |
| 487 |
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| Other corporate expenses | 45 |
| 28 |
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| 337 |
| 268 |
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| Fair value adjustments on equity investments | (192) |
| (16) |
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| (572) |
| (427) |
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| Aggregate adjustment for income taxes | (485) |
| (64) |
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| (156) |
| (772) |
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| Total non-GAAP adjustments attributable to non-controlling interests | (1) |
| (2) |
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| (7) |
| (6) |
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| Non-GAAP net income attributable to Dell Technologies Inc. | $ 1,390 |
| $ 1,362 |
| 2% |
| $ 4,923 |
| $ 3,744 |
| 31% |
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| Net income (loss) from continuing operations | $ (29) |
| $ 695 |
| (104)% |
| $ 4,942 |
| $ 2,245 |
| 120% |
| Adjustments: |
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| Interest and other, net | 1,657 |
| 475 |
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| (1,264) |
| 1,339 |
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| Income tax expense (benefit) | (19) |
| 253 |
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| 981 |
| 101 |
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| Depreciation and amortization | 830 |
| 987 |
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| 3,547 |
| 3,867 |
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| EBITDA | $ 2,439 |
| $ 2,410 |
| 1% |
| $ 8,206 |
| $ 7,552 |
| 9% |
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| EBITDA | $ 2,439 |
| $ 2,410 |
| 1% |
| $ 8,206 |
| $ 7,552 |
| 9% |
| Adjustments: |
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| Stock-based compensation expense | 216 |
| 137 |
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| 808 |
| 487 |
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| Impact of purchase accounting | 8 |
| 26 |
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| 36 |
| 106 |
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| Transaction-related (income) expenses | (22) |
| 19 |
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| 273 |
| 124 |
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| Other corporate expenses | 45 |
| 28 |
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| 337 |
| 376 |
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| Adjusted EBITDA | $ 2,686 |
| $ 2,620 |
| 3% |
| $ 9,660 |
| $ 8,645 |
| 12% |
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| DELL TECHNOLOGIES INC.
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| Three Months Ended |
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| Fiscal Year Ended |
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| January 28,
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| January 29,
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| Change |
| January 28,
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| January 29,
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| Change |
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| Earnings per share from continuing operations attributable to Dell Technologies Inc. |
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| Net income (loss) from continuing operations attributable to Dell Technologies Inc. - basic | $ (28) |
| $ 697 |
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| $ 4,948 |
| $ 2,249 |
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| Weighted-average shares outstanding — basic | 763 |
| 750 |
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| 762 |
| 744 |
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| Earnings (loss) per share attributable to Dell Technologies Inc. - basic | $ (0.04) |
| $ 0.93 |
| (104)% |
| $ 6.49 |
| $ 3.02 |
| 115% |
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| Net income (loss) from continuing operations attributable to Dell Technologies Inc. - diluted | $ (28) |
| $ 697 |
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| $ 4,948 |
| $ 2,249 |
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| Weighted-average shares outstanding — diluted | 763 |
| 776 |
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| 791 |
| 767 |
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| Earnings (loss) per share attributable to Dell Technologies Inc. — diluted: | $ (0.04) |
| $ 0.90 |
| (104)% |
| $ 6.26 |
| $ 2.93 |
| 114% |
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| Earnings per share from discontinued operations attributable to Dell Technologies Inc. |
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| Net income from discontinued operations attributable to Dell Technologies Inc. - basic | $ 30 |
| $ 530 |
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| $ 615 |
| $ 1,001 |
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| Weighted-average shares outstanding — basic | 763 |
| 750 |
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| 762 |
| 744 |
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| Earnings per share attributable to Dell Technologies Inc. - basic | $ 0.04 |
| $ 0.71 |
| (94)% |
| $ 0.81 |
| $ 1.35 |
| (40)% |
| Incremental dilution from VMware, Inc. attributable to Dell Technologies | — |
| (5) |
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| (7) |
| (13) |
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| Net income from discontinued operations attributable to Dell Technologies Inc. - diluted | $ 30 |
| $ 525 |
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| $ 608 |
| $ 988 |
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| Weighted-average shares outstanding — diluted | 763 |
| 776 |
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| 791 |
| 767 |
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| Earnings per share attributable to Dell Technologies Inc. — diluted | $ 0.04 |
| $ 0.67 |
| (94)% |
| $ 0.76 |
| $ 1.29 |
| (41)% |
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| Non-GAAP earnings per share attributable to Dell Technologies Inc. |
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| Non-GAAP net income attributable to Dell Technologies Inc. - basic | $ 1,390 |
| $ 1,362 |
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| $ 4,923 |
| $ 3,744 |
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| Weighted-average shares outstanding — basic | 763 |
| 750 |
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| 762 |
| 744 |
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| Earnings per share attributable to Dell Technologies Inc. - basic | $ 1.82 |
| $ 1.82 |
| —% |
| $ 6.46 |
| $ 5.03 |
| 28% |
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| Non-GAAP net income attributable to Dell Technologies Inc. - diluted | $ 1,390 |
| $ 1,362 |
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| $ 4,923 |
| $ 3,744 |
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| Weighted-average shares outstanding — diluted | 810 |
| 776 |
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| 791 |
| 767 |
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| Earnings per share attributable to Dell Technologies Inc. — diluted | $ 1.72 |
| $ 1.76 |
| (2)% |
| $ 6.22 |
| $ 4.88 |
| 27% |
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| Amounts may not visually recalculate due to rounding. | |||||||||||
