Dell Technologies Delivers Second Quarter Fiscal 2024 Financial Results

 

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 4, 2023


July 29, 2022


Change


August 4, 2023


July 29, 2022


Change

Gross margin

$       5,387


$       5,439


(1) %


$     10,405


$     11,223


(7) %

Non-GAAP adjustments:












Amortization of intangibles

84


105




163


209



Impact of purchase accounting






2



Stock-based compensation expense

37


37




75


75



Other corporate expenses

28


69




57


82



Non-GAAP gross margin

$       5,536


$       5,650


(2) %


$     10,700


$     11,591


(8) %













Operating expenses

$       4,222


$       4,169


1 %


$       8,171


$       8,403


(3) %

Non-GAAP adjustments:












Amortization of intangibles

(125)


(139)




(245)


(278)



Impact of purchase accounting

(4)


(3)




(8)


(10)



Transaction-related (income) expenses

(3)


(3)




(6)


(8)



Stock-based compensation expense

(186)


(199)




(373)


(393)



Other corporate expenses

(345)


(127)




(414)


(210)



Non-GAAP operating expenses

$       3,559


$       3,698


(4) %


$       7,125


$       7,504


(5) %













Operating income

$       1,165


$       1,270


(8) %


$       2,234


$       2,820


(21) %

Non-GAAP adjustments:












Amortization of intangibles

209


244




408


487



Impact of purchase accounting

4


3




8


12



Transaction-related expenses

3


3




6


8



Stock-based compensation expense

223


236




448


468



Other corporate expenses

373


196




471


292



Non-GAAP operating income

$       1,977


$       1,952


1 %


$       3,575


$       4,087


(13) %













Net income

$          455


$          506


(10) %


$       1,033


$       1,575


(34) %

Non-GAAP adjustments:












Amortization of intangibles

209


244




408


487



Impact of purchase accounting

4


3




8


12



Transaction-related (income) expenses

60


(4)




59


(6)



Stock-based compensation expense

223


236




448


468



Other corporate expenses

372


212




471


308



Fair value adjustments on equity investments

29


255




44


241



Aggregate adjustment for income taxes

(69)


(186)




(225)


(385)



Non-GAAP net income

$       1,283


$       1,266


1 %


$       2,246


$       2,700


(17) %


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