Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 Financial Results

 

DELL TECHNOLOGIES INC.

Segment Information

(in millions, except percentages; unaudited; continued)



Three Months Ended


Fiscal Year Ended


February 2,
2024


February 3,
2023


February 2,
2024


February 3,
2023

Reconciliation to consolidated net revenue:







Reportable segment net revenue

$           21,047


$           23,266


$           82,801


$           96,569

Other businesses (a)

1,269


1,770


5,614


5,721

Unallocated transactions (b)

2


3


10


11

Total consolidated net revenue

$           22,318


$           25,039


$           88,425


$         102,301









Reconciliation to consolidated operating income:








Reportable segment operating income

$             2,154


$             2,214


$             7,798


$             8,869

Other businesses (a)

(17)


(48)


(129)


(240)

Unallocated transactions (b)

2


4


9


8

Impact of purchase accounting (c)

(4)


(11)


(14)


(44)

Amortization of intangibles

(206)


(238)


(819)


(970)

Transaction-related expenses (d)

(3)


(6)


(12)


(22)

Stock-based compensation expense (e)

(203)


(228)


(878)


(931)

Other corporate expenses (f)

(232)


(498)


(744)


(899)

Total consolidated operating income

$             1,491


$             1,189


$             5,211


$             5,771

_________________

(a)

Other businesses consists of: 1) Dell's resale of standalone VMware, Inc. products and services, "VMware Resale," 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.

(b)

Unallocated transactions includes other corporate items that are not allocated to Dell Technologies' reportable segments.

(c)

Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)

Transaction-related expenses includes acquisition, integration, and divestiture related costs. From time to time, this category also may include transaction-related income related to divestitures of businesses or asset sales.

(e)

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(f)

Other corporate expenses includes severance, impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, facilities action, and other costs.  

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES

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