Dell Reports Fiscal Year 2014 First Quarter Financial Results



DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)

	Three Months Ended						% Growth Rates
	May 3,			May 4,
	2013			2012			Yr. to Yr.


GAAP gross margin	$	2,747		$	3,067		(10	%)

Non-GAAP adjustments:
Amortization of intangibles		140			88
Severance and facility actions and acquisition-related		10			12
Other ^(a)		2			-
Non-GAAP gross margin	$	2,899		$	3,167		(8	%)

GAAP operating expenses	$	2,521		$	2,243		12	%

Non-GAAP adjustments:
Amortization of intangibles		(56	)		(22	)
Severance and facility actions and acquisition-related		(70	)		(64	)
Other ^(a)		(86	)		-
Non-GAAP operating expenses	$	2,309		$	2,157		7	%

GAAP operating income	$	226		$	824		(73	%)

Non-GAAP adjustments:
Amortization of intangibles		196			110
Severance and facility actions and acquisition-related		80			76
Other ^(a)		88			-
Non-GAAP operating income	$	590		$	1,010		(42	%)

GAAP net income	$	130		$	635		(79	%)

Non-GAAP adjustments:
Amortization of intangibles		196			110
Severance and facility actions and acquisition-related		80			76
Other ^(a)		88			-
Aggregate adjustment for income taxes		(122	)		(60	)
Non-GAAP net income	$	372		$	761		(51	%)

GAAP earnings per share - diluted	$	0.07		$	0.36		(81	%)
Non-GAAP adjustments per share - diluted		0.14			0.07
Non-GAAP earnings per share - diluted	$	0.21		$	0.43		(51	%)


Diluted WAS		1,761			1,774


Percentage of Total Net Revenue:

GAAP gross margin		19.5	%		21.3	%
Non-GAAP adjustment		1.1	%		0.7	%
Non-GAAP gross margin		20.6	%		22.0	%

GAAP operating expenses		17.9	%		15.6	%
Non-GAAP adjustment		(1.5	%)		(0.6	%)
Non-GAAP operating expenses		16.4	%		15.0	%

GAAP operating income		1.6	%		5.7	%
Non-GAAP adjustment		2.6	%		1.3	%
Non-GAAP operating income		4.2	%		7.0	%

GAAP net income		0.9	%		4.4	%
Non-GAAP adjustment		1.7	%		0.9	%
Non-GAAP net income		2.6	%		5.3	%

^(a) Other includes expenses associated with Dell's proposed merger and retention cash bonus awards granted to certain key employees in the first quarter of Fiscal 2014.

Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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