Dell Technologies Reports Fiscal Year 2017 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 3, 2017


January 29, 2016


Change


February 3, 2017


January 29, 2016


Change













Net revenue

$                 20,074


$                  12,679


58 %


$                 61,642


$                  50,911


21 %

 Non-GAAP adjustments:












 Impact of purchase accounting

507


89




1,180


459



Non-GAAP net revenue

$                 20,581


$                  12,768


61 %


$                 62,822


$                  51,370


22 %













Gross margin

$                   4,531


$                    2,254


101 %


$                 12,959


$                    8,387


55 %

 Non-GAAP adjustments:












 Impact of purchase accounting

1,110


104




2,007


512



 Amortization of intangibles

847


97




1,653


392



 Transaction-related expenses

18





43


6



 Other corporate expenses

89


3




157


10



Non-GAAP gross margin

$                   6,595


$                    2,458


168 %


$                 16,819


$                    9,307


81 %













Operating expenses

$                   6,199


$                    2,280


172 %


$                 16,211


$                    8,901


82 %

 Non-GAAP adjustments:












 Impact of purchase accounting

(130)


(25)




(287)


(92)



 Amortization of intangibles

(688)


(394)




(2,028)


(1,577)



 Transaction-related expenses

(141)


(42)




(1,445)


(103)



 Other corporate expenses

(488)


(16)




(745)


(47)



Non-GAAP operating expenses

$                   4,752


$                    1,803


164 %


$                 11,706


$                    7,082


65 %













Operating loss

$                 (1,668)


$                       (26)


NM


$                 (3,252)


$                     (514)


(533)%

 Non-GAAP adjustments:












 Impact of purchase accounting

1,240


129




2,294


604



 Amortization of intangibles

1,535


491




3,681


1,969



 Transaction-related expenses

159


42




1,488


109



 Other corporate expenses

577


19




902


57



Non-GAAP operating income

$                   1,843


$                       655


181 %


$                   5,113


$                    2,225


130 %













Net loss from continuing operations

$                 (1,414)


$                     (168)


(742)%


$                 (3,737)


$                  (1,168)


(220)%

 Non-GAAP adjustments:












 Impact of purchase accounting

1,240


129




2,294


604



 Amortization of intangibles

1,535


491




3,681


1,969



 Transaction-related expenses

159


42




1,485


83



 Other corporate expenses

577


19




902


77



 Aggregate adjustment for income taxes

(1,006)


(131)




(1,938)


(512)



Non-GAAP net income from continuing operations

$                   1,091


$                       382


186 %


$                   2,687


$                    1,053


155 %













Net loss from continuing operations

$                 (1,414)


$                     (168)


(742)%


$                 (3,737)


$                  (1,168)


(220)%

 Adjustments:












 Interest and other, net

742


172




2,104


772



 Income tax benefit

(996)


(30)




(1,619)


(118)



 Depreciation and amortization

2,041


623




4,840


2,494



EBITDA

$                      373


$                       597


(38)%


$                   1,588


$                    1,980


(20)%













EBITDA

$                      373


$                       597


(38)%


$                   1,588


$                    1,980


(20)%

 Adjustments:












 Stock-based compensation expense

215


17




392


63



 Impact of purchase accounting

1,075


95




1,926


487



 Transaction-related expenses

159


42




1,525


83



 Other corporate expenses

362


2




510


20



Adjusted EBITDA

$                   2,184


$                       753


190 %


$                   5,941


$                    2,633


126 %














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