Future-of-Work Solutions Power Dell Technologies' Second Quarter Fiscal 2021 Financial Results

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Six Months Ended July 31, 2020

(in millions, except per share amounts; unaudited)



GAAP


Amortization of
intangibles


Impact of
purchase
accounting


Transaction-
related
expenses


Stock-based
compensation
expense


Other
corporate
expenses


Fair value
adjustments
on equity
investments


Aggregate
adjustment
for income
taxes


Non-
GAAP

Net income

$

1,281



1,702



116



39



783



181



(102)



(1,236)



$

2,764


Less: Net income attributable to non-controlling interests (a)

90



124



7



15



111





(1)



(64)



282


Net income attributable to Dell Technologies Inc. - basic

1,191



$

1,578



$

109



$

24



$

672



$

181



$

(101)



$

(1,172)



2,482


Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. (b)

(5)

















(9)


Net income attributable to Dell Technologies Inc. - diluted

$

1,186

















$

2,473




















Earnings per share - basic

$

1.61

















$

3.35


Earnings per share - diluted

$

1.56

















$

3.26




















Weighted-average shares outstanding - basic

740

















740


Weighted-average shares outstanding - diluted

758

















758










(a)

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware, Inc. and SecureWorks Corp. by their non-GAAP net income adjustments for the period presented.

(b)

Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. represents the impact of VMware, Inc.'s dilutive securities on the diluted earnings per share of Dell Technologies Inc. and is calculated by multiplying the difference between VMware, Inc.'s basic and diluted earnings per share by the number of shares of VMware, Inc. common stock held by Dell Technologies Inc.


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