Dell Technologies Delivers Fourth Quarter and Full-Year Fiscal 2022 Financial Results

These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc. - basic and diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, EBITDA, adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.

DELL TECHNOLOGIES INC.
Selected Non-GAAP Financial Measures
(in millions, except per share amounts and percentages; unaudited)



Three Months Ended




Fiscal Year Ended




January 28,
2022


January 29,
2021


Change


January 28,
2022


January 29,
2021


Change

Non-GAAP net revenue

$            28,000


$            24,176


16%


$          101,229


$            86,776


17%

Non-GAAP gross margin

$              5,818


$              5,791


—%


$            22,684


$            21,233


7%

% of non-GAAP net revenue

21     %


24     %




22     %


24     %



Non-GAAP operating expenses

$              3,627


$              3,621


—%


$            14,899


$            14,284


4%

% of non-GAAP net revenue

13     %


15     %




15     %


16     %



Non-GAAP operating income

$              2,191


$              2,170


1%


$              7,785


$              6,949


12%

% of non-GAAP net revenue

8          %


9          %




8          %


8          %



Non-GAAP net income

$              1,390


$              1,362


2%


$              4,924


$              3,746


31%

% of non-GAAP net revenue

5          %


6          %




5          %


4          %



Adjusted EBITDA

$              2,686


$              2,620


3%


$              9,660


$              8,645


12%

% of non-GAAP net revenue

10     %


11      %




10     %


10     %



Non-GAAP earnings per share - diluted

$                1.72


$                1.76


(2)%


$                6.22


$                4.88


27%


Amounts are based on underlying data and may not visually foot due to rounding.




DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




Fiscal Year Ended




January 28,
2022


January 29,
2021


Change


January 28,
2022


January 29,
2021


Change

Net revenue

$             27,992


$             24,150


16%


$           101,197


$             86,670


17%

Non-GAAP adjustments:












Impact of purchase accounting

8


26




32


106



Non-GAAP net revenue

$             28,000


$             24,176


16%


$           101,229


$             86,776


17%













Gross margin

$                5,618


$                5,524


2%


$             21,891


$             20,140


9%

Non-GAAP adjustments:












Amortization of intangibles

150


213




598


853



Impact of purchase accounting

8


25




35


109



Stock-based compensation expense

37


22




133


75



Other corporate expenses

5


7




27


56



Non-GAAP gross margin

$                5,818


$                5,791


—%


$             22,684


$             21,233


7%













Operating expenses

$                4,009


$                4,101


(2)%


$             17,232


$             16,455


5%

Non-GAAP adjustments:












Amortization of intangibles

(173)


(314)




(1,043)


(1,280)



Impact of purchase accounting

(12)


(11)




(32)


(35)



Transaction-related expenses

22


(19)




(273)


(124)



Stock-based compensation expense

(179)


(115)




(675)


(412)



Other corporate expenses

(40)


(21)




(310)


(320)



Non-GAAP operating expenses

$                3,627


$                3,621


—%


$             14,899


$             14,284


4%













Operating income

$                1,609


$                1,423


13%


$                4,659


$                3,685


26%

Non-GAAP adjustments:












Amortization of intangibles

323


527




1,641


2,133



Impact of purchase accounting

20


36




67


144



Transaction-related (income) expenses

(22)


19




273


124



Stock-based compensation expense

216


137




808


487



Other corporate expenses

45


28




337


376



Non-GAAP operating income

$                2,191


$                2,170


1%


$                7,785


$                6,949


12%




DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)



Three Months Ended




Fiscal Year Ended




January 28,
2022


January 29,
2021


Change


January 28,
2022


January 29,
2021


Change

Net income (loss) from continuing operations

$              (29)


$             695


(104)%


$          4,942


$          2,245


120%

Non-GAAP adjustments:












Amortization of intangibles

323


527




1,641


2,133



Impact of purchase accounting

20


36




67


144



Transaction-related (income) expenses

1,492


19




(2,143)


(332)



Stock-based compensation expense

216


137




808


487



Other corporate expenses

45


28




337


268



Fair value adjustments on equity investments

(192)


(16)




(572)


(427)



Aggregate adjustment for income taxes

(485)


(64)




(156)


(772)



Non-GAAP net income

$          1,390


$          1,362


2%


$          4,924


$          3,746


31%













Net income (loss) from continuing operations attributable to Dell Technologies Inc.

$              (28)


$             697


(104)%


$          4,948


$          2,249


120%

Non-GAAP adjustments:












Amortization of intangibles

323


527




1,641


2,133



Impact of purchase accounting

20


36




67


144



Transaction-related (income) expenses

1,492


19




(2,143)


(332)



Stock-based compensation expense

216


137




808


487



Other corporate expenses

45


28




337


268



Fair value adjustments on equity investments

(192)


(16)




(572)


(427)



Aggregate adjustment for income taxes

(485)


(64)




(156)


(772)



Total non-GAAP adjustments attributable to non-controlling interests

(1)


(2)




(7)


(6)



Non-GAAP net income attributable to Dell Technologies Inc.

$          1,390


$          1,362


2%


$          4,923


$          3,744


31%













Net income (loss) from continuing operations

$              (29)


$             695


(104)%


$          4,942


$          2,245


120%

Adjustments:












Interest and other, net

1,657


475




(1,264)


1,339



Income tax expense (benefit)

(19)


253




981


101



Depreciation and amortization

830


987




3,547


3,867



EBITDA

$          2,439


$          2,410


1%


$          8,206


$          7,552


9%













EBITDA

$          2,439


$          2,410


1%


$          8,206


$          7,552


9%

Adjustments:












Stock-based compensation expense

216


137




808


487



Impact of purchase accounting

8


26




36


106



Transaction-related (income) expenses

(22)


19




273


124



Other corporate expenses

45


28




337


376



Adjusted EBITDA

$          2,686


$          2,620


3%


$          9,660


$          8,645


12%




DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages and per share amounts; unaudited; continued)



Three Months Ended




Fiscal Year Ended




January 28,
2022


January 29,
2021


Change


January 28,
2022


January 29,
2021


Change













Earnings per share from continuing operations attributable to Dell Technologies Inc.  





Net income (loss) from continuing operations attributable to Dell Technologies Inc. - basic

$              (28)


$             697




$          4,948


$          2,249



  Weighted-average shares outstanding basic

763


750




762


744



Earnings (loss) per share attributable to Dell Technologies Inc. - basic

$           (0.04)


$            0.93


(104)%


$            6.49


$            3.02


115%













Net income (loss) from continuing operations attributable to Dell Technologies Inc. - diluted

$              (28)


$             697




$          4,948


$          2,249



  Weighted-average shares outstanding diluted

763


776




791


767



Earnings (loss) per share attributable to Dell Technologies Inc. — diluted:

$           (0.04)


$            0.90


(104)%


$            6.26


$            2.93


114%













Earnings per share from discontinued operations attributable to Dell Technologies Inc.





Net income from discontinued operations attributable to Dell Technologies Inc. - basic

$                30


$             530




$             615


$          1,001



  Weighted-average shares outstanding basic

763


750




762


744



Earnings per share attributable to Dell Technologies Inc. - basic

$            0.04


$            0.71


(94)%


$            0.81


$            1.35


(40)%

  Incremental dilution from VMware, Inc. attributable to Dell Technologies


(5)




(7)


(13)



Net income from discontinued operations attributable to Dell Technologies Inc. - diluted

$                30


$             525




$             608


$             988



  Weighted-average shares outstanding diluted

763


776




791


767



Earnings per share attributable to Dell Technologies Inc. — diluted

$            0.04


$            0.67


(94)%


$            0.76


$            1.29


(41)%













Non-GAAP earnings per share attributable to Dell Technologies Inc.



Non-GAAP net income attributable to Dell Technologies Inc. - basic

$          1,390


$          1,362




$          4,923


$          3,744



  Weighted-average shares outstanding basic

763


750




762


744



Earnings per share attributable to Dell Technologies Inc. - basic

$            1.82


$            1.82


—%


$            6.46


$            5.03


28%













Non-GAAP net income attributable to Dell Technologies Inc. - diluted

$          1,390


$          1,362




$          4,923


$          3,744



  Weighted-average shares outstanding diluted

810


776




791


767



Earnings per share attributable to Dell Technologies Inc. — diluted

$            1.72


$            1.76


(2)%


$            6.22


$            4.88


27%


Amounts may not visually recalculate due to rounding.


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