Dell Technologies Announces Second Quarter Fiscal 2023 Financial Results

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)



Three Months Ended




Six Months Ended




July 29, 2022


July 30, 2021


Change


July 29, 2022


July 30, 2021


Change

Net income from continuing operations

$             506


$             629


(20) %


$          1,575


$          1,288


22 %

Non-GAAP adjustments:












Amortization of intangibles

244


442




487


887



Impact of purchase accounting

3


15




12


35



Transaction-related (income) expenses

(4)


25




(6)


54



Stock-based compensation expense

236


206




468


378



Other corporate expenses

212


151




308


268



Fair value adjustments on equity investments

255


(168)




241


(362)



Aggregate adjustment for income taxes

(186)


(134)




(385)


(327)



Non-GAAP net income

$          1,266


$          1,166


9 %


$          2,700


$          2,221


22 %













Net income from continuing operations attributable to Dell Technologies Inc.

$             511


$             631


(19) %


$          1,583


$          1,291


23 %

Non-GAAP adjustments:












Amortization of intangibles

244


442




487


887



Impact of purchase accounting

3


15




12


35



Transaction-related (income) expenses

(4)


25




(6)


54



Stock-based compensation expense

236


206




468


378



Other corporate expenses

212


151




308


268



Fair value adjustments on equity investments

255


(168)




241


(362)



Aggregate adjustment for income taxes

(186)


(134)




(385)


(327)



Total non-GAAP adjustments attributable to non-controlling interests

(3)


(2)




(5)


(3)



Non-GAAP net income attributable to Dell Technologies Inc.

$          1,268


$          1,166


9 %


$          2,703


$          2,221


22 %


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