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 on next page)



Three Months Ended




Six Months Ended




July 29, 2022


July 30, 2021


Change


July 29, 2022


July 30, 2021


Change

Net revenue

$             26,425


$             24,191


9 %


$             52,541


$             46,781


12 %

Non-GAAP adjustments:












Impact of purchase accounting


8





16



Non-GAAP net revenue

$             26,425


$             24,199


9 %


$             52,541


$             46,797


12 %













Gross margin

$                5,439


$                5,475


(1) %


$             11,223


$             10,739


5 %

Non-GAAP adjustments:












Amortization of intangibles

105


150




209


300



Impact of purchase accounting


9




2


18



Stock-based compensation expense

37


32




75


60



Other corporate expenses

69


7




82


20



Non-GAAP gross margin

$                5,650


$                5,673


— %


$             11,591


$             11,137


4 %













Operating expenses

$                4,169


$                4,458


(6) %


$                8,403


$                8,735


(4) %

Non-GAAP adjustments:












Amortization of intangibles

(139)


(292)




(278)


(587)



Impact of purchase accounting

(3)


(6)




(10)


(17)



Transaction-related expenses

(3)


(37)




(8)


(66)



Stock-based compensation expense

(199)


(174)




(393)


(318)



Other corporate expenses

(127)


(144)




(210)


(248)



Non-GAAP operating expenses

$                3,698


$                3,805


(3) %


$                7,504


$                7,499


— %













Operating income

$                1,270


$                1,017


25 %


$                2,820


$                2,004


41 %

Non-GAAP adjustments:












Amortization of intangibles

244


442




487


887



Impact of purchase accounting

3


15




12


35



Transaction-related expenses

3


37




8


66



Stock-based compensation expense

236


206




468


378



Other corporate expenses

196


151




292


268



Non-GAAP operating income

$                1,952


$                1,868


4 %


$                4,087


$                3,638


12 %


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