Dell Technologies Reports Fiscal Year 2018 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 2, 2018

 

February 3, 2017

 

Change

 

February 2, 2018

 

February 3, 2017

 

Change

                       

Net revenue

$                   21,935

 

$                   20,074

 

9 %

 

$                   78,660

 

$                   61,642

 

28 %

Non-GAAP adjustments:

                     

  Impact of purchase accounting

284

 

507

     

1,269

 

1,180

   

  Non-GAAP net revenue

$                   22,219

 

$                   20,581

 

8 %

 

$                   79,929

 

$                   62,822

 

27 %

                       

Gross margin

$                     5,780

 

$                     4,531

 

28 %

 

$                   20,054

 

$                   12,959

 

55 %

Non-GAAP adjustments:

                     

  Amortization of intangibles

910

 

847

     

3,694

 

1,653

   

  Impact of purchase accounting

292

 

1,110

     

1,312

 

2,007

   

  Transaction-related expenses

2

 

18

     

24

 

43

   

  Other corporate expenses

38

 

89

     

101

 

157

   

  Non-GAAP gross margin

$                     7,022

 

$                     6,595

 

6 %

 

$                   25,185

 

$                   16,819

 

50 %

                       

Operating expenses

$                     6,101

 

$                     6,199

 

(2)%

 

$                   23,387

 

$                   16,211

 

44 %

Non-GAAP adjustments:

                     

  Amortization of intangibles

(820)

 

(688)

     

(3,286)

 

(2,028)

   

  Impact of purchase accounting

(59)

 

(130)

     

(234)

 

(287)

   

  Transaction-related expenses

(85)

 

(141)

     

(478)

 

(1,445)

   

  Other corporate expenses

(235)

 

(488)

     

(1,059)

 

(745)

   

  Non-GAAP operating expenses

$                     4,902

 

$                     4,752

 

3 %

 

$                   18,330

 

$                   11,706

 

57 %

                       

Operating loss

$                      (321)

 

$                   (1,668)

 

81 %

 

$                   (3,333)

 

$                   (3,252)

 

(2)%

Non-GAAP adjustments:

                     

  Amortization of intangibles

1,730

 

1,535

     

6,980

 

3,681

   

  Impact of purchase accounting

351

 

1,240

     

1,546

 

2,294

   

  Transaction-related expenses

87

 

159

     

502

 

1,488

   

  Other corporate expenses

273

 

577

     

1,160

 

902

   

  Non-GAAP operating income

$                     2,120

 

$                     1,843

 

15 %

 

$                     6,855

 

$                     5,113

 

34 %

                       

Net loss from continuing operations

$                      (553)

 

$                   (1,414)

 

61 %

 

$                   (3,855)

 

$                   (3,737)

 

(3)%

Non-GAAP adjustments:

                     

  Amortization of intangibles

1,730

 

1,535

     

6,980

 

3,681

   

  Impact of purchase accounting

351

 

1,240

     

1,546

 

2,294

   

  Transaction-related expenses

87

 

159

     

502

 

1,485

   

  Other corporate expenses

273

 

577

     

1,160

 

902

   

  Aggregate adjustment for income taxes

(791)

 

(1,006)

     

(2,673)

 

(1,938)

   

  Non-GAAP net income from continuing operations

$                     1,097

 

$                     1,091

 

1 %

 

$                     3,660

 

$                     2,687

 

36 %

                       

Net loss from continuing operations

$                      (553)

 

$                   (1,414)

 

61 %

 

$                   (3,855)

 

$                   (3,737)

 

(3)%

Adjustments:

                     

  Interest and other, net

555

 

742

     

2,355

 

2,104

   

  Income tax benefit

(323)

 

(996)

     

(1,833)

 

(1,619)

   

  Depreciation and amortization

2,143

 

2,041

     

8,634

 

4,840

   

  EBITDA

$                     1,822

 

$                        373

 

388 %

 

$                     5,301

 

$                     1,588

 

234 %

                       

EBITDA

$                     1,822

 

$                        373

 

388 %

 

$                     5,301

 

$                     1,588

 

234 %

Adjustments:

                     

  Stock-based compensation expense

205

 

215

     

835

 

392

   

  Impact of purchase accounting

284

 

1,075

     

1,274

 

1,926

   

  Transaction-related expenses

87

 

159

     

502

 

1,525

   

  Other corporate expenses

68

 

362

     

305

 

510

   

  Adjusted EBITDA

$                     2,466

 

$                     2,184

 

13 %

 

$                     8,217

 

$                     5,941

 

38 %


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