Innovation and Resiliency Drive Dell Technologies' First Quarter Fiscal 2021 Financial Results

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

For the Three Months Ended May 3, 2019

(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

$

329



1,217



101



42



263



23



(62)



(704)



$

1,209


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

36



73



6



3



46





(26)



(29)



109


Net income attributable to Dell Technologies Inc. - basic

293



1,144



95



39



217



23



(36)



(675)



1,100


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

(8)

















(8)


Net income attributable to Dell Technologies Inc. - diluted

$

285

















$

1,092




















Earnings per share - basic

$

0.41

















$

1.53


Earnings per share - diluted

$

0.38

















$

1.45




















Weighted-average shares outstanding - basic

717

















717


Weighted-average shares outstanding - diluted

751

















751













(a)

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware, Inc., Pivotal Software, 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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