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

DELL TECHNOLOGIES INC.

Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited)



Three Months Ended




May 1, 2020


May 3, 2019


Change

Non-GAAP net revenue

$

21,945



$

21,990



%

Non-GAAP gross margin

$

7,325



$

7,434



(1)

%

% of non-GAAP net revenue

33

%


34

%



Non-GAAP operating expenses

$

5,164



$

5,238



(1)

%

% of non-GAAP net revenue

24

%


24

%



Non-GAAP operating income

$

2,161



$

2,196



(2)

%

% of non-GAAP net revenue

10

%


10

%



Non-GAAP net income

$

1,143



$

1,209



(5)

%

% of non-GAAP net revenue

5

%


5

%



Adjusted EBITDA

$

2,607



$

2,573



1

%

% of non-GAAP net revenue

12

%


12

%



 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




May 1, 2020


May 3, 2019


Change

Net revenue

$

21,897



$

21,908



%

Non-GAAP adjustments:






Impact of purchase accounting

48



82




Non-GAAP net revenue

$

21,945



$

21,990



%







Gross margin

$

6,853



$

6,797



1

%

Non-GAAP adjustments:






Amortization of intangibles

372



519




Impact of purchase accounting

51



84




Transaction-related expenses



(5)




Stock-based compensation expense

40



26




Other corporate expenses

9



13




Non-GAAP gross margin

$

7,325



$

7,434



(1)

%







Operating expenses

$

6,151



$

6,247



(2)

%

Non-GAAP adjustments:






Amortization of intangibles

(483)



(698)




Impact of purchase accounting

(12)



(17)




Transaction-related expenses

(76)



(47)




Stock-based compensation expense

(330)



(237)




Other corporate expenses

(86)



(10)




Non-GAAP operating expenses

$

5,164



$

5,238



(1)

%







Operating income

$

702



$

550



28

%

Non-GAAP adjustments:






Amortization of intangibles

855



1,217




Impact of purchase accounting

63



101




Transaction-related expenses

76



42




Stock-based compensation expense

370



263




Other corporate expenses

95



23




Non-GAAP operating income

$

2,161



$

2,196



(2)

%


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