Dell Reports Strong Profitability in Third Quarter

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

The tables on the following pages set forth, for the periods indicated, a reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively, the “non-GAAP financial measures”) to the most comparable GAAP financial measures. These non-GAAP financial measures may not be directly comparable to similarly titled measures reported by other companies. See “Use of Non-GAAP Financial Measures” following the tables for additional information regarding Dell’s reasons for including the non-GAAP financial measures and for material limitations with respect to the usefulness of these measures.

         
 
DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
 
Three Months Ended % Growth Rates
October 28, July 29, October 29,
2011 2011 2010 Sequential Yr. to Yr.
 

 

GAAP gross margin $ 3,469 $ 3,525 $ 3,003 (2 %) 16 %
 
Non-GAAP adjustments:
Amortization of intangibles 77 74 71
Severance and facility actions - - 4
Acquisition-related   -     26     -  
Non-GAAP gross margin $ 3,546   $ 3,625   $ 3,078   (2 %) 15 %
 
 
GAAP operating expenses $ 2,327 $ 2,379 $ 1,979 (2 %) 18 %
 
Non-GAAP adjustments:
Amortization of intangibles (23 ) (21 ) (18 )
Severance and facility actions - - (27 )
Acquisition-related   (46 )   (61 )   (23 )
Non-GAAP operating expenses $ 2,258   $ 2,297   $ 1,911   (2 %) 18 %
 
 
GAAP operating income $ 1,142 $ 1,146 $ 1,024 0 % 12 %
 
Non-GAAP adjustments:
Amortization of intangibles 100 95 89
Severance and facility actions - - 31
Acquisition-related   46     87     23  
Non-GAAP operating income $ 1,288   $ 1,328   $ 1,167   (3 %) 10 %
 
 
GAAP net income $ 893 $ 890 $ 822 0 % 9 %
 
Non-GAAP adjustments:
Amortization of intangibles 100 95 89
Severance and facility actions - - 31
Acquisition-related 46 87 23
Other (1) - - (72 )
Aggregate adjustment for income taxes   (56 )   (66 )   (18 )
Non-GAAP net income $ 983   $ 1,006   $ 875   (2 %) 12 %
 
 
GAAP earnings per share - diluted $ 0.49 $ 0.48 $ 0.42 2 % 17 %
Non-GAAP adjustments per share - diluted   0.05     0.06     0.03  
Non-GAAP earnings per share - diluted $ 0.54   $ 0.54   $ 0.45   0 % 20 %
 
 
GAAP Diluted WAS 1,828 1,871 1,949
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 22.6 % 22.5 % 19.5 %
Non-GAAP adjustment   0.5 %   0.7 %   0.5 %
Non-GAAP gross margin   23.1 %   23.2 %   20.0 %
 
GAAP operating expenses 15.2 % 15.2 % 12.8 %
Non-GAAP adjustment   (0.5 %)   (0.5 %)   (0.4 %)
Non-GAAP operating expenses   14.7 %   14.7 %   12.4 %
 
GAAP operating income 7.4 % 7.3 % 6.7 %
Non-GAAP adjustment   1.0 %   1.2 %   0.9 %
Non-GAAP operating income   8.4 %   8.5 %   7.6 %
 
GAAP net income 5.8 % 5.7 % 5.3 %
Non-GAAP adjustment   0.6 %   0.7 %   0.4 %
Non-GAAP net income   6.4 %   6.4 %   5.7 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

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