Dell Reports Strong Profitability in Third Quarter

(1) Other for the three months ended October 29, 2010 consists of Dell's receipt of a $72 million merger termination fee which on a GAAP basis is recorded in Interest and Other, Net.

     
 
DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
 
Nine Months Ended % Growth Rates
October 28, October 29,
2011 2010 Yr. to Yr.
 
GAAP gross margin $ 10,426 $ 8,105 29 %
 
Non-GAAP adjustments:
Amortization of intangibles 222 209
Severance and facility actions 5 47
Acquisition-related   29     2  
Non-GAAP gross margin $ 10,682   $ 8,363   28 %
 
 
GAAP operating expenses $ 6,926 $ 5,817 19 %
 
Non-GAAP adjustments:
Amortization of intangibles (65 ) (55 )
Severance and facility actions (14 ) (65 )
Acquisition-related (157 ) (57 )
Other (1)   -     (140 )
Non-GAAP operating expenses $ 6,690   $ 5,500   22 %
 
 
GAAP operating income $ 3,500 $ 2,288 53 %
 
Non-GAAP adjustments:
Amortization of intangibles 287 264
Severance and facility actions 19 112
Acquisition-related 186 59
Other (1)   -     140  
Non-GAAP operating income $ 3,992   $ 2,863   39 %
 
 
GAAP net income $ 2,728 $ 1,708 60 %
 
Non-GAAP adjustments:
Amortization of intangibles 287 264
Severance and facility actions 19 112
Acquisition-related 186 59
Other (1) - 68
Aggregate adjustment for income taxes   (181 )   (123 )
Non-GAAP net income $ 3,039   $ 2,088   46 %
 
 
GAAP earnings per share - diluted $ 1.46 $ 0.87 68 %
Non-GAAP adjustments per share - diluted   0.16     0.19  
Non-GAAP earnings per share - diluted $ 1.62   $ 1.06   53 %
 
 
GAAP Diluted WAS 1,874 1,961
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 22.6 % 17.7 %
Non-GAAP adjustment   0.6 %   0.6 %
Non-GAAP gross margin   23.2 %   18.3 %
 
GAAP operating expenses 15.0 % 12.7 %
Non-GAAP adjustment   (0.5 %)   (0.7 %)
Non-GAAP operating expenses   14.5 %   12.0 %
 
GAAP operating income 7.6 % 5.0 %
Non-GAAP adjustment   1.1 %   1.3 %
Non-GAAP operating income   8.7 %   6.3 %
 
GAAP net income 5.9 % 3.7 %
Non-GAAP adjustment   0.7 %   0.9 %
Non-GAAP net income   6.6 %   4.6 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

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