Dell Reports First Quarter Financial Results

 
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
May 4, February 3, April 29,
  2012     2012     2011   Sequential Yr. to Yr.
 
 
GAAP gross margin $ 3,067 $ 3,385 $ 3,432 (9 %) (11 %)
 
Non-GAAP adjustments:
Amortization of intangibles 88 83 71
Severance and facility actions and acquisition-related   12     15     8  
Non-GAAP gross margin $ 3,167   $ 3,483   $ 3,511   (9 %) (10 %)
 
 
GAAP operating expenses $ 2,243 $ 2,454 $ 2,220 (9 %) 1 %
 
Non-GAAP adjustments:
Amortization of intangibles (22 ) (21 ) (21 )
Severance and facility actions and acquisition-related   (64 )   (93 )   (64 )
Non-GAAP operating expenses $ 2,157   $ 2,340   $ 2,135   (8 %) 1 %
 
 
GAAP operating income $ 824 $ 931 $ 1,212 (11 %) (32 %)
 
Non-GAAP adjustments:
Amortization of intangibles 110 104 92
Severance and facility actions and acquisition-related   76     108     72  
Non-GAAP operating income $ 1,010   $ 1,143   $ 1,376   (12 %) (27 %)
 
 
GAAP net income $ 635 $ 764 $ 945 (17 %) (33 %)
 
Non-GAAP adjustments:
Amortization of intangibles 110 104 92
Severance and facility actions and acquisition-related 76 108 72
Aggregate adjustment for income taxes   (60 )   (63 )   (59 )
Non-GAAP net income $ 761   $ 913   $ 1,050   (17 %) (28 %)
 
 
GAAP earnings per share - diluted $ 0.36 $ 0.43 $ 0.49 (16 %) (27 %)
Non-GAAP adjustments per share - diluted   0.07     0.08     0.06  
Non-GAAP earnings per share - diluted $ 0.43   $ 0.51   $ 0.55   (16 %) (22 %)
 
 
Diluted WAS 1,774 1,796 1,923
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 21.3 % 21.1 % 22.9 %
Non-GAAP adjustment   0.7 %   0.6 %   0.5 %
Non-GAAP gross margin   22.0 %   21.7 %   23.4 %
 
GAAP operating expenses 15.6 % 15.3 % 14.8 %
Non-GAAP adjustment   (0.6 %)   (0.7 %)   (0.6 %)
Non-GAAP operating expenses   15.0 %   14.6 %   14.2 %
 
GAAP operating income 5.7 % 5.8 % 8.1 %
Non-GAAP adjustment   1.3 %   1.3 %   1.1 %
Non-GAAP operating income   7.0 %   7.1 %   9.2 %
 
GAAP net income 4.4 % 4.8 % 6.3 %
Non-GAAP adjustment   0.9 %   0.9 %   0.7 %
Non-GAAP net income   5.3 %   5.7 %   7.0 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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