Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

(1) Includes the results of Dell's Fiscal 2013 acquisitions from their respective acquisition dates.

DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages; percentage growth rates and ratios are calculated based on underlying data in thousands)
(unaudited)

   
Fiscal Year Ended % Growth Rates

February 1,
2013 (1)

  February 3,
2012
Yr. to Yr.
GAAP gross margin $ 12,186 $ 13,811 (12 )%
Non-GAAP adjustments:
Amortization of intangibles 455 305
Severance and facility actions and acquisition-related costs   67     49  
Non-GAAP gross margin $ 12,708   $ 14,165   (10 )%
 
GAAP operating expenses $ 9,174 $ 9,380 (2 )%
Non-GAAP adjustments:
Amortization of intangibles (158 ) (86 )
Severance and facility actions and acquisition-related costs   (281 )   (264 )
Non-GAAP operating expenses $ 8,735   $ 9,030   (3 )%
 
GAAP operating income $ 3,012 $ 4,431 (32 )%
Non-GAAP adjustments:
Amortization of intangibles 613 391
Severance and facility actions and acquisition-related costs   348     313  
Non-GAAP operating income $ 3,973   $ 5,135   (23 )%
 
GAAP net income $ 2,372 $ 3,492 (32 )%
Non-GAAP adjustments:
Amortization of intangibles 613 391
Severance and facility actions and acquisition-related costs 348 313
Aggregate adjustment for income taxes   (316 )   (244 )
Non-GAAP net income $ 3,017   $ 3,952   (24 )%
 
GAAP earnings per share - diluted $ 1.35 $ 1.88 (28 )%
Non-GAAP adjustments per share - diluted   0.37     0.25  
Non-GAAP earnings per share - diluted $ 1.72   $ 2.13   (19 )%
 
Diluted WAS 1,755 1,853
 

Percentage of Total Net Revenue:

GAAP gross margin 21.4 % 22.3 %
Non-GAAP adjustment   0.9 %   0.5 %
Non-GAAP gross margin   22.3 %   22.8 %
 
GAAP operating expenses 16.1 % 15.2 %
Non-GAAP adjustment   (0.8 )%   (0.7 )%
Non-GAAP operating expenses   15.3 %   14.5 %
 
GAAP operating income 5.3 % 7.1 %
Non-GAAP adjustment   1.7 %   1.2 %
Non-GAAP operating income   7.0 %   8.3 %
 
GAAP net income 4.2 % 5.6 %
Non-GAAP adjustment   1.1 %   0.8 %
Non-GAAP net income   5.3 %   6.4 %

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