Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services

       
 
DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
 
Six Months Ended % Growth Rates
July 29, July 30,
  2011     2010   Yr. to Yr.
 
 
GAAP gross margin $ 6,957 $ 5,102 36 %
 
Non-GAAP adjustments:
Amortization of intangibles 145 138
Severance and facility actions 5 43
Acquisition-related   29     2  
Non-GAAP gross margin $ 7,136   $ 5,285   35 %
 
 
GAAP operating expenses $ 4,599 $ 3,838 20 %
 
Non-GAAP adjustments:
Amortization of intangibles (42 ) (37 )
Severance and facility actions (14 ) (38 )
Acquisition-related (111 ) (34 )
Other (1)   -     (140 )
Non-GAAP operating expenses $ 4,432   $ 3,589   23 %
 
 
GAAP operating income $ 2,358 $ 1,264 87 %
 
Non-GAAP adjustments:
Amortization of intangibles 187 175
Severance and facility actions 19 81
Acquisition-related 140 36
Other (1)   -     140  
Non-GAAP operating income $ 2,704   $ 1,696   59 %
 
 
GAAP net income $ 1,835 $ 886 107 %
 
Non-GAAP adjustments:
Amortization of intangibles 187 175
Severance and facility actions 19 81
Acquisition-related 140 36
Other (1) - 140
Aggregate adjustment for income taxes   (125 )   (105 )
Non-GAAP net Income $ 2,056   $ 1,213   69 %
 
 
GAAP earnings per share - diluted $ 0.97 $ 0.45 116 %
Non-GAAP adjustments per share - diluted   0.11     0.17  
Non-GAAP earnings per share - diluted $ 1.08   $ 0.62   74 %
 
 
GAAP Diluted WAS 1,897 1,967
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 22.7 % 16.8 %
Non-GAAP adjustment   0.6 %   0.6 %
Non-GAAP gross margin   23.3 %   17.4 %
 
GAAP operating expenses 15.0 % 12.6 %
Non-GAAP adjustment   (0.6 %)   (0.8 %)
Non-GAAP operating expenses   14.4 %   11.8 %
 
GAAP operating income 7.7 % 4.2 %
Non-GAAP adjustment   1.1 %   1.4 %
Non-GAAP operating income   8.8 %   5.6 %
 
GAAP net income 6.0 % 2.9 %
Non-GAAP adjustment   0.7 %   1.1 %
Non-GAAP net income   6.7 %   4.0 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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