DELL TECHNOLOGIES INC. | |||||||||||
Reconciliation of Selected Non-GAAP Financial Measures | |||||||||||
(in millions, except percentages; unaudited; continued on next page) | |||||||||||
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| Three Months Ended |
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| Six Months Ended |
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| July 29, 2022 |
| July 30, 2021 |
| Change |
| July 29, 2022 |
| July 30, 2021 |
| Change |
Net revenue | $ 26,425 |
| $ 24,191 |
| 9 % |
| $ 52,541 |
| $ 46,781 |
| 12 % |
Non-GAAP adjustments: |
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Impact of purchase accounting | — |
| 8 |
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| — |
| 16 |
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Non-GAAP net revenue | $ 26,425 |
| $ 24,199 |
| 9 % |
| $ 52,541 |
| $ 46,797 |
| 12 % |
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Gross margin | $ 5,439 |
| $ 5,475 |
| (1) % |
| $ 11,223 |
| $ 10,739 |
| 5 % |
Non-GAAP adjustments: |
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Amortization of intangibles | 105 |
| 150 |
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| 209 |
| 300 |
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Impact of purchase accounting | — |
| 9 |
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| 2 |
| 18 |
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Stock-based compensation expense | 37 |
| 32 |
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| 75 |
| 60 |
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| Other corporate expenses | 69 |
| 7 |
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| 82 |
| 20 |
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| Non-GAAP gross margin | $ 5,650 |
| $ 5,673 |
| — % |
| $ 11,591 |
| $ 11,137 |
| 4 % |
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| Operating expenses | $ 4,169 |
| $ 4,458 |
| (6) % |
| $ 8,403 |
| $ 8,735 |
| (4) % |
| Non-GAAP adjustments: |
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| Amortization of intangibles | (139) |
| (292) |
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| (278) |
| (587) |
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| Impact of purchase accounting | (3) |
| (6) |
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| (10) |
| (17) |
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| Transaction-related expenses | (3) |
| (37) |
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| (8) |
| (66) |
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| Stock-based compensation expense | (199) |
| (174) |
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| (393) |
| (318) |
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| Other corporate expenses | (127) |
| (144) |
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| (210) |
| (248) |
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| Non-GAAP operating expenses | $ 3,698 |
| $ 3,805 |
| (3) % |
| $ 7,504 |
| $ 7,499 |
| — % |
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| Operating income | $ 1,270 |
| $ 1,017 |
| 25 % |
| $ 2,820 |
| $ 2,004 |
| 41 % |
| Non-GAAP adjustments: |
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| Amortization of intangibles | 244 |
| 442 |
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| 487 |
| 887 |
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| Impact of purchase accounting | 3 |
| 15 |
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| 12 |
| 35 |
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| Transaction-related expenses | 3 |
| 37 |
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| 8 |
| 66 |
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| Stock-based compensation expense | 236 |
| 206 |
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| 468 |
| 378 |
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| Other corporate expenses | 196 |
| 151 |
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| 292 |
| 268 |
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| Non-GAAP operating income | $ 1,952 |
| $ 1,868 |
| 4 % |
| $ 4,087 |
| $ 3,638 |
| 12 % |
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Dell Technologies Announces Second Quarter Fiscal 2023 Financial Results
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