Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2023 Financial Results

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




Fiscal Year Ended




February 3,
2023


January 28,
2022


Change


February 3,
2023


January 28,
2022


Change

Net revenue

$             25,039


$             27,992


(11) %


$           102,301


$           101,197


1 %

Non-GAAP adjustments:












Impact of purchase accounting


8





32



Non-GAAP net revenue

$             25,039


$             28,000


(11) %


$           102,301


$           101,229


1 %













Gross margin

$                5,756


$                5,618


2 %


$             22,686


$             21,891


4 %

Non-GAAP adjustments:












Amortization of intangibles

99


150




414


598



Impact of purchase accounting


8




2


35



Stock-based compensation expense

40


37




152


133



Other corporate expenses

76


5




173


27



Non-GAAP gross margin

$                5,971


$                5,818


3 %


$             23,427


$             22,684


3 %













Operating expenses

$                4,567


$                4,009


14 %


$             16,915


$             17,232


(2) %

Non-GAAP adjustments:












Amortization of intangibles

(139)


(173)




(556)


(1,043)



Impact of purchase accounting

(11)


(12)




(42)


(32)



Transaction-related (income) expenses

(6)


22




(22)


(273)



Stock-based compensation expense

(188)


(179)




(779)


(675)



Other corporate expenses

(422)


(40)




(726)


(310)



Non-GAAP operating expenses

$                3,801


$                3,627


5 %


$             14,790


$             14,899


(1) %













Operating income

$                1,189


$                1,609


(26) %


$                5,771


$                4,659


24 %

Non-GAAP adjustments:












Amortization of intangibles

238


323




970


1,641



Impact of purchase accounting

11


20




44


67



Transaction-related (income) expenses

6


(22)




22


273



Stock-based compensation expense

228


216




931


808



Other corporate expenses

498


45




899


337



Non-GAAP operating income

$                2,170


$                2,191


(1) %


$                8,637


$                7,785


11 %


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