Dell Technologies Delivers Fourth Quarter and Full Year Fiscal 2024 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 2,
2024


February 3,
2023


%
Change


February 2,
2024


February 3,
2023


%
Change

Gross margin

$         5,316


$         5,756


(8) %


$       20,869


$       22,686


(8) %

Non-GAAP adjustments:












Amortization of intangibles

84


99




331


414



Impact of purchase accounting






2



Stock-based compensation expense

37


40




149


152



Other corporate expenses

31


76




95


173



Non-GAAP gross margin

$         5,468


$         5,971


(8) %


$       21,444


$       23,427


(8) %













Operating expenses

$         3,825


$         4,567


(16) %


$       15,658


$       16,915


(7) %

Non-GAAP adjustments:












Amortization of intangibles

(122)


(139)




(488)


(556)



Impact of purchase accounting

(4)


(11)




(14)


(42)



Transaction-related expenses

(3)


(6)




(12)


(22)



Stock-based compensation expense

(166)


(188)




(729)


(779)



Other corporate expenses

(201)


(422)




(649)


(726)



Non-GAAP operating expenses

$         3,329


$         3,801


(12) %


$       13,766


$       14,790


(7) %













Operating income

$         1,491


$         1,189


25 %


$         5,211


$         5,771


(10) %

Non-GAAP adjustments:












Amortization of intangibles

206


238




819


970



Impact of purchase accounting

4


11




14


44



Transaction-related expenses

3


6




12


22



Stock-based compensation expense

203


228




878


931



Other corporate expenses

232


498




744


899



Non-GAAP operating income

$         2,139


$         2,170


(1) %


$         7,678


$         8,637


(11) %













Net income

$         1,158


$            606


91 %


$         3,195


$         2,422


32 %

Non-GAAP adjustments:












Amortization of intangibles

206


238




819


970



Impact of purchase accounting

4


11




14


44



Transaction-related (income) expenses

(5)


(14)




49


(16)



Stock-based compensation expense

203


228




878


931



Other corporate expenses

232


392




744


1,812



Fair value adjustments on equity investments

(83)


9




(47)


206



Aggregate adjustment for income taxes

(105)


(148)




(407)


(642)



Non-GAAP net income

$         1,610


$         1,322


22 %


$         5,245


$         5,727


(8) %


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