Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

The tables on the following pages set forth, for the periods indicated, a reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively, the “non-GAAP financial measures”) to the most comparable GAAP financial measures. These non-GAAP financial measures may not be directly comparable to similarly titled measures reported by other companies. See “Use of Non-GAAP Financial Measures” following the tables for additional information regarding Dell’s reasons for including the non-GAAP financial measures and for material limitations with respect to the usefulness of these measures.

DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
                   
Three Months Ended % Growth Rates
January 28, October 29, January 29,
2011 2010 2010 Sequential Yr. to Yr.
 
GAAP gross margin $ 3,291 $ 3,003 $ 2,469 10 % 33 %
 
Non-GAAP adjustments:
Amortization of intangibles 69 71 71
Severance and facility actions 6 4 55
Acquisition-related   2     -     1  
Non-GAAP gross margin $ 3,368   $ 3,078   $ 2,596   9 % 30 %
 
 
GAAP operating expenses $ 2,146 $ 1,979 $ 1,959 8 % 10 %
 
Non-GAAP adjustments:
Amortization of intangibles (16 ) (18 ) (15 )
Severance and facility actions (11 ) (27 ) (31 )
Acquisition-related   (37 )   (23 )   (115 )
Non-GAAP operating expenses $ 2,082   $ 1,911   $ 1,798   9 % 16 %
 
 
GAAP operating income $ 1,145 $ 1,024 $ 510 12 % 124 %
 
Non-GAAP adjustments:
Amortization of intangibles 85 89 86
Severance and facility actions 17 31 86
Acquisition-related   39     23     116  
Non-GAAP operating income $ 1,286   $ 1,167   $ 798   10 % 61 %
 
 
GAAP net income $ 927 $ 822 $ 334 13 % 177 %
 
Non-GAAP adjustments:
Amortization of intangibles 85 89 86
Severance and facility actions 17 31 86
Acquisition-related 39 23 116
Other (1) - (72 ) -
Aggregate adjustment for income taxes   (50 )   (18 )   (78 )
Non-GAAP net Income $ 1,018   $ 875   $ 544   16 % 87 %
 
 
GAAP earnings per share - diluted $ 0.48 $ 0.42 $ 0.17 14 % 182 %
Non-GAAP adjustments per share - diluted   0.05     0.03     0.11  
Non-GAAP earnings per share - diluted $ 0.53   $ 0.45   $ 0.28   18 % 89 %
 
 
GAAP Diluted WAS 1,938 1,949 1,971
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 21.0 % 19.5 % 16.6 %
Non-GAAP adjustment   0.5 %   0.5 %   0.8 %
Non-GAAP gross margin   21.5 %   20.0 %   17.4 %
 
GAAP operating expenses 13.7 % 12.8 % 13.2 %
Non-GAAP adjustment   (0.4 %)   (0.4 %)   (1.1 %)
Non-GAAP operating expenses   13.3 %   12.4 %   12.1 %
 
GAAP operating income 7.3 % 6.7 % 3.4 %
Non-GAAP adjustment   0.9 %   0.9 %   2.0 %
Non-GAAP operating income   8.2 %   7.6 %   5.4 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

(1) Other for the three months ended October 29, 2010 consists of Dell's receipt of a $72 million merger termination fee which on a GAAP basis is recorded in Interest and Other, Net.

 

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