Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services
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DELL INC.
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Reconciliation of Non-GAAP Financial Measures
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(in millions, except per share data and percentages)
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(unaudited)
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Six Months Ended
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% Growth Rates
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July 29,
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July 30,
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2011
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2010
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Yr. to Yr.
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GAAP gross margin
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$
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6,957
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$
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5,102
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36
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%
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Non-GAAP adjustments:
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Amortization of intangibles
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145
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138
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Severance and facility actions
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5
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43
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Acquisition-related
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29
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2
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Non-GAAP gross margin
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$
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7,136
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$
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5,285
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35
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%
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GAAP operating expenses
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$
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4,599
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$
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3,838
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20
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%
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Non-GAAP adjustments:
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Amortization of intangibles
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(42
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)
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(37
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)
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Severance and facility actions
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(14
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)
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(38
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)
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Acquisition-related
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(111
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)
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(34
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)
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Other (1)
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-
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(140
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)
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Non-GAAP operating expenses
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$
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4,432
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$
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3,589
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23
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%
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GAAP operating income
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$
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2,358
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$
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1,264
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87
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%
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Non-GAAP adjustments:
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Amortization of intangibles
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187
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175
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Severance and facility actions
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19
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81
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Acquisition-related
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140
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36
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Other (1)
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-
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140
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Non-GAAP operating income
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$
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2,704
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$
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1,696
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59
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%
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GAAP net income
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$
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1,835
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$
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886
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107
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%
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Non-GAAP adjustments:
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Amortization of intangibles
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187
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175
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Severance and facility actions
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19
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81
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Acquisition-related
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140
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36
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Other (1)
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-
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140
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Aggregate adjustment for income taxes
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(125
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)
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(105
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)
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Non-GAAP net Income
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$
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2,056
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$
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1,213
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69
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%
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GAAP earnings per share - diluted
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$
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0.97
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$
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0.45
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116
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%
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Non-GAAP adjustments per share - diluted
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0.11
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0.17
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Non-GAAP earnings per share - diluted
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$
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1.08
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$
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0.62
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74
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%
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GAAP Diluted WAS
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1,897
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1,967
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Percentage of Total Net Revenue:
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GAAP gross margin
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22.7
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%
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16.8
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%
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Non-GAAP adjustment
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0.6
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%
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0.6
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%
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Non-GAAP gross margin
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23.3
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%
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17.4
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%
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GAAP operating expenses
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15.0
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%
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12.6
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%
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Non-GAAP adjustment
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(0.6
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%)
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(0.8
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%)
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Non-GAAP operating expenses
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14.4
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%
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11.8
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%
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GAAP operating income
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7.7
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%
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4.2
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%
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Non-GAAP adjustment
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1.1
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%
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1.4
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%
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Non-GAAP operating income
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8.8
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%
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5.6
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%
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GAAP net income
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6.0
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%
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2.9
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%
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Non-GAAP adjustment
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0.7
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%
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1.1
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%
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Non-GAAP net income
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6.7
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%
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4.0
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%
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Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
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