Dell Reports Fourth Quarter, Full Fiscal Year Financial Results

⁽¹⁾ Certain prior year amounts have been reclassified from accrued and other liabilities and other non-current liabilities on the Condensed Consolidated Statements of Financial Position to short-term deferred revenue and long-term deferred revenue, respectively, to conform to the current year presentation. Prior period amounts on the Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation.

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

The following tables include information about 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”), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. Dell has provided a reconciliation of the historical non-GAAP financial measures to the most directly comparable GAAP measures in the below tables. A detailed discussion of Dell's reasons for including the non-GAAP financial measures and the limitations associated with those measures is presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations - Non-GAAP Financial Measures" in Dell's annual report on Form 10-K for the financial year ended February 3, 2012. Dell encourages investors to review the historical reconciliation and the non-GAAP discussion in conjunction with the presentation of non-GAAP financial measures.

DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages; percentage growth rates and ratios are calculated based on underlying data in thousands)
(unaudited)


	Three Months Ended									% Growth Rates
	February 1, 2013 ⁽¹⁾			November 2, 2012⁽¹⁾			February 3, 2012			Sequential		Yr. to Yr.
GAAP gross margin	$	3,109		$	2,872		$	3,385		8	%	(8	)%
Non-GAAP adjustments:
Amortization of intangibles		138			120			83
Severance and facility actions and acquisition-related costs		11			21			15
Non-GAAP gross margin	$	3,258		$	3,013		$	3,483		8	%	(6	)%

GAAP operating expenses	$	2,411		$	2,283		$	2,454		6	%	(2	)%
Non-GAAP adjustments:
Amortization of intangibles		(50	)		(45	)		(21	)
Severance and facility actions and acquisition-related costs		(57	)		(111	)		(93	)
Non-GAAP operating expenses	$	2,304		$	2,127		$	2,340		8	%	(2	)%

GAAP operating income	$	698		$	589		$	931		19	%	(25	)%
Non-GAAP adjustments:
Amortization of intangibles		188			165			104
Severance and facility actions and acquisition-related costs		68			132			108
Non-GAAP operating income	$	954		$	886		$	1,143		8	%	(17	)%

GAAP net income	$	530		$	475		$	764		12	%	(31	)%
Non-GAAP adjustments:
Amortization of intangibles		188			165			104
Severance and facility actions and acquisition-related costs		68			132			108
Aggregate adjustment for income taxes		(84	)		(93	)		(63	)
Non-GAAP net income	$	702		$	679		$	913		3	%	(23	)%

GAAP earnings per share - diluted	$	0.30		$	0.27		$	0.43		11	%	(30	)%
Non-GAAP adjustments per share - diluted		0.10			0.12			0.08
Non-GAAP earnings per share - diluted	$	0.40		$	0.39		$	0.51		3	%	(22	)%

Diluted WAS		1,748			1,742			1,796

Percentage of Total Net Revenue:
GAAP gross margin		21.7	%		20.9	%		21.1	%
Non-GAAP adjustment		1.1	%		1.1	%		0.6	%
Non-GAAP gross margin		22.8	%		22.0	%		21.7	%

GAAP operating expenses		16.8	%		16.6	%		15.3	%
Non-GAAP adjustment		(0.7	)%		(1.1	)%		(0.7	)%
Non-GAAP operating expenses		16.1	%		15.5	%		14.6	%

GAAP operating income		4.9	%		4.3	%		5.8	%
Non-GAAP adjustment		1.8	%		2.2	%		1.3	%
Non-GAAP operating income		6.7	%		6.5	%		7.1	%

GAAP net income		3.7	%		3.5	%		4.8	%
Non-GAAP adjustment		1.2	%		1.4	%		0.9	%
Non-GAAP net income		4.9	%		4.9	%		5.7	%

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