Dell Reports Fiscal Year 2014 First Quarter Financial Results
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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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Three Months Ended
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% Growth Rates
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May 3,
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May 4,
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2013
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2012
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Yr. to Yr.
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GAAP gross margin
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$
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2,747
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$
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3,067
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(10
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%)
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Non-GAAP adjustments:
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Amortization of intangibles
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140
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88
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Severance and facility actions and acquisition-related
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10
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12
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Other (a)
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2
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-
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Non-GAAP gross margin
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$
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2,899
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$
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3,167
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(8
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%)
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GAAP operating expenses
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$
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2,521
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$
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2,243
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12
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%
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Non-GAAP adjustments:
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Amortization of intangibles
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(56
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(22
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Severance and facility actions and acquisition-related
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(70
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(64
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Other (a)
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(86
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-
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Non-GAAP operating expenses
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$
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2,309
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$
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2,157
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7
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%
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GAAP operating income
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$
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226
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$
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824
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(73
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%)
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Non-GAAP adjustments:
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Amortization of intangibles
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196
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110
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Severance and facility actions and acquisition-related
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80
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76
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Other (a)
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88
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-
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Non-GAAP operating income
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$
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590
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$
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1,010
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(42
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%)
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GAAP net income
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$
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130
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$
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635
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(79
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%)
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Non-GAAP adjustments:
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Amortization of intangibles
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196
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110
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Severance and facility actions and acquisition-related
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80
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76
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Other (a)
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88
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-
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Aggregate adjustment for income taxes
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(122
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)
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(60
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)
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Non-GAAP net income
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$
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372
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$
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761
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(51
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%)
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GAAP earnings per share - diluted
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$
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0.07
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$
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0.36
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(81
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%)
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Non-GAAP adjustments per share - diluted
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0.14
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0.07
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Non-GAAP earnings per share - diluted
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$
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0.21
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$
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0.43
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(51
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%)
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Diluted WAS
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1,761
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1,774
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Percentage of Total Net Revenue:
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GAAP gross margin
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19.5
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%
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21.3
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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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0.7
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%
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Non-GAAP gross margin
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20.6
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%
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22.0
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%
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GAAP operating expenses
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17.9
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%
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15.6
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%
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Non-GAAP adjustment
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(1.5
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%)
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(0.6
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%)
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Non-GAAP operating expenses
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16.4
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%
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15.0
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%
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GAAP operating income
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1.6
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%
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5.7
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%
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Non-GAAP adjustment
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2.6
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%
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1.3
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%
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Non-GAAP operating income
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4.2
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%
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7.0
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%
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GAAP net income
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0.9
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%
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4.4
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%
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Non-GAAP adjustment
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1.7
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%
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0.9
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%
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Non-GAAP net income
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2.6
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%
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5.3
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%
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(a) Other includes expenses associated with Dell's
proposed merger and retention cash bonus awards granted to certain
key employees in the first quarter of Fiscal 2014.
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Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
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