DELL TECHNOLOGIES INC. | |||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures | |||||||||||||||||||
(in millions, except percentages; unaudited; continued) | |||||||||||||||||||
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| Three Months Ended |
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| Six Months Ended |
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| August 2, 2019 |
| August 3, 2018 |
| Change |
| August 2, 2019 |
| August 3, 2018 |
| Change | ||||||||
Net income (loss) | $ | 4,505 |
| $ | (461) |
| NM |
| $ | 4,834 |
| $ | (999) |
| 584% | ||||
Non-GAAP adjustments: |
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Amortization of intangibles | 1,060 |
| 1,526 |
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| 2,277 |
| 3,048 |
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Impact of purchase accounting | 102 |
| 215 |
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| 203 |
| 437 |
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Transaction-related expenses | 47 |
| 104 |
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| 89 |
| 270 |
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Stock-based compensation expense | 301 |
| 216 |
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| 564 |
| 415 |
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Other corporate expenses | 714 |
| 60 |
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| 737 |
| 130 |
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Fair value adjustments on equity investments | (80) |
| (139) |
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| (142) |
| (246) |
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Aggregate adjustment for income taxes | (4,898) |
| (262) |
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| (5,602) |
| (617) |
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Non-GAAP net income (a) | $ | 1,751 |
| $ | 1,259 |
| 39% |
| $ | 2,960 |
| $ | 2,438 |
| 21% | ||||
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| Net income (loss) | $ | 4,505 |
| $ | (461) |
| NM |
| $ | 4,834 |
| $ | (999) |
| 584% | ||||
| Adjustments: |
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| Interest and other, net | 630 |
| 455 |
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| 1,323 |
| 925 |
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| Income tax benefit | (4,616) |
| (7) |
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| (5,088) |
| (92) |
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| Depreciation and amortization | 1,498 |
| 1,931 |
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| 3,114 |
| 3,845 |
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| EBITDA | $ | 2,017 |
| $ | 1,918 |
| 5% |
| $ | 4,183 |
| $ | 3,679 |
| 14% | ||||
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| EBITDA | $ | 2,017 |
| $ | 1,918 |
| 5% |
| $ | 4,183 |
| $ | 3,679 |
| 14% | ||||
| Adjustments: |
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| Stock-based compensation expense | 301 |
| 216 |
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| 564 |
| 415 |
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| Impact of purchase accounting | 84 |
| 145 |
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| 167 |
| 367 |
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| Transaction-related expenses | 47 |
| 85 |
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| 89 |
| 251 |
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| Other corporate expenses | 707 |
| 95 |
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| 726 |
| 130 |
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| Adjusted EBITDA | $ | 3,156 |
| $ | 2,459 |
| 28% |
| $ | 5,729 |
| $ | 4,842 |
| 18% | ||||
| ________________ | |
| (a) | Non-GAAP net income has been recast to exclude fair value adjustments on equity investments, the corresponding tax effects of those adjustments, and discrete tax items. |
