Dell Technologies Delivers Third Quarter Fiscal 2025 Financial Results

 

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued on next page)



Three Months Ended




Nine Months Ended




November 1, 2024


November 3, 2023


Change


November 1, 2024


November 3, 2023


Change

Gross margin

$            5,307


$            5,148


3 %


$          15,424


$          15,553


(1) %

Non-GAAP adjustments:












Amortization of intangibles

60


84




179


247



Stock-based compensation expense

39


37




115


112



Other corporate expenses

31


7




130


64



Non-GAAP gross margin

$            5,437


$            5,276


3 %


$          15,848


$          15,976


(1) %













Operating expenses

$            3,639


$            3,662


(1) %


$          11,494


$          11,833


(3) %

Non-GAAP adjustments:












Amortization of intangibles

(108)


(123)




(325)


(376)



Stock-based compensation expense

(159)


(190)




(484)


(563)



Other corporate expenses

(134)


(37)




(544)


(457)



Non-GAAP operating expenses

$            3,238


$            3,312


(2) %


$          10,141


$          10,437


(3) %













Operating income

$            1,668


$            1,486


12 %


$            3,930


$            3,720


6 %

Non-GAAP adjustments:












Amortization of intangibles

168


207




504


623



Stock-based compensation expense

198


227




599


675



Other corporate expenses

165


44




674


521



Non-GAAP operating income

$            2,199


$            1,964


12 %


$            5,707


$            5,539


3 %













Net income

$            1,127


$            1,004


12 %


$            2,923


$            2,037


43 %

Non-GAAP adjustments:












Amortization of intangibles

168


207




504


623



Stock-based compensation expense

198


227




599


675



Other corporate expenses

166


36




665


566



Fair value adjustments on equity investments

(46)


(8)




(21)


36



Aggregate adjustment for income taxes (a)

(73)


(77)




(836)


(302)



Non-GAAP net income

$            1,540


$            1,389


11 %


$            3,834


$            3,635


5 %










(a)

Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.


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