Dell Reports Strong Second Quarter Financial Results Driven by

Dell Reports Strong Second Quarter Financial Results Driven by Enterprise Solutions and Services



DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)

	Six Months Ended						% Growth Rates
	July 29,			July 30,
		2011			2010		Yr. to Yr.


GAAP gross margin	$	6,957		$	5,102		36	%

Non-GAAP adjustments:
Amortization of intangibles		145			138
Severance and facility actions		5			43
Acquisition-related		29			2
Non-GAAP gross margin	$	7,136		$	5,285		35	%


GAAP operating expenses	$	4,599		$	3,838		20	%

Non-GAAP adjustments:
Amortization of intangibles		(42	)		(37	)
Severance and facility actions		(14	)		(38	)
Acquisition-related		(111	)		(34	)
Other ⁽¹⁾		-			(140	)
Non-GAAP operating expenses	$	4,432		$	3,589		23	%


GAAP operating income	$	2,358		$	1,264		87	%

Non-GAAP adjustments:
Amortization of intangibles		187			175
Severance and facility actions		19			81
Acquisition-related		140			36
Other ⁽¹⁾		-			140
Non-GAAP operating income	$	2,704		$	1,696		59	%


GAAP net income	$	1,835		$	886		107	%

Non-GAAP adjustments:
Amortization of intangibles		187			175
Severance and facility actions		19			81
Acquisition-related		140			36
Other ⁽¹⁾		-			140
Aggregate adjustment for income taxes		(125	)		(105	)
Non-GAAP net Income	$	2,056		$	1,213		69	%


GAAP earnings per share - diluted	$	0.97		$	0.45		116	%
Non-GAAP adjustments per share - diluted		0.11			0.17
Non-GAAP earnings per share - diluted	$	1.08		$	0.62		74	%


GAAP Diluted WAS		1,897			1,967


Percentage of Total Net Revenue:

GAAP gross margin		22.7	%		16.8	%
Non-GAAP adjustment		0.6	%		0.6	%
Non-GAAP gross margin		23.3	%		17.4	%

GAAP operating expenses		15.0	%		12.6	%
Non-GAAP adjustment		(0.6	%)		(0.8	%)
Non-GAAP operating expenses		14.4	%		11.8	%

GAAP operating income		7.7	%		4.2	%
Non-GAAP adjustment		1.1	%		1.4	%
Non-GAAP operating income		8.8	%		5.6	%

GAAP net income		6.0	%		2.9	%
Non-GAAP adjustment		0.7	%		1.1	%
Non-GAAP net income		6.7	%		4.0	%

Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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