Dell Reports Fiscal Year 2014 First Quarter Financial Results

 
 
DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
     
Three Months Ended % Growth Rates
May 3, May 4,
2013 2012 Yr. to Yr.
 
 
GAAP gross margin $ 2,747 $ 3,067 (10 %)
 
Non-GAAP adjustments:
Amortization of intangibles 140 88
Severance and facility actions and acquisition-related 10 12
Other (a)   2     -  
Non-GAAP gross margin $ 2,899   $ 3,167   (8 %)
 
GAAP operating expenses $ 2,521 $ 2,243 12 %
 
Non-GAAP adjustments:
Amortization of intangibles (56 ) (22 )
Severance and facility actions and acquisition-related (70 ) (64 )
Other (a)   (86 )   -  
Non-GAAP operating expenses $ 2,309   $ 2,157   7 %
 
GAAP operating income $ 226 $ 824 (73 %)
 
Non-GAAP adjustments:
Amortization of intangibles 196 110
Severance and facility actions and acquisition-related 80 76
Other (a)   88     -  
Non-GAAP operating income $ 590   $ 1,010   (42 %)
 
GAAP net income $ 130 $ 635 (79 %)
 
Non-GAAP adjustments:
Amortization of intangibles 196 110
Severance and facility actions and acquisition-related 80 76
Other (a) 88 -
Aggregate adjustment for income taxes   (122 )   (60 )
Non-GAAP net income $ 372   $ 761   (51 %)
 
GAAP earnings per share - diluted $ 0.07 $ 0.36 (81 %)
Non-GAAP adjustments per share - diluted   0.14     0.07  
Non-GAAP earnings per share - diluted $ 0.21   $ 0.43   (51 %)
 
 
Diluted WAS 1,761 1,774
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 19.5 % 21.3 %
Non-GAAP adjustment   1.1 %   0.7 %
Non-GAAP gross margin   20.6 %   22.0 %
 
GAAP operating expenses 17.9 % 15.6 %
Non-GAAP adjustment   (1.5 %)   (0.6 %)
Non-GAAP operating expenses   16.4 %   15.0 %
 
GAAP operating income 1.6 % 5.7 %
Non-GAAP adjustment   2.6 %   1.3 %
Non-GAAP operating income   4.2 %   7.0 %
 
GAAP net income 0.9 % 4.4 %
Non-GAAP adjustment   1.7 %   0.9 %
Non-GAAP net income   2.6 %   5.3 %
 
(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.
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.

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