Dell Technologies Reports Fiscal Year 2018 Second Quarter Financial Results
News summary:
- Second quarter revenue of
$19.3 billion , non-GAAP revenue of$19.6 billion - Operating loss of
$1.0 billion , non-GAAP operating income of$1.6 billion - Cash flow from operations of
$1.8 billion - Today marks first anniversary of historic merger between
Dell andEMC
Full story
"Today we celebrate one year since the historic combination between
Since
- Combining two great companies, creating the essential IT infrastructure company with more than 140,000 employees
- Combining two salesforces into one powerful go-to-market motion and creating an integrated channel program, both of which are driving velocity and revenue synergies across all segments
- Expansion of the
Dell Financial Services (DFS) portfolio, now the exclusive originator of Dell EMC business and theVMware preferred finance partner - Industry leadership in newer and fast-growing categories, including all-flash and hyperconverged infrastructure
Fiscal second quarter 2018 results
Three Months Ended |
Six Months Ended |
||||||||||
August 4, 2017 |
July 29, 2016 |
Change |
August 4, 2017 |
July 29, 2016 |
Change |
||||||
(in millions, except percentages; unaudited) |
|||||||||||
Net revenue |
$ 19,299 |
$ 13,080 |
48 % |
$ 37,115 |
$ 25,321 |
47 % |
|||||
Operating income (loss) |
$ (979) |
$ 67 |
NM |
$ (2,479) |
$ (72) |
NM |
|||||
Net loss from continuing operations |
$ (978) |
$ (262) |
(273)% |
$ (2,361) |
$ (686) |
(244)% |
|||||
Non-GAAP net revenue |
$ 19,634 |
$ 13,145 |
49 % |
$ 37,805 |
$ 25,464 |
48 % |
|||||
Non-GAAP operating income |
$ 1,552 |
$ 756 |
105 % |
$ 2,749 |
$ 1,295 |
112 % |
|||||
Non-GAAP net income from continuing operations |
$ 873 |
$ 362 |
141 % |
$ 1,454 |
$ 626 |
132 % |
|||||
Adjusted EBITDA |
$ 1,866 |
$ 884 |
111 % |
$ 3,433 |
$ 1,527 |
125 % |
Information about
Operating segments summary
Client
Key highlights:
- Increased PC shipments by 3.7 percent, with 18 consecutive quarters of year-over-year PC unit share growth and the highest market share since 20062
- Strong notebook momentum and double-digit revenue growth across all high-end commercial and consumer product lines
- Ranked
No. 1 workstation vendor worldwide3 No. 1 displays provider worldwide for the 16th consecutive quarter and double-digit revenue growth4
Infrastructure
Key highlights:
- Continued triple-digit demand growth for hyperconverged portfolio, including VxRail, which has more than 2,000 customers and 14,000 nodes deployed to date
- Launched and shipped new 14G servers; strong overall server demand growth in each of the major regions
- Strong all-flash growth at scale, more than 2x the nearest competitor
- Double-digit demand growth in next-generation Isilon scale-out NAS with new Infinity architecture
- Strong demand for our flexible consumption and utility models, signing several large, multi-year strategic deals
Additional financial highlights
The company ended the quarter with a cash and investments balance of
Also since closing the
Conference call information
As previously announced, the company will hold a conference call to discuss its second quarter performance today at
A slide presentation containing additional financial and operating information may be downloaded from
About
Copyright © 2017 Dell Inc. or its subsidiaries. All Rights Reserved. Dell, Dell Inc. and the Dell logo are trademarks of Dell Technologies in the United States and/or other jurisdictions. All other marks and names mentioned herein may be trademarks of their respective companies.
1 Due to the
2 IDC Worldwide Quarterly Personal Computing Device (PCD) Tracker CY17Q2
3 IDC WW Workstation Tracker CY17Q2
4 DisplaySearch Desktop Monitor Market Tracker CY17Q1
Non-GAAP Financial Measures
This press release presents information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income from continuing operations, EBITDA and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in
Special Note on Forward-Looking Statements:
Statements in this press release that relate to future results and events are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on
This list of risks, uncertainties, and other factors is not complete.
DELL TECHNOLOGIES INC. |
|||||||||||
Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights |
|||||||||||
(in millions, except per share amounts and percentages; unaudited) |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
August 4, 2017 |
July 29, 2016 |
Change |
August 4, 2017 |
July 29, 2016 |
Change |
||||||
Net revenue: |
|||||||||||
Products |
$ 14,355 |
$ 10,961 |
31 % |
$ 27,323 |
$ 21,144 |
29 % |
|||||
Services |
4,944 |
2,119 |
133 % |
9,792 |
4,177 |
134 % |
|||||
Total net revenue |
19,299 |
13,080 |
48 % |
37,115 |
25,321 |
47 % |
|||||
Cost of net revenue: |
|||||||||||
Products |
12,378 |
9,495 |
30 % |
23,837 |
18,294 |
30 % |
|||||
Services |
2,112 |
1,249 |
69 % |
4,167 |
2,498 |
67 % |
|||||
Total cost of net revenue |
14,490 |
10,744 |
35 % |
28,004 |
20,792 |
35 % |
|||||
Gross margin |
4,809 |
2,336 |
106 % |
9,111 |
4,529 |
101 % |
|||||
Operating expenses: |
|||||||||||
Selling, general, and administrative |
4,695 |
2,023 |
132 % |
9,364 |
4,091 |
129 % |
|||||
Research and development |
1,093 |
246 |
344 % |
2,226 |
510 |
336 % |
|||||
Total operating expenses |
5,788 |
2,269 |
155 % |
11,590 |
4,601 |
152 % |
|||||
Operating income (loss) |
(979) |
67 |
NM |
(2,479) |
(72) |
NM |
|||||
Interest and other, net |
(545) |
(349) |
(56)% |
(1,118) |
(568) |
(97)% |
|||||
Loss from continuing operations before income taxes |
(1,524) |
(282) |
(440)% |
(3,597) |
(640) |
(462)% |
|||||
Income tax provision (benefit) |
(546) |
(20) |
NM |
(1,236) |
46 |
NM |
|||||
Net loss from continuing operations |
(978) |
(262) |
(273)% |
(2,361) |
(686) |
(244)% |
|||||
Income from discontinued operations, net of income taxes |
- |
834 |
NA |
- |
1,313 |
NA |
|||||
Net income (loss) |
(978) |
572 |
(271)% |
(2,361) |
627 |
(477)% |
|||||
Less: Net loss attributable to non-controlling interests |
(32) |
(1) |
NM |
(81) |
(1) |
NM |
|||||
Net income (loss) attributable to Dell Technologies Inc. |
$ (946) |
$ 573 |
(265)% |
$ (2,280) |
$ 628 |
(463)% |
|||||
Earnings (loss) per share attributable to Dell Technologies Inc. - basic: |
|||||||||||
Continuing operations - Class V Common Stock - basic |
$ 0.83 |
$ - |
$ 1.40 |
$ - |
|||||||
Continuing operations - DHI Group - basic |
$ (1.97) |
$ (0.64) |
$ (4.53) |
$ (1.69) |
|||||||
Discontinued operations - DHI Group - basic |
$ - |
$ 2.06 |
$ - |
$ 3.24 |
|||||||
Earnings (loss) per share attributable to Dell Technologies Inc. - diluted: |
|||||||||||
Continuing operations - Class V Common Stock - diluted |
$ 0.82 |
$ - |
$ 1.38 |
$ - |
|||||||
Continuing operations - DHI Group - diluted |
$ (1.97) |
$ (0.64) |
$ (4.54) |
$ (1.69) |
|||||||
Discontinued operations - DHI Group - diluted |
$ - |
$ 2.06 |
$ - |
$ 3.24 |
|||||||
Weighted-average shares outstanding: |
|||||||||||
Basic - Class V Common Stock |
203 |
- |
205 |
- |
|||||||
Diluted - Class V Common Stock |
203 |
- |
205 |
- |
|||||||
Basic - DHI Group |
566 |
405 |
566 |
405 |
|||||||
Diluted - DHI Group |
566 |
405 |
566 |
405 |
|||||||
Percentage of Total Net Revenue: |
|||||||||||
Gross margin |
25 % |
18 % |
25 % |
18 % |
|||||||
Selling, general, and administrative |
24 % |
15 % |
25 % |
16 % |
|||||||
Research and development |
6 % |
2 % |
6 % |
2 % |
|||||||
Operating expenses |
30 % |
17 % |
31 % |
18 % |
|||||||
Operating income (loss) |
(5)% |
1 % |
(7)% |
(0)% |
|||||||
Loss from continuing operations before income taxes |
(8)% |
(2)% |
(10)% |
(3)% |
|||||||
Net loss from continuing operations |
(5)% |
(2)% |
(6)% |
(3)% |
|||||||
Income tax rate |
36 % |
7 % |
34 % |
(7)% |
DELL TECHNOLOGIES INC. |
|||
Condensed Consolidated Statements of Financial Position |
|||
(in millions; unaudited) |
|||
August 4, 2017 |
February 3, 2017 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 9,213 |
$ 9,474 |
|
Short-term investments |
2,015 |
1,975 |
|
Accounts receivable, net |
9,716 |
9,420 |
|
Short-term financing receivables, net |
3,473 |
3,222 |
|
Inventories, net |
2,594 |
2,538 |
|
Other current assets |
5,194 |
4,144 |
|
Total current assets |
32,205 |
30,773 |
|
Property, plant, and equipment, net |
5,400 |
5,653 |
|
Long-term investments |
4,022 |
3,802 |
|
Long-term financing receivables, net |
3,199 |
2,651 |
|
Goodwill |
39,407 |
38,910 |
|
Intangible assets, net |
31,580 |
35,053 |
|
Other non-current assets |
1,681 |
1,364 |
|
Total assets |
$ 117,494 |
$ 118,206 |
|
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Short-term debt |
$ 7,686 |
$ 6,329 |
|
Accounts payable |
16,916 |
14,422 |
|
Accrued and other |
6,798 |
7,119 |
|
Short-term deferred revenue |
10,726 |
10,265 |
|
Total current liabilities |
42,126 |
38,135 |
|
Long-term debt |
41,374 |
43,061 |
|
Long-term deferred revenue |
8,878 |
8,431 |
|
Other non-current liabilities |
7,847 |
9,339 |
|
Total liabilities |
100,225 |
98,966 |
|
Redeemable shares |
333 |
231 |
|
Stockholders' equity: |
|||
Total Dell Technologies Inc. stockholders' equity |
10,947 |
13,243 |
|
Non-controlling interests |
5,989 |
5,766 |
|
Total stockholders' equity |
16,936 |
19,009 |
|
Total liabilities, redeemable shares, and stockholders' equity |
$ 117,494 |
$ 118,206 |
DELL TECHNOLOGIES INC. |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in millions; unaudited) |
|||||||
Three Months Ended |
Six Months Ended |
||||||
August 4, 2017 |
July 29, 2016 |
August 4, 2017 |
July 29, 2016 |
||||
Cash flows from operating activities: |
|||||||
Net income (loss) |
$ (978) |
$ 572 |
$ (2,361) |
$ 627 |
|||
Adjustments to reconcile net loss to net cash provided by operating activities |
2,794 |
1,306 |
4,417 |
1,188 |
|||
Change in cash from operating activities |
1,816 |
1,878 |
2,056 |
1,815 |
|||
Cash flows from investing activities: |
|||||||
Investments: |
|||||||
Purchases |
(1,701) |
(8) |
(2,260) |
(8) |
|||
Maturities and sales |
1,085 |
6 |
2,058 |
18 |
|||
Capital expenditures |
(316) |
(143) |
(561) |
(235) |
|||
Proceeds from sale of facilities, land, and other assets |
- |
15 |
- |
19 |
|||
Capitalized software development costs |
(98) |
- |
(187) |
- |
|||
Collections on purchased financing receivables |
7 |
9 |
10 |
25 |
|||
Acquisition of businesses, net |
(211) |
- |
(223) |
- |
|||
Divestitures of businesses, net |
20 |
- |
- |
- |
|||
Asset acquisitions, net |
(86) |
- |
(86) |
- |
|||
Asset dispositions, net |
(41) |
- |
(41) |
- |
|||
Other |
- |
(40) |
- |
(40) |
|||
Change in cash from investing activities |
(1,341) |
(161) |
(1,290) |
(221) |
|||
Cash flows from financing activities: |
|||||||
Payment of dissenting shares obligation |
- |
(446) |
- |
(446) |
|||
Proceeds from the issuance of common stock of subsidiaries |
72 |
(2) |
80 |
100 |
|||
Repurchases of DHI Group Common Stock |
- |
(2) |
(2) |
(2) |
|||
Repurchases of Class V Common Stock |
(54) |
- |
(422) |
- |
|||
Issuance of common stock under employee plans |
- |
- |
1 |
- |
|||
Payments for debt issuance costs |
- |
(13) |
(5) |
(15) |
|||
Proceeds from debt |
1,335 |
1,596 |
4,776 |
2,148 |
|||
Repayments of debt |
(2,155) |
(1,597) |
(5,309) |
(2,638) |
|||
Repurchases for tax withholdings on vesting of equity awards |
(68) |
(1) |
(194) |
(2) |
|||
Other |
- |
3 |
- |
6 |
|||
Change in cash from financing activities |
(870) |
(462) |
(1,075) |
(849) |
|||
Effect of exchange rate changes on cash and cash equivalents |
54 |
(21) |
48 |
52 |
|||
Change in cash and cash equivalents |
(341) |
1,234 |
(261) |
797 |
|||
Cash and cash equivalents at beginning of the period, including amounts held for sale |
9,554 |
6,139 |
9,474 |
6,576 |
|||
Cash and cash equivalents at end of the period |
$ 9,213 |
$ 7,373 |
$ 9,213 |
$ 7,373 |
|||
Less: Cash included in current assets held for sale |
- |
147 |
- |
147 |
|||
Cash and cash equivalents from continuing operations |
$ 9,213 |
$ 7,226 |
$ 9,213 |
$ 7,226 |
DELL TECHNOLOGIES INC. |
|||||||||||
Segment Information |
|||||||||||
(in millions, except percentages; unaudited) |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
August 4, 2017 |
July 29, 2016 |
Change |
August 4, 2017 |
July 29, 2016 |
Change |
||||||
Client Solutions Group (CSG): |
|||||||||||
Net Revenue: |
|||||||||||
Commercial |
$ 7,196 |
$ 6,798 |
6 % |
$ 13,546 |
$ 12,943 |
5 % |
|||||
Consumer |
2,655 |
2,422 |
10 % |
5,361 |
4,848 |
11 % |
|||||
Total CSG net revenue |
$ 9,851 |
$ 9,220 |
7 % |
$ 18,907 |
$ 17,791 |
6 % |
|||||
Operating Income: |
|||||||||||
CSG operating income |
$ 566 |
$ 484 |
17 % |
$ 940 |
$ 869 |
8 % |
|||||
% of CSG net revenue |
6 % |
5 % |
5 % |
5 % |
|||||||
% of total segment operating income |
36 % |
62 % |
34 % |
64 % |
|||||||
Infrastructure Solutions Group (ISG): |
|||||||||||
Net Revenue: |
|||||||||||
Servers and networking |
$ 3,740 |
$ 3,237 |
16 % |
$ 6,971 |
$ 6,312 |
10 % |
|||||
Storage |
3,666 |
542 |
576 % |
7,351 |
1,080 |
581 % |
|||||
Total ISG net revenue |
$ 7,406 |
$ 3,779 |
96 % |
$ 14,322 |
$ 7,392 |
94 % |
|||||
Operating Income: |
|||||||||||
ISG operating income |
$ 430 |
$ 300 |
43 % |
$ 753 |
$ 492 |
53 % |
|||||
% of ISG net revenue |
6 % |
8 % |
5 % |
7 % |
|||||||
% of total segment operating income |
28 % |
38 % |
27 % |
36 % |
|||||||
VMware: |
|||||||||||
Net Revenue: |
|||||||||||
Total VMware net revenue |
$ 1,907 |
$ — |
NA |
$ 3,643 |
$ — |
NA |
|||||
Operating Income: |
|||||||||||
VMware operating income |
$ 561 |
$ — |
NA |
$ 1,047 |
$ — |
NA |
|||||
% of VMware net revenue |
29 % |
NA |
29 % |
NA |
|||||||
% of total segment operating income |
36 % |
NA |
38 % |
NA |
|||||||
Reconciliation to consolidated net revenue: |
|||||||||||
Reportable segment net revenue |
$ 19,164 |
$ 12,999 |
$ 36,872 |
$ 25,183 |
|||||||
Other businesses (a) |
472 |
118 |
934 |
228 |
|||||||
Unallocated transactions (b) |
(2) |
28 |
(1) |
53 |
|||||||
Impact of purchase accounting (c) |
(335) |
(65) |
(690) |
(143) |
|||||||
Total net revenue |
$ 19,299 |
$ 13,080 |
$ 37,115 |
$ 25,321 |
|||||||
Reconciliation to consolidated operating income (loss): |
|||||||||||
Reportable segment operating income |
$ 1,557 |
$ 784 |
$ 2,740 |
$ 1,361 |
|||||||
Other businesses (a) |
1 |
(11) |
4 |
(27) |
|||||||
Unallocated transactions (b) |
(6) |
(17) |
5 |
(39) |
|||||||
Impact of purchase accounting (c) |
(406) |
(98) |
(829) |
(204) |
|||||||
Amortization of intangibles |
(1,740) |
(491) |
(3,516) |
(982) |
|||||||
Transaction-related expenses (d) |
(138) |
(72) |
(329) |
(129) |
|||||||
Other corporate expenses(e) |
(247) |
(28) |
(554) |
(52) |
|||||||
Total operating income (loss) |
$ (979) |
$ 67 |
$ (2,479) |
$ (72) |
|||||||
_________________ |
|||||||||||
(a) Other businesses consist of RSA Information Security, SecureWorks, Pivotal, and Boomi, and do not constitute a reportable segment, either individually or collectively, as the results of the businesses are not material to the Company's overall results and the businesses do not meet the criteria for reportable segments. |
|||||||||||
(b) Unallocated transactions includes long-term incentives, certain short-term incentive compensation expenses, and other corporate items that are not allocated to Dell Technologies' reportable segments. |
|||||||||||
(c) Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction. |
|||||||||||
(d) Transaction-related expenses includes acquisition, integration, and divestiture related costs. |
|||||||||||
(e) Other corporate expenses includes severance and facility action costs as well as stock-based compensation expense. |
SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
These tables present information about the Company's non-GAAP net revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income from continuing operations, EBITDA, and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A detailed discussion of Dell Technologies' reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" in our periodic reports filed with the SEC. Dell Technologies encourages investors to review the non-GAAP discussion in conjunction with the presentation of non-GAAP financial measures. |
DELL TECHNOLOGIES INC. |
|||||||||||
Selected Non-GAAP Financial Measures |
|||||||||||
(in millions, except percentages; unaudited) |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
August 4, 2017 |
July 29, 2016 |
Change |
August 4, 2017 |
July 29, 2016 |
Change |
||||||
Non-GAAP net revenue |
$ 19,634 |
$ 13,145 |
49 % |
$ 37,805 |
$ 25,464 |
48 % |
|||||
Non-GAAP gross margin |
$ 6,100 |
$ 2,515 |
143 % |
$ 11,746 |
$ 4,900 |
140 % |
|||||
% of non-GAAP net revenue |
31 % |
19 % |
31 % |
19 % |
|||||||
Non-GAAP operating expenses |
$ 4,548 |
$ 1,759 |
159 % |
$ 8,997 |
$ 3,605 |
150 % |
|||||
% of non-GAAP net revenue |
23 % |
13 % |
24 % |
14 % |
|||||||
Non-GAAP operating income |
$ 1,552 |
$ 756 |
105 % |
$ 2,749 |
$ 1,295 |
112 % |
|||||
% of non-GAAP net revenue |
8 % |
6 % |
7 % |
5 % |
|||||||
Non-GAAP net income from continuing operations |
$ 873 |
$ 362 |
141 % |
$ 1,454 |
$ 626 |
132 % |
|||||
% of non-GAAP net revenue |
4 % |
3 % |
4 % |
2 % |
|||||||
Adjusted EBITDA |
$ 1,866 |
$ 884 |
111 % |
$ 3,433 |
$ 1,527 |
125 % |
|||||
% of non-GAAP net revenue |
10 % |
7 % |
9 % |
6 % |
DELL TECHNOLOGIES INC. |
|||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
|||||||||||
(in millions, except percentages; unaudited) |
|||||||||||
Three Months Ended |
Six Months Ended |
||||||||||
August 4, 2017 |
July 29, 2016 |
Change |
August 4, 2017 |
July 29, 2016 |
Change |
||||||
Net revenue |
$ 19,299 |
$ 13,080 |
48 % |
$ 37,115 |
$ 25,321 |
47 % |
|||||
Non-GAAP adjustments: |
|||||||||||
Impact of purchase accounting |
335 |
65 |
690 |
143 |
|||||||
Non-GAAP net revenue |
$ 19,634 |
$ 13,145 |
49 % |
$ 37,805 |
$ 25,464 |
48 % |
|||||
Gross margin |
$ 4,809 |
$ 2,336 |
106 % |
$ 9,111 |
$ 4,529 |
101 % |
|||||
Non-GAAP adjustments: |
|||||||||||
Impact of purchase accounting |
348 |
79 |
713 |
168 |
|||||||
Amortization of intangibles |
920 |
101 |
1,870 |
202 |
|||||||
Transaction-related expenses |
10 |
(4) |
17 |
(5) |
|||||||
Other corporate expenses |
13 |
3 |
35 |
6 |
|||||||
Non-GAAP gross margin |
$ 6,100 |
$ 2,515 |
143 % |
$ 11,746 |
$ 4,900 |
140 % |
|||||
Operating expenses |
$ 5,788 |
$ 2,269 |
155 % |
$ 11,590 |
$ 4,601 |
152 % |
|||||
Non-GAAP adjustments: |
|||||||||||
Impact of purchase accounting |
(58) |
(19) |
(116) |
(36) |
|||||||
Amortization of intangibles |
(820) |
(390) |
(1,646) |
(780) |
|||||||
Transaction-related expenses |
(128) |
(76) |
(312) |
(134) |
|||||||
Other corporate expenses |
(234) |
(25) |
(519) |
(46) |
|||||||
Non-GAAP operating expenses |
$ 4,548 |
$ 1,759 |
159 % |
$ 8,997 |
$ 3,605 |
150 % |
|||||
Operating income (loss) |
$ (979) |
$ 67 |
NM |
$ (2,479) |
$ (72) |
NM |
|||||
Non-GAAP adjustments: |
|||||||||||
Impact of purchase accounting |
406 |
98 |
829 |
204 |
|||||||
Amortization of intangibles |
1,740 |
491 |
3,516 |
982 |
|||||||
Transaction-related expenses |
138 |
72 |
329 |
129 |
|||||||
Other corporate expenses |
247 |
28 |
554 |
52 |
|||||||
Non-GAAP operating income |
$ 1,552 |
$ 756 |
105 % |
$ 2,749 |
$ 1,295 |
112 % |
|||||
Net loss from continuing operations |
$ (978) |
$ (262) |
(273)% |
$ (2,361) |
$ (686) |
(244)% |
|||||
Non-GAAP adjustments: |
|||||||||||
Impact of purchase accounting |
406 |
98 |
829 |
204 |
|||||||
Amortization of intangibles |
1,740 |
491 |
3,516 |
982 |
|||||||
Transaction-related expenses |
138 |
69 |
329 |
126 |
|||||||
Other corporate expenses |
247 |
28 |
554 |
52 |
|||||||
Aggregate adjustment for income taxes |
(680) |
(62) |
(1,413) |
(52) |
|||||||
Non-GAAP net income from continuing operations |
$ 873 |
$ 362 |
141 % |
$ 1,454 |
$ 626 |
132 % |
|||||
Net loss from continuing operations |
$ (978) |
$ (262) |
(273)% |
$ (2,361) |
$ (686) |
(244)% |
|||||
Adjustments: |
|||||||||||
Interest and other, net |
545 |
349 |
1,118 |
568 |
|||||||
Income tax provision (benefit) |
(546) |
(20) |
(1,236) |
46 |
|||||||
Depreciation and amortization |
2,142 |
605 |
4,354 |
1,223 |
|||||||
EBITDA |
$ 1,163 |
$ 672 |
73 % |
$ 1,875 |
$ 1,151 |
63 % |
|||||
EBITDA |
$ 1,163 |
$ 672 |
73 % |
$ 1,875 |
$ 1,151 |
63 % |
|||||
Adjustments: |
|||||||||||
Stock-based compensation expense |
208 |
19 |
409 |
33 |
|||||||
Impact of purchase accounting |
335 |
75 |
692 |
158 |
|||||||
Transaction-related expenses |
138 |
109 |
329 |
166 |
|||||||
Other corporate expenses |
22 |
9 |
128 |
19 |
|||||||
Adjusted EBITDA |
$ 1,866 |
$ 884 |
111 % |
$ 3,433 |
$ 1,527 |
125 % |
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SOURCE
MEDIA CONTACTS: Dave Farmer, (508) 293-7206, dave.farmer@dell.com; Lauren Lee, (512) 728-4374, lauren.lee@dell.com; INVESTOR RELATIONS CONTACTS: Karen Litzler-Hollier, (512) 728-0388, karen.litzler-hollie@dell.com; Hall Butler, (512) 723-4963, hall.butler@dell.com