Delaware | 001-37867 | 80-0890963 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One Dell Way Round Rock, Texas | 78682 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||
Emerging growth company ¨ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Exhibit No. | Exhibit Description | |
99.1 |
Date: December 7, 2017 | Dell Technologies Inc. | ||||
By: | /s/ Janet Bawcom | ||||
Janet Bawcom Senior Vice President and Assistant Secretary | |||||
(Duly Authorized Officer) |
• | Third quarter revenue of $19.6 billion, non-GAAP revenue of $19.9 billion |
• | Cash flow from operations of $1.6 billion |
• | Company unveils new capabilities and offerings, including new midrange storage solutions and Future-Proof Storage Loyalty Program |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
(in millions, except percentages; unaudited) | |||||||||||||||||||
Net revenue | $ | 19,610 | $ | 16,247 | 21% | $ | 56,725 | $ | 41,568 | 36% | |||||||||
Operating loss | $ | (533 | ) | $ | (1,512 | ) | 65% | $ | (3,012 | ) | $ | (1,584 | ) | (90)% | |||||
Net loss from continuing operations | $ | (941 | ) | $ | (1,637 | ) | 43% | $ | (3,302 | ) | $ | (2,323 | ) | (42)% | |||||
Non-GAAP net revenue | $ | 19,905 | $ | 16,777 | 19% | $ | 57,710 | $ | 42,241 | 37% | |||||||||
Non-GAAP operating income | $ | 1,986 | $ | 1,975 | 1% | $ | 4,735 | $ | 3,270 | 45% | |||||||||
Non-GAAP net income from continuing operations | $ | 1,109 | $ | 970 | 14% | $ | 2,563 | $ | 1,596 | 61% | |||||||||
Adjusted EBITDA | $ | 2,318 | $ | 2,230 | 4% | $ | 5,751 | $ | 3,757 | 53% |
• | Double-digit revenue growth in notebooks for both commercial and consumer |
• | Delivered 19th consecutive quarter of year-over-year PC unit share growth2 |
• | No. 1 workstation vendor worldwide, outperforming the industry and positive growth in every major region3 |
• | No. 1 displays provider worldwide for the 17th consecutive quarter4 |
• | Record revenue and double-digit growth for servers for 2nd consecutive quarter |
• | Worldwide leader in servers, outgrowing the market in units and revenue for both mainstream and hyperscale5 |
• | Triple-digit growth in hyperconverged portfolio, led by VxRail |
• | Double-digit demand growth for Isilon scale-out NAS and all-flash arrays |
• | Find out more about how Dell Technologies is collaboratively solving customers’ biggest challenges by visiting our Annual Report to Customers |
• | Follow the latest news on Twitter from @DellTech |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
Net revenue: | |||||||||||||||||||
Products | $ | 14,680 | $ | 12,366 | 19% | $ | 42,003 | $ | 33,510 | 25% | |||||||||
Services | 4,930 | 3,881 | 27% | 14,722 | 8,058 | 83% | |||||||||||||
Total net revenue | 19,610 | 16,247 | 21% | 56,725 | 41,568 | 36% | |||||||||||||
Cost of net revenue: | |||||||||||||||||||
Products | 12,369 | 10,562 | 17% | 36,206 | 28,856 | 25% | |||||||||||||
Services | 2,078 | 1,786 | 16% | 6,245 | 4,284 | 46% | |||||||||||||
Total cost of net revenue | 14,447 | 12,348 | 17% | 42,451 | 33,140 | 28% | |||||||||||||
Gross margin | 5,163 | 3,899 | 32% | 14,274 | 8,428 | 69% | |||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general, and administrative | 4,625 | 4,556 | 2% | 13,989 | 8,647 | 62% | |||||||||||||
Research and development | 1,071 | 855 | 25% | 3,297 | 1,365 | 142% | |||||||||||||
Total operating expenses | 5,696 | 5,411 | 5% | 17,286 | 10,012 | 73% | |||||||||||||
Operating loss | (533 | ) | (1,512 | ) | 65% | (3,012 | ) | (1,584 | ) | (90)% | |||||||||
Interest and other, net | (682 | ) | (794 | ) | 14% | (1,800 | ) | (1,362 | ) | (32)% | |||||||||
Loss from continuing operations before income taxes | (1,215 | ) | (2,306 | ) | 47% | (4,812 | ) | (2,946 | ) | (63)% | |||||||||
Income tax benefit | (274 | ) | (669 | ) | 59% | (1,510 | ) | (623 | ) | (142)% | |||||||||
Net loss from continuing operations | (941 | ) | (1,637 | ) | 43% | (3,302 | ) | (2,323 | ) | (42)% | |||||||||
Income (loss) from discontinued operations, net of income taxes | — | (438 | ) | 100% | — | 875 | (100)% | ||||||||||||
Net loss | (941 | ) | (2,075 | ) | 55% | (3,302 | ) | (1,448 | ) | (128)% | |||||||||
Less: Net loss attributable to non-controlling interests | (4 | ) | (11 | ) | 64% | (85 | ) | (12 | ) | (608)% | |||||||||
Net loss attributable to Dell Technologies Inc. | $ | (937 | ) | $ | (2,064 | ) | 55% | $ | (3,217 | ) | $ | (1,436 | ) | (124)% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | November 3, 2017 | October 28, 2016 | ||||||||||||||||
Earnings (loss) per share attributable to Dell Technologies Inc. - basic: | |||||||||||||||||||
Continuing operations - Class V Common Stock - basic | $ | 1.10 | $ | 0.79 | $ | 2.50 | $ | 0.79 | |||||||||||
Continuing operations - DHI Group - basic | $ | (2.05 | ) | $ | (3.62 | ) | $ | (6.57 | ) | $ | (5.70 | ) | |||||||
Discontinued operations - DHI Group - basic | $ | — | $ | (0.88 | ) | $ | — | $ | 2.01 | ||||||||||
Earnings (loss) per share attributable to Dell Technologies Inc. - diluted: | |||||||||||||||||||
Continuing operations - Class V Common Stock - diluted | $ | 1.09 | $ | 0.78 | $ | 2.46 | $ | 0.78 | |||||||||||
Continuing operations - DHI Group - diluted | $ | (2.05 | ) | $ | (3.63 | ) | $ | (6.58 | ) | $ | (5.70 | ) | |||||||
Discontinued operations - DHI Group - diluted | $ | — | $ | (0.88 | ) | $ | — | $ | 2.01 | ||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||
Basic - Class V Common Stock | 202 | 222 | 204 | 222 | |||||||||||||||
Diluted - Class V Common Stock | 202 | 222 | 204 | 222 | |||||||||||||||
Basic - DHI Group | 567 | 497 | 567 | 436 | |||||||||||||||
Diluted - DHI Group | 567 | 497 | 567 | 436 | |||||||||||||||
Percentage of Total Net Revenue: | |||||||||||||||||||
Gross margin | 26 | % | 24 | % | 25 | % | 20 | % | |||||||||||
Selling, general, and administrative | 24 | % | 28 | % | 25 | % | 21 | % | |||||||||||
Research and development | 5 | % | 5 | % | 6 | % | 3 | % | |||||||||||
Operating expenses | 29 | % | 33 | % | 30 | % | 24 | % | |||||||||||
Operating loss | (3 | )% | (9 | )% | (5 | )% | (4 | )% | |||||||||||
Loss from continuing operations before income taxes | (6 | )% | (14 | )% | (8 | )% | (7 | )% | |||||||||||
Net loss from continuing operations | (5 | )% | (10 | )% | (6 | )% | (6 | )% | |||||||||||
Income tax rate | 23 | % | 29 | % | 31 | % | 21 | % |
November 3, 2017 | February 3, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,706 | $ | 9,474 | |||
Short-term investments | 2,008 | 1,975 | |||||
Accounts receivable, net | 9,189 | 9,420 | |||||
Short-term financing receivables, net | 3,643 | 3,222 | |||||
Inventories, net | 2,582 | 2,538 | |||||
Other current assets | 5,397 | 4,144 | |||||
Total current assets | 34,525 | 30,773 | |||||
Property, plant, and equipment, net | 5,378 | 5,653 | |||||
Long-term investments | 4,273 | 3,802 | |||||
Long-term financing receivables, net | 3,317 | 2,651 | |||||
Goodwill | 39,330 | 38,910 | |||||
Intangible assets, net | 29,846 | 35,053 | |||||
Other non-current assets | 1,725 | 1,364 | |||||
Total assets | $ | 118,394 | $ | 118,206 | |||
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 6,235 | $ | 6,329 | |||
Accounts payable | 16,711 | 14,422 | |||||
Accrued and other | 6,901 | 7,119 | |||||
Short-term deferred revenue | 10,895 | 10,265 | |||||
Total current liabilities | 40,742 | 38,135 | |||||
Long-term debt | 45,416 | 43,061 | |||||
Long-term deferred revenue | 9,161 | 8,431 | |||||
Other non-current liabilities | 7,487 | 9,339 | |||||
Total liabilities | 102,806 | 98,966 | |||||
Redeemable shares | 362 | 231 | |||||
Stockholders' equity: | |||||||
Total Dell Technologies Inc. stockholders’ equity | 9,519 | 13,243 | |||||
Non-controlling interests | 5,707 | 5,766 | |||||
Total stockholders' equity | 15,226 | 19,009 | |||||
Total liabilities, redeemable shares, and stockholders' equity | $ | 118,394 | $ | 118,206 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 3, 2017 | October 28, 2016 | November 3, 2017 | October 28, 2016 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net loss | $ | (941 | ) | $ | (2,075 | ) | $ | (3,302 | ) | $ | (1,448 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities | 2,564 | 1,829 | 6,981 | 3,017 | |||||||||||
Change in cash from operating activities | 1,623 | (246 | ) | 3,679 | 1,569 | ||||||||||
Cash flows from investing activities: | |||||||||||||||
Investments: | |||||||||||||||
Purchases | (1,194 | ) | (503 | ) | (3,454 | ) | (511 | ) | |||||||
Maturities and sales | 935 | 543 | 2,993 | 561 | |||||||||||
Capital expenditures | (341 | ) | (182 | ) | (902 | ) | (417 | ) | |||||||
Proceeds from sale of facilities, land, and other assets | — | 5 | — | 24 | |||||||||||
Capitalized software development costs | (94 | ) | (85 | ) | (281 | ) | (85 | ) | |||||||
Collections on purchased financing receivables | 15 | 6 | 25 | 31 | |||||||||||
Acquisition of businesses, net | — | (37,614 | ) | (223 | ) | (37,614 | ) | ||||||||
Divestitures of businesses, net | — | — | — | — | |||||||||||
Asset acquisitions, net | (9 | ) | — | (95 | ) | — | |||||||||
Asset dispositions, net | (12 | ) | — | (53 | ) | — | |||||||||
Other | — | (8 | ) | — | (48 | ) | |||||||||
Change in cash from investing activities | (700 | ) | (37,838 | ) | (1,990 | ) | (38,059 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Payment of dissenting shares obligation | — | — | — | (446 | ) | ||||||||||
Proceeds from the issuance of DHI Group Common Stock | — | 4,404 | 4,404 | ||||||||||||
Proceeds from the issuance of common stock of subsidiaries | 30 | 1 | 110 | 101 | |||||||||||
Repurchases of DHI Group Common Stock | (4 | ) | (8 | ) | (6 | ) | (10 | ) | |||||||
Repurchases of Class V Common Stock | (300 | ) | (132 | ) | (722 | ) | (132 | ) | |||||||
Repurchases of common stock of subsidiaries | (555 | ) | (611 | ) | (611 | ) | |||||||||
Issuance of common stock under employee plans | — | — | 1 | — | |||||||||||
Payments for debt issuance costs | (39 | ) | (834 | ) | (44 | ) | (849 | ) | |||||||
Proceeds from debt | 8,416 | 43,838 | 13,192 | 45,986 | |||||||||||
Repayments of debt | (5,872 | ) | (7,000 | ) | (11,181 | ) | (9,638 | ) | |||||||
Share repurchases for tax withholdings on vesting of equity awards | (105 | ) | (26 | ) | (299 | ) | (28 | ) | |||||||
Other | — | 4 | — | 10 | |||||||||||
Change in cash from financing activities | 1,571 | 39,636 | 496 | 38,787 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1 | ) | (21 | ) | 47 | 31 | |||||||||
Change in cash and cash equivalents | 2,493 | 1,531 | 2,232 | 2,328 | |||||||||||
Cash and cash equivalents at beginning of period, including amounts held for sale | 9,213 | 7,373 | 9,474 | 6,576 | |||||||||||
Cash and cash equivalents at end of the period | $ | 11,706 | $ | 8,904 | $ | 11,706 | $ | 8,904 | |||||||
Less: Cash included in current assets held for sale | — | 82 | — | 82 | |||||||||||
Cash and cash equivalents from continuing operations | $ | 11,706 | $ | 8,822 | $ | 11,706 | $ | 8,822 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
Client Solutions Group (CSG): | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Commercial | $ | 6,907 | $ | 6,400 | 8% | $ | 20,453 | $ | 19,343 | 6% | |||||||||
Consumer | 3,052 | 2,787 | 10% | 8,413 | 7,635 | 10% | |||||||||||||
Total CSG net revenue | $ | 9,959 | $ | 9,187 | 8% | $ | 28,866 | $ | 26,978 | 7% | |||||||||
Operating Income: | |||||||||||||||||||
CSG operating income | $ | 672 | $ | 634 | 6% | $ | 1,612 | $ | 1,503 | 7% | |||||||||
% of CSG net revenue | 7 | % | 7 | % | 6 | % | 6 | % | |||||||||||
% of total segment operating income | 34 | % | 30 | % | 34 | % | 44 | % | |||||||||||
Infrastructure Solutions Group (ISG): | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Servers and networking | $ | 3,851 | $ | 2,910 | 32% | $ | 10,822 | $ | 9,222 | 17% | |||||||||
Storage | 3,667 | 3,079 | 19% | 11,018 | 4,159 | 165% | |||||||||||||
Total ISG net revenue | $ | 7,518 | $ | 5,989 | 26% | $ | 21,840 | $ | 13,381 | 63% | |||||||||
Operating Income: | |||||||||||||||||||
ISG operating income | $ | 678 | $ | 897 | (24)% | $ | 1,431 | $ | 1,389 | 3% | |||||||||
% of ISG net revenue | 9 | % | 15 | % | 7 | % | 10 | % | |||||||||||
% of total segment operating income | 34 | % | 43 | % | 30 | % | 40 | % | |||||||||||
VMware: | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Total VMware net revenue | $ | 1,953 | $ | 1,289 | 52% | $ | 5,596 | $ | 1,289 | 334% | |||||||||
Operating Income: | |||||||||||||||||||
VMware operating income | $ | 639 | $ | 548 | 17% | $ | 1,686 | $ | 548 | 208% | |||||||||
% of VMware net revenue | 33 | % | 43 | % | 30 | % | 43 | % | |||||||||||
% of total segment operating income | 32 | % | 26 | % | 36 | % | 16 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | November 3, 2017 | October 28, 2016 | ||||||||||||||||
Reconciliation to consolidated net revenue: | |||||||||||||||||||
Reportable segment net revenue | $ | 19,430 | $ | 16,465 | $ | 56,302 | $ | 41,648 | |||||||||||
Other businesses (a) | 475 | 312 | 1,409 | 530 | |||||||||||||||
Unallocated transactions (b) | — | — | (1 | ) | 63 | ||||||||||||||
Impact of purchase accounting (c) | (295 | ) | (530 | ) | (985 | ) | (673 | ) | |||||||||||
Total net revenue | $ | 19,610 | $ | 16,247 | $ | 56,725 | $ | 41,568 | |||||||||||
Reconciliation to consolidated operating income (loss): | |||||||||||||||||||
Reportable segment operating income | $ | 1,989 | $ | 2,079 | $ | 4,729 | $ | 3,440 | |||||||||||
Other businesses (a) | 6 | (13 | ) | 10 | (48 | ) | |||||||||||||
Unallocated transactions (b) | (9 | ) | (91 | ) | (4 | ) | (122 | ) | |||||||||||
Impact of purchase accounting (c) | (366 | ) | (850 | ) | (1,195 | ) | (1,054 | ) | |||||||||||
Amortization of intangibles | (1,734 | ) | (1,164 | ) | (5,250 | ) | (2,146 | ) | |||||||||||
Transaction-related expenses (d) | (86 | ) | (1,200 | ) | (415 | ) | (1,329 | ) | |||||||||||
Other corporate expenses (e) | (333 | ) | (273 | ) | (887 | ) | (325 | ) | |||||||||||
Total operating loss | $ | (533 | ) | $ | (1,512 | ) | $ | (3,012 | ) | $ | (1,584 | ) |
(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. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
Non-GAAP net revenue | $ | 19,905 | $ | 16,777 | 19% | $ | 57,710 | $ | 42,241 | 37% | |||||||||
Non-GAAP gross margin | $ | 6,417 | $ | 5,324 | 21% | $ | 18,163 | $ | 10,224 | 78% | |||||||||
% of non-GAAP net revenue | 32 | % | 32 | % | 31 | % | 24 | % | |||||||||||
Non-GAAP operating expenses | $ | 4,431 | $ | 3,349 | 32% | $ | 13,428 | $ | 6,954 | 93% | |||||||||
% of non-GAAP net revenue | 22 | % | 20 | % | 23 | % | 16 | % | |||||||||||
Non-GAAP operating income | $ | 1,986 | $ | 1,975 | 1% | $ | 4,735 | $ | 3,270 | 45% | |||||||||
% of non-GAAP net revenue | 10 | % | 12 | % | 8 | % | 8 | % | |||||||||||
Non-GAAP net income from continuing operations | $ | 1,109 | $ | 970 | 14% | $ | 2,563 | $ | 1,596 | 61% | |||||||||
% of non-GAAP net revenue | 6 | % | 6 | % | 4 | % | 4 | % | |||||||||||
Adjusted EBITDA | $ | 2,318 | $ | 2,230 | 4% | $ | 5,751 | $ | 3,757 | 53% | |||||||||
% of non-GAAP net revenue | 12 | % | 13 | % | 10 | % | 9 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
Net revenue | $ | 19,610 | $ | 16,247 | 21% | $ | 56,725 | $ | 41,568 | 36% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | 295 | 530 | 985 | 673 | |||||||||||||||
Non-GAAP net revenue | $ | 19,905 | $ | 16,777 | 19% | $ | 57,710 | $ | 42,241 | 37% | |||||||||
Gross margin | $ | 5,163 | $ | 3,899 | 32% | $ | 14,274 | $ | 8,428 | 69% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | 307 | 729 | 1,020 | 897 | |||||||||||||||
Amortization of intangibles | 914 | 604 | 2,784 | 806 | |||||||||||||||
Transaction-related expenses | 5 | 30 | 22 | 25 | |||||||||||||||
Other corporate expenses | 28 | 62 | 63 | 68 | |||||||||||||||
Non-GAAP gross margin | $ | 6,417 | $ | 5,324 | 21% | $ | 18,163 | $ | 10,224 | 78% | |||||||||
Operating expenses | $ | 5,696 | $ | 5,411 | 5% | $ | 17,286 | $ | 10,012 | 73% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | (59 | ) | (121 | ) | (175 | ) | (157 | ) | |||||||||||
Amortization of intangibles | (820 | ) | (560 | ) | (2,466 | ) | (1,340 | ) | |||||||||||
Transaction-related expenses | (81 | ) | (1,170 | ) | (393 | ) | (1,304 | ) | |||||||||||
Other corporate expenses | (305 | ) | (211 | ) | (824 | ) | (257 | ) | |||||||||||
Non-GAAP operating expenses | $ | 4,431 | $ | 3,349 | 32% | $ | 13,428 | $ | 6,954 | 93% | |||||||||
Operating loss | $ | (533 | ) | $ | (1,512 | ) | 65% | $ | (3,012 | ) | $ | (1,584 | ) | (90)% | |||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | 366 | 850 | 1,195 | 1,054 | |||||||||||||||
Amortization of intangibles | 1,734 | 1,164 | 5,250 | 2,146 | |||||||||||||||
Transaction-related expenses | 86 | 1,200 | 415 | 1,329 | |||||||||||||||
Other corporate expenses | 333 | 273 | 887 | 325 | |||||||||||||||
Non-GAAP operating income | $ | 1,986 | $ | 1,975 | 1% | $ | 4,735 | $ | 3,270 | 45% | |||||||||
Net loss from continuing operations | $ | (941 | ) | $ | (1,637 | ) | 43% | $ | (3,302 | ) | $ | (2,323 | ) | (42)% | |||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | 366 | 850 | 1,195 | 1,054 | |||||||||||||||
Amortization of intangibles | 1,734 | 1,164 | 5,250 | 2,146 | |||||||||||||||
Transaction-related expenses | 86 | 1,200 | 415 | 1,326 | |||||||||||||||
Other corporate expenses | 333 | 273 | 887 | 325 | |||||||||||||||
Aggregate adjustment for income taxes | (469 | ) | (880 | ) | (1,882 | ) | (932 | ) | |||||||||||
Non-GAAP net income from continuing operations | $ | 1,109 | $ | 970 | 14% | $ | 2,563 | $ | 1,596 | 61% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 3, 2017 | October 28, 2016 | Change | November 3, 2017 | October 28, 2016 | Change | ||||||||||||||
Net loss from continuing operations | $ | (941 | ) | $ | (1,637 | ) | 43% | $ | (3,302 | ) | $ | (2,323 | ) | (42)% | |||||
Adjustments: | |||||||||||||||||||
Interest and other, net | 682 | 794 | 1,800 | 1,362 | |||||||||||||||
Income tax benefit | (274 | ) | (669 | ) | (1,510 | ) | (623 | ) | |||||||||||
Depreciation and amortization | 2,137 | 1,576 | 6,491 | 2,799 | |||||||||||||||
EBITDA | $ | 1,604 | $ | 64 | NM | $ | 3,479 | $ | 1,215 | 186% | |||||||||
EBITDA | $ | 1,604 | $ | 64 | NM | $ | 3,479 | $ | 1,215 | 186% | |||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | 221 | 144 | 630 | 177 | |||||||||||||||
Impact of purchase accounting | 298 | 693 | 990 | 851 | |||||||||||||||
Transaction-related expenses | 86 | 1,200 | 415 | 1,366 | |||||||||||||||
Other corporate expenses | 109 | 129 | 237 | 148 | |||||||||||||||
Adjusted EBITDA | $ | 2,318 | $ | 2,230 | 4% | $ | 5,751 | $ | 3,757 | 53% |