Dell Technologies Reports Second Quarter Results; Revenue and Profits Grow Year-Over-Year

 

DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)



Three Months Ended




Six Months Ended




August 2, 2019


August 3, 2018


Change


August 2, 2019


August 3, 2018


Change

Net income (loss)

$

4,505


$

(461)


NM


$

4,834


$

(999)


584%

Non-GAAP adjustments:












Amortization of intangibles

1,060


1,526




2,277


3,048



Impact of purchase accounting

102


215




203


437



Transaction-related expenses

47


104




89


270



Stock-based compensation expense

301


216




564


415



Other corporate expenses

714


60




737


130



Fair value adjustments on equity investments

(80)


(139)




(142)


(246)



Aggregate adjustment for income taxes

(4,898)


(262)




(5,602)


(617)



Non-GAAP net income (a)

$

1,751


$

1,259


39%


$

2,960


$

2,438


21%













Net income (loss)

$

4,505


$

(461)


NM


$

4,834


$

(999)


584%

Adjustments:












Interest and other, net

630


455




1,323


925



Income tax benefit

(4,616)


(7)




(5,088)


(92)



Depreciation and amortization

1,498


1,931




3,114


3,845



EBITDA

$

2,017


$

1,918


5%


$

4,183


$

3,679


14%













EBITDA

$

2,017


$

1,918


5%


$

4,183


$

3,679


14%

Adjustments:












Stock-based compensation expense

301


216




564


415



Impact of purchase accounting

84


145




167


367



Transaction-related expenses

47


85




89


251



Other corporate expenses

707


95




726


130



Adjusted EBITDA

$

3,156


$

2,459


28%


$

5,729


$

4,842


18%

________________

(a)  

Non-GAAP net income has been recast to exclude fair value adjustments on equity investments, the corresponding tax effects of those adjustments, and discrete tax items.


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