Future-of-Work Solutions Power Dell Technologies' Record First Quarter Fiscal 2022 Financial Results

 

 

DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued)



Three Months Ended


April 30, 2021


May 1, 2020

Reconciliation to consolidated net revenue:



Reportable segment net revenue

$

24,207



$

21,428


Other businesses (a)

290



517


Unallocated transactions (b)

2




Impact of purchase accounting (c)

(12)



(48)


Total consolidated net revenue

$

24,487



$

21,897






Reconciliation to consolidated operating income:

Reportable segment operating income

$

2,719



$

2,097


Other businesses (a)

(5)



65


Unallocated transactions (b)



(1)


Impact of purchase accounting (c)

(25)



(63)


Amortization of intangibles

(709)



(855)


Transaction-related expenses (d)

(51)



(76)


Stock-based compensation expense (e)

(435)



(370)


Other corporate expenses (f)

(119)



(95)


Total consolidated operating income

$

1,375



$

702


_________________

(a) 

Secureworks, Virtustream, and Boomi constitute "Other businesses" and do not meet the requirements for a reportable segment, either individually or collectively. The results of Other businesses are not material to the Company's overall results. On September 1, 2020, the Company completed the sale of RSA Security. Prior to divestiture, RSA Security's results were included within Other businesses.

(b)  

Unallocated transactions includes 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)   

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(f)    

Other corporate expenses includes impairment charges, severance, facility action, and other costs.

 

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, non-GAAP net income attributable to non-controlling interests, non-GAAP net income attributable to Dell Technologies Inc. - basic, non-GAAP net income attributable to Dell Technologies Inc. - diluted, non-GAAP earnings per share attributable to Dell Technologies Inc. - basic, non-GAAP earnings per share attributable to Dell Technologies Inc. - diluted, 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 these reports in conjunction with the presentation of non-GAAP financial measures.

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