Dell Delivers Record Results in Fiscal-Year 2011 Fourth Quarter and Full Year

DELL INC.
Reconciliation of Non-GAAP Financial Measures
(in millions, except per share data and percentages)
(unaudited)
         
Fiscal Year Ended % Growth Rates
January 28, January 29,
2011 2010 Yr. to Yr.
 
 
GAAP gross margin $ 11,396 $ 9,261 23 %
 
Non-GAAP adjustments:
Amortization of intangibles 278 151
Severance and facility actions 53 236
Acquisition-related   4     1  
Non-GAAP gross margin $ 11,731   $ 9,649   22 %
 
 
GAAP operating expenses $ 7,963 $ 7,089 12 %
 
Non-GAAP adjustments:
Amortization of intangibles (71 ) (54 )
Severance and facility actions (76 ) (245 )
Acquisition-related (94 ) (115 )
Other (1)   (140 )   -  
Non-GAAP operating expenses $ 7,582   $ 6,675   14 %
 
 
GAAP operating income $ 3,433 $ 2,172 58 %
 
Non-GAAP adjustments:
Amortization of intangibles 349 205
Severance and facility actions 129 481
Acquisition-related 98 116
Other (1)   140     -  
Non-GAAP operating income $ 4,149   $ 2,974   40 %
 
 
GAAP net income $ 2,635 $ 1,433 84 %
 
Non-GAAP adjustments:
Amortization of intangibles 349 205
Severance and facility actions 129 481
Acquisition-related 98 116
Other (1) 68 -
Aggregate adjustment for income taxes   (173 )   (181 )
Non-GAAP net Income $ 3,106   $ 2,054   51 %
 
 
GAAP earnings per share - diluted $ 1.35 $ 0.73 85 %
Non-GAAP adjustments per share - diluted   0.24     0.32  
Non-GAAP earnings per share - diluted $ 1.59   $ 1.05   51 %
 
 
GAAP Diluted WAS 1,955 1,962
 
 

Percentage of Total Net Revenue:

 
GAAP gross margin 18.5 % 17.5 %
Non-GAAP adjustment   0.6 %   0.7 %
Non-GAAP gross margin   19.1 %   18.2 %
 
GAAP operating expenses 12.9 % 13.4 %
Non-GAAP adjustment   (0.6 %)   (0.8 %)
Non-GAAP operating expenses   12.3 %   12.6 %
 
GAAP operating income 5.6 % 4.1 %
Non-GAAP adjustment   1.1 %   1.5 %
Non-GAAP operating income   6.7 %   5.6 %
 
Note: Percentage growth rates and ratios are calculated based on underlying data in thousands.
 

(1) Other for the fiscal year ended January 28, 2011 includes amounts for the $100 million settlement of the SEC investigation and a $40 million settlement for a securities litigation matter, which are both recorded in operating expenses, offset by Dell's receipt of a $72 million merger termination fee, which is recorded in Interest and Other, Net.

 

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