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Future of Work Solutions Fuel Dell Technologies’ Record Fiscal Year 2021 Financial Results | Dell Technologies
News summary
- Record full-year revenue of
$94.2 billion - Record full-year operating income of
$5.1 billion and record non-GAAP operating income of$10.8 billion - Record cash flow from operations of
$11.4 billion Record Client Solutions Group shipments, revenue and operating income
Full story
Full-year revenue was a record
Fourth quarter revenue was up 9% to
“In the past year, our team rallied to support our customers and partners worldwide as technology played a central role in keeping our society, economy and lives moving forward,” said
Fourth Quarter and Full-Year Fiscal 2021 Financial Results |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
(in millions, except per share amounts and percentages; unaudited) |
|||||||||||||||||||
Total net revenue |
$ |
26,112 |
$ |
24,032 |
9% |
$ |
94,224 |
$ |
92,154 |
2% |
|||||||||
Operating income |
$ |
2,177 |
$ |
717 |
204% |
$ |
5,144 |
$ |
2,622 |
96% |
|||||||||
Net income |
$ |
1,343 |
$ |
416 |
223% |
$ |
3,505 |
$ |
5,529 |
(37)% |
|||||||||
Earnings per share – diluted |
$ |
1.57 |
$ |
0.54 |
191% |
$ |
4.22 |
$ |
6.03 |
(30)% |
|||||||||
Non-GAAP net revenue |
$ |
26,148 |
$ |
24,129 |
8% |
$ |
94,389 |
$ |
92,501 |
2% |
|||||||||
Non-GAAP operating income |
$ |
3,294 |
$ |
2,767 |
19% |
$ |
10,798 |
$ |
10,148 |
6% |
|||||||||
Non-GAAP net income |
$ |
2,288 |
$ |
1,684 |
36% |
$ |
6,763 |
$ |
6,089 |
11% |
|||||||||
Adjusted EBITDA |
$ |
3,809 |
$ |
3,201 |
19% |
$ |
12,747 |
$ |
11,787 |
8% |
|||||||||
Non-GAAP earnings per share – diluted |
$ |
2.70 |
$ |
2.00 |
35% |
$ |
8.00 |
$ |
7.35 |
9% |
Information about |
“This year’s strong results are a testament to the flexibility of
Operating segments summary
Client Solutions Group delivered record results, with revenue for the fourth quarter of
Key highlights:
- Shipped a record 50.3 million units during the 2020 calendar year1, an 8% increase year-over-year
- Only big 3 vendor to gain Commercial PC share in calendar year 20201
- Continued to see strong growth in Latitude and Precision notebooks and Commercial Chromebooks
Infrastructure Solutions Group revenue for the fourth quarter was
Key highlights:
- PowerStore orders up 4X quarter-over-quarter, as customers embrace the next generation of modern data center technology and applications
- Strong year-over-year growth in PowerMax, HCI and PowerProtect Data Domain
- Launch of new HCI, cloud, storage and data protection integration with latest
VMware releases to help customers innovate across edge locations, data centers and hybrid clouds
Dell Technologies World
Join us
Conference call information
As previously announced, the Company will hold a conference call to discuss its fiscal 2021 fourth quarter/full year performance and financial guidance,
For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.
Additional financial and operating information may be downloaded from https://investors.delltechnologies.com/financial-information/quarterly-results
About
Copyright © 2021 Dell Inc. or its subsidiaries. All Rights Reserved.
1 IDC WW Personal Computing Device Tracker CY20Q4, WW commercial PC, on a Y/Y basis
Non-GAAP Financial Measures:
This press release presents information about
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.
|
|||||||||||||||||||
Condensed Consolidated Statements of Income (Loss) and Related Financial Highlights |
|||||||||||||||||||
(in millions, except percentages; unaudited) |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue (a): |
|||||||||||||||||||
Products |
$ |
19,784 |
$ |
18,153 |
9% |
$ |
69,911 |
$ |
69,918 |
—% |
|||||||||
Services |
6,328 |
5,879 |
8% |
24,313 |
22,236 |
9% |
|||||||||||||
Total net revenue |
26,112 |
24,032 |
9% |
94,224 |
92,154 |
2% |
|||||||||||||
Cost of net revenue: |
|||||||||||||||||||
Products |
15,424 |
13,999 |
10% |
55,347 |
54,525 |
2% |
|||||||||||||
Services |
2,541 |
2,349 |
8% |
9,460 |
8,696 |
9% |
|||||||||||||
Total cost of net revenue |
17,965 |
16,348 |
10% |
64,807 |
63,221 |
3% |
|||||||||||||
Gross margin |
8,147 |
7,684 |
6% |
29,417 |
28,933 |
2% |
|||||||||||||
Operating expenses: |
|||||||||||||||||||
Selling, general, and administrative |
4,579 |
5,642 |
(19)% |
18,998 |
21,319 |
(11)% |
|||||||||||||
Research and development |
1,391 |
1,325 |
5% |
5,275 |
4,992 |
6% |
|||||||||||||
Total operating expenses |
5,970 |
6,967 |
(14)% |
24,273 |
26,311 |
(8)% |
|||||||||||||
Operating income |
2,177 |
717 |
204% |
5,144 |
2,622 |
96% |
|||||||||||||
Interest and other, net |
(545) |
(626) |
13% |
(1,474) |
(2,626) |
44% |
|||||||||||||
Income (loss) before income taxes |
1,632 |
91 |
NM |
3,670 |
(4) |
NM |
|||||||||||||
Income tax provision (benefit) |
289 |
(325) |
189% |
165 |
(5,533) |
103% |
|||||||||||||
Net income |
1,343 |
416 |
223% |
3,505 |
5,529 |
(37)% |
|||||||||||||
Less: Net income attributable to non-controlling interests |
116 |
8 |
NM |
255 |
913 |
(72)% |
|||||||||||||
Net income attributable to |
$ |
1,227 |
$ |
408 |
201% |
$ |
3,250 |
$ |
4,616 |
(30)% |
|||||||||
Percentage of Total Net Revenue: |
|||||||||||||||||||
Gross margin |
31 |
% |
32 |
% |
31 |
% |
31 |
% |
|||||||||||
Selling, general, and administrative |
18 |
% |
23 |
% |
20 |
% |
23 |
% |
|||||||||||
Research and development |
5 |
% |
6 |
% |
6 |
% |
5 |
% |
|||||||||||
Operating expenses |
23 |
% |
29 |
% |
26 |
% |
29 |
% |
|||||||||||
Operating income |
8 |
% |
3 |
% |
5 |
% |
3 |
% |
|||||||||||
Income (loss) before income taxes |
6 |
% |
— |
% |
4 |
% |
— |
% |
|||||||||||
Net income |
5 |
% |
2 |
% |
4 |
% |
6 |
% |
|||||||||||
Income tax rate |
17.7 |
% |
-357.1 |
% |
4.5 |
% |
138325.0 |
% |
____________________ |
|
(a) |
During Fiscal 2020, the Company reclassified revenue associated with certain service and software-as-a-service offerings from product revenue to services revenue. There was no change to total revenue as a result of the reclassifications. |
|
|||||||
Consolidated Statements of Financial Position |
|||||||
(in millions; unaudited) |
|||||||
|
|
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
14,201 |
$ |
9,302 |
|||
Accounts receivable, net |
12,788 |
12,484 |
|||||
Short-term financing receivables, net |
5,155 |
4,895 |
|||||
Inventories, net |
3,402 |
3,281 |
|||||
Other current assets |
8,021 |
6,906 |
|||||
Total current assets |
43,567 |
36,868 |
|||||
Property, plant, and equipment, net |
6,431 |
6,055 |
|||||
Long-term investments |
1,624 |
864 |
|||||
Long-term financing receivables, net |
5,339 |
4,848 |
|||||
|
40,829 |
41,691 |
|||||
Intangible assets, net |
14,429 |
18,107 |
|||||
Other non-current assets |
11,196 |
10,428 |
|||||
Total assets |
$ |
123,415 |
$ |
118,861 |
|||
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY |
|||||||
Current liabilities: |
|||||||
Short-term debt |
$ |
6,362 |
$ |
7,737 |
|||
Accounts payable |
21,696 |
20,065 |
|||||
Accrued and other |
9,549 |
9,773 |
|||||
Short-term deferred revenue |
16,525 |
14,881 |
|||||
Total current liabilities |
54,132 |
52,456 |
|||||
Long-term debt |
41,622 |
44,319 |
|||||
Long-term deferred revenue |
14,276 |
12,919 |
|||||
Other non-current liabilities |
5,360 |
5,383 |
|||||
Total liabilities |
115,390 |
115,077 |
|||||
Redeemable shares |
472 |
629 |
|||||
Stockholders’ equity (deficit): |
|||||||
|
2,479 |
(1,574) |
|||||
Non-controlling interests |
5,074 |
4,729 |
|||||
Total stockholders’ equity |
7,553 |
3,155 |
|||||
Total liabilities, redeemable shares, and stockholders’ equity |
$ |
123,415 |
$ |
118,861 |
|
|||||||||||||||
Condensed Consolidated Statements of Cash Flows |
|||||||||||||||
(in millions; unaudited) |
|||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||
Cash flows from operating activities: |
|||||||||||||||
Net income |
$ |
1,343 |
$ |
416 |
$ |
3,505 |
$ |
5,529 |
|||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
4,534 |
3,092 |
7,902 |
3,762 |
|||||||||||
Change in cash from operating activities |
5,877 |
3,508 |
11,407 |
9,291 |
|||||||||||
Cash flows from investing activities: |
|||||||||||||||
Purchases of investments |
(42) |
(39) |
(338) |
(181) |
|||||||||||
Maturities and sales of investments |
71 |
48 |
169 |
497 |
|||||||||||
Capital expenditures and capitalized software development costs |
(498) |
(700) |
(2,082) |
(2,576) |
|||||||||||
Acquisition of businesses and assets, net |
(19) |
(26) |
(424) |
(2,463) |
|||||||||||
Divestitures of businesses and assets, net |
— |
— |
2,187 |
(3) |
|||||||||||
Other |
2 |
13 |
28 |
40 |
|||||||||||
Change in cash from investing activities |
(486) |
(704) |
(460) |
(4,686) |
|||||||||||
Cash flows from financing activities: |
|||||||||||||||
Proceeds from the issuance of common stock |
63 |
207 |
452 |
658 |
|||||||||||
Repurchases of parent common stock |
(1) |
(2) |
(241) |
(8) |
|||||||||||
Repurchases of subsidiary common stock (a) |
(473) |
(1,861) |
(1,363) |
(3,547) |
|||||||||||
Proceeds from debt |
1,619 |
2,825 |
16,391 |
20,481 |
|||||||||||
Repayments of debt |
(3,675) |
(3,169) |
(20,919) |
(22,117) |
|||||||||||
Other |
— |
(4) |
(270) |
(71) |
|||||||||||
Change in cash from financing activities |
(2,467) |
(2,004) |
(5,950) |
(4,604) |
|||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
103 |
10 |
36 |
(90) |
|||||||||||
Change in cash, cash equivalents, and restricted cash |
3,027 |
810 |
5,033 |
(89) |
|||||||||||
Cash, cash equivalents, and restricted cash at beginning of the period |
12,157 |
9,341 |
10,151 |
10,240 |
|||||||||||
Cash, cash equivalents, and restricted cash at end of the period |
$ |
15,184 |
$ |
10,151 |
$ |
15,184 |
$ |
10,151 |
_________________ |
|
(a) |
Subsidiary common stock repurchases are inclusive of employee tax withholding on stock-based compensation. |
|
|||||||||||||||||||
Segment Information |
|||||||||||||||||||
(in millions, except percentages; unaudited; continued on next page) |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Infrastructure Solutions Group (ISG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Servers and networking |
$ |
4,379 |
$ |
4,269 |
3% |
$ |
16,497 |
$ |
17,127 |
(4)% |
|||||||||
Storage |
4,409 |
4,487 |
(2)% |
16,091 |
16,842 |
(4)% |
|||||||||||||
Total ISG net revenue |
$ |
8,788 |
$ |
8,756 |
—% |
$ |
32,588 |
$ |
33,969 |
(4)% |
|||||||||
Operating Income: |
|||||||||||||||||||
ISG operating income |
$ |
1,189 |
$ |
1,112 |
7% |
$ |
3,776 |
$ |
4,001 |
(6)% |
|||||||||
% of ISG net revenue |
14 |
% |
13 |
% |
12 |
% |
12 |
% |
|||||||||||
% of total reportable segment operating income |
36 |
% |
40 |
% |
35 |
% |
39 |
% |
|||||||||||
Client Solutions Group (CSG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Commercial |
$ |
9,940 |
$ |
8,563 |
16% |
$ |
35,396 |
$ |
34,277 |
3% |
|||||||||
Consumer |
3,822 |
3,207 |
19% |
12,959 |
11,561 |
12% |
|||||||||||||
Total CSG net revenue |
$ |
13,762 |
$ |
11,770 |
17% |
$ |
48,355 |
$ |
45,838 |
5% |
|||||||||
Operating Income: |
|||||||||||||||||||
CSG operating income |
$ |
1,043 |
$ |
624 |
67% |
$ |
3,352 |
$ |
3,138 |
7% |
|||||||||
% of CSG net revenue |
8 |
% |
5 |
% |
7 |
% |
7 |
% |
|||||||||||
% of total reportable segment operating income |
32 |
% |
23 |
% |
31 |
% |
31 |
% |
|||||||||||
|
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Total |
$ |
3,317 |
$ |
3,126 |
6% |
$ |
11,873 |
$ |
10,905 |
9% |
|||||||||
Operating Income: |
|||||||||||||||||||
|
$ |
1,067 |
$ |
1,026 |
4% |
$ |
3,571 |
$ |
3,081 |
16% |
|||||||||
% of |
32 |
% |
33 |
% |
30 |
% |
28 |
% |
|||||||||||
% of total reportable segment operating income |
32 |
% |
37 |
% |
33 |
% |
30 |
% |
____________________ |
|
(a) |
During Fiscal 2020, the Company reclassified Pivotal operating results from Other businesses to the |
|
|||||||||||||||
Segment Information |
|||||||||||||||
(in millions, except percentages; unaudited; continued) |
|||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||
Reconciliation to consolidated net revenue: |
|||||||||||||||
Reportable segment net revenue (a) |
$ |
25,867 |
$ |
23,652 |
$ |
92,816 |
$ |
90,712 |
|||||||
Other businesses (a) (b) |
279 |
477 |
1,567 |
1,788 |
|||||||||||
Unallocated transactions (c) |
2 |
— |
6 |
1 |
|||||||||||
Impact of purchase accounting (d) |
(36) |
(97) |
(165) |
(347) |
|||||||||||
Total consolidated net revenue |
$ |
26,112 |
$ |
24,032 |
$ |
94,224 |
$ |
92,154 |
|||||||
Reconciliation to consolidated operating income: |
|||||||||||||||
Reportable segment operating income (a) |
$ |
3,299 |
$ |
2,762 |
$ |
10,699 |
$ |
10,220 |
|||||||
Other businesses (a) (b) |
(6) |
5 |
99 |
(43) |
|||||||||||
Unallocated transactions (c) |
1 |
— |
— |
(29) |
|||||||||||
Impact of purchase accounting (d) |
(48) |
(112) |
(213) |
(411) |
|||||||||||
Amortization of intangibles |
(846) |
(1,074) |
(3,393) |
(4,408) |
|||||||||||
Transaction-related expenses (e) |
(46) |
(120) |
(257) |
(285) |
|||||||||||
Stock-based compensation expense (f) |
(390) |
(376) |
(1,609) |
(1,262) |
|||||||||||
Other corporate expenses (g) |
213 |
(368) |
(182) |
(1,160) |
|||||||||||
Total consolidated operating income |
$ |
2,177 |
$ |
717 |
$ |
5,144 |
$ |
2,622 |
_________________ |
|
(a) |
During Fiscal 2020, the Company reclassified Pivotal operating results from Other businesses to the |
(b) |
Secureworks, Virtustream, and Boomi constitute “Other businesses” and do not meet the requirements for a reportable segment, either individually or collectively. The Company completed the sale of |
(c) |
Unallocated transactions includes other corporate items that are not allocated to |
(d) |
Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the |
(e) |
Transaction-related expenses includes acquisition, integration, and divestiture related costs. |
(f) |
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. |
(g) |
Other corporate expenses includes impairment charges, severance, facility action, and other costs. The fourth quarter of Fiscal 2021 includes derecognition of a |
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
|
|||||||||||||||||||
Selected Non-GAAP Financial Measures |
|||||||||||||||||||
(in millions, except per share amounts and percentages; unaudited) |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Non-GAAP net revenue |
$ |
26,148 |
$ |
24,129 |
8% |
$ |
94,389 |
$ |
92,501 |
2% |
|||||||||
Non-GAAP gross margin |
$ |
8,624 |
$ |
8,375 |
3% |
$ |
31,346 |
$ |
31,563 |
(1)% |
|||||||||
% of non-GAAP net revenue |
33 |
% |
35 |
% |
33 |
% |
34 |
% |
|||||||||||
Non-GAAP operating expenses |
$ |
5,330 |
$ |
5,608 |
(5)% |
$ |
20,548 |
$ |
21,415 |
(4)% |
|||||||||
% of non-GAAP net revenue |
20 |
% |
23 |
% |
22 |
% |
23 |
% |
|||||||||||
Non-GAAP operating income |
$ |
3,294 |
$ |
2,767 |
19% |
$ |
10,798 |
$ |
10,148 |
6% |
|||||||||
% of non-GAAP net revenue |
13 |
% |
11 |
% |
11 |
% |
11 |
% |
|||||||||||
Non-GAAP net income |
$ |
2,288 |
$ |
1,684 |
36% |
$ |
6,763 |
$ |
6,089 |
11% |
|||||||||
% of non-GAAP net revenue |
9 |
% |
7 |
% |
7 |
% |
7 |
% |
|||||||||||
Adjusted EBITDA |
$ |
3,809 |
$ |
3,201 |
19% |
$ |
12,747 |
$ |
11,787 |
8% |
|||||||||
% of non-GAAP net revenue |
15 |
% |
13 |
% |
14 |
% |
13 |
% |
|||||||||||
Non-GAAP earnings per share – diluted |
$ |
2.70 |
$ |
2.00 |
35% |
$ |
8.00 |
$ |
7.35 |
9% |
|
|||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
|||||||||||||||||||
(in millions, except percentages; unaudited; continued on next page) |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue |
$ |
26,112 |
$ |
24,032 |
9% |
$ |
94,224 |
$ |
92,154 |
2% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Impact of purchase accounting |
36 |
97 |
165 |
347 |
|||||||||||||||
Non-GAAP net revenue |
$ |
26,148 |
$ |
24,129 |
8% |
$ |
94,389 |
$ |
92,501 |
2% |
|||||||||
Gross margin |
$ |
8,147 |
$ |
7,684 |
6% |
$ |
29,417 |
$ |
28,933 |
2% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
380 |
526 |
1,502 |
2,081 |
|||||||||||||||
Impact of purchase accounting |
37 |
98 |
171 |
353 |
|||||||||||||||
Transaction-related expenses |
— |
— |
— |
(5) |
|||||||||||||||
Stock-based compensation expense |
53 |
38 |
194 |
129 |
|||||||||||||||
Other corporate expenses |
7 |
29 |
62 |
72 |
|||||||||||||||
Non-GAAP gross margin |
$ |
8,624 |
$ |
8,375 |
3% |
$ |
31,346 |
$ |
31,563 |
(1)% |
|||||||||
Operating expenses |
$ |
5,970 |
$ |
6,967 |
(14)% |
$ |
24,273 |
$ |
26,311 |
(8)% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
(466) |
(548) |
(1,891) |
(2,327) |
|||||||||||||||
Impact of purchase accounting |
(11) |
(14) |
(42) |
(58) |
|||||||||||||||
Transaction-related expenses |
(46) |
(120) |
(257) |
(290) |
|||||||||||||||
Stock-based compensation expense |
(337) |
(338) |
(1,415) |
(1,133) |
|||||||||||||||
Other corporate expenses |
220 |
(339) |
(120) |
(1,088) |
|||||||||||||||
Non-GAAP operating expenses |
$ |
5,330 |
$ |
5,608 |
(5)% |
$ |
20,548 |
$ |
21,415 |
(4)% |
|||||||||
Operating income |
$ |
2,177 |
$ |
717 |
204% |
$ |
5,144 |
$ |
2,622 |
96% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
846 |
1,074 |
3,393 |
4,408 |
|||||||||||||||
Impact of purchase accounting |
48 |
112 |
213 |
411 |
|||||||||||||||
Transaction-related expenses |
46 |
120 |
257 |
285 |
|||||||||||||||
Stock-based compensation expense |
390 |
376 |
1,609 |
1,262 |
|||||||||||||||
Other corporate expenses |
(213) |
368 |
182 |
1,160 |
|||||||||||||||
Non-GAAP operating income |
$ |
3,294 |
$ |
2,767 |
19% |
$ |
10,798 |
$ |
10,148 |
6% |
DELL TECHNOLOGIES INC. |
|||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
|||||||||||||||||||
(in millions, except percentages; unaudited; continued) |
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net income |
$ |
1,343 |
$ |
416 |
223% |
$ |
3,505 |
$ |
5,529 |
(37)% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
846 |
1,074 |
3,393 |
4,408 |
|||||||||||||||
Impact of purchase accounting |
48 |
112 |
213 |
411 |
|||||||||||||||
Transaction-related expenses |
46 |
120 |
(201) |
285 |
|||||||||||||||
Stock-based compensation expense |
390 |
376 |
1,609 |
1,262 |
|||||||||||||||
Other corporate expenses |
(213) |
368 |
74 |
1,160 |
|||||||||||||||
Fair value adjustments on equity investments |
9 |
(34) |
(582) |
(194) |
|||||||||||||||
Aggregate adjustment for income taxes |
(181) |
(748) |
(1,248) |
(6,772) |
|||||||||||||||
Non-GAAP net income |
$ |
2,288 |
$ |
1,684 |
36% |
$ |
6,763 |
$ |
6,089 |
11% |
|||||||||
Net income |
$ |
1,343 |
$ |
416 |
223% |
$ |
3,505 |
$ |
5,529 |
(37)% |
|||||||||
Adjustments: |
|||||||||||||||||||
Interest and other, net |
545 |
626 |
1,474 |
2,626 |
|||||||||||||||
Income tax provision (benefit) |
289 |
(325) |
165 |
(5,533) |
|||||||||||||||
Depreciation and amortization |
1,373 |
1,535 |
5,390 |
6,143 |
|||||||||||||||
EBITDA |
$ |
3,550 |
$ |
2,252 |
58% |
$ |
10,534 |
$ |
8,765 |
20% |
|||||||||
EBITDA |
$ |
3,550 |
$ |
2,252 |
58% |
$ |
10,534 |
$ |
8,765 |
20% |
|||||||||
Adjustments: |
|||||||||||||||||||
Stock-based compensation expense |
390 |
376 |
1,609 |
1,262 |
|||||||||||||||
Impact of purchase accounting |
36 |
96 |
165 |
347 |
|||||||||||||||
Transaction-related expenses |
46 |
120 |
257 |
285 |
|||||||||||||||
Other corporate expenses |
(213) |
357 |
182 |
1,128 |
|||||||||||||||
Adjusted EBITDA |
$ |
3,809 |
$ |
3,201 |
19% |
$ |
12,747 |
$ |
11,787 |
8% |
|
||||||||||||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
||||||||||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||||||||||
(in millions, except per share amounts; unaudited) |
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non-GAAP |
||||||||||||||||||||
Net income |
$ |
1,343 |
846 |
48 |
46 |
390 |
(213) |
9 |
(181) |
$ |
2,288 |
|||||||||||||||||
Less: Net income attributable to non-controlling interests (a) |
116 |
62 |
3 |
6 |
51 |
(47) |
4 |
(10) |
185 |
|||||||||||||||||||
Net income attributable to |
1,227 |
784 |
45 |
40 |
339 |
(166) |
5 |
(171) |
2,103 |
|||||||||||||||||||
Incremental dilution from |
(5) |
(5) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
1,222 |
$ |
2,098 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
1.64 |
$ |
2.80 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
1.57 |
$ |
2.70 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
750 |
750 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
776 |
776 |
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
|||||||||||||||||||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
|||||||||||||||||||||||||||||||||||
For the Fiscal Year Ended |
|||||||||||||||||||||||||||||||||||
(in millions, except per share amounts; unaudited) |
|||||||||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate for income |
Non-GAAP |
|||||||||||||||||||||||||||
Net income |
$ |
3,505 |
3,393 |
213 |
(201) |
1,609 |
74 |
(582) |
(1,248) |
$ |
6,763 |
||||||||||||||||||||||||
Less: Net income attributable to non-controlling interests (a) |
255 |
249 |
13 |
26 |
223 |
(38) |
(31) |
(87) |
610 |
||||||||||||||||||||||||||
Net income attributable to |
3,250 |
$ |
3,144 |
$ |
200 |
$ |
(227) |
$ |
1,386 |
$ |
112 |
$ |
(551) |
$ |
(1,161) |
6,153 |
|||||||||||||||||||
Incremental dilution from |
(13) |
(20) |
|||||||||||||||||||||||||||||||||
Net income attributable to |
$ |
3,237 |
$ |
6,133 |
|||||||||||||||||||||||||||||||
Earnings per share – basic |
$ |
4.37 |
$ |
8.27 |
|||||||||||||||||||||||||||||||
Earnings per share – diluted |
$ |
4.22 |
$ |
8.00 |
|||||||||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
744 |
744 |
|||||||||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
767 |
767 |
|||||||||||||||||||||||||||||||||
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
||||||||||||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
||||||||||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||||||||||
(in millions, except per share amounts; unaudited) |
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non-GAAP |
||||||||||||||||||||
Net income |
$ |
416 |
1,074 |
112 |
120 |
376 |
368 |
(34) |
(748) |
$ |
1,684 |
|||||||||||||||||
Less: Net income attributable to non-controlling interests (a) |
8 |
76 |
6 |
32 |
65 |
45 |
— |
(61) |
171 |
|||||||||||||||||||
Net income attributable to |
408 |
998 |
106 |
88 |
311 |
323 |
(34) |
(687) |
1,513 |
|||||||||||||||||||
Incremental dilution from |
(3) |
(8) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
405 |
$ |
1,505 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
0.56 |
$ |
2.06 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
0.54 |
$ |
2.00 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
734 |
734 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
754 |
754 |
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
||||||||||||||||||||||||||||
Reconciliation of Selected Non-GAAP Financial Measures |
||||||||||||||||||||||||||||
For the Fiscal Year Ended |
||||||||||||||||||||||||||||
(in millions, except per share amounts; unaudited) |
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non-GAAP |
||||||||||||||||||||
Net income |
$ |
5,529 |
4,408 |
411 |
285 |
1,262 |
1,160 |
(194) |
(6,772) |
$ |
6,089 |
|||||||||||||||||
Less: Net income attributable to non-controlling interests (a) |
913 |
295 |
23 |
50 |
217 |
45 |
24 |
(1,032) |
535 |
|||||||||||||||||||
Net income attributable to |
4,616 |
4,113 |
388 |
235 |
1,045 |
1,115 |
(218) |
(5,740) |
5,554 |
|||||||||||||||||||
Incremental dilution from |
(84) |
(35) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
4,532 |
$ |
5,519 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
6.38 |
$ |
7.67 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
6.03 |
$ |
7.35 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
724 |
724 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
751 |
751 |
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
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SOURCE
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