Remote Work and Learn Solutions Drive Dell Technologies’ Third Quarter Fiscal 2021 Financial Results | Dell Technologies
News summary
- Third quarter total revenue up 3% to
$23.5 billion Record Client Solutions Group revenue of$12.3 billion , up 8%, operating income of$1.0 billion - Diluted earnings per share up 64% to
$1.08 , non-GAAP diluted earnings per share up 16% to$2.03 - Operating income up 35% to
$1.1 billion , non-GAAP operating income up 12% to$2.7 billion
Full story
“Technology has never been more important, and as the world evolves, so does our business,” said
In October, at Dell Technologies World Experience, the company announced the expansion of its as-a-Service capabilities with Project APEX to simplify how customers and partners access technology on-demand – across storage, servers, networking, hyperconverged infrastructure, PCs and broader solutions. Project APEX will unify the company’s as-a-Service and cloud strategies, technology offerings, and go-to-market efforts. Businesses will have a consistent as-a-Service experience wherever they run workloads including on-premises, edge locations and public clouds.
Third Quarter Fiscal 2021 Financial Results |
||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
|
|
Change |
|
|
Change |
|||||||||||||||
(in millions, except per share amounts and percentages; unaudited) |
||||||||||||||||||||
Total net revenue |
$ |
23,482 |
$ |
22,844 |
3% |
$ |
68,112 |
$ |
68,122 |
—% |
||||||||||
Operating income |
$ |
1,129 |
$ |
836 |
35% |
$ |
2,967 |
$ |
1,905 |
56% |
||||||||||
Net income |
$ |
881 |
$ |
552 |
60% |
$ |
2,162 |
$ |
5,113 |
(58)% |
||||||||||
Earnings per share – diluted |
$ |
1.08 |
$ |
0.66 |
64% |
$ |
2.64 |
$ |
5.50 |
(52)% |
||||||||||
Non-GAAP net revenue |
$ |
23,521 |
$ |
22,928 |
3% |
$ |
68,241 |
$ |
68,372 |
—% |
||||||||||
Non-GAAP operating income |
$ |
2,725 |
$ |
2,442 |
12% |
$ |
7,504 |
$ |
7,381 |
2% |
||||||||||
Non-GAAP net income |
$ |
1,711 |
$ |
1,445 |
18% |
$ |
4,475 |
$ |
4,405 |
2% |
||||||||||
Adjusted EBITDA |
$ |
3,231 |
$ |
2,857 |
13% |
$ |
8,938 |
$ |
8,586 |
4% |
||||||||||
Non-GAAP earnings per share – |
$ |
2.03 |
$ |
1.75 |
16% |
$ |
5.28 |
$ |
5.35 |
(1)% |
Information about
“We delivered differentiated performance through our diversified portfolio and are leaning into growth opportunities while managing operating expenses in a disciplined way,” said
Operating segments summary
Client Solutions Group revenue for the third quarter was a record
Key highlights:
- Consumer direct business up 47% with consumer direct online business up 62%, based on orders.
- Strong performance with double-digit revenue growth in Latitude and Precision notebooks and triple-digit revenue growth in Commercial Chromebooks.
- Strength in the XPS premium line and gaming systems including
Alienware , with strong double-digit revenue growth for both notebooks and desktops.
Infrastructure Solutions Group revenue for the third quarter was
Key highlights:
- 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. - Continued strong demand for VxRail and PowerMax solutions, with double-digit orders growth in both for the third straight quarter.
- PowerEdge server orders up single digits sequentially.
Conference call information
As previously announced, the Company will hold a conference call to discuss its third quarter performance today,
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 © 2020 Dell Inc. or its subsidiaries. All Rights Reserved.
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.
|
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue (a): |
|||||||||||||||||||
Products |
$ |
17,352 |
$ |
17,275 |
—% |
$ |
50,127 |
$ |
51,765 |
(3)% |
|||||||||
Services |
6,130 |
5,569 |
10% |
17,985 |
16,357 |
10% |
|||||||||||||
Total net revenue |
23,482 |
22,844 |
3% |
68,112 |
68,122 |
—% |
|||||||||||||
Cost of net revenue: |
|||||||||||||||||||
Products |
13,789 |
13,558 |
2% |
39,923 |
40,526 |
(1)% |
|||||||||||||
Services |
2,432 |
2,160 |
13% |
6,919 |
6,347 |
9% |
|||||||||||||
Total cost of net revenue |
16,221 |
15,718 |
3% |
46,842 |
46,873 |
—% |
|||||||||||||
Gross margin |
7,261 |
7,126 |
2% |
21,270 |
21,249 |
—% |
|||||||||||||
Operating expenses: |
|||||||||||||||||||
Selling, general, and administrative |
4,772 |
5,028 |
(5)% |
14,419 |
15,677 |
(8)% |
|||||||||||||
Research and development |
1,360 |
1,262 |
8% |
3,884 |
3,667 |
6% |
|||||||||||||
Total operating expenses |
6,132 |
6,290 |
(3)% |
18,303 |
19,344 |
(5)% |
|||||||||||||
Operating income |
1,129 |
836 |
35% |
2,967 |
1,905 |
56% |
|||||||||||||
Interest and other, net |
273 |
(677) |
140% |
(929) |
(2,000) |
54% |
|||||||||||||
Income (loss) before income taxes |
1,402 |
159 |
782% |
2,038 |
(95) |
NM |
|||||||||||||
Income tax provision (benefit) |
521 |
(393) |
233% |
(124) |
(5,208) |
98% |
|||||||||||||
Net income |
881 |
552 |
60% |
2,162 |
5,113 |
(58)% |
|||||||||||||
Less: Net income attributable |
49 |
53 |
(8)% |
139 |
905 |
(85)% |
|||||||||||||
Net income attributable to |
$ |
832 |
$ |
499 |
67% |
$ |
2,023 |
$ |
4,208 |
(52)% |
|||||||||
Percentage of Total Net Revenue: |
|||||||||||||||||||
Gross margin |
31 |
% |
31 |
% |
31 |
% |
31 |
% |
|||||||||||
Selling, general, and administrative |
20 |
% |
22 |
% |
21 |
% |
23 |
% |
|||||||||||
Research and development |
6 |
% |
6 |
% |
6 |
% |
5 |
% |
|||||||||||
Operating expenses |
26 |
% |
28 |
% |
27 |
% |
28 |
% |
|||||||||||
Operating income |
5 |
% |
4 |
% |
4 |
% |
3 |
% |
|||||||||||
Income (loss) before income taxes |
6 |
% |
1 |
% |
3 |
% |
— |
% |
|||||||||||
Net income |
4 |
% |
2 |
% |
3 |
% |
8 |
% |
|||||||||||
Income tax rate |
37.2 |
% |
-247.2 |
% |
-6.1 |
% |
5482.1 |
% |
____________________ |
|
(a) |
During Fiscal 2020, the Company reclassified revenue associated with certain service and software-as-a-service offerings |
|
|||||||
|
|
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
11,304 |
$ |
9,302 |
|||
Accounts receivable, net |
11,377 |
12,484 |
|||||
Short-term financing receivables, net |
4,872 |
4,895 |
|||||
Inventories, net |
3,393 |
3,281 |
|||||
Other current assets |
7,668 |
6,906 |
|||||
Total current assets |
38,614 |
36,868 |
|||||
Property, plant, and equipment, net |
6,344 |
6,055 |
|||||
Long-term investments |
1,655 |
864 |
|||||
Long-term financing receivables, net |
5,374 |
4,848 |
|||||
|
40,643 |
41,691 |
|||||
Intangible assets, net |
15,257 |
18,107 |
|||||
Other non-current assets |
11,061 |
10,428 |
|||||
Total assets |
$ |
118,948 |
$ |
118,861 |
|||
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY |
|||||||
Current liabilities: |
|||||||
Short-term debt |
$ |
6,536 |
$ |
7,737 |
|||
Accounts payable |
19,792 |
20,065 |
|||||
Accrued and other |
8,715 |
9,773 |
|||||
Short-term deferred revenue |
15,259 |
14,881 |
|||||
Total current liabilities |
50,302 |
52,456 |
|||||
Long-term debt |
43,325 |
44,319 |
|||||
Long-term deferred revenue |
13,422 |
12,919 |
|||||
Other non-current liabilities |
5,433 |
5,383 |
|||||
Total liabilities |
112,482 |
115,077 |
|||||
Redeemable shares |
527 |
629 |
|||||
Stockholders’ equity (deficit): |
|||||||
|
883 |
(1,574) |
|||||
Non-controlling interests |
5,056 |
4,729 |
|||||
Total stockholders’ equity |
5,939 |
3,155 |
|||||
Total liabilities, redeemable shares, and stockholders’ equity |
$ |
118,948 |
$ |
118,861 |
|||
|
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
|
|
|
||||||||||||
Cash flows from operating activities: |
|||||||||||||||
Net income |
$ |
881 |
$ |
552 |
$ |
2,162 |
$ |
5,113 |
|||||||
Adjustments to reconcile net income to net cash |
2,113 |
1,269 |
3,368 |
670 |
|||||||||||
Change in cash from operating activities |
2,994 |
1,821 |
5,530 |
5,783 |
|||||||||||
Cash flows from investing activities: |
|||||||||||||||
Purchases of investments |
(122) |
(72) |
(296) |
(142) |
|||||||||||
Maturities and sales of investments |
27 |
19 |
98 |
449 |
|||||||||||
Capital expenditures and capitalized software |
(480) |
(609) |
(1,584) |
(1,876) |
|||||||||||
Acquisition of businesses and assets, net |
(71) |
(2,053) |
(405) |
(2,437) |
|||||||||||
Divestitures of businesses and assets, net |
2,067 |
— |
2,187 |
(3) |
|||||||||||
Other |
14 |
16 |
26 |
27 |
|||||||||||
Change in cash from investing activities |
1,435 |
(2,699) |
26 |
(3,982) |
|||||||||||
Cash flows from financing activities: |
|||||||||||||||
Proceeds from the issuance of common stock |
168 |
212 |
389 |
451 |
|||||||||||
Repurchases of parent common stock |
— |
(2) |
(240) |
(6) |
|||||||||||
Repurchases of subsidiary common stock (a) |
(299) |
(283) |
(890) |
(1,686) |
|||||||||||
Proceeds from debt |
2,925 |
5,455 |
14,772 |
17,656 |
|||||||||||
Repayments of debt |
(7,024) |
(5,037) |
(17,244) |
(18,948) |
|||||||||||
Other |
(80) |
(23) |
(270) |
(67) |
|||||||||||
Change in cash from financing activities |
(4,310) |
322 |
(3,483) |
(2,600) |
|||||||||||
Effect of exchange rate changes on cash, cash |
(15) |
(38) |
(67) |
(100) |
|||||||||||
Change in cash, cash equivalents, and restricted cash |
104 |
(594) |
2,006 |
(899) |
|||||||||||
Cash, cash equivalents, and restricted cash at beginning |
12,053 |
9,935 |
10,151 |
10,240 |
|||||||||||
Cash, cash equivalents, and restricted cash at end of the |
$ |
12,157 |
$ |
9,341 |
$ |
12,157 |
$ |
9,341 |
_________________ |
|
(a) |
Subsidiary common stock repurchases are inclusive of employee tax withholding on stock-based compensation. |
|
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Infrastructure Solutions Group (ISG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Servers and networking |
$ |
4,164 |
$ |
4,241 |
(2)% |
$ |
12,118 |
$ |
12,858 |
(6)% |
|||||||||
Storage |
3,860 |
4,149 |
(7)% |
11,682 |
12,355 |
(5)% |
|||||||||||||
Total ISG net revenue |
$ |
8,024 |
$ |
8,390 |
(4)% |
$ |
23,800 |
$ |
25,213 |
(6)% |
|||||||||
Operating Income: |
|||||||||||||||||||
ISG operating income |
$ |
882 |
$ |
996 |
(11)% |
$ |
2,587 |
$ |
2,889 |
(10)% |
|||||||||
% of ISG net revenue |
11 |
% |
12 |
% |
11 |
% |
11 |
% |
|||||||||||
% of total reportable |
32 |
% |
41 |
% |
35 |
% |
39 |
% |
|||||||||||
Client Solutions Group (CSG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Commercial |
$ |
8,783 |
$ |
8,330 |
5% |
$ |
25,456 |
$ |
25,714 |
(1)% |
|||||||||
Consumer |
3,503 |
3,080 |
14% |
9,137 |
8,354 |
9% |
|||||||||||||
Total CSG net revenue |
$ |
12,286 |
$ |
11,410 |
8% |
$ |
34,593 |
$ |
34,068 |
2% |
|||||||||
Operating Income: |
|||||||||||||||||||
CSG operating income |
$ |
1,002 |
$ |
739 |
36% |
$ |
2,309 |
$ |
2,514 |
(8)% |
|||||||||
% of CSG net revenue |
8 |
% |
6 |
% |
7 |
% |
7 |
% |
|||||||||||
% of total reportable |
37 |
% |
30 |
% |
31 |
% |
34 |
% |
|||||||||||
|
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Total |
$ |
2,893 |
$ |
2,671 |
8% |
$ |
8,556 |
$ |
7,779 |
10% |
|||||||||
Operating Income: |
|||||||||||||||||||
|
$ |
837 |
$ |
709 |
18% |
$ |
2,504 |
$ |
2,055 |
22% |
|||||||||
% of |
29 |
% |
27 |
% |
29 |
% |
26 |
% |
|||||||||||
% of total reportable |
31 |
% |
29 |
% |
34 |
% |
27 |
% |
____________________ |
|
(a) |
During Fiscal 2020, the Company reclassified Pivotal operating results from Other businesses to the |
|
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
|
|
|
||||||||||||
Reconciliation to consolidated net revenue: |
|||||||||||||||
Reportable segment net revenue (a) |
$ |
23,203 |
$ |
22,471 |
$ |
66,949 |
$ |
67,060 |
|||||||
Other businesses (a) (b) |
314 |
456 |
1,288 |
1,311 |
|||||||||||
Unallocated transactions (c) |
4 |
1 |
4 |
1 |
|||||||||||
Impact of purchase accounting (d) |
(39) |
(84) |
(129) |
(250) |
|||||||||||
Total consolidated net revenue |
$ |
23,482 |
$ |
22,844 |
$ |
68,112 |
$ |
68,122 |
|||||||
Reconciliation to consolidated operating income: |
|||||||||||||||
Reportable segment operating income (a) |
$ |
2,721 |
$ |
2,444 |
$ |
7,400 |
$ |
7,458 |
|||||||
Other businesses (a) (b) |
3 |
— |
105 |
(48) |
|||||||||||
Unallocated transactions (c) |
1 |
(2) |
(1) |
(29) |
|||||||||||
Impact of purchase accounting (d) |
(49) |
(96) |
(165) |
(299) |
|||||||||||
Amortization of intangibles |
(845) |
(1,057) |
(2,547) |
(3,334) |
|||||||||||
Transaction-related expenses (e) |
(52) |
(76) |
(211) |
(165) |
|||||||||||
Stock-based compensation expense (f) |
(436) |
(322) |
(1,219) |
(886) |
|||||||||||
Other corporate expenses (g) |
(214) |
(55) |
(395) |
(792) |
|||||||||||
Total consolidated operating income |
$ |
1,129 |
$ |
836 |
$ |
2,967 |
$ |
1,905 |
_________________ |
|
(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 |
(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 |
(g) |
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
|
||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
|
|
Change |
|
|
Change |
|||||||||||||||
Non-GAAP net revenue |
$ |
23,521 |
$ |
22,928 |
3% |
$ |
68,241 |
$ |
68,372 |
—% |
||||||||||
Non-GAAP gross margin |
$ |
7,771 |
$ |
7,768 |
—% |
$ |
22,722 |
$ |
23,188 |
(2)% |
||||||||||
% of non-GAAP net revenue |
33 |
% |
34 |
% |
33 |
% |
34 |
% |
||||||||||||
Non-GAAP operating expenses |
$ |
5,046 |
$ |
5,326 |
(5)% |
$ |
15,218 |
$ |
15,807 |
(4)% |
||||||||||
% of non-GAAP net revenue |
21 |
% |
23 |
% |
22 |
% |
23 |
% |
||||||||||||
Non-GAAP operating income |
$ |
2,725 |
$ |
2,442 |
12% |
$ |
7,504 |
$ |
7,381 |
2% |
||||||||||
% of non-GAAP net revenue |
12 |
% |
11 |
% |
11 |
% |
11 |
% |
||||||||||||
Non-GAAP net income |
$ |
1,711 |
$ |
1,445 |
18% |
$ |
4,475 |
$ |
4,405 |
2% |
||||||||||
% of non-GAAP net revenue |
7 |
% |
6 |
% |
7 |
% |
6 |
% |
||||||||||||
Adjusted EBITDA |
$ |
3,231 |
$ |
2,857 |
13% |
$ |
8,938 |
$ |
8,586 |
4% |
||||||||||
% of non-GAAP net revenue |
14 |
% |
12 |
% |
13 |
% |
13 |
% |
||||||||||||
Non-GAAP earnings per share – |
$ |
2.03 |
$ |
1.75 |
16% |
$ |
5.28 |
$ |
5.35 |
(1)% |
|
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue |
$ |
23,482 |
$ |
22,844 |
3% |
$ |
68,112 |
$ |
68,122 |
—% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Impact of purchase |
39 |
84 |
129 |
250 |
|||||||||||||||
Non-GAAP net revenue |
$ |
23,521 |
$ |
22,928 |
3% |
$ |
68,241 |
$ |
68,372 |
—% |
|||||||||
Gross margin |
$ |
7,261 |
$ |
7,126 |
2% |
$ |
21,270 |
$ |
21,249 |
—% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
375 |
517 |
1,122 |
1,555 |
|||||||||||||||
Impact of purchase |
40 |
86 |
134 |
255 |
|||||||||||||||
Transaction-related expenses |
— |
— |
— |
(5) |
|||||||||||||||
Stock-based compensation |
51 |
33 |
141 |
91 |
|||||||||||||||
Other corporate expenses |
44 |
6 |
55 |
43 |
|||||||||||||||
Non-GAAP gross margin |
$ |
7,771 |
$ |
7,768 |
—% |
$ |
22,722 |
$ |
23,188 |
(2)% |
|||||||||
Operating expenses |
$ |
6,132 |
$ |
6,290 |
(3)% |
$ |
18,303 |
$ |
19,344 |
(5)% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
(470) |
(540) |
(1,425) |
(1,779) |
|||||||||||||||
Impact of purchase |
(9) |
(10) |
(31) |
(44) |
|||||||||||||||
Transaction-related expenses |
(52) |
(76) |
(211) |
(170) |
|||||||||||||||
Stock-based compensation |
(385) |
(289) |
(1,078) |
(795) |
|||||||||||||||
Other corporate expenses |
(170) |
(49) |
(340) |
(749) |
|||||||||||||||
Non-GAAP operating |
$ |
5,046 |
$ |
5,326 |
(5)% |
$ |
15,218 |
$ |
15,807 |
(4)% |
|||||||||
Operating income |
$ |
1,129 |
$ |
836 |
35% |
$ |
2,967 |
$ |
1,905 |
56% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
845 |
1,057 |
2,547 |
3,334 |
|||||||||||||||
Impact of purchase |
49 |
96 |
165 |
299 |
|||||||||||||||
Transaction-related expenses |
52 |
76 |
211 |
165 |
|||||||||||||||
Stock-based compensation |
436 |
322 |
1,219 |
886 |
|||||||||||||||
Other corporate expenses |
214 |
55 |
395 |
792 |
|||||||||||||||
Non-GAAP operating |
$ |
2,725 |
$ |
2,442 |
12% |
$ |
7,504 |
$ |
7,381 |
2% |
|
|||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net income |
$ |
881 |
$ |
552 |
60% |
$ |
2,162 |
$ |
5,113 |
(58)% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
845 |
1,057 |
2,547 |
3,334 |
|||||||||||||||
Impact of purchase accounting |
49 |
96 |
165 |
299 |
|||||||||||||||
Transaction-related expenses |
(286) |
76 |
(247) |
165 |
|||||||||||||||
Stock-based compensation |
436 |
322 |
1,219 |
886 |
|||||||||||||||
Other corporate expenses |
106 |
55 |
287 |
792 |
|||||||||||||||
Fair value adjustments on |
(489) |
(18) |
(591) |
(160) |
|||||||||||||||
Aggregate adjustment for |
169 |
(695) |
(1,067) |
(6,024) |
|||||||||||||||
Non-GAAP net income |
$ |
1,711 |
$ |
1,445 |
18% |
$ |
4,475 |
$ |
4,405 |
2% |
|||||||||
Net income |
$ |
881 |
$ |
552 |
60% |
$ |
2,162 |
$ |
5,113 |
(58)% |
|||||||||
Adjustments: |
|||||||||||||||||||
Interest and other, net |
(273) |
677 |
929 |
2,000 |
|||||||||||||||
Income tax benefit |
521 |
(393) |
(124) |
(5,208) |
|||||||||||||||
Depreciation and amortization |
1,361 |
1,494 |
4,017 |
4,608 |
|||||||||||||||
EBITDA |
$ |
2,490 |
$ |
2,330 |
7% |
$ |
6,984 |
$ |
6,513 |
7% |
|||||||||
EBITDA |
$ |
2,490 |
$ |
2,330 |
7% |
$ |
6,984 |
$ |
6,513 |
7% |
|||||||||
Adjustments: |
|||||||||||||||||||
Stock-based compensation |
436 |
322 |
1,219 |
886 |
|||||||||||||||
Impact of purchase |
39 |
84 |
129 |
251 |
|||||||||||||||
Transaction-related expenses |
52 |
76 |
211 |
165 |
|||||||||||||||
Other corporate expenses |
214 |
45 |
395 |
771 |
|||||||||||||||
Adjusted EBITDA |
$ |
3,231 |
$ |
2,857 |
13% |
$ |
8,938 |
$ |
8,586 |
4% |
|
||||||||||||||||||||||||||||
GAAP |
Amortization |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value adjustments |
Aggregate taxes |
Non- |
||||||||||||||||||||
Net income |
$ |
881 |
845 |
49 |
(286) |
436 |
106 |
(489) |
169 |
$ |
1,711 |
|||||||||||||||||
Less: Net income attributable to non-controlling |
49 |
63 |
3 |
5 |
61 |
9 |
(34) |
(13) |
143 |
|||||||||||||||||||
Net income attributable to |
832 |
782 |
46 |
(291) |
375 |
97 |
(455) |
182 |
1,568 |
|||||||||||||||||||
Incremental dilution from |
(3) |
(4) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
829 |
$ |
1,564 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
1.11 |
$ |
2.10 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
1.08 |
$ |
2.03 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
747 |
747 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
771 |
771 |
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
|||||||||||||||||||||||||||||||||||
GAAP |
Amortization |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate adjustment for income t axes |
Non- |
|||||||||||||||||||||||||||
Net income |
$ |
2,162 |
2,547 |
165 |
(247) |
1,219 |
287 |
(591) |
(1,067) |
$ |
4,475 |
||||||||||||||||||||||||
Less: Net income attributable to non-controlling |
139 |
187 |
10 |
20 |
172 |
9 |
(35) |
(77) |
425 |
||||||||||||||||||||||||||
Net income attributable to |
2,023 |
$ |
2,360 |
$ |
155 |
$ |
(267) |
$ |
1,047 |
$ |
278 |
$ |
(556) |
$ |
(990) |
4,050 |
|||||||||||||||||||
Incremental dilution from |
(8) |
(13) |
|||||||||||||||||||||||||||||||||
Net income attributable to |
$ |
2,015 |
$ |
4,037 |
|||||||||||||||||||||||||||||||
Earnings per share – basic |
$ |
2.73 |
$ |
5.46 |
|||||||||||||||||||||||||||||||
Earnings per share – diluted |
$ |
2.64 |
$ |
5.28 |
|||||||||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
742 |
742 |
|||||||||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
764 |
764 |
|||||||||||||||||||||||||||||||||
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non- |
||||||||||||||||||||
Net income |
$ |
552 |
1,057 |
96 |
76 |
322 |
55 |
(18) |
(695) |
$ |
1,445 |
|||||||||||||||||
Less: Net income attributable to non-controlling |
53 |
75 |
5 |
13 |
55 |
— |
(50) |
(27) |
124 |
|||||||||||||||||||
Net income attributable to |
499 |
982 |
91 |
63 |
267 |
55 |
32 |
(668) |
1,321 |
|||||||||||||||||||
Incremental dilution from |
(6) |
(6) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
493 |
$ |
1,315 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
0.69 |
$ |
1.82 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
0.66 |
$ |
1.75 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
725 |
725 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
750 |
750 |
_________________ |
|
(a) |
Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of |
(b) |
Incremental dilution from |
|
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non- |
||||||||||||||||||||
Net income |
$ |
5,113 |
3,334 |
299 |
165 |
886 |
792 |
(160) |
(6,024) |
$ |
4,405 |
|||||||||||||||||
Less: Net income attributable to non-controlling |
905 |
219 |
17 |
18 |
152 |
— |
24 |
(971) |
364 |
|||||||||||||||||||
Net income attributable to |
4,208 |
3,115 |
282 |
147 |
734 |
792 |
(184) |
(5,053) |
4,041 |
|||||||||||||||||||
Incremental dilution from |
(81) |
(25) |
||||||||||||||||||||||||||
Net income attributable to |
$ |
4,127 |
$ |
4,016 |
||||||||||||||||||||||||
Earnings per share – basic |
$ |
5.84 |
$ |
5.61 |
||||||||||||||||||||||||
Earnings per share – diluted |
$ |
5.50 |
$ |
5.35 |
||||||||||||||||||||||||
Weighted-average shares outstanding – basic |
720 |
720 |
||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted |
750 |
750 |
_________________ |
|
(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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