Dell Technologies Reports Fiscal Year 2020 Fourth Quarter and Full Year Financial Results
News summary
- Record full year revenue of
$92.2 billion - Full year net income of
$5.5 billion ; adjusted EBITDA of$11.8 billion Record Client Solutions Group full year revenue of$45.8 billion - Share repurchase program of up to
$1 billion over the next 24 months
Full story
Fourth quarter revenue was
For the full year, revenue was
"In fiscal 2020, we focused on integration and simplicity across our businesses and product portfolio to accelerate winning go-to-market solutions for our customers," said
Fourth Quarter and Full Year Fiscal 2020 Financial Results |
||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
|||||||||||||||
|
|
Change |
|
2019 |
Change |
|||||||||||
(in millions, except percentages; unaudited) |
||||||||||||||||
Total net revenue |
$ |
24,032 |
$ |
23,841 |
1% |
$ |
92,154 |
$ |
90,621 |
2% |
||||||
Operating income (loss) |
$ |
717 |
$ |
331 |
117% |
$ |
2,622 |
$ |
(191) |
NM |
||||||
Net income (loss) |
$ |
416 |
$ |
(287) |
245% |
$ |
5,529 |
$ |
(2,181) |
354% |
||||||
Non-GAAP net revenue |
$ |
24,129 |
$ |
24,008 |
1% |
$ |
92,501 |
$ |
91,324 |
1% |
||||||
Non-GAAP operating income |
$ |
2,767 |
$ |
2,656 |
4% |
$ |
10,148 |
$ |
8,854 |
15% |
||||||
Non-GAAP net income |
$ |
1,684 |
$ |
1,592 |
6% |
$ |
6,089 |
$ |
5,227 |
16% |
||||||
Adjusted EBITDA |
$ |
3,201 |
$ |
3,028 |
6% |
$ |
11,787 |
$ |
10,296 |
14% |
||||||
Information about |
"This year's results were driven by operational focus and expanding synergies across
The company also announced today a new share repurchase program of up to
Operating segments summary
Client Solutions Group revenue for the fourth quarter was
Key highlights:
- Shipped a record 46.5 million units during the 2019 calendar year1
- Gained PC unit share for the last seven years in a row1
- Achieved double-digit unit and revenue growth in commercial desktops and workstations, completing a full fiscal year of quarterly double-digit growth in the segment
Infrastructure Solutions Group revenue for the fourth quarter was
Key highlights:
- Gained 590 basis points of mainstream server revenue share over the last 3 years, and have been the #1 worldwide provider for 7 quarters2
- Strong customer traction with our co-engineered ‟first and best" solutions, including Dell Technologies Cloud, Unified Workspace, VxRail and smart fabric director
- Announced the latest advancements to Dell Technologies Cloud, including a new subscription-based model that makes it easier for customers to accelerate hybrid cloud deployments and simplify IT operations
Join us
Conference call information
As previously announced, the company will hold a conference call to discuss its fourth quarter and full year performance and financial guidance today,
For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.
A slide presentation containing additional financial and operating information may be downloaded from
About
Copyright © 2020 Dell Inc. or its subsidiaries. All Rights Reserved.
1 |
IDC WW Quarterly Personal Computing Device (PDC) Tracker CY19Q4. |
2 |
IDC WW Quarterly Server Tracker CY19Q3; share gains calculated on a trailing-twelve-months 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.
|
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Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue (a): |
|||||||||||||||||||
Products |
$ |
18,153 |
$ |
18,676 |
(3)% |
$ |
69,918 |
$ |
70,751 |
(1)% |
|||||||||
Services |
5,879 |
5,165 |
14% |
22,236 |
19,870 |
12% |
|||||||||||||
Total net revenue |
24,032 |
23,841 |
1% |
92,154 |
90,621 |
2% |
|||||||||||||
Cost of net revenue: |
|||||||||||||||||||
Products |
13,999 |
14,775 |
(5)% |
54,525 |
57,889 |
(6)% |
|||||||||||||
Services |
2,349 |
1,957 |
20% |
8,696 |
7,679 |
13% |
|||||||||||||
Total cost of net revenue |
16,348 |
16,732 |
(2)% |
63,221 |
65,568 |
(4)% |
|||||||||||||
Gross margin |
7,684 |
7,109 |
8% |
28,933 |
25,053 |
15% |
|||||||||||||
Operating expenses: |
|||||||||||||||||||
Selling, general, and |
5,642 |
5,576 |
1% |
21,319 |
20,640 |
3% |
|||||||||||||
Research and development |
1,325 |
1,202 |
10% |
4,992 |
4,604 |
8% |
|||||||||||||
Total operating expenses |
6,967 |
6,778 |
3% |
26,311 |
25,244 |
4% |
|||||||||||||
Operating income (loss) |
717 |
331 |
117% |
2,622 |
(191) |
NM |
|||||||||||||
Interest and other, net |
(626) |
(606) |
(3)% |
(2,626) |
(2,170) |
(21)% |
|||||||||||||
Income (loss) before income taxes |
91 |
(275) |
133% |
(4) |
(2,361) |
100% |
|||||||||||||
Income tax provision (benefit) |
(325) |
12 |
NM |
(5,533) |
(180) |
NM |
|||||||||||||
Net income (loss) |
416 |
(287) |
245% |
5,529 |
(2,181) |
354% |
|||||||||||||
Less: Net income attributable to |
8 |
12 |
(33)% |
913 |
129 |
608% |
|||||||||||||
Net income (loss) attributable |
$ |
408 |
$ |
(299) |
236% |
$ |
4,616 |
$ |
(2,310) |
300% |
|||||||||
Percentage of Total Net Revenue: |
|||||||||||||||||||
Gross margin |
32% |
30% |
31% |
28% |
|||||||||||||||
Selling, general, and |
23% |
23% |
23% |
23% |
|||||||||||||||
Research and development |
6% |
5% |
5% |
5% |
|||||||||||||||
Operating expenses |
29% |
28% |
29% |
28% |
|||||||||||||||
Operating income (loss) |
3% |
1% |
3% |
—% |
|||||||||||||||
Income (loss) before income |
—% |
(1)% |
—% |
(3)% |
|||||||||||||||
Net income (loss) |
2% |
(1)% |
6% |
(2)% |
|||||||||||||||
Income tax rate |
(357.1)% |
(4.4)% |
138325.0% |
7.6% |
|||||||||||||||
____________________ |
(a) |
During the fourth quarter of Fiscal 2020, the Company reclassified revenue associated with certain service and software-as- |
|
|||||||
|
|
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
9,302 |
$ |
9,676 |
|||
Accounts receivable, net |
12,484 |
12,371 |
|||||
Short-term financing receivables, net |
4,895 |
4,398 |
|||||
Inventories, net |
3,281 |
3,649 |
|||||
Other current assets |
6,934 |
6,044 |
|||||
Total current assets |
36,896 |
36,138 |
|||||
Property, plant, and equipment, net |
6,027 |
5,259 |
|||||
Long-term investments |
864 |
1,005 |
|||||
Long-term financing receivables, net |
4,848 |
4,224 |
|||||
|
41,691 |
40,089 |
|||||
Intangible assets, net |
18,107 |
22,270 |
|||||
Other non-current assets |
10,428 |
2,835 |
|||||
Total assets |
$ |
118,861 |
$ |
111,820 |
|||
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS' EQUITY (DEFICIT) |
|||||||
Current liabilities: |
|||||||
Short-term debt |
$ |
7,737 |
$ |
4,320 |
|||
Accounts payable |
20,065 |
19,213 |
|||||
Accrued and other |
9,359 |
8,495 |
|||||
Short-term deferred revenue |
14,881 |
12,944 |
|||||
Total current liabilities |
52,042 |
44,972 |
|||||
Long-term debt |
44,319 |
49,201 |
|||||
Long-term deferred revenue |
12,919 |
11,066 |
|||||
Other non-current liabilities |
5,797 |
6,327 |
|||||
Total liabilities |
115,077 |
111,566 |
|||||
Redeemable shares |
629 |
1,196 |
|||||
Stockholders' equity (deficit): |
|||||||
|
(1,574) |
(5,765) |
|||||
Non-controlling interests |
4,729 |
4,823 |
|||||
Total stockholders' equity (deficit) |
3,155 |
(942) |
|||||
Total liabilities, redeemable shares, and stockholders' equity (deficit) |
$ |
118,861 |
$ |
111,820 |
|
|||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||
Cash flows from operating activities: |
|||||||||||||||
Net income (loss) |
$ |
416 |
$ |
(287) |
$ |
5,529 |
$ |
(2,181) |
|||||||
Adjustments to reconcile net income (loss) to net |
3,092 |
2,653 |
3,762 |
9,172 |
|||||||||||
Change in cash from operating activities |
3,508 |
2,366 |
9,291 |
6,991 |
|||||||||||
Cash flows from investing activities: |
|||||||||||||||
Investments: |
|||||||||||||||
Purchases |
(39) |
(13) |
(181) |
(925) |
|||||||||||
Maturities and sales |
48 |
4,427 |
497 |
6,612 |
|||||||||||
Capital expenditures |
(629) |
(297) |
(2,241) |
(1,158) |
|||||||||||
Capitalized software development costs |
(71) |
(93) |
(335) |
(339) |
|||||||||||
Acquisition of businesses, net |
(26) |
(419) |
(2,455) |
(912) |
|||||||||||
Divestitures of businesses, net |
— |
— |
— |
142 |
|||||||||||
Asset acquisitions, net |
— |
— |
(8) |
(59) |
|||||||||||
Asset dispositions, net |
— |
— |
(3) |
(12) |
|||||||||||
Other |
13 |
5 |
40 |
40 |
|||||||||||
Change in cash from investing activities |
(704) |
3,610 |
(4,686) |
3,389 |
|||||||||||
Cash flows from financing activities: |
|||||||||||||||
Share repurchases for tax withholdings of equity |
(140) |
(136) |
(547) |
(387) |
|||||||||||
Dividends paid to |
— |
(2,134) |
— |
(2,134) |
|||||||||||
Proceeds from the issuance of common stock |
207 |
37 |
658 |
805 |
|||||||||||
Repurchases of Class V Common Stock |
— |
(14,000) |
— |
(14,000) |
|||||||||||
Repurchases of common stock of subsidiaries |
(1,721) |
(55) |
(3,006) |
(56) |
|||||||||||
Proceeds from debt |
2,982 |
6,602 |
20,638 |
13,045 |
|||||||||||
Repayments of debt |
(3,326) |
(1,782) |
(22,274) |
(11,451) |
|||||||||||
Other |
(6) |
(17) |
(73) |
(151) |
|||||||||||
Change in cash from financing activities |
(2,004) |
(11,485) |
(4,604) |
(14,329) |
|||||||||||
Effect of exchange rate changes on cash, cash |
10 |
73 |
(90) |
(189) |
|||||||||||
Change in cash, cash equivalents, and restricted cash |
810 |
(5,436) |
(89) |
(4,138) |
|||||||||||
Cash, cash equivalents, and restricted cash at |
9,341 |
15,676 |
10,240 |
14,378 |
|||||||||||
Cash, cash equivalents, and restricted cash at end of |
$ |
10,151 |
$ |
10,240 |
$ |
10,151 |
$ |
10,240 |
|
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Infrastructure Solutions Group (ISG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Servers and networking |
$ |
4,269 |
$ |
5,253 |
(19)% |
$ |
17,127 |
$ |
19,953 |
(14)% |
|||||||||
Storage |
4,487 |
4,636 |
(3)% |
16,842 |
16,767 |
—% |
|||||||||||||
Total ISG net revenue |
$ |
8,756 |
$ |
9,889 |
(11)% |
$ |
33,969 |
$ |
36,720 |
(7)% |
|||||||||
Operating Income: |
|||||||||||||||||||
ISG operating income |
$ |
1,112 |
$ |
1,265 |
(12)% |
$ |
4,001 |
$ |
4,151 |
(4)% |
|||||||||
% of ISG net revenue |
13% |
13% |
12% |
11% |
|||||||||||||||
% of total reportable |
40% |
47% |
39% |
46% |
|||||||||||||||
Client Solutions Group (CSG): |
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Commercial |
$ |
8,563 |
$ |
7,808 |
10% |
$ |
34,277 |
$ |
30,893 |
11% |
|||||||||
Consumer |
3,207 |
3,084 |
4% |
11,561 |
12,303 |
(6)% |
|||||||||||||
Total CSG net revenue |
$ |
11,770 |
$ |
10,892 |
8% |
$ |
45,838 |
$ |
43,196 |
6% |
|||||||||
Operating Income: |
|||||||||||||||||||
CSG operating income |
$ |
624 |
$ |
555 |
12% |
$ |
3,138 |
$ |
1,960 |
60% |
|||||||||
% of CSG net revenue |
5% |
5% |
7% |
5% |
|||||||||||||||
% of total reportable |
23% |
21% |
31% |
22% |
|||||||||||||||
|
|||||||||||||||||||
Net Revenue: |
|||||||||||||||||||
Total |
$ |
3,126 |
$ |
2,798 |
12% |
$ |
10,905 |
$ |
9,741 |
12% |
|||||||||
Operating Income: |
|||||||||||||||||||
|
$ |
1,026 |
$ |
850 |
21% |
$ |
3,081 |
$ |
2,926 |
5% |
|||||||||
% of |
33% |
30% |
28% |
30% |
|||||||||||||||
% of total reportable |
37% |
32% |
30% |
32% |
|||||||||||||||
____________________ |
(a) |
During the fourth quarter of Fiscal 2020, the Company reclassified Pivotal operating results from Other businesses to the |
|
|||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||
|
|
|
|
||||||||||||
Reconciliation to consolidated net revenue: |
|||||||||||||||
Reportable segment net revenue (a) |
$ |
23,652 |
$ |
23,579 |
$ |
90,712 |
$ |
89,657 |
|||||||
Other businesses (a) (b) |
477 |
432 |
1,788 |
1,676 |
|||||||||||
Unallocated transactions (c) |
— |
(3) |
1 |
(9) |
|||||||||||
Impact of purchase accounting (d) |
(97) |
(167) |
(347) |
(703) |
|||||||||||
Total consolidated net revenue |
$ |
24,032 |
$ |
23,841 |
$ |
92,154 |
$ |
90,621 |
|||||||
Reconciliation to consolidated operating income (loss): |
|||||||||||||||
Reportable segment operating income (a) |
$ |
2,762 |
$ |
2,670 |
$ |
10,220 |
$ |
9,037 |
|||||||
Other businesses (a) (b) |
5 |
(13) |
(43) |
(111) |
|||||||||||
Unallocated transactions (c) |
— |
(1) |
(29) |
(72) |
|||||||||||
Impact of purchase accounting (d) |
(112) |
(190) |
(411) |
(820) |
|||||||||||
Amortization of intangibles |
(1,074) |
(1,544) |
(4,408) |
(6,138) |
|||||||||||
Transaction-related expenses (e) |
(120) |
(313) |
(285) |
(750) |
|||||||||||
Stock-based compensation expense (f) |
(376) |
(247) |
(1,262) |
(918) |
|||||||||||
Other corporate expenses (g) |
(368) |
(31) |
(1,160) |
(419) |
|||||||||||
Total consolidated operating income (loss) |
$ |
717 |
$ |
331 |
$ |
2,622 |
$ |
(191) |
|||||||
_________________ |
(a) |
During the fourth quarter of Fiscal 2020, the Company reclassified Pivotal operating results from Other businesses |
(b) |
Secureworks, |
(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, as well as the costs incurred in the |
(f) |
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at |
(g) |
Other corporate expenses includes impairment charges and 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 |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Non-GAAP net revenue |
$ |
24,129 |
$ |
24,008 |
1% |
$ |
92,501 |
$ |
91,324 |
1% |
|||||||||
Non-GAAP gross margin |
$ |
8,375 |
$ |
8,037 |
4% |
$ |
31,563 |
$ |
29,022 |
9% |
|||||||||
% of non-GAAP net revenue |
35% |
33% |
34% |
32% |
|||||||||||||||
Non-GAAP operating expenses |
$ |
5,608 |
$ |
5,381 |
4% |
$ |
21,415 |
$ |
20,168 |
6% |
|||||||||
% of non-GAAP net revenue |
23% |
22% |
23% |
22% |
|||||||||||||||
Non-GAAP operating income |
$ |
2,767 |
$ |
2,656 |
4% |
$ |
10,148 |
$ |
8,854 |
15% |
|||||||||
% of non-GAAP net revenue |
11% |
11% |
11% |
10% |
|||||||||||||||
Non-GAAP net income |
$ |
1,684 |
$ |
1,592 |
6% |
$ |
6,089 |
$ |
5,227 |
16% |
|||||||||
% of non-GAAP net revenue |
7% |
7% |
7% |
6% |
|||||||||||||||
Adjusted EBITDA |
$ |
3,201 |
$ |
3,028 |
6% |
$ |
11,787 |
$ |
10,296 |
14% |
|||||||||
% of non-GAAP net revenue |
13% |
13% |
13% |
11% |
|
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net revenue |
$ |
24,032 |
$ |
23,841 |
1% |
$ |
92,154 |
$ |
90,621 |
2% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Impact of purchase |
97 |
167 |
347 |
703 |
|||||||||||||||
Non-GAAP net revenue |
$ |
24,129 |
$ |
24,008 |
1% |
$ |
92,501 |
$ |
91,324 |
1% |
|||||||||
Gross margin |
$ |
7,684 |
$ |
7,109 |
8% |
$ |
28,933 |
$ |
25,053 |
15% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
526 |
729 |
2,081 |
2,883 |
|||||||||||||||
Impact of purchase accounting |
98 |
171 |
353 |
720 |
|||||||||||||||
Transaction-related expenses |
— |
(26) |
(5) |
213 |
|||||||||||||||
Stock-based compensation |
38 |
37 |
129 |
91 |
|||||||||||||||
Other corporate expenses |
29 |
17 |
72 |
62 |
|||||||||||||||
Non-GAAP gross margin |
$ |
8,375 |
$ |
8,037 |
4% |
$ |
31,563 |
$ |
29,022 |
9% |
|||||||||
Operating expenses |
$ |
6,967 |
$ |
6,778 |
3% |
$ |
26,311 |
$ |
25,244 |
4% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
(548) |
(815) |
(2,327) |
(3,255) |
|||||||||||||||
Impact of purchase accounting |
(14) |
(19) |
(58) |
(100) |
|||||||||||||||
Transaction-related expenses |
(120) |
(339) |
(290) |
(537) |
|||||||||||||||
Stock-based compensation |
(338) |
(210) |
(1,133) |
(827) |
|||||||||||||||
Other corporate expenses |
(339) |
(14) |
(1,088) |
(357) |
|||||||||||||||
Non-GAAP operating |
$ |
5,608 |
$ |
5,381 |
4% |
$ |
21,415 |
$ |
20,168 |
6% |
|||||||||
Operating income (loss) |
$ |
717 |
$ |
331 |
117% |
$ |
2,622 |
$ |
(191) |
NM |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
1,074 |
1,544 |
4,408 |
6,138 |
|||||||||||||||
Impact of purchase accounting |
112 |
190 |
411 |
820 |
|||||||||||||||
Transaction-related expenses |
120 |
313 |
285 |
750 |
|||||||||||||||
Stock-based compensation |
376 |
247 |
1,262 |
918 |
|||||||||||||||
Other corporate expenses |
368 |
31 |
1,160 |
419 |
|||||||||||||||
Non-GAAP operating |
$ |
2,767 |
$ |
2,656 |
4% |
$ |
10,148 |
$ |
8,854 |
15% |
|
|||||||||||||||||||
Three Months Ended |
Fiscal Year Ended |
||||||||||||||||||
|
|
Change |
|
|
Change |
||||||||||||||
Net income (loss) |
$ |
416 |
$ |
(287) |
245% |
$ |
5,529 |
$ |
(2,181) |
354% |
|||||||||
Non-GAAP adjustments: |
|||||||||||||||||||
Amortization of intangibles |
1,074 |
1,544 |
4,408 |
6,138 |
|||||||||||||||
Impact of purchase accounting |
112 |
190 |
411 |
820 |
|||||||||||||||
Transaction-related expenses |
120 |
387 |
285 |
824 |
|||||||||||||||
Stock-based compensation |
376 |
247 |
1,262 |
918 |
|||||||||||||||
Other corporate expenses |
368 |
31 |
1,160 |
419 |
|||||||||||||||
Fair value adjustments on |
(34) |
(113) |
(194) |
(342) |
|||||||||||||||
Aggregate adjustment for |
(748) |
(407) |
(6,772) |
(1,369) |
|||||||||||||||
Non-GAAP net income (a) |
$ |
1,684 |
$ |
1,592 |
6% |
$ |
6,089 |
$ |
5,227 |
16% |
|||||||||
Net income (loss) |
$ |
416 |
$ |
(287) |
245% |
$ |
5,529 |
$ |
(2,181) |
354% |
|||||||||
Adjustments: |
|||||||||||||||||||
Interest and other, net |
626 |
606 |
2,626 |
2,170 |
|||||||||||||||
Income tax provision (benefit) |
(325) |
12 |
(5,533) |
(180) |
|||||||||||||||
Depreciation and amortization |
1,535 |
1,940 |
6,143 |
7,746 |
|||||||||||||||
EBITDA |
$ |
2,252 |
$ |
2,271 |
(1)% |
$ |
8,765 |
$ |
7,555 |
16% |
|||||||||
EBITDA |
$ |
2,252 |
$ |
2,271 |
(1)% |
$ |
8,765 |
$ |
7,555 |
16% |
|||||||||
Adjustments: |
|||||||||||||||||||
Stock-based compensation |
376 |
247 |
1,262 |
918 |
|||||||||||||||
Impact of purchase |
96 |
168 |
347 |
704 |
|||||||||||||||
Transaction-related expenses |
120 |
313 |
285 |
722 |
|||||||||||||||
Other corporate expenses |
357 |
29 |
1,128 |
397 |
|||||||||||||||
Adjusted EBITDA |
$ |
3,201 |
$ |
3,028 |
6% |
$ |
11,787 |
$ |
10,296 |
14% |
|
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non- |
||||||||||||||||||||
Net income |
$ |
416 |
1,074 |
112 |
120 |
376 |
368 |
(34) |
(748) |
$ |
1,684 |
|||||||||||||||||
Less: Net income attributable to non-controlling |
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 |
|
||||||||||||||||||||||||||||
GAAP |
Amortization of |
Impact of |
Transaction- |
Stock-based |
Other |
Fair value |
Aggregate |
Non- |
||||||||||||||||||||
Net income |
$ |
5,529 |
4,408 |
411 |
285 |
1,262 |
1,160 |
(194) |
(6,772) |
$ |
6,089 |
|||||||||||||||||
Less: Net income attributable to non-controlling |
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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