| Consolidated EMC | ||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||
| GAAP Revenue |
$ | 25,224 | $ | 26,353 | $ | 27,705 | $ | 29,355 | $ | 31,406 | $ | 33,704 | ||||||||||||
| VMware GSA settlement |
76 | — | — | — | — | — | ||||||||||||||||||
| Non-GAAP Revenue |
$ | 25,300 | $ | 26,353 | $ | 27,705 | $ | 29,355 | $ | 31,406 | $ | 33,704 | ||||||||||||
| GAAP Gross Profit |
$ | 15,248 | $ | 15,881 | $ | 16,777 | $ | 17,984 | $ | 19,387 | $ | 21,089 | ||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
76 | — | — | — | — | — | ||||||||||||||||||
| Intangible asset amortization |
246 | 225 | 204 | 196 | 170 | 120 | ||||||||||||||||||
| Stock-based compensation expense |
175 | 184 | 194 | 206 | 220 | 237 | ||||||||||||||||||
| Non-GAAP Gross Profit |
$ | 15,745 | $ | 16,290 | $ | 17,174 | $ | 18,386 | $ | 19,778 | $ | 21,446 | ||||||||||||
| GAAP Operating Income |
$ | 2,672 | $ | 4,121 | $ | 4,761 | $ | 5,306 | $ | 6,018 | $ | 6,719 | ||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
80 | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
178 | 29 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
788 | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||||
| Intangible asset amortization |
396 | 349 | 329 | 317 | 274 | 193 | ||||||||||||||||||
| Stock-based compensation expense |
1,125 | 1,190 | 1,264 | 1,351 | 1,458 | 1,577 | ||||||||||||||||||
| Non-GAAP Operating Income |
$ | 5,239 | $ | 5,790 | $ | 6,455 | $ | 7,074 | $ | 7,851 | $ | 8,589 | ||||||||||||
| GAAP Net Income attributable to EMC |
$ | 1,805 | $ | 2,728 | $ | 3,217 | $ | 3,611 | $ | 4,116 | $ | 4,602 | ||||||||||||
| R&D tax credit |
57 | 57 | 57 | 57 | 57 | 57 | ||||||||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
60 | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
104 | 22 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
597 | 68 | 68 | 68 | 68 | 68 | ||||||||||||||||||
| Intangible asset amortization |
261 | 233 | 217 | 210 | 183 | 133 | ||||||||||||||||||
| Stock-based compensation expense |
788 | 833 | 884 | 943 | 1,015 | 1,096 | ||||||||||||||||||
| Non-GAAP Net Income attributable to EMC |
$ | 3,671 | $ | 3,940 | $ | 4,444 | $ | 4,889 | $ | 5,440 | $ | 5,956 | ||||||||||||
| GAAP Net Income attributable to EMC |
$ | 1,805 | $ | 2,728 | $ | 3,217 | $ | 3,611 | $ | 4,116 | $ | 4,602 | ||||||||||||
| Minority interest |
184 | 240 | 275 | 310 | 353 | 405 | ||||||||||||||||||
| GAAP Net Income |
$ | 1,989 | $ | 2,967 | $ | 3,492 | $ | 3,921 | $ | 4,469 | $ | 5,007 | ||||||||||||
| Income tax provision |
647 | 992 | 1,153 | 1,288 | 1,462 | 1,635 | ||||||||||||||||||
| Non-operating expense |
36 | 162 | 116 | 97 | 87 | 77 | ||||||||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
80 | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
178 | 29 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
788 | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||||
| Intangible asset amortization |
396 | 349 | 329 | 317 | 274 | 193 | ||||||||||||||||||
| Stock-based compensation expense |
1,125 | 1,190 | 1,264 | 1,351 | 1,458 | 1,577 | ||||||||||||||||||
| Capitalized software amortization |
502 | 537 | 589 | 648 | 683 | 650 | ||||||||||||||||||
| Depreciation |
1,105 | 1,147 | 1,202 | 1,271 | 1,357 | 1,454 | ||||||||||||||||||
| Adjusted EBITDA |
$ | 6,846 | $ | 7,473 | $ | 8,246 | $ | 8,994 | $ | 9,891 | $ | 10,693 | ||||||||||||
| GAAP EPS |
0.92 | 1.41 | 1.66 | 1.85 | 2.10 | 2.34 | ||||||||||||||||||
| R&D tax credit |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
0.03 | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
0.05 | 0.01 | — | — | — | — | ||||||||||||||||||
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| Consolidated EMC | ||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||
| Restructuring charges |
0.30 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | ||||||||||||||||||
| Intangible asset amortization |
0.13 | 0.12 | 0.11 | 0.11 | 0.09 | 0.07 | ||||||||||||||||||
| Stock-based compensation expense |
0.40 | 0.43 | 0.46 | 0.48 | 0.52 | 0.56 | ||||||||||||||||||
| Non-GAAP EPS |
$ | 1.87 | $ | 2.03 | $ | 2.29 | $ | 2.51 | $ | 2.78 | $ | 3.03 | ||||||||||||
| Operating Cash Flow |
$ | 5,516 | $ | 5,919 | $ | 6,901 | $ | 7,538 | $ | 8,370 | $ | 9,047 | ||||||||||||
| Capital expenditures |
(1,000 | ) | (1,103 | ) | (1,167 | ) | (1,243 | ) | (1,337 | ) | (1,441 | ) | ||||||||||||
| Capitalized software development costs |
(515 | ) | (562 | ) | (616 | ) | (675 | ) | (650 | ) | (600 | ) | ||||||||||||
| Free Cash Flow |
$ | 4,001 | $ | 4,253 | $ | 5,117 | $ | 5,621 | $ | 6,383 | $ | 7,007 | ||||||||||||
| EMC Core | ||||||||||||||||||||||||
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||
| GAAP Revenue |
$ | 18,691 | $ | 19,084 | $ | 19,781 | $ | 20,718 | $ | 21,905 | $ | 23,253 | ||||||||||||
| VMware GSA settlement |
— | — | — | — | — | — | ||||||||||||||||||
| Non-GAAP Revenue |
$ | 18,691 | $ | 19,084 | $ | 19,781 | $ | 20,718 | $ | 21,905 | $ | 23,253 | ||||||||||||
| GAAP Gross Profit |
$ | 9,803 | $ | 9,887 | $ | 10,250 | $ | 10,778 | $ | 11,388 | $ | 12,191 | ||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Intangible asset amortization |
136 | 126 | 113 | 115 | 105 | 94 | ||||||||||||||||||
| Stock-based compensation expense |
120 | 122 | 127 | 133 | 140 | 149 | ||||||||||||||||||
| Non-GAAP Gross Profit |
$ | 10,059 | $ | 10,135 | $ | 10,489 | $ | 11,025 | $ | 11,634 | $ | 12,434 | ||||||||||||
| GAAP Operating Income |
$ | 1,507 | $ | 2,567 | $ | 2,998 | $ | 3,322 | $ | 3,761 | $ | 4,130 | ||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
27 | 15 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
767 | 50 | 50 | 50 | 50 | 50 | ||||||||||||||||||
| Intangible asset amortization |
255 | 225 | 212 | 212 | 191 | 160 | ||||||||||||||||||
| Stock-based compensation expense |
599 | 611 | 634 | 664 | 702 | 745 | ||||||||||||||||||
| Non-GAAP Operating Income |
$ | 3,155 | $ | 3,469 | $ | 3,893 | $ | 4,247 | $ | 4,703 | $ | 5,085 | ||||||||||||
| GAAP Net Income attributable to EMC |
$ | 1,010 | $ | 1,706 | $ | 2,045 | $ | 2,288 | $ | 2,611 | $ | 2,877 | ||||||||||||
| R&D tax credit |
35 | 35 | 35 | 35 | 35 | 35 | ||||||||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
13 | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
27 | 15 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
582 | 31 | 36 | 36 | 36 | 36 | ||||||||||||||||||
| Intangible asset amortization |
174 | 157 | 145 | 146 | 132 | 112 | ||||||||||||||||||
| Stock-based compensation expense |
450 | 463 | 481 | 504 | 532 | 564 | ||||||||||||||||||
| Non-GAAP Net Income attributable to EMC |
$ | 2,291 | $ | 2,407 | $ | 2,743 | $ | 3,009 | $ | 3,346 | $ | 3,625 | ||||||||||||
| GAAP Net Income attributable to EMC |
$ | 1,010 | $ | 1,706 | $ | 2,045 | $ | 2,288 | $ | 2,611 | $ | 2,877 | ||||||||||||
| Minority interest |
— | — | — | — | — | — | ||||||||||||||||||
| GAAP Net Income |
$ | 1,010 | $ | 1,706 | $ | 2,045 | $ | 2,288 | $ | 2,611 | $ | 2,877 | ||||||||||||
| Income tax provision |
415 | 649 | 767 | 854 | 970 | 1,073 | ||||||||||||||||||
| Non-operating expense |
81 | 212 | 185 | 179 | 179 | 179 | ||||||||||||||||||
| VMware GSA settlement, litigation and other contingencies, special tax items and other non-recurring expenses |
— | — | — | — | — | — | ||||||||||||||||||
| Acquisition and other related charges |
27 | 15 | — | — | — | — | ||||||||||||||||||
| Restructuring charges |
767 | 50 | 50 | 50 | 50 | 50 | ||||||||||||||||||
| Intangible asset amortization |
255 | 225 | 212 | 212 | 191 | 160 | ||||||||||||||||||
| Stock-based compensation expense |
599 | 611 | 634 | 664 | 702 | 745 | ||||||||||||||||||
- 216 -
