Delaware | 001-37867 | 80-0890963 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
One Dell Way Round Rock, Texas | 78682 | |
(Address of principal executive offices) | (Zip Code) |
x | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||
Emerging growth company ¨ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Exhibit No. | Exhibit Description | |
99.1 |
Date: November 29, 2018 | Dell Technologies Inc. | ||||
By: | /s/ Janet Bawcom | ||||
Janet Bawcom Senior Vice President and Assistant Secretary | |||||
(Duly Authorized Officer) |
• | GAAP revenue up 15 percent to $22.5 billion |
• | Third consecutive quarter of double-digit growth across all reportable segments |
• | Continued cross-sell synergies across the family of businesses |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
(in millions, except percentages; unaudited) | |||||||||||||||||||
Total net revenue | $ | 22,482 | $ | 19,556 | 15% | $ | 66,780 | $ | 57,077 | 17% | |||||||||
Operating loss | $ | (356 | ) | $ | (410 | ) | 13% | $ | (522 | ) | $ | (2,347 | ) | 78% | |||||
Net loss | $ | (895 | ) | $ | (851 | ) | (5)% | $ | (1,894 | ) | $ | (2,793 | ) | 32% | |||||
Non-GAAP net revenue | $ | 22,651 | $ | 19,851 | 14% | $ | 67,316 | $ | 58,062 | 16% | |||||||||
Non-GAAP operating income | $ | 2,064 | $ | 2,109 | (2)% | $ | 6,198 | $ | 5,400 | 15% | |||||||||
Non-GAAP net income | $ | 1,200 | $ | 1,199 | —% | $ | 3,723 | $ | 3,072 | 21% | |||||||||
Adjusted EBITDA | $ | 2,426 | $ | 2,441 | (1)% | $ | 7,268 | $ | 6,416 | 13% |
• | Servers and Networking delivered its sixth consecutive quarter of double-digit revenue growth |
• | Triple-digit growth for VxRail on a demand basis, and now well above a $1 billion run rate |
• | Demand was strong for file-based arrays where Dell Technologies is highly differentiated with unmatched scalability, performance and flexibility |
• | Outperformed the PC industry for total worldwide units, delivering above-market growth in desktops and notebooks and in total commercial units3 |
• | No. 1 share position worldwide for displays, gaining unit share year-over-year for the 22nd consecutive quarter4 |
• | Maintained position as No. 1 provider of workstations worldwide5, with growth in every region and double-digit growth in both fixed and mobile form factors |
1 | Due to the EMC transaction, significant non-cash bridging items will remain between GAAP and non-GAAP results for the next few years. |
2 | Core debt represents the total principal amount of the company’s debt, less unrestricted subsidiary debt, DFS related debt, and other debt. See slide presentation on the FY19Q3 Earnings Event page for full reconciliation of the core debt amount. |
3 | IDC WW Quarterly Personal Computing Device (PCD) Tracker CY18Q3 |
4 | DisplaySearch Desktop Monitor Market Tracker CY18Q3 |
5 | IDC WW Workstation Tracker CY18Q3 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
Net revenue: | |||||||||||||||||||
Products | $ | 17,625 | $ | 15,120 | 17% | $ | 52,445 | $ | 43,856 | 20% | |||||||||
Services | 4,857 | 4,436 | 9% | 14,335 | 13,221 | 8% | |||||||||||||
Total net revenue | 22,482 | 19,556 | 15% | 66,780 | 57,077 | 17% | |||||||||||||
Cost of net revenue: | |||||||||||||||||||
Products | 14,565 | 12,573 | 16% | 43,114 | 37,171 | 16% | |||||||||||||
Services | 1,974 | 1,763 | 12% | 5,722 | 5,261 | 9% | |||||||||||||
Total cost of net revenue | 16,539 | 14,336 | 15% | 48,836 | 42,432 | 15% | |||||||||||||
Gross margin | 5,943 | 5,220 | 14% | 17,944 | 14,645 | 23% | |||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general, and administrative | 5,159 | 4,559 | 13% | 15,064 | 13,695 | 10% | |||||||||||||
Research and development | 1,140 | 1,071 | 6% | 3,402 | 3,297 | 3% | |||||||||||||
Total operating expenses | 6,299 | 5,630 | 12% | 18,466 | 16,992 | 9% | |||||||||||||
Operating loss | (356 | ) | (410 | ) | 13% | (522 | ) | (2,347 | ) | 78% | |||||||||
Interest and other, net | (639 | ) | (682 | ) | 6% | (1,564 | ) | (1,799 | ) | 13% | |||||||||
Loss before income taxes | (995 | ) | (1,092 | ) | 9% | (2,086 | ) | (4,146 | ) | 50% | |||||||||
Income tax benefit | (100 | ) | (241 | ) | 59% | (192 | ) | (1,353 | ) | 86% | |||||||||
Net loss | (895 | ) | (851 | ) | (5)% | (1,894 | ) | (2,793 | ) | 32% | |||||||||
Less: Net income (loss) attributable to non-controlling interests | (19 | ) | (5 | ) | 280% | 117 | (44 | ) | (366)% | ||||||||||
Net loss attributable to Dell Technologies Inc. | $ | (876 | ) | $ | (846 | ) | (4)% | $ | (2,011 | ) | $ | (2,749 | ) | 27% | |||||
Earnings (loss) per share attributable to Dell Technologies Inc. - basic: | |||||||||||||||||||
Class V Common Stock - basic | $ | 0.83 | $ | — | $ | 4.80 | $ | — | |||||||||||
DHI Group - basic | $ | (1.84 | ) | $ | — | $ | (5.23 | ) | $ | — | |||||||||
Earnings (loss) per share attributable to Dell Technologies Inc. - diluted: | |||||||||||||||||||
Class V Common Stock - diluted | $ | 0.81 | $ | — | $ | 4.72 | $ | — | |||||||||||
DHI Group - diluted | $ | (1.84 | ) | $ | — | $ | (5.25 | ) | $ | — | |||||||||
Weighted-average shares outstanding: | |||||||||||||||||||
Basic - Class V Common Stock | 199 | 202 | 199 | 204 | |||||||||||||||
Diluted - Class V Common Stock | 199 | 202 | 199 | 204 | |||||||||||||||
Basic - DHI Group | 567 | 567 | 567 | 567 | |||||||||||||||
Diluted - DHI Group | 567 | 567 | 567 | 567 | |||||||||||||||
Percentage of Total Net Revenue: | |||||||||||||||||||
Gross margin | 26 | % | 27 | % | 27 | % | 26 | % | |||||||||||
Selling, general, and administrative | 23 | % | 23 | % | 23 | % | 24 | % | |||||||||||
Research and development | 5 | % | 5 | % | 5 | % | 6 | % | |||||||||||
Operating expenses | 28 | % | 29 | % | 28 | % | 30 | % | |||||||||||
Operating loss | (2 | )% | (2 | )% | (1 | )% | (4 | )% | |||||||||||
Loss before income taxes | (4 | )% | (6 | )% | (3 | )% | (7 | )% | |||||||||||
Net loss | (4 | )% | (4 | )% | (3 | )% | (5 | )% | |||||||||||
Income tax rate | 10.1 | % | 22.1 | % | 9.2 | % | 32.6 | % |
November 2, 2018 | February 2, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 15,152 | $ | 13,942 | |||
Short-term investments | 2,322 | 2,187 | |||||
Accounts receivable, net | 11,113 | 11,721 | |||||
Short-term financing receivables, net | 4,134 | 3,919 | |||||
Inventories, net | 3,793 | 2,678 | |||||
Other current assets | 6,445 | 5,881 | |||||
Total current assets | 42,959 | 40,328 | |||||
Property, plant, and equipment, net | 5,228 | 5,390 | |||||
Long-term investments | 2,972 | 4,163 | |||||
Long-term financing receivables, net | 3,946 | 3,724 | |||||
Goodwill | 39,651 | 39,920 | |||||
Intangible assets, net | 23,787 | 28,265 | |||||
Other non-current assets | 2,698 | 2,403 | |||||
Total assets | $ | 121,241 | $ | 124,193 | |||
LIABILITIES, REDEEMABLE SHARES, AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 8,150 | $ | 7,873 | |||
Accounts payable | 19,748 | 18,334 | |||||
Accrued and other | 7,606 | 8,026 | |||||
Short-term deferred revenue | 12,079 | 11,606 | |||||
Total current liabilities | 47,583 | 45,839 | |||||
Long-term debt | 40,507 | 43,998 | |||||
Long-term deferred revenue | 10,064 | 9,210 | |||||
Other non-current liabilities | 6,567 | 7,277 | |||||
Total liabilities | 104,721 | 106,324 | |||||
Redeemable shares | 2,095 | 384 | |||||
Stockholders' equity: | |||||||
Total Dell Technologies Inc. stockholders’ equity | 7,592 | 11,719 | |||||
Non-controlling interests | 6,833 | 5,766 | |||||
Total stockholders' equity | 14,425 | 17,485 | |||||
Total liabilities, redeemable shares, and stockholders' equity | $ | 121,241 | $ | 124,193 |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 2, 2018 | November 3, 2017 | November 2, 2018 | November 3, 2017 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net loss | $ | (895 | ) | $ | (851 | ) | $ | (1,894 | ) | $ | (2,793 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities | 1,728 | 2,490 | 6,519 | 6,537 | |||||||||||
Change in cash from operating activities | 833 | 1,639 | 4,625 | 3,744 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Investments: | |||||||||||||||
Purchases | (24 | ) | (1,194 | ) | (912 | ) | (3,454 | ) | |||||||
Maturities and sales | 863 | 935 | 2,185 | 2,993 | |||||||||||
Capital expenditures | (300 | ) | (341 | ) | (861 | ) | (902 | ) | |||||||
Proceeds from sale of facilities, land, and other assets | — | — | 10 | — | |||||||||||
Capitalized software development costs | (86 | ) | (94 | ) | (246 | ) | (281 | ) | |||||||
Collections on purchased financing receivables | 8 | 15 | 25 | 25 | |||||||||||
Acquisition of businesses, net | (493 | ) | — | (493 | ) | (223 | ) | ||||||||
Divestitures of businesses, net | — | — | 142 | — | |||||||||||
Asset acquisitions, net | (21 | ) | (9 | ) | (59 | ) | (95 | ) | |||||||
Asset dispositions, net | (6 | ) | (12 | ) | (12 | ) | (53 | ) | |||||||
Change in cash from investing activities | (59 | ) | (700 | ) | (221 | ) | (1,990 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Payment of dissenting shares obligation | — | — | (76 | ) | — | ||||||||||
Share repurchases for tax withholdings of equity awards | (52 | ) | (105 | ) | (251 | ) | (299 | ) | |||||||
Proceeds from the issuance of common stock of subsidiaries | 114 | 30 | 767 | 110 | |||||||||||
Repurchases of DHI Group Common Stock | — | (4 | ) | (47 | ) | (6 | ) | ||||||||
Repurchases of Class V Common Stock | — | (300 | ) | — | (722 | ) | |||||||||
Repurchases of common stock of subsidiaries | (1 | ) | (555 | ) | (1 | ) | (555 | ) | |||||||
Payments for debt issuance costs | (3 | ) | (39 | ) | (11 | ) | (44 | ) | |||||||
Proceeds from debt | 1,806 | 8,412 | 6,443 | 13,168 | |||||||||||
Repayments of debt | (2,721 | ) | (5,837 | ) | (9,669 | ) | (11,128 | ) | |||||||
Other | — | — | 1 | 1 | |||||||||||
Change in cash from financing activities | (857 | ) | 1,602 | (2,844 | ) | 525 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (46 | ) | (1 | ) | (262 | ) | 47 | ||||||||
Change in cash, cash equivalents, and restricted cash | (129 | ) | 2,540 | 1,298 | 2,326 | ||||||||||
Cash, cash equivalents, and restricted cash at beginning of the period | 15,805 | 9,618 | 14,378 | 9,832 | |||||||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | 15,676 | $ | 12,158 | $ | 15,676 | $ | 12,158 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
Infrastructure Solutions Group (ISG): | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Servers and networking | $ | 5,054 | $ | 3,875 | 30% | $ | 14,700 | $ | 10,908 | 35% | |||||||||
Storage | 3,883 | 3,660 | 6% | 12,131 | 11,055 | 10% | |||||||||||||
Total ISG net revenue | $ | 8,937 | $ | 7,535 | 19% | $ | 26,831 | $ | 21,963 | 22% | |||||||||
Operating Income: | |||||||||||||||||||
ISG operating income | $ | 935 | $ | 870 | 7% | $ | 2,886 | $ | 2,023 | 43% | |||||||||
% of ISG net revenue | 10 | % | 12 | % | 11 | % | 9 | % | |||||||||||
% of total segment operating income | 43 | % | 41 | % | 45 | % | 37 | % | |||||||||||
Client Solutions Group (CSG): | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Commercial | $ | 7,613 | $ | 6,778 | 12% | $ | 23,085 | $ | 20,327 | 14% | |||||||||
Consumer | 3,292 | 3,051 | 8% | 9,219 | 8,416 | 10% | |||||||||||||
Total CSG net revenue | $ | 10,905 | $ | 9,829 | 11% | $ | 32,304 | $ | 28,743 | 12% | |||||||||
Operating Income: | |||||||||||||||||||
CSG operating income | $ | 447 | $ | 630 | (29)% | $ | 1,405 | $ | 1,483 | (5)% | |||||||||
% of CSG net revenue | 4 | % | 6 | % | 4 | % | 5 | % | |||||||||||
% of total segment operating income | 21 | % | 29 | % | 22 | % | 27 | % | |||||||||||
VMware: | |||||||||||||||||||
Net Revenue: | |||||||||||||||||||
Total VMware net revenue | $ | 2,229 | $ | 1,933 | 15% | $ | 4,222 | $ | 3,802 | 11% | |||||||||
Operating Income: | |||||||||||||||||||
VMware operating income | $ | 768 | $ | 634 | 21% | $ | 2,117 | $ | 1,973 | 7% | |||||||||
% of VMware net revenue | 34 | % | 33 | % | 33 | % | 34 | % | |||||||||||
% of total segment operating income | 36 | % | 30 | % | 33 | % | 36 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
November 2, 2018 | November 3, 2017 | November 2, 2018 | November 3, 2017 | ||||||||||||
Reconciliation to consolidated net revenue: | |||||||||||||||
Reportable segment net revenue | $ | 22,071 | $ | 19,297 | $ | 65,586 | $ | 56,441 | |||||||
Other businesses (a) | 583 | 557 | 1,736 | 1,629 | |||||||||||
Unallocated transactions (b) | (3 | ) | (3 | ) | (6 | ) | (8 | ) | |||||||
Impact of purchase accounting (c) | (169 | ) | (295 | ) | (536 | ) | (985 | ) | |||||||
Total net revenue | $ | 22,482 | $ | 19,556 | $ | 66,780 | $ | 57,077 | |||||||
Reconciliation to consolidated operating income (loss): | |||||||||||||||
Reportable segment operating income | $ | 2,150 | $ | 2,134 | $ | 6,408 | $ | 5,479 | |||||||
Other businesses (a) | (40 | ) | (19 | ) | (139 | ) | (71 | ) | |||||||
Unallocated transactions (b) | (46 | ) | (6 | ) | (71 | ) | (8 | ) | |||||||
Impact of purchase accounting (c) | (193 | ) | (366 | ) | (630 | ) | (1,195 | ) | |||||||
Amortization of intangibles | (1,546 | ) | (1,734 | ) | (4,594 | ) | (5,250 | ) | |||||||
Transaction-related expenses (d) | (167 | ) | (86 | ) | (437 | ) | (415 | ) | |||||||
Other corporate expenses (e) | (514 | ) | (333 | ) | (1,059 | ) | (887 | ) | |||||||
Total operating loss | $ | (356 | ) | $ | (410 | ) | $ | (522 | ) | $ | (2,347 | ) |
(a) | Pivotal, SecureWorks, RSA Security, Virtustream, and Boomi constitute "Other businesses" and do not meet the requirements for a reportable segment, either individually or collectively. The results of Other businesses are not material to the Company's overall results. |
(b) | Unallocated transactions includes long-term incentives, certain short-term incentive compensation expenses, and other corporate items that are not allocated to Dell Technologies' reportable segments. |
(c) | Impact of purchase accounting includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction. |
(d) | Transaction-related expenses includes acquisition, integration, and divestiture related costs. |
(e) | Other corporate expenses includes severance and facility action costs as well as stock-based compensation expense. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
Non-GAAP net revenue | $ | 22,651 | $ | 19,851 | 14% | $ | 67,316 | $ | 58,062 | 16% | |||||||||
Non-GAAP gross margin | $ | 7,000 | $ | 6,474 | 8% | $ | 20,985 | $ | 18,534 | 13% | |||||||||
% of non-GAAP net revenue | 31 | % | 33 | % | 31 | % | 32 | % | |||||||||||
Non-GAAP operating expenses | $ | 4,936 | $ | 4,365 | 13% | $ | 14,787 | $ | 13,134 | 13% | |||||||||
% of non-GAAP net revenue | 22 | % | 22 | % | 22 | % | 23 | % | |||||||||||
Non-GAAP operating income | $ | 2,064 | $ | 2,109 | (2)% | $ | 6,198 | $ | 5,400 | 15% | |||||||||
% of non-GAAP net revenue | 9 | % | 11 | % | 9 | % | 9 | % | |||||||||||
Non-GAAP net income | $ | 1,200 | $ | 1,199 | —% | $ | 3,723 | $ | 3,072 | 21% | |||||||||
% of non-GAAP net revenue | 5 | % | 6 | % | 6 | % | 5 | % | |||||||||||
Adjusted EBITDA | $ | 2,426 | $ | 2,441 | (1)% | $ | 7,268 | $ | 6,416 | 13% | |||||||||
% of non-GAAP net revenue | 11 | % | 12 | % | 11 | % | 11 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
Net revenue | $ | 22,482 | $ | 19,556 | 15% | $ | 66,780 | $ | 57,077 | 17% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Impact of purchase accounting | 169 | 295 | 536 | 985 | |||||||||||||||
Non-GAAP net revenue | $ | 22,651 | $ | 19,851 | 14% | $ | 67,316 | $ | 58,062 | 16% | |||||||||
Gross margin | $ | 5,943 | $ | 5,220 | 14% | $ | 17,944 | $ | 14,645 | 23% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Amortization of intangibles | 726 | 914 | 2,154 | 2,784 | |||||||||||||||
Impact of purchase accounting | 171 | 307 | 549 | 1,020 | |||||||||||||||
Transaction-related expenses | 102 | 5 | 239 | 22 | |||||||||||||||
Other corporate expenses | 58 | 28 | 99 | 63 | |||||||||||||||
Non-GAAP gross margin | $ | 7,000 | $ | 6,474 | 8% | $ | 20,985 | $ | 18,534 | 13% | |||||||||
Operating expenses | $ | 6,299 | $ | 5,630 | 12% | $ | 18,466 | $ | 16,992 | 9% | |||||||||
Non-GAAP adjustments: | |||||||||||||||||||
Amortization of intangibles | (820 | ) | (820 | ) | (2,440 | ) | (2,466 | ) | |||||||||||
Impact of purchase accounting | (22 | ) | (59 | ) | (81 | ) | (175 | ) | |||||||||||
Transaction-related expenses | (65 | ) | (81 | ) | (198 | ) | (393 | ) | |||||||||||
Other corporate expenses | (456 | ) | (305 | ) | (960 | ) | (824 | ) | |||||||||||
Non-GAAP operating expenses | $ | 4,936 | $ | 4,365 | 13% | $ | 14,787 | $ | 13,134 | 13% | |||||||||
Operating loss | $ | (356 | ) | $ | (410 | ) | 13% | $ | (522 | ) | $ | (2,347 | ) | 78% | |||||
Non-GAAP adjustments: | |||||||||||||||||||
Amortization of intangibles | 1,546 | 1,734 | 4,594 | 5,250 | |||||||||||||||
Impact of purchase accounting | 193 | 366 | 630 | 1,195 | |||||||||||||||
Transaction-related expenses | 167 | 86 | 437 | 415 | |||||||||||||||
Other corporate expenses | 514 | 333 | 1,059 | 887 | |||||||||||||||
Non-GAAP operating income | $ | 2,064 | $ | 2,109 | (2)% | $ | 6,198 | $ | 5,400 | 15% | |||||||||
Net loss | $ | (895 | ) | $ | (851 | ) | (5)% | $ | (1,894 | ) | $ | (2,793 | ) | 32% | |||||
Non-GAAP adjustments: | |||||||||||||||||||
Amortization of intangibles | 1,546 | 1,734 | 4,594 | 5,250 | |||||||||||||||
Impact of purchase accounting | 193 | 366 | 630 | 1,195 | |||||||||||||||
Transaction-related expenses | 167 | 86 | 437 | 415 | |||||||||||||||
Other corporate expenses | 514 | 333 | 1,059 | 887 | |||||||||||||||
Aggregate adjustment for income taxes | (325 | ) | (469 | ) | (1,103 | ) | (1,882 | ) | |||||||||||
Non-GAAP net income | $ | 1,200 | $ | 1,199 | —% | $ | 3,723 | $ | 3,072 | 21% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
November 2, 2018 | November 3, 2017 | Change | November 2, 2018 | November 3, 2017 | Change | ||||||||||||||
Net loss | $ | (895 | ) | $ | (851 | ) | (5)% | $ | (1,894 | ) | $ | (2,793 | ) | 32% | |||||
Adjustments: | |||||||||||||||||||
Interest and other, net | 639 | 682 | 1,564 | 1,799 | |||||||||||||||
Income tax benefit | (100 | ) | (241 | ) | (192 | ) | (1,353 | ) | |||||||||||
Depreciation and amortization | 1,961 | 2,137 | 5,806 | 6,491 | |||||||||||||||
EBITDA | $ | 1,605 | $ | 1,727 | (7)% | $ | 5,284 | $ | 4,144 | 28% | |||||||||
EBITDA | $ | 1,605 | $ | 1,727 | (7)% | $ | 5,284 | $ | 4,144 | 28% | |||||||||
Adjustments: | |||||||||||||||||||
Stock-based compensation expense | 256 | 221 | 671 | 630 | |||||||||||||||
Impact of purchase accounting | 169 | 298 | 536 | 990 | |||||||||||||||
Transaction-related expenses | 158 | 86 | 409 | 415 | |||||||||||||||
Other corporate expenses | 238 | 109 | 368 | 237 | |||||||||||||||
Adjusted EBITDA | $ | 2,426 | $ | 2,441 | (1)% | $ | 7,268 | $ | 6,416 | 13% |
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