EMC Corporation today reported second-quarter 2016 financial results. Second-quarter consolidated revenue was $6 billion. GAAP earnings per weighted average diluted share was $0.29 in the second quarter, up 16% year over year. Non-GAAP¹ earnings per weighted average diluted share in the second quarter was $0.45, up 5% year over year.
EMC generated $1.6 billion in operating cash flow and $1.34 billion in free cash flow² in the second quarter, and ended the quarter with $16.1 billion in cash and investments.
- Consolidated revenue of $6 billion
- GAAP and non-GAAP EPS up 16% and 5% year over year, respectively
- Operating cash flow of $1.6 billion and free cash flow of $1.34 billion, up 56% and 108% year over year, respectively
1 Items excluded from the non-GAAP results for the second quarters of 2016 and 2015 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring charges, acquisition and other related charges, a fair value adjustment on asset held for sale, a VMware GSA settlement charge, merger-related costs and joint venture impairment. A benefit of the U.S. research and development (“R&D”) tax credit for the second quarter of 2015 was included in the non-GAAP results for the second quarter of 2015 as if the credit had been enacted. See attached schedules for GAAP to non-GAAP reconciliations.
2 Free cash flow is a non-GAAP financial measure which is defined as net cash provided by operating activities, less additions to property, plant and equipment and capitalized software development costs. See attached schedules for a reconciliation of net cash provided by operating activities to free cash flow for the three months ended June 30, 2016 and 2015.
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