DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(in millions; unaudited)

Three Months Ended

Fiscal Year Ended

January 31,
2020

February 1,
2019

January 31,
2020

February 1,
2019

Cash flows from operating activities:

Net income (loss)

$

416

$

(287)

$

5,529

$

(2,181)

Adjustments to reconcile net income (loss) to net
cash provided by operating activities

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
awards

(140)

(136)

(547)

(387)

Dividends paid to VMware, Inc.'s public
stockholders

—

(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
equivalents, and restricted 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
beginning of the period

9,341

15,676

10,240

14,378

Cash, cash equivalents, and restricted cash at end of
the period

$

10,151

$

10,240

$

10,151

$

10,240