DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(in millions, except percentages; unaudited; continued)

Three Months Ended

Six Months Ended

July 29, 2022

July 30, 2021

Change

July 29, 2022

July 30, 2021

Change

Net income from continuing operations

$             506

$             629

(20) %

$          1,575

$          1,288

22 %

Non-GAAP adjustments:

Amortization of intangibles

244

442

487

887

Impact of purchase accounting

3

15

12

35

Transaction-related (income) expenses

(4)

25

(6)

54

Stock-based compensation expense

236

206

468

378

Other corporate expenses

212

151

308

268

Fair value adjustments on equity investments

255

(168)

241

(362)

Aggregate adjustment for income taxes

(186)

(134)

(385)

(327)

Non-GAAP net income

$          1,266

$          1,166

9 %

$          2,700

$          2,221

22 %

Net income from continuing operations attributable to Dell Technologies Inc.

$             511

$             631

(19) %

$          1,583

$          1,291

23 %

Non-GAAP adjustments:

Amortization of intangibles

244

442

487

887

Impact of purchase accounting

3

15

12

35

Transaction-related (income) expenses

(4)

25

(6)

54

Stock-based compensation expense

236

206

468

378

Other corporate expenses

212

151

308

268

Fair value adjustments on equity investments

255

(168)

241

(362)

Aggregate adjustment for income taxes

(186)

(134)

(385)

(327)

Total non-GAAP adjustments attributable to non-controlling interests

(3)

(2)

(5)

(3)

Non-GAAP net income attributable to Dell Technologies Inc.

$          1,268

$          1,166

9 %

$          2,703

$          2,221

22 %