DELL TECHNOLOGIES INC.

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Six Months Ended

July 29, 2022

July 30, 2021

July 29, 2022

July 30, 2021

Cash flows from operating activities:

Net income

$                506

$                880

$            1,575

$            1,818

Adjustments to reconcile net income to net cash provided by operating activities:

218

845

(1,120)

2,145

Change in cash from operating activities

724

1,725

455

3,963

Cash flows from investing activities:

Purchases of investments

(28)

(124)

(80)

(270)

Maturities and sales of investments

50

79

68

335

Capital expenditures and capitalized software development costs

(807)

(632)

(1,497)

(1,257)

Acquisition of businesses and assets, net

—

(6)

—

(16)

Other

7

14

11

20

Change in cash from investing activities

(778)

(669)

(1,498)

(1,188)

Cash flows from financing activities:

Proceeds from the issuance of common stock

1

26

5

186

Repurchases of parent common stock (a)

(689)

(8)

(2,468)

(17)

Repurchases of subsidiary common stock (a)

(1)

(544)

(8)

(978)

Payments of dividends to stockholders

(242)

—

(490)

—

Proceeds from debt

3,431

1,209

6,465

3,935

Repayments of debt

(3,539)

(4,353)

(6,242)

(8,423)

Debt-related costs and other, net

(7)

(3)

(14)

(14)

Change in cash from financing activities

(1,046)

(3,673)

(2,752)

(5,311)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(83)

(16)

(194)

(21)

Change in cash, cash equivalents, and restricted cash

(1,183)

(2,633)

(3,989)

(2,557)

Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations

7,276

15,260

10,082

15,184

Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations

6,093

12,627

6,093

12,627

Less: Cash, cash equivalents, and restricted cash attributable to discontinued operations

—

5,922

—

5,922

Cash, cash equivalents, and restricted cash from continuing operations

$            6,093

$            6,705

$            6,093

$            6,705