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

Three Months Ended

Nine Months Ended

November 3, 2023

October 28, 2022

November 3, 2023

October 28, 2022

Cash flows from operating activities:

Net income

$             1,004

$                 241

$              2,037

$              1,816

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

1,148

155

5,106

(965)

Change in cash from operating activities

2,152

396

7,143

851

Cash flows from investing activities:

Purchases of investments

(30)

(21)

(143)

(101)

Maturities and sales of investments

23

31

150

99

Capital expenditures and capitalized software development costs

(704)

(747)

(2,029)

(2,244)

Acquisition of businesses and assets, net

(127)

—

(127)

—

Other

13

7

35

18

Change in cash from investing activities

(825)

(730)

(2,114)

(2,228)

Cash flows from financing activities:

Proceeds from the issuance of common stock

4

—

8

5

Repurchases of common stock

(702)

(600)

(1,202)

(2,718)

Repurchases of common stock for employee tax withholdings

(42)

(22)

(354)

(380)

Payments of dividends and dividend equivalents

(266)

(238)

(811)

(728)

Proceeds from debt

2,249

2,314

6,904

8,779

Repayments of debt

(2,684)

(1,837)

(9,766)

(8,079)

Debt-related costs and other, net

(5)

(3)

(54)

(17)

Change in cash from financing activities

(1,446)

(386)

(5,275)

(3,138)

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

(83)

(149)

(200)

(343)

Change in cash, cash equivalents, and restricted cash

(202)

(869)

(446)

(4,858)

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

8,650

6,093

8,894

10,082

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

$             8,448

$              5,224

$              8,448

$              5,224