DELL TECHNOLOGIES INC.

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

February 2,
2024

February 3,
2023

Cash flows from operating activities:

Net income

$             1,158

$                 606

$              3,195

$              2,422

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

375

2,108

5,481

1,143

Change in cash from operating activities

1,533

2,714

8,676

3,565

Cash flows from investing activities:

Purchases of investments

(29)

(7)

(172)

(108)

Maturities and sales of investments

76

17

226

116

Capital expenditures and capitalized software development
costs

(727)

(759)

(2,756)

(3,003)

Acquisition of businesses and assets, net

1

(70)

(126)

(70)

Other

10

23

45

41

Change in cash from investing activities

(669)

(796)

(2,783)

(3,024)

Cash flows from financing activities:

Proceeds from the issuance of common stock

2

—

10

5

Repurchases of common stock

(878)

(165)

(2,080)

(2,883)

Repurchases of common stock for employee tax withholdings

(18)

(18)

(372)

(398)

Payments of dividends and dividend equivalents

(261)

(236)

(1,072)

(964)

Proceeds from debt

871

3,700

7,775

12,479

Repayments of debt

(1,480)

(1,746)

(11,246)

(9,825)

Debt-related costs and other, net

(55)

(22)

(109)

(39)

Change in cash from financing activities

(1,819)

1,513

(7,094)

(1,625)

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

14

239

(186)

(104)

Change in cash, cash equivalents, and restricted cash

(941)

3,670

(1,387)

(1,188)

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

8,448

5,224

8,894

10,082

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

$             7,507

$              8,894

$              7,507

$              8,894