DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

May 5, 2017

April 29, 2016

Cash flows from operating activities:

Net income (loss)

$        (1,383)

$                   55

Adjustments to reconcile net loss to net cash provided by operating activities

1,623

(118)

Change in cash from operating activities

240

Cash flows from investing activities:

Investments:

  Purchases

(559)

—

  Maturities and sales

973

12

Capital expenditures

(245)

(92)

Proceeds from sale of facilities, land, and other assets

—

4

Capitalized software development costs

(89)

—

Collections on purchased financing receivables

3

16

Acquisition of businesses, net

(12)

—

Divestitures of businesses, net

(20)

—

Change in cash from investing activities

51

(60)

Cash flows from financing activities:

Proceeds from the issuance of common stock of subsidiaries

8

102

Repurchases of DHI Group Common Stock

(2)

—

Repurchases of Class V Common Stock

(368)

—

Issuance of common stock under employee plans

1

—

Payments for debt issuance costs

(5)

(2)

Proceeds from debt

3,441

552

Repayments of debt

(3,154)

(1,041)

Repurchases for tax withholdings on vesting of equity awards

(126)

(1)

Other

—

3

Change in cash from financing activities

(205)

(387)

Effect of exchange rate changes on cash and cash equivalents

(6)

73

Change in cash and cash equivalents

80

(437)

Cash and cash equivalents at beginning of the period, including amounts held for sale

9,474

6,576

Cash and cash equivalents at end of the period

$          9,554

$              6,139

Less: Cash included in current assets held for sale

—

268

Cash and cash equivalents from continuing operations

$          9,554

$              5,871