DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Six Months Ended

July 31, 2020

August 2, 2019

July 31, 2020

August 2, 2019

Cash flows from operating activities:

   Net income

$

1,099

$

4,232

$

1,281

$

4,561

   Adjustments to reconcile net income to net cash provided by (used in) operating activities:

2,233

(952)

1,255

(599)

   Change in cash from operating activities

3,332

3,280

2,536

3,962

Cash flows from investing activities:

   Purchases of investments

(118)

(32)

(174)

(70)

   Maturities and sales of investments

32

93

71

430

   Capital expenditures and capitalized software development costs

(545)

(551)

(1,104)

(1,267)

   Acquisition of businesses and assets, net

(296)

(339)

(334)

(384)

   Divestitures of businesses and assets, net

—

—

120

(3)

   Other

3

4

12

11

   Change in cash from investing activities

(825)

(1,409)

(1,283)

Cash flows from financing activities:

   Proceeds from the issuance of common stock

105

105

221

239

   Repurchases of parent common stock

—

2

(240)

(4)

   Repurchases of subsidiary common stock

(291)

(600)

(591)

(1,403)

   Proceeds from debt

1,712

2,638

11,847

12,201

   Repayments of debt

(4,815)

(4,342)

(10,220)

(13,911)

   Other

(148)

(6)

(190)

(44)

   Change in cash from financing activities

(3,437)

(2,203)

827

(2,922)

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

84

(26)

(52)

(62)

Change in cash, cash equivalents, and restricted cash

(945)

226

1,902

(305)

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

12,998

9,709

10,151

10,240

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

$

12,053

$

9,935

$

12,053

$

9,935