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

Three Months Ended

April 30, 2021

May 1, 2020

Cash flows from operating activities:

Net income

$

938

$

182

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

(978)

Change in cash from operating activities

2,238

(796)

Cash flows from investing activities:

Purchases of investments

(146)

(56)

Maturities and sales of investments

256

39

Capital expenditures and capitalized software development costs

(625)

(559)

Acquisition of businesses and assets, net

(10)

(38)

Divestitures of businesses and assets, net

—

120

Other

6

9

Change in cash from investing activities

(519)

(485)

Cash flows from financing activities:

Proceeds from the issuance of common stock

160

116

Repurchases of parent common stock

(9)

(240)

Repurchases of subsidiary common stock (a)

(434)

(300)

Proceeds from debt

2,726

10,135

Repayments of debt

(4,070)

(5,405)

Other

(11)

(42)

Change in cash from financing activities

(1,638)

4,264

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

(5)

(136)

Change in cash, cash equivalents, and restricted cash

76

2,847

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

15,184

10,151

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

$

15,260

$

12,998