DELL TECHNOLOGIES INC.

Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Fiscal Year Ended

January 28,
2022

January 29,
2021

January 28,
2022

January 29,
2021

Cash flows from operating activities:

Net income

$                   1

$            1,343

$            5,707

$            3,505

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

3,092

4,534

4,600

7,902

Change in cash from operating activities

3,093

5,877

10,307

11,407

Cash flows from investing activities:

Purchases of investments

(94)

(42)

(414)

(338)

Maturities and sales of investments

59

71

513

169

Capital expenditures and capitalized software development costs

(740)

(498)

(2,796)

(2,082)

Acquisition of businesses and assets, net

—

(19)

(16)

(424)

Divestitures of businesses and assets, net

—

—

3,957

2,187

Other

28

2

62

28

Change in cash from investing activities

(747)

(486)

1,306

(460)

Cash flows from financing activities:

Dividends paid by VMware, Inc. to non-controlling interests

(2,240)

—

(2,240)

—

Proceeds from the issuance of common stock

8

63

334

452

Repurchases of parent common stock (a)

(628)

(1)

(663)

(241)

Repurchases of subsidiary common stock (a)

(1)

(473)

(1,175)

(1,363)

Proceeds from debt

7,388

1,619

20,425

16,391

Repayments of debt

(13,654)

(3,675)

(26,723)

(20,919)

Net transfer of cash, cash equivalents, and restricted cash to VMware, Inc.

(5,052)

—

(5,052)

—

Debt related costs and other, net

(1,402)

—

(1,515)

(270)

Change in cash from financing activities

(15,581)

(2,467)

(16,609)

(5,950)

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

(52)

103

(106)

36

Change in cash, cash equivalents, and restricted cash

(13,287)

3,027

(5,102)

5,033

Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations

23,369

12,157

15,184

10,151

Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations

$          10,082

$          15,184

$          10,082

$          15,184

(a) Common stock repurchases are inclusive of employee tax withholding on stock-based compensation.