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

Three Months Ended

Fiscal Year Ended

February 3,
2023

January 28,
2022

February 3,
2023

January 28,
2022

Cash flows from operating activities:

Net income

$                606

$                    1

$            2,422

$            5,707

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

2,108

3,092

1,143

4,600

Change in cash from operating activities

2,714

3,093

3,565

10,307

Cash flows from investing activities:

Purchases of equity and other investments

(7)

(93)

(94)

(256)

Purchases of held-to-maturity investments

—

(1)

(14)

(158)

Maturities and sales of equity and other investments

17

59

116

513

Capital expenditures and capitalized software development
costs

(759)

(740)

(3,003)

(2,796)

Acquisition of businesses and assets, net

(70)

—

(70)

(16)

Divestitures of businesses and assets, net

—

—

—

3,957

Other

23

28

41

62

Change in cash from investing activities

(796)

(747)

(3,024)

1,306

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

5

334

Repurchases of parent common stock (a)

(182)

(628)

(3,272)

(663)

Repurchases of subsidiary common stock (a)

(1)

(1)

(9)

(1,175)

Payments of dividends to stockholders

(236)

—

(964)

—

Proceeds from debt

3,700

7,388

12,479

20,425

Repayments of debt

(1,746)

(13,654)

(9,825)

(26,723)

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

—

(5,052)

—

(5,052)

Debt-related costs and other, net

(22)

(1,402)

(39)

(1,515)

Change in cash from financing activities

1,513

(15,581)

(1,625)

(16,609)

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

239

(52)

(104)

(106)

Change in cash, cash equivalents, and restricted cash

3,670

(13,287)

(1,188)

(5,102)

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

5,224

23,369

10,082

15,184

Cash, cash equivalents, and restricted cash from continuing operations

$            8,894

$          10,082

$            8,894

$          10,082

_________________

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