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

Three Months Ended

Six Months Ended

August 4, 2023

July 29, 2022

August 4,
2023

July 29, 2022

Cash flows from operating activities:

Net income

$                455

$                 506

$              1,033

$              1,575

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

2,759

218

3,958

(1,120)

Change in cash from operating activities

3,214

724

4,991

455

Cash flows from investing activities:

Purchases of investments

(98)

(28)

(113)

(80)

Maturities and sales of investments

108

50

127

68

Capital expenditures and capitalized software development costs

(624)

(807)

(1,325)

(1,497)

Other

9

7

22

11

Change in cash from investing activities

(605)

(778)

(1,289)

(1,498)

Cash flows from financing activities:

Proceeds from the issuance of common stock

2

1

4

5

Repurchases of common stock

(260)

(682)

(500)

(2,118)

Repurchases of common stock for employee tax withholdings

(6)

(8)

(312)

(358)

Payments of dividends and dividend equivalents

(269)

(242)

(545)

(490)

Proceeds from debt

2,134

3,431

4,655

6,465

Repayments of debt

(3,384)

(3,539)

(7,082)

(6,242)

Debt-related costs and other, net

(44)

(7)

(49)

(14)

Change in cash from financing activities

(1,827)

(1,046)

(3,829)

(2,752)

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

(59)

(83)

(117)

(194)

Change in cash, cash equivalents, and restricted cash

723

(1,183)

(244)

(3,989)

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

7,927

7,276

8,894

10,082

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

$             8,650

$              6,093

$              8,650

$              6,093