DELL TECHNOLOGIES INC.

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited; continued)

Three Months Ended

Fiscal Year Ended

February 2,
2024

February 3,
2023

%
Change

February 2,
2024

February 3,
2023

%
Change

Earnings per share attributable to Dell
Technologies, Inc. - diluted

$           1.59

$           0.84

89 %

$           4.36

$           3.24

35 %

Non-GAAP adjustments:

Amortization of intangibles

0.28

0.32

1.11

1.29

Impact of purchase accounting

0.01

0.01

0.02

0.06

Transaction-related (income) expenses     

(0.01)

(0.02)

0.07

(0.02)

Stock-based compensation expense

0.28

0.31

1.19

1.24

Other corporate expenses

0.32

0.53

1.01

2.41

Fair value adjustments on equity
investments

(0.11)

0.01

(0.06)

0.27

Aggregate adjustment for income taxes

(0.15)

(0.19)

(0.55)

(0.86)

Total non-GAAP adjustments attributable
to non-controlling interests

(0.01)

(0.01)

(0.02)

(0.02)

Non-GAAP earnings per share
attributable to Dell Technologies, Inc. -
diluted

$           2.20

$           1.80

22 %

$           7.13

$           7.61

(6) %