DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Six Months Ended

August 2,
2024

August 4,
2023

August 2,
2024

August 4,
2023

Cash flows from operating activities:

Net income

$                  841

$                  455

$              1,796

$              1,033

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

499

2,759

587

3,958

Change in cash from operating activities

1,340

3,214

2,383

4,991

Cash flows from investing activities:

Purchases of investments

(25)

(98)

(64)

(113)

Maturities and sales of investments

97

108

216

127

Capital expenditures and capitalized software
development costs

(682)

(624)

(1,278)

(1,325)

Other

53

9

113

22

Change in cash from investing activities

(557)

(605)

(1,013)

(1,289)

Cash flows from financing activities:

Proceeds from the issuance of common stock

1

2

1

4

Repurchases of common stock

(725)

(260)

(1,425)

(500)

Repurchases of common stock for employee tax
withholdings

(14)

(6)

(535)

(312)

Payments of dividends and dividend equivalents

(316)

(269)

(652)

(545)

Proceeds from debt

1,941

2,134

4,933

4,655

Repayments of debt

(2,917)

(3,384)

(6,394)

(7,082)

Debt-related costs and other, net

(2)

(44)

(37)

(49)

Change in cash from financing activities

(2,032)

(1,827)

(4,109)

(3,829)

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

(42)

(59)

(97)

(117)

Change in cash, cash equivalents, and restricted cash

(1,291)

723

(2,836)

(244)

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

5,962

7,927

7,507

8,894

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

$               4,671

$               8,650

$              4,671

$              8,650