DELL TECHNOLOGIES INC.

Condensed Consolidated Statements of Cash Flows

(in millions; unaudited)

Three Months Ended

Nine Months Ended

November 2, 2018

November 3, 2017

November 2, 2018

November 3, 2017

Cash flows from operating activities:

     Net loss

$                      (895)

$                      (851)

$                   (1,894)

$                   (2,793)

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

2,490

6,519

6,537

    Change in cash from operating activities

1,639

4,625

3,744

Cash flows from investing activities:

     Investments:

     Purchases

(24)

(1,194)

(912)

(3,454)

     Maturities and sales

863

935

2,185

2,993

Capital expenditures

(300)

(341)

(861)

(902)

Proceeds from sale of facilities, land, and other assets

—

—

10

—

Capitalized software development costs

(86)

(94)

(246)

(281)

Collections on purchased financing receivables

8

15

25

25

Acquisition of businesses, net

(493)

—

(493)

(223)

Divestitures of businesses, net

—

—

142

—

Asset acquisitions, net 

(21)

(9)

(59)

(95)

Asset dispositions, net

(6)

(12)

(12)

(53)

Other

—

—

—

—

   Change in cash from investing activities

(700)

(221)

(1,990)

Cash flows from financing activities:

     Payment of dissenting shares obligation

—

—

(76)

—

     Share repurchases for tax withholdings of equity awards

(52)

(105)

(251)

(299)

     Proceeds from the issuance of DHI Group Common Stock

—

—

—

—

     Proceeds from the issuance of common stock of subsidiaries 

114

30

767

110

     Repurchases of DHI Group Common Stock

—

(4)

(47)

(6)

     Repurchases of Class V Common Stock

—

(300)

—

(722)

     Repurchases of common stock of subsidiaries

(1)

(555)

(1)

(555)

     Payments for debt issuance costs

(3)

(39)

(11)

(44)

     Proceeds from debt

1,806

8,412

6,443

13,168

     Repayments of debt

(2,721)

(5,837)

(9,669)

(11,128)

     Other

—

—

1

1

   Change in cash from financing activities

(2,844)

525

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

(46)

(1)

(262)

47

Change in cash, cash equivalents, and restricted cash

(129)

2,540

1,298

2,326

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

15,805

9,618

14,378

9,832

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

$                   15,676

$                   12,158

$                   15,676

$                   12,158