DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
(in millions, except percentages; unaudited; continued)

Three Months Ended

Fiscal Year Ended

January 31,
2020

February 1,
2019

Change

January 31,
2020

February 1,
2019

Change

Net income (loss)

$

416

$

(287)

245%

$

5,529

$

(2,181)

354%

Non-GAAP adjustments:

Amortization of intangibles

1,074

1,544

4,408

6,138

Impact of purchase accounting

112

190

411

820

Transaction-related expenses

120

387

285

824

Stock-based compensation
expense

376

247

1,262

918

Other corporate expenses

368

31

1,160

419

Fair value adjustments on
equity investments

(34)

(113)

(194)

(342)

Aggregate adjustment for
income taxes

(748)

(407)

(6,772)

(1,369)

Non-GAAP net income (a)

$

1,684

$

1,592

6%

$

6,089

$

5,227

16%

Net income (loss)

$

416

$

(287)

245%

$

5,529

$

(2,181)

354%

Adjustments:

Interest and other, net

626

606

2,626

2,170

Income tax provision (benefit)

(325)

12

(5,533)

(180)

Depreciation and amortization

1,535

1,940

6,143

7,746

EBITDA

$

2,252

$

2,271

(1)%

$

8,765

$

7,555

16%

EBITDA

$

2,252

$

2,271

(1)%

$

8,765

$

7,555

16%

Adjustments:

Stock-based compensation
expense

376

247

1,262

918

Impact of purchase
accounting

96

168

347

704

Transaction-related expenses

120

313

285

722

Other corporate expenses

357

29

1,128

397

Adjusted EBITDA

$

3,201

$

3,028

6%

$

11,787

$

10,296

14%