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

Three Months Ended

April 29, 2022

April 30, 2021

Cash flows from operating activities:

   Net income

$            1,069

$                938

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

(1,338)

1,300

     Change in cash from operating activities

(269)

2,238

Cash flows from investing activities:

   Purchases of investments

(52)

(146)

   Maturities and sales of investments

18

256

   Capital expenditures and capitalized software development costs

(690)

(625)

   Acquisition of businesses and assets, net

—

(10)

   Other

4

6

     Change in cash from investing activities

(720)

(519)

Cash flows from financing activities:

   Proceeds from the issuance of common stock

4

160

   Repurchases of parent common stock (a)

(1,779)

(9)

   Repurchases of subsidiary common stock (a)

(7)

(434)

   Payment of dividend to stockholders

(248)

—

   Proceeds from debt

3,034

2,726

   Repayments of debt

(2,703)

(4,070)

   Debt-related costs and other, net

(7)

(11)

     Change in cash from financing activities

(1,706)

(1,638)

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

(111)

(5)

Change in cash, cash equivalents, and restricted cash

(2,806)

76

Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations

10,082

15,184

Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations

7,276

15,260

   Less: Cash, cash equivalents, and restricted cash attributable to discontinued operations

—

5,667

Cash, cash equivalents, and restricted cash from continuing operations

$            7,276

$            9,593

(a)     

Common stock repurchases are inclusive of employee tax withholding on stock-based compensation.