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

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Cash flows from operating activities:

Net income

$               1,127

$               1,004

$              2,923

$              2,037

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

426

1,148

1,013

5,106

Change in cash from operating activities

1,553

2,152

3,936

7,143

Cash flows from investing activities:

Purchases of investments

(19)

(30)

(83)

(143)

Maturities and sales of investments

121

23

337

150

Capital expenditures and capitalized software development costs

(639)

(704)

(1,917)

(2,029)

Acquisition of businesses and assets, net

—

(127)

—

(127)

Other

13

13

126

35

Change in cash from investing activities

(524)

(825)

(1,537)

(2,114)

Cash flows from financing activities:

Proceeds from the issuance of common stock

—

4

1

8

Repurchases of common stock

(429)

(702)

(1,854)

(1,202)

Repurchases of common stock for employee tax withholdings

(25)

(42)

(560)

(354)

Payments of dividends and dividend equivalents

(312)

(266)

(964)

(811)

Proceeds from debt

3,680

2,249

8,613

6,904

Repayments of debt

(3,200)

(2,684)

(9,594)

(9,766)

Debt-related costs and other, net

(29)

(5)

(66)

(54)

Change in cash from financing activities

(315)

(1,446)

(4,424)

(5,275)

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

19

(83)

(78)

(200)

Change in cash, cash equivalents, and restricted cash

733

(202)

(2,103)

(446)

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

4,671

8,650

7,507

8,894

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

$               5,404

$               8,448

$              5,404

$              8,448