DELL TECHNOLOGIES INC.
Segment Information
(in millions, except percentages; unaudited; continued)

Three Months Ended

Nine Months Ended

November 1, 2024

November 3, 2023

November 1, 2024

November 3, 2023

Reconciliation to consolidated net revenue:

Reportable segment net revenue

$              23,499

$              20,775

$           68,753

$           61,754

Other businesses (a)

867

1,474

2,882

4,345

Unallocated transactions (b)

—

2

1

8

Total consolidated net revenue

$              24,366

$              22,251

$           71,636

$           66,107

Reconciliation to consolidated operating income:

Reportable segment operating income

$                 2,202

$                 1,994

$             5,721

$             5,644

Other businesses (a)

(3)

(32)

(14)

(112)

Unallocated transactions (b)

—

2

—

7

Amortization of intangibles (c)

(168)

(207)

(504)

(623)

Stock-based compensation expense (d)

(198)

(227)

(599)

(675)

Other corporate expenses (e)

(165)

(44)

(674)

(521)

Total consolidated operating income

$                 1,668

$                 1,486

$             3,930

$             3,720

(a)

Other businesses consists of: 1) Dell's resale of standalone VMware LLC, formerly VMware, Inc. products and services, "VMware Resale," 2) Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually or collectively.

(b)

Unallocated transactions includes other corporate items that are not allocated to Dell Technologies' reportable segments.

(c)

Amortization of intangibles includes non-cash purchase accounting adjustments that are primarily related to the EMC merger transaction.

(d)

Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date.

(e)

Other corporate expenses consist primarily of severance expenses, payroll taxes associated with stock-based compensation, facility action costs, transaction-related expenses, impairment charges, and incentive charges related to equity investments.