2Q FY24
Performance Review
August 31, 2023

Disclosures
NON-GAAP FINANCIAL MEASURESThis presentation includes information about non-GAAP revenue, non-GAAP
gross margin, non-GAAP operating expenses, non-GAAP operating income, nonGAAP interest & other expenses, non-GAAP income tax, non-GAAP net income,non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings
per share - basic and non-GAAP earnings per share - diluted, as well as nonGAAP interest and other, net, adjusted EBITDA, free cash flow and adjusted free
cash flow (collectively the “non-GAAP financial measures”), which are notmeasurements of financial performance prepared in accordance with U.S.
generally accepted accounting principles. We have provided a reconciliation of
the non-GAAP financial measures to the most directly comparable GAAP
measures in Appendix B and Appendix D.

SPIN-OFF OF VMWARE, INC.
On November 1, 2021, Dell Technologies Inc. completed its spin-off of VMware,
Inc. In accordance with applicable accounting guidance, the results of VMware,Inc., excluding Dell's resale of VMware, Inc. offerings, are presented as
discontinued operations in the Consolidated Statements of Income and, as such,
have been excluded from both continuing operations and segment results for all
periods prior to the spin-off. The results of Dell's resale of VMware, Inc.'s
standalone offerings are classified within Other Businesses, which does not meetthe definition of a reportable segment. The Consolidated Statements of Cash
Flows have not been recast to reflect the operating cash flows of VMware, Inc.
as discontinued operations. Except as noted, this presentation is consistent withthe foregoing accounting guidance.

SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
Statements in this presentation that relate to future results and events areforward-looking statements and are based on Dell Technologies' current
expectations. In some cases, you can identify these statements by such forwardlooking words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”“confidence,” “may,” “plan,” “potential,” “should,” “will” and “would,” or similar
expressions. Actual results and events in future periods may differ materially fromthose expressed or implied by these forward-looking statements because of anumber of risks, uncertainties and other factors, including those discussed in Dell
Technologies’ periodic reports filed with the Securities and Exchange
Commission. Dell Technologies assumes no obligation to update its forwardlooking statements.

2

Copyright © Dell Inc. All Rights Reserved.

Delivered financial results ahead of our initial expectations

Q2 FY24
Overview• Revenue of $22.9B, down 13% Y/Y and up 10% sequentially• Diluted EPS of $0.63, and diluted non-GAAP EPS1 of $1.74, up 4% Y/Y

Financial discipline balancing growth and profitability• Non-GAAP gross margin rate up 2.7 pts Y/Y with pricing discipline and lower input costs• Operating margins up sequentially and year-over-year in both CSG and ISG

Cash generation and capital return• Generated strong cash flow from operations of $3.2B in Q2 and $8.1B TTM• Strong working capital management, with inventory down $0.4B Q/Q and $2.3B Y/Y• Repurchased $256M of shares and paid $269M in dividends in Q2• Returned over 90% of our adj. FCF to shareholders since initiating our capital allocation
framework six quarters ago

Our AI Opportunity• AI TAM2 to grow at ~19% CAGR over the next few years to $90B
• AI servers increased to roughly 20% of our server mix in the first half of the year
• Approximately $2B of XE9680 orders in backlog, and our sales pipeline is significantly
higher
1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2 IDC Artificial Intelligence Tracker based on hardware and services technology groups

3

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Q2 Highlights
Strong execution with disciplined pricing, prudent cost management, and working capital efficiency

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.

4

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Seq. Growth

ASP Growth

Revenue growth of
10% Q/Q, with seq.
growth in CSG and
ISG of 8% and 11%,
respectively

ASP growth Y/Y acrossAI server, general
purpose server, andcommercial PC

EPS Growth

Strong CFOps

Non-GAAP diluted EPS1
growth of 4% Y/Y and
33% sequentially

Cash Flow fromOperations of $3.2B, andAdj. Free Cash Flow1 of$3.1B

Dell Technologies Storage key leadership positions
We have #1 positions in all key storage categories

1#

External RAIDEnterprise
Storage

1#

High End RAID
Storage

1#

Mid Range RAID
Storage1#

Storage
SoftwareDell maintained the #1 position
with 32.6% share1

Dell maintained the #1 position
with 45.8% share1

Dell maintained the #1 position
with 31.7% share1

Dell maintained the #1 position
with 11.2% share

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q1

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q1

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q1

Per IDC WW Storage Software and Cloud Services Tracker CY23Q1

1#

Converged
Systems

1#

Hyperconverged
Systems

1#

Purpose-Built
BackupAppliance

1#

All Flash
Array RAID

Dell maintained the #1 position
with 44.1% share

Dell maintained the #1 position
with 33.8% share

Dell maintained the #1 position with
52.2% share

Dell maintained the #1 position
with 33.7% share1

Per IDC WW Quarterly Converged Systems Tracker CY23Q1

Per IDC WW Quarterly Converged Systems Tracker CY23Q1

Per IDC WW Quarterly Purpose-Built Backup Appliance Tracker
CY23Q1Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q1

Note: based on vendor revenue.
1 External RAID Storage as defined by IDC is a subset of external storage where inline data redundancy is provided by one or more controllers located within the external storage system even if the storage expansion enclosure has nocontrollers but is daisy-chained to the external enterprise storage system.
5

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Dell Technologies Server & PC key leadership positions
We have #1 positions in servers and the most profitable segments of the PC market

1#

x86 Server

Dell is the leader with 13.4% unit
share and is tied for #1 with 13.8%
revenue share
Per IDC WW Quarterly Server Tracker CY23Q1

1#

Mainstream
Server1#

ClientBusiness

1#

North America
Total PC

1#

North America
Commercial PC

Leading Client Business byrevenue

Dell is the leader with 26.6%
shareDell maintained the #1 position
with 35.8% share

Client PC & upsell revenue statistic calculated by Dell Technologies
primarily by utilizing other PC OEMs’ financial public filings, as of
Q2 FY24

Per IDC WW Quarterly PC Device Tracker, CY23Q2. Includes
workstations

Per IDC WW Quarterly PC Device Tracker, CY23Q2. Includes
workstations

1

#

PC
Monitors

1#

High-EndPC Gaming

1#

PC
Workstations

Dell is the leader with 25.3% unit
share and 26.5% revenue share

Dell maintained the #1 position
with 19.1% share

Dell maintained the #1 position
with 23.3% share

Dell maintained the #1 position
with 45.5% share

Per IDC WW Quarterly Server Tracker CY23Q1

Per IDC WW Quarterly Monitor Tracker CY23Q2

Per IDC Quarterly Gaming Tracker, CY23Q2, $1,500+ price band

Per IDC WW Quarterly Workstation Tracker CY23Q2

Note: based on units unless otherwise indicated.
6

Copyright © Dell Inc. All Rights Reserved.

Innovation overview
New Dell Generative AI Solutions, expanding upon Project Helix, span IT Infrastructure, PCs, and professional services

Dell Validated Designs for AI

Dell Professional Services

Generative AI with NVIDIA

Deliver a broad spectrum of new capabilities to help customers accelerate
GenAI adoption to improve their operational efficiency and advance innovation.

Generate higher quality, faster time-to-value predictions, and help
accelerate decision-making with a joint architecture from Dell
Technologies and NVIDIA.

These services create a new GenAI strategy that identifies high value use
cases and a roadmap to achieve them.

AI for Virtualized Environments

Dell also offers full-stack implementation services, based on the Dell Validated
Design for GenAI with NVIDIA, and adoption services that apply the platform tospecific use cases, such as customer operations or content creation.

VMware-enabled AI with NVIDIA AI Enterprise on Dell infrastructure.
​AI MLOps with cnvrg.io
Standardize machine learning pipelines with cnvrg.io to minimize friction
for data science and engineering teams from research to production.
Automatic Machine Learning

Dell Precision Workstations

Automate algorithm selection, feature generation, hyperparametertuning, and model assessment to ease and speed time to AI.
Conversational AI

Dell Precision workstations, powered by NVIDIA RTX GPUs, are designed toprovide ultimate scalability and performance for AI analytics and initiatives.

Deliver extraordinary, effective, and efficient AI-enabled customer andemployee experiences on voice and digital channels.
NVIDIA Fleet Command
By deploying this design, IT admins can take secure, remote control,
simplifying deployment and powering resilient AI across the network inminutes.

7

Precision workstations provide the performance and reliability – with up to four
NVIDIA RTX 6000 Ada Generation GPUs in a single workstation – to run AI
software frameworks 80% faster than the previous generation.
Built-in AI software, Dell Optimizer, learns and responds to the way people work,
improving performance across applications, network connectivity and audio.

Copyright © Dell Inc. All Rights Reserved.

Shaping our customers’ digital future
Customers are increasingly turning to Dell Technologies as a trusted, strategic partner

TACC

Denvr Dataworks

KDDI

Equipped with Dell technologies, including Dell
PowerEdge XE9640 servers, the Texas
Advanced Computing Center's (TACC) new Dell
Technologies and Intel-based supercomputer
Stampede3 will arm researchers with a powerfultool for studying everything from the creation of
distant galaxies to finding treatments for once
thought incurable diseases.

Dell Technologies and Denvr Dataworks, anemerging provider of high-performance cloudinfrastructure optimized for AI, are working together
to offer cloud solutions for LLM training andinference for organizations using generative AI.
The Denvr Dataworks’ solution powered by Dell
PowerEdge XE9680 servers can manage datasets
containing hundreds of billions of parameters.

Dell Technologies is helping KDDI Corporation
modernize its network and support accelerated
innovation and new business opportunities. The
communications service provider uses Dell
PowerEdge servers for its 5G Open vRAN
commercial deployment in Osaka City, Osaka
Prefecture.

CyberAgentNew York University Abu Dhabi

Workday

CyberAgent, a major digital advertising company
in Japan, selected Dell PowerEdge XE9680
servers, equipped with NVIDIA H100 GPUs, as
the key IT infrastructure to power its generative
AI development and digital advertising.

NYU Abu Dhabi will be able to adopt AI and HPC
initiatives to access raw data, improve theaccuracy of predictions and generate faster andsmarter research outcomes using Dell’sPowerEdge servers.

Workday is using Dell PowerEdge servers toprovide a reliable IT foundation for its cloudbased finance and HR applications used bymore than 10,000 organizations around theworld.

8

Copyright © Dell Inc. All Rights Reserved.

Proven track record of performance
Consistent, profitable growth with strong cash flow over time and a commitment to capital returns

Long-term Performance

Revenue1,2• We have grown revenue at
a 6% CAGR and diluted EPS
at an 18% CAGR over thelast 3 fiscal years

Non-GAAP• We continue to structurally
gain share in our coremarkets3

6% CAGR$101.2B$102.3B

$5.3B

$6.1B
$5.2B

$86.8B

+1%
Y/Y

+2%
Y/Y

+17%
Y/Y

+1%
Y/Y

+56%
Y/Y

+22%
Y/Y

-19%
Y/Y

-71%
Y/Y

+55%
Y/Y

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

2Q24 TTM

Growth above long-term framework‒ 440 bps of midrange RAID storage
revenue share over last five years

Diluted EPS1,2‒ 10 consecutive years ofcommercial PC unit share gains

Non-GAAP• We have returned > 90% ofadj. FCF to shareholders
since initiating our capital
return framework 6 qtrs ago$6.5B$85.0B‒ 740 bps of mainstream server
revenue share over last ten years• We have delivered $18.5B
of adjusted FCF over thelast 4 fiscal years

Adjusted Free Cash Flow1

$7.61

$6.22

FY20

~$4.6B Avg. Annual Adj FCF FY20-FY23Core Debt and Other4
18% CAGR

$4.60

$1.5B

$4.88

Historical Core Leverage5
3.2x
2.5x
$37.8B$33.4B

1.8x

Core Leverage
1.6x
1.8x

$16.5B$18.4B

+6%
Y/Y

+27%
Y/Y

+22%
Y/Y

-11%
Y/Y

-12%
Y/Y

-51%
Y/Y

+12%
Y/Y

$15.9B
-3%
Y/Y

FY21

FY22

FY23

FY20

FY21

FY22

FY23

Q2 FY24

EPS growing faster than Revenue

Approaching 1.5x Core Leverage Target

1) See Appendix B for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures. 2) Revenue and non-GAAP diluted earnings per share are presented on a continuing operations basis. 3) Per IDC WW Quarterly Server Tracker 1QCY23, data between 1QCY13 –1QCY23 TTM. Per IDC WW Quarterly Enterprise Storage Systems Tracker 1QCY23, data between 1QCY18 – 1QCY23 TTM. Per IDC PC Units Q2CY23, data between Q4CY12 – Q4CY22. 4) Core debt + margin loan, mirror note, and other debt, excluding public subsidiary debt and DFS related debt.
5) FY20-FY21 core leverage ratio is presented on a historical basis and calculated as Core debt / ((TTM Dell Tech adj. EBITDA excluding VMW) + (81% of TTM VMW EBITDA) - (TTM DFS adj. EBITDA)).
FY22 is recast to be presented on a continuing operations basis and is calculated as Core debt / ((TTM adj. EBITDA) - (TTM DFS adj. EBITDA)). DFS adj. EBITDA calculated as a 4% return on assets comprised of financing receivables and DFS operating leasebalance. 4% return on assets is derived from a peer benchmark analysis and is an indicative proxy for DFS EBITDA.
9

Copyright © Dell Inc. All Rights Reserved.

Consolidated GAAP results
We are focused on maximizing long-term value creation for all shareholders

1 See supplemental slides in Appendix B for weighted average shares and EPS calculation.

10

Copyright © Dell Inc. All Rights Reserved.

Consolidated non-GAAP results1
We delivered balanced financial results with strong pricing discipline and cost management

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2 See supplemental slides in Appendix B for weighted average shares and EPS calculation.

11

Copyright © Dell Inc. All Rights Reserved.

Business units trending
Strong, balanced sequential growth as customers continue to invest in their digital futures

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Effective in the first quarter of Fiscal 2023, non-GAAP net revenue no longer differs from net revenue, the mostcomparable GAAP financial measure.

12

Copyright © Dell Inc. All Rights Reserved.

Select financial metrics
Average Adj. Free Cash Clow of $4.6B over the past 4 fiscal years1 and $6.1B over the last twelve months
Fiscal quarter
TTM

CASH FLOW FROM
1
OPERATIONS

$8.1B

$5.7B

$3.2B
+344% Y/Y

$5.6B
$3.9B
$2.7B

$0.7B

$3.6B

$3.2B
$1.8B

$0.4B

2Q23

3Q23

4Q23

1Q24

2Q24

ADJUSTED
2
FCF

$3.1B

Cash and investments
was $9.9B and coreleverage ratio4
improved to 1.6x
exiting Q2 due to$1.1B of debt paydown

Q2 recurring revenue5
was $5.6B, up 8% Y/Y
and 25% of Q2 total
revenue

RPO was down Y/Ydue to a reduction inbacklog, partially offset
by an increase indeferred revenue

$6.1B
$3.7B

+NM% Y/Y

Strong cash flow fromoperations of $3.2B,
driven by working
capital improvements,
sequential growth, andprofitability

$3.3B
$2.2B

$0.3B

$2.3B

$1.5B

$0.1B

2Q23

3Q23

$3.1B

$0.7B

4Q23

1Q24

2Q24

$40B

$39B

$39B

4Q23

1Q24

2Q24

RPO3
$41B
$39B

$39B
-4% Y/Y+2% Q/Q

2Q23

3Q23

1 Adj. FCF, excluding VMware. $4.6B average between FY20-FY23.
2 See supplemental slides in Appendix B for reconciliation of adjusted free cash flow to cash flow from operations.
3 Remaining performance obligations (RPO) include deferred revenue and committed contract value not included in deferred revenue.
4 See footnote 5 on slide 9 for definition of core leverage ratio.
5 We define recurring revenue as revenue recognized primarily related to hardware and software maintenance as well as subscription, as-a-Service, usage-based offerings, and operating leases.

13

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Infrastructure Solutions Group
Strong sequential growth and heightened demand for AI servers

REVENUE

$9.5B

$9.6B

+12% Y/Y+12% Y/Y$9.9B+7% Y/Y

$8.5B

$7.6B
-18% Y/Y-11% Y/Y$8.5B-11% Y/Y+11% Q/Q

Servers & Networking
Storage

OPERATING
INCOME

2Q23

3Q23

4Q23

1Q24

2Q24

$5.2B, +16% Y/Y$4.3B, +6% Y/Y$5.2B, +14% Y/Y$4.4B, +11% Y/Y$4.9B, +5% Y/Y$5.0B, +10% Y/Y$3.8B, -24% Y/Y$3.8B, -11% Y/Y$4.3B, -18% Y/Y$4.2B, -3% Y/Y$1,374M$1,046M+54% Y/Y$1,543M+40% Y/Y$1,049M+9% Y/Y

0% Y/Y

$740M

$1.0B

-32% Y/Y

0% Y/Y+42% Q/Q% of ISG revenue
Basis points

2Q23

3Q23

4Q23

1Q24

2Q24

11.0%
-30bps Y/Y

14.3%+390bps Y/Y

15.6%+360bps Y/Y

9.7%-200bps Y/Y

12.4%+140bps Y/YAmounts are based on underlying data and may not visually foot due to rounding.
14

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Sequential growth inservers & networking
and storage, both up
11% Q/Q

Storage revenue was$4.2B, with demand
growth in PowerStoreand PowerFlex

Our PowerEdge
XE9680 server is thefastest ramping new
solution in Dell history,
with approximately $2Bof orders in backlog

ISG operating income
margins grew 140 bps
Y/Y to 12.4% withstable ASPs acrossserver and storageISG – strong portfolio of #1 positions
Long-term structural share gains in server and storage share greater than #2, 3, and 4 competitors combined
Mainstream Server Share Gains

Observations(IDC Mainstream Server Revenue)

29%
27%
21%

2012

22%

2013

23%

2014

23%

2015

28%

28%

29%

Dell
Gained~9pts
Share
Over thePast
10 years1

23%

2016

1

30%

2017

2018

2019

2020

2021

•1

#1 in mainstream server revenue with ~9 pts of share gain
over the past 10 years1•2#1 in RAID external storage with share greater than #2, 3, and
4 combined and strong leadership positions across categories

2022

CY22 Storage leadership positions vs nearest competitors(IDC External RAID Storage Revenue & IDC Converged Revenue)

2

48%

41%
37%
29%

31%

28%
27%

28%

External RAID

2

High End RAID

24%

2

CI

3

34%

HCI

3

25%

Midrange RAID

28%

2

AFA RAID

1) IDC Quarterly Server Tracker, 2023Q1, based on CY12-CY22 revenue. Mainstream Server is based on OEM vendor type and includes: Large System, Standard Rack, Tower, and Blade. 2) IDC Quarterly Enterprise
Storage Systems Tracker, 2023Q1, based on CY22 revenue. 3) IDC Quarterly Converged Systems Tracker 2023Q1, based on CY22 revenue.
15

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2

Client Solutions Group
Strong sequential growth and profitability driven by pricing discipline and operating model$15.5BREVENUE+9% Y/Y$13.8B$13.4B-17% Y/Y-23% Y/Y$12.0B$12.9B-23% Y/Y-16% Y/Y$12.9B-16% Y/Y+8% Q/Q

Commercial
Consumer

OPERATING
INCOME

2Q23

3Q23

4Q23

1Q24

2Q24

$12.1B, +15% Y/Y$3.3B, -9% Y/Y$10.7B, -13% Y/Y$3.0B, -29% Y/Y$10.7B, -17% Y/Y$2.7B, -40% Y/Y$9.9B, -18% Y/Y$2.1B, -41% Y/Y$10.6B, -13% Y/Y$2.4B, -29% Y/Y$978M$1,060M-7% Y/Y$892M-1% Y/Y-42% Y/Y-1% Y/Y+9% Q/Q

2Q23

3Q23

4Q23

1Q24

2Q24

6.3%
-60bps Y/Y

7.7%+80bps Y/Y

5.0%-170bps Y/Y

7.4%+20bps Y/Y

7.5%+120bps Y/YAmounts are based on underlying data and may not visually foot due to rounding.
1 Source: IDC Worldwide PC Tracker Q1 CY23 Final Historical.
16

Strong profitability with
operating income at
7.5% of revenue, up
120 bps Y/YWorkstation demand
grew and was anotherbright spot and willcontinue to benefit fromthe rise of AI-1% Y/Y$671M% of CSG revenue
Basis points

Increased average
selling prices incommercial throughpricing discipline, richer
configurations, andhigher attach rates$969M-20% Y/Y$1.0B

Sequential revenue
growth in bothcommercial andconsumer, up 7% and13%, respectively

Copyright © Dell Inc. All Rights Reserved.

CSG – focused on the most stable & profitable PC segments
Long track record of structural share gains … and will continue to consolidate and modernize
Observations

Dell Commercial PC Unit Share(IDC Commercial PC Units)

15%

2012

16%

2013

17%

2014

19%

18%

2015

2016

20%

2017

22%

2018

23%

23%

2019

2020

24%

2021

25%

1

•1

~10 pts of Commercial PC unit share gain over the past 10 years~10 pts
of
share
gain
over thepast
10 years•2

Higher mix of Commercial & Premium PC units vs the industry•3Dell’s focus areas have richer configurations and higher ASPs

•4>75% of Dell’s PC Revenue is from Commercial PC’s

2022

Dell’s Focus Areas

PC Unit Mix(IDC CY2022 Units)

Chrome3

Mainstream
Consumer PCs

Commercial ASPs excluding Chrome are

Premium
Consumer PCs

2
Commercial
PCs

~80%
of Dell’s
Unit Mix

3.5x higher than Chrome

Dell
Commercial
Premium Consumer
Mainstream Consumer
ChromeTotal

Premium Consumer ASPs are 2.8x4higher than mainstream Consumer

Total PC Market

DELL IDC

Dell

Note: Premium Consumer includes units with ASP > $800; Mainstream Consumer includes units with ASP <= $800; Dell High-end Consumer PC’s refer to primarily XPS and Alienware Products.
Source: IDC Worldwide PC Tracker 2023 Q2 Final Historical.
Copyright © Dell Inc. All Rights Reserved.
17

FY23

Commercial
PC’s alone
represent>75%
of Dell’s
CSG Revenue
Mix

Capital
ReturnWe have returned over 90% of our adj. FCF to shareholders since initiating
our capital allocation framework six quarters ago

DuringQ2• We paid $269M in dividends• We repurchased 5.2M sharesof stock for $256M

Dividends
M&A• We paid $1.32
per share, or ~$1B during
the first year of our dividend program• We raised our annual dividend ~12% to$1.48 per share this year
$ in Millions$847

Share Repurchase

$238
$386
$609

$525

$276

$269

$251

$256

1Q24

2Q24

$236
$150

3Q23

$527

4Q23
Share Repurchase

Dividend• We’ve repurchased 31M shares for $1.3B
over the past 12 months• Following a programmatic approach to
managing dilution and will buy backshares opportunistically based on market
conditions

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.

18

Copyright © Dell Inc. All Rights Reserved.

Q3 FY241

Guidance• Revenue expected to be in the range of $22.5B and $23.5B, with a midpoint of $23.0B,
flat sequentially– Expect both CSG and ISG revenue to be roughly flat sequentially• FX is expected to be a revenue headwind of roughly 40bps• Gross margin and non-GAAP gross margin rates expected to be down ~150 bps
sequentially• Continued focus on cost controls will drive lower sequential operating expenses• Diluted share count expected to be roughly 733M to 737M shares• Diluted EPS expected to be $0.95 plus or minus $0.10. Diluted non-GAAP EPS expected
to be $1.45 plus or minus $0.10

FY241• Raising our FY24 revenue expectations to be in the range of $89.5B and $91.5B, down
12% at the midpoint, which implies sequential growth in Q4• Expect non-GAAP interest and other to be roughly flat Y/Y• For non-GAAP tax rate2, assume 22.5% plus or minus 100 bps• We are increasing FY24 diluted EPS guidance. Diluted EPS is expected to be $3.68 plus
or minus $0.20. Diluted non-GAAP EPS expected to be $6.30 plus or minus $0.20
1 Please refer to Appendix D for reconciliation of non-GAAP measures to GAAP.
2 The estimated tax rate does not include the impact of any possible law changes.

19

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Dell Technologies investment thesis
Leading market positions and a differentiated strategy, supported by durable competitive advantages, generate consistent
growth and significant value creation• We are uniquely positioned in the data, AI, and multicloud era• Leadership positions in large, stable, and expanding markets with strong
underlying fundamentals• A differentiated strategy to grow and modernize our core offerings, including
opportunities in AI, edge, telecom, data management, and as-a-Service
consumption models• Durable and reinforcing competitive advantages that uniquely position
Dell to win in core and adjacent markets• A track record of consistent growth, profitability, and shareholder value creation

20

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Attractive
long-term
financial model• 3 - 4% Revenue
growth• 6+% Diluted EPS
growth• NI to Adj. FCF
Conversion of 100%or better• Target returning
40 - 60% of Adj. FCF
to shareholders

Sustainability highlights1
From our latest ESG reporting2 and external recognition
Enabling growth by advancing sustainability and cultivating inclusion

Environmental

SocialGovernance~95% sustainable materials used in
our packaging

288M+ people have benefited fromour digital inclusion programs,
partnerships and innovation

Ellen Kullman elected by our board
as Lead Independent Director 3~32% reduction in Scopes 1 & 2
market-based greenhouse gas
emissions since FY20

By 2030, 50% of our global workforce
and 40% of our global people leaders
will be those who identify as
women.

~59% of electricity from renewablesources across Dell facilities

Net-Zero goal across Scopes 1, 2, &3 by 2050

By 2030, 25% of our U.S. workforce
and 15% of our U.S. people leaders
will be those who identify asBlack/African American or
Hispanic/Latino

All Dell board committee members
are independent directors
Formal ESG governanceestablished with cross-functional
executive leadership
Robust shareholder
engagement program driving
ongoing governance enhancements
Encouraged about the potential for
future inclusion in the S&P 500 index
following recent S&P Global eligibility
rule changes4

Source: 1.) Metrics are for Dell Technologies; excluding Secureworks. 2.) FY23 Environmental, Social, and Governance Report. 3.) See description of responsibilities in the 2023 annual meeting proxy statement.
4.) The S&P Index Committee decides which companies are included in the index, based on a number of criteria and at its discretion.
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Appendix A
Debt and DFS summaryDebt summary

1 Amounts are based on underlying data and may not visually foot due to rounding.
2 Principal Face Value.
3 Core debt represents the total principal amount of our debt, less: (a) public subsidiary debt, (b) DFS related debt, and (c) other debt.

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DFS summary

1 Originations represent the amounts of financing provided by DFS to customers for equipment and related software and services, including third-party originations.
2 Amounts represent financing receivables included on the Dell Technologies Consolidated Statements of Financial Position.
3 Amounts represent net carrying value of equipment for DFS operating leases.
4 Total managed assets consists of financing receivables, syndicated receivables DFS still services, operating leases, committed contract value for flex on demand, and, as of Q2FY24, financing receivable assets held for sale.

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Appendix B
Supplemental non-GAAP measuresSupplemental non-GAAP measures
Gross margin

1 Consists of severance, facilities action, impairment, and other costs.

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Supplemental non-GAAP measures
SG&A, R&D and operating expense

1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2 Consists of acquisition, integration, and divestiture-related costs.
3 Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, and other costs.

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Supplemental non-GAAP measures
Operating income

1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2 Consists of acquisition, integration, and divestiture-related costs.
3 Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, and other costs. Includes $367

million and $364 million of severance expense during 4Q23 and 2Q24 respectively.
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Supplemental non-GAAP measures
Interest and other1 During 3Q23, other includes $1.0B expense recognized for the Class V litigation settlement.
2 Consists of the fair value adjustments on strategic equity investments as well as $1.0B expense recognized for the Class V litigation settlement during 3Q23.

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Supplemental non-GAAP measures
Net income from continuing operations

1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2 Consists of acquisition, integration, and divestiture-related costs and gains.
3 Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, and other costs. During 3Q23, other includes $1.0B expense recognized for theClass V litigation settlement. Includes $367 million and $364 million of severance expense during 4Q23 and 2Q24 respectively.
4 Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.

5 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.

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Supplemental non-GAAP measures
Net income attributable to Dell Technologies Inc. from continuing operations

1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction in 3Q17.
2 Consists of acquisition, integration, and divestiture-related costs and gains.
3 Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, and other costs. During 3Q23, other includes $1.0B expense recognized for theClass V litigation settlement. Includes $367 million and $364 million of severance expense during 4Q23 and 2Q24 respectively.
4 Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.

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Supplemental non-GAAP measures
Earnings per share - basic and diluted

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Supplemental non-GAAP measures
Adjusted EBITDA

1 During 3Q23, other includes $1.0B expense recognized for the Class V litigation settlement.
2 Consists of acquisition, integration, and divestiture-related costs and gains.
3 Consists of severance, facilities action and impairment charges, incentive charges related to equity investments, payroll taxes associated with stock-based compensation, and other costs.

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Supplemental non-GAAP measures
Free cash flow

1 Amount represents change in net carrying value of equipment for DFS operating leases.

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Supplemental non-GAAP measures
Adjusted free cash flow

1 Amounts are based on underlying data and may not visually foot due to rounding.
2 Amount represents change in net carrying value of equipment for DFS operating leases.

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Supplemental FY20 - FY23 non-GAAP Measures

1 This amount includes non-cash purchase accounting adjustments primarily related to the EMC merger transaction.
2 Consists of acquisition, integration, and divestiture-related costs and gains.
3 Consists of impairment charges, severance, facilities action, incentive charges related to equity investments, and other costs.
4 Consists of the gain (loss) on strategic investments, which includes recurring fair value adjustments on equity investments.
5 Consists of the tax effects of non-GAAP adjustments, as well as an adjustment for discrete tax items.

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Appendix C
Supplemental Financial Statements

Balance Sheet
Assets38

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Balance Sheet
Liabilities and equity

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Appendix D
GuidanceSupplemental non-GAAP Measures
Financial guidance1

3Q24
Diluted EPS

GAAP guidance

FY24
Interest and other, net
Diluted EPS(in billions, except per share amounts)$0.85 - $1.05$1.6$3.48 - $3.88

Estimated adjustments for:2
Impact of purchase accounting and amortization of intangibles 3
Stock-based compensation

0.28
0.31

-

1.13
1.21

Other corporate and transaction related expenses 4

0.01

-

0.74

Fair value adjustments on equity investments

2

-

(0.1)

0.06

Aggregate adjustment for income taxes

5(0.11)-(0.52)$1.35 - $1.55$1.5$6.10 - $6.50

Non-GAAP guidance

1 Amounts are subject to change with no obligation to reconcile these estimates. Amounts may not visually foot due to underlying data.
2 No estimates are included for 2Q-4QFY24 guidance purposes on potential fair value adjustments on strategic investments given the potential volatility of either gains or losses on those equity investments.
3 Impact of purchase accounting and amortization of intangibles represents an estimate for acquisitions completed as of August 4, 2023 and does not include estimates for potential acquisitions, if any, during the remainder of FY24.

4 Consists of severance, facilities action, impairment, acquisition, integration, divestiture-related, and other costs. No estimate is included for 3Q-4QFY24 severance expense as it cannot be reasonably estimated at this time.
5 The aggregate adjustment for income taxes is the estimated combined income tax effect for the adjustments shown above as well as an adjustment for discrete tax items.

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