4Q FY24
Performance Review
February 29, 2024

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 and other, net, 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 adjusted
EBITDA, free cash flow and adjusted free cash flow (collectively the “non-GAAP
financial measures”), which are not measurements 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 mostdirectly 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

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Focused on operational excellence and capital returns

FY24
Overview• Delivered Revenue of $88.4B; Diluted EPS of $4.36, & non-GAAP diluted EPS1 of $7.13• Generated strong cash flow from operations of $8.7B• Returned $7B to shareholders since initiating our capital allocation framework• Reached our 1.5x core leverage ratio2 target exiting the fiscal year
• Increasing our annual dividend 20% to $1.78

Well-positioned to capture AI opportunity• Strong AI optimized server portfolio, with growing demand and expanding pipeline• Projected growth in unstructured data from AI should benefit our industry-leading storage
business• PCs will become more essential as most day-to-day work with AI will be done on the PC
and at the edge
• Enterprise and large corporate customers are in the early stages of AI adoption

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2 See footnote 5 on slide 16 for definition of core leverage ratio

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Solid execution to finish the year

Q4 FY24
Overview• Revenue of $22.3B• Diluted EPS of $1.59, and non-GAAP diluted EPS1 of $2.20• Positive signs exiting the fiscal year: strong AI optimized server demand, traditional
server demand grew sequentially for the third consecutive quarter and was up Y/Y andstorage demand grew above normal seasonality

Strong cash generation and capital return• Generated strong cash flow from operations of $1.5B in Q4, driven by profitability• Repurchased $836M of shares and paid $261M in dividends for a total of $1.1B ofcapital return

AI optimized server momentum• Orders increased nearly 40% sequentially• We shipped $800M of AI optimized servers in the quarter• AI optimized server backlog nearly doubled Q/Q to $2.9B exiting the fiscal year
• Strength across a wider range of customers and geographies with an expanding pipeline

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

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Q4 and FY24 Highlights
Solid execution given the macro environment with disciplined pricing, 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.

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AI Demand

Strong Cash Flow

Q4 AI demand wasstrong, with AI optimized
server orders revenue up
40% sequentially

Cash Flow fromOperations of $1.5B in
Q4, and $8.7B for theyear

EPS Momentum

Cost Mgmt.

Q4 Non-GAAP diluted
EPS1 of $2.20, up 22%
Y/Y

Reduced non-GAAP
operating expense1 byover $1B in FY24

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

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

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

1 See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2 Non-GAAP and GAAP revenue are the same for the periods presented.
3 See Appendix B for weighted average shares and EPS calculation.

7

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Business units trending
Balanced growth and profitability 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.

8

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Select financial metrics
Average Adj. Free Cash Flow (FCF) of $4.8B over the past 5 fiscal years1 and $5.6B in FY24
Fiscal quarter
TTM
$9.9B

CASH FLOW FROMOPERATIONS

$1.5B

$2.7B

$8.7B

$8.1B
$5.6B

$3.6B

$3.2B
$2.2B

$1.8B

$1.5B

-44% Y/Y

4Q23

1Q24

2Q24

ADJUSTED
2
FCF

$1.0B

3Q24

$3.3B
$1.5B

Reached our long-termcore leverage ratio4
target of 1.5x exiting
FY24

$6.9B

$6.1B

$2.3B

4Q24

Ended the fiscal yearwith $9B of cash andinvestments

$5.6B

$3.1B
$1.0B

$0.9B

$0.7B

-55% Y/Y

4Q23

1Q24

2Q24

3Q24

4Q24

Q4 recurring revenue5
3

RPO

$40B

$39B

$39B

$39B

$40B

1Q24

2Q24

3Q24

4Q24

was $5.8B, up 3% Y/Y$40B
0% Y/Y+2% Q/Q

4Q23

1 Adjusted FCF, excluding VMware. $4.8B average between FY20-FY24.
2 See supplemental slides in Appendix B for reconciliation of adjusted FCF 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 16 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.

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RPO was flat Y/Y with adecrease in deferred
revenue offset by anincrease in backlog

Infrastructure Solutions Group
Sequential revenue growth in servers and storage$9.9B

REVENUE+7% Y/Y

$7.6B

$9.3B

$8.5B

$8.5B

-11% Y/Y-12% Y/Y-6% Y/Y-18% Y/Y$9.3B-6% Y/Y+10% Q/Q

4Q23

1Q24

2Q24

3Q24

4Q24

Servers & Networking
Storage$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$4.7B, -10% Y/Y$3.8B, -13% Y/Y$4.9B, -2% Y/Y$4.5B, -10% Y/Y

OPERATING
INCOME$1,543M$1,049M$1,069M

0% Y/Y-22% Y/Y$740M-7% Y/Y-32% Y/Y-7% Y/Y+34% Q/Q% of ISG revenue
Basis points

Shipped $800M of AI
optimized servers in Q4
and backlog nearly
doubled Q/Q to $2.9B
exiting the fiscal year

Our PowerEdge
XE9680 server remains
the fastest ramping new
solution in Dell history

Storage revenue was$4.5B, with sequential
demand growth above
normal seasonality
across our portfolio$1,428M+40% Y/Y$1.4B

Traditional server
demand grewsequentially for the third
consecutive quarter andwas up Y/Y

4Q23

1Q24

2Q24

3Q24

4Q24

15.6%
+360bps Y/Y

9.7%-200bps Y/Y

12.4%+140bps Y/Y

12.6%-170bps Y/Y

15.3%-30bps Y/YAmounts are based on underlying data and may not visually foot due to rounding.
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Strong portfolio of #1 positions in servers and storage
Long-term structural share gains in server, and storage share greater than #2, 3, and 4 competitors combined

Mainstream server share1

AI HW & services represent a $152B opportunity
by 20274(IDC Mainstream Server Revenue)

29%

27%
22%

23%

22%

28%

29%

28%

31%

1

27%

23%

23%

Dell
Gained~5pts
Share
Over thePast
10 years1

$152B
+20%
CAGR

3Q13
TTM

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

3Q23
TTM

Hardware$105B

TTM storage share vs nearest competitors(IDC External RAID Storage Revenue & IDC Converged Revenue)

$72B

45%
41%
35%

Services

28%

34%
27%

External Raid

29%

2High End RAID

25%

2

Converged

3

3

2023

HCI

2025

1) IDC Quarterly Server Tracker, 2023Q3, based on 3Q13 - 3Q23 TTM 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,
2023Q3, based on 2023Q3 TTM revenue. High End refers to systems with ASP > $250k. 3) IDC Quarterly Converged Systems Tracker 2023Q3, based on 2023Q3 TTM revenue. 4) IDC Worldwide Artificial Intelligence Spending Guide, February 2024.
Hardware includes Servers and Storage only.
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2027

Client Solutions Group
Solid operating margins with a focus on profitable share growth$13.4BREVENUE$12.9B-23% Y/Y$12.0B-16% Y/Y$12.3B-11% Y/Y-23% Y/Y$11.7B$11.7B-12% Y/Y-5% Q/Q

Commercial
Consumer

4Q23

1Q24

2Q24

3Q24

4Q24

$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$9.8B, -8% Y/Y$2.4B, -19% Y/Y$9.6B, -11% Y/Y$2.2B, -19% Y/Y

$969M

$925M

OPERATING
INCOME$892M-1% Y/Y-20% Y/Y-13% Y/Y

$671M

$726M

PC market has declined
for 8 consecutive
quarters

Expect PC market torecover in the second
half of 2024

$726M
+8% Y/Y-42% Y/Y+8% Y/Y-22% Q/Q% of CSG revenue
Basis points

Q4 operating income
was 6.2% of revenue,
up 120 basis points Y/Y

Excited about changes
coming to the PC in
2024, including AI on
the PC and Windows
on ARM-12% Y/Y

4Q23

1Q24

2Q24

3Q24

4Q24

5.0%
-170bps Y/Y

7.4%+20bps Y/Y

7.5%+120bps Y/Y

7.5%-20bps Y/Y

6.2%+120bps Y/YAmounts are based on underlying data and may not visually foot due to rounding.
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Not all PCs are created equal
Dell focuses on Commercial PCs, Workstations, Premium Consumer PCs and Gaming

Dell Commercial PC Unit Share1(IDC Commercial PC Units)

Our total revenue per unit (TRU) is nearly 2x select competitors
23%

16%

2013

~7 pts ofCommercial PC
share gain overthe past 10 years

Dell CSG TRU3

Select Competitors TRU3

$1,220~+$10 since Q4 2019

$635+$245 since Q4 2019

Our TRUs are growing at a substantial premium to the market

2023

PC Unit Mix2

1.7x

1.7x

1.8x 1.9x 1.9x
$1,2201.6x 1.6x(IDC 2023 PC Units)
1.7x

ChromeDell CSG

1.6x

Mainstream
Consumer PCs
Premium
Consumer PCs>80%
of Dell’s
Unit Mix

TRU

1.7x
1.7x
1.6x 1.6x 1.6x 1.6x 1.6x 1.6x 1.6x 1.7x 1.6x
1.7x

$635

Commercial
PCs

Total PC Market

DELL IDC

FY19 FY20 FY20FY20
FY20 FY20 FY21 FY21FY21
FY21 FY21 FY22 FY22FY22
FY22 FY22 FY23 FY23FY23
FY23 FY23 FY24 FY24FY24
FY24 FY24
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4

1) Per IDC WW Quarterly PC Device Tracker, CY23Q4
2) Per IDC WW Quarterly PC Device Tracker, CY23Q4, CY23. Premium Consumer includes units with ASP > $800; Mainstream Consumer includes units with ASP <= $800.
3) TRU calculated by Dell Technologies by utilizing PC OEMs’ financial public filings and IDC WW Quarterly PC Device Tracker, as of Q4 FY24.
4) Select competitors refers to HP Inc. and Lenovo Ltd.
Copyright © Dell Inc. All Rights Reserved.
13

SelectCompetitors4

Innovation overview
New Dell Generative AI Solutions spanning IT Infrastructure, PCs, and professional services

New portfolio of AI PCs andecosystem solutions
Will introduce the broadest portfolio of AI
commercial laptops and mobile workstations
designed to bring organizations and employee
productivity into the AI era.
Dell’s new Latitude portfolio includes theLatitude 7350 Detachable, which combines theversatility of a sleek, lightweight tablet with theperformance of a laptop, and updates across
5000, 7000, and 9000 series, including theLatitude 7350 & 7450 Ultralights, the world’s
lightest 13.3” & 14” premium commercial laptops.
Dell’s new mobile and fixed Precision
workstations meet the performance needs ofpower users, developers, and beyond. Precision
provides the power to run complex AI workloads
securely and cost effectively on the PC.
Integrated into new Precision mobile workstations
are NVIDIA RTX™ 500 and 1000 Ada Generation
Laptop GPUs, helping deliver the AI capabilities
and enterprise reliability to work from anywhere.

Dell PowerScale F210 & F710

Dell Telecom Solutions

Introduced two new nodes to our all-flash lineup.
Integrated with the latest OneFS software,PowerScale is the complete AI-ready data
platform, offering unmatched performance andscale, exceptional efficiency, federal-grade
security and multicloud agility.

Dell Telecom Infrastructure Automation Suite
software automates deployment & managementof multi-year vendor telecom infrastructure forsimpler, cost-effective operations.

Dell PowerEdge XE9680 withAMD Instinct MI300X

Partnership with Globe advances network
cloud deployment and increases network
operations efficiency with Dell Telecom
Infrastructure Blocks for Red Hat.

Dell Technologies and AMD are coming together
to unveil an expansion to the Dell Generative AI
Solutions portfolio, continuing the work ofaccelerating advanced workloads and offeringbusinesses more choice to continue their unique
GenAI journeys. The fastest ramping solution in
Dell history, the Dell PowerEdge XE9680, will
support the upcoming AMD Instinct™ MI300X
accelerator, offering customers more choice
when it comes to AI performance.
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Dell Telecom Infrastructure Block adds
support for 5G core workloads at the edge and a
Dell certification program for industry partners to
speed validation of network technologies.

XPS
New XPS laptops, powered by Intel Core Ultra
processors, feature minimal design, maximum
performance, and a built-in AI acceleration engine
with the addition of a neural processing unit.

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

Nokia

SubaruNokia and Dell Technologies announced an extension to theirpartnership in which Nokia will adopt Dell as its preferredinfrastructure partner for existing Nokia AirFrame customers,
who will be transitioned over time to Dell PowerEdge servers.
Dell will also offer Nokia’s Digital Automation Cloud solution
with Dell NativeEdge to provide a comprehensive, scalable
solution for enterprises.

Dell Technologies supports the development of Subaru’s AI
development platform for their preventive safety driving system“Eyesight”. They needed to be able to handle vast amounts ofdata, which has expanded to ~1000 times the number of files
compared to conventional development, and required
scalability, high performance, and reliability, ultimately selecting
Dell PowerScale storage.

San Diego State University

Ohio Supercomputer Center

A new grant for AI and ML processing power will expedite highperformance computing research across California State
University campuses. Nearly 700 new computing cores,
purchased from Dell Technologies, will be housed at SDSU's
Campus Data Center and will be accessible to collaborators,
enabling researchers to identify antibiotic-resistant tuberculosis
strains, program robots to be more human in their interactions,digitally reconstruct archaeological artifacts and more.

The Ohio Supercomputer Center will launch a new highperformance computing (HPC) cluster, Cardinal, to support thegrowing need for HPC resources in scientific, engineering, andbiomedical fields as well as to support the rising number ofstudents using virtual computing to fulfill classroom
assignments. Cardinal will be one of the first centers to
deploy high bandwidth memory at scale, launching in thesecond half of 2024.

15

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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 continue to structurally
gain share in our coremarkets3

Non-GAAP

Adjusted Free Cash Flow1$6.5B$101.2B $102.3B$5.3B$85.0B$86.8B

+1%
Y/Y

+2%
Y/Y

+17%
Y/Y

+1%
Y/Y

-14%
Y/Y

+56%
Y/Y

+22%
Y/Y

-19%
Y/Y

FY20

FY21

FY22

FY23

FY24

FY20

FY21

FY22

‒ ~5 pts of mainstream server
revenue share over last ten years‒ ~4 pts of midrange RAID storage
revenue share since EMC
acquisition‒ ~7 pts of commercial PC unit sharegain over last ten years• Diluted EPS has grown at a
12% CAGR over the last 4
fiscal years• We have delivered $24.1Bof adjusted FCF over thelast 5 fiscal years• We have returned > 90% ofadj. FCF to shareholders
since initiating our capital
return framework 8 qtrs ago

Expect revenue to grow at a 3-4% CAGR over time

12% CAGR
$7.61

$7.13

$6.22
$4.60

FY20

$1.5B
-71%
Y/Y

+266%
Y/Y

FY23

FY24

~$4.8B Avg. annual adj. FCF FY20-FY24

Core Debt and Other4

Diluted EPS1,2
Non-GAAP

$5.6B

$5.2B

$88.4B$4.88

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

1.8x

Core Leverage
1.5x
1.8x

$16.5B$18.4B

+6%
Y/Y

+27%
Y/Y

+22%
Y/Y

-6%
Y/Y

-11%
Y/Y

-12%
Y/Y

-51%
Y/Y

+12%
Y/Y

FY21

FY22

FY23

FY24

FY20

FY21

FY22

FY23

EPS growing faster than revenue$15.1B
-18%
Y/Y
FY24

Reached 1.5x core leverage target

1) See supplemental slides in Appendix B for reconciliation of 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 3QCY23, data
between 3QCY13 – 3QCY23 TTM. Per IDC WW Quarterly Enterprise Storage Systems Tracker 3QCY23, data between 3QCY17 – 3QCY23 TTM. Midrange refers to systems with ASP between $25k and $250k. Per IDC PC Units Q4CY23, data between Q4CY13 – Q4CY23. 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.
16

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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 25.8% share

Dell maintained the #1 position
with 39.1% share

Dell maintained the #1 position
with 25.2% share

Dell maintained the #1 position
with 10.6% share

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q3

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q3.
High End refers to systems with ASP > $250k.

Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q3.
Midrange refers to systems with ASP between $25k and $250k.

Per IDC WW Storage Software and Cloud Services Tracker CY23Q3

1#

Converged
Systems

1#

Hyperconverged
Systems

1#

Purpose-Built
BackupAppliance

1#

All Flash
Array RAID

Dell maintained the #1 position
with 44.7% share

Dell maintained the #1 position
with 33.9% share

Dell maintained the #1 position with
38.2% share

Dell maintained the #1 position
with 23.0% share

Per IDC WW Quarterly Converged Systems Tracker CY23Q3

Per IDC WW Quarterly Converged Systems Tracker CY23Q3

Per IDC WW Quarterly Purpose-Built Backup Appliance Tracker
CY23Q3Per IDC WW Quarterly Enterprise Storage Systems Tracker CY23Q3

17

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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

1#

ClientBusiness

1#

North America
Desktop

1#

North America
Commercial PC

Dell is the leader with 12.7% unit
share and 12.8% revenue share

Leading Client Business byrevenue

Dell is the leader with 33.0%
shareDell maintained the #1 position
with 32.8% share

Per IDC WW Quarterly Server Tracker CY23Q3; Dell has a statisticaltie with HPE/H3C for x86 revenue share

Client PC & upsell revenue statistic calculated by Dell Technologies
primarily by utilizing other PC OEMs’ financial public filings, as of
Q4 FY24

Per IDC WW Quarterly PC Device Tracker, CY23Q4. Includes
workstations

Per IDC WW Quarterly PC Device Tracker, CY23Q4. Includes
workstations

1#

Mainstream
Server

1#

PC
Monitors

1#

High-EndPC Gaming

1#

PC
Workstations

Dell is the leader with 23.6% unit
share and 24.5% revenue share

Dell maintained the #1 position
with 19.7% share

Dell maintained the #1 position
with 19.9% share

Dell maintained the #1 position
with 42.2% share

Per IDC WW Quarterly Server Tracker CY23Q3

Per IDC WW Quarterly Monitor Tracker CY23Q4

Per IDC Quarterly Gaming Tracker, CY23Q4, $1,500+ price band

Per IDC WW Quarterly Workstation Tracker CY23Q4

Note: based on units unless otherwise indicated.

18

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Dell Technologies investment thesis

UNIQUE OPERATING MODELSTRATEGY

Leading market positions and a unique operating model generate consistent growth and significant value creation• We are leveraging our strengths to extend our leadership positions and capture new
growth opportunities• Leading end-to-end solutions portfolio, with #1 positions across Client, Peripherals,
Server, and Storage1• Largest Go-To-Market engine with a direct sales force and robust channel program thatprovides us with great insights and the ability to build deep customer relationships

Attractive
long-term
financial model3 - 4%

Revenue growth8%+

Diluted EPS growth2

NI to Adj. FCF

100%+ Conversion2• Industry’s leading Supply Chain that runs at global scale, yet nimble and agile torespond to macro and market fluctuations with built in resilience• Unmatched Global Services footprint with team members and service centers
supporting customers around the world

80%+

Target return ofadj. FCF toshareholders2

10%+

Dividend growthrate FY24-FY283

1) See slide 21 for the list of #1 positions and relevant sources. 2) Long-term financial guidance is provided on a non-GAAP basis. The Company cannot reasonably forecast certain items that are included in GAAP results. Refer to the discussion of
non-GAAP financial measures at the beginning of the presentation for more information. 3) Subject to ongoing board evaluation and approval.
19

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Operational

Revenue
growth8%+
Diluted EPS
growth1

Gross
Margins+
Cost+ Share =EPS
GrowthCount

Adjusted Free Cash Flow ($B)3

100%+

$6.5

$5.3

$5.2

NI to adj. FCF
Conversion1$4.8B Avg

FY20

80%+
Target return ofadj. FCF toshareholders1

10%+

FY21

FY22

FY23

• Increased mix towards profitablesegments … ISG, Commercial PC,
Peripherals• Demonstrated cost discipline• Growth & operational excellence driving
cash generation … $4.8B avg. over last
five years• Averaged over 100% NI to Adj. FCF
conversion over the past five years2

$5.6

$1.5

Capital ReturnOur strategy, operating
model and track recordof execution have us
well positioned

Attractive long-term financial framework

Committed
to longterm value
creation• Leading end-to-end solutions andbroadest portfolio in the industry• Demonstrated structural share gains• Opportunities to capture new growth

CSG 2-3% CAGR
ISG 6-8% CAGR
DELL TECH 3-4% CAGR

3 - 4%

FY24• Commitment to return over 80%
of adjusted FCF to shareholders
80%+ • Return via share repurchases
and dividends• Committed to IG rating andmaintaining 1.5x core
Remaining leverage5 target
FCF• Targeted M&A that
accelerates our strategy

Targeted Dividend Payout
10%+

+20%

$1.48

$1.78

Dividend growthrate FY24-FY284
FY24

FY25

FY26

FY27

• Target to grow the dividend at 10% or
better annually through FY284• Raising our annual dividend ~20% to$1.78 per share for FY25FY281) Long-term financial guidance is provided on a non-GAAP basis. The Company cannot reasonably forecast certain items that are included in GAAP results. Refer to thediscussion of non-GAAP financial measures at the beginning of the presentation for more information. 2) FY20-FY24. 3) See supplemental slides in Appendix B forreconciliation of non-GAAP measures to their most directly comparable GAAP measures. Adjusted free cash flow represents historical adjusted free cash flow excluding
VMware where applicable. 4) Subject to ongoing board evaluation and approval. 5) See footnote 5 on slide 16 for definition of core leverage ratio.
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Dell Technologies strategy
Leverage our strengths to extend our leadership and capture new growth

Industry’s largest GTM engine

Leading end-to-end solutions1#1

Client Business
Workstations
PC Monitors
High-end Gaming

ServerExternal Storage
Storage Software
PBBA
HCI

Largest direct
salesforce in theindustry

Industry-leading supply chain
Automated and AIdriven

Resilient, agile,sustainable & global
scale

Unique operating
model

Global distribution &logistics centers

CultureGlobal footprint of
direct services &support

Copyright © Dell Inc. All Rights Reserved.

Service centersaround the world

Customer-centricity

1) Client PC & upsell revenue statistic calculated by Dell Technologies primarily by utilizing other PC OEMs’ financial public filings, as of Q4 FY24; Workstations (Units) - IDC WW Quarterly Workstation Tracker CY23Q4; PC Monitors (Units) - IDC
WW Quarterly Monitor Tracker CY23Q4; High-end Gaming (Units) - IDC Quarterly Gaming Tracker, CY23Q4, $1,500+ price band; Server (Units) - IDC WW Quarterly Server Tracker CY23Q3; External Storage (Revenue) - IDC WW QuarterlyEnterprise Storage Systems Tracker CY23Q3; Storage Software – IDC WW Storage Software and Cloud Services Tracker CY23Q3 and includes archiving software, data replication and protection software, software-defined storage controller
software, and storage infrastructure and device management software; PBBA – IDC WW Purpose-Built Backup Appliance (PBBA) (Revenue) CY23Q3; Hyperconverged Systems (HCI) (Revenue) - IDC WW Quarterly Converged Systems
Tracker CY23Q3.
21

Modern online andconsumption
experiences

Unmatched global services
AI-driven support andexperiences

Innovation

Broad global
technology ecosystemof partners

Capital
ReturnWe have returned $7B or over 90% of our adjusted FCF to shareholders
over the last two years and are increasing our FY25 dividend by 20%

DuringQ4• We paid $261M in dividends• We repurchased 11.2M sharesof stock for $836M$ in Millions$1,010
$266
$527

$525

$276

$269

$150

$251

$256

4Q23

1Q24

2Q24

$386
$236

Share Repurchase$1,097
$261

$744

$836

3Q24

4Q24

Dividend

Dividends
M&A• We paid $1.48
per share, or ~$1.1B
during the second year of our dividend
program• We are raising our annual dividend to$1.78 per share, a 20% increase

Share Repurchase• We’ve repurchased 34M shares for~$2.1B over the past 12 months• Following a programmatic approach to
managing dilution and will buy backshares opportunistically based on market
conditions

See supplemental slides in Appendix B for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
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Workloads and usage patterns are trending in our favor
Creates new opportunities to innovate and serve our customers

Data era trends in our favor

68%

Organizations use private or both public & private
infrastructure for GenAI work1

Dell’s markets are expected to continue to grow
Dell Technologies targeted markets6+$850B$2.1T

87%

Companies are adopting a multicloud strategy250%

By 2025, more than 50% of enterprise-managed data will becreated and processed outside the data center or cloud3

4x

Increase in deployment of edge computing platforms byprivate mobile networks460%

US workers are expected to work in a hybrid model by20265

Extended TAM$1.25T

PC
Peripherals
ServerStorage
IT Networking
HW Deploy and Support

20191) SiliconANGLE & ETR, July 2023.
2) Flexera, 2023 State of the Cloud Report, n=750.
3) Gartner® , Cool Vendors in Edge Computing, August 2023, GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved4) 20% deployment by 2025 up from 5% in 2022. Gartner, Predicts 2023: Edge Computing Delivery and Control Options Extend Functionality, December 2022.
5) Gartner, Forecast Analysis: Knowledge Employees, Hybrid, Fully Remote and On-Site Work Styles, Worldwide, Jan 2023.
6) Dell internal estimate based on the following: February 2024 IDC ICT Spending Guide (Extended TAM includes IaaS, Telecom Networking, Technology Outsourcing, Data Management & System Infrastructure SW, and Hardware Deploy & Support),
Dell CSG TAM estimate (Peripherals – includes Printers), January 2024 IDC Black Book (PC includes PC and Tablet, Monitors & Printers included in Peripherals), IDC (Server, Storage), Dell’Oro (IT Networking).
Copyright © Dell Inc. All Rights Reserved.
23

2027

FY251

FY25
Guidance• Revenue expected to be in the range of $91 and $95 billion with a midpoint of $93 billion
and 5% growth, above our long-term value creation framework– Expect ISG revenue to grow in the mid-teens fueled by AI, with traditional servers andstorage returning to growth– Expect CSG to grow low single digits– Expect the combination of ISG and CSG to grow 8% at the midpoint, offset by a decline
in other businesses• Expect non-GAAP gross margin rate to decline roughly 100 basis points given mix shift to AI
optimized servers, the competitive environment and inflationary input costs• Expect non-GAAP Opex to be roughly flat year over year as we maintain our cost discipline• Expect non-GAAP I&O of roughly $1.4 billion• Non-GAAP EPS is expected to be in the range of $7.25 to $7.75 with a midpoint of $7.50,
up 5% assuming annual non-GAAP tax rate of 18%2

1 See supplemental slides in Appendix D for reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
2 Non-GAAP tax rate reflects an estimated annual tax rate which we expect will remain fixed for the next four quarters. We may adjust our estimated annual tax rate toconsider events or trends including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses,
and other significant events.
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Q1 FY251

Q1 FY25
Guidance• Revenue expected to be in the range of $21 and $22 billion with a midpoint of $21.5 billion
and 3% growth– Expect the combination of ISG and CSG to grow 5% at the midpoint, with ISG up in the
mid to high teens• Expect non-GAAP gross margin rate to be 200 basis points lower sequentially given
seasonally lower storage mix and higher AI optimized server mix• Non-GAAP Opex will be up slightly with typical seasonality• Diluted share count expected to be roughly 723 to 727 million shares• Non-GAAP diluted EPS expected to be $1.15 plus or minus $0.10

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

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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 index4

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 $367M,$364M, and $214M of severance expense during 4Q23, 2Q24, and 4Q24, respectively.
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Supplemental non-GAAP measures
Interest and other1 Primarily consists of fair value adjustments on strategic equity investments

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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. Includes $367M, $364M, and $214M of severance expense

during 4Q23, 2Q24, and 4Q24, 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. Includes $367M, $364M, and $214M of severance expense during

4Q23, 2Q24, and 4Q24, 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 Consists of acquisition, integration, and divestiture-related costs and gains.
2 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
Adjusted 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
Assets43

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Balance Sheet
Liabilities and equity

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Appendix D
GuidanceSupplemental non-GAAP Measures
Financial guidance1

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 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 February 2, 2024 and does not include estimates for potential acquisitions, if any, during FY25.
4 Consists of severance, facilities action, impairment, acquisition, integration, divestiture-related, and other costs. No estimate is included for 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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