DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Income and Related Financial Highlights(in millions, except percentages; unaudited)Three Months Ended
May 3, 2024 May 5, 2023 Change
Net revenue:
ProductsServices
Total net revenue
Cost of net revenue:
Products
Services
Total cost of net revenue
Gross margin
Operating expenses:
Selling, general, and administrative
Research and development
Total operating expenses
Operating income
Interest and other, net
Income before income taxes
Income tax expense (benefit)
Net income
Net income attributable to Dell Technologies Inc.

$$

Percentage of Total Net Revenue:
Gross margin
Selling, general, and administrative
Research and development
Operating expenses
Operating income
Income before income taxes
Net income
Income tax rate

16,127
6,117
22,244$15,036
5,886
20,9227%
4%
6%

13,766
3,672
17,4384,806

12,375
3,529
15,904
5,018

11%
4%
10%
(4)%

3,123763
3,886
920
(373)
547(408)
955
960

3,261
688
3,949
1,069(364)
705
127
578
583

(4)%
11%(2)%
(14)%
(2)%
(22)%
(421)%
65%
65%$

21.6 %
14.1 %
3.4 %
17.5 %
4.1 %
2.5 %4.3 %(74.6)%

Amounts are based on underlying data and may not visually foot due to rounding.

124.0 %
15.6 %
3.3 %
18.9 %
5.1 %
3.4 %
2.8 %
18.0 %

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Financial Position(in millions; unaudited)
May 3, 2024
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable, net of allowance of $66 and $71
Short-term financing receivables, net of allowance of $86 and $79
Inventories
Other current assets
Total current assets
Property, plant, and equipment, net
Long-term investments
Long-term financing receivables, net of allowance of $109 and $91
Goodwill
Intangible assets, net
Other non-current assets
Total assets$$

February 2, 2024

5,830 $
8,563
4,660
4,782
10,792
34,627
6,237
1,293
5,941

7,366
9,343
4,643
3,622
10,97335,947
6,432
1,316
5,877

19,6405,538
6,914
80,190 $19,7005,701
7,116
82,0896,098 $
20,586
6,016
15,03447,734
19,382
13,116
2,681
82,913

6,982
19,3896,805
15,31848,49419,012
13,827
3,065
84,398(2,822)
99(2,723)
80,190 $(2,404)
95(2,309)
82,089LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:
Short-term debt
Accounts payable
Accrued and other
Short-term deferred revenue
Total current liabilities
Long-term debt
Long-term deferred revenue
Other non-current liabilities
Total liabilities
Stockholders’ equity (deficit):
Total Dell Technologies Inc. stockholders’ equity (deficit)
Non-controlling interests
Total stockholders’ equity (deficit)
Total liabilities and stockholders’ equity$$2

DELL TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows(in millions; unaudited)Three Months Ended
May 3, 2024
May 5, 2023
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Change in cash from operating activities
Cash flows from investing activities:
Purchases of investments
Maturities and sales of investments
Capital expenditures and capitalized software development costs
Other
Change in cash from investing activities
Cash flows from financing activities:
Proceeds from the issuance of common stock
Repurchases of common stock
Repurchases of common stock for employee tax withholdings
Payments of dividends and dividend equivalents
Proceeds from debt
Repayments of debt
Debt-related costs and other, net
Change in cash from financing activities
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
Change in cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at beginning of the period
Cash, cash equivalents, and restricted cash at end of the period

3$$

955 $
88
1,043

578
1,199
1,777

(39)
119(596)
60(456)(15)
19(701)13(684)—(700)
(521)
(336)
2,992
(3,477)(35)(2,077)(55)(1,545)
7,507
5,962 $

2(240)
(306)
(276)
2,521
(3,698)(5)(2,002)
(58)
(967)
8,894
7,927

DELL TECHNOLOGIES INC.
Segment Information(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
May 3, 2024 May 5, 2023

Infrastructure Solutions Group (ISG):
Net revenue:
Servers and networking
Storage
Total ISG net revenue$$

Operating Income:ISG operating income% of ISG net revenue% of total reportable segment operating income$

Client Solutions Group (CSG):
Net revenue:
Commercial
Consumer
Total CSG net revenue

5,466
3,761
9,227

$

$736
$
8.0 %
50 %

$ 10,154
1,813$ 11,967

Operating Income:CSG operating income% of CSG net revenue% of total reportable segment operating income

$740
9.7 %
45 %

$9,862
2,121$ 11,983

732
$
6.1 %
50 %

Amounts are based on underlying data and may not visually foot due to rounding.

43,837
3,756
7,593

892
7.4 %
55 %

Change42%—%
22%(1)%

3%(15)%—%(18)%

DELL TECHNOLOGIES INC.
Segment Information(in millions, except percentages; unaudited; continued)
Three Months Ended
May 3, 2024
May 5, 2023

Reconciliation to consolidated net revenue:
Reportable segment net revenue
Other businesses (a)Unallocated transactions (b)Total consolidated net revenue$$

Reconciliation to consolidated operating income:
Reportable segment operating income
Other businesses (a)Unallocated transactions (b)Amortization of intangibles (c)Stock-based compensation expense (d)Other corporate expenses (e)Total consolidated operating income$$

21,194 $1,049
122,244 $

19,5761,343
3
20,922

1,468 $
6—(168)
(210)
(176)
920 $

1,632
(36)
2(203)
(225)
(101)
1,069

_________________(a) Other businesses consists of: 1) Dell’s resale of standalone VMware, Inc. products and services, “VMware Resale,” 2)Secureworks, and 3) Virtustream, and do not meet the requirements for a reportable segment, either individually orcollectively.
(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.

5

SUPPLEMENTAL SELECTED NON-GAAP FINANCIAL MEASURES
These tables present information about the Company’s non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP net income, non-GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings
per share attributable to Dell Technologies Inc. - diluted, free cash flow and adjusted free cash flow, all of which are nonGAAP financial measures provided as a supplement to the results provided in accordance with generally accepted accounting
principles in the United States of America (“GAAP”). A detailed discussion of Dell Technologies’ reasons for includingthese non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures,and our reason for excluding those items are presented in “Management’s Discussion and Analysis of Financial Condition andResults of Operations — Non-GAAP Financial Measures” in our periodic reports filed with the SEC. Dell Technologies
encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP
financial measures.

6

DELL TECHNOLOGIES INC.
Selected Financial Measures(in millions, except per share amounts and percentages; unaudited)Three Months Ended
May 3, 2024

Net revenue
Non-GAAP gross margin% of net revenue
Non-GAAP operating expenses% of net revenue
Non-GAAP operating income% of net revenue
Non-GAAP net income% of net revenue
Non-GAAP earnings per share - diluted

May 5, 2023

$ 22,244$ 20,922$ 4,947$ 5,16422.2 %
24.7 %$ 3,473$ 3,566
15.6 %
17.1 %$ 1,474$ 1,598
6.6 %
7.6 %
$923
$
963
4.1 %
4.6 %
$
1.27
$
1.31

Amounts are based on underlying data and may not visually foot due to rounding.

7%
Change6%(4)%(3)%(8)%(4)%(3)%DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures(in millions, except percentages; unaudited; continued on next page)
Three Months Ended
May 3, 2024

May 5, 2023%
ChangeGross margin
Non-GAAP adjustments:
Amortization of intangibles
Stock-based compensation expense
Other corporate expenses
Non-GAAP gross margin$4,806 $

5,018

(4)%

$60
38
434,947 $7938
295,164(4)%Operating expenses
Non-GAAP adjustments:
Amortization of intangibles
Stock-based compensation expense
Other corporate expenses
Non-GAAP operating expenses$

3,886 $

3,949(2)%$(108)(172)(133)
3,473 $(124)
(187)
(72)
3,566

(3)%

Operating income
Non-GAAP adjustments:
Amortization of intangibles
Stock-based compensation expense
Other corporate expenses
Non-GAAP operating income$920 $

1,069(14)%

$168
210
176
1,474 $

203
225
101
1,598(8)%Net income
Non-GAAP adjustments:
Amortization of intangibles
Stock-based compensation expense
Other corporate expenses
Fair value adjustments on equity investments
Aggregate adjustment for income taxes (a)Non-GAAP net income$955 $

578

65 %$

168
210
17030(610)
923 $

203
2259815(156)
963

(4)%

____________________(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

8

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures(unaudited; continued)
Three Months Ended
May 3, 2024

Earnings per share attributable to Dell Technologies, Inc. — diluted
Non-GAAP adjustments:
Amortization of intangibles
Stock-based compensation expense
Other corporate expenses
Fair value adjustments on equity investments
Aggregate adjustment for income taxes (a)Total non-GAAP adjustments attributable to non-controlling interests
Non-GAAP earnings per share attributable to Dell Technologies, Inc. — diluted

May 5, 2023$

1.32 $

0.79

67 %

$

0.23
0.29
0.24
0.04
(0.84)(0.01)
1.27 $

0.28
0.30
0.13
0.02
(0.21)
—
1.31

(3)%

____________________(a) Beginning in Fiscal 2025, our non-GAAP income tax is calculated using a fixed estimated annual tax rate.

9%Change

DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures(in millions, except percentages; unaudited; continued)
Three Months Ended
May 3, 2024

Cash flow from operations$Free cash flow%
Change1,043 $

1,777

(586)

(698)

$

457 $

1,079

(58)%

$

457 $

1,079

(58)%

165(367)

1(25)

623 $

687

Non-GAAP adjustments:
Capital expenditures and capitalized software development costs, net (a)Free cash flow

May 5, 2023

(41)%

Non-GAAP adjustments:
Financing receivables (b)Equipment under operating leases (c)Adjusted free cash flow$____________________(a) Capital expenditures and capitalized software development costs is net of proceeds from sales of facilities, land, andother assets.
(b) Financing receivables represent the operating cash flow impact from the change in DFS financing receivables.
(c) Equipment under operating leases represents the net change of capital expenditures and depreciation expense for DFS
leases and contractually embedded leases identified within flexible consumption arrangements.

10(9)%