10-Q 1 dell-20240802.htm 10-Q dell-20240802
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(a) Includes related party cost of net revenue as follows (Note 15):
Products$— $384 $— $591 
Services$— $880 $— $1,756 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)  
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedAugust 2, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from            to           
 
Commission File Number: 001-37867
 
Dell Technologies Inc.
(Exact name of registrant as specified in its charter) 
 
Delaware 80-0890963
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Dell Way, Round Rock, Texas 78682
(Address of principal executive offices) (Zip Code)

1-800-289-3355 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class C Common Stock, par value of $0.01 per shareDELLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑ Accelerated filer ☐
Non-accelerated filer☐ Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ
As of September 3, 2024, there were 702,384,736 shares of the registrant’s common stock outstanding, consisting of 307,762,769 outstanding shares of Class C Common Stock, 328,262,341 outstanding shares of Class A Common Stock, and 66,359,626 outstanding shares of Class B Common Stock.



1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “may,” “will,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “aim,” “seek,” and similar expressions as they relate to us or our management are intended to identify these forward-looking statements. All statements by us regarding our expected financial position, revenues, cash flows and other operating results, business strategy, legal proceedings, and similar matters are forward-looking statements. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks, including the risks discussed in “Part I — Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended February 2, 2024, in this report and in our other periodic and current reports filed with the Securities and Exchange Commission (“SEC”). Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise.

2

DELL TECHNOLOGIES INC.

TABLE OF CONTENTS


3

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED)

Index
Page


4

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)
August 2, 2024February 2, 2024
ASSETS
Current assets:  
Cash and cash equivalents$4,550 $7,366 
Accounts receivable, net of allowance of $78 and $71
11,391 9,343 
Short-term financing receivables, net of allowance of $79 and $79 (Note 4)
4,968 4,643 
Inventories5,953 3,622 
Other current assets10,681 10,973 
Total current assets37,543 35,947 
Property, plant, and equipment, net6,300 6,432 
Long-term investments1,302 1,316 
Long-term financing receivables, net of allowance of $87 and $91 (Note 4)
6,124 5,877 
Goodwill19,654 19,700 
Intangible assets, net5,374 5,701 
Other non-current assets6,390 7,116 
Total assets$82,687 $82,089 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Short-term debt$6,711 $6,982 
Accounts payable24,095 19,389 
Accrued and other6,374 6,805 
Short-term deferred revenue14,853 15,318 
Total current liabilities52,033 48,494 
Long-term debt17,811 19,012 
Long-term deferred revenue12,859 13,827 
Other non-current liabilities2,781 3,065 
Total liabilities$85,484 $84,398 
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Common stock and capital in excess of $0.01 par value (Note 13)
$8,782 $8,926 
Treasury stock at cost(7,334)(5,900)
Accumulated deficit(3,478)(4,630)
Accumulated other comprehensive loss(864)(800)
Total Dell Technologies Inc. stockholders’ equity (deficit)(2,894)(2,404)
Non-controlling interests97 95 
Total stockholders’ equity (deficit)(2,797)(2,309)
Total liabilities and stockholders’ equity$82,687 $82,089 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months EndedSix Months Ended
 August 2, 2024August 4, 2023August 2, 2024August 4, 2023
Net revenue:
Products$18,954 $16,935 $35,081 $31,971 
Services6,072 5,999 12,189 11,885 
Total net revenue25,026 22,934 47,270 43,856 
Cost of net revenue (a):
Products16,079 14,002 29,845 26,377 
Services3,636 3,545 7,308 7,074 
Total cost of net revenue19,715 17,547 37,153 33,451 
Gross margin5,311 5,387 10,117 10,405 
Operating expenses:
Selling, general, and administrative3,189 3,517 6,312 6,778 
Research and development780 705 1,543 1,393 
Total operating expenses3,969 4,222 7,855 8,171 
Operating income1,342 1,165 2,262 2,234 
Interest and other, net(353)(451)(726)(815)
Income before income taxes989 714 1,536 1,419 
Income tax expense (benefit)148 259 (260)386 
Net income841 455 1,796 1,033 
Less: Net loss attributable to non-controlling interests(5)(7)(10)(12)
Net income attributable to Dell Technologies Inc.$846 $462 $1,806 $1,045 
Earnings per share attributable to Dell Technologies Inc.
Basic$1.19 $0.64 $2.55 $1.44 
Diluted$1.17 $0.63 $2.49 $1.42 
(a) Includes related party cost of net revenue as follows (Note 15):
Products$— $384 $— $591 
Services $— $880 $— $1,756 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months EndedSix Months Ended
August 2, 2024August 4, 2023August 2, 2024August 4, 2023
Net income$841 $455 $1,796 $1,033 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(20)(6)(94)25 
Cash flow hedges:
Change in unrealized gains (losses)(20)49 67 59 
Reclassification adjustment for net (gains) losses included in net income(18)68 (37)159 
Net change in cash flow hedges(38)117 30 218 
Pension and other postretirement plans:
Recognition of actuarial net gains (losses) from pension and other postretirement plans(1)— 1 1 
Reclassification adjustments for net gains from pension and other postretirement plans— — (1)— 
Net change in actuarial net gains (losses) from pension and other postretirement plans(1)— — 1 
Total other comprehensive income (loss), net of tax expense of $0 and $7, respectively, and $7 and $12, respectively
(59)111 (64)244 
Comprehensive income, net of tax782 566 1,732 1,277 
Less: Net loss attributable to non-controlling interests(5)(7)(10)(12)
Comprehensive income attributable to Dell Technologies Inc.$787 $573 $1,742 $1,289 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
 Six Months Ended
 August 2, 2024August 4, 2023
Cash flows from operating activities: 
Net income$1,796 $1,033 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,584 1,640 
Stock-based compensation expense401 448 
Deferred income taxes(344)(194)
Other, net457 480 
Changes in assets and liabilities:
Accounts receivable(2,203)1,982 
Financing receivables(652)(130)
Inventories(2,517)1,050 
Other assets and liabilities250 (2,248)
Due from/to related party, net— (610)
Accounts payable4,801 1,427 
Deferred revenue(1,190)113 
Change in cash from operating activities2,383 4,991 
Cash flows from investing activities:
Purchases of investments(64)(113)
Maturities and sales of investments216 127 
Capital expenditures and capitalized software development costs(1,278)(1,325)
Other113 22 
Change in cash from investing activities(1,013)(1,289)
Cash flows from financing activities:
Proceeds from the issuance of common stock1 4 
Repurchases of common stock(1,425)(500)
Repurchases of common stock for employee tax withholdings(535)(312)
Payments of dividends and dividend equivalents(652)(545)
Proceeds from debt4,933 4,655 
Repayments of debt(6,394)(7,082)
Debt-related costs and other, net(37)(49)
Change in cash from financing activities(4,109)(3,829)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(97)(117)
Change in cash, cash equivalents, and restricted cash(2,836)(244)
Cash, cash equivalents, and restricted cash at beginning of the period7,507 8,894 
Cash, cash equivalents, and restricted cash at end of the period$4,671 $8,650 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


8

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(in millions, except per share amounts; continued on next page; unaudited)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Three Months Ended August 2, 2024Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of May 3, 2024833 $8,606 123 $(6,622)$(4,001)$(805)$(2,822)$99 $(2,723)
Net income (loss)— — — — 846 — 846 (5)841 
Dividends and dividend equivalents declared ($0.445 per common share)
— — — — (323)— (323)— (323)
Foreign currency translation adjustments— — — — — (20)(20)— (20)
Cash flow hedges, net change— — — — — (38)(38)— (38)
Pension and other post-retirement— — — — — (1)(1)— (1)
Issuance of common stock, net of shares repurchased for employee tax withholding— (11)— — — — (11)— (11)
Stock-based compensation expense— 182 — — — — 182 9 191 
Treasury stock repurchases— — 5 (712)— — (712)— (712)
Impact from equity transactions of non-controlling interests— 5 — — — — 5 (6)(1)
Balances as of August 2, 2024833 $8,782 128 $(7,334)$(3,478)$(864)$(2,894)$97 $(2,797)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Six Months Ended August 2, 2024Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of February 2, 2024821 $8,926 116 $(5,900)$(4,630)$(800)$(2,404)$95 $(2,309)
Net income (loss)— — — — 1,806 — 1,806 (10)1,796 
Dividends and dividend equivalents declared ($0.89 per common share)
— — — — (654)— (654)— (654)
Foreign currency translation adjustments— — — — — (94)(94)— (94)
Cash flow hedges, net change— — — — — 30 30 — 30 
Pension and other post-retirement— — — — — — — — — 
Issuance of common stock, net of shares repurchased for employee tax withholding12 (526)— — — — (526)— (526)
Stock-based compensation expense— 384 — — — — 384 17 401 
Treasury stock repurchases— — 12 (1,434)— — (1,434)— (1,434)
Impact from equity transactions of non-controlling interests— (2)— — — — (2)(5)(7)
Balances as of August 2, 2024833 $8,782 128 $(7,334)$(3,478)$(864)$(2,894)$97 $(2,797)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

9

DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(continued; in millions, except per share amounts; unaudited)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Three Months Ended August 4, 2023Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of May 5, 2023817 $8,339 88 $(4,064)$(6,430)$(868)$(3,023)$99 $(2,924)
Net income (loss)— — — — 462 — 462 (7)455 
Dividends and dividend equivalents declared
($0.37 per common share)
— — — — (281)— (281)— (281)
Foreign currency translation adjustments— — — — — (6)(6)— (6)
Cash flow hedges, net change— — — — — 117 117 — 117 
Issuance of common stock, net of shares repurchased for employee tax withholding— (4)— — — — (4)— (4)
Stock-based compensation expense— 215 — — — — 215 8 223 
Treasury stock repurchases— — 5 (256)— — (256)— (256)
Impact from equity transactions of non-controlling interests— 4 — — — — 4 (5)(1)
Balances as of August 4, 2023817 $8,554 93 $(4,320)$(6,249)$(757)$(2,772)$95 $(2,677)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Six Months Ended August 4, 2023Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of February 3, 2023798 $8,424 82 $(3,813)$(6,732)$(1,001)$(3,122)$97 $(3,025)
Net income (loss)— — — — 1,045 — 1,045 (12)1,033 
Dividends and dividend equivalents declared ($0.74 per common share)
— — — — (562)— (562)— (562)
Foreign currency translation adjustments— — — — — 25 25 — 25 
Cash flow hedges, net change— — — — — 218 218 — 218 
Pension and other post-retirement— — — — — 1 1 — 1 
Issuance of common stock, net of shares repurchased for employee tax withholding19 (303)— — — — (303)— (303)
Stock-based compensation expense— 433 — — — — 433 15 448 
Treasury stock repurchases— — 11 (507)— — (507)— (507)
Impact from equity transactions of non-controlling interests— — — — — — — (5)(5)
Balances as of August 4, 2023817 $8,554 93 $(4,320)$(6,249)$(757)$(2,772)$95 $(2,677)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

10

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 1 — OVERVIEW AND BASIS OF PRESENTATION

Dell Technologies is a leading global end-to-end technology provider that designs, develops, manufactures, markets, sells, and supports a wide range of comprehensive and integrated solutions, products, and services. Dell Technologies offerings include servers and networking, storage, cloud solutions, desktops, notebooks, services, software, branded peripherals, and third-party software and peripherals. References in these Notes to the Condensed Consolidated Financial Statements to the “Company” or “Dell Technologies” mean Dell Technologies Inc. individually and together with its consolidated subsidiaries.

Basis of Presentation — The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes filed with the U.S. Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2024. These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary to fairly state the financial position of the Company as of August 2, 2024 and February 2, 2024 and the results of its operations, corresponding comprehensive income, changes in stockholders’ equity (deficit) for the three and six months ended August 2, 2024 and August 4, 2023, and its cash flows for the six months ended August 2, 2024 and August 4, 2023.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying Notes. Actual results could differ materially from those estimates. The results of its operations, corresponding comprehensive income, and changes in stockholders’ equity (deficit) for the three and six months ended August 2, 2024 and August 4, 2023, and its cash flows for the six months ended August 2, 2024 and August 4, 2023 are not necessarily indicative of the results to be expected for the full fiscal year or for any other fiscal period.

The Company’s fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. Both the fiscal year ended February 2, 2024 (“Fiscal 2024”) and the fiscal year ending January 31, 2025 (“Fiscal 2025”) are 52-week periods.

Principles of Consolidation — These Condensed Consolidated Financial Statements include the accounts of Dell Technologies Inc., its wholly-owned subsidiaries, and the accounts of SecureWorks Corp. (“Secureworks”), which is majority-owned by Dell Technologies. All intercompany transactions have been eliminated.

Secureworks — As of August 2, 2024 and February 2, 2024, the Company held approximately 78.9% and 81.0%, respectively, of the outstanding equity interest in Secureworks. The portion of the results of operations of Secureworks allocable to its other owners is shown as net loss attributable to non-controlling interests in the Condensed Consolidated Statements of Income, as an adjustment to net income attributable to Dell Technologies stockholders. The non-controlling interests’ share of equity in Secureworks is reflected as non-controlling interests in the Condensed Consolidated Statements of Financial Position and was $97 million and $95 million as of August 2, 2024 and February 2, 2024, respectively.

Variable Interest Entities — The Company consolidates Variable Interest Entities ("VIEs") where it has been determined that the Company is the primary beneficiary of the applicable entities’ operations. For each VIE, the primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to such VIE. In evaluating whether the Company is the primary beneficiary of each entity, the Company evaluates its power to direct the most significant activities of the VIE by considering the purpose and design of each entity and the risks each entity was designed to create and pass through to its respective variable interest holders. The Company also evaluates its economic interests in each of the VIEs. See Note 4 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs.

Other Events — On October 4, 2023, the Company established a new consumer revolving financing program with Comenity Capital Bank, a subsidiary of Bread Financial Holdings, Inc. (“Bread”), under which transactions are originated, owned, serviced, and collected by Bread. Under the agreement, the Company also sold its U.S. consumer revolving customer receivables portfolio for total cash consideration of approximately $390 million, resulting in an immaterial gain recognized within the Condensed Consolidated Statements of Income. The Company has no continuing involvement with these receivables, which are serviced by Bread.

11

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Recently Issued Accounting Pronouncements

Segment Reporting — In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to improve disclosures about a public entity’s reportable segments by requiring disclosure of additional information about a reportable segment’s expenses on an annual and interim basis. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2023, with early adoption permitted. Upon adoption, the guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Adoption of this new guidance will result in increased disclosures in the Notes to the Consolidated Financial Statements.

Income Taxes — In December 2023, the FASB issued guidance which requires companies to provide disaggregated income tax disclosures within the income tax rate reconciliation and income taxes paid. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. Adoption of this new guidance will result in increased disclosures in the Notes to the Consolidated Financial Statements.






12

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
NOTE 2 — FAIR VALUE MEASUREMENTS

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
 August 2, 2024February 2, 2024
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs 
 (in millions)
Assets:        
Money market funds$1,432 $— $— $1,432 $3,170 $— $— $3,170 
Marketable equity and other securities4 — — 4 10 — — 10 
Derivative instruments— 159 — 159 — 104 — 104 
Total assets$1,436 $159 $— $1,595 $3,180 $104 $— $3,284 
Liabilities:        
Derivative instruments$— $71 $— $71 $— $84 $— $84 
Total liabilities$— $71 $— $71 $— $84 $— $84 

The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value.

Money Market Funds — The Company’s investment in money market funds that are classified as cash equivalents hold underlying investments with a weighted average maturity of 90 days or less and are recognized at fair value. The valuations of these securities are based on quoted prices in active markets for identical assets, when available, or pricing models whereby all significant inputs are observable or can be derived from, or corroborated by, observable market data. The Company reviews security pricing and assesses money market fund liquidity on a quarterly basis. As of August 2, 2024, the Company’s portfolio had no material exposure to money market funds with a fluctuating net asset value.

Marketable Equity and Other Securities — The Company’s investments in equity and other securities that are measured at fair value on a recurring basis consist of strategic investments in publicly-traded companies. The valuation of these securities is based on quoted prices in active markets.

Derivative Instruments — The Company’s derivative financial instruments consist primarily of foreign currency forward and purchased option contracts and interest rate swaps. The fair value of the portfolio is determined using valuation models based on market observable inputs, including interest rate curves, forward and spot prices for currencies, and implied volatilities. Credit risk is also factored into the fair value calculation of the Company’s derivative financial instrument portfolio. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s derivative financial instrument activities.

Deferred Compensation Plans — The Company offers deferred compensation plans for eligible employees which allow participants to defer a portion of their compensation. Assets were the same as liabilities associated with the plans at approximately $232 million and $214 million as of August 2, 2024 and February 2, 2024, respectively, and are included in other assets and other liabilities on the Condensed Consolidated Statements of Financial Position. The net impact to the Condensed Consolidated Statements of Income is not material since changes in the fair value of the assets substantially offset changes in the fair value of the liabilities. As such, assets and liabilities associated with these plans have not been included in the recurring fair value table above.

13

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the recurring fair value table above. These assets consist primarily of financial assets such as the Company’s fixed income debt securities and strategic investments in non-marketable equity and other securities and non-financial assets such as goodwill and intangible assets. See Note 3 and Note 8 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company’s investments and goodwill and intangible assets, respectively.

Carrying Value and Estimated Fair Value of Outstanding Debt — The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 6 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:
August 2, 2024February 2, 2024
Carrying ValueFair ValueCarrying ValueFair Value
(in billions)
Senior Notes$14.5 $14.9 $15.5 $15.8 
Legacy Notes$0.9 $1.0 $0.9 $1.0 
DFS Debt$9.1 $8.8 $9.5 $9.1 

The fair values of the outstanding debt shown in the table above were determined based on observable market prices in a less active market or based on valuation methodologies using observable inputs and were categorized as Level 2 in the fair value hierarchy.

14

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
NOTE 3 — INVESTMENTS

The Company has strategic investments in equity and other securities as well as investments in fixed income debt securities. All equity and other securities as well as long-term fixed income debt securities are recorded as long-term investments while short-term fixed income debt securities are recorded as other current assets in the Condensed Consolidated Statements of Financial Position.

Total investments were $1.4 billion as of August 2, 2024 and $1.6 billion as of February 2, 2024.

Equity and Other Securities

Equity and other securities include strategic investments in marketable and non-marketable securities. Investments in marketable securities are measured at fair value on a recurring basis. Investments in non-marketable equity and other securities represent early-stage companies without readily determinable fair values. The Company has elected to apply the measurement alternative for non-marketable securities. Under the alternative, the Company measures investments without readily determinable fair values at cost, less impairment, adjusted by observable price changes. The Company makes a separate election to use the alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

Carrying Value of Equity and Other Securities

The following table presents the cost, cumulative unrealized gains, cumulative unrealized losses, and carrying value of the Company's strategic investments in marketable and non-marketable equity and other securities as of the dates indicated:
August 2, 2024February 2, 2024
CostUnrealized GainUnrealized LossCarrying ValueCostUnrealized GainUnrealized LossCarrying Value
(in millions)
Marketable$12 $24 $(32)$4 $12 $24 $(26)$10 
Non-marketable704 855 (263)1,296 732 1,015 (454)1,293 
Total equity and other securities$716 $879 $(295)$1,300 $744 $1,039 $(480)$1,303 

15

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Gains and Losses on Equity and Other Securities

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:
Three Months EndedSix Months Ended
August 2, 2024August 4, 2023August 2, 2024August 4, 2023
(in millions)
Marketable securities:
Unrealized gain$— $1 $— $1 
Unrealized loss(1)— (6)(23)
Net unrealized gain (loss)(1)1 (6)(22)
Non-marketable securities:
Unrealized gain— — — 9 
Unrealized loss— (41)(31)(46)
Net unrealized loss (a) (b)— (41)(31)(37)
Net unrealized loss on equity and other securities$(1)$(40)$(37)$(59)
____________________
(a)    For the six months ended August 2, 2024, unrealized losses on non-marketable securities were attributable to downward adjustments for observable price changes.
(b)    For the three and six months ended August 4, 2023, net unrealized losses on non-marketable securities were primarily attributable to impairments partially offset by upward adjustments for observable price changes.

Fixed Income Debt Securities

As of August 2, 2024 and February 2, 2024, the Company held fixed income debt securities of $125 million and $301 million, respectively, which it intends to hold to maturity. These investments are recorded at amortized cost and approximate fair value. As of August 2, 2024, the Company held $123 million in fixed income debt securities which will mature within one year and $2 million in fixed income debt securities which will mature within five years. The fair value of the fixed income debt securities was determined based on observable market prices in a less active market or based on valuation methodologies using observable inputs and was categorized as Level 2 in the fair value hierarchy.



16

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
NOTE 4 — FINANCIAL SERVICES

The Company offers or arranges various financing options and alternative payment structures for its customers globally. Alternative payment structures consist of various flexible consumption models, including utility, subscription, and as-a-Service models.

Financing options are offered to the Company’s customers primarily through Dell Financial Services and its affiliates (“DFS”). The Company also arranges financing for some of its customers in various countries where DFS does not currently operate as a captive enterprise. The key activities of DFS include originating, collecting, and servicing customer financing arrangements primarily related to the purchase or use of Dell Technologies products and services. In some cases, DFS also offers financing for the purchase of third-party technology products that complement the Dell Technologies portfolio of products and services. New financing originations were $2.4 billion for both the three months ended August 2, 2024 and August 4, 2023, and $4.3 billion and $4.2 billion for the six months ended August 2, 2024 and August 4, 2023, respectively.

The Company’s lease and loan arrangements with customers are aggregated primarily into the following categories:

Fixed-term leases and loans — The Company enters into financing arrangements with customers who seek lease financing for equipment. DFS leases are generally classified as sales-type leases or operating leases. Leases with business customers have fixed terms of generally two to four years.

The Company also offers fixed-term loans to qualified small businesses, large commercial accounts, governmental organizations, educational entities, and certain individual consumer customers. These loans are repaid in equal payments including interest and have defined terms of generally three to five years. The fair value of the fixed-term loan portfolio is determined using market observable inputs. The carrying value of these loans approximates fair value.

Revolving loans — Revolving loans provide qualified customers with a revolving credit line for the purchase of products and services offered by Dell Technologies. The Company primarily offers revolving loans to small and medium-sized commercial customers. Revolving loans in the United States bear interest at a variable annual percentage rate that is tied to the prime rate. Based on historical payment patterns, revolving loan transactions are typically repaid within twelve months on average. Due to the short-term nature of the revolving loan portfolio, the carrying value of the portfolio approximates fair value.

Prior to the sale of the U.S. consumer revolving customer receivables portfolio on October 4, 2023, described in Note 1 of the Notes to the Condensed Consolidated Financial Statements, the Company offered private label credit financing under the Dell Preferred Account (“DPA”) program. The DPA product was primarily offered to individual consumer customers.

Flexible consumption models, as defined above, further enable the Company to offer its customers the option to pay over time to provide them with financial and operational flexibility. Such models may result in identification of embedded lease arrangements that lead to the recognition of operating or sales-type leases.



17

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Financing Receivables

The following table presents the components of the Company’s financing receivables segregated by portfolio segment as of the dates indicated:
 August 2, 2024February 2, 2024
RevolvingFixed-termTotalRevolvingFixed-termTotal
 (in millions)
Financing receivables, net:  
Customer receivables, gross (a)$154 $10,938 $11,092 $173 $10,360 $10,533 
Allowances for losses(8)(158)(166)(9)(161)(170)
Customer receivables, net146 10,780 10,926 164 10,199 10,363 
Residual interest— 166 166 — 157 157 
Financing receivables, net$146 $10,946 $11,092 $164 $10,356 $10,520 
Short-term$146 $4,822 $4,968 $164 $4,479 $4,643 
Long-term$— $6,124 $6,124 $— $5,877 $5,877 
____________________
(a)    Customer receivables, gross include amounts due from customers under revolving loans, fixed-term loans, fixed-term leases, and accrued interest.

The following tables present the changes in allowance for financing receivable losses for the periods indicated:
Three Months Ended
August 2, 2024August 4, 2023
RevolvingFixed-termTotalRevolvingFixed-termTotal