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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 endedApril 29, 2022
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 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 May 31, 2022, there were 739,517,600 shares of the registrant’s common stock outstanding, consisting of 265,686,850 outstanding shares of Class C Common Stock, 378,480,523 outstanding shares of Class A Common Stock, and 95,350,227 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, future responses to and effects of the coronavirus disease 2019 (“COVID-19”), 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 January 28, 2022, 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)
April 29, 2022January 28, 2022
ASSETS
Current assets:  
Cash and cash equivalents$6,654 $9,477 
Accounts receivable, net of allowance of $72 and $90
11,837 12,912 
Due from related party, net131 131 
Short-term financing receivables, net of allowance of $133 and $142 (Note 5)
4,796 5,089 
Inventories6,277 5,898 
Other current assets11,681 11,526 
Total current assets41,376 45,033 
Property, plant, and equipment, net5,516 5,415 
Long-term investments1,868 1,839 
Long-term financing receivables, net of allowance of $48 and $47 (Note 5)
5,398 5,522 
Goodwill19,598 19,770 
Intangible assets, net7,217 7,461 
Due from related party, net713 710 
Other non-current assets6,720 6,985 
Total assets$88,406 $92,735 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Short-term debt$5,925 $5,823 
Accounts payable25,585 27,143 
Due to related party622 1,414 
Accrued and other6,598 7,578 
Short-term deferred revenue14,329 14,261 
Total current liabilities53,059 56,219 
Long-term debt21,197 21,131 
Long-term deferred revenue13,074 13,312 
Other non-current liabilities3,431 3,653 
Total liabilities90,761 94,315 
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit):
Common stock and capital in excess of $0.01 par value (Note 14)
7,777 7,898 
Treasury stock at cost(2,446)(964)
Accumulated deficit(7,369)(8,188)
Accumulated other comprehensive loss(424)(431)
Total Dell Technologies Inc. stockholders’ equity (deficit)(2,462)(1,685)
Non-controlling interests107 105 
Total stockholders’ equity (deficit)(2,355)(1,580)
Total liabilities and stockholders’ equity$88,406 $92,735 

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 Ended
 April 29, 2022April 30, 2021
Net revenue: 
Products$20,464 $17,487 
Services5,652 5,103 
Total net revenue26,116 22,590 
Cost of net revenue (a):
Products17,009 14,434 
Services3,323 2,892 
Total cost of net revenue20,332 17,326 
Gross margin5,784 5,264 
Operating expenses:
Selling, general, and administrative3,553 3,658 
Research and development681 619 
Total operating expenses4,234 4,277 
Operating income1,550 987 
Interest and other, net(337)(288)
Income before income taxes1,213 699 
Income tax expense144 40 
Net income from continuing operations1,069 659 
Income from discontinued operations, net of income taxes (Note 2)
 279 
Net income1,069 938 
Less: Net loss attributable to non-controlling interests(3)(1)
Less: Net income attributable to non-controlling interests of discontinued operations 52 
Net income attributable to Dell Technologies Inc.$1,072 $887 
Earnings per share attributable to Dell Technologies Inc. — basic:
Continuing operations $1.42 $0.87 
Discontinued operations$ $0.30 
Earnings per share attributable to Dell Technologies Inc. — diluted:
Continuing operations$1.37 $0.84 
Discontinued operations$ $0.29 
(a) Includes related party cost of net revenue as follows (Note 16):
Products$255 $319 
Services $709 $578 
 
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 Ended
April 29, 2022April 30, 2021
Net income$1,069 $938 
Other comprehensive income, net of tax
Foreign currency translation adjustments(286)(7)
Cash flow hedges:
Change in unrealized gains (losses)372 (1)
Reclassification adjustment for net (gains) losses included in net income(96)27 
Net change in cash flow hedges276 26 
Pension and other postretirement plans:
Recognition of actuarial net gains from pension and other postretirement plans17 1 
Reclassification adjustments for net losses from pension and other postretirement plans  
Net change in actuarial net gains from pension and other postretirement plans17 1 
Total other comprehensive income, net of tax expense (benefit) of $16 and $(2), respectively
7 20 
Comprehensive income, net of tax1,076 958 
Less: Net income (loss) attributable to non-controlling interests(3)51 
Comprehensive income attributable to Dell Technologies Inc.$1,079 $907 

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; continued on next page; unaudited)
 Three Months Ended
 April 29, 2022April 30, 2021
Cash flows from operating activities: 
Net income$1,069 $938 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization726 1,239 
Stock-based compensation expense232 435 
Deferred income taxes(246)(170)
Other, net(91)(82)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable864 1,850 
Financing receivables280 276 
Inventories(419)(396)
Other assets and liabilities(885)(2,292)
Due from/to related party, net(777) 
Accounts payable(1,501)(125)
Deferred revenue479 565 
Change in cash from operating activities(269)2,238 
Cash flows from investing activities:
Purchases of investments(52)(146)
Maturities and sales of investments18 256 
Capital expenditures and capitalized software development costs(690)(625)
Acquisition of businesses and assets, net (10)
Other4 6 
Change in cash from investing activities(720)(519)
Cash flows from financing activities:
Proceeds from the issuance of common stock
4 160 
Repurchases of parent common stock
(1,779)(9)
Repurchases of subsidiary common stock(7)(434)
Payment of dividend to stockholders(248) 
Proceeds from debt3,034 2,726 
Repayments of debt(2,703)(4,070)
Debt-related costs and other, net(7)(11)
Change in cash from financing activities(1,706)(1,638)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(111)(5)
Change in cash, cash equivalents, and restricted cash(2,806)76 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.







8


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued; in millions; unaudited)

 Three Months Ended
 April 29, 2022April 30, 2021
Change in cash, cash equivalents, and restricted cash(2,806)76 
Cash, cash equivalents, and restricted cash at beginning of the period, including cash attributable to discontinued operations10,082 15,184 
Cash, cash equivalents, and restricted cash at end of the period, including cash attributable to discontinued operations7,276 15,260 
Less: Cash, cash equivalents, and restricted cash attributable to discontinued operations 5,667 
Cash, cash equivalents, and restricted cash from continuing operations$7,276 $9,593 

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

9


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(in millions; continued on next page; unaudited)

Common Stock and Capital in Excess of Par ValueTreasury Stock
Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)
Non-Controlling Interests
Total Stockholders Equity (Deficit)
Balances as of January 28, 2022777 $7,898 20 $(964)$(8,188)$(431)$(1,685)$105 $(1,580)
Net income— — — — 1,072 — 1,072 (3)1,069 
Cash dividend declared ($0.33 per common share)
— — — — (253)— (253)— (253)
Foreign currency translation adjustments— — — — — (286)(286)— (286)
Cash flow hedges, net change— — — — — 276 276 — 276 
Pension and other post-retirement— — — — — 17 17 — 17 
Issuance of common stock18 (339)— — — — (339)— (339)
Stock-based compensation expense— 224 — — — — 224 8 232 
Treasury stock repurchases— — 28 (1,482)— — (1,482)— (1,482)
Impact from equity transactions of non-controlling interests— (6)— — — — (6)(3)(9)
Balances as of April 29, 2022795 $7,777 48 $(2,446)$(7,369)$(424)$(2,462)$107 $(2,355)

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


10


DELL TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(continued; in millions; unaudited)

Common Stock and Capital in Excess of Par ValueTreasury Stock
Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)
Non-Controlling Interests
Total Stockholders’ Equity (Deficit)
Balances as of January 29, 2021761 $16,849 8 $(305)$(13,751)$(314)$2,479 $5,074 $7,553 
Net income— — — — 887 — 887 51 938 
Foreign currency translation adjustments— — — — — (7)(7)— (7)
Cash flow hedges, net change— — — — — 26 26 — 26 
Pension and other post-retirement— — — — — 1 1 — 1 
Issuance of common stock11 19 — — — — 19 — 19 
Stock-based compensation expense— 166 — — — — 166 269 435 
Revaluation of redeemable shares— (86)— — — — (86)— (86)
Impact from equity transactions of non-controlling interests— 2 — — — — 2 (295)(293)
Balances as of April 30, 2021772 $16,950 8 $(305)$(12,864)$(294)$3,487 $5,099 $8,586 

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

11


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

NOTE 1 — OVERVIEW AND BASIS OF PRESENTATION

Dell Technologies Inc. is a leading global end-to-end technology provider that offers a broad range of comprehensive and integrated solutions, which include servers and networking products, storage products, cloud solutions products, desktops, notebooks, services, software, 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 PresentationThe 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 January 28, 2022. 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 April 29, 2022 and January 28, 2022 and the results of its operations, corresponding comprehensive income, and its cash flows for the three months ended April 29, 2022 and April 30, 2021.

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 operations, comprehensive income, and cash flows for the three months ended April 29, 2022 and April 30, 2021 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. The fiscal year ended January 28, 2022 (“Fiscal 2022”) was a 52-week period while the fiscal year ending February 3, 2023 (“Fiscal 2023”) will be a 53-week period.

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 April 29, 2022 and January 28, 2022, the Company held approximately 82.9% and 83.9%, respectively, of the outstanding equity interest in Secureworks, excluding restricted stock awards (“RSAs”), and approximately 82.5% and 83.1%, respectively, of the equity interest, including RSAs. The portion of the results of operations of Secureworks allocable to its other owners is shown as net income attributable to the 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 a component of the non-controlling interests in the Condensed Consolidated Statements of Financial Position and was $107 million and $105 million as of April 29, 2022 and January 28, 2022, respectively.

Variable Interest Entities — The Company also 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 5 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs.

Spin-Off of VMware, Inc. — On November 1, 2021, the Company completed its spin-off of VMware, Inc. (NYSE: VMW) (individually and together with its consolidated subsidiaries, “VMware”) by means of a special stock dividend (the “VMware Spin-off”). The VMware Spin-off was effectuated pursuant to a Separation and Distribution Agreement, dated as of April 14, 2021, between Dell Technologies and VMware (the “Separation and Distribution Agreement”).


12


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

Pursuant to the Commercial Framework Agreement (the “CFA”) between Dell Technologies and VMware, Dell Technologies continues to act as a distributor of VMware’s standalone products and services and purchase such products and services for resale to customers. Dell Technologies also continues to integrate VMware’s products and services with Dell Technologies’ offerings and sell them to customers. The results of such operations are presented as continuing operations within the Company’s Condensed Consolidated Statements of Income for all periods presented.

In accordance with applicable accounting guidance, the results of VMware, excluding Dell Technologies' resale of VMware offerings, are presented as discontinued operations in the Condensed Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for the three months ended April 30, 2021. The Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. See Note 2 of the Notes to the Condensed Consolidated Financial Statements for additional information on the VMware Spin-off.

Boomi Divestiture — On October 1, 2021, Dell Technologies completed the sale of Boomi, Inc. (“Boomi”) and certain related assets. At the completion of the sale, the Company received total cash consideration of approximately $4.0 billion, resulting in a pre-tax gain on sale of $4.0 billion recognized in interest and other, net on the Condensed Consolidated Statements of Income. The Company ultimately recorded a $3.0 billion gain, net of $1.0 billion in tax expense. The transaction was intended to support general corporate purposes and fuel growth initiatives through targeted investments to modernize Dell Technologies’ core infrastructure and by expanding in high-priority areas, including hybrid and private cloud, edge, telecommunications solutions, and the Company’s APEX offerings. Prior to the divestiture, Boomi’s operating results were included within other businesses and the divestiture did not qualify for presentation as a discontinued operation.

Recently Issued Accounting Pronouncements

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers — In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which requires companies to apply Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact and timing of adoption of this guidance.

Reference Rate Reform — In March 2020, the FASB issued guidance which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and certain hedging relationships to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate to alternative reference rates. The Company may elect to apply the amendments prospectively through December 31, 2022. Adoption of the new guidance is not expected to have a material impact on the Company’s financial results.




13


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

NOTE 2 — DISCONTINUED OPERATIONS

VMware Spin-Off — As disclosed in Note 1 of the Notes to the Condensed Consolidated Financial Statements, on November 1, 2021, the Company completed its spin-off of VMware by means of a special stock dividend of 30,678,605 shares of Class A common stock and 307,221,836 shares of Class B common stock of VMware to Dell Technologies stockholders of record as of October 29, 2021.

Prior to receipt of the VMware common stock by the Company’s stockholders, each share of VMware Class B common stock automatically converted into one share of VMware Class A common stock. As a result of these transactions, each holder of record of shares of Dell Technologies common stock as of the distribution record date received approximately 0.440626 of a share of VMware Class A common stock for each share of Dell Technologies common stock held as of such date, based on shares outstanding as of the completion of the VMware Spin-off. Following completion of the transaction, the pre-transaction stockholders of Dell Technologies owned shares in two separate public companies, consisting of (1) VMware, which continues to own the businesses of VMware, Inc. and its subsidiaries, and (2) Dell Technologies, which continues to own Dell Technologies’ other businesses and subsidiaries. After the separation, Dell Technologies does not beneficially own any shares of VMware common stock.

VMware paid a cash dividend, pro rata, to each of the holders of VMware common stock in an aggregate amount equal to $11.5 billion, of which Dell Technologies received $9.3 billion. Following the payment by VMware to its stockholders, the separation of VMware from Dell Technologies occurred, including the termination or settlement of certain intercompany accounts and intercompany contracts. Dell Technologies used the net proceeds from its pro rata share of the cash dividend to repay a portion of its outstanding debt.

Dell Technologies determined that the VMware Spin-off, and related distributions, qualified as tax-free for U.S. federal income tax purposes, which required significant judgment by management. In making these determinations, Dell Technologies applied U.S. federal tax law to relevant facts and circumstances and obtained a favorable private letter ruling from the Internal Revenue Service, a tax opinion, and other external tax advice related to the concluded tax treatment. If the completed transactions were to fail to qualify for tax-free treatment for U.S. federal income tax purposes, the Company could be subject to significant liabilities, and there could be material adverse impacts on the Company’s business, financial condition, results of operations and cash flows in future reporting periods.

In connection with and upon completion of the VMware Spin-off, Dell Technologies and VMware entered into various agreements that provide a framework for the relationship between the companies after the transaction, including, among others, a commercial framework agreement, a tax matters agreement, and a transition services agreement.

The CFA referred to in Note 1 to the Notes to the Condensed Consolidated Financial Statements provides a framework under which the Company and VMware will continue their commercial relationship after the transaction, particularly with respect to projects mutually agreed by the parties as having the potential to accelerate the growth of an industry, product, service, or platform that may provide one or both companies with a strategic market opportunity. The CFA has an initial term of five years, with automatic one-year renewals occurring annually thereafter, subject to certain terms and conditions.

Pursuant to the CFA, Dell Technologies continues to act as a distributor of VMware’s standalone products and services and purchases such products and services for resale to end-user customers. Dell Technologies also continues to integrate VMware’s products and services with Dell Technologies’ offerings and sell them to end users. Cash flows between Dell and VMware primarily relate to such transactions. The Company has determined that it is generally acting as principal in these arrangements. The results of such operations are classified as continuing operations within the Company’s Condensed Consolidated Statements of Income. See Note 16 of the Notes to the Condensed Consolidated Financial Statements for additional information regarding transactions between Dell Technologies and VMware.

In accordance with applicable accounting guidance, the results of VMware, excluding Dell's resale of VMware offerings, are presented as discontinued operations in the Condensed Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for the three months ended April 30, 2021. The Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.


14


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

The tax matters agreement between the Company and VMware governs the respective rights, responsibilities, and obligations of Dell Technologies and VMware with respect to tax liabilities (including taxes, if any, incurred as a result of any failure of the VMware Spin-off to qualify for tax-free treatment for U.S. federal income tax purposes) and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, cooperation, and other matters regarding tax.

The transition services agreement between the Company and VMware governs the various administrative services which the Company will provide to VMware on an interim transitional basis. Transition services may be provided for up to one year.

The following table presents key components of “Income from discontinued operations, net of income taxes” for the three months ended April 30, 2021:

Three Months Ended (a)
April 30, 2021
(in millions)
Net revenue$1,897 
Cost of net revenue(497)
Operating expenses2,006 
Interest and other, net100 
Income from discontinued operations before income taxes288 
Income tax expense9 
Income from discontinued operations, net of income taxes$279 
____________________
(a)    The table above reflects the offsetting effects of historical intercompany transactions which are presented on a gross basis within continuing operations on the Condensed Consolidated Statements of Income.

The following table presents significant cash flow items from discontinued operations for the three months ended April 30, 2021 included within the Condensed Consolidated Statements of Cash Flows:

Three Months Ended
April 30, 2021
(in millions)
Depreciation and amortization$333 
Capital expenditures$70 
Stock-based compensation expense$263 


15


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

NOTE 3 — 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:
 April 29, 2022January 28, 2022
 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:        
Cash and cash equivalents:
Money market funds$1,977 $ $ $1,977 $3,737 $ $ $3,737 
Marketable equity and other securities61   61 86   86 
Derivative instruments 471  471  253  253 
Total assets$2,038 $471 $ $2,509 $3,823 $253 $ $4,076 
Liabilities:        
Derivative instruments$ $180 $ $180 $ $138 $ $138 
Total liabilities$ $180 $ $180 $ $138 $ $138 

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 liquidity on a quarterly basis.

Marketable Equity and Other Securities — The majority of 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 8 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 $187 million and $192 million as of April 29, 2022 and January 28, 2022, 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.


16


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 non-financial assets such as goodwill and intangible assets. See Note 9 of the Notes to the Condensed Consolidated Financial Statements for additional information about goodwill and intangible assets.

As of April 29, 2022 and January 28, 2022, the Company held strategic investments in non-marketable equity and other securities of $1.5 billion and $1.4 billion, respectively. As these investments represent early-stage companies without readily determinable fair values, they are not included in the recurring fair value table above.

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 7 of the Notes to the Condensed Consolidated Financial Statements, including the current portion, as of the dates indicated:
April 29, 2022January 28, 2022
Carrying ValueFair ValueCarrying ValueFair Value
(in billions)
Senior Notes$16.1 $16.7 $16.1 $18.5 
Legacy Notes and Debentures$0.8 $1.0 $0.8 $1.1 

The fair values of the outstanding debt shown in the table above, as well as the DFS debt described in Note 5 of the Notes to the Condensed Consolidated Financial Statements, 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. The carrying value of DFS debt approximates fair value.




17


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

NOTE 4 — INVESTMENTS

The Company has strategic investments in equity and other securities as well as investments in fixed-income debt securities. As of April 29, 2022 and January 28, 2022, total investments were $1.9 billion and $1.8 billion, respectively.

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. 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 amortized cost, cumulative unrealized gains, cumulative unrealized losses, and carrying value of the Company's strategic investments in marketable and non-marketable equity securities as of the dates indicated:
April 29, 2022January 28, 2022
CostUnrealized GainUnrealized LossCarrying ValueCostUnrealized GainUnrealized LossCarrying Value
(in millions)
Marketable$114 $78 $(131)$61 $126 $79 $(119)$86 
Non-marketable668 910 (65)1,513 593 900 (52)1,441 
Total equity and other securities$782 $988 $(196)$1,574 $719 $979 $(171)