10-Q 1 dell-20241101.htm 10-Q dell-20241101
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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 endedNovember 1, 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 December 3, 2024, there were 700,459,151 shares of the registrant’s common stock outstanding, consisting of 357,337,184 outstanding shares of Class C Common Stock, 276,762,341 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)
November 1, 2024February 2, 2024
ASSETS
Current assets:  
Cash and cash equivalents$5,225 $7,366 
Accounts receivable, net of allowance of $62 and $71
11,189 9,343 
Short-term financing receivables, net of allowance of $74 and $79 (Note 4)
5,001 4,643 
Inventories6,652 3,622 
Other current assets9,306 10,973 
Current assets held for sale662 — 
Total current assets38,035 35,947 
Property, plant, and equipment, net6,327 6,432 
Long-term investments1,312 1,316 
Long-term financing receivables, net of allowance of $70 and $91 (Note 4)
5,849 5,877 
Goodwill19,243 19,700 
Intangible assets, net5,147 5,701 
Other non-current assets6,038 7,116 
Total assets$81,951 $82,089 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:  
Short-term debt$5,612 $6,982 
Accounts payable23,400 19,389 
Accrued and other6,490 6,805 
Short-term deferred revenue13,787 15,318 
Current liabilities held for sale211 — 
Total current liabilities49,500 48,494 
Long-term debt19,410 19,012 
Long-term deferred revenue12,424 13,827 
Other non-current liabilities2,807 3,065 
Total liabilities$84,141 $84,398 
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Common stock and capital in excess of $0.01 par value (Note 13)
$8,951 $8,926 
Treasury stock at cost(7,747)(5,900)
Accumulated deficit(2,669)(4,630)
Accumulated other comprehensive loss(820)(800)
Total Dell Technologies Inc. stockholders’ equity (deficit)(2,285)(2,404)
Non-controlling interests95 95 
Total stockholders’ equity (deficit)(2,190)(2,309)
Total liabilities and stockholders’ equity$81,951 $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 EndedNine Months Ended
 November 1, 2024November 3, 2023November 1, 2024November 3, 2023
Net revenue:
Products$18,290 $16,233 $53,371 $48,204 
Services6,076 6,018 18,265 17,903 
Total net revenue24,366 22,251 71,636 66,107 
Cost of net revenue (a):
Products15,541 13,546 45,386 39,923 
Services3,518 3,557 10,826 10,631 
Total cost of net revenue19,059 17,103 56,212 50,554 
Gross margin5,307 5,148 15,424 15,553 
Operating expenses:
Selling, general, and administrative2,894 2,970 9,206 9,748 
Research and development745 692 2,288 2,085 
Total operating expenses3,639 3,662 11,494 11,833 
Operating income1,668 1,486 3,930 3,720 
Interest and other, net(276)(306)(1,002)(1,121)
Income before income taxes1,392 1,180 2,928 2,599 
Income tax expense265 176 5 562 
Net income1,127 1,004 2,923 2,037 
Less: Net loss attributable to non-controlling interests(5)(2)(15)(14)
Net income attributable to Dell Technologies Inc.$1,132 $1,006 $2,938 $2,051 
Earnings per share attributable to Dell Technologies Inc.
Basic$1.61 $1.39 $4.16 $2.83 
Diluted$1.58 $1.36 $4.07 $2.78 
(a) Includes related party cost of net revenue as follows (Note 15):
Products$— $379 $— $970 
Services $— $884 $— $2,640 
 
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 EndedNine Months Ended
November 1, 2024November 3, 2023November 1, 2024November 3, 2023
Net income$1,127 $1,004 $2,923 $2,037 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(1)(155)(95)(130)
Cash flow hedges:
Change in unrealized gains (losses)(9)171 58 230 
Reclassification adjustment for net (gains) losses included in net income54 (84)17 75 
Net change in cash flow hedges45 87 75 305 
Pension and other postretirement plans:
Recognition of actuarial net gains from pension and other postretirement plans— 2 1 3 
Reclassification adjustments for net gains from pension and other postretirement plans— — (1)— 
Net change in actuarial net gains from pension and other postretirement plans— 2 — 3 
Total other comprehensive income (loss), net of tax expense of $3 and $6, respectively, and $10 and $18, respectively
44 (66)(20)178 
Comprehensive income, net of tax1,171 938 2,903 2,215 
Less: Net loss attributable to non-controlling interests(5)(2)(15)(14)
Comprehensive income attributable to Dell Technologies Inc.$1,176 $940 $2,918 $2,229 

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)
 Nine Months Ended
 November 1, 2024November 3, 2023
Cash flows from operating activities: 
Net income$2,923 $2,037 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,349 2,462 
Stock-based compensation expense599 675 
Deferred income taxes(422)(244)
Other, net621 521 
Changes in assets and liabilities:
Accounts receivable(2,031)2,517 
Financing receivables(419)445 
Inventories(3,322)1,203 
Other assets and liabilities2,147 (2,096)
Due from/to related party, net— (574)
Accounts payable4,089 1,012 
Deferred revenue(2,598)(815)
Change in cash from operating activities3,936 7,143 
Cash flows from investing activities:
Purchases of investments(83)(143)
Maturities and sales of investments337 150 
Capital expenditures and capitalized software development costs(1,917)(2,029)
Acquisition of businesses and assets, net— (127)
Other126 35 
Change in cash from investing activities(1,537)(2,114)
Cash flows from financing activities:
Proceeds from the issuance of common stock1 8 
Repurchases of common stock(1,854)(1,202)
Repurchases of common stock for employee tax withholdings(560)(354)
Payments of dividends and dividend equivalents(964)(811)
Proceeds from debt8,613 6,904 
Repayments of debt(9,594)(9,766)
Debt-related costs and other, net(66)(54)
Change in cash from financing activities(4,424)(5,275)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(78)(200)
Change in cash, cash equivalents, and restricted cash(2,103)(446)
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$5,404 $8,448 
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 November 1, 2024Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of August 2, 2024833 $8,782 128 $(7,334)$(3,478)$(864)$(2,894)$97 $(2,797)
Net income (loss)— — — — 1,132 — 1,132 (5)1,127 
Dividends and dividend equivalents declared ($0.445 per common share)
— — — — (323)— (323)— (323)
Foreign currency translation adjustments— — — — — (1)(1)— (1)
Cash flow hedges, net change— — — — — 45 45 — 45 
Pension and other post-retirement— — — — — — — — — 
Issuance of common stock, net of shares repurchased for employee tax withholding1 (26)— — — — (26)— (26)
Stock-based compensation expense— 187 — — — — 187 11 198 
Treasury stock repurchases— — 4 (413)— — (413)— (413)
Impact from equity transactions of non-controlling interests— 8 — — — — 8 (8)— 
Balances as of November 1, 2024834 $8,951 132 $(7,747)$(2,669)$(820)$(2,285)$95 $(2,190)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Nine Months Ended November 1, 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)— — — — 2,938 — 2,938 (15)2,923 
Dividends and dividend equivalents declared ($1.335 per common share)
— — — — (977)— (977)— (977)
Foreign currency translation adjustments— — — — — (95)(95)— (95)
Cash flow hedges, net change— — — — — 75 75 — 75 
Pension and other post-retirement— — — — — — — — — 
Issuance of common stock, net of shares repurchased for employee tax withholding13 (552)— — — — (552)— (552)
Stock-based compensation expense— 571 — — — — 571 28 599 
Treasury stock repurchases— — 16 (1,847)— — (1,847)— (1,847)
Impact from equity transactions of non-controlling interests— 6 — — — — 6 (13)(7)
Balances as of November 1, 2024834 $8,951 132 $(7,747)$(2,669)$(820)$(2,285)$95 $(2,190)

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 November 3, 2023Issued SharesAmountSharesAmountAccumulated DeficitAccumulated Other Comprehensive Income/(Loss)Dell Technologies
Stockholders’ Equity (Deficit)		Non-Controlling InterestsTotal Stockholders’ Equity (Deficit)
Balances as of August 4, 2023817 $8,554 93 $(4,320)$(6,249)$(757)$(2,772)$95 $(2,677)
Net income (loss)— — — — 1,006 — 1,006 (2)1,004 
Dividends and dividend equivalents declared ($0.37 per common share)
— — — — (276)— (276)— (276)
Foreign currency translation adjustments— — — — — (155)(155)— (155)
Cash flow hedges, net change— — — — — 87 87 — 87 
Pension and other post-retirement— — — — — 2 2 — 2 
Issuance of common stock, net of shares repurchased for employee tax withholding2 (36)— — — — (36)— (36)
Stock-based compensation expense— 217 — — — — 217 10 227 
Treasury stock repurchases— — 11 (744)— — (744)— (744)
Impact from equity transactions of non-controlling interests— 7 — — — — 7 (9)(2)
Balances as of November 3, 2023819 $8,742 104 $(5,064)$(5,519)$(823)$(2,664)$94 $(2,570)
Common Stock and Capital in Excess of Par ValueTreasury Stock
Nine Months Ended November 3, 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)— — — — 2,051 — 2,051 (14)2,037 
Dividends and dividend equivalents declared ($1.11 per common share)
— — — — (838)— (838)— (838)
Foreign currency translation adjustments— — — — — (130)(130)— (130)
Cash flow hedges, net change— — — — — 305 305 — 305 
Pension and other post-retirement— — — — — 3 3 — 3 
Issuance of common stock, net of shares repurchased for employee tax withholding21 (339)— — — — (339)— (339)
Stock-based compensation expense— 650 — — — — 650 25 675 
Treasury stock repurchases— — 22 (1,251)— — (1,251)— (1,251)
Impact from equity transactions of non-controlling interests— 7 — — — — 7 (14)(7)
Balances as of November 3, 2023819 $8,742 104 $(5,064)$(5,519)$(823)$(2,664)$94 $(2,570)
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 November 1, 2024 and February 2, 2024 and the results of its operations, corresponding comprehensive income, changes in stockholders’ equity (deficit) for the three and nine months ended November 1, 2024 and November 3, 2023, and its cash flows for the nine months ended November 1, 2024 and November 3, 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 nine months ended November 1, 2024 and November 3, 2023, and its cash flows for the nine months ended November 1, 2024 and November 3, 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.

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 4 of the Notes to the Condensed Consolidated Financial Statements for more information regarding consolidated VIEs.

Secureworks — As of November 1, 2024 and February 2, 2024, the Company held approximately 78.7% 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 $95 million as of both November 1, 2024 and February 2, 2024.

On October 21, 2024, Secureworks announced that it has entered into a definitive agreement pursuant to which Sophos Inc., an affiliate of Thoma Bravo, L.P., a private equity and growth capital firm, will acquire Secureworks in an all-cash transaction for approximately $0.9 billion, subject to certain closing adjustments. The transaction is expected to close in early 2025, subject to customary closing conditions.


11

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
In accordance with applicable accounting guidance, the Company concluded that Secureworks’ assets and liabilities have met the criteria to be classified as held-for-sale as of November 1, 2024. The Company reclassified the related assets and liabilities as Current assets held for sale and Current liabilities held for sale, respectively, in the accompanying Condensed Consolidated Statements of Financial Position as of November 1, 2024.

The following table presents the major classes of assets and liabilities as of November 1, 2024 related to Secureworks, which were classified as held for sale as of the date indicated:

November 1, 2024
(in millions)
ASSETS
Current assets:
Cash and cash equivalents$53 
Accounts receivable, net47 
Other current assets15 
Total current assets115 
Goodwill427 
Intangible assets, net63 
Other non-current assets57 
Total assets$662 
LIABILITIES
Current liabilities:
Accrued and other$58 
Short-term deferred revenue125 
Total current liabilities183 
Other non-current liabilities28 
Total liabilities$211 

The sale of Secureworks does not meet the criteria for discontinued operations reporting, and as a result its operating results and cash flows are not separately stated as a discontinued operation in the accompanying Condensed Consolidated Financial Statements. As Secureworks does not meet the requirements for a reportable segment, its operating results are included within Other businesses.

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.

Recently Issued Accounting Pronouncements

Expense Disaggregation Disclosures — In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance to improve disclosures about a public entity’s expenses by requiring disclosure of additional information about the types of expenses commonly presented in the financial statements on an annual and interim basis. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2026, 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
(unaudited)
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.

Segment Reporting — In November 2023, the 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.

13

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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:
 November 1, 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$2,011 $— $— $2,011 $3,170 $— $— $3,170 
Marketable equity and other securities6 — — 6 10 — — 10 
Derivative instruments— 124 — 124 — 104 — 104 
Total assets$2,017 $124 $— $2,141 $3,180 $104 $— $3,284 
Liabilities:        
Derivative instruments$— $101 $— $101 $— $84 $— $84 
Total liabilities$— $101 $— $101 $— $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 November 1, 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 and liabilities associated with the plans are measured at fair value using Level 1 inputs. Assets were the same as liabilities associated with the plans at approximately $243 million and $214 million as of November 1, 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 on 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.

14

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

Fixed income debt securities are recorded at amortized cost and approximate fair value. The fair value of fixed income debt securities is determined based on observable market prices in a less active market or based on valuation methodologies using observable inputs. If measured at fair value in the Condensed Consolidated Statements of Financial Position, these securities would generally be classified as Level 2 in the fair value hierarchy. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company’s fixed income debt securities.

Strategic investments in non-marketable equity and other securities and certain non-financial assets such as goodwill and intangibles are measured at fair value only if they are deemed to be impaired or when there is an adjustment from observable price changes in the current period. If measured at fair value in the Condensed Consolidated Statements of Financial Position, these securities would generally be classified as Level 3 in the fair value hierarchy. 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:
November 1, 2024February 2, 2024
Carrying ValueFair ValueCarrying ValueFair Value
(in billions)
Senior Notes$15.0 $15.1 $15.5 $15.8 
Legacy Notes$0.9 $1.0 $0.9 $1.0 
DFS Debt$9.2 $8.9 $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.

15

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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 November 1, 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 for 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:
November 1, 2024February 2, 2024
CostUnrealized GainUnrealized LossCarrying ValueCostUnrealized GainUnrealized LossCarrying Value
(in millions)
Marketable$12 $26 $(32)$6 $12 $24 $(26)$10 
Non-marketable702 863 (260)1,305 732 1,015 (454)1,293 
Total equity and other securities$714 $889 $(292)$1,311 $744 $1,039 $(480)$1,303 

16

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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 EndedNine Months Ended
November 1, 2024November 3, 2023November 1, 2024November 3, 2023
(in millions)
Marketable securities:
Unrealized gain$3 $— $3 $1 
Unrealized loss— — (6)(23)
Net unrealized gain (loss)3 — (3)(22)
Non-marketable securities:
Unrealized gain7 6 7 15 
Unrealized loss— (3)(31)(49)
Net unrealized gain (loss) (a) (b)7 3 (24)(34)
Net unrealized gain (loss) on equity and other securities$10 $3 $(27)$(56)
____________________
(a)    For the three months ended November 1, 2024 and November 3, 2023, net gains on non-marketable securities are primarily due to upward adjustments for observable price changes. For the three months ended November 3, 2023, these were partially offset by losses due to impairments.
(b)    For the nine months ended November 1, 2024, net unrealized losses on non-marketable securities are primarily attributable to downward adjustments for observable price changes. For the nine months ended November 3, 2023, net unrealized losses on non-marketable securities were primarily attributable to impairments.

Fixed Income Debt Securities

As of November 1, 2024 and February 2, 2024, the Company held fixed income debt securities of $61 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 November 1, 2024, the Company held $60 million in fixed income debt securities which will mature within one year and $1 million in fixed income debt securities which will mature within five years.


17

DELL TECHNOLOGIES INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(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 $1.6 billion and $1.8 billion for the three months ended November 1, 2024 and November 3, 2023, respectively, and $5.9 billion and $6.0 billion for the nine months ended November 1, 2024 and November 3, 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 — The Company primarily offers revolving loans to small and medium-sized commercial customers. Revolving loans provide qualified customers with a revolving credit line for the purchase of products and services offered by Dell Technologies. 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. During the three months ended November 1, 2024, the Company discontinued remaining offerings under the revolving loan portfolio. The Company will support existing customer arrangements as well as transition these customers to fixed-term offerings.

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.



18

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

The following table presents the components of the Company’s financing receivables segregated by portfolio segment as of the dates indicated:
 November 1, 2024February 2, 2024
RevolvingFixed-termTotalRevolvingFixed-termTotal
 (in millions)
Financing receivables, net:  
Customer receivables, gross (a)$126 $10,699 $10,825 $173 $10,360 $10,533 
Allowances for losses(7)(137)(144)(9)(161)(170)
Customer receivables, net119 10,562 10,681 164 10,199 10,363