DELL TECHNOLOGIES INC.
Reconciliation of Selected Non-GAAP Financial Measures
For the Fiscal Year Ended January 31, 2020
(in millions, except per share amounts; unaudited)

GAAP

Amortization of
intangibles

Impact of
purchase
accounting

Transaction-
related
expenses

Stock-based
compensation
expense

Other
corporate
expenses

Fair value
adjustments
on equity
investments

Aggregate
adjustment
for income
taxes

Non-
GAAP

Net income

$

5,529

4,408

411

285

1,262

1,160

(194)

(6,772)

$

6,089

Less: Net income attributable to non-controlling
interests (a)

913

295

23

50

217

45

24

(1,032)

535

Net income attributable to Dell Technologies Inc.
- basic

4,616

4,113

388

235

1,045

1,115

(218)

(5,740)

5,554

Incremental dilution from VMware, Inc.
attributable to Dell Technologies Inc. (b)

(84)

(35)

Net income attributable to Dell Technologies Inc.
- diluted

$

4,532

$

5,519

Earnings per share - basic

$

6.38

$

7.67

Earnings per share - diluted

$

6.03

$

7.35

Weighted-average shares outstanding - basic

724

724

Weighted-average shares outstanding - diluted

751

751

_________________

(a)

Net income attributable to non-controlling interests is calculated by multiplying the minority interest percentage of VMware, Inc., Pivotal Software, Inc., and
SecureWorks Corp. by their non-GAAP net income adjustments for the period presented.

(b)

Incremental dilution from VMware, Inc. attributable to Dell Technologies Inc. represents the impact of VMware, Inc.'s dilutive securities on the diluted earnings per
share of Dell Technologies Inc. and is calculated by multiplying the difference between VMware, Inc.'s basic and diluted earnings per share by the number of shares of
VMware, Inc. common stock held by Dell Technologies Inc.