Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Dell Technologies Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Goodwill	19,700)	19,676)	19,770)	40,829)	41,691)	40,089)
Customer relationships	16,968)	16,956)	16,956)	22,394)	22,950)	22,750)
Developed technology	9,506)	9,466)	9,635)	15,488)	15,707)	15,701)
Trade names	875)	875)	885)	1,285)	1,306)	1,291)
Leasehold assets (liabilities)	—)	—)	—)	—)	—)	128)
Definite-lived intangible assets, gross	27,349)	27,297)	27,476)	39,167)	39,963)	39,870)
Accumulated amortization	(24,733)	(23,914)	(23,100)	(28,493)	(25,611)	(21,355)
Definite-lived intangible assets, net	2,616)	3,383)	4,376)	10,674)	14,352)	18,515)
Indefinite-lived trade names	3,085)	3,085)	3,085)	3,755)	3,755)	3,755)
Intangible assets	5,701)	6,468)	7,461)	14,429)	18,107)	22,270)
Goodwill and intangible assets	25,401)	26,144)	27,231)	55,258)	59,798)	62,359)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Dell Technologies Inc. goodwill decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Dell Technologies Inc. intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Dell Technologies Inc. goodwill and intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Dell Technologies Inc., adjustments to financial statements

US$ in millions

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Adjustment to Total Assets
Total assets (as reported)	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Less: Goodwill	19,700)	19,676)	19,770)	40,829)	41,691)	40,089)
Total assets (adjusted)	62,389)	69,935)	72,965)	82,586)	77,170)	71,731)
Adjustment to Total Dell Technologies Inc. Stockholders’ Equity (deficit)
Total Dell Technologies Inc. stockholders’ equity (deficit) (as reported)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Less: Goodwill	19,700)	19,676)	19,770)	40,829)	41,691)	40,089)
Total Dell Technologies Inc. stockholders’ equity (deficit) (adjusted)	(22,104)	(22,798)	(21,455)	(38,350)	(43,265)	(45,854)
Adjustment to Net Income (loss) Attributable To Dell Technologies Inc.
Net income (loss) attributable to Dell Technologies Inc. (as reported)	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Add: Goodwill impairment charges	—)	—)	—)	—)	207)	190)
Net income (loss) attributable to Dell Technologies Inc. (adjusted)	3,211)	2,442)	5,563)	3,250)	4,823)	(2,120)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Dell Technologies Inc., Financial Data: Reported vs. Adjusted

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Dell Technologies Inc., adjusted financial ratios

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Net Profit Margin
Reported net profit margin	3.63%	2.39%	5.50%	3.45%	5.01%	-2.55%
Adjusted net profit margin	3.63%	2.39%	5.50%	3.45%	5.23%	-2.34%
Total Asset Turnover
Reported total asset turnover	1.08	1.14	1.09	0.76	0.78	0.81
Adjusted total asset turnover	1.42	1.46	1.39	1.14	1.19	1.26
Financial Leverage
Reported financial leverage	—	—	—	49.78	—	—
Adjusted financial leverage	—	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	—	—	—	131.10%	—	—
Adjusted ROE	—	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	3.91%	2.73%	6.00%	2.63%	3.88%	-2.07%
Adjusted ROA	5.15%	3.49%	7.62%	3.94%	6.25%	-2.96%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Dell Technologies Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Profitability Ratio
Net profit margin¹	3.63%	2.39%	5.50%	3.45%	5.01%	-2.55%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,823)	(2,120)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Profitability Ratio
Adjusted net profit margin²	3.63%	2.39%	5.50%	3.45%	5.23%	-2.34%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Net revenue
= 100 × 3,211 ÷ 88,425 = 3.63%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Net revenue
= 100 × 3,211 ÷ 88,425 = 3.63%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Activity Ratio
Total asset turnover¹	1.08	1.14	1.09	0.76	0.78	0.81
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenue	88,425)	102,301)	101,197)	94,224)	92,154)	90,621)
Adjusted total assets	62,389)	69,935)	72,965)	82,586)	77,170)	71,731)
Activity Ratio
Adjusted total asset turnover²	1.42	1.46	1.39	1.14	1.19	1.26

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 88,425 ÷ 82,089 = 1.08

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 88,425 ÷ 62,389 = 1.42

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Solvency Ratio
Financial leverage¹	—	—	—	49.78	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	62,389)	69,935)	72,965)	82,586)	77,170)	71,731)
Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)	(22,104)	(22,798)	(21,455)	(38,350)	(43,265)	(45,854)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 82,089 ÷ -2,404 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)
= 62,389 ÷ -22,104 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Total Dell Technologies Inc. stockholders’ equity (deficit)	(2,404)	(3,122)	(1,685)	2,479)	(1,574)	(5,765)
Profitability Ratio
ROE¹	—	—	—	131.10%	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,823)	(2,120)
Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)	(22,104)	(22,798)	(21,455)	(38,350)	(43,265)	(45,854)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × 3,211 ÷ -2,404 = —

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Adjusted total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × 3,211 ÷ -22,104 = —

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	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,616)	(2,310)
Total assets	82,089)	89,611)	92,735)	123,415)	118,861)	111,820)
Profitability Ratio
ROA¹	3.91%	2.73%	6.00%	2.63%	3.88%	-2.07%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Dell Technologies Inc.	3,211)	2,442)	5,563)	3,250)	4,823)	(2,120)
Adjusted total assets	62,389)	69,935)	72,965)	82,586)	77,170)	71,731)
Profitability Ratio
Adjusted ROA²	5.15%	3.49%	7.62%	3.94%	6.25%	-2.96%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total assets
= 100 × 3,211 ÷ 82,089 = 3.91%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Dell Technologies Inc. ÷ Adjusted total assets
= 100 × 3,211 ÷ 62,389 = 5.15%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Dell Technologies Inc. (NYSE:DELL)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Dell Technologies Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Dell Technologies Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)