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Marvell Technology Group Ltd. | |||||||||||
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Condensed Consolidated Statements of Cash Flows | |||||||||||
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(Unaudited) | |||||||||||
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(in thousands) | |||||||||||
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Three Months Ended |
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May 2, |
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May 3, |
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2015 |
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2014 |
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Cash flows from operating activities: |
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Net income |
$ 14,090 |
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$ 99,479 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
26,620 |
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27,006 |
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Share-based compensation |
33,221 |
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29,969 |
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Amortization and write-off of acquired intangible assets |
3,053 |
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7,174 |
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Other expense, net |
916 |
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1,470 |
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Excess tax benefits from share-based compensation |
(18) |
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(44) |
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Changes in assets and liabilities: |
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Accounts receivable |
27,141 |
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(63,578) |
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Inventories |
(31,318) |
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(3,105) |
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Prepaid expenses and other assets |
1,065 |
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(2,161) |
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Accounts payable |
17,125 |
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85,128 |
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Accrued liabilities and other non-current liabilities |
(11,576) |
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(7,134) |
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Accrued employee compensation |
(14,424) |
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30,001 |
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Deferred income |
(7,027) |
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30,932 |
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Net cash provided by operating activities |
58,868 |
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235,137 |
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Cash flows from investing activities: |
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Purchases of available-for-sale securities |
(392,900) |
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(181,889) |
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Sales and maturities of available-for-sale securities |
247,495 |
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182,311 |
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Investments in privately-held companies |
— |
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(441) |
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Purchases of technology licenses |
(3,606) |
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(8,111) |
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Purchases of property and equipment |
(7,334) |
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(16,131) |
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Purchase of equipment previously leased |
(10,240) |
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— |
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Net cash used in investing activities |
(166,585) |
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(24,261) |
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Cash flows from financing activities: |
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Repurchase of common stock (a) |
(20,273) |
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— |
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Proceeds from employee stock plans |
13,013 |
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19,092 |
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Minimum tax withholding paid on behalf of employees for net share settlement |
(22,310) |
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(24,286) |
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Dividend payments to shareholders |
(30,910) |
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(30,172) |
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Payments on technology license obligations |
(4,067) |
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— |
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Excess tax benefits from share-based compensation |
18 |
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44 |
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Net cash used in financing activities |
(64,529) |
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(35,322) |
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Net increase (decrease) in cash and cash equivalents |
(172,246) |
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175,554 |
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Cash and cash equivalents at beginning of period |
1,210,977 |
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965,750 |
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Cash and cash equivalents at end of period |
$ 1,038,731 |
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$ 1,141,304 |
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(a) |
Marvell records all repurchases as well as investment purchases and sales, based on trade date in accordance with U.S. GAAP. Cash paid for repurchase of Marvell common shares includes a total of 1.4 million shares repurchased for $22.1 million in the first quarter of fiscal 2016, adjusted for repurchases of $1.8 million made within the final three days of the quarter that are accrued but not yet paid due to the standard settlement period that normally takes up to three days. | |||||||||
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