Marvell Technology Group Ltd. Reports Third Quarter of Fiscal 2017 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

























Three Months Ended



Nine Months Ended









October 29,


October 31,



October 29,


October 31,









2016


2015



2016


2015

Cash flows from operating activities:












Net income (loss)





$     72,616


$    (57,750)



$   101,242


$  (815,600)

Adjustments to reconcile net income (loss) to net cash provided










  by operating activities:














Depreciation and amortization




27,188


25,565



81,168


77,376


Share-based compensation





28,263


31,465



89,912


101,360


Amortization and write-off of acquired intangible assets


2,784


3,635



8,676


9,741


Non-cash restructuring and other related charges



1,056


14,270



2,081


15,743


Other non-cash expense (income), net




(930)


4,205



1,020


5,926


Excess tax benefits from share-based compensation



(5)


(2)



(10)


(27)


Changes in assets and liabilities:














Accounts receivable





(13,512)


36,793



(38,895)


40,027



Inventories





3,710


39,457



10,944


21,042



Prepaid expenses and other assets (a)



6,457


6,804



(2,578)


18,132



Accounts payable





(29,818)


(55,693)



10,541


(43,735)



Accrued liabilities and other non-current liabilities (a)


6,508


5,116



(759,735)


746,731



Accrued employee compensation




25,537


14,295



10,419


(14,636)



Deferred income





(8,393)


(1,566)



7,934


(10,034)




Net cash provided by (used in) operating activities


121,461


66,594



(477,281)


152,046

Cash flows from investing activities:













Purchases of available-for-sale securities



(140,087)


(356,465)



(343,810)


(922,830)


Sales and maturities of available-for-sale securities



170,472


356,409



657,037


826,199


Purchase of time deposits





(75,000)


-



(200,000)


-


Maturities of time deposits





50,000


-



50,000


-


Distribution from (investments in) privately-held companies


274


(130)



274


78


Purchases of technology licenses




(394)


(980)



(8,439)


(6,657)


Purchases of property and equipment




(13,347)


(9,041)



(37,724)


(33,361)


Purchase of equipment previously leased 



-


-



-


(10,240)


Net proceeds from sale of equipment held for sale



-


10,007



-


10,007




Net cash provided by (used in) investing activities





(8,082)


(200)



117,338


(136,804)

Cash flows from financing activities:













Repurchase of common stock (b)




(56,531)


(65,291)



(56,531)


(260,875)


Proceeds from employee stock plans




11,277


2,174



11,836


59,348


Minimum tax withholding paid on behalf of employees 











 for net share settlement





(899)


(869)



(16,281)


(23,876)


Dividend payments to shareholders





(30,699)


(30,270)



(91,835)


(92,374)


Payments on technology license obligations





(3,696)


(2,617)



(13,848)


(11,416)


Excess tax benefits from share-based compensation



5


2



10


27




Net cash used in financing activities



(80,543)


(96,871)



(166,649)


(329,166)

Net increase (decrease) in cash and cash equivalents



32,836


(30,477)



(526,592)


(313,924)

Cash and cash equivalents at beginning of period



718,752


927,530



1,278,180


1,210,977

Cash and cash equivalents at end of period



$   751,588


$   897,053



$   751,588


$   897,053



(a) 

In the nine months ended October 29, 2016, the Company paid a total of $750.0 million to CMU in connection with the settlement agreement that was reached in February 2016. Of this settlement, the Company recognized a charge of $736.0 million in fiscal 2016. The remaining $14.0 million was recorded in prepaid expenses and other assets, to be recognized in cost of goods sold over the remaining term of the license from February 2016 through April 2018. For further detail of the accounting for the settlement, see "Note 13 – Carnegie Mellon University Settlement" in the Notes to the Unaudited Condensed  Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended July 30, 2016. 



(b) 

Marvell records all repurchases of common stock consistent with the way it records investment purchases and sales, based on trade date in accordance with U.S. GAAP. 


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