Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2017 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

























Three Months Ended



Year Ended









January 28,


January 30,



January 28,


January 30,









2017


2016



2017


2016

Cash flows from operating activities:












Net income (loss)





$        (80,091)


$            4,200



$         21,151


$       (811,400)

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










  by operating activities:














Depreciation and amortization





26,683


22,800



107,851


100,176


Share-based compensation





24,058


32,419



113,970


133,779


Amortization and write-off of acquired intangible assets



1,965


2,947



10,641


12,688


Impairment of long-lived assets and restructuring related charges


50,500


289



52,581


16,032


Other non-cash expense (income), net




(1,013)


7,885



7


13,811


Excess tax benefits from share-based compensation



(27)


1



(37)


(26)


Changes in assets and liabilities:














Accounts receivable





26,811


57,628



(12,084)


97,655



Inventories





18,381


69,544



29,325


90,586



Prepaid expenses and other assets (a)




12,300


(35,245)



9,722


(17,113)



Accounts payable





(38,694)


(62,163)



(28,153)


(105,898)



Accrued liabilities and other non-current liabilities (a)


64,238


(25,933)



(695,497)


720,798



Accrued employee compensation




7,597


(18,702)



18,016


(33,338)



Deferred income





6,138


(2,364)



14,072


(12,398)




Net cash provided by (used in) operating activities


118,846


53,306



(358,435)


205,352

Cash flows from investing activities:













Purchases of available-for-sale securities




(146,046)


(133,215)



(489,856)


(1,056,045)


Sales and maturities of available-for-sale securities



199,217


477,301



856,254


1,303,500


Purchase of time deposits





(75,000)


-



(275,000)


-


Maturities of time deposits





75,000


-



125,000


-


Distribution from (investments in) privately-held companies


(258)


(119)



16


(41)


Purchases of technology licenses




(1,870)


(1,579)



(10,309)


(8,236)


Purchases of property and equipment




(6,786)


(3,894)



(44,510)


(37,255)


Purchase of equipment previously leased 




-


-



-


(10,240)


Net proceeds from sale of equipment held for sale



-


-



-


10,007




Net cash provided by investing activities





44,257


338,494



161,595


201,690

Cash flows from financing activities:













Repurchase of common stock (b)




(125,033)


-



(181,564)


(260,875)


Proceeds from employee stock plans




62,383


21,369



74,219


80,717


Minimum tax withholding paid on behalf of employees 












 for net share settlement





(402)


(482)



(16,683)


(24,358)


Dividend payments to shareholders





(30,457)


(30,447)



(122,292)


(122,821)


Payments on technology license obligations





(7,117)


(1,112)



(20,965)


(12,528)


Excess tax benefits from share-based compensation



27


(1)



37


26




Net cash used in financing activities



(100,599)


(10,673)



(267,248)


(339,839)

Net increase (decrease) in cash and cash equivalents



62,504


381,127



(464,088)


67,203

Cash and cash equivalents at beginning of period



751,588


897,053



1,278,180


1,210,977

Cash and cash equivalents at end of period




$       814,092


$     1,278,180



$       814,092


$      1,278,180

































(a) 

The Company agreed to pay 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 October 29, 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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