Marvell Technology Group Ltd. Reports First Quarter of Fiscal Year 2018 Financial Results

 


Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited) (In thousands)






Three Months Ended



April 29,
2017


April 30,
2016

Cash flows from operating activities:





Net income (loss)


$

106,621



$

(22,679)


Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:





Depreciation and amortization


20,742



27,114


Share-based compensation


24,017



24,453


Amortization and write-off of acquired intangible assets


1,071



2,946


Restructuring related charges


(516)



896


Deferred income taxes and other


(11,109)



(1,115)


Gain on sale of a business


(8,155)




Changes in assets and liabilities:





Accounts receivable


(21,763)



42,642


Inventories


(11,542)



13,598


Prepaid expenses and other assets


6,422



(13,217)


Accounts payable


31,423



19,922


Accrued liabilities and other non-current liabilities


448



(22,502)


Carnegie Mellon University accrued litigation settlement (a)




(736,000)


Accrued employee compensation


(7,529)



7,152


Deferred income


5,016



(1,234)


Net cash provided by (used in) operating activities


135,146



(658,024)


Cash flows from investing activities:





Purchases of available-for-sale securities


(198,416)



(93,365)


Sales of available-for-sale securities


78,764



272,271


Maturities of available-for-sale securities


82,235



97,788


Purchase of time deposits


(75,000)



(50,000)


Maturities of time deposits


75,000




Purchases of technology licenses


(1,093)



(4,050)


Purchases of property and equipment


(10,026)



(11,868)


Net proceeds from sale of a business


22,954




Other


7,275




Net cash provided by (used in) investing activities


(18,307)



210,776


Cash flows from financing activities:





Repurchases of common stock


(166,293)




Proceeds from employee stock plans


19,939



315


Minimum tax withholding paid on behalf of employees for net share settlement


(21,809)



(15,270)


Dividend payments to shareholders


(29,991)



(30,461)


Payments on technology license obligations


(6,815)



(5,294)


Net cash used in financing activities


(204,969)



(50,710)


Net decrease in cash and cash equivalents


(88,130)



(497,958)


Cash and cash equivalents at beginning of period


814,092



1,278,180


Cash and cash equivalents at end of period


$

725,962



$

780,222




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