Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

May 4,
 2019

May 5,
 2018

Cash flows from operating activities:

Net income (loss)

$

(48,450)

$

128,612

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

Depreciation and amortization

44,298

20,343

Share-based compensation

58,598

23,852

Amortization of acquired intangible assets

79,740

—

Amortization of deferred debt issuance costs and debt discounts

1,681

—

Other non-cash expense, net

5,252

891

Deferred income taxes

4,356

824

Changes in assets and liabilities:

Accounts receivable

22,775

(47,393)

Inventories

15,848

2,680

Prepaid expenses and other assets

8,004

(14,108)

Accounts payable

(1,873)

14,744

Accrued liabilities and other non-current liabilities

(30,929)

20,439

Accrued employee compensation

6,516

(22,110)

Net cash provided by operating activities

165,816

128,774

Cash flows from investing activities:

Purchases of available-for-sale securities

—

(13,457)

Sales of available-for-sale securities

—

70,273

Maturities of available-for-sale securities

—

128,820

Purchases of time deposits

—

(25,000)

Maturities of time deposits

—

75,000

Purchases of technology licenses

(1,484)

(360)

Purchases of property and equipment

(19,183)

(13,588)

Other

(342)

(4,989)

Net cash provided by (used in) investing activities

(21,009)

216,699

Cash flows from financing activities:

Repurchases of common stock

(48,022)

—

Proceeds from employee stock plans

31,084

11,055

Tax withholding paid on behalf of employees for net share settlement

(28,758)

(23,893)

Dividend payments to shareholders

(39,467)

(29,798)

Payments on technology license obligations

(15,268)

(20,461)

Principal payments of debt

(50,000)

—

Payment of equity and debt financing costs

—

(3,600)

Other

(4,893)

—

Net cash used in financing activities

(155,324)

(66,697)

Net increase (decrease) in cash and cash equivalents

(10,517)

278,776

Cash and cash equivalents at beginning of period

582,410

888,482

Cash and cash equivalents at end of period

$

571,893

$

1,167,258