Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

Nine Months Ended

October 31,
2020

November 2,
2019

October 31,
2020

November 2,
2019

Cash flows from operating activities:

Net loss

$

(22,908)

$

(82,501)

$

(293,834)

$

(188,282)

Adjustments to reconcile net loss to net cash provided by
operating activities:

Depreciation and amortization

47,834

36,082

149,922

112,662

Share-based compensation

59,787

66,762

182,060

189,036

Amortization of acquired intangible assets

109,433

92,760

333,934

253,467

Amortization of inventory fair value
adjustment associated with acquisitions

—

3,316

17,284

3,316

Restructuring related impairment charges

6,013

6,146

123,559

16,243

Other expense (income), net

8,614

(2,094)

23,080

14,814

Changes in assets and liabilities:

Accounts receivable

(6,729)

(32,002)

2,075

8,374

Inventories

(5,984)

(39,276)

29,817

(30,602)

Prepaid expenses and other assets

(5,677)

(3,046)

(8,692)

(11,039)

Accounts payable

5,121

8,304

34,768

30,801

Accrued liabilities and other non-current
liabilities

5,289

(26,141)

26,817

(106,258)

Accrued employee compensation

56,741

37,193

38,202

11,927

Net cash provided by operating
activities

257,534

65,503

658,992

304,459

Cash flows from investing activities:

Sales of available-for-sale securities

—

18,832

—

18,832

Purchases of technology licenses

(1,712)

(414)

(8,476)

(1,936)

Purchases of property and equipment

(35,359)

(20,742)

(88,242)

(62,935)

Cash payment for acquisition, net of cash and
cash equivalents acquired

—

(477,579)

—

(477,579)

Other, net

(476)

(1,404)

223

(1,793)

Net cash used in investing activities

(37,547)

(481,307)

(96,495)

(525,411)

Cash flows from financing activities:

Repurchases of common stock

—

—

(25,202)

(64,272)

Proceeds from employee stock plans

2,256

21,795

50,490

103,109

Tax withholding paid on behalf of employees
for net share settlement

(25,912)

(19,220)

(82,626)

(80,862)

Dividend payments to shareholders

(40,229)

(40,140)

(120,111)

(119,496)

Payments on technology license obligations

(34,285)

(28,889)

(76,794)

(57,213)

Proceeds from issuance of debt

—

350,000

—

350,000

Principal payments of debt

(100,000)

—

(100,000)

(50,000)

Payment of debt financing costs

(22,313)

—

(22,313)

—

Other, net

1,003

(2,869)

(1,504)

(4,355)

Net cash provided by (used in)
financing activities

(219,480)

280,677

(378,060)

76,911

Net increase (decrease) in cash and cash equivalents

507

(135,127)

184,437

(144,041)

Cash and cash equivalents at beginning of period

831,534

573,496

647,604

582,410

Cash and cash equivalents at end of period

$

832,041

$

438,369

$

832,041

$

438,369