Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)












Three Months Ended


Year Ended



January 30,
2021


February 1,
2020


January 30,
2021


February 1,
2020

Cash flows from operating activities:









Net income (loss)


$

16,536



$

1,772,673



$

(277,298)



$

1,584,391


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









Depreciation and amortization


47,990



43,996



197,912



156,658


Share-based compensation


59,479



53,171



241,539



242,207


Amortization of acquired intangible assets


109,682



114,615



443,616



368,082


Amortization of inventory fair value adjustment associated with acquisitions




52,510



17,284



55,826


Amortization of deferred debt issuance costs and debt discounts


6,809



2,723



10,026



6,763


Restructuring related impairment charges


7,344



1,328



130,903



17,571


Deferred income taxes


(39,906)



(777,257)



(39,491)



(785,158)


Gain on sale of business




(1,123,223)





(1,121,709)


Other expense, net


5,475



9,287



24,923



26,448


Changes in assets and liabilities:









Accounts receivable


(46,397)



2,870



(44,322)



11,244


Inventories


96



43,361



29,913



12,759


Prepaid expenses and other assets


(32,942)



(43,099)



(41,634)



(54,138)


Accounts payable


4,895



(29,143)



39,663



1,658


Accrued liabilities and other non-current liabilities


17,795



(76,635)



44,612



(182,893)


Accrued employee compensation


1,439



8,661



39,641



20,588


Net cash provided by operating activities


158,295



55,838



817,287



360,297


Cash flows from investing activities:









Sales of available-for-sale securities








18,832


Purchases of technology licenses


(4,232)



(2,776)



(12,708)



(4,712)


Purchases of property and equipment


(18,556)



(18,986)



(106,798)



(81,921)


Proceeds from sales of property and equipment


206



89



738



620


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




(593,500)





(1,071,079)


Net proceeds from sale of business




1,699,835





1,698,783


Other


(567)



(405)



(876)



(1,677)


Net cash provided by (used in) investing activities


(23,149)



1,084,257



(119,644)



558,846


Cash flows from financing activities:









Repurchases of common stock




(300,000)



(25,202)



(364,272)


Proceeds from employee stock plans


36,145



44,167



86,635



147,276


Tax withholding paid on behalf of employees for net share settlement


(25,468)



(17,440)



(108,094)



(98,302)


Dividend payments to shareholders


(40,463)



(40,077)



(160,574)



(159,573)


Payments on technology license obligations


(23,224)



(15,053)



(100,018)



(72,266)


Proceeds from issuance of debt




600,000





950,000


Principal payments of debt


(150,000)



(1,200,000)



(250,000)



(1,250,000)


Payment of equity and debt financing costs


(15,710)





(38,023)




Other, net




(2,457)



(1,504)



(6,812)


Net cash used in financing activities


(218,720)



(930,860)



(596,780)



(853,949)


Net increase (decrease) in cash and cash equivalents


(83,574)



209,235



100,863



65,194


Cash and cash equivalents at beginning of period


832,041



438,369



647,604



582,410


Cash and cash equivalents at end of period


$

748,467



$

647,604



$

748,467



$

647,604



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