Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2022 Financial Results

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)








Three Months Ended



May 1,
2021


May 2,
2020

Cash flows from operating activities:





Net loss


$

(88,242)



$

(113,033)


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





Depreciation and amortization


51,837



50,483


Share-based compensation


92,727



59,687


Amortization of acquired intangible assets


128,639



112,922


Amortization of inventory fair value adjustment associated with acquisitions


13,720



17,284


Other expense, net


31,309



11,451


Deferred income taxes


(22,581)



2,372


Changes in assets and liabilities, net of acquisition:





Accounts receivable


(57,999)



23,586


Inventories


(13,249)



35,834


Prepaid expenses and other assets


4,413



(6,694)


Accounts payable


(51,609)



(3,557)


Accrued liabilities and other non-current liabilities


(46,999)



10,796


Accrued employee compensation


(55,693)



(25,503)


Net cash provided by (used in) operating activities


(13,727)



175,628


Cash flows from investing activities:





Purchases of technology licenses


(3,443)



(3,684)


Purchases of property and equipment


(21,444)



(35,343)


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


(3,600,165)




Other, net


447



665


Net cash used in investing activities


(3,624,605)



(38,362)


Cash flows from financing activities:





Repurchases of common stock




(25,202)


Proceeds from employee stock plans


549



5,458


Tax withholding paid on behalf of employees for net share settlement


(73,175)



(31,501)


Dividend payments to stockholders


(40,557)



(39,763)


Payments on technology license obligations


(44,132)



(23,807)


Proceeds from issuance of debt


3,731,096




Principal payments of debt


(200,000)




Payment for repurchases and settlement of convertible notes


(71,079)




Proceeds from capped calls


111,154




Payment of equity and debt financing costs


(1,479)




Other, net




(2,507)


Net cash provided by (used in) financing activities


3,412,377



(117,322)


Net increase (decrease) in cash and cash equivalents


(225,955)



19,944


Cash and cash equivalents at beginning of period


748,467



647,604


Cash and cash equivalents at end of period


$

522,512



$

667,548



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