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