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

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)












Three Months Ended


Six Months Ended



July 31,
2021


August 1,
2020


July 31,
2021


August 1,
2020

Cash flows from operating activities:









Net loss


$

(276,428)



$

(157,893)



$

(364,670)



$

(270,926)


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









Depreciation and amortization


66,248



51,605



118,085



102,088


Share-based compensation


114,105



62,586



206,832



122,273


Amortization of acquired intangible assets


276,672



111,579



405,311



224,501


Amortization of inventory fair value adjustment associated with acquisitions


155,840





169,560



17,284


Restructuring related impairment charges


1,776



114,723



4,156



117,546


Other expense, net


32,941



6,282



61,870



14,910


Deferred income taxes


(29,005)



(2,816)



(51,586)



(444)


Changes in assets and liabilities, net of acquisition:









Accounts receivable


(91,216)



(14,782)



(149,215)



8,804


Inventories


(69,038)



(33)



(82,287)



35,801


Prepaid expenses and other assets


(50,603)



3,679



(46,190)



(3,015)


Accounts payable


52,197



33,204



588



29,647


Accrued liabilities and other non-current liabilities


39,234



10,732



(7,765)



21,528


Accrued employee compensation


(616)



6,964



(56,309)



(18,539)


Net cash provided by operating activities


222,107



225,830



208,380



401,458


Cash flows from investing activities:









Purchases of technology licenses


(3,197)



(3,080)



(6,640)



(6,764)


Purchases of property and equipment


(32,235)



(17,540)



(53,679)



(52,883)


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






(3,600,165)




Other, net


(2,851)



34


(2,404)



699


Net cash used in investing activities


(38,283)



(20,586)



(3,662,888)



(58,948)


Cash flows from financing activities:









Repurchases of common stock








(25,202)


Proceeds from employee stock plans


39,807



42,776



40,356



48,234


Tax withholding paid on behalf of employees for net share settlement


(42,975)



(25,213)



(116,150)



(56,714)


Dividend payments to stockholders


(49,332)



(40,119)



(89,889)



(79,882)


Payments on technology license obligations


(23,175)



(18,702)



(67,307)



(42,509)


Proceeds from issuance of debt


75,000





3,806,096




Principal payments of debt


(75,000)





(275,000)




Payment for repurchases and settlement of convertible notes


(109,812)





(180,891)




Proceeds from capped calls


49,132





160,286




Payment of equity and debt financing costs


(10,364)





(11,843)




Other, net








(2,507)


Net cash provided by (used in) financing activities


(146,719)



(41,258)



3,265,658



(158,580)


Net increase (decrease) in cash and cash equivalents


37,105



163,986



(188,850)



183,930


Cash and cash equivalents at beginning of period


522,512



667,548



748,467



647,604


Cash and cash equivalents at end of period


$

559,617



$

831,534



$

559,617



$

831,534



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