Marvell Technology, Inc.
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| Three Months Ended |
| Year Ended | ||||
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| January 29, 2022 |
| January 30,
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| January 29, 2022 |
| January 30, 2021 |
Cash flows from operating activities: |
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Net income (loss) |
| $ 6,168 |
| $ 16,536 |
| $ (421,034) |
| $ (277,298) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
| 76,257 |
| 47,990 |
| 265,934 |
| 197,912 |
Share-based compensation |
| 134,757 |
| 59,479 |
| 460,679 |
| 241,539 |
Amortization of acquired intangible assets |
| 294,784 |
| 109,682 |
| 979,377 |
| 443,616 |
Amortization of inventory fair value adjustment associated with acquisitions |
| 3,243 |
| — |
| 194,273 |
| 17,284 |
Amortization of deferred debt issuance costs and debt discounts |
| 2,526 |
| 6,809 |
| 21,557 |
| 10,026 |
Restructuring related impairment charges |
| 995 |
| 7,344 |
| 6,200 |
| 130,903 |
Deferred income taxes |
| (26,324) |
| (39,906) |
| (93,894) |
| (39,491) |
Other expense, net |
| 9,110 |
| 5,475 |
| 69,163 |
| 24,923 |
Changes in assets and liabilities: |
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Accounts receivable |
| (67,635) |
| (46,397) |
| (409,079) |
| (44,322) |
Inventories |
| (91,211) |
| 96 |
| (291,886) |
| 29,913 |
Prepaid expenses and other assets |
| (96,467) |
| (32,942) |
| (161,806) |
| (41,634) |
Accounts payable |
| (631) |
| 4,895 |
| 93,157 |
| 39,663 |
Accrued liabilities and other non-current liabilities |
| 84,152 |
| 17,795 |
| 77,148 |
| 44,612 |
| Accrued employee compensation |
| 16,599 |
| 1,439 |
| 29,579 |
| 39,641 |
| Net cash provided by operating activities |
| 346,323 |
| 158,295 |
| 819,368 |
| 817,287 |
| Cash flows from investing activities: |
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| Purchases of technology licenses |
| (8,426) |
| (4,232) |
| (17,797) |
| (12,708) |
| Purchases of property and equipment |
| (38,841) |
| (18,556) |
| (169,324) |
| (106,798) |
| Acquisitions, net of cash acquired |
| (15,207) |
| — |
| (3,554,936) |
| — |
| Other, net |
| (616) |
| (361) |
| (3,073) |
| (138) |
| Net cash used in investing activities |
| (63,090) |
| (23,149) |
| (3,745,130) |
| (119,644) |
| Cash flows from financing activities: |
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| Repurchases of common stock |
| — |
| — |
| — |
| (25,202) |
| Proceeds from employee stock plans |
| 41,700 |
| 36,145 |
| 84,484 |
| 86,635 |
| Tax withholding paid on behalf of employees for net share settlement |
| (136,656) |
| (25,468) |
| (305,657) |
| (108,094) |
| Dividend payments to stockholders |
| (50,731) |
| (40,463) |
| (191,049) |
| (160,574) |
| Payments on technology license obligations |
| (36,577) |
| (23,224) |
| (134,435) |
| (100,018) |
| Proceeds from issuance of debt |
| 90,000 |
| — |
| 3,896,096 |
| — |
| Principal payments of debt |
| (100,938) |
| (150,000) |
| (526,876) |
| (250,000) |
| Payment for repurchases and settlement of convertible notes |
| — |
| — |
| (181,207) |
| — |
| Proceeds from capped calls |
| — |
| — |
| 160,319 |
| — |
| Payment of equity and debt financing costs |
| — |
| (15,710) |
| (11,850) |
| (38,023) |
| Other, net |
| — |
| — |
| 1,003 |
| (1,504) |
| Net cash provided by (used in) financing activities |
| (193,202) |
| (218,720) |
| 2,790,828 |
| (596,780) |
| Net increase (decrease) in cash and cash equivalents |
| 90,031 |
| (83,574) |
| (134,934) |
| 100,863 |
| Cash and cash equivalents at beginning of period |
| 523,502 |
| 832,041 |
| 748,467 |
| 647,604 |
| Cash and cash equivalents at end of period |
| $ 613,533 |
| $ 748,467 |
| $ 613,533 |
| $ 748,467 |
