Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

April 30,
2022

May 1,
2021

Cash flows from operating activities:

Net loss

$            (165.7)

$              (88.2)

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

     Depreciation and amortization

75.7

51.8

     Stock-based compensation

131.1

92.7

     Amortization of acquired intangible assets

272.5

128.6

     Amortization of inventory fair value adjustment associated with acquisitions

9.3

13.7

     Other expense, net

6.7

31.4

     Deferred income taxes

165.0

(22.6)

     Changes in assets and liabilities, net of acquisitions:

        Accounts receivable

(139.5)

(58.0)

        Inventories

(125.8)

(13.2)

        Prepaid expenses and other assets

(142.9)

4.4

        Accounts payable

61.4

(51.6)

        Accrued liabilities and other non-current liabilities

97.0

(47.0)

        Accrued employee compensation

(50.0)

(55.7)

          Net cash provided by (used in) operating activities

194.8

(13.7)

Cash flows from investing activities:

     Purchases of technology licenses

(1.6)

(3.4)

     Purchases of property and equipment

(36.9)

(21.4)

     Acquisitions, net of cash acquired

(44.0)

(3,600.2)

     Other, net

0.1

0.4

          Net cash used in investing activities

(82.4)

(3,624.6)

Cash flows from financing activities:

     Repurchases of common stock

(15.0)

—

     Proceeds from employee stock plans

2.5

0.5

     Tax withholding paid on behalf of employees for net share settlement

(137.6)

(73.2)

     Dividend payments to stockholders

(50.9)

(40.6)

     Payments on technology license obligations

(49.0)

(44.1)

     Proceeds from issuance of debt

—

3,731.1

     Principal payments of debt

(10.9)

(200.0)

     Payment for repurchases and settlement of convertible notes

—

(71.1)

     Proceeds from capped calls

—

111.2

     Payment of equity and debt financing costs

—

(1.5)

          Net cash provided by (used in) financing activities

(260.9)

3,412.3

Net decrease in cash and cash equivalents

(148.5)

(226.0)

Cash and cash equivalents at beginning of period

613.5

748.5

Cash and cash equivalents at end of period

$              465.0

$              522.5