Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2023 Financial Results

 

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)












Three Months Ended


Nine Months Ended



October 29,
2022


October 30,
2021


October 29,
2022


October 30,
2021

Cash flows from operating activities:









Net income (loss)


$            13.3


$          (62.6)


$       (148.1)


$       (427.2)

Adjustments to reconcile net income (loss) to net cash provided by operating
    activities:









Depreciation and amortization


74.4


71.6


227.0


189.6

Stock-based compensation


146.1


119.1


421.7


325.9

Amortization of acquired intangible assets


269.9


279.3


814.2


684.6

Amortization of inventory fair value adjustment associated with acquisitions


10.4


21.5


26.0


191.1

Other expense, net


34.3


18.3


58.5


84.4

Deferred income taxes


(124.8)


(16.0)


53.6


(67.6)

Changes in assets and liabilities, net of acquisitions:









Accounts receivable


(101.8)


(192.2)


(341.5)


(341.4)

Prepaid expenses and other assets


(197.5)


(19.1)


(382.4)


(65.3)

Inventories


(56.3)


(118.4)


(263.4)


(200.6)

Accounts payable


(37.8)


93.2


(33.9)


93.8

Accrued employee compensation


60.0


69.3


6.3


13.0

Accrued liabilities and other non-current liabilities


320.8


0.7


499.3


(7.2)

Net cash provided by operating activities


411.0


264.7


937.3


473.1

Cash flows from investing activities:









Purchases of technology licenses


(4.9)


(2.7)


(9.1)


(9.3)

Purchases of property and equipment


(42.7)


(76.8)


(152.2)


(130.4)

Acquisitions, net of cash acquired


(4.4)


60.4


(103.0)


(3,539.8)

Other, net


0.1


(0.1)


0.1


(2.6)

Net cash used in investing activities


(51.9)


(19.2)


(264.2)


(3,682.1)

Cash flows from financing activities:









Repurchases of common stock


(50.0)



(115.0)


Proceeds from employee stock plans


1.1


2.5


52.5


42.8

Tax withholding paid on behalf of employees for net share settlement


(29.5)


(52.9)


(201.2)


(169.1)

Dividend payments to stockholders


(51.1)


(50.4)


(153.1)


(140.3)

Payments on technology license obligations


(32.4)


(30.6)


(103.6)


(97.9)

Proceeds from issuance of debt




200.0


3,806.1

Principal payments of debt


(91.9)


(150.9)


(243.8)


(425.9)

Payment for repurchases and settlement of convertible notes



(0.3)



(181.2)

Proceeds from capped calls





160.3

Payment of equity and debt financing costs





(11.8)

Other, net


1.0


1.0


1.0


1.0

Net cash provided by (used in) financing activities


(252.8)


(281.6)


(563.2)


2,984.0

Net increase (decrease) in cash and cash equivalents


106.3


(36.1)


109.9


(225.0)

Cash and cash equivalents at beginning of period


617.1


559.6


613.5


748.5

Cash and cash equivalents at end of period


$          723.4


$          523.5


$         723.4


$         523.5


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