Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

April 29,
2023

April 30,
2022

Cash flows from operating activities:

Net loss

$            (168.9)

$            (165.7)

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

Depreciation and amortization

78.4

75.7

Stock-based compensation

143.2

131.1

Amortization of acquired intangible assets

270.0

272.5

Amortization of inventory fair value adjustment associated with acquisitions

—

9.3

Restructuring related impairment charges

10.1

0.9

Deferred income taxes

(139.1)

165.0

Other expense, net

12.8

5.8

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

191.3

(139.5)

Prepaid expenses and other assets

7.9

(142.9)

Inventories

41.2

(125.8)

Accounts payable

(104.8)

61.4

Accrued employee compensation

(60.1)

(50.0)

Accrued liabilities and other non-current liabilities

(73.6)

97.0

Net cash provided by operating activities

208.4

194.8

Cash flows from investing activities:

Purchases of technology licenses

(2.8)

(1.6)

Purchases of property and equipment

(99.8)

(36.9)

Acquisitions, net of cash acquired

—

(44.0)

Other, net

(0.1)

0.1

Net cash used in investing activities

(102.7)

(82.4)

Cash flows from financing activities:

Repurchases of common stock

—

(15.0)

Proceeds from employee stock plans

7.5

2.5

Tax withholding paid on behalf of employees for net share settlement

(72.6)

(137.6)

Dividend payments to stockholders

(51.4)

(50.9)

Payments on technology license obligations

(50.0)

(49.0)

Proceeds from borrowings

200.0

—

Principal payments of debt

(21.9)

(10.9)

Net cash provided by (used in) financing activities

11.6

Net increase (decrease) in cash and cash equivalents

117.3

(148.5)

Cash and cash equivalents at beginning of period

911.0

613.5

Cash and cash equivalents at end of period

$           1,028.3

$              465.0