Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)












Three Months Ended


Year Ended



February 3,
2024


January 28,
2023


February 3,
2024


January 28,
2023

Cash flows from operating activities:









Net loss


$        (392.7)


$          (15.4)


$        (933.4)


$        (163.5)

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









Depreciation and amortization


73.8


77.9


299.8


304.9

Stock-based compensation


155.3


130.7


609.8


552.4

Amortization of acquired intangible assets


286.3


273.2


1,097.9


1,087.4

Amortization of inventory fair value adjustment associated with
acquisitions



12.7



38.7

Amortization of deferred debt issuance costs and debt discounts


2.1


2.6


10.7


10.3

Restructuring related impairment charges


0.7


0.7


32.9


5.6

Deferred income taxes


434.5


(3.2)


150.8


50.4

Other expense, net


12.9


6.5


44.2


52.4

Changes in assets and liabilities, net of acquisitions:









Accounts receivable


93.0


198.8


70.6


(142.7)

Prepaid expenses and other assets


(107.5)


(98.0)


(93.1)


(480.4)

Inventories


78.8


(122.5)


201.9


(385.9)

Accounts payable


(61.6)


(53.9)


(149.1)


(87.8)

Accrued employee compensation


17.6


(3.8)


18.3


2.5

Accrued liabilities and other non-current liabilities


(46.6)


(54.8)


9.2


444.5

Net cash provided by operating activities


546.6


351.5


1,370.5


1,288.8

Cash flows from investing activities:









Purchases of technology licenses


(10.6)


(2.0)


(13.9)


(11.1)

Purchases of property and equipment


(71.0)


(54.0)


(336.3)


(206.2)

Acquisitions, net of cash acquired



(9.3)



(112.3)

Other, net


(0.1)


1.1


(0.3)


1.2

Net cash used in investing activities


(81.7)


(64.2)


(350.5)


(328.4)

Cash flows from financing activities:









Repurchases of common stock


(100.0)



(150.0)


(115.0)

Proceeds from employee stock plans


38.1


38.8


99.2


91.3

Tax withholding paid on behalf of employees for net share settlement


(55.0)


(26.4)


(223.7)


(227.6)

Dividend payments to stockholders


(51.9)


(51.3)


(206.8)


(204.4)

Payments on technology license obligations


(40.1)


(38.9)


(150.3)


(142.5)

Proceeds from borrowings




1,295.3


200.0

Principal payments of debt


(21.9)


(21.8)


(1,622.5)


(265.6)

Other, net


(8.9)


(0.1)


(21.4)


0.9

Net cash used in financing activities


(239.7)


(99.7)


(980.2)


(662.9)

Net increase in cash and cash equivalents


225.2


187.6


39.8


297.5

Cash and cash equivalents at beginning of period


725.6


723.4


911.0


613.5

Cash and cash equivalents at end of period


$          950.8


$          911.0


$          950.8


$          911.0


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