Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)












Three Months Ended


Six Months Ended



August 3,
2024


July 29,
2023


August 3,
2024


July 29,
2023

Cash flows from operating activities:









Net loss


$            (193.3)


$            (207.5)


$        (408.9)


$        (376.4)

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









Depreciation and amortization


76.3


75.5


148.9


153.9

Stock-based compensation


154.9


152.8


291.4


296.0

Amortization of acquired intangible assets


275.7


271.8


540.6


541.8

Restructuring related impairment charges


1.6


21.3


2.3


31.4

Deferred income taxes


(36.1)


(87.6)


(58.3)


(226.7)

Other expense, net


11.3


8.9


33.1


21.7

Changes in assets and liabilities:









Accounts receivable


(178.2)


(208.2)


61.5


(16.9)

Prepaid expenses and other assets


135.9


(47.2)


221.7


(39.3)

Inventories


9.2


11.3


48.0


52.5

Accounts payable


93.1


18.0


34.8


(86.8)

Accrued employee compensation


33.0


1.1


(59.2)


(59.0)

Accrued liabilities and other non-current liabilities


(77.0)


102.3


(225.0)


28.7

Net cash provided by operating activities


306.4


112.5


630.9


320.9

Cash flows from investing activities:









Purchases of technology licenses


(5.2)


(0.2)


(5.7)


(3.0)

Purchases of property and equipment


(48.2)


(111.1)


(139.7)


(210.9)

Acquisitions, net of cash acquired


(0.6)


(5.5)


(10.4)


(5.5)

Other, net


1.0


(0.2)


0.9


(0.3)

Net cash used in investing activities


(53.0)


(117.0)


(154.9)


(219.7)

Cash flows from financing activities:









Repurchases of common stock


(175.0)



(325.0)


Proceeds from employee stock plans


49.3


52.9


51.6


60.4

Tax withholding paid on behalf of employees for net share settlement


(57.6)


(51.2)


(131.7)


(123.8)

Dividend payments to stockholders


(51.9)


(51.7)


(103.7)


(103.1)

Payments on technology license obligations


(35.3)


(28.6)


(65.5)


(78.6)

Proceeds from borrowings



50.0



250.0

Principal payments of debt


(21.9)


(571.8)


(43.8)


(593.7)

Net cash used in financing activities


(292.4)


(600.4)


(618.1)


(588.8)

Net decrease in cash and cash equivalents


(39.0)


(604.9)


(142.1)


(487.6)

Cash and cash equivalents at beginning of period


847.7


1,028.3


950.8


911.0

Cash and cash equivalents at end of period


$              808.7


$              423.4


$          808.7


$          423.4


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