Marvell Technology, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
(In millions) | ||||||||
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| Three Months Ended |
| Nine Months Ended | ||||
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| October 29,
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| October 30,
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| October 29,
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| October 30,
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Cash flows from operating activities: |
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Net income (loss) |
| $ 13.3 |
| $ (62.6) |
| $ (148.1) |
| $ (427.2) |
Adjustments to reconcile net income (loss) to net cash provided by operating
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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: |
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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: |
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| 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: |
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| 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 |
