Marvell Technology Group Ltd. Reports First Quarter of Fiscal Year 2020 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 
   

Three Months Ended

   

May 4,
 2019

 

May 5,
 2018

Cash flows from operating activities:

       

Net income (loss)

 

$

(48,450)

   

$

128,612

 

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

       

Depreciation and amortization

 

44,298

   

20,343

 

Share-based compensation

 

58,598

   

23,852

 

Amortization of acquired intangible assets

 

79,740

   

 

Amortization of deferred debt issuance costs and debt discounts

 

1,681

   

 

Other non-cash expense, net

 

5,252

   

891

 

Deferred income taxes

 

4,356

   

824

 

Changes in assets and liabilities:

       

Accounts receivable

 

22,775

   

(47,393)

 

Inventories

 

15,848

   

2,680

 

Prepaid expenses and other assets

 

8,004

   

(14,108)

 

Accounts payable

 

(1,873)

   

14,744

 

Accrued liabilities and other non-current liabilities

 

(30,929)

   

20,439

 

Accrued employee compensation

 

6,516

   

(22,110)

 

Net cash provided by operating activities

 

165,816

   

128,774

 

Cash flows from investing activities:

       

Purchases of available-for-sale securities

 

   

(13,457)

 

Sales of available-for-sale securities

 

   

70,273

 

Maturities of available-for-sale securities

 

   

128,820

 

Purchases of time deposits

 

   

(25,000)

 

Maturities of time deposits

 

   

75,000

 

Purchases of technology licenses

 

(1,484)

   

(360)

 

Purchases of property and equipment

 

(19,183)

   

(13,588)

 

Other

 

(342)

   

(4,989)

 

Net cash provided by (used in) investing activities

 

(21,009)

   

216,699

 

Cash flows from financing activities:

       

Repurchases of common stock

 

(48,022)

   

 

Proceeds from employee stock plans

 

31,084

   

11,055

 

Tax withholding paid on behalf of employees for net share settlement

 

(28,758)

   

(23,893)

 

Dividend payments to shareholders

 

(39,467)

   

(29,798)

 

Payments on technology license obligations

 

(15,268)

   

(20,461)

 

Principal payments of debt

 

(50,000)

   

 

Payment of equity and debt financing costs

 

   

(3,600)

 

Other

 

(4,893)

   

 

Net cash used in financing activities

 

(155,324)

   

(66,697)

 

Net increase (decrease) in cash and cash equivalents

 

(10,517)

   

278,776

 

Cash and cash equivalents at beginning of period

 

582,410

   

888,482

 

Cash and cash equivalents at end of period

 

$

571,893

   

$

1,167,258

 

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