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

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)




Three Months Ended


Six Months Ended



August 3,
2019


August 4,
2018


August 3,
2019


August 4,
2018

Cash flows from operating activities:









Net income (loss)


$

(57,331)



$

6,759



$

(105,781)



$

135,371


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









Depreciation and amortization


41,941



26,754



86,239



47,097


Share-based compensation


63,676



59,392



122,274



83,244


Amortization of acquired intangible assets


80,967



25,939



160,707



25,939


Amortization of inventory fair value adjustment associated with acquisition of Cavium




22,933





22,933


Amortization of deferred debt issuance costs and debt discounts


1,178



7,073



2,859



7,073


Restructuring related impairment charges (gain)


6,281



1,993



10,097



1,993


Other expense, net


580



2,740



2,016



3,631


Deferred income taxes


(1,982)



(22,238)



2,374



(21,414)


Changes in assets and liabilities:









Accounts receivable


17,601



(1,356)



40,376



(48,749)


Inventories


(7,174)



4,186



8,674



6,866


Prepaid expenses and other assets


(15,997)



(5,396)



(7,993)



(19,504)


Accounts payable


24,370



(15,015)



22,497



(271)


Accrued liabilities and other non-current liabilities


(49,188)



(32,400)



(80,117)



(11,961)


Accrued employee compensation


(31,782)



(19,429)



(25,266)



(41,539)


Net cash provided by operating activities


73,140



61,935



238,956



190,709


Cash flows from investing activities:









Purchases of available-for-sale securities




(1,499)





(14,956)


Sales of available-for-sale securities




553,623





623,896


Maturities of available-for-sale securities




59,165





187,985


Purchases of time deposits








(25,000)


Maturities of time deposits




75,000





150,000


Purchases of technology licenses


(38)



(903)



(1,522)



(1,263)


Purchases of property and equipment


(23,010)



(20,801)



(42,193)



(34,389)


Cash payment for acquisition of Cavium, net of cash and cash equivalents acquired




(2,649,465)





(2,649,465)


Other, net


(47)



1,462



(389)



(3,527)


Net cash used in investing activities


(23,095)



(1,983,418)



(44,104)



(1,766,719)


Cash flows from financing activities:









Repurchases of common stock


(16,250)





(64,272)




Proceeds from employee stock plans


50,230



33,525



81,314



44,580


Tax withholding paid on behalf of employees for net share settlement


(32,884)



(12,883)



(61,642)



(36,776)


Dividend payments to shareholders


(39,889)



(39,383)



(79,356)



(69,181)


Payments on technology license obligations


(13,056)



(9,017)



(28,324)



(29,478)


Proceeds from issuance of debt




1,892,605





1,892,605


Principal payments of debt




(606,128)



(50,000)



(606,128)


Payment of equity and debt financing costs




(5,835)





(9,435)


Other, net


3,407





(1,486)




Net cash provided by (used in) in financing activities


(48,442)



1,252,884



(203,766)



1,186,187


Net increase (decrease) in cash and cash equivalents


1,603



(668,599)



(8,914)



(389,823)


Cash and cash equivalents at beginning of period


571,893



1,167,258



582,410



888,482


Cash and cash equivalents at end of period


$

573,496



$

498,659



$

573,496



$

498,659



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