Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2022 Financial Results

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)












Three Months Ended


Nine Months Ended



October 30,
2021


October 31,
2020


October 30,
2021


October 31,
2020

Cash flows from operating activities:









Net loss


$

(62,532)



$

(22,908)



$

(427,202)



$

(293,834)


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









Depreciation and amortization


71,592



47,834



189,677



149,922


Share-based compensation


119,090



59,787



325,922



182,060


Amortization of acquired intangible assets


279,282



109,433



684,593



333,934


Amortization of inventory fair value adjustment associated with acquisitions


21,470





191,030



17,284


Amortization of deferred debt issuance costs and debt discounts


3,750



1,359



19,031



3,217


Restructuring related impairment charges


1,049



6,013



5,205



123,559


Other expense, net


13,464



6,396



60,053



19,448


Deferred income taxes


(15,984)



859



(67,570)



415


Changes in assets and liabilities, net of acquisition:









Accounts receivable


(192,229)



(6,729)



(341,444)



2,075


Inventories


(118,388)



(5,984)



(200,675)



29,817


Prepaid expenses and other assets


(19,149)



(5,677)



(65,339)



(8,692)


Accounts payable


93,200



5,121



93,788



34,768


Accrued liabilities and other non-current liabilities


761



5,289



(7,004)



26,817


Accrued employee compensation


69,289



56,741



12,980



38,202


Net cash provided by operating activities


264,665



257,534



473,045



658,992


Cash flows from investing activities:









Purchases of technology licenses


(2,731)



(1,712)



(9,371)



(8,476)


Purchases of property and equipment


(76,804)



(35,359)



(130,483)



(88,242)


Acquisitions, net of cash acquired


60,436





(3,539,729)




Other, net


(53)



(476)



(2,457)



223


Net cash used in investing activities


(19,152)



(37,547)



(3,682,040)



(96,495)


Cash flows from financing activities:









Repurchases of common stock








(25,202)


Proceeds from employee stock plans


2,428



2,256



42,784



50,490


Tax withholding paid on behalf of employees for net share settlement


(52,851)



(25,912)



(169,001)



(82,626)


Dividend payments to stockholders


(50,429)



(40,229)



(140,318)



(120,111)


Payments on technology license obligations


(30,551)



(34,285)



(97,858)



(76,794)


Proceeds from issuance of debt






3,806,096




Principal payments of debt


(150,938)



(100,000)



(425,938)



(100,000)


Payment for repurchases and settlement of convertible notes


(316)





(181,207)




Proceeds from capped calls


33





160,319




Payment of equity and debt financing costs


(7)



(22,313)



(11,850)



(22,313)


Other, net


1,003



1,003



1,003



(1,504)


Net cash provided by (used in) financing activities


(281,628)



(219,480)



2,984,030



(378,060)


Net increase (decrease) in cash and cash equivalents


(36,115)



507



(224,965)



184,437


Cash and cash equivalents at beginning of period


559,617



831,534



748,467



647,604


Cash and cash equivalents at end of period


$

523,502



$

832,041



$

523,502



$

832,041



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