Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2020 Financial Results

 

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

                 
   

Three Months Ended

 

Year Ended

   

February 1,
2020

 

February 2,
2019

 

February 1,
2020

 

February 2,
2019

Cash flows from operating activities:

               

Net income (loss)

 

$

1,772,673

   

$

(260,698)

   

$

1,584,391

   

$

(179,094)

 

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

               

Depreciation and amortization

 

43,996

   

37,627

   

156,658

   

123,983

 

Share-based compensation

 

53,171

   

50,580

   

242,207

   

184,064

 

Amortization of acquired intangible assets

 

114,615

   

78,688

   

368,082

   

183,318

 

Amortization of inventory fair value adjustment associated with acquisitions

 

52,510

   

97,597

   

55,826

   

223,372

 

Amortization of deferred debt issuance costs and debt discounts

 

2,723

   

2,064

   

6,763

   

11,354

 

Restructuring related impairment charges (gain)

 

1,328

   

(12,081)

   

17,571

   

(200)

 

Deferred income taxes

 

(777,257)

   

146,322

   

(785,158)

   

118,647

 

Gain on sale of business

 

(1,123,223)

   

   

(1,121,709)

   

1,592

 

Other expense (income), net

 

9,287

   

344

   

26,448

   

4,154

 

Changes in assets and liabilities:

               

Accounts receivable

 

2,870

   

(39,347)

   

11,244

   

(99,044)

 

Inventories

 

43,361

   

2,489

   

12,759

   

4,348

 

Prepaid expenses and other assets

 

(43,099)

   

189

   

(54,138)

   

(11,685)

 

Accounts payable

 

(29,143)

   

(28,753)

   

1,658

   

(6,493)

 

Accrued liabilities and other non-current liabilities

 

(76,635)

   

57,297

   

(182,893)

   

85,027

 

Accrued employee compensation

 

8,661

   

(25,677)

   

20,588

   

(46,599)

 

Net cash provided by operating activities

 

55,838

   

106,641

   

360,297

   

596,744

 

Cash flows from investing activities:

               

Purchases of available-for-sale securities

 

   

   

   

(14,956)

 

Sales of available-for-sale securities

 

   

   

18,832

   

623,896

 

Maturities of available-for-sale securities

 

   

   

   

187,985

 

Purchases of time deposits

 

   

   

   

(25,000)

 

Maturities of time deposits

 

   

   

   

175,000

 

Purchases of technology licenses

 

(2,776)

   

(359)

   

(4,712)

   

(11,540)

 

Purchases of property and equipment

 

(18,986)

   

(28,886)

   

(81,921)

   

(75,921)

 

Proceeds from sales of property and equipment

 

89

   

42,707

   

620

   

43,525

 

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

 

(593,500)

   

   

(1,071,079)

   

(2,649,465)

 

Net proceeds from sale of business

 

1,699,835

   

   

1,698,783

   

(3,352)

 

Other

 

(405)

   

2,275

   

(1,677)

   

(2,725)

 

Net cash provided by (used in) investing activities

 

1,084,257

   

15,737

   

558,846

   

(1,752,553)

 

Cash flows from financing activities:

               

Repurchases of common stock

 

(300,000)

   

(50,005)

   

(364,272)

   

(103,974)

 

Proceeds from employee stock plans

 

44,167

   

40,189

   

147,276

   

100,961

 

Tax withholding paid on behalf of employees for net share settlement

 

(17,440)

   

(9,248)

   

(98,302)

   

(54,939)

 

Dividend payments to shareholders

 

(40,077)

   

(39,489)

   

(159,573)

   

(148,081)

 

Payments on technology license obligations

 

(15,053)

   

(16,676)

   

(72,266)

   

(69,157)

 

Proceeds from issuance of debt

 

600,000

   

   

950,000

   

1,892,605

 

Principal payments of debt

 

(1,200,000)

   

(75,000)

   

(1,250,000)

   

(756,128)

 

Payment of equity and debt financing costs

 

   

   

   

(11,550)

 

Other, net

 

(2,457)

   

   

(6,812)

   

 

Net cash provided by (used in) financing activities

 

(930,860)

   

(150,229)

   

(853,949)

   

849,737

 

Net increase (decrease) in cash and cash equivalents

 

209,235

   

(27,851)

   

65,194

   

(306,072)

 

Cash and cash equivalents at beginning of period

 

438,369

   

610,261

   

582,410

   

888,482

 

Cash and cash equivalents at end of period

 

$

647,604

   

$

582,410

   

$

647,604

   

$

582,410

 

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