Marvell Technology Group Ltd. |
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Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
February 1,
|
February 2,
|
February 1,
|
February 2,
|
|||||||||||||
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 |