Marvell Technology, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
(In thousands) | ||||||||
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| Three Months Ended | ||||||
|
| May 1,
|
| May 2,
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Cash flows from operating activities: |
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Net loss |
| $ | (88,242) |
|
| $ | (113,033) |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
| 51,837 |
|
| 50,483 |
| ||
Share-based compensation |
| 92,727 |
|
| 59,687 |
| ||
Amortization of acquired intangible assets |
| 128,639 |
|
| 112,922 |
| ||
Amortization of inventory fair value adjustment associated with acquisitions |
| 13,720 |
|
| 17,284 |
| ||
Other expense, net |
| 31,309 |
|
| 11,451 |
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Deferred income taxes |
| (22,581) |
|
| 2,372 |
| ||
Changes in assets and liabilities, net of acquisition: |
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|
|
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Accounts receivable |
| (57,999) |
|
| 23,586 |
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Inventories |
| (13,249) |
|
| 35,834 |
| ||
Prepaid expenses and other assets |
| 4,413 |
|
| (6,694) |
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Accounts payable |
| (51,609) |
|
| (3,557) |
| ||
Accrued liabilities and other non-current liabilities |
| (46,999) |
|
| 10,796 |
| ||
Accrued employee compensation |
| (55,693) |
|
| (25,503) |
| ||
Net cash provided by (used in) operating activities |
| (13,727) |
|
| 175,628 |
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Cash flows from investing activities: |
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Purchases of technology licenses |
| (3,443) |
|
| (3,684) |
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Purchases of property and equipment |
| (21,444) |
|
| (35,343) |
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Cash payment for acquisition, net of cash and cash equivalents acquired |
| (3,600,165) |
|
| — |
| ||
Other, net |
| 447 |
|
| 665 |
| ||
Net cash used in investing activities |
| (3,624,605) |
|
| (38,362) |
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Cash flows from financing activities: |
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|
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Repurchases of common stock |
| — |
|
| (25,202) |
| ||
Proceeds from employee stock plans |
| 549 |
|
| 5,458 |
| ||
Tax withholding paid on behalf of employees for net share settlement |
| (73,175) |
|
| (31,501) |
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Dividend payments to stockholders |
| (40,557) |
|
| (39,763) |
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Payments on technology license obligations |
| (44,132) |
|
| (23,807) |
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Proceeds from issuance of debt |
| 3,731,096 |
|
| — |
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Principal payments of debt |
| (200,000) |
|
| — |
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Payment for repurchases and settlement of convertible notes |
| (71,079) |
|
| — |
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Proceeds from capped calls |
| 111,154 |
|
| — |
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Payment of equity and debt financing costs |
| (1,479) |
|
| — |
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Other, net |
| — |
|
| (2,507) |
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Net cash provided by (used in) financing activities |
| 3,412,377 |
|
| (117,322) |
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Net increase (decrease) in cash and cash equivalents |
| (225,955) |
|
| 19,944 |
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Cash and cash equivalents at beginning of period |
| 748,467 |
|
| 647,604 |
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Cash and cash equivalents at end of period |
| $ | 522,512 |
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| $ | 667,548 |
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