Marvell Technology, Inc. | ||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||
(In millions) | ||||
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|
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| Three Months Ended | ||
|
| April 30,
|
| May 1,
|
Cash flows from operating activities: |
|
|
|
|
Net loss |
| $ (165.7) |
| $ (88.2) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
| 75.7 |
| 51.8 |
Stock-based compensation |
| 131.1 |
| 92.7 |
Amortization of acquired intangible assets |
| 272.5 |
| 128.6 |
Amortization of inventory fair value adjustment associated with acquisitions |
| 9.3 |
| 13.7 |
Other expense, net |
| 6.7 |
| 31.4 |
Deferred income taxes |
| 165.0 |
| (22.6) |
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
Accounts receivable |
| (139.5) |
| (58.0) |
Inventories |
| (125.8) |
| (13.2) |
Prepaid expenses and other assets |
| (142.9) |
| 4.4 |
Accounts payable |
| 61.4 |
| (51.6) |
Accrued liabilities and other non-current liabilities |
| 97.0 |
| (47.0) |
Accrued employee compensation |
| (50.0) |
| (55.7) |
Net cash provided by (used in) operating activities |
| 194.8 |
| (13.7) |
Cash flows from investing activities: |
|
|
|
|
Purchases of technology licenses |
| (1.6) |
| (3.4) |
Purchases of property and equipment |
| (36.9) |
| (21.4) |
Acquisitions, net of cash acquired |
| (44.0) |
| (3,600.2) |
Other, net |
| 0.1 |
| 0.4 |
Net cash used in investing activities |
| (82.4) |
| (3,624.6) |
Cash flows from financing activities: |
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|
|
|
Repurchases of common stock |
| (15.0) |
| — |
Proceeds from employee stock plans |
| 2.5 |
| 0.5 |
Tax withholding paid on behalf of employees for net share settlement |
| (137.6) |
| (73.2) |
Dividend payments to stockholders |
| (50.9) |
| (40.6) |
Payments on technology license obligations |
| (49.0) |
| (44.1) |
Proceeds from issuance of debt |
| — |
| 3,731.1 |
Principal payments of debt |
| (10.9) |
| (200.0) |
Payment for repurchases and settlement of convertible notes |
| — |
| (71.1) |
Proceeds from capped calls |
| — |
| 111.2 |
Payment of equity and debt financing costs |
| — |
| (1.5) |
Net cash provided by (used in) financing activities |
| (260.9) |
| 3,412.3 |
Net decrease in cash and cash equivalents |
| (148.5) |
| (226.0) |
Cash and cash equivalents at beginning of period |
| 613.5 |
| 748.5 |
Cash and cash equivalents at end of period |
| $ 465.0 |
| $ 522.5 |