Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Six Months Ended

July 30,
2022

July 31,
2021

July 30,
2022

July 31,
2021

Cash flows from operating activities:

Net income (loss)

$              4.3

$        (276.4)

$        (161.4)

$        (364.6)

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

Depreciation and amortization

76.9

66.2

152.6

118.0

Stock-based compensation

144.5

114.1

275.6

206.8

Amortization of acquired intangible assets

271.8

276.7

544.3

405.3

Amortization of inventory fair value adjustment associated with acquisitions

6.3

155.9

15.6

169.6

Other expense, net

17.5

34.7

24.2

66.1

Deferred income taxes

13.4

(29.0)

178.4

(51.6)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(100.2)

(91.2)

(239.7)

(149.2)

Prepaid expenses and other assets

(42.0)

(50.6)

(184.9)

(46.2)

Inventories

(81.3)

(69.0)

(207.1)

(82.2)

Accounts payable

(57.5)

52.2

3.9

0.6

Accrued employee compensation

(3.7)

(0.6)

(53.7)

(56.3)

Accrued liabilities and other non-current liabilities

81.5

39.1

178.5

(7.9)

Net cash provided by operating activities

331.5

222.1

526.3

208.4

Cash flows from investing activities:

Purchases of technology licenses

(2.6)

(3.2)

(4.2)

(6.6)

Purchases of property and equipment

(72.6)

(32.2)

(109.5)

(53.6)

Acquisitions, net of cash acquired

(54.6)

—

(98.6)

(3,600.2)

Other, net

(0.1)

(2.9)

—

(2.5)

Net cash used in investing activities

(129.9)

(38.3)

(212.3)

(3,662.9)

Cash flows from financing activities:

Repurchases of common stock

(50.0)

—

(65.0)

—

Proceeds from employee stock plans

48.9

39.8

51.4

40.3

Tax withholding paid on behalf of employees for net share settlement

(34.1)

(43.0)

(171.7)

(116.2)

Dividend payments to stockholders

(51.1)

(49.3)

(102.0)

(89.9)

Payments on technology license obligations

(22.2)

(23.2)

(71.2)

(67.3)

Proceeds from issuance of debt

200.0

75.0

200.0

3,806.1

Principal payments of debt

(141.0)

(75.0)

(151.9)

(275.0)

Payment for repurchases and settlement of convertible notes

—

(109.8)

—

(180.9)

Proceeds from capped calls

—

49.1

—

160.3

Payment of equity and debt financing costs

—

(10.3)

—

(11.8)

Net cash provided by (used in) financing activities

(49.5)

(146.7)

(310.4)

3,265.6

Net increase (decrease) in cash and cash equivalents

152.1

37.1

3.6

(188.9)

Cash and cash equivalents at beginning of period

465.0

522.5

613.5

748.5

Cash and cash equivalents at end of period

$          617.1

$          559.6

$         617.1

$         559.6