Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Year Ended

January 28,
2023

January 29,
2022

January 28,
2023

January 29,
2022

Cash flows from operating activities:

Net income (loss)

$          (15.4)

$              6.2

$        (163.5)

$        (421.0)

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

Depreciation and amortization

77.9

76.3

304.9

265.9

Stock-based compensation

130.7

134.8

552.4

460.7

Amortization of acquired intangible assets

273.2

294.8

1,087.4

979.4

Amortization of inventory fair value adjustment associated with acquisitions

12.7

3.2

38.7

194.3

Amortization of deferred debt issuance costs and debt discounts

2.6

2.5

10.3

21.6

Restructuring related impairment charges

0.7

1.0

5.6

6.2

Deferred income taxes

(3.2)

(26.3)

50.4

(93.9)

Other expense, net

6.5

8.9

52.4

69.0

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

198.8

(67.6)

(142.7)

(409.0)

Prepaid expenses and other assets

(98.0)

(96.5)

(480.4)

(161.8)

Inventories

(122.5)

(91.3)

(385.9)

(291.9)

Accounts payable

(53.9)

(0.6)

(87.8)

93.2

Accrued employee compensation

(3.8)

16.6

2.5

29.6

Accrued liabilities and other non-current liabilities

(54.8)

84.2

444.5

77.0

Net cash provided by operating activities

351.5

346.2

1,288.8

819.3

Cash flows from investing activities:

Purchases of technology licenses

(2.0)

(8.4)

(11.1)

(17.7)

Purchases of property and equipment

(54.0)

(38.8)

(206.2)

(169.2)

Acquisitions, net of cash acquired

(9.3)

(15.2)

(112.3)

(3,555.0)

Other, net

1.1

(0.6)

1.2

(3.2)

Net cash used in investing activities

(64.2)

(63.0)

(328.4)

(3,745.1)

Cash flows from financing activities:

Repurchases of common stock

—

—

(115.0)

—

Proceeds from employee stock plans

38.8

41.7

91.3

84.5

Tax withholding paid on behalf of employees for net share settlement

(26.4)

(136.7)

(227.6)

(305.8)

Dividend payments to stockholders

(51.3)

(50.7)

(204.4)

(191.0)

Payments on technology license obligations

(38.9)

(36.6)

(142.5)

(134.5)

Proceeds from issuance of debt

—

90.0

200.0

3,896.1

Principal payments of debt

(21.8)

(100.9)

(265.6)

(526.8)

Payment for repurchases and settlement of convertible notes

—

—

—

(181.2)

Proceeds from capped calls

—

—

—

160.3

Payment of equity and debt financing costs

—

—

—

(11.8)

Other, net

(0.1)

—

0.9

1.0

Net cash provided by (used in) in financing activities

(99.7)

(193.2)

(662.9)

2,790.8

Net increase (decrease) in cash and cash equivalents

187.6

90.0

297.5

(135.0)

Cash and cash equivalents at beginning of the year

723.4

523.5

613.5

748.5

Cash and cash equivalents at end of the year

$          911.0

$          613.5

$          911.0

$          613.5