Marvell Technology, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
(In millions) | ||||||||
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| Three Months Ended |
| Nine Months Ended | ||||
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| October 28,
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| October 29,
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| October 28,
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| October 29,
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Cash flows from operating activities: |
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Net income (loss) |
| $ (164.3) |
| $ 13.3 |
| $ (540.7) |
| $ (148.1) |
Adjustments to reconcile net income (loss) to net cash provided by operating
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Depreciation and amortization |
| 72.1 |
| 74.4 |
| 226.0 |
| 227.0 |
Stock-based compensation |
| 158.5 |
| 146.1 |
| 454.5 |
| 421.7 |
Amortization of acquired intangible assets |
| 269.8 |
| 269.9 |
| 811.6 |
| 814.2 |
Amortization of inventory fair value adjustment associated with acquisitions |
| — |
| 10.4 |
| — |
| 26.0 |
Restructuring related impairment charges |
| 0.8 |
| 3.0 |
| 32.2 |
| 4.9 |
Deferred income taxes |
| (57.0) |
| (124.8) |
| (283.7) |
| 53.6 |
Other expense, net |
| 18.2 |
| 31.3 |
| 39.9 |
| 53.6 |
Changes in assets and liabilities, net of acquisitions: |
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Accounts receivable |
| (5.5) |
| (101.8) |
| (22.4) |
| (341.5) |
Prepaid expenses and other assets |
| 53.7 |
| (197.5) |
| 14.4 |
| (382.4) |
Inventories |
| 70.6 |
| (56.3) |
| 123.1 |
| (263.4) |
Accounts payable |
| (0.7) |
| (37.8) |
| (87.5) |
| (33.9) |
Accrued employee compensation |
| 59.7 |
| 60.0 |
| 0.7 |
| 6.3 |
Accrued liabilities and other non-current liabilities |
| 27.1 |
| 320.8 |
| 55.8 |
| 499.3 |
Net cash provided by operating activities |
| 503.0 |
| 411.0 |
| 823.9 |
| 937.3 |
Cash flows from investing activities: |
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Purchases of technology licenses |
| (0.3) |
| (4.9) |
| (3.3) |
| (9.1) |
Purchases of property and equipment |
| (54.4) |
| (42.7) |
| (265.3) |
| (152.2) |
Acquisitions, net of cash acquired |
| — |
| (4.4) |
| (5.5) |
| (103.0) |
Other, net |
| 0.1 |
| 0.1 |
| (0.2) |
| 0.1 |
Net cash used in investing activities |
| (54.6) |
| (51.9) |
| (274.3) |
| (264.2) |
Cash flows from financing activities: |
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Repurchases of common stock |
| (50.0) |
| (50.0) |
| (50.0) |
| (115.0) |
Proceeds from employee stock plans |
| 0.7 |
| 1.1 |
| 61.1 |
| 52.5 |
Tax withholding paid on behalf of employees for net share settlement |
| (44.9) |
| (29.5) |
| (168.7) |
| (201.2) |
Dividend payments to stockholders |
| (51.8) |
| (51.1) |
| (154.9) |
| (153.1) |
Payments on technology license obligations |
| (31.6) |
| (32.4) |
| (110.2) |
| (103.6) |
Proceeds from borrowings |
| 1,045.3 |
| — |
| 1,295.3 |
| 200.0 |
Principal payments of debt |
| (1,006.9) |
| (91.9) |
| (1,600.6) |
| (243.8) |
Payment of equity and debt financing costs |
| (7.0) |
| — |
| (7.0) |
| — |
Other, net |
| — |
| 1.0 |
| — |
| 1.0 |
Net cash used in financing activities |
| (146.2) |
| (252.8) |
| (735.0) |
| (563.2) |
Net increase (decrease) in cash and cash equivalents |
| 302.2 |
| 106.3 |
| (185.4) |
| 109.9 |
Cash and cash equivalents at beginning of period |
| 423.4 |
| 617.1 |
| 911.0 |
| 613.5 |
Cash and cash equivalents at end of period |
| $ 725.6 |
| $ 723.4 |
| $ 725.6 |
| $ 723.4 |