Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2024 Financial Results

 

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)












Three Months Ended


Nine Months Ended



October 28,
2023


October 29,
2022


October 28,
2023


October 29,
2022

Cash flows from operating activities:









Net income (loss)


$        (164.3)


$            13.3


$        (540.7)


$        (148.1)

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









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:









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:









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:









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


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