Marvell Technology, Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
(In millions) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Six Months Ended | ||||
|
|
| August 3,
|
| July 29,
|
| August 3,
|
| July 29,
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
| $ (193.3) |
| $ (207.5) |
| $ (408.9) |
| $ (376.4) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
| 76.3 |
| 75.5 |
| 148.9 |
| 153.9 |
Stock-based compensation |
| 154.9 |
| 152.8 |
| 291.4 |
| 296.0 |
Amortization of acquired intangible assets |
| 275.7 |
| 271.8 |
| 540.6 |
| 541.8 |
Restructuring related impairment charges |
| 1.6 |
| 21.3 |
| 2.3 |
| 31.4 |
Deferred income taxes |
| (36.1) |
| (87.6) |
| (58.3) |
| (226.7) |
Other expense, net |
| 11.3 |
| 8.9 |
| 33.1 |
| 21.7 |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
| (178.2) |
| (208.2) |
| 61.5 |
| (16.9) |
Prepaid expenses and other assets |
| 135.9 |
| (47.2) |
| 221.7 |
| (39.3) |
| Inventories |
| 9.2 |
| 11.3 |
| 48.0 |
| 52.5 |
| Accounts payable |
| 93.1 |
| 18.0 |
| 34.8 |
| (86.8) |
| Accrued employee compensation |
| 33.0 |
| 1.1 |
| (59.2) |
| (59.0) |
| Accrued liabilities and other non-current liabilities |
| (77.0) |
| 102.3 |
| (225.0) |
| 28.7 |
| Net cash provided by operating activities |
| 306.4 |
| 112.5 |
| 630.9 |
| 320.9 |
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchases of technology licenses |
| (5.2) |
| (0.2) |
| (5.7) |
| (3.0) |
| Purchases of property and equipment |
| (48.2) |
| (111.1) |
| (139.7) |
| (210.9) |
| Acquisitions, net of cash acquired |
| (0.6) |
| (5.5) |
| (10.4) |
| (5.5) |
| Other, net |
| 1.0 |
| (0.2) |
| 0.9 |
| (0.3) |
| Net cash used in investing activities |
| (53.0) |
| (117.0) |
| (154.9) |
| (219.7) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Repurchases of common stock |
| (175.0) |
| — |
| (325.0) |
| — |
| Proceeds from employee stock plans |
| 49.3 |
| 52.9 |
| 51.6 |
| 60.4 |
| Tax withholding paid on behalf of employees for net share settlement |
| (57.6) |
| (51.2) |
| (131.7) |
| (123.8) |
| Dividend payments to stockholders |
| (51.9) |
| (51.7) |
| (103.7) |
| (103.1) |
| Payments on technology license obligations |
| (35.3) |
| (28.6) |
| (65.5) |
| (78.6) |
| Proceeds from borrowings |
| — |
| 50.0 |
| — |
| 250.0 |
| Principal payments of debt |
| (21.9) |
| (571.8) |
| (43.8) |
| (593.7) |
| Net cash used in financing activities |
| (292.4) |
| (600.4) |
| (618.1) |
| (588.8) |
| Net decrease in cash and cash equivalents |
| (39.0) |
| (604.9) |
| (142.1) |
| (487.6) |
| Cash and cash equivalents at beginning of period |
| 847.7 |
| 1,028.3 |
| 950.8 |
| 911.0 |
| Cash and cash equivalents at end of period |
| $ 808.7 |
| $ 423.4 |
| $ 808.7 |
| $ 423.4 |
|
Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results
|
|
||||||
|
|
|||||||
|
|||||||
