Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Nine Months Ended

November 2,
2024

October 28,
2023

November 2,
2024

October 28,
2023

Cash flows from operating activities:

Net loss

$            (676.3)

$            (164.3)

$        (1,085.2)

$            (540.7)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

76.6

72.1

225.5

226.0

Stock-based compensation

158.4

158.5

449.8

454.5

Amortization of acquired intangible assets

264.9

269.8

805.5

811.6

Restructuring related impairment charges

521.8

0.8

524.1

32.2

Deferred income taxes

(47.9)

(57.0)

(106.2)

(283.7)

Other expense, net

9.0

18.2

42.1

39.9

Changes in assets and liabilities:

Accounts receivable

62.2

(5.5)

123.7

(22.4)

Prepaid expenses and other assets

(45.5)

53.7

176.2

14.4

Inventories

(108.2)

70.6

(60.2)

123.1

Accounts payable

75.0

(0.7)

109.8

(87.5)

Accrued employee compensation

71.1

59.7

11.9

0.7

Accrued liabilities and other non-current liabilities

175.2

27.1

(49.8)

55.8

Net cash provided by operating activities

536.3

503.0

1,167.2

823.9

Cash flows from investing activities:

Purchases of technology licenses

(0.5)

(0.3)

(6.2)

(3.3)

Purchases of property and equipment

(75.0)

(54.4)

(214.7)

(265.3)

Acquisitions, net of cash acquired

—

—

(10.4)

(5.5)

Other, net

—

0.1

0.9

(0.2)

Net cash used in investing activities

(75.5)

(54.6)

(230.4)

(274.3)

Cash flows from financing activities:

Repurchases of common stock

(200.0)

(50.0)

(525.0)

(50.0)

Proceeds from employee stock plans

0.8

0.7

52.4

61.1

Tax withholding paid on behalf of employees for net share settlement

(58.6)

(44.9)

(190.3)

(168.7)

Dividend payments to stockholders

(51.9)

(51.8)

(155.6)

(154.9)

Payments on technology license obligations

(58.9)

(31.6)

(124.4)

(110.2)

Proceeds from borrowings

—

1,045.3

—

1,295.3

Principal payments of debt

(32.8)

(1,006.9)

(76.6)

(1,600.6)

Other, net

—

(7.0)

—

(7.0)

Net cash used in financing activities

(401.4)

(146.2)

(1,019.5)

(735.0)

Net increase (decrease) in cash and cash equivalents

59.4

302.2

(82.7)

(185.4)

Cash and cash equivalents at beginning of period

808.7

423.4

950.8

911.0

Cash and cash equivalents at end of period

$              868.1

$              725.6

$              868.1

$              725.6