Marvell Technology Group Ltd. Reports Third Quarter of Fiscal Year 2019 Financial Results

 

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 
   

Three Months Ended

 

Nine Months Ended

   

November 3,
2018

 

October 28,
 2017

 

November 3,
2018

 

October 28,
 2017

Cash flows from operating activities:

               

Net income (loss)

 

$

(53,767)

   

$

200,188

   

$

81,604

   

$

472,068

 

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

               

Depreciation and amortization

 

39,259

   

21,383

   

86,356

   

62,569

 

Share-based compensation

 

50,240

   

18,873

   

133,484

   

65,312

 

Amortization of acquired intangible assets

 

78,691

   

1,076

   

104,630

   

3,212

 

Amortization of inventory fair value adjustment associated with acquisition of Cavium

 

102,842

   

   

125,775

   

 

Amortization of deferred debt issuance costs and debt discounts

 

2,217

   

   

9,290

   

 

Restructuring related impairment charges (gain)

 

9,888

   

44

   

11,881

   

(402)

 

Gain from investments in privately-held companies

 

   

(1,751)

   

(1,100)

   

(2,501)

 

Amortization (accretion) of premium/discount on available-for-sale securities

 

   

(200)

   

624

   

603

 

Other non-cash expense (income), net

 

   

2,755

   

4,227

   

1,331

 

Deferred income taxes

 

(6,261)

   

7

   

(27,675)

   

2,797

 

Loss (gain) on sale of property and equipment

 

179

   

(190)

   

59

   

(473)

 

Gain on sale of discontinued operations

 

   

(46,219)

   

   

(88,406)

 

Loss (gain) on sale of business

 

1,592

   

   

1,592

   

(5,254)

 

Changes in assets and liabilities:

               

Accounts receivable

 

(10,948)

   

5,583

   

(59,697)

   

(30,730)

 

Inventories

 

(5,007)

   

(1,327)

   

1,859

   

(16,039)

 

Prepaid expenses and other assets

 

7,630

   

5,268

   

(11,874)

   

13,122

 

Accounts payable

 

22,531

   

16,119

   

22,260

   

20,087

 

Accrued liabilities and other non-current liabilities

 

40,255

   

(7,046)

   

29,023

   

(40,462)

 

Accrued employee compensation

 

20,617

   

(2,237)

   

(20,922)

   

(10,612)

 

Deferred income

 

(564)

   

3,865

   

(1,293)

   

5,149

 

Net cash provided by operating activities

 

299,394

   

216,191

   

490,103

   

451,371

 

Cash flows from investing activities:

               

Purchases of available-for-sale securities

 

   

(296,659)

   

(14,956)

   

(672,887)

 

Sales of available-for-sale securities

 

   

167,451

   

623,896

   

284,151

 

Maturities of available-for-sale securities

 

   

136,090

   

187,985

   

305,702

 

Return of investment from privately-held companies

 

   

3,701

   

   

6,089

 

Purchases of time deposits

 

   

(75,000)

   

(25,000)

   

(225,000)

 

Maturities of time deposits

 

25,000

   

75,000

   

175,000

   

225,000

 

Purchases of technology licenses

 

(9,918)

   

(3,555)

   

(11,181)

   

(5,256)

 

Purchases of property and equipment

 

(12,646)

   

(10,613)

   

(47,035)

   

(25,156)

 

Proceeds from sales of property and equipment

 

595

   

249

   

818

   

1,988

 

Cash payment for acquisition of Cavium, net of cash and cash equivalents acquired

 

   

   

(2,649,465)

   

 

Net proceeds from sale of discontinued operations

 

   

93,735

   

   

165,940

 

Net proceeds (payments) from sale of business

 

(4,602)

   

2,402

   

(3,352)

   

2,402

 

Other

 

   

   

(5,000)

   

 

Net cash provided by (used in) investing activities

 

(1,571)

   

92,801

   

(1,768,290)

   

62,973

 

Cash flows from financing activities:

               

Repurchases of common stock

 

(53,969)

   

(140,017)

   

(53,969)

   

(527,574)

 

Proceeds from employee stock plans

 

16,192

   

39,614

   

60,772

   

137,424

 

Tax withholding paid on behalf of employees for net share settlement

 

(8,915)

   

(1,120)

   

(45,691)

   

(25,934)

 

Dividend payments to shareholders

 

(39,411)

   

(29,470)

   

(108,592)

   

(89,556)

 

Payments on technology license obligations

 

(23,003)

   

(8,401)

   

(52,481)

   

(22,697)

 

Proceeds from issuance of debt

 

   

   

1,892,605

   

 

Principal payments of debt

 

(75,000)

   

   

(681,128)

   

 

Payment of equity and debt financing costs

 

(2,115)

   

   

(11,550)

   

 

Net cash provided by (used in) financing activities

 

(186,221)

   

(139,394)

   

999,966

   

(528,337)

 

Net increase (decrease) in cash and cash equivalents

 

111,602

   

169,598

   

(278,221)

   

(13,993)

 

Cash and cash equivalents at beginning of period

 

498,659

   

630,501

   

888,482

   

814,092

 

Cash and cash equivalents at end of period

 

$

610,261

   

$

800,099

   

$

610,261

   

$

800,099

 

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