|
Marvell Technology Group Ltd.
| |||||||||
|
|
|
| |||||||
|
|
|
Three Months Ended | |||||||
|
|
|
April 29,
|
|
April 30,
| |||||
|
Cash flows from operating activities: |
|
|
|
| |||||
|
Net income (loss) |
|
$ |
106,621 |
|
|
$ |
(22,679) |
| |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
| |||||
|
Depreciation and amortization |
|
20,742 |
|
|
27,114 |
| |||
|
Share-based compensation |
|
24,017 |
|
|
24,453 |
| |||
|
Amortization and write-off of acquired intangible assets |
|
1,071 |
|
|
2,946 |
| |||
|
Restructuring related charges |
|
(516) |
|
|
896 |
| |||
|
Deferred income taxes and other |
|
(11,109) |
|
|
(1,115) |
| |||
|
Gain on sale of a business |
|
(8,155) |
|
|
— |
| |||
|
Changes in assets and liabilities: |
|
|
|
| |||||
|
Accounts receivable |
|
(21,763) |
|
|
42,642 |
| |||
|
Inventories |
|
(11,542) |
|
|
13,598 |
| |||
|
Prepaid expenses and other assets |
|
6,422 |
|
|
(13,217) |
| |||
|
Accounts payable |
|
31,423 |
|
|
19,922 |
| |||
|
Accrued liabilities and other non-current liabilities |
|
448 |
|
|
(22,502) |
| |||
|
Carnegie Mellon University accrued litigation settlement (a) |
|
— |
|
|
(736,000) |
| |||
|
Accrued employee compensation |
|
(7,529) |
|
|
7,152 |
| |||
|
Deferred income |
|
5,016 |
|
|
(1,234) |
| |||
|
Net cash provided by (used in) operating activities |
|
135,146 |
|
|
(658,024) |
| |||
|
Cash flows from investing activities: |
|
|
|
| |||||
|
Purchases of available-for-sale securities |
|
(198,416) |
|
|
(93,365) |
| |||
|
Sales of available-for-sale securities |
|
78,764 |
|
|
272,271 |
| |||
|
Maturities of available-for-sale securities |
|
82,235 |
|
|
97,788 |
| |||
|
Purchase of time deposits |
|
(75,000) |
|
|
(50,000) |
| |||
|
Maturities of time deposits |
|
75,000 |
|
|
— |
| |||
|
Purchases of technology licenses |
|
(1,093) |
|
|
(4,050) |
| |||
|
Purchases of property and equipment |
|
(10,026) |
|
|
(11,868) |
| |||
|
Net proceeds from sale of a business |
|
22,954 |
|
|
— |
| |||
|
Other |
|
7,275 |
|
|
— |
| |||
|
Net cash provided by (used in) investing activities |
|
(18,307) |
|
|
210,776 |
| |||
|
Cash flows from financing activities: |
|
|
|
| |||||
|
Repurchases of common stock |
|
(166,293) |
|
|
— |
| |||
|
Proceeds from employee stock plans |
|
19,939 |
|
|
315 |
| |||
|
Minimum tax withholding paid on behalf of employees for net share settlement |
|
(21,809) |
|
|
(15,270) |
| |||
|
Dividend payments to shareholders |
|
(29,991) |
|
|
(30,461) |
| |||
|
Payments on technology license obligations |
|
(6,815) |
|
|
(5,294) |
| |||
|
Net cash used in financing activities |
|
(204,969) |
|
|
(50,710) |
| |||
|
Net decrease in cash and cash equivalents |
|
(88,130) |
|
|
(497,958) |
| |||
|
Cash and cash equivalents at beginning of period |
|
814,092 |
|
|
1,278,180 |
| |||
|
Cash and cash equivalents at end of period |
|
$ |
725,962 |
|
|
$ |
780,222 |
| |
