|
Marvell Technology Group Ltd. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | ||||||||||||||||
|
| ||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended | ||||||||||||
|
|
|
July 29, 2017 |
|
July 30, 2016 |
|
July 29, 2017 |
|
July 30, 2016 | ||||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
| ||||||||
|
Net income |
|
$ |
165,259 |
|
|
$ |
51,305 |
|
|
$ |
271,880 |
|
|
$ |
28,626 |
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
| ||||||||
|
Depreciation and amortization |
|
20,444 |
|
|
26,866 |
|
|
41,186 |
|
|
53,980 |
| ||||
|
Share-based compensation |
|
22,422 |
|
|
37,196 |
|
|
46,439 |
|
|
61,649 |
| ||||
|
Amortization and write-off of acquired intangible assets |
|
1,065 |
|
|
2,946 |
|
|
2,136 |
|
|
5,892 |
| ||||
|
Deferred income taxes |
|
2,008 |
|
|
53 |
|
|
2,791 |
|
|
(2,423) |
| ||||
|
Excess tax benefits from share-based compensation |
|
— |
|
|
(5) |
|
|
— |
|
|
(5) |
| ||||
|
Gain on sale of businesses |
|
(39,309) |
|
|
— |
|
|
(47,464) |
|
|
— |
| ||||
|
Other |
|
(1,551) |
|
|
718 |
|
|
(1,886) |
|
|
2,975 |
| ||||
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
| ||||||||
|
Accounts receivable |
|
(14,550) |
|
|
(68,025) |
|
|
(36,313) |
|
|
(25,383) |
| ||||
|
Inventories |
|
(3,170) |
|
|
(6,364) |
|
|
(14,712) |
|
|
7,234 |
| ||||
|
Prepaid expenses and other assets |
|
2,460 |
|
|
6,605 |
|
|
8,882 |
|
|
(6,612) |
| ||||
|
Accounts payable |
|
(27,455) |
|
|
20,437 |
|
|
3,968 |
|
|
40,359 |
| ||||
|
Accrued liabilities and other non-current liabilities |
|
(21,793) |
|
|
(7,741) |
|
|
(33,418) |
|
|
(30,243) |
| ||||
|
Carnegie Mellon University accrued litigation settlement (a) |
|
— |
|
|
— |
|
|
— |
|
|
(736,000) |
| ||||
|
Accrued employee compensation |
|
(846) |
|
|
(22,270) |
|
|
(8,375) |
|
|
(15,118) |
| ||||
|
Deferred income |
|
(3,732) |
|
|
17,561 |
|
|
1,284 |
|
|
16,327 |
| ||||
|
Net cash provided by (used in) operating activities |
|
101,252 |
|
|
59,282 |
|
|
236,398 |
|
|
(598,742) |
| ||||
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
| ||||||||
|
Purchases of available-for-sale securities |
|
(177,811) |
|
|
(110,358) |
|
|
(376,227) |
|
|
(203,723) |
| ||||
|
Sales of available-for-sale securities |
|
37,936 |
|
|
67,824 |
|
|
116,700 |
|
|
340,095 |
| ||||
|
Maturities of available-for-sale securities |
|
87,376 |
|
|
48,682 |
|
|
169,611 |
|
|
146,470 |
| ||||
|
Purchase of time deposits |
|
(75,000) |
|
|
(75,000) |
|
|
(150,000) |
|
|
(125,000) |
| ||||
|
Maturities of time deposits |
|
75,000 |
|
|
— |
|
|
150,000 |
|
|
— |
| ||||
|
Return of investment from privately-held companies |
|
2,388 |
|
|
— |
|
|
2,388 |
|
|
— |
| ||||
|
Purchases of technology licenses |
|
(608) |
|
|
(3,995) |
|
|
(1,701) |
|
|
(8,045) |
| ||||
|
Purchases of property and equipment |
|
(4,020) |
|
|
(12,509) |
|
|
(14,046) |
|
|
(24,377) |
| ||||
|
Net proceeds from sale of businesses |
|
42,000 |
|
|
— |
|
|
72,229 |
|
|
— |
| ||||
|
Net cash provided by (used in) investing activities |
|
(12,739) |
|
|
(85,356) |
|
|
(31,046) |
|
|
125,420 |
| ||||
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
| ||||||||
|
Repurchases of common stock |
|
(221,265) |
|
|
— |
|
|
(387,558) |
|
|
— |
| ||||
|
Proceeds from employee stock plans |
|
77,872 |
|
|
244 |
|
|
97,811 |
|
|
559 |
| ||||
|
Minimum tax withholding paid on behalf of employees for net share settlement |
|
(3,005) |
|
|
(112) |
|
|
(24,814) |
|
|
(15,382) |
| ||||
|
Dividend payments to shareholders |
|
(30,095) |
|
|
(30,675) |
|
|
(60,086) |
|
|
(61,136) |
| ||||
|
Payments on technology license obligations |
|
(7,481) |
|
|
(4,858) |
|
|
(14,296) |
|
|
(10,152) |
| ||||
|
Excess tax benefits from share-based compensation |
|
— |
|
|
5 |
|
|
— |
|
|
5 |
| ||||
|
Net cash used in financing activities |
|
(183,974) |
|
|
(35,396) |
|
|
(388,943) |
|
|
(86,106) |
| ||||
|
Net decrease in cash and cash equivalents |
|
(95,461) |
|
|
(61,470) |
|
|
(183,591) |
|
|
(559,428) |
| ||||
|
Cash and cash equivalents at beginning of period |
|
725,962 |
|
|
780,222 |
|
|
814,092 |
|
|
1,278,180 |
| ||||
|
Cash and cash equivalents at end of period |
|
$ |
630,501 |
|
|
$ |
718,752 |
|
|
$ |
630,501 |
|
|
$ |
718,752 |
|
|
|
|
|
(a) |
The Company paid $750.0 million to Carnegie Mellon University in connection with a litigation settlement agreement reached in February 2016. |
