Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

May 4,
2024

April 29,
2023

Cash flows from operating activities:

Net loss

$            (215.6)

$            (168.9)

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

Depreciation and amortization

72.6

78.4

Stock-based compensation

136.5

143.2

Amortization of acquired intangible assets

264.9

270.0

Restructuring related impairment charges

0.7

10.1

Deferred income taxes

(22.2)

(139.1)

Other expense, net

21.8

12.8

Changes in assets and liabilities:

Accounts receivable

239.7

191.3

Prepaid expenses and other assets

85.8

7.9

Inventories

38.8

41.2

Accounts payable

(58.3)

(104.8)

Accrued employee compensation

(92.2)

(60.1)

Accrued liabilities and other non-current liabilities

(148.0)

(73.6)

Net cash provided by operating activities

324.5

208.4

Cash flows from investing activities:

Purchases of technology licenses

(0.5)

(2.8)

Purchases of property and equipment

(91.5)

(99.8)

Other, net

(9.9)

(0.1)

Net cash used in investing activities

(101.9)

(102.7)

Cash flows from financing activities:

Repurchases of common stock

(150.0)

—

Proceeds from employee stock plans

2.3

7.5

Tax withholding paid on behalf of employees for net share settlement

(74.1)

(72.6)

Dividend payments to stockholders

(51.8)

(51.4)

Payments on technology license obligations

(30.2)

(50.0)

Proceeds from borrowings

—

200.0

Principal payments of debt

(21.9)

(21.9)

Net cash provided by (used in) financing activities

11.6

Net increase (decrease) in cash and cash equivalents

(103.1)

117.3

Cash and cash equivalents at beginning of period

950.8

911.0

Cash and cash equivalents at end of period

$              847.7

$          1,028.3