Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

Six Months Ended

July 31,
2021

August 1,
2020

July 31,
2021

August 1,
2020

Cash flows from operating activities:

Net loss

$

(276,428)

$

(157,893)

$

(364,670)

$

(270,926)

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

Depreciation and amortization

66,248

51,605

118,085

102,088

Share-based compensation

114,105

62,586

206,832

122,273

Amortization of acquired intangible assets

276,672

111,579

405,311

224,501

Amortization of inventory fair value adjustment associated with acquisitions

155,840

—

169,560

17,284

Restructuring related impairment charges

1,776

114,723

4,156

117,546

Other expense, net

32,941

6,282

61,870

14,910

Deferred income taxes

(29,005)

(2,816)

(51,586)

(444)

Changes in assets and liabilities, net of acquisition:

Accounts receivable

(91,216)

(14,782)

(149,215)

8,804

Inventories

(69,038)

(33)

(82,287)

35,801

Prepaid expenses and other assets

(50,603)

3,679

(46,190)

(3,015)

Accounts payable

52,197

33,204

588

29,647

Accrued liabilities and other non-current liabilities

39,234

10,732

(7,765)

21,528

Accrued employee compensation

(616)

6,964

(56,309)

(18,539)

Net cash provided by operating activities

222,107

225,830

208,380

401,458

Cash flows from investing activities:

Purchases of technology licenses

(3,197)

(3,080)

(6,640)

(6,764)

Purchases of property and equipment

(32,235)

(17,540)

(53,679)

(52,883)

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

—

—

(3,600,165)

—

Other, net

(2,851)

34

(2,404)

699

Net cash used in investing activities

(38,283)

(20,586)

(3,662,888)

(58,948)

Cash flows from financing activities:

Repurchases of common stock

—

—

—

(25,202)

Proceeds from employee stock plans

39,807

42,776

40,356

48,234

Tax withholding paid on behalf of employees for net share settlement

(42,975)

(25,213)

(116,150)

(56,714)

Dividend payments to stockholders

(49,332)

(40,119)

(89,889)

(79,882)

Payments on technology license obligations

(23,175)

(18,702)

(67,307)

(42,509)

Proceeds from issuance of debt

75,000

—

3,806,096

—

Principal payments of debt

(75,000)

—

(275,000)

—

Payment for repurchases and settlement of convertible notes

(109,812)

—

(180,891)

—

Proceeds from capped calls

49,132

—

160,286

—

Payment of equity and debt financing costs

(10,364)

—

(11,843)

—

Other, net

—

—

—

(2,507)

Net cash provided by (used in) financing activities

(146,719)

(41,258)

3,265,658

(158,580)

Net increase (decrease) in cash and cash equivalents

37,105

163,986

(188,850)

183,930

Cash and cash equivalents at beginning of period

522,512

667,548

748,467

647,604

Cash and cash equivalents at end of period

$

559,617

$

831,534

$

559,617

$

831,534