Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

Nine Months Ended

October 30,
2021

October 31,
2020

October 30,
2021

October 31,
2020

Cash flows from operating activities:

Net loss

$

(62,532)

$

(22,908)

$

(427,202)

$

(293,834)

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

Depreciation and amortization

71,592

47,834

189,677

149,922

Share-based compensation

119,090

59,787

325,922

182,060

Amortization of acquired intangible assets

279,282

109,433

684,593

333,934

Amortization of inventory fair value adjustment associated with acquisitions

21,470

—

191,030

17,284

Amortization of deferred debt issuance costs and debt discounts

3,750

1,359

19,031

3,217

Restructuring related impairment charges

1,049

6,013

5,205

123,559

Other expense, net

13,464

6,396

60,053

19,448

Deferred income taxes

(15,984)

859

(67,570)

415

Changes in assets and liabilities, net of acquisition:

Accounts receivable

(192,229)

(6,729)

(341,444)

2,075

Inventories

(118,388)

(5,984)

(200,675)

29,817

Prepaid expenses and other assets

(19,149)

(5,677)

(65,339)

(8,692)

Accounts payable

93,200

5,121

93,788

34,768

Accrued liabilities and other non-current liabilities

761

5,289

(7,004)

26,817

Accrued employee compensation

69,289

56,741

12,980

38,202

Net cash provided by operating activities

264,665

257,534

473,045

658,992

Cash flows from investing activities:

Purchases of technology licenses

(2,731)

(1,712)

(9,371)

(8,476)

Purchases of property and equipment

(76,804)

(35,359)

(130,483)

(88,242)

Acquisitions, net of cash acquired

60,436

—

(3,539,729)

—

Other, net

(53)

(476)

(2,457)

223

Net cash used in investing activities

(19,152)

(37,547)

(3,682,040)

(96,495)

Cash flows from financing activities:

Repurchases of common stock

—

—

—

(25,202)

Proceeds from employee stock plans

2,428

2,256

42,784

50,490

Tax withholding paid on behalf of employees for net share settlement

(52,851)

(25,912)

(169,001)

(82,626)

Dividend payments to stockholders

(50,429)

(40,229)

(140,318)

(120,111)

Payments on technology license obligations

(30,551)

(34,285)

(97,858)

(76,794)

Proceeds from issuance of debt

—

—

3,806,096

—

Principal payments of debt

(150,938)

(100,000)

(425,938)

(100,000)

Payment for repurchases and settlement of convertible notes

(316)

—

(181,207)

—

Proceeds from capped calls

33

—

160,319

—

Payment of equity and debt financing costs

(7)

(22,313)

(11,850)

(22,313)

Other, net

1,003

1,003

1,003

(1,504)

Net cash provided by (used in) financing activities

(281,628)

(219,480)

2,984,030

(378,060)

Net increase (decrease) in cash and cash equivalents

(36,115)

507

(224,965)

184,437

Cash and cash equivalents at beginning of period

559,617

831,534

748,467

647,604

Cash and cash equivalents at end of period

$

523,502

$

832,041

$

523,502

$

832,041