Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Six Months Ended

July 29,
2023

July 30,
2022

July 29,
2023

July 30,
2022

Cash flows from operating activities:

Net income (loss)

$        (207.5)

$              4.3

$        (376.4)

$        (161.4)

Adjustments to reconcile net income (loss) to net cash provided by operating
     activities:

Depreciation and amortization

75.5

76.9

153.9

152.6

Stock-based compensation

152.8

144.5

296.0

275.6

Amortization of acquired intangible assets

271.8

271.8

541.8

544.3

Amortization of inventory fair value adjustment associated with acquisitions

—

6.3

—

15.6

Restructuring related impairment charges

21.3

1.0

31.4

1.9

Deferred income taxes

(87.6)

13.4

(226.7)

178.4

Other expense, net

8.9

16.5

21.7

22.3

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(208.2)

(100.2)

(16.9)

(239.7)

Prepaid expenses and other assets

(47.2)

(42.0)

(39.3)

(184.9)

Inventories

11.3

(81.3)

52.5

(207.1)

Accounts payable

18.0

(57.5)

(86.8)

3.9

Accrued employee compensation

1.1

(3.7)

(59.0)

(53.7)

Accrued liabilities and other non-current liabilities

102.3

81.5

28.7

178.5

Net cash provided by operating activities

112.5

331.5

320.9

526.3

Cash flows from investing activities:

Purchases of technology licenses

(0.2)

(2.6)

(3.0)

(4.2)

Purchases of property and equipment

(111.1)

(72.6)

(210.9)

(109.5)

Acquisitions, net of cash acquired

(5.5)

(54.6)

(5.5)

(98.6)

Other, net

(0.2)

(0.1)

(0.3)

—

Net cash used in investing activities

(117.0)

(129.9)

(219.7)

(212.3)

Cash flows from financing activities:

Repurchases of common stock

—

(50.0)

—

(65.0)

Proceeds from employee stock plans

52.9

48.9

60.4

51.4

Tax withholding paid on behalf of employees for net share settlement

(51.2)

(34.1)

(123.8)

(171.7)

Dividend payments to stockholders

(51.7)

(51.1)

(103.1)

(102.0)

Payments on technology license obligations

(28.6)

(22.2)

(78.6)

(71.2)

Proceeds from borrowings

50.0

200.0

250.0

200.0

Principal payments of debt

(571.8)

(141.0)

(593.7)

(151.9)

Net cash used in financing activities

(600.4)

(49.5)

(588.8)

(310.4)

Net increase (decrease) in cash and cash equivalents

(604.9)

152.1

(487.6)

3.6

Cash and cash equivalents at beginning of period

1,028.3

465.0

911.0

613.5

Cash and cash equivalents at end of period

$          423.4

$          617.1

$          423.4

$          617.1