Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Nine Months Ended

October 28,
2023

October 29,
2022

October 28,
2023

October 29,
2022

Cash flows from operating activities:

Net income (loss)

$        (164.3)

$            13.3

$        (540.7)

$        (148.1)

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

Depreciation and amortization

72.1

74.4

226.0

227.0

Stock-based compensation

158.5

146.1

454.5

421.7

Amortization of acquired intangible assets

269.8

269.9

811.6

814.2

Amortization of inventory fair value adjustment associated with acquisitions

—

10.4

—

26.0

Restructuring related impairment charges

0.8

3.0

32.2

4.9

Deferred income taxes

(57.0)

(124.8)

(283.7)

53.6

Other expense, net

18.2

31.3

39.9

53.6

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(5.5)

(101.8)

(22.4)

(341.5)

Prepaid expenses and other assets

53.7

(197.5)

14.4

(382.4)

Inventories

70.6

(56.3)

123.1

(263.4)

Accounts payable

(0.7)

(37.8)

(87.5)

(33.9)

Accrued employee compensation

59.7

60.0

0.7

6.3

Accrued liabilities and other non-current liabilities

27.1

320.8

55.8

499.3

Net cash provided by operating activities

503.0

411.0

823.9

937.3

Cash flows from investing activities:

Purchases of technology licenses

(0.3)

(4.9)

(3.3)

(9.1)

Purchases of property and equipment

(54.4)

(42.7)

(265.3)

(152.2)

Acquisitions, net of cash acquired

—

(4.4)

(5.5)

(103.0)

Other, net

0.1

0.1

(0.2)

0.1

Net cash used in investing activities

(54.6)

(51.9)

(274.3)

(264.2)

Cash flows from financing activities:

Repurchases of common stock

(50.0)

(50.0)

(50.0)

(115.0)

Proceeds from employee stock plans

0.7

1.1

61.1

52.5

Tax withholding paid on behalf of employees for net share settlement

(44.9)

(29.5)

(168.7)

(201.2)

Dividend payments to stockholders

(51.8)

(51.1)

(154.9)

(153.1)

Payments on technology license obligations

(31.6)

(32.4)

(110.2)

(103.6)

Proceeds from borrowings

1,045.3

—

1,295.3

200.0

Principal payments of debt

(1,006.9)

(91.9)

(1,600.6)

(243.8)

Payment of equity and debt financing costs

(7.0)

—

(7.0)

—

Other, net

—

1.0

—

1.0

Net cash used in financing activities

(146.2)

(252.8)

(735.0)

(563.2)

Net increase (decrease) in cash and cash equivalents

302.2

106.3

(185.4)

109.9

Cash and cash equivalents at beginning of period

423.4

617.1

911.0

613.5

Cash and cash equivalents at end of period

$          725.6

$          723.4

$          725.6

$          723.4