Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Three Months Ended

Year Ended

February 3,
2024

January 28,
2023

February 3,
2024

January 28,
2023

Cash flows from operating activities:

Net loss

$        (392.7)

$          (15.4)

$        (933.4)

$        (163.5)

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

Depreciation and amortization

73.8

77.9

299.8

304.9

Stock-based compensation

155.3

130.7

609.8

552.4

Amortization of acquired intangible assets

286.3

273.2

1,097.9

1,087.4

Amortization of inventory fair value adjustment associated with
acquisitions

—

12.7

—

38.7

Amortization of deferred debt issuance costs and debt discounts

2.1

2.6

10.7

10.3

Restructuring related impairment charges

0.7

0.7

32.9

5.6

Deferred income taxes

434.5

(3.2)

150.8

50.4

Other expense, net

12.9

6.5

44.2

52.4

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

93.0

198.8

70.6

(142.7)

Prepaid expenses and other assets

(107.5)

(98.0)

(93.1)

(480.4)

Inventories

78.8

(122.5)

201.9

(385.9)

Accounts payable

(61.6)

(53.9)

(149.1)

(87.8)

Accrued employee compensation

17.6

(3.8)

18.3

2.5

Accrued liabilities and other non-current liabilities

(46.6)

(54.8)

9.2

444.5

Net cash provided by operating activities

546.6

351.5

1,370.5

1,288.8

Cash flows from investing activities:

Purchases of technology licenses

(10.6)

(2.0)

(13.9)

(11.1)

Purchases of property and equipment

(71.0)

(54.0)

(336.3)

(206.2)

Acquisitions, net of cash acquired

—

(9.3)

—

(112.3)

Other, net

(0.1)

1.1

(0.3)

1.2

Net cash used in investing activities

(81.7)

(64.2)

(350.5)

(328.4)

Cash flows from financing activities:

Repurchases of common stock

(100.0)

—

(150.0)

(115.0)

Proceeds from employee stock plans

38.1

38.8

99.2

91.3

Tax withholding paid on behalf of employees for net share settlement

(55.0)

(26.4)

(223.7)

(227.6)

Dividend payments to stockholders

(51.9)

(51.3)

(206.8)

(204.4)

Payments on technology license obligations

(40.1)

(38.9)

(150.3)

(142.5)

Proceeds from borrowings

—

—

1,295.3

200.0

Principal payments of debt

(21.9)

(21.8)

(1,622.5)

(265.6)

Other, net

(8.9)

(0.1)

(21.4)

0.9

Net cash used in financing activities

(239.7)

(99.7)

(980.2)

(662.9)

Net increase in cash and cash equivalents

225.2

187.6

39.8

297.5

Cash and cash equivalents at beginning of period

725.6

723.4

911.0

613.5

Cash and cash equivalents at end of period

$          950.8

$          911.0

$          950.8

$          911.0