Marvell Technology Group Ltd. Reports First Quarter of Fiscal 2016 Financial Results

 


Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)





















Three Months Ended










May 2,


May 3,










2015


2014


Cash flows from operating activities:







Net income

$      14,090


$      99,479


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






Depreciation and amortization

26,620


27,006



Share-based compensation

33,221


29,969



Amortization and write-off of acquired intangible assets

3,053


7,174



Other expense, net

916


1,470



Excess tax benefits from share-based compensation

(18)


(44)



Changes in assets and liabilities:







Accounts receivable

27,141


(63,578)




Inventories

(31,318)


(3,105)




Prepaid expenses and other assets

1,065


(2,161)




Accounts payable

17,125


85,128




Accrued liabilities and other non-current liabilities

(11,576)


(7,134)




Accrued employee compensation

(14,424)


30,001




Deferred income

(7,027)


30,932





Net cash provided by operating activities

58,868


235,137


Cash flows from investing activities:






Purchases of available-for-sale securities

(392,900)


(181,889)



Sales and maturities of available-for-sale securities

247,495


182,311



Investments in privately-held companies


(441)



Purchases of technology licenses

(3,606)


(8,111)



Purchases of property and equipment

(7,334)


(16,131)



Purchase of equipment previously leased 

(10,240)






Net cash used in investing activities

(166,585)


(24,261)


Cash flows from financing activities:






Repurchase of common stock (a)

(20,273)




Proceeds from employee stock plans

13,013


19,092



Minimum tax withholding paid on behalf of employees  for net share settlement

(22,310)


(24,286)



Dividend payments to shareholders

(30,910)


(30,172)



Payments on technology license obligations

(4,067)




Excess tax benefits from share-based compensation

18


44





Net cash used in financing activities

(64,529)


(35,322)


Net increase (decrease) in cash and cash equivalents

(172,246)


175,554


Cash and cash equivalents at beginning of period

1,210,977


965,750


Cash and cash equivalents at end of period

$ 1,038,731


$ 1,141,304















(a) 

Marvell records all repurchases as well as investment purchases and sales, based on trade date in accordance with U.S. GAAP. Cash paid for repurchase of Marvell common shares includes a total of 1.4 million shares repurchased for $22.1 million in the first quarter of fiscal 2016, adjusted for repurchases of $1.8 million made within the final three days of the quarter that are accrued but not yet paid due to the standard settlement period that normally takes up to three days.











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