Marvell Technology Group Ltd. Reports Second Quarter of Fiscal 2017 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

















Three Months Ended



Six Months Ended





July 30,


August 1,



July 30,


August 1,





2016


2015



2016


2015

Cash flows from operating activities:









Net income (loss)

$   51,305


$ (771,940)



$    28,626


$ (757,850)

Adjustments to reconcile net income (loss) to net cash provided









  by operating activities:










Depreciation and amortization

26,866


25,191



53,980


51,811


Share-based compensation

37,196


36,674



61,649


69,895


Amortization of acquired intangible assets

2,946


3,053



5,892


6,106


Non-cash restructuring and other related charges

129


900



1,025


1,473


Other non-cash expense, net

589


2,282



1,950


1,721


Excess tax benefits from share-based compensation

(5)


(7)



(5)


(25)


Changes in assets and liabilities:











Accounts receivable

(68,025)


(23,907)



(25,383)


3,234



Inventories

(6,364)


12,903



7,234


(18,415)



Prepaid expenses and other assets (a)

6,658


9,359



(9,035)


11,328



Accounts payable

20,437


(5,167)



40,359


11,958



Accrued liabilities and other non-current liabilities (a)

(7,741)


753,191



(766,243)


741,615



Accrued employee compensation

(22,270)


(14,507)



(15,118)


(28,931)



Deferred income

17,561


(1,441)



16,327


(8,468)




Net cash provided by (used in) operating activities

59,282


26,584



(598,742)


85,452

Cash flows from investing activities:










Purchases of available-for-sale securities

(110,358)


(173,465)



(203,723)


(566,365)


Sales and maturities of available-for-sale securities

116,506


222,295



486,565


469,790


Purchase of time deposits

(75,000)


-



(125,000)


-


Distribution from (investments in) privately-held companies

-


208



-


208


Purchases of technology licenses

(3,995)


(2,071)



(8,045)


(5,677)


Purchases of property and equipment

(12,509)


(16,986)



(24,377)


(24,320)


Purchase of equipment previously leased 

-


-



-


(10,240)




Net cash provided by (used in) investing activities

(85,356)


29,981



125,420


(136,604)

Cash flows from financing activities:










Repurchase of common stock (b)

-


(175,311)



-


(195,584)


Proceeds from employee stock plans

244


44,161



559


57,174


Minimum tax withholding paid on behalf of employees 










 for net share settlement

(112)


(697)



(15,382)


(23,007)


Dividend payments to shareholders

(30,675)


(31,194)



(61,136)


(62,104)


Payments on technology license obligations

(4,858)


(4,732)



(10,152)


(8,799)


Excess tax benefits from share-based compensation

5


7



5


25




Net cash used in financing activities

(35,396)


(167,766)



(86,106)


(232,295)

Net increase (decrease) in cash and cash equivalents

(61,470)


(111,201)



(559,428)


(283,447)

Cash and cash equivalents at beginning of period

780,222


1,038,731



1,278,180


1,210,977

Cash and cash equivalents at end of period

$ 718,752


$  927,530



$  718,752


$  927,530



(a) 

In the six months ended July 30, 2016, the Company paid a total of $750.0 million to CMU in connection with the settlement agreement that was reached in February 2016. Of this settlement, the Company recognized a charge of $736.0 million in fiscal 2016. The remaining $14.0 million was recorded in prepaid expenses and other assets, to be recognized in cost of good sold over the remaining term of the license from February 2016 through April 2018. For further detail of the accounting for the settlement, see "Note 13 – Carnegie Mellon University Settlement" in the Notes to the Unaudited Condensed  Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended April 30, 2016. 

(b) 

Marvell records all repurchases of common stock consistent with the way it records investment purchases and sales, based on trade date in accordance with U.S. GAAP. In the three and six months ended August 1, 2015, cash paid for repurchase of Marvell common shares was adjusted for repurchases of $19.7 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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