Marvell Technology Group Ltd. Reports Fourth Fiscal Quarter and Fiscal Year 2016 Financial Results

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)




















Fiscal 2016


Fiscal 2015







Three Months Ended 


Three Months Ended



Year Ended


January 30,


October 31,


August 1,


January 31,


November 1,


August 2,



January 30,


January 31,





2016 (a)


2015 (a) 


2015 (a)


2015


2014


2014



2016 (a)


2015





(Preliminary)





(Preliminary)



Cash flows from operating activities:

















Net income (loss)

$        4,200


$      (57,750)


$      (771,940)


$      81,693


$     115,304


$    138,870



$      (811,400)


$    435,346

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


































Depreciation and amortization

22,800


25,565


25,191


26,464


26,515


26,263



100,176


106,248


Share-based compensation

32,419


31,465


36,674


37,963


34,294


35,020



133,779


137,246


Amortization and write-off of acquired intangible assets

2,947


3,635


3,053


3,585


3,789


3,789



12,688


18,337


Non-cash restructuring and other related charges

289


14,270


900


3,230


-


-



16,032


17


Other non-cash expense (income), net

7,885


4,205


2,283


(1,699)


(6,034)


(7,596)



13,811


(10,646)


Excess tax benefits from share-based compensation

1


(2)


(7)


(67)


(2)


(32)



(26)


(145)


Changes in assets and liabilities:



















Accounts receivable

57,628


36,793


(23,907)


25,719


40,214


33,419



97,655


34,165



Inventories

69,544


39,457


12,903


48,247


37,506


(43,194)



90,586


39,454



Prepaid expenses and other assets

(35,245)


6,804


9,358


4,087


18,536


(24,996)



(17,113)


(7,125)



Accounts payable

(62,163)


(55,693)


(5,167)


(60,808)


(70,749)


2,558



(105,898)


(43,871)



Accrued liabilities and other non-current liabilities

(27,218)


3,958


19,634


(12,189)


(24,997)


10,096



(15,202)


(30,024)



Carnegie Mellon University accrued litigation settlement

1,285


1,158


733,557


-


-


-



736,000


-



Accrued employee compensation

(18,702)


14,295


(14,507)


1,910


19,101


(7,451)



(33,338)


43,561



Deferred income

(2,364)


(1,566)


(1,441)


(2,714)


(12,053)


(9,792)



(12,398)


6,373




Net cash provided by operating activities

53,306


66,594


26,584


155,421


181,424


156,954



205,352


728,936

Cash flows from investing activities:


















Purchases of available-for-sale securities

(133,215)


(356,465)


(173,465)


(344,023)


(448,526)


(153,881)



(1,056,045)


(1,128,319)


Sales and maturities of available-for-sale securities

477,301


356,409


222,295


248,215


205,685


190,099



1,303,500


826,310


Distribution from (investments in) privately-held companies

(119)


(130)


208


-


(260)


-



(41)


(701)


Proceeds from sale of an investment in a privately-held company

-


-


-


-


13,220


-



-


13,220


Purchases of technology licenses

(1,579)


(980)


(2,071)


(1,910)


(5,105)


(1,298)



(8,236)


(16,424)


Purchases of property and equipment

(3,894)


(9,041)


(16,986)


(14,415)


(16,661)


(15,823)



(37,255)


(63,030)


Purchase of equipment previously leased

-


-


-


-


-


-



(10,240)


-


Net proceeds from sale of equipment held for sale

-


10,007


-


-


-


-



10,007


-




Net cash provided by (used in) investing activities

338,494


(200)


29,981


(112,133)


(251,647)


19,097



201,690


(368,944)

Cash flows from financing activities:


















Repurchase of common stock (b)

-


(65,291)


(175,311)


(21,188)


(43,774)


-



(260,875)


(64,962)


Proceeds from employee stock plans

21,369


2,174


44,161


41,049


2,934


49,282



80,717


112,357


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


















(482)


(869)


(697)


(908)


(663)


(637)



(24,358)


(26,494)


Dividend payments to shareholders

(30,447)


(30,270)


(31,194)


(30,942)


(30,867)


(30,820)



(122,821)


(122,801)


Payments on technology license obligations

(1,112)


(2,617)


(4,732)


(4,382)


(5,951)


(2,677)



(12,528)


(13,010)


Excess tax benefits from share-based compensation

(1)


2


7


67


2


32



26


145




Net cash provided by (used in) financing activities

(10,673)


(96,871)


(167,766)


(16,304)


(78,319)


15,180



(339,839)


(114,765)

Net increase (decrease) in cash and cash equivalents

381,127


(30,477)


(111,201)


26,984


(148,542)


191,231



67,203


245,227

Cash and cash equivalents at beginning of period

897,053


927,530


1,038,731


1,183,993


1,332,535


1,141,304



1,210,977


965,750

Cash and cash equivalents at end of period

$ 1,278,180


$   897,053


$  927,530


$ 1,210,977


$  1,183,993


$ 1,332,535



$    1,278,180


$ 1,210,977





(a) 

The condensed consolidated statement of cash flows for each of the three months ended January 30, 2016, October 31, 2015 and August 1, 2015 are preliminary, as well as the twelve months ended January 30, 2016, and therefore, subject to adjustments in connection with subsequent events arising through the date of the Company's filing of its Annual Report on Form 10-K for the corresponding period. The filing of the Form 10-K will be completed as soon as practicable after the completion of the audit of the Company's fiscal 2016 financial statements by Deloitte & Touche LLP, its newly appointed independent registered public accounting firm.



(b) 

Marvell records all repurchases as well as investment purchases and sales, based on trade date in accordance with U.S. GAAP.


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