$MRVL

MARVELL TECHNOLOGY GROUP LTD

CIK:0001058057|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Income Statement [Abstract]
Net revenue	$ 2,968,900	$ 2,699,161	$ 2,865,791
Cost of goods sold	1,480,550	1,342,220	1,407,399
Gross profit	1,488,350	1,356,941	1,458,392
Operating expenses:
Research and development	1,072,740	1,080,391	914,009
Selling, general and administrative	467,240	464,580	424,360
Legal settlement	36,000	0	0
Restructuring related charges	170,759	55,328	76,753
Total operating expenses	1,746,739	1,600,299	1,415,122
Operating income (loss)	(258,389)	(243,358)	43,270
Interest income	2,599	4,816	11,926
Interest expense	(69,264)	(85,631)	(60,362)
Other income, net	2,886	1,122,555	519
Interest and other income (loss), net	(63,779)	1,041,740	(47,917)
Income (loss) before income taxes	(322,168)	798,382	(4,647)
Provision (benefit) for income taxes	(44,870)	(786,009)	174,447
Net income (loss)	$ (277,298)	$ 1,584,391	$ (179,094)
Net loss per share - Basic (in dollars per share)	$ (0.41)	$ 2.38	$ (0.30)
Net loss per share - Diluted (in dollars per share)	$ (0.41)	$ 2.34	$ (0.30)
Weighted-average shares:
Basic (in shares)	668,772	664,709	591,232
Diluted (in shares)	668,772	676,094	591,232

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Cash flows from operating activities:
Net income (loss)	$ (277,298)	$ 1,584,391	$ (179,094)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	197,912	156,658	123,983
Share-based compensation	241,539	242,207	184,064
Amortization of acquired intangible assets	443,616	368,082	183,318
Amortization of inventory fair value adjustment associated with acquisitions	17,284	55,826	223,372
Amortization of deferred debt issuance costs and debt discounts	10,026	6,763	11,354
Restructuring related impairment charges (gain)	130,903	17,571	(200)
Deferred income taxes	(39,491)	(785,158)	118,647
Loss (gain) on sale of business	0	(1,121,709)	1,592
Other expense, net	24,923	26,448	4,154
Changes in assets and liabilities:
Accounts receivable	(44,322)	11,244	(99,044)
Inventories	29,913	12,759	4,348
Prepaid expenses and other assets	(41,634)	(54,138)	(11,685)
Accounts payable	39,663	1,658	(6,493)
Accrued liabilities and other non-current liabilities	44,612	(182,893)	85,027
Accrued employee compensation	39,641	20,588	(46,599)
Net cash provided by operating activities	817,287	360,297	596,744
Cash flows from investing activities:
Purchases of available-for-sale securities	0	0	(14,956)
Sales of available-for-sale securities	0	18,832	623,896
Maturities of available-for-sale securities	0	0	187,985
Purchases of time deposits	0	0	(25,000)
Maturities of time deposits	0	0	175,000
Purchases of technology licenses	(12,708)	(4,712)	(11,540)
Purchases of property and equipment	(106,798)	(81,921)	(75,921)
Proceeds from sales of property and equipment	738	620	43,525
Cash payment for acquisitions, net of cash and cash equivalents acquired	0	(1,071,079)	(2,649,465)
Net proceeds from sale of business	0	1,698,783	(3,352)
Other, net	(876)	(1,677)	(2,725)
Net cash provided by (used in) investing activities	(119,644)	558,846	(1,752,553)
Cash flows from financing activities:
Repurchases of common stock	(25,202)	(364,272)	(103,974)
Proceeds from employee stock plans	86,635	147,276	100,961
Tax withholding paid on behalf of employees for net share settlement	(108,094)	(98,302)	(54,939)
Dividend payments to shareholders	(160,574)	(159,573)	(148,081)
Payments on technology license obligations	(100,018)	(72,266)	(69,157)
Proceeds from issuance of debt	0	950,000	1,892,605
Principal payments of debt	(250,000)	(1,250,000)	(756,128)
Payment of equity and debt financing costs	(38,023)	0	(11,550)
Other, net	(1,504)	(6,812)	0
Net cash provided by (used in) in financing activities	(596,780)	(853,949)	849,737
Net increase (decrease) in cash and cash equivalents	100,863	65,194	(306,072)
Cash and cash equivalents at beginning of the year	647,604	582,410	888,482
Cash and cash equivalents at end of the year	$ 748,467	$ 647,604	$ 582,410

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Current assets:
Cash and cash equivalents	$ 748,467	$ 647,604
Accounts receivable, net	536,668	492,346
Inventories	268,228	322,980
Prepaid expenses and other current assets	63,782	74,567
Total current assets	1,617,145	1,537,497
Property and equipment, net	326,125	357,092
Goodwill	5,336,961	5,337,405
Acquired intangible assets, net	2,270,700	2,764,600
Deferred tax assets	672,424	639,791
Other non-current assets	541,569	496,850
Total assets	10,764,924	11,133,235
Current liabilities:
Accounts payable	252,419	213,747
Accrued liabilities	435,616	346,639
Accrued employee compensation	189,421	149,780
Short-term debt	199,641	0
Total current liabilities	1,077,097	710,166
Long-term debt	993,170	1,439,024
Other non-current liabilities	258,853	305,465
Total liabilities	2,329,120	2,454,655
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.002 par value; 8,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.002 par value; 992,000 shares authorized; 675,402 and 663,481 shares issued and outstanding in fiscal 2021 and 2020, respectively	1,350	1,328
Additional paid-in capital	6,331,013	6,135,939
Retained earnings	2,103,441	2,541,313
Total shareholders’ equity	8,435,804	8,678,580
Total liabilities and shareholders’ equity	$ 10,764,924	$ 11,133,235