← Marvell Technology, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | — | — | — | $1.6b | ($277.3m) | ($421.0m) | ($163.5m) | ($933.4m) | ($885.0m) | $2.7b | |
| Depreciation and amortization | $857k | $1.1m | $1.1m | $156.7m | $197.9m | $265.9m | $304.9m | $299.8m | $304.3m | $348.6m | |
| Amortization of acquired intangible assets | — | — | — | $368.1m | $443.6m | $979.4m | $1.1b | $1.1b | $1.1b | $942.0m | |
| Amortization of offering cost of warrants | — | — | — | $0 | $12.6m | $0 | $1.5m | $0 | — | — | |
| Amortization of right of use assets | — | $0 | $0 | $1.4m | $1.9m | $3.1m | $3.3m | $1.6m | $4.6m | — | |
| Deferred income taxes | $0 | $0 | — | ($785.2m) | ($39.5m) | ($93.9m) | $50.4m | $150.8m | ($111.9m) | $42.2m | |
| Deferred tax benefit | $0 | $0 | $0 | $0 | ($426k) | ($624k) | $0 | — | — | — | |
| Impairment loss of property and equipment and other long-lived assets | $52k | $32k | $0 | $0 | $768k | $0 | $1.0m | $0 | $0 | $27.4m | |
| Impairment loss on goodwill and intangible assets | — | — | — | — | $0 | $2.3m | $10.0m | $0 | $0 | — | |
| Impairment loss on goodwill | — | — | — | $0 | $0 | $2.3m | — | — | — | — | |
| Impairment loss of investment in unconsolidated entity | $0 | $4.0m | $0 | — | — | — | — | — | — | — | |
| Loss (gain) from disposal of property and equipment | ($36k) | ($78k) | $0 | ($89k) | $20k | $49k | ($13k) | $35k | $12k | $27.4m | |
| Operating lease liabilities | — | $0 | $0 | ($1.4m) | ($2.8m) | ($1.6m) | ($3.1m) | ($2.9m) | ($4.9m) | — | |
| Right-of-use assets obtained in exchange for operating lease obligations | — | $0 | $0 | $1.2m | $7.2m | $938k | $75k | $8.3m | — | — | |
| Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement | — | — | — | — | $0 | $0 | $62k | $61k | $1.9m | — | |
| Interest expenses related to convertible notes | — | — | $0 | $0 | $430k | $0 | — | — | — | — | |
| Reversal of interest expense | — | $0 | $0 | ($81k) | — | — | — | — | — | — | |
| Stock-based compensation | $2.0m | $840k | $9.6m | $242.2m | $241.5m | $460.7m | $552.4m | $609.8m | $597.4m | $590.8m | |
| Restructuring related charges (gains), net | — | — | — | $17.6m | $130.9m | $6.2m | $5.6m | $32.9m | $528.8m | ($14.0m) | |
| Gain on sale of business | — | — | — | ($1.1b) | $0 | $0 | — | $0 | $0 | ($1.8b) | |
| Other expense, net | — | — | — | $26.4m | $24.9m | $69.2m | $52.4m | $44.2m | $65.9m | $109.5m | |
| Accounts receivable | ($245k) | $12.0m | ($40.5m) | $11.2m | ($44.3m) | ($409.1m) | ($142.7m) | $70.6m | $93.2m | ($1.2b) | |
| Prepaid expenses and other assets | — | — | — | ($54.1m) | ($41.6m) | ($161.8m) | ($480.4m) | ($93.1m) | $3.4m | ($242.4m) | |
| Inventories | $3.6m | ($5.0m) | ($1.2m) | $12.8m | $29.9m | ($291.9m) | ($385.9m) | $201.9m | ($230.0m) | ($389.8m) | |
| Accounts payable | — | — | — | $1.7m | $39.7m | $93.2m | ($87.8m) | ($149.1m) | $181.5m | $299.3m | |
| Accrued employee compensation | $1.6m | $141k | $784k | $20.6m | $39.6m | $29.6m | $2.5m | $18.3m | $43.5m | ($10.5m) | |
| Accrued liabilities and other non-current liabilities | — | — | — | ($182.9m) | $44.6m | $77.1m | $444.5m | $9.2m | $37.5m | $393.3m | |
| Purchases of technology licenses | — | — | — | ($4.7m) | ($12.7m) | ($17.8m) | ($11.1m) | ($13.9m) | ($7.0m) | ($4.5m) | |
| Purchases of property and equipment | ($638k) | ($1.5m) | ($1.7m) | ($81.9m) | ($106.8m) | ($169.3m) | ($206.2m) | ($336.3m) | ($284.6m) | ($354.1m) | |
| Proceeds from sales of property and equipment | $52k | $32k | $0 | $900 | $0 | $0 | $32k | $300k | $500k | $27.4m | |
| Acquisitions, net of cash acquired | — | — | $0 | ($1.1b) | $0 | ($3.6b) | ($112.3m) | $0 | ($10.4m) | $0 | |
| Net proceeds from sale of business | — | — | — | $1.7b | $0 | $0 | — | $0 | $0 | $2.5b | |
| Other, net | — | — | — | ($6.8m) | ($1.5m) | $1.0m | $900k | ($21.4m) | ($200k) | ($30.3m) | |
| Proceeds from employee stock plans | — | — | — | $147.3m | $86.6m | $84.5m | $91.3m | $99.2m | $87.6m | $78.7m | |
| Payments on technology license obligations | — | — | — | ($72.3m) | ($100.0m) | ($134.4m) | ($142.5m) | ($150.3m) | ($153.6m) | ($128.3m) | |
| Proceeds from borrowings | — | — | — | — | — | $3.9b | $200.0m | $1.3b | $0 | $1.2b | |
| Net loss | ($31.2m) | ($45.4m) | ($25.8m) | ($20.1m) | ($25.9m) | $94.3m | ($61.5m) | ($51.4m) | ($43.7m) | — | |
| (Gain) loss in fair value changes of warrants liability | $0 | — | — | $0 | ($35.4m) | ($174.5m) | ($6.1m) | $934k | ($6k) | — | |
| Allowance for (net recovery of) credit losses | $1.8m | ($841k) | $611k | $2.2m | $8.2m | ($659k) | ($9.0m) | $4.1m | ($2.9m) | — | |
| Allowance (reversal) for slow moving inventories | $0 | $65k | $65k | $57k | $655k | $266k | $485k | $887k | ($1.3m) | — | |
| Restricted shares issued for management and employees | — | ($15.5m) | $21.3m | $7.9m | $6.1m | $39.3m | $26.2m | $22.4m | $10.3m | — | |
| Restricted shares issued for services | $8.4m | $3.1m | $846k | $34k | $0 | $8.9m | $5.8m | $1.1m | — | — | |
| Accrued interest income from loans to third parties | — | — | — | $0 | $0 | ($271k) | ($8.0m) | ($7.0m) | ($5.3m) | — | |
| Accrued interest income from short-term investment | — | — | — | — | $0 | $0 | ($2.9m) | ($885k) | ($17k) | — | |
| Notes receivable | ($1.5m) | $2.1m | $922k | ($1.1m) | ($2.1m) | ($4.5m) | $7.1m | $2.4m | $1.3m | — | |
| Other receivables | $4.6m | ($1.7m) | ($929k) | ($287k) | ($338k) | $286k | ($1.3m) | $32k | ($531k) | — | |
| Other receivables-related parties | — | — | — | — | $0 | $0 | ($64k) | ($276k) | $208k | — | |
| Purchase advances | ($10.5m) | ($297k) | $5.8m | $1.2m | ($899k) | $865k | ($2.6m) | ($2.4m) | ($5.1m) | — | |
| Contract costs | — | ($127k) | $7.6m | ($26.9m) | ($21.9m) | $15.4m | ($14.2m) | ($4.4m) | ($364k) | — | |
| Prepaid expense | ($718k) | $319k | $317k | ($5k) | $143k | ($274k) | $70k | ($51k) | $12k | — | |
| Prepaid expense - related parties | — | — | ($218k) | $218k | ($433k) | $158k | $275k | $0 | — | — | |
| Other payables | ($189k) | ($180k) | ($862k) | ($14k) | $5.7m | ($6.3m) | $2.3m | ($3.0m) | $3.4m | — | |
| Other payables-related parties | — | — | ($921k) | $2.2m | ($2.6m) | $969k | $352k | ($293k) | $628k | — | |
| Contract liabilities | — | — | — | $3.4m | $4.2m | ($5.6m) | $641k | ($928k) | $2.9m | — | |
| Taxes payable | ($79k) | ($269k) | $1.7m | ($1.1m) | $76k | $962k | ($1.0m) | ($172k) | ($198k) | — | |
| Purchase of land use right | — | — | — | — | — | $0 | $0 | ($15.0m) | — | — | |
| Repayments of loans to third parties | $14.2m | $435k | $1.0m | $11.2m | $5.2m | $171.4m | $40.1m | $117.5m | $100.5m | — | |
| Payments made for loans to third parties | ($1.1m) | ($2.0m) | ($4.0m) | ($9.5m) | ($51.6m) | ($171.1m) | ($103.1m) | ($196.4m) | ($140.5m) | — | |
| Payments and prepayments for construction in progress | $0 | ($9.2m) | ($4.6m) | ($3.8m) | $0 | $0 | $0 | ($219k) | ($8.9m) | — | |
| Payments for short-term investments | — | — | — | — | $0 | $0 | ($290.1m) | ($203.5m) | ($3.6m) | — | |
| Redemption of short-term investments | — | — | — | — | $0 | $0 | $108.8m | $300.9m | $87.2m | — | |
| Proceeds from short-term bank loans | $0 | $45k | $2.5m | $9.5m | $16.0m | $10.0m | $13.5m | $11.6m | $10.5m | — | |
| Repayments of short-term bank loans | $0 | ($45k) | $0 | ($2.5m) | ($10.5m) | ($15.0m) | ($11.0m) | ($11.6m) | ($11.3m) | — | |
| Repayments of short-term borrowings | ($1.3m) | ($4.9m) | $0 | ($1.0m) | ($3.4m) | ($530k) | $0 | $0 | — | — | |
| Proceeds from short-term borrowings-related parties | — | — | $5.0m | $17.4m | $18.4m | $11.1m | $15.0m | $10.0m | — | — | |
| Repayments of short-term borrowings-related parties | — | — | ($5.0m) | ($16.2m) | ($15.9m) | ($14.8m) | ($9.0m) | ($10.0m) | — | — | |
| Proceeds from warrants issued with ordinary shares | — | — | — | — | — | — | $17.5m | $0 | — | — | |
| Proceeds from sale of ordinary shares, net of issuance costs | $0 | $65.0m | $0 | $26.1m | $81.1m | $0 | $28.2m | $77.7m | ($2.5m) | — | |
| Proceeds from sale of prefunded warrants, net of issuance costs | — | — | $0 | $0 | $30.3m | $93k | $3.8m | $0 | — | — | |
| Redemption of warrants | — | — | — | — | — | $0 | $0 | ($32.6m) | $0 | — | |
| Capital contribution by controlling shareholders | — | — | — | — | — | — | $0 | $0 | $100k | — | |
| Cash | — | — | — | $4.5m | $30.3m | $344.0m | $104.1m | $110.0m | $98.9m | — | |
| Inventories transferred to and used as fixed assets | $0 | $0 | $0 | $410k | $303k | $0 | ($65k) | $0 | — | — | |
| Payable for construction in progress | $0 | $3.1m | $5.7m | $733k | $0 | — | $0 | $0 | $7.3m | — | |
| Capital contribution receivable due from non-controlling Interest | — | — | $0 | $0 | $50.0m | $0 | $0 | $0 | $724k | — | |
| Income from investment in unconsolidated entity | $0 | $0 | $960k | ($463k) | $267k | ($15k) | $0 | $0 | — | — | |
| Cancellation of shares issued to Starry Lab | — | — | — | $0 | $0 | ($27.7m) | $0 | — | — | — | |
| Receivable for disposal of property and equipment | $0 | $82k | $0 | $110k | $0 | $3k | $0 | $300k | $500k | $27.4m | |
| Other payable due to non-controlling interest converted into capital contribution | — | — | — | $0 | $0 | $1.1m | $0 | — | — | — | |
| Remeasurement gain of previously held equity interests in connection with step acquisition | — | — | $0 | $0 | ($979k) | $0 | — | — | — | — | |
| Accounts receivable-related party | — | — | ($3.4m) | $0 | $3.4m | $0 | — | — | — | — | |
| Proceeds from short-term borrowings | $1.1m | $4.6m | $1.1m | $200k | $3.7m | $0 | — | — | — | — | |
| Proceeds from long-term borrowings-related party | $0 | $10.0m | $0 | — | $0 | $0 | — | — | — | — | |
| Proceeds from stock issuance for warrants exercised | — | — | $0 | $0 | $21.1m | $0 | — | — | — | — | |
| Proceeds from issuance of convertible notes | — | — | $0 | $0 | $42.0m | $0 | — | — | — | — | |
| Capital contribution by non-controlling shareholders | $0 | $3.7m | $850k | $405k | $50k | $0 | $0 | — | — | — | |
| Conversion of convertible notes to 9,225,338 shares of ordinary shares | — | — | $0 | $0 | $42.4m | $0 | — | — | — | — | |
| Trade accounts payable | $812k | ($2.7m) | ($400k) | $8.2m | ($2.1m) | ($5.5m) | — | — | — | — | |
| Payable for issuance cost of common share | — | $0 | $0 | $375k | $0 | — | — | — | — | — | |
| Advance from customers | — | $28k | ($38k) | $3.4m | $4.2m | — | — | — | — | — | |
| Accrued expenses | — | $0 | $0 | $9k | ($984k) | — | — | — | — | — | |
| Investment in unconsolidated entity | $0 | ($4.0m) | ($4.2m) | $0 | — | — | — | — | — | — | |
| Refund of capital contribution by a non-controlling shareholder | $0 | $0 | ($200k) | $0 | — | — | — | — | — | — | |
| Cash at beginning of year | $1.8m | $45.3m | $45.3m | $4.5m | $30.3m | — | — | — | — | — | |
| Investment payable in exchange of interest of FGS | $0 | $0 | $6.4m | $0 | — | — | — | — | — | — | |
| Deferred revenue | $853k | ($1.2m) | $0 | — | — | — | — | — | — | — | |
| Payments for land use right | $0 | ($1.4m) | $0 | — | — | — | — | — | — | — | |
| Shares issued to settle salary payable | $0 | $1.6m | $0 | — | — | — | — | — | — | — | |
| Restricted shares issued for management | $12.9m | $14.6m | $11.6m | — | — | — | — | — | — | — | |
| Non-cash payment for property and equipment purchase | $87k | $0 | $1.7m | $81.9m | $106.8m | $169.3m | $206.2m | $336.3m | $284.6m | $354.1m | |
| Net cash provided by operating activities | ($7.4m) | ($19.6m) | ($32.2m) | $360.3m | $817.3m | $819.4m | $1.3b | $1.4b | $1.7b | $1.8b | |
| Net cash provided by (used in) investing activities | $12.5m | ($17.6m) | ($13.5m) | $558.8m | ($119.6m) | ($3.7b) | ($328.4m) | ($350.5m) | ($300.7m) | $2.1b | |
| Principal payments of debt | $0 | ($372k) | ($684k) | ($1.2b) | ($250.0m) | ($526.9m) | ($265.6m) | ($1.6b) | ($109.4m) | ($790.6m) | |
| Proceeds from warrants issued with common stock | — | — | $0 | $0 | $212.1m | $0 | $17.5m | — | — | — | |
| Issuance of common stock in exchange of shares of FGS, net of issuance costs | $0 | $0 | $21.4m | $0 | $1.7m | $0 | — | — | — | — | |
| Cancellation of common stock issued prior years in exchange of shares of FGS , net of issuance costs | — | — | $0 | $0 | ($1.7m) | $0 | — | — | — | — | |
| Issuance of common stock in exchange of shares of Starry, net of issuance costs | — | — | $0 | $0 | $27.7m | $0 | — | — | — | — | |
| Issuance of unvested common stock to senior managers | $56k | $0 | — | — | — | — | — | — | — | — | |
| Repurchases of common stock | — | — | — | ($364.3m) | ($25.2m) | $0 | ($115.0m) | ($150.0m) | ($725.0m) | ($2.0b) | |
| Dividend payments to stockholders | — | — | — | ($159.6m) | ($160.6m) | ($191.0m) | ($204.4m) | ($206.8m) | ($207.5m) | ($205.1m) | |
| Net cash used in financing activities | ($3.1m) | $76.9m | $3.5m | ($853.9m) | ($596.8m) | $2.8b | ($662.9m) | ($980.2m) | ($1.4b) | ($2.2b) | |
| Effect of exchange rate fluctuation on cash and restricted cash | — | — | — | ($84k) | $224k | $10.3m | $27.7m | $1.7m | ($8.6m) | — | |
| Effect of exchange rate fluctuation on cash | ($16k) | $1.8m | $1.4m | ($84k) | $224k | — | — | — | — | — | |
| Net increase (decrease) in cash and cash equivalents | $2.0m | $41.5m | ($40.8m) | $65.2m | $100.9m | ($134.9m) | $297.5m | $39.8m | ($2.5m) | $1.7b | |
| Cash and cash equivalents at beginning of the year | — | — | — | $647.6m | $748.5m | $613.5m | $911.0m | $950.8m | $948.3m | $2.6b | |
| Restricted cash | — | — | — | $0 | $0 | $0 | $732k | $849k | $8k | — | |
| Cash paid during the year for interest | $571k | $868k | $1.5m | $1.4m | $1.7m | $1.4m | $1.2m | $659k | $1.1m | — | |
| Tax withholding paid on behalf of employees for net share settlement | $42k | — | — | ($98.3m) | ($108.1m) | ($305.7m) | ($227.6m) | ($223.7m) | ($274.9m) | ($240.7m) | |
| Cash paid during the year for taxes | $284k | ($23k) | $2k | $282k | ($98k) | $10k | $18k | $0 | $2k | ($240.7m) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.