About Marvell
To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.
Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.
Marvell Technology, Inc. | ||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
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| Three Months Ended | ||||||||||
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| May 1, 2021 |
| January 30, 2021 |
| May 2, 2020 | ||||||
Net revenue |
| $ | 832,279 |
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| $ | 797,819 |
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| $ | 693,641 |
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Cost of goods sold |
| 414,138 |
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| 376,687 |
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| 366,739 |
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Gross profit |
| 418,141 |
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| 421,132 |
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| 326,902 |
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Operating expenses: |
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Research and development |
| 286,100 |
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| 260,380 |
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| 279,584 |
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Selling, general and administrative |
| 201,466 |
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| 116,918 |
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| 122,027 |
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Legal settlement (a) |
| — |
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| 36,000 |
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| — |
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Restructuring related charges |
| 12,886 |
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| 9,570 |
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| 21,287 |
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Total operating expenses |
| 500,452 |
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| 422,868 |
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| 422,898 |
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Operating loss |
| (82,311) |
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| (1,736) |
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| (95,996) |
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Interest income |
| 222 |
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| 356 |
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| 1,058 |
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Interest expense |
| (35,141) |
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| (20,733) |
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| (16,830) |
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Other income (loss), net |
| 1,223 |
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| (727) |
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| 3,754 |
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Interest and other income (loss), net |
| (33,696) |
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| (21,104) |
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| (12,018) |
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| Loss before income taxes |
| (116,007) |
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| (22,840) |
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| (108,014) |
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| Provision (benefit) for income taxes |
| (27,765) |
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| (39,376) |
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| 5,019 |
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| Net income (loss) |
| $ | (88,242) |
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| $ | 16,536 |
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| $ | (113,033) |
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| Net income (loss) per share — basic: |
| $ | (0.13) |
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| $ | 0.02 |
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| $ | (0.17) |
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| Net income (loss) per share — diluted: |
| $ | (0.13) |
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| $ | 0.02 |
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| $ | (0.17) |
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| Weighted average shares: |
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| Basic |
| 693,378 |
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| 673,529 |
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| 663,547 |
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| Diluted |
| 693,378 |
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| 687,959 |
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| 663,547 |
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| (a) | Represents a legal settlement relating to a commercial agreement. |
