Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)

Three Months Ended

May 1,
2021

January 30,
2021

May 2,
2020

GAAP gross profit:

$

418,141

$

421,132

$

326,902

Special items:

Share-based compensation

9,803

4,265

3,538

Amortization of acquired intangible assets

93,812

83,327

86,567

Other cost of goods sold (a)

13,723

796

18,562

Total special items

117,338

88,388

108,667

Non-GAAP gross profit

$

535,479

$

509,520

$

435,569

GAAP gross margin

50.2

%

52.8

%

47.1

%

Non-GAAP gross margin

64.3

%

63.9

%

62.8

%

Total GAAP operating expenses

$

500,452

$

422,868

$

422,898

Special items:

Share-based compensation

(99,790)

(55,214)

(56,149)

Restructuring related charges (b)

(12,886)

(9,570)

(21,287)

Amortization of acquired intangible assets

(34,827)

(26,355)

(26,355)

Legal settlement (c)

—

(36,000)

—

Other operating expenses (d)

(46,684)

(12,480)

(19,403)

Total special items

(194,187)

(139,619)

(123,194)

Total non-GAAP operating expenses

$

306,265

$

283,249

$

299,704

GAAP operating margin

(9.9)

%

(0.2)

%

(13.8)

%

Other cost of goods sold (a)

1.6

%

0.1

%

2.7

%

Share-based compensation

13.2

%

7.5

%

8.6

%

Restructuring related charges (b)

1.5

%

1.2

%

3.1

%

Amortization of acquired intangible assets

15.5

%

13.7

%

16.3

%

Legal settlement (c)

—

%

4.5

%

—

%

Other operating expenses (d)

5.6

%

1.6

%

2.7

%

Non-GAAP operating margin 

27.5

%

28.4

%

19.6

%

GAAP interest and other income (loss), net

$

(33,696)

$

(21,104)

$

(12,018)

Special items:

Restructuring and other related items (b)

—

(28)

434

Debt issuance related costs (e)

16,901

6,045

—

Total special items

16,901

6,017

434

Total non-GAAP interest and other income (loss), net

$

(16,795)

$

(15,087)

$

(11,584)

GAAP net loss

$

(88,242)

$

16,536

$

(113,033)

Special items:

Other cost of goods sold (a)

13,723

796

18,562

Share-based compensation

109,593

59,479

59,687

Restructuring related charges (b)

12,886

9,542

21,721

Legal settlement (c)

—

36,000

—

Other operating expenses (d)

46,684

12,480

19,403

Amortization of acquired intangible assets

128,639

109,682

112,922

Debt issuance related costs (e)

16,901

6,045

—

Pre-tax total special items

328,426

234,024

232,295

Other income tax effects and adjustments (f)

(38,385)

(49,936)

(1,229)

Non-GAAP net income

$

201,799

$

200,624

$

118,033

GAAP weighted average shares — basic

693,378

673,529

663,547

GAAP weighted average shares — diluted

693,378

687,959

663,547

Non-GAAP weighted average shares — diluted (g)

707,488

687,959

670,841

GAAP diluted net loss per share

$

(0.13)

$

0.02

$

(0.17)

Non-GAAP diluted net income per share

$

0.29

$

0.29

$

0.18