Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2022 Financial Results

 

Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Six Months Ended



July 31,

2021


May 1,

2021


August 1,

2020


July 31,

2021


August 1,

2020












GAAP gross profit:


$

371,830



$

418,141



$

359,256



$

789,971



$

686,158


Special items:











Share-based compensation


2,665



9,803



4,082



12,468



7,620


Amortization of acquired intangible assets


167,253



93,812



85,225



261,065



171,792


Other cost of goods sold (a)


155,840



13,723



11,630



169,563



30,192


Total special items


325,758



117,338



100,937



443,096



209,604


Non-GAAP gross profit


$

697,588



$

535,479



$

460,193



$

1,233,067



$

895,762













GAAP gross margin


34.6

%


50.2

%


49.4

%


41.4

%


48.3

%

Non-GAAP gross margin


64.8

%


64.3

%


63.3

%


64.6

%


63.0

%


































Total GAAP operating expenses


$

638,498



$

500,452



$

510,523



$

1,138,950



$

933,421


Special items:











Share-based compensation


(111,440)



(99,790)



(58,504)



(211,230)



(114,653)


Restructuring related charges (b)


(12,294)



(12,886)



(120,590)



(25,180)



(141,877)


Amortization of acquired intangible assets


(109,419)



(34,827)



(26,354)



(144,246)



(52,709)


Other operating expenses (c)


(38,948)



(46,684)



(8,125)



(85,632)



(27,528)


Total special items


(272,101)



(194,187)



(213,573)



(466,288)



(336,767)


Total non-GAAP operating expenses


$

366,397



$

306,265



$

296,950



$

672,662



$

596,654



































GAAP operating margin


(24.8)

%


(9.9)

%


(20.8)

%


(18.3)

%


(17.4)

%

Other cost of goods sold (a)


14.5

%


1.6

%


1.6

%


8.9

%


2.1

%

Share-based compensation


10.6

%


13.2

%


8.6

%


11.7

%


8.6

%

Restructuring related charges (b)


1.1

%


1.5

%


16.6

%


1.3

%


10.0

%

Amortization of acquired intangible assets


25.7

%


15.5

%


15.3

%


21.2

%


15.8

%

Other operating expenses (c)


3.7

%


5.6

%


1.1

%


4.6

%


1.9

%

Non-GAAP operating margin 


30.8

%


27.5

%


22.4

%


29.4

%


21.1

%












GAAP interest and other income (loss), net


$

(35,318)



$

(33,696)



$

(15,498)



$

(69,014)



$

(27,516)


Special items:











Debt issuance related costs and other (d)


3,022



16,901





19,923



434


Total special items


3,022



16,901





19,923



434


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


$

(32,296)



$

(16,795)



$

(15,498)



$

(49,091)



$

(27,082)



































GAAP net loss


$

(276,428)



$

(88,242)



$

(157,893)



$

(364,670)



$

(270,926)


Special items:











Other cost of goods sold (a)


155,840



13,723



11,630



169,563



30,192


Share-based compensation


114,105



109,593



62,586



223,698



122,273


Restructuring related charges (b)


12,294



12,886



120,590



25,180



141,877


Other operating expenses (c)


38,948



46,684



8,125



85,632



27,528


Amortization of acquired intangible assets


276,672



128,639



111,579



405,311



224,501


Debt issuance related costs and other (d)


3,022



16,901





19,923



434


Pre-tax total special items


600,881



328,426



314,510



929,307



546,805


Other income tax effects and adjustments (e)


(40,503)



(38,385)



(16,226)



(78,888)



(17,455)


Non-GAAP net income


$

283,950



$

201,799



$

140,391



$

485,749



$

258,424



































GAAP weighted average shares — basic


821,062



693,378



667,574



757,205



665,541


GAAP weighted average shares — diluted


821,062



693,378



667,574



757,205



665,541


Non-GAAP weighted average shares — diluted (f)


836,648



707,488



678,304



772,053



674,553













GAAP diluted net loss per share


$

(0.34)



$

(0.13)



$

(0.24)



$

(0.48)



$

(0.41)


Non-GAAP diluted net income per share


$

0.34



$

0.29



$

0.21



$

0.63



$

0.38




(a)

Other costs of goods sold includes amortization of acquired inventory fair value adjustments.

(b)

Restructuring and other related items include asset impairment charges, employee severance costs, facilities related charges, and other.

(c)

Other operating expenses include integration and merger costs associated with acquisitions.

(d)

Debt issuance related costs and other includes the partial term loan repayment and bridge financing.

(e)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 5.0%.

(f)

Non-GAAP diluted weighted average shares differs from GAAP diluted weighted average shares due to the non-GAAP net income reported.


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