Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results

 


Marvell Technology, Inc.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In thousands, except per share amounts)














Three Months Ended


Year Ended



January 29,
2022


October 30, 2021


January 30,
2021


 

January 29,
2022


 

January 30,
2021

GAAP gross profit:


$ 686,434


$  587,820


$                    421,132


$  2,064,225


$  1,488,350

Special items:











Share-based compensation


9,243


9,370


4,265


31,081


16,320

Amortization of acquired intangible assets


178,725


169,691


83,327


609,481


338,197

Other cost of goods sold (a)


2,490


21,470


796


193,523


35,284

Total special items


190,458


200,531


88,388


834,085


389,801

Non-GAAP gross profit


$ 876,892


$  788,351


$                    509,520


$  2,898,310


$  1,878,151












GAAP gross margin


51.1 %


48.5 %


52.8 %


46.3 %


50.1 %

Non-GAAP gross margin


65.3 %


65.1 %


63.9 %


64.9 %


63.3 %


































Total GAAP operating expenses


$ 651,782


$  621,161


$                    422,868


$  2,411,893


$  1,746,739

Special items:











Share-based compensation


(125,514)


(109,720)


(55,214)


(446,464)


(225,219)

Restructuring related charges (b)


(1,301)


(5,861)


(9,570)


(32,342)


(170,759)

Amortization of acquired intangible assets


(116,059)


(109,591)


(26,355)


(369,896)


(105,419)

Legal settlement (c)




(36,000)



(36,000)

Other operating expenses (d)


(19,043)


(25,460)


(12,480)


(130,135)


(49,498)

Total special items


(261,917)


(250,632)


(139,619)


(978,837)


(586,895)

Total non-GAAP operating expenses


$ 389,865


$  370,529


$                    283,249


$  1,433,056


$  1,159,844


































GAAP operating margin


2.6 %


(2.8) %


(0.2) %


(7.8) %


(8.7) %

Other cost of goods sold (a)


0.2 %


1.8 %


0.1 %


4.3 %


1.2 %

Share-based compensation


10.0 %


9.8 %


7.5 %


10.7 %


8.1 %

Restructuring related charges (b)


0.1 %


0.5 %


1.2 %


0.7 %


5.8 %

Amortization of acquired intangible assets


22.0 %


23.1 %


13.7 %


21.9 %


14.9 %

Legal settlement (c)


— %


—  %


4.5 %


— %


1.2 %

Other operating expenses (d)


1.4 %


2.1 %


1.6 %


3.0 %


1.7 %

Non-GAAP operating margin 


36.3 %


34.5 %


28.4 %


32.8 %


24.2 %


































GAAP interest and other income (loss), net


$  (32,578)


$ (34,235)


$                   (21,104)


$                     (135,827)


$  (63,779)

Special items:











      Debt issuance related costs and other (e)


(3,196)


(98)


6,017


16,629


5,902

Total special items


(3,196)


(98)


6,017


16,629


5,902

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


$  (35,774)


$ (34,333)


$                   (15,087)


$                     (119,198)


$  (57,877)


































GAAP net income (loss)


$     6,168


$ (62,532)


$ 16,536


$                     (421,034)


$                     (277,298)

Special items:











Other cost of goods sold (a)


2,490


21,470


796


193,523


35,284

Share-based compensation


134,757


119,090


59,479


477,545


241,539

Restructuring related charges (b)


1,301


5,861


9,570


32,342


170,759

Legal settlement (c)




36,000



36,000

Other operating expenses (d)


19,043


25,460


12,480


130,135


49,498

Amortization of acquired intangible assets


294,784


279,282


109,682


979,377


443,616

Debt issuance related costs and other (e)


(3,196)


(98)


6,017


16,629


5,902

Pre-tax total special items


449,179


451,065


234,024


1,829,551


982,598

Other income tax effects and adjustments (f)


(26,657)


(24,218)


(49,936)


(129,763)


(77,893)

Non-GAAP net income


$ 428,690


$  364,315


$                    200,624


$  1,278,754


$ 627,407


































GAAP weighted average shares — basic


844,419


828,635


673,529


796,855


668,772

GAAP weighted average shares — diluted


862,062


828,635


687,959


796,855


668,772

Non-GAAP weighted average shares — diluted (g)


862,062


845,937


687,959


813,094


679,944












GAAP diluted net income (loss) per share


$        0.01


$     (0.08)


$      0.02


$       (0.53)


$       (0.41)

Non-GAAP diluted net income per share


$        0.50


$      0.43


$      0.29


$        1.57


$        0.92



(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)

Represents a legal settlement relating to a commercial agreement.



(d)

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



(e)

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



(f)

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



(g)

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

 

 

Marvell Technology, Inc.
Outlook for the First Quarter of Fiscal Year 2023
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)






Outlook for Three Months Ended

April 30, 2022

GAAP net revenue

 $1,425 +/- 3%

Special items:

Non-GAAP net revenue

$1,425 +/- 3%



GAAP gross margin

49.6% - 50.6%

Special items:


Share-based compensation

0.7%

Amortization of acquired intangible assets

12.9%

Other costs of goods sold

1.8%

Non-GAAP gross margin

65% - 66%



Total GAAP operating expenses

$667 - $677

Special items:


Share-based compensation

121

Amortization of acquired intangible assets

99

Restructuring related charges

4

Other operating expenses

15

Total non-GAAP operating expenses

$430 - $435





GAAP diluted net income per share

 $0.01 +/- $0.04

Special items:


Share-based compensation

0.15

Amortization of acquired intangible assets

0.33

Other cost of goods sold

0.03

Other operating expenses

0.02

Other income tax effects and adjustments

(0.03)

Non-GAAP diluted net income per share

$0.51 +/- $0.03

Quarterly Revenue Trend (Unaudited)

Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) carrier infrastructure, (iii) enterprise networking, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below:

End market

Customer products and applications

Data center

•          Cloud and on-premise Artificial intelligence (AI) systems

•          Cloud and on-premise ethernet switching

•          Cloud and on-premise network-attached storage (NAS)

•          Cloud and on-premise servers

•          Cloud and on-premise storage area networks

•          Cloud and on-premise storage systems

•          Data center interconnect (DCI)

Carrier infrastructure

•          Digital Subscriber Line Access Multiplexers (DSLAMs)

•          Ethernet switches

•          Optical transport systems

•          Routers

•          Wireless radio access network (RAN) systems

Enterprise networking

•          Campus and small medium enterprise routers

•          Campus and small medium enterprise ethernet switches

•          Campus and small medium enterprise wireless access points (WAPs)

•          Network appliances (firewalls, and load balancers)

•          Workstations

Consumer

•          Broadband gateways and routers

•          Gaming consoles

•          Home data storage

•          Home wireless access points (WAPs)

•          Personal Computers (PCs)

•          Printers

•          Set-top boxes

Automotive/industrial

•          Advanced driver-assistance systems (ADAS)

•          Autonomous vehicles (AV)

•          In-vehicle networking

•          Industrial ethernet switches

•          United States military and government solutions

•          Video surveillance

 

Quarterly Revenue Trend (Unaudited) (Continued)



Three Months Ended


% Change

Revenue by End Market (In thousands)

January 29,
2022


October 30,
2021


January 30,
2021


YoY


QoQ

Data center

$                         574,108


$                         499,748


$                         269,180


113 %


15 %

Carrier infrastructure

241,047


215,108


166,258


45 %


12 %

Enterprise networking

262,950


247,210


160,719


64 %


6 %

Consumer

185,404


182,535


167,697


11 %


2 %

Automotive/industrial

79,469


66,644


33,965


134 %


19 %

Total Net Revenue

$                     1,342,978


$                     1,211,245


$                         797,819


68 %


11 %

 






Three Months Ended

Revenue by End Market % of Total





January 29,
2022


October 30,
2021


January 30,
2021

Data center





43 %


41 %


34 %

Carrier infrastructure





18 %


18 %


21 %

Enterprise networking





19 %


20 %


20 %

Consumer





14 %


15 %


21 %

Automotive/industrial





6 %


6 %


4 %

Total Net Revenue





100 %


100 %


100 %

 

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

 

 

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SOURCE Marvell

Contact:
Company Name: Marvell
Financial data for Marvell



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