Marvell Technology, Inc.

 Outlook for the Second Quarter of Fiscal Year 2023

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)

Outlook for Three Months Ended

July 30, 2022

GAAP net revenue

$1,515 +/- 3%

Special items:

Non-GAAP net revenue

$1,515 +/- 3%

GAAP gross margin

49.6% - 51.9%

Special items:

     Stock-based compensation

0.7%

     Amortization of acquired intangible assets

12.2%

     Other costs of goods sold

1.6%

Non-GAAP gross margin

65.0% ~ 65.5%

Total GAAP operating expenses

~ $669

Special items:

     Stock-based compensation

138

     Amortization of acquired intangible assets     

88

     Restructuring related charges

2

     Other operating expenses

6

Total non-GAAP operating expenses

~ $435

GAAP diluted net income per share

 $0.06 +/- $0.04

Special items:

     Stock-based compensation

0.17

     Amortization of acquired intangible assets          

0.32

     Other cost of goods sold

0.03

     Other operating expenses

0.01

     Other income tax effects and adjustments

Non-GAAP diluted net income per share

$0.56 +/- $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:

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