Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Three Months Ended

Nine Months Ended

October 29,
2022

July 30,
2022

October 30,
2021

October 29,
2022

October 30,
2021

GAAP gross profit:

$     777.3

$     786.0

$     587.8

$  2,314.2

$  1,377.8

Special items:

Stock-based compensation

12.1

9.3

9.4

33.8

21.9

Amortization of acquired intangible assets

181.9

183.9

169.7

540.2

430.8

Other cost of goods sold (a)

13.0

6.3

21.5

28.6

191.0

Total special items

207.0

199.5

200.6

602.6

643.7

Non-GAAP gross profit

$     984.3

$     985.5

$     788.4

$  2,916.8

$  2,021.5

GAAP gross margin

50.6 %

51.8 %

48.5 %

51.4 %

44.2 %

Non-GAAP gross margin

64.0 %

65.0 %

65.1 %

64.8 %

64.8 %

Total GAAP operating expenses

$     671.5

$     746.9

$     621.2

$  2,099.5

$  1,760.2

Special items:

Stock-based compensation

(134.0)

(135.2)

(109.7)

(387.9)

(320.9)

Restructuring related charges (b)

(15.6)

(1.2)

(5.9)

(18.1)

(31.1)

Amortization of acquired intangible assets

(88.0)

(87.9)

(109.6)

(274.0)

(253.8)

Legal settlement (c)

—

(85.0)

—

(100.0)

—

Other operating expenses (d)

(13.5)

(6.0)

(25.4)

(32.2)

(111.1)

Total special items

(251.1)

(315.3)

(250.6)

(812.2)

(716.9)

Total non-GAAP operating expenses

$     420.4

$     431.6

$     370.6

$  1,287.3

$  1,043.3

GAAP operating margin

6.9 %

2.6 %

(2.8) %

4.8 %

(12.3) %

Other cost of goods sold (a)

0.8 %

0.4 %

1.8 %

0.6 %

6.1 %

Stock-based compensation

9.5 %

9.5 %

9.8 %

9.4 %

11.0 %

Restructuring related charges (b)

1.0 %

0.1 %

0.5 %

0.4 %

1.0 %

Amortization of acquired intangible assets

17.6 %

17.9 %

23.1 %

18.1 %

21.9 %

Legal settlement (c)

— %

5.6 %

— %

2.2 %

— %

Other operating expenses (d)

0.9 %

0.4 %

2.1 %

0.7 %

3.7 %

Non-GAAP operating margin 

36.7 %

36.5 %

34.5 %

36.2 %

31.4 %