Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2024 Financial Results

 

Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)










Three Months Ended



April 29,
2023


January 28,
2023


April 30,
2022

GAAP gross profit:


$     557.2


$     673.3


$     750.9

Special items:







Stock-based compensation


12.0


9.5


12.4

Amortization of acquired intangible assets


183.7


185.4


174.4

Other cost of goods sold (a)


39.6


32.4


9.3

Total special items


235.3


227.3


196.1

Non-GAAP gross profit


$     792.5


$     900.6


$     947.0








GAAP gross margin


42.2 %


47.5 %


51.9 %

Non-GAAP gross margin


60.0 %


63.5 %


65.5 %






















Total GAAP operating expenses


$     739.6


$     650.0


$     681.1

Special items:







Stock-based compensation


(131.2)


(121.2)


(118.7)

Restructuring related charges (b)


(59.9)


(3.5)


(1.3)

Amortization of acquired intangible assets


(86.3)


(87.8)


(98.1)

Other (c)


(3.6)


(6.8)


(27.7)

Total special items


(281.0)


(219.3)


(245.8)

Total non-GAAP operating expenses


$     458.6


$     430.7


$     435.3






















GAAP operating margin


(13.8) %


1.6 %


4.8 %

Other cost of goods sold (a)


3.0 %


2.3 %


0.6 %

Stock-based compensation


10.8 %


9.2 %


9.1 %

Restructuring related charges (b)


4.5 %


0.2 %


0.1 %

Amortization of acquired intangible assets


20.4 %


19.3 %


18.8 %

Other (c)


0.3 %


0.5 %


2.0 %

Non-GAAP operating margin 


25.2 %


33.1 %


35.4 %








GAAP interest and other loss, net


$      (49.9)


$      (46.5)


$      (30.6)

Special items:







Other (c)


0.1


(1.8)


(4.1)

Total special items


0.1


(1.8)


(4.1)

Total non-GAAP interest and other loss, net


$      (49.8)


$      (48.3)


$      (34.7)





























GAAP net loss


$   (168.9)


$      (15.4)


$   (165.7)

Special items:







Other cost of goods sold (a)


39.6


32.4


9.3

Stock-based compensation


143.2


130.7


131.1

Restructuring related charges (b)


59.9


3.5


1.3

Amortization of acquired intangible assets


270.0


273.2


272.5

Other (c)


3.7


5.0


23.6

Pre-tax total special items


516.4


444.8


437.8

Other income tax effects and adjustments (d)


(83.3)


(33.1)


176.3

Non-GAAP net income


$     264.2


$     396.3


$     448.4






















GAAP weighted average shares — basic


856.7


854.1


848.0

GAAP weighted average shares — diluted


856.7


854.1


848.0

Non-GAAP weighted average shares — diluted (e)


861.2


859.0


861.4








GAAP diluted net loss per share


$      (0.20)


$      (0.02)


$      (0.20)

Non-GAAP diluted net income per share


$        0.31


$        0.46


$        0.52



(a)

Other cost of goods sold includes amortization of acquired inventory fair value adjustments, acquisition integration related inventory costs, and charges for an intellectual property licensing matter.



(b)

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



(c)

Other includes acquisition related costs and charges related to settlement of a contractual dispute.



(d)

Other income tax effects and adjustments are based on a non-GAAP income tax rate of 7.0% for the three months ended April 29, 2023 and 6.0% for the three months ended January 28, 2023 and April 30, 2022. In the three months ended January 28, 2023, $18.3 million of non-recurring income tax expense is excluded and relates to the claw back of incentive benefits that resulted from the election of a preferential temporary tax provision in Israel. Additionally, during the three months ended April 30, 2022, $213.6 million of non-recurring income tax expense associated with the extension of a tax incentive in Singapore was excluded from non-GAAP income tax expense.



(e)

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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