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

 

 Marvell Technology, Inc.

 Outlook for the Second Quarter of Fiscal Year 2024

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended

July 29, 2023

GAAP net revenue

$1,330 +/- 5%

Special items:

Non-GAAP net revenue

$1,330 +/- 5%



GAAP gross margin

44.3% - 46.8%

Special items:


Stock-based compensation

0.8 %

Amortization of acquired intangible assets

14.1 %

Non-GAAP gross margin

60% - 61%



Total GAAP operating expenses

~ $694

Special items:


Stock-based compensation

148

Amortization of acquired intangible assets

86

Restructuring related charges

3

Other

2

Total non-GAAP operating expenses

~ $455





GAAP diluted net loss per share

 $(0.16) +/- $0.05

Special items:


Stock-based compensation

0.18

Amortization of acquired intangible assets

0.31

     Restructuring related charges and other

0.01

Other income tax effects and adjustments

(0.02)

Non-GAAP diluted net income per share

$0.32 +/- $0.05

 

Quarterly Revenue Trend (Unaudited)

Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (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)

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

Carrier infrastructure

•  Broadband access systems

•  Ethernet switches

•  Optical transport systems

•  Routers

•  Wireless radio access network (RAN) systems

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


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