- Q1 Net Revenue: $832 million, grew by 20% year-on-year
SANTA CLARA, Calif., June 7, 2021 — (PRNewswire) — Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2022.Marvell completed the acquisition of Inphi Corporation ("Inphi") on April 20, 2021 (the "acquisition date"), approximately 10 days before the end of the first quarter of fiscal 2022. Marvell's results for the first quarter of fiscal 2022 include the results of Inphi from the acquisition date, while prior periods presented do not.
Financial highlights presented below are for the combined company and Marvell stand-alone (excluding Inphi results) for the first quarter of fiscal year 2022 (in thousands, except percentages and per share amounts). We are providing the Marvell stand-alone non-GAAP results on a one time basis this quarter in light of the fact that our previously provided financial outlook for the first quarter excluded any impact of the Inphi acquisition.
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| Three Months Ended May 1, 2021 | ||||||||||
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| Combined GAAP |
| Combined Non-GAAP |
| Marvell Stand-alone
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Net revenue | $ | 832,279 |
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| $ | 832,279 |
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| $ | 810,496 |
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Gross margin | 50.2 | % |
| 64.3 | % |
| 64.3 | % | |||
Operating margin | (9.9) | % |
| 27.5 | % |
| 27.7 | % | |||
Net income (loss) | $ | (88,242) |
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| $ | 201,799 |
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| $ | 200,937 |
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Diluted net income (loss) per share | $ | (0.13) |
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| $ | 0.29 |
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| $ | 0.29 |
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Net revenue for the first quarter of fiscal 2022 was $832 million. GAAP net loss for the first quarter of fiscal 2022 was $(88) million, or $(0.13) per diluted share. Non-GAAP net income for the first quarter of fiscal 2022 was $202 million, or $0.29 per diluted share.
"We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell's largest end market by revenue," said Matt Murphy, Marvell's President and CEO. "Marvell's outlook for strong revenue growth in the second quarter highlights robust demand across all our key end markets. I have never felt stronger about our prospects and believe that we are at the beginning of a multi-year growth cycle."
The financial outlook for the second quarter of fiscal 2022 includes expected results of Inphi for the full quarter.
Second Quarter of Fiscal 2022 Financial Outlook
- Net revenue is expected to be $1.065 billion +/- 3%.
- GAAP gross margin is expected to be 34.8% to 37.5%.
- Non-GAAP gross margin is expected to be approximately 64%.
- GAAP operating expenses are expected to be $633 million to $643 million .
- Non-GAAP operating expenses are expected to be $370 million to $375 million .
- Basic weighted average shares outstanding are expected to be 822 million.
- Diluted weighted average shares outstanding are expected to be 835 million.
- GAAP diluted loss per share is expected to be $(0.37) +/- $0.04 per share.
- Non-GAAP diluted income per share is expected to be $0.31 +/- $0.03 per share.
