Marvell Technology, Inc. Reports First Quarter of Fiscal Year 2022 Financial Results

About Marvell

To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

Marvell Technology, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)










Three Months Ended



May 1,

2021


January 30,

2021


May 2,

2020

Net revenue


$

832,279



$

797,819



$

693,641


Cost of goods sold


414,138



376,687



366,739


Gross profit


418,141



421,132



326,902









Operating expenses:







Research and development


286,100



260,380



279,584


Selling, general and administrative


201,466



116,918



122,027


Legal settlement (a)




36,000




Restructuring related charges


12,886



9,570



21,287


Total operating expenses


500,452



422,868



422,898


Operating loss


(82,311)



(1,736)



(95,996)


Interest income


222



356



1,058


Interest expense


(35,141)



(20,733)



(16,830)


Other income (loss), net


1,223



(727)



3,754


Interest and other income (loss), net


(33,696)



(21,104)



(12,018)


Loss before income taxes


(116,007)



(22,840)



(108,014)


Provision (benefit) for income taxes


(27,765)



(39,376)



5,019


Net income (loss)


$

(88,242)



$

16,536



$

(113,033)









Net income (loss) per share — basic:


$

(0.13)



$

0.02



$

(0.17)









Net income (loss) per share — diluted:


$

(0.13)



$

0.02



$

(0.17)









Weighted average shares:







Basic


693,378



673,529



663,547


Diluted


693,378



687,959



663,547




(a)

Represents a legal settlement relating to a commercial agreement.


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