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

 

Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)










Three Months Ended



May 1,
2021


January 30,
2021


May 2,
2020








GAAP gross profit:


$

418,141



$

421,132



$

326,902


Special items:







Share-based compensation


9,803



4,265



3,538


Amortization of acquired intangible assets


93,812



83,327



86,567


Other cost of goods sold (a)


13,723



796



18,562


Total special items


117,338



88,388



108,667


Non-GAAP gross profit


$

535,479



$

509,520



$

435,569









GAAP gross margin


50.2

%


52.8

%


47.1

%

Non-GAAP gross margin


64.3

%


63.9

%


62.8

%






















Total GAAP operating expenses


$

500,452



$

422,868



$

422,898


Special items:







Share-based compensation


(99,790)



(55,214)



(56,149)


Restructuring related charges (b)


(12,886)



(9,570)



(21,287)


Amortization of acquired intangible assets


(34,827)



(26,355)



(26,355)


Legal settlement (c)




(36,000)




Other operating expenses (d)


(46,684)



(12,480)



(19,403)


Total special items


(194,187)



(139,619)



(123,194)


Total non-GAAP operating expenses


$

306,265



$

283,249



$

299,704























GAAP operating margin


(9.9)

%


(0.2)

%


(13.8)

%

Other cost of goods sold (a)


1.6

%


0.1

%


2.7

%

Share-based compensation


13.2

%


7.5

%


8.6

%

Restructuring related charges (b)


1.5

%


1.2

%


3.1

%

Amortization of acquired intangible assets


15.5

%


13.7

%


16.3

%

Legal settlement (c)


%


4.5

%


%

Other operating expenses (d)


5.6

%


1.6

%


2.7

%

Non-GAAP operating margin 


27.5

%


28.4

%


19.6

%








GAAP interest and other income (loss), net


$

(33,696)



$

(21,104)



$

(12,018)


Special items:







Restructuring and other related items (b)




(28)



434


Debt issuance related costs (e)


16,901



6,045




Total special items


16,901



6,017



434


Total non-GAAP interest and other income (loss), net


$

(16,795)



$

(15,087)



$

(11,584)























GAAP net loss


$

(88,242)



$

16,536



$

(113,033)


Special items:







Other cost of goods sold (a)


13,723



796



18,562


Share-based compensation


109,593



59,479



59,687


Restructuring related charges (b)


12,886



9,542



21,721


Legal settlement (c)




36,000




Other operating expenses (d)


46,684



12,480



19,403


Amortization of acquired intangible assets


128,639



109,682



112,922


Debt issuance related costs (e)


16,901



6,045




Pre-tax total special items


328,426



234,024



232,295


Other income tax effects and adjustments (f)


(38,385)



(49,936)



(1,229)


Non-GAAP net income


$

201,799



$

200,624



$

118,033























GAAP weighted average shares — basic


693,378



673,529



663,547


GAAP weighted average shares — diluted


693,378



687,959



663,547


Non-GAAP weighted average shares — diluted (g)


707,488



687,959



670,841









GAAP diluted net loss per share


$

(0.13)



$

0.02



$

(0.17)


Non-GAAP diluted net income per share


$

0.29



$

0.29



$

0.18




(a)

Other costs of goods sold includes amortization of acquired inventory fair value adjustments.

(b)

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

(c)

Represents a legal settlement relating to a commercial agreement.

(d)

Other operating expenses include integration and merger costs associated with acquisitions.

(e)

Debt issuance related costs is associated with partial term loan repayment and bridge financing.

(f)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 5.0%.

(g)

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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