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

 

Marvell Technology, Inc.

Reconciliations from Combined Non-GAAP to Marvell Stand-alone Non-GAAP (Unaudited)

(In millions, except per share amounts)








Three Months Ended

May 1, 2021


Combined Non-GAAP*


Less: Non-GAAP Results Attributable to Inphi Acquisition


Marvell Stand-alone Non-GAAP*

Net revenue

$

832,279



$

21,783



$

810,496


Gross profit

$

535,479



$

14,166



$

521,313


Total operating expenses

$

306,265



$

9,485



$

296,780


Interest and other income (loss), net

$

(16,795)



$

(29,764)



$

12,969


Net income

$

201,799



$

862



$

200,937








Diluted net income per share

$

0.29



$



$

0.29


Diluted weighted-average shares

707,488



18,465



689,023



*Combined Non-GAAP net revenue is equal to GAAP net revenue.  See "Reconciliations from GAAP to Non-GAAP (Unaudited)" for a reconciliation of other Combined Non-GAAP results to GAAP results for the period.

 

Marvell Technology, Inc.

Outlook for the Second Quarter of Fiscal Year 2022

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)






Outlook for Three Months Ended

July 31, 2021

GAAP net revenue

$1,065 +/- 3%

Special items:

Non-GAAP net revenue

$1,065 +/- 3%



GAAP gross margin

34.8% - 37.5%

Special items:


Share-based compensation

0.9%

Amortization of acquired intangible assets

16.0%

Other costs of goods sold

10.9%

Non-GAAP gross margin

~64%



Total GAAP operating expenses

$633 - $643

Special items:


Share-based compensation

111

Amortization of acquired intangible assets

109

Restructuring related charges

30

Other operating expenses

15

Total non-GAAP operating expenses

$370 - $375





GAAP diluted net loss per share

 $(0.37) +/- $0.04

Special items:


Share-based compensation

0.14

Amortization of acquired intangible assets

0.48

Restructuring related charges

0.04

Other operating expenses

0.02

Non-GAAP diluted net income per share

$0.31 +/- $0.03


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