Marvell Technology, Inc. Reports Third 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


Nine Months Ended



October 30,
2021


July 31,
2021


October 31,
2020


October 30,
2021


October 31,
2020

GAAP gross profit:


$

587,820



$

371,830



$

381,060



$

1,377,791



$

1,067,218


Special items:











Share-based compensation


9,370



2,665



4,435



21,838



12,055


Amortization of acquired intangible assets


169,691



167,253



83,078



430,756



254,870


Other cost of goods sold (a)


21,470



155,840



4,296



191,033



34,488


Total special items


200,531



325,758



91,809



643,627



301,413


Non-GAAP gross profit


$

788,351



$

697,588



$

472,869



$

2,021,418



$

1,368,631













GAAP gross margin


48.5

%


34.6

%


50.8

%


44.2

%


49.2

%

Non-GAAP gross margin


65.1

%


64.8

%


63.0

%


64.8

%


63.0

%


































Total GAAP operating expenses


$

621,161



$

638,498



$

390,450



$

1,760,111



$

1,323,871


Special items:











Share-based compensation


(109,720)



(111,440)



(55,352)



(320,950)



(170,005)


Restructuring related charges (b)


(5,861)



(12,294)



(19,312)



(31,041)



(161,189)


Amortization of acquired intangible assets


(109,591)



(109,419)



(26,355)



(253,837)



(79,064)


Other operating expenses (c)


(25,460)



(38,948)



(9,490)



(111,092)



(37,018)


Total special items


(250,632)



(272,101)



(110,509)



(716,920)



(447,276)


Total non-GAAP operating expenses


$

370,529



$

366,397



$

279,941



$

1,043,191



$

876,595



































GAAP operating margin


(2.8)

%


(24.8)

%


(1.3)

%


(12.3)

%


(11.8)

%

Other cost of goods sold (a)


1.8

%


14.5

%


0.6

%


6.1

%


1.6

%

Share-based compensation


9.8

%


10.6

%


8.0

%


11.0

%


8.4

%

Restructuring related charges (b)


0.5

%


1.1

%


2.6

%


1.0

%


7.4

%

Amortization of acquired intangible assets


23.1

%


25.7

%


14.6

%


21.9

%


15.4

%

Other operating expenses (c)


2.1

%


3.7

%


1.2

%


3.7

%


1.7

%

Non-GAAP operating margin 


34.5

%


30.8

%


25.7

%


31.4

%


22.7

%























GAAP interest and other income (loss), net


$

(34,235)



$

(35,318)



$

(15,159)



$

(103,249)



$

(42,675)


Special items:











Debt issuance related costs and other (d)


(98)



3,022



(549)



19,825



(115)


Total special items


(98)



3,022



(549)



19,825



(115)


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


$

(34,333)



$

(32,296)



$

(15,708)



$

(83,424)



$

(42,790)



































GAAP net loss


$

(62,532)



$

(276,428)



$

(22,908)



$

(427,202)



$

(293,834)


Special items:











Other cost of goods sold (a)


21,470



155,840



4,296



191,033



34,488


Share-based compensation


119,090



114,105



59,787



342,788



182,060


Restructuring related charges (b)


5,861



12,294



19,312



31,041



161,189


Other operating expenses (c)


25,460



38,948



9,490



111,092



37,018


Amortization of acquired intangible assets


279,282



276,672



109,433



684,593



333,934


Debt issuance related costs and other (d)


(98)



3,022



(549)



19,825



(115)


Pre-tax total special items


451,065



600,881



201,769



1,380,372



748,574


Other income tax effects and adjustments (e)


(24,218)



(40,503)



(10,502)



(103,106)



(27,957)


Non-GAAP net income


$

364,315



$

283,950



$

168,359



$

850,064



$

426,783



































GAAP weighted average shares — basic


828,635



821,062



670,487



781,008



667,186


GAAP weighted average shares — diluted


828,635



821,062



670,487



781,008



667,186


Non-GAAP weighted average shares — diluted (f)


845,937



836,648



682,724



796,790



677,273













GAAP diluted net loss per share


$

(0.08)



$

(0.34)



$

(0.03)



$

(0.55)



$

(0.44)


Non-GAAP diluted net income per share


$

0.43



$

0.34



$

0.25



$

1.07



$

0.63




(a)

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



(b)

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



(c)

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



(d)

Debt issuance related costs and other includes the partial term loan repayment and bridge financing.



(e)

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



(f)

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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