Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Three Months Ended

Six Months Ended

July 30,
2022

April 30,
2022

July 31,
2021

July 30,
2022

July 31,
2021

$     786.0

$     750.9

$     371.8

$  1,536.9

$     790.0

Special items:

Stock-based compensation

9.3

12.4

2.7

21.7

12.5

Amortization of acquired intangible assets

183.9

174.4

167.3

358.3

261.1

Other cost of goods sold (a)

6.3

9.3

155.8

15.6

169.5

Total special items

199.5

196.1

325.8

395.6

443.1

Non-GAAP gross profit

$     985.5

$     947.0

$     697.6

$  1,932.5

$  1,233.1

GAAP gross margin

51.8 %

51.9 %

34.6 %

51.9 %

41.4 %

Non-GAAP gross margin

65.0 %

65.5 %

64.8 %

65.2 %

64.6 %

Total GAAP operating expenses

$     746.9

$     681.1

$     638.5

$  1,428.0

$  1,139.0

Special items:

Stock-based compensation

(135.2)

(118.7)

(111.4)

(253.9)

(211.2)

Restructuring related charges (b)

(1.2)

(1.3)

(12.3)

(2.5)

(25.2)

Amortization of acquired intangible assets

(87.9)

(98.1)

(109.4)

(186.0)

(144.2)

Legal settlement (c)

(85.0)

(15.0)

—

(100.0)

—

Other operating expenses (d)

(6.0)

(12.7)

(39.0)

(18.7)

(85.7)

Total special items

(315.3)

(245.8)

(272.1)

(561.1)

(466.3)

Total non-GAAP operating expenses

$     431.6

$     435.3

$     366.4

$     866.9

$     672.7

GAAP operating margin

2.6 %

4.8 %

(24.8) %

3.7 %

(18.3) %

Other cost of goods sold (a)

0.4 %

0.6 %

14.5 %

0.5 %

8.9 %

Stock-based compensation

9.5 %

9.1 %

10.6 %

9.3 %

11.7 %

Restructuring related charges (b)

0.1 %

0.1 %

1.1 %

0.1 %

1.3 %

Amortization of acquired intangible assets

17.9 %

18.8 %

25.7 %

18.4 %

21.2 %

Legal settlement (c)

5.6 %

1.0 %

— %

3.4 %

— %

Other operating expenses (d)

0.4 %

1.0 %

3.7 %

0.6 %

4.6 %

Non-GAAP operating margin 

36.5 %

35.4 %

30.8 %

36.0 %

29.4 %