PR Newswire | Dec 2, 2021 04:06PM EST

Results

12/02 15:05 CST

Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2022 Financial Results- Q3 Net Revenue: $1.211 billion, grew by 61% year-on-year- Q3 Gross Margin: 48.5% GAAP gross margin; 65.1% non-GAAP gross margin- Q3 Diluted income (loss) per share: $(0.08) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif., Dec. 2, 2021

SANTA CLARA, Calif., Dec. 2, 2021 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2022.

Marvell completed the acquisition of Innovium, Inc. ("Innovium") on October 5, 2021 (the "acquisition date"), approximately 25 days before the end of the third quarter of fiscal year 2022. Marvell's results for the third quarter of fiscal 2022 include the results of Innovium from the acquisition date, while prior periods presented do not.

Net revenue for the third quarter of fiscal 2022 was $1.211 billion, which exceeded the midpoint of the Company's guidance provided on August 26, 2021. GAAP net loss for the third quarter of fiscal 2022 was $(63) million, or $(0.08) per diluted share. Non-GAAP net income for the third quarter of fiscal 2022 was $364 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $265 million.

"Marvell delivered record revenue of $1.211 billion in the fiscal third quarter, growing 13 percent sequentially and 61 percent year over year, exceeding the high end of our guidance. Revenue grew substantially in each of our five end markets, led by data center, our largest contributor at 41 percent of total revenue, which grew 15 percent sequentially and 109 percent year over year," said Matt Murphy, Marvell's President and CEO. "For the fourth quarter, we are expecting sequential revenue growth of 9 percent at the midpoint of guidance, led by 5G, which is projected to increase by 30 percent sequentially and data center which is forecasted to continue to grow in the double digits on a percentage basis."

The financial outlook for the fourth quarter of fiscal 2022 includes expected results of Innovium for the full quarter.

Fourth Quarter of Fiscal 2022 Financial Outlook

* Net revenue is expected to be $1.320 billion +/- 3%. * GAAP gross margin is expected to be 47.9% to 49.8%. * Non-GAAP gross margin is expected to be approximately 65%. * GAAP operating expenses are expected to be $630 million to $640 million. * Non-GAAP operating expenses are expected to be $390 million to $395 million. * Basic weighted average shares outstanding are expected to be 844 million. * Diluted weighted average shares outstanding are expected to be 861 million. * GAAP diluted loss per share is expected to be $(0.03) +/- $0.04 per share. * Non-GAAP diluted income per share is expected to be $0.48 +/- $0.03 per share.

GAAP diluted EPS is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted average shares outstanding.

Conference Call

Marvell will conduct a conference call on Thursday, December 2, 2021 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2022. Interested parties may join the conference call by dialing 1-888-317-6003 or 1-412-317-6061, passcode 8563448. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/. A replay of the call can be accessed by dialing 1-877-344-7529 or 1-412-317-0088, passcode 10161867 until Thursday, December 9, 2021.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value adjustment associated with acquisition, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business.

Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from GAAP income in calculating Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2022, a non-GAAP tax rate of 5.0% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance.

Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas:

* Management's evaluation of Marvell's operating performance; * Management's establishment of internal operating budgets; * Management's performance comparisons with internal forecasts and targeted business models; and * Management's determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would," "outlook," "forecast," "targets" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: failure to realize all of the anticipated benefits of the transactions with Inphi and Innovium on a timely basis, including as a result of our ability to successfully integrate the businesses of Marvell, Inphi and Innovium or due to unexpected costs or liabilities as a result of the transactions; our ability to retain and hire key personnel; risks related to the rapid growth of the Company; risks related to the impact of the COVID-19 pandemic which have impacted, and may continue to impact our business and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; the impact of COVID-19, or other future pandemics, on the U.S. and global economies; disruptions caused by COVID-19, including as a result of restrictions that may be imposed by us or third parties, resulting in worker absenteeism, turnover, quarantines and restrictions on our employees' ability to work, innovate, collaborate, and travel; the effects that the current credit and market conditions caused by, or resulting from, COVID-19 could have on the liquidity and financial condition of us and our customers and suppliers, including any impact on the ability to meet contractual obligations; supply chain disruptions or component shortages that may impact the production of our products or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our reliance on our manufacturing partners for the manufacture, assembly and testing of our products; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, regulations, and tariffs, including but not limited to, restrictions imposed on our Chinese customers; the risks associated with manufacturing and selling products and customers' products outside of the United States; our ability to define, design and develop products for the Cloud and 5G markets; our ability to market our 5G products to Tier 1 infrastructure customers; the stockholder dilution and other effects on us from, and our ability to complete (on a timely basis or at all) and realize the anticipated benefits of, announced acquisitions, divestitures and investments; cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to estimate customer demand and future sales accurately; severe financial hardship or bankruptcy of one or more of our major customers; our ability to realize the expected benefits from restructuring activities; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; our ability to limit costs related to defective products; the risk of downturns in the semiconductor industry; risks related to our debt obligations; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our ESG program; our dependence on a small number of customers; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; decreases in gross margin and results of operations in the future due to a number of factors, including inflation and volatility in foreign exchange rates; our ability to accurately categorize our products by end markets; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry; our ability to protect our intellectual property; our maintenance of an effective system of internal controls; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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(r)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 Nine Months Ended

October 30, July 31, October 31,October 30, October 31, 2021 2021 2020 2021 2020

Net revenue $1,211,245$1,075,881$750,143 $3,119,405$2,171,081

Cost of goods sold 623,425 704,051 369,083 1,741,614 1,103,863

Gross profit 587,820 371,830 381,060 1,377,791 1,067,218



Operating expenses:

Research and development 371,894 367,043 255,637 1,025,037 812,360

Selling, general and administrative 243,406 259,161 115,501 704,033 350,322

Restructuring related charges 5,861 12,294 19,312 31,041 161,189

Total operating expenses 621,161 638,498 390,450 1,760,111 1,323,871

Operating loss (33,341) (266,668) (9,390) (382,320) (256,653)

Interest income 189 150 608 561 2,243

Interest expense (35,423) (33,814) (16,066) (104,378) (48,531)

Other income (loss), net 999 (1,654) 299 568 3,613

Interest and other income (loss), net(34,235) (35,318) (15,159) (103,249) (42,675)

Loss before income taxes (67,576) (301,986) (24,549) (485,569) (299,328)

Benefit for income taxes (5,044) (25,558) (1,641) (58,367) (5,494)

Net loss $(62,532) $(276,428)$(22,908)$(427,202)$(293,834)



Net loss per share - basic: $(0.08) $(0.34) $(0.03) $(0.55) $(0.44)



Net loss per share - diluted: $(0.08) $(0.34) $(0.03) $(0.55) $(0.44)



Weighted average shares:

Basic 828,635 821,062 670,487 781,008 667,186

Diluted 828,635 821,062 670,487 781,008 667,186





Marvell Technology, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)



October 30, January 30, 2021 2021

Assets

Current assets:

Cash and cash equivalents $523,502 $748,467

Accounts receivable, net 978,261 536,668

Inventories 628,600 268,228

Prepaid expenses and other current assets 114,451 63,782

Total current assets 2,244,814 1,617,145

Property and equipment, net 444,003 326,125

Goodwill 11,446,444 5,336,961

Acquired intangible assets, net 6,439,106 2,270,700

Deferred tax assets 528,985 672,424

Other non-current assets 915,490 541,569

Total assets $22,018,842$10,764,924



Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $440,592 $252,419

Accrued liabilities 521,905 435,616

Accrued employee compensation 222,835 189,421

Short-term debt 52,205 199,641

Total current liabilities 1,237,537 1,077,097

Long-term debt 4,504,321 993,170

Other non-current liabilities 590,640 258,853

Total liabilities 6,332,498 2,329,120



Stockholders' equity:

Common stock 1,682 1,350

Additional paid-in capital 14,148,741 6,331,013

Retained earnings 1,535,921 2,103,441

Total stockholders' equity 15,686,344 8,435,804

Total liabilities and stockholders' equity$22,018,842$10,764,924

Marvell Technology, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



Three Months Ended Nine Months Ended

October 30,October 31,October 30, October 31, 2021 2020 2021 2020

Cash flows from operating activities:

Net loss $(62,532)$(22,908)$(427,202)$(293,834)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 71,592 47,834 189,677 149,922

Share-based compensation 119,090 59,787 325,922 182,060

Amortization of acquired intangible assets 279,282 109,433 684,593 333,934

Amortization of inventory fair value adjustment associated with acquisitions 21,470 - 191,030 17,284

Amortization of deferred debt issuance costs and debt discounts 3,750 1,359 19,031 3,217

Restructuring related impairment charges 1,049 6,013 5,205 123,559

Other expense, net 13,464 6,396 60,053 19,448

Deferred income taxes (15,984) 859 (67,570) 415

Changes in assets and liabilities, net of acquisition:

Accounts receivable (192,229) (6,729) (341,444) 2,075

Inventories (118,388) (5,984) (200,675) 29,817

Prepaid expenses and other assets (19,149) (5,677) (65,339) (8,692)

Accounts payable 93,200 5,121 93,788 34,768

Accrued liabilities and other non-current liabilities 761 5,289 (7,004) 26,817

Accrued employee compensation 69,289 56,741 12,980 38,202

Net cash provided by operating activities 264,665 257,534 473,045 658,992

Cash flows from investing activities:

Purchases of technology licenses (2,731) (1,712) (9,371) (8,476)

Purchases of property and equipment (76,804) (35,359) (130,483) (88,242)

Acquisitions, net of cash acquired 60,436 - (3,539,729)-

Other, net (53) (476) (2,457) 223

Net cash used in investing activities (19,152) (37,547) (3,682,040)(96,495)

Cash flows from financing activities:

Repurchases of common stock - - - (25,202)

Proceeds from employee stock plans 2,428 2,256 42,784 50,490

Tax withholding paid on behalf of employees for net share settlement (52,851) (25,912) (169,001) (82,626)

Dividend payments to stockholders (50,429) (40,229) (140,318) (120,111)

Payments on technology license obligations (30,551) (34,285) (97,858) (76,794)

Proceeds from issuance of debt - - 3,806,096 -

Principal payments of debt (150,938) (100,000) (425,938) (100,000)

Payment for repurchases and settlement of convertible notes (316) - (181,207) -

Proceeds from capped calls 33 - 160,319 -

Payment of equity and debt financing costs (7) (22,313) (11,850) (22,313)

Other, net 1,003 1,003 1,003 (1,504)

Net cash provided by (used in) financing activities (281,628) (219,480) 2,984,030 (378,060)

Net increase (decrease) in cash and cash equivalents (36,115) 507 (224,965) 184,437

Cash and cash equivalents at beginning of period 559,617 831,534 748,467 647,604

Cash and cash equivalents at end of period $523,502 $832,041 $523,502 $832,041

Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)



Three Months Ended Nine Months Ended

October 30, July 31, October 31, October 30, October 31, 2021 2021 2020 2021 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.

Marvell Technology, Inc.

Outlook for the Fourth Quarter of Fiscal Year 2022

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)





Outlook for Three Months Ended January 29, 2022

GAAP net revenue $1,320 +/- 3%

Special items: -

Non-GAAP net revenue $1,320 +/- 3%



GAAP gross margin 47.9% - 49.8%

Special items:

Share-based compensation 0.8%

Amortization of acquired intangible assets13.8%

Other costs of goods sold 1.6%

Non-GAAP gross margin ~ 65%



Total GAAP operating expenses $630 - $640

Special items:

Share-based compensation 126

Amortization of acquired intangible assets111

Restructuring related charges 2

Other operating expenses 3

Total non-GAAP operating expenses $390 - $395





GAAP diluted net loss per share $(0.03) +/- $0.04

Special items:

Share-based compensation 0.16

Amortization of acquired intangible assets0.37

Other income tax effects and adjustments (0.02)

Non-GAAP diluted net income per share $0.48 +/- $0.03

Quarterly Revenue Trend (Unaudited)

Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) carrier infrastructure, (iii) enterprise networking, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below:

End market Customer products and applications

? Cloud and on-premise Artificial intelligence (AI) systems ? Cloud and on-premise ethernet switching Data center ? Cloud and on-premise network-attached storage (NAS) ? Cloud and on-premise servers ? Cloud and on-premise storage area networks ? Cloud and on-premise storage systems ? Data center interconnect (DCI)

? Digital Subscriber Line Access Multiplexers (DSLAMs) Carrier ? Ethernet switches infrastructure ? Optical transport systems ? Routers ? Wireless radio access network (RAN) systems

? Campus and small medium enterprise routers ? Campus and small medium enterprise ethernet switches Enterprise ? Campus and small medium enterprise wireless access networking ? points (WAPs) ? Network appliances (firewalls, and load balancers) Workstations

? Broadband gateways and routers ? Gaming consoles ? Home data storage Consumer ? Home wireless access points (WAPs) ? Personal Computers (PCs) ? Printers ? Set-top boxes

? Advanced driver-assistance systems (ADAS) ? Autonomous vehicles (AV) Automotive/ ? In-vehicle networking industrial ? Industrial ethernet switches ? United States military and government solutions ? Video surveillance

Quarterly Revenue Trend (Unaudited) (Continued)



Three Months Ended % Change

October 30, July 31, October 31, Revenue by End Market (In thousands)2021* 2020 YoY QoQ 2021

Data center $499,748 $433,722 $239,159 109%15%

Carrier infrastructure 215,108 196,656 168,584 28 %9 %

Enterprise networking 247,210 222,732 158,933 56 %11%

Consumer 182,535 165,380 152,269 20 %10%

Automotive/industrial 66,644 57,391 31,198 114%16%

Total Net Revenue $1,211,245$1,075,881$750,143 61 %13%

*Results for the three months ended October 30, 2021 include total Innoviumrevenue from the period of October 5, 2021 to October 30, 2021.

Three Months Ended

October 30,July 31,October 31,Revenue by End Market % of Total2021 2020 2021

Data center 41 % 40 %32 %

Carrier infrastructure 18 % 18 %23 %

Enterprise networking 20 % 21 %21 %

Consumer 15 % 16 %20 %

Automotive/industrial 6 % 5 %4 %

Total Net Revenue 100 % 100 %100 %

For further information, contact:Ashish SaranVice President, Investor Relations408-222-0777ir@marvell.com

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SOURCE Marvell