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

 

 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 assets

13.8%

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 assets

111

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 assets

0.37

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

Data center

•  





Cloud and on-premise Artificial intelligence (AI) systems
Cloud and on-premise ethernet switching
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)

Carrier infrastructure





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

Enterprise networking





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

Consumer







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

Automotive/industrial






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

 

Quarterly Revenue Trend (Unaudited) (Continued)



Three Months Ended


% Change

Revenue by End Market (In thousands)

October 30,
2021*


July 31,

2021


October 31,
2020


YoY


QoQ

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 Innovium revenue from the period of October 5, 2021 to October 30, 2021.


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