Marvell Technology Files Q1 2024 10-Q

TL;DR

MRVL's Q1 10-Q is in: financials detailed, check for performance updates.

AI Summary

Marvell Technology, Inc. filed its 10-Q for the period ending May 4, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the quarter are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Marvell's financial health and operational performance during the first quarter of fiscal year 2025, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and any disclosed risks within the report can impact investor confidence.

Key Numbers

• 0201 — Fiscal Year End (Indicates the company's annual financial cycle.)
• 2025 Q1 — Reporting Period (Specifies the quarter for which the financial data is reported.)

Key Players & Entities

• Marvell Technology, Inc. (company) — Filer of the 10-Q
• May 4, 2024 (date) — End of the reporting period
• 0001835632-24-000063 (other) — Accession Number for the filing
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.002 — ich registered Common Stock, par value $0.002 per share MRVL The Nasdaq Global Select

Filing Documents

• mrvl-20240504.htm (10-Q) — 1431KB
• mrvl-542024exhibit1057.htm (EX-10.5 7) — 46KB
• mrvl-542024exhibit1013.htm (EX-10.13) — 14KB
• mrvl-542024exhibit311.htm (EX-31.1) — 10KB
• mrvl-542024exhibit312.htm (EX-31.2) — 10KB
• mrvl-542024exhibit321.htm (EX-32.1) — 4KB
• mrvl-542024exhibit322.htm (EX-32.2) — 4KB
• image_0a.jpg (GRAPHIC) — 219KB
• mrvl-20240504_g1.jpg (GRAPHIC) — 162KB
• 0001835632-24-000063.txt ( ) — 7637KB
• mrvl-20240504.xsd (EX-101.SCH) — 41KB
• mrvl-20240504_cal.xml (EX-101.CAL) — 90KB
• mrvl-20240504_def.xml (EX-101.DEF) — 192KB
• mrvl-20240504_lab.xml (EX-101.LAB) — 545KB
• mrvl-20240504_pre.xml (EX-101.PRE) — 396KB
• mrvl-20240504_htm.xml (XML) — 1063KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Unaudited Condensed Consolidated Balance Sheets as of May 4, 2024 and February 3, 2024 2 Unaudited Condensed Consolidated Statements of Operations for the three months ended May 4 , 202 4 and April 29, 202 3 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended May 4, 2024 and April 29, 2023 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three months ended May 4 , 202 4 and April 29, 202 3 5 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended May 4, 2024 and April 29, 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

Signatures

Signatures 65 1 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value per share) May 4, 2024 February 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 847.7 $ 950.8 Accounts receivable, net 881.9 1,121.6 Inventories 826.4 864.4 Prepaid expenses and other current assets 91.7 125.9 Total current assets 2,647.7 3,062.7 Property and equipment, net 758.0 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 3,739.2 4,004.1 Deferred tax assets 327.0 311.9 Other non-current assets 1,432.2 1,506.9 Total assets $ 20,491.0 $ 21,228.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 320.9 $ 411.3 Accrued liabilities 861.0 1,032.9 Accrued employee compensation 167.5 262.7 Short-term debt 118.3 107.3 Total current liabilities 1,467.7 1,814.2 Long-term debt 4,027.6 4,058.6 Other non-current liabilities 517.0 524.3 Total liabilities 6,012.3 6,397.1 Commitments and contingencies (Note 5) Stockholders' equity: Common stock, $ 0.002 par value 1.7 1.7 Additional paid-in capital 14,760.7 14,845.3 Accumulated other comprehensive income 0.4 1.1 Accumulated deficit ( 284.1 ) ( 16.7 ) Total stockholders' equity 14,478.7 14,831.4 Total liabilities and stockholders' equity $ 20,491.0 $ 21,228.5 See accompanying notes to unaudited condensed consolidated financial statements 2 Table of Contents MARVELL TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Three Months Ended May 4, 2024 April 29, 2023 Net revenue $ 1,160.9 $ 1,321.7 Cost of goods sold 633.1 764.5 Gross profit 527.8 557.2 Operating expenses: Research and development 476.1 480.7 Selling, general and administrative 199.9 199.0 Restructuring related charges 4.1 59.9 Total operating expenses 680.1 739.6 Operating loss ( 152.3 ) ( 182.4 ) Interest expense ( 48.8 ) ( 52.7 ) Interest income and othe

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View this 10-Q filing on SEC EDGAR