Marvell Technology Files 10-Q for August 2024 Period

TL;DR

MRVL 10-Q filed Aug 3, 2024 - financials updated.

AI Summary

Marvell Technology, Inc. filed its 10-Q for the period ending August 3, 2024. The filing details the company's financial performance and position, including its assets and liabilities. Specific financial figures and operational details are provided within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Marvell Technology's financial health and operational status as of August 3, 2024, crucial for understanding its market position.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and market conditions can introduce medium-level risk.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Total Assets (Specific total asset figures are not detailed in the provided header information.)

Key Players & Entities

• Marvell Technology, Inc. (company) — Filer of the 10-Q
• 20240803 (date) — Period of report
• 20240830 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• mrvl-20240803.htm (10-Q) — 1658KB
• mrvl-832024exhibit311.htm (EX-31.1) — 10KB
• mrvl-832024exhibit312.htm (EX-31.2) — 10KB
• mrvl-832024exhibit321.htm (EX-32.1) — 4KB
• mrvl-832024exhibit322.htm (EX-32.2) — 4KB
• mrvl-20240803_g1.jpg (GRAPHIC) — 162KB
• 0001835632-24-000142.txt ( ) — 7855KB
• mrvl-20240803.xsd (EX-101.SCH) — 41KB
• mrvl-20240803_cal.xml (EX-101.CAL) — 91KB
• mrvl-20240803_def.xml (EX-101.DEF) — 184KB
• mrvl-20240803_lab.xml (EX-101.LAB) — 556KB
• mrvl-20240803_pre.xml (EX-101.PRE) — 395KB
• mrvl-20240803_htm.xml (XML) — 1221KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Unaudited Condensed Consolidated Balance Sheets as of August 3 , 2024 and February 3, 2024 2 Unaudited Condensed Consolidated Statements of Operations for the three an d six months ended August 3 , 2024 and July 29, 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended August 3 , 2024 and July 29, 2023 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended August 3 , 2024 and July 29, 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended August 3 , 2024 and July 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) August 3, 2024 February 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 808.7 $ 950.8 Accounts receivable, net 1,060.1 1,121.6 Inventories 817.8 864.4 Prepaid expenses and other current assets 77.3 125.9 Total current assets 2,763.9 3,062.7 Property and equipment, net 781.5 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 3,463.4 4,004.1 Deferred tax assets 347.5 311.9 Other non-current assets 1,350.2 1,506.9 Total assets $ 20,293.4 $ 21,228.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 453.4 $ 411.3 Accrued liabilities 763.8 1,032.9 Accrued employee compensation 200.0 262.7 Short-term debt 129.3 107.3 Total current liabilities 1,546.5 1,814.2 Long-term debt 3,996.5 4,058.6 Other non-current liabilities 545.5 524.3 Total liabilities 6,088.5 6,397.1 Commitments and contingencies (Note 5) Stockholders' equity: Common stock, $ 0.002 par value 1.7 1.7 Additional paid-in capital 14,732.9 14,845.3 Accumulated other comprehensive income (loss) ( 0.4 ) 1.1 Accumulated deficit ( 529.3 ) ( 16.7 ) Total stockholders' equity 14,204.9 14,831.4 Total liabilities and stockholders' equity $ 20,293.4 $ 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 Six Months Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Net revenue $ 1,272.9 $ 1,340.9 $ 2,433.8 $ 2,662.6 Cost of goods sold 685.3 819.8 1,318.4 1,584.3 Gross profit 587.6 521.1 1,115.4 1,078.3 Operating expenses: Research and development 486.7 474.8 962.8 955.5 Selling, general and administrative 197.3 210.0 397.2 409.0 Restructuring related charges 4.0

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