Marvell Technology Files Q3 2024 10-Q

TL;DR

**MRVL Q3 10-Q FILED: Financials updated, check balance sheet.**

AI Summary

Marvell Technology, Inc. filed its 10-Q for the period ending November 2, 2024. The company reported its financial performance and position, with key figures related to its assets and liabilities. The filing provides an update on the company's operations and financial health for the specified quarter.

Why It Matters

This filing provides investors with a detailed look at Marvell Technology's financial performance and position, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a semiconductor company, Marvell Technology is subject to cyclical industry trends, supply chain disruptions, and intense competition, which can impact financial performance.

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.)
• N/A — Total Liabilities (Specific total liability figures are not detailed in the provided header information.)

Key Players & Entities

• Marvell Technology, Inc. (company) — Filer of the 10-Q
• 0001835632-24-000200 (filing_id) — Accession number for the filing
• 2024-11-02 (date) — End of the reporting period
• 2024-12-04 (date) — Date the filing was made

FAQ

Key Financial Figures

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

Filing Documents

• mrvl-20241102.htm (10-Q) — 1775KB
• mrvl-1122024exhibit1053.htm (EX-10.5 3) — 64KB
• mrvl-1122024exhibit1061.htm (EX-10.6 1) — 44KB
• mrvl-1122024exhibit311.htm (EX-31.1) — 10KB
• mrvl-1122024exhibit312.htm (EX-31.2) — 10KB
• mrvl-1122024exhibit321.htm (EX-32.1) — 4KB
• mrvl-1122024exhibit322.htm (EX-32.2) — 4KB
• mrvl-20241102_g1.jpg (GRAPHIC) — 162KB
• 0001835632-24-000200.txt ( ) — 8615KB
• mrvl-20241102.xsd (EX-101.SCH) — 42KB
• mrvl-20241102_cal.xml (EX-101.CAL) — 95KB
• mrvl-20241102_def.xml (EX-101.DEF) — 218KB
• mrvl-20241102_lab.xml (EX-101.LAB) — 596KB
• mrvl-20241102_pre.xml (EX-101.PRE) — 428KB
• mrvl-20241102_htm.xml (XML) — 1348KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Unaudited Condensed Consolidated Balance Sheets as of November 2 , 2024 and February 3, 2024 2 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended November 2 , 2024 and October 2 8 , 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended November 2 , 2024 and October 2 8 , 2023 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended November 2 , 2024 and October 2 8 , 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended November 2 , 2024 and October 2 8 , 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 64

Signatures

Signatures 68 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) November 2, 2024 February 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Commitments and contingencies (Note 8) Stockholders' equity: Common stock, $ 0.002 par value 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) ( 0.3 ) 1.1 Accumulated deficit ( 1,257.5 ) ( 16.7 ) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 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 Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 867.4 2,485.1 2,451.7 Gross profit 349.4 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 213.0 602.5 622.0 Restructuring r

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View this 10-Q filing on SEC EDGAR