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10-Q Filing

Marvell Technology, Inc. CIK: 1835632 Q1 2024
Filing Information
Form Type 10-Q
Accession Number 0001835632-23-000029
Period End Date 20230430
Filing Date 20230526
Fiscal Year 2024
Fiscal Period Q1
XBRL Instance mrvl-20230429_htm.xml
Balance Sheet 56 line items
Line Item Tag Value Unit Period
Common shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $911.00M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $1.19B USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $1.00B USD Point-in-time
Inventories InventoryNet $1.03B USD Point-in-time
Inventories InventoryNet $1.07B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $109.60M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $147.70M USD Point-in-time
Total current assets AssetsCurrent $3.20B USD Point-in-time
Total current assets AssetsCurrent $3.28B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $636.20M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $577.40M USD Point-in-time
Goodwill Goodwill $11.59B USD Point-in-time
Goodwill Goodwill $11.59B USD Point-in-time
Acquired intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.83B USD Point-in-time
Acquired intangible assets, net IntangibleAssetsNetExcludingGoodwill $5.10B USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $608.20M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $465.90M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $1.51B USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $1.41B USD Point-in-time
Total assets Assets $22.27B USD Point-in-time
Total assets Assets $22.52B USD Point-in-time
Accounts payable AccountsPayableCurrent $388.40M USD Point-in-time
Accounts payable AccountsPayableCurrent $465.80M USD Point-in-time
Accrued liabilities AccruedAndContractLiabilitiesCurrent $970.80M USD Point-in-time
Accrued liabilities AccruedAndContractLiabilitiesCurrent $1.09B USD Point-in-time
Accrued employee compensation EmployeeRelatedLiabilitiesCurrent $184.60M USD Point-in-time
Accrued employee compensation EmployeeRelatedLiabilitiesCurrent $244.50M USD Point-in-time
Short-term debt ShortTermBorrowings $1.52B USD Point-in-time
Short-term debt ShortTermBorrowings $584.40M USD Point-in-time
Total current liabilities LiabilitiesCurrent $3.06B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.39B USD Point-in-time
Long-term debt OtherLongTermDebtNoncurrent $3.15B USD Point-in-time
Long-term debt OtherLongTermDebtNoncurrent $3.91B USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $590.50M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $563.00M USD Point-in-time
Total liabilities Liabilities $6.78B USD Point-in-time
Total liabilities Liabilities $6.88B USD Point-in-time
Commitments and contingencies (Note 4) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 4) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.002 par value CommonStockValue $1.70M USD Point-in-time
Common stock, $0.002 par value CommonStockValue $1.70M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $14.59B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $14.51B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax - USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-900.00K USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $903.20M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.12B USD Point-in-time
Total stockholders equity StockholdersEquity $15.49B USD Point-in-time
Total stockholders equity StockholdersEquity $15.70B USD Point-in-time
Total stockholders equity StockholdersEquity $15.64B USD Point-in-time
Total stockholders equity StockholdersEquity $15.46B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $22.27B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $22.52B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Net revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.32B USD 1 Quarter
Net revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.45B USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $764.50M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $696.00M USD 1 Quarter
Gross profit GrossProfit $557.20M USD 1 Quarter
Gross profit GrossProfit $750.90M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $480.70M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $444.10M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $199.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $235.70M USD 1 Quarter
Restructuring related charges RestructuringCostsAndAssetImpairmentCharges $59.90M USD 1 Quarter
Restructuring related charges RestructuringCostsAndAssetImpairmentCharges $1.30M USD 1 Quarter
Total operating expenses CostsAndExpenses $681.10M USD 1 Quarter
Total operating expenses CostsAndExpenses $739.60M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-182.40M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $69.80M USD 1 Quarter
Interest income InvestmentIncomeNonoperating $2.50M USD 1 Quarter
Interest income InvestmentIncomeNonoperating $500.00K USD 1 Quarter
Interest expense InterestExpense $52.70M USD 1 Quarter
Interest expense InterestExpense $36.30M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $300.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $5.20M USD 1 Quarter
Interest and other loss, net NonoperatingIncomeExpenseAndInterestIncomeExpense $-49.90M USD 1 Quarter
Interest and other loss, net NonoperatingIncomeExpenseAndInterestIncomeExpense $-30.60M USD 1 Quarter
Income (loss) before income taxes IncomeLossAttributableToParent $-232.30M USD 1 Quarter
Income (loss) before income taxes IncomeLossAttributableToParent $39.20M USD 1 Quarter
Provision (benefit) for income taxes IncomeTaxExpenseBenefit $-63.40M USD 1 Quarter
Provision (benefit) for income taxes IncomeTaxExpenseBenefit $204.90M USD 1 Quarter
Net loss NetIncomeLoss $-168.90M USD 1 Quarter
Net loss NetIncomeLoss $-165.70M USD 1 Quarter
Net loss per share - basic (in dollars per share) EarningsPerShareBasic $-0.20 USD 1 Quarter
Net loss per share - basic (in dollars per share) EarningsPerShareBasic $-0.20 USD 1 Quarter
Net loss per share - diluted (in dollars per share) EarningsPerShareDiluted $-0.20 USD 1 Quarter
Net loss per share - diluted (in dollars per share) EarningsPerShareDiluted $-0.20 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 848.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 856.70M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 856.70M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 848.00M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-168.90M USD 1 Quarter
Net loss NetIncomeLoss $-165.70M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $75.70M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $78.40M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $143.20M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $131.10M USD 1 Quarter
Amortization of acquired intangible assets AmortizationOfIntangibleAssets $270.00M USD 1 Quarter
Amortization of acquired intangible assets AmortizationOfIntangibleAssets $272.50M USD 1 Quarter
Amortization of inventory fair value adjustment associated with acquisitions AmortizationOfInventoryFairValueAdjustmentRelatedWithAcquisition - USD 1 Quarter
Amortization of inventory fair value adjustment associated with acquisitions AmortizationOfInventoryFairValueAdjustmentRelatedWithAcquisition $9.30M USD 1 Quarter
Restructuring related impairment charges NonCashRestructuringAndRelatedChargesIncome $900.00K USD 1 Quarter
Restructuring related impairment charges NonCashRestructuringAndRelatedChargesIncome $10.10M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $165.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-139.10M USD 1 Quarter
Other expense, net OtherNoncashIncomeExpense $-12.80M USD 1 Quarter
Other expense, net OtherNoncashIncomeExpense $-5.80M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-191.30M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $139.50M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-7.90M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $142.90M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $125.80M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-41.20M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-104.80M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $61.40M USD 1 Quarter
Accrued employee compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-50.00M USD 1 Quarter
Accrued employee compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-60.10M USD 1 Quarter
Accrued liabilities and other non-current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $97.00M USD 1 Quarter
Accrued liabilities and other non-current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-73.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $194.80M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $208.40M USD 1 Quarter
Purchases of technology licenses PaymentsToAcquireIntangibleAssets $2.80M USD 1 Quarter
Purchases of technology licenses PaymentsToAcquireIntangibleAssets $1.60M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $99.80M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $36.90M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $44.00M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $100.00K USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $-100.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-82.40M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-102.70M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $15.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Proceeds from employee stock plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans $7.50M USD 1 Quarter
Proceeds from employee stock plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans $2.50M USD 1 Quarter
Tax withholding paid on behalf of employees for net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $137.60M USD 1 Quarter
Tax withholding paid on behalf of employees for net share settlement PaymentsRelatedToTaxWithholdingForShareBasedCompensation $72.60M USD 1 Quarter
Dividend payments to stockholders PaymentsOfDividends $51.40M USD 1 Quarter
Dividend payments to stockholders PaymentsOfDividends $50.90M USD 1 Quarter
Payments on technology license obligations PaymentOnTechnologyLicenseObligation $49.00M USD 1 Quarter
Payments on technology license obligations PaymentOnTechnologyLicenseObligation $50.00M USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfLongTermDebt $200.00M USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Principal payments of debt RepaymentsOfLongTermDebt $21.90M USD 1 Quarter
Principal payments of debt RepaymentsOfLongTermDebt $10.90M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $11.60M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-260.90M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-148.50M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $117.30M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.03B USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $911.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $613.50M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $465.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.03B USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $911.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $613.50M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $465.00M USD Point-in-time
Stockholders Equity 26 line items
Line Item Tag Value Unit Period
Cash dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $0.06 USD 1 Quarter
Cash dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $0.06 USD 1 Quarter
Cash dividends paid (in dollars per share) CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Cash dividends paid (in dollars per share) CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Balance at beginning of period StockholdersEquity $15.49B USD Point-in-time
Balance at beginning of period StockholdersEquity $15.70B USD Point-in-time
Balance at beginning of period StockholdersEquity $15.64B USD Point-in-time
Balance at beginning of period StockholdersEquity $15.46B USD Point-in-time
Issuance of common stock in connection with equity incentive plans StockIssuedDuringPeriodValueNewIssues $2.40M USD 1 Quarter
Issuance of common stock in connection with equity incentive plans StockIssuedDuringPeriodValueNewIssues $8.30M USD 1 Quarter
Tax withholdings related to net share settlement of restricted stock units AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $72.60M USD 1 Quarter
Tax withholdings related to net share settlement of restricted stock units AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $137.60M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $142.20M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $129.70M USD 1 Quarter
Repurchase of common stock (in shares) StockRepurchasedDuringPeriodShares 300,000.00 shares 1 Quarter
Repurchase of common stock StockRepurchasedDuringPeriodValue $15.00M USD 1 Quarter
Cash dividends declared and paid ($0.06 per share) DividendsCommonStockCash $50.90M USD 1 Quarter
Cash dividends declared and paid ($0.06 per share) DividendsCommonStockCash $51.40M USD 1 Quarter
Net loss NetIncomeLoss $-168.90M USD 1 Quarter
Net loss NetIncomeLoss $-165.70M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent - USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-900.00K USD 1 Quarter
Balance at end of period StockholdersEquity $15.49B USD Point-in-time
Balance at end of period StockholdersEquity $15.70B USD Point-in-time
Balance at end of period StockholdersEquity $15.64B USD Point-in-time
Balance at end of period StockholdersEquity $15.46B USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-168.90M USD 1 Quarter
Net loss NetIncomeLoss $-165.70M USD 1 Quarter
Net change in unrealized gain (loss) on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent - USD 1 Quarter
Net change in unrealized gain (loss) on cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-900.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent - USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-900.00K USD 1 Quarter
Comprehensive loss, net of tax ComprehensiveIncomeNetOfTax $-165.70M USD 1 Quarter
Comprehensive loss, net of tax ComprehensiveIncomeNetOfTax $-169.80M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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