10-Q 1 mrvl-20221029.htm FORM 10-Q mrvl-20221029
false2023Q3000183563201/28http://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://www.marvell.com/20221029#AccruedAndContractLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent00018356322022-01-302022-10-2900018356322022-11-25xbrli:shares00018356322022-10-29iso4217:USD00018356322022-01-29iso4217:USDxbrli:shares00018356322022-07-312022-10-2900018356322021-08-012021-10-3000018356322021-01-312021-10-300001835632us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-10-290001835632us-gaap:CommonStockMember2022-01-290001835632us-gaap:AdditionalPaidInCapitalMember2022-01-290001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-290001835632us-gaap:RetainedEarningsMember2022-01-290001835632us-gaap:CommonStockMember2022-01-302022-04-300001835632us-gaap:AdditionalPaidInCapitalMember2022-01-302022-04-3000018356322022-01-302022-04-300001835632us-gaap:RetainedEarningsMember2022-01-302022-04-300001835632us-gaap:CommonStockMember2022-04-300001835632us-gaap:AdditionalPaidInCapitalMember2022-04-300001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-300001835632us-gaap:RetainedEarningsMember2022-04-3000018356322022-04-300001835632us-gaap:CommonStockMember2022-05-012022-07-300001835632us-gaap:AdditionalPaidInCapitalMember2022-05-012022-07-3000018356322022-05-012022-07-300001835632us-gaap:RetainedEarningsMember2022-05-012022-07-300001835632us-gaap:CommonStockMember2022-07-300001835632us-gaap:AdditionalPaidInCapitalMember2022-07-300001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-300001835632us-gaap:RetainedEarningsMember2022-07-3000018356322022-07-300001835632us-gaap:CommonStockMember2022-07-312022-10-290001835632us-gaap:AdditionalPaidInCapitalMember2022-07-312022-10-290001835632us-gaap:RetainedEarningsMember2022-07-312022-10-290001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-312022-10-290001835632us-gaap:CommonStockMember2022-10-290001835632us-gaap:AdditionalPaidInCapitalMember2022-10-290001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-290001835632us-gaap:RetainedEarningsMember2022-10-290001835632us-gaap:CommonStockMember2021-01-300001835632us-gaap:AdditionalPaidInCapitalMember2021-01-300001835632us-gaap:RetainedEarningsMember2021-01-3000018356322021-01-300001835632us-gaap:CommonStockMember2021-01-312021-05-010001835632us-gaap:AdditionalPaidInCapitalMember2021-01-312021-05-0100018356322021-01-312021-05-010001835632us-gaap:RetainedEarningsMember2021-01-312021-05-010001835632us-gaap:CommonStockMember2021-05-010001835632us-gaap:AdditionalPaidInCapitalMember2021-05-010001835632us-gaap:RetainedEarningsMember2021-05-0100018356322021-05-010001835632us-gaap:CommonStockMember2021-05-022021-07-310001835632us-gaap:AdditionalPaidInCapitalMember2021-05-022021-07-3100018356322021-05-022021-07-310001835632us-gaap:RetainedEarningsMember2021-05-022021-07-310001835632us-gaap:CommonStockMember2021-07-310001835632us-gaap:AdditionalPaidInCapitalMember2021-07-310001835632us-gaap:RetainedEarningsMember2021-07-3100018356322021-07-310001835632us-gaap:CommonStockMember2021-08-012021-10-300001835632us-gaap:AdditionalPaidInCapitalMember2021-08-012021-10-300001835632us-gaap:RetainedEarningsMember2021-08-012021-10-300001835632us-gaap:CommonStockMember2021-10-300001835632us-gaap:AdditionalPaidInCapitalMember2021-10-300001835632us-gaap:RetainedEarningsMember2021-10-3000018356322021-10-300001835632mrvl:DataCenterMember2022-07-312022-10-290001835632mrvl:DataCenterMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-07-312022-10-29xbrli:pure0001835632mrvl:DataCenterMember2021-08-012021-10-300001835632mrvl:DataCenterMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-08-012021-10-300001835632mrvl:DataCenterMember2022-01-302022-10-290001835632mrvl:DataCenterMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-01-302022-10-290001835632mrvl:DataCenterMember2021-01-312021-10-300001835632mrvl:DataCenterMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-01-312021-10-300001835632mrvl:EnterpriseNetworkingMember2022-07-312022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMembermrvl:EnterpriseNetworkingMember2022-07-312022-10-290001835632mrvl:EnterpriseNetworkingMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMembermrvl:EnterpriseNetworkingMember2021-08-012021-10-300001835632mrvl:EnterpriseNetworkingMember2022-01-302022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMembermrvl:EnterpriseNetworkingMember2022-01-302022-10-290001835632mrvl:EnterpriseNetworkingMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMembermrvl:EnterpriseNetworkingMember2021-01-312021-10-300001835632mrvl:CarrierInfrastructureMember2022-07-312022-10-290001835632mrvl:CarrierInfrastructureMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-07-312022-10-290001835632mrvl:CarrierInfrastructureMember2021-08-012021-10-300001835632mrvl:CarrierInfrastructureMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-08-012021-10-300001835632mrvl:CarrierInfrastructureMember2022-01-302022-10-290001835632mrvl:CarrierInfrastructureMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-01-302022-10-290001835632mrvl:CarrierInfrastructureMember2021-01-312021-10-300001835632mrvl:CarrierInfrastructureMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-01-312021-10-300001835632mrvl:ConsumerMember2022-07-312022-10-290001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-07-312022-10-290001835632mrvl:ConsumerMember2021-08-012021-10-300001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-08-012021-10-300001835632mrvl:ConsumerMember2022-01-302022-10-290001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-01-302022-10-290001835632mrvl:ConsumerMember2021-01-312021-10-300001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-01-312021-10-300001835632mrvl:AutomotiveAndIndustrialMember2022-07-312022-10-290001835632mrvl:AutomotiveAndIndustrialMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-07-312022-10-290001835632mrvl:AutomotiveAndIndustrialMember2021-08-012021-10-300001835632mrvl:AutomotiveAndIndustrialMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-08-012021-10-300001835632mrvl:AutomotiveAndIndustrialMember2022-01-302022-10-290001835632mrvl:AutomotiveAndIndustrialMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2022-01-302022-10-290001835632mrvl:AutomotiveAndIndustrialMember2021-01-312021-10-300001835632mrvl:AutomotiveAndIndustrialMemberus-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMember2021-01-312021-10-300001835632country:CN2022-07-312022-10-290001835632country:CNus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-07-312022-10-290001835632country:CN2021-08-012021-10-300001835632country:CNus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-08-012021-10-300001835632country:CN2022-01-302022-10-290001835632country:CNus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-01-302022-10-290001835632country:CN2021-01-312021-10-300001835632country:CNus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-312021-10-300001835632country:US2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:US2022-07-312022-10-290001835632country:US2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:US2021-08-012021-10-300001835632country:US2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:US2022-01-302022-10-290001835632country:US2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:US2021-01-312021-10-300001835632country:TH2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TH2022-07-312022-10-290001835632country:TH2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TH2021-08-012021-10-300001835632country:TH2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TH2022-01-302022-10-290001835632country:TH2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TH2021-01-312021-10-300001835632country:MY2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:MY2022-07-312022-10-290001835632country:MY2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:MY2021-08-012021-10-300001835632country:MY2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:MY2022-01-302022-10-290001835632country:MY2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:MY2021-01-312021-10-300001835632country:SG2022-07-312022-10-290001835632country:SGus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-07-312022-10-290001835632country:SG2021-08-012021-10-300001835632country:SGus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-08-012021-10-300001835632country:SG2022-01-302022-10-290001835632country:SGus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-01-302022-10-290001835632country:SG2021-01-312021-10-300001835632country:SGus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-312021-10-300001835632country:JP2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:JP2022-07-312022-10-290001835632country:JP2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:JP2021-08-012021-10-300001835632country:JP2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:JP2022-01-302022-10-290001835632country:JP2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:JP2021-01-312021-10-300001835632country:TW2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TW2022-07-312022-10-290001835632country:TW2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TW2021-08-012021-10-300001835632country:TW2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TW2022-01-302022-10-290001835632country:TW2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:TW2021-01-312021-10-300001835632country:PH2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:PH2022-07-312022-10-290001835632country:PH2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:PH2021-08-012021-10-300001835632country:PH2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:PH2022-01-302022-10-290001835632country:PH2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembercountry:PH2021-01-312021-10-300001835632mrvl:OtherCountriesMember2022-07-312022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembermrvl:OtherCountriesMember2022-07-312022-10-290001835632mrvl:OtherCountriesMember2021-08-012021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembermrvl:OtherCountriesMember2021-08-012021-10-300001835632mrvl:OtherCountriesMember2022-01-302022-10-290001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembermrvl:OtherCountriesMember2022-01-302022-10-290001835632mrvl:OtherCountriesMember2021-01-312021-10-300001835632us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembermrvl:OtherCountriesMember2021-01-312021-10-300001835632us-gaap:SalesChannelDirectlyToConsumerMember2022-07-312022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:SalesChannelDirectlyToConsumerMemberus-gaap:CustomerConcentrationRiskMember2022-07-312022-10-290001835632us-gaap:SalesChannelDirectlyToConsumerMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:SalesChannelDirectlyToConsumerMemberus-gaap:CustomerConcentrationRiskMember2021-08-012021-10-300001835632us-gaap:SalesChannelDirectlyToConsumerMember2022-01-302022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:SalesChannelDirectlyToConsumerMemberus-gaap:CustomerConcentrationRiskMember2022-01-302022-10-290001835632us-gaap:SalesChannelDirectlyToConsumerMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:SalesChannelDirectlyToConsumerMemberus-gaap:CustomerConcentrationRiskMember2021-01-312021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMember2022-07-312022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelThroughIntermediaryMember2022-07-312022-10-290001835632us-gaap:SalesChannelThroughIntermediaryMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelThroughIntermediaryMember2021-08-012021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMember2022-01-302022-10-290001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelThroughIntermediaryMember2022-01-302022-10-290001835632us-gaap:SalesChannelThroughIntermediaryMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelThroughIntermediaryMember2021-01-312021-10-300001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2022-10-290001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2022-01-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-10-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-01-290001835632mrvl:TermLoanMember2022-10-290001835632mrvl:TermLoanMember2022-01-290001835632us-gaap:SeniorNotesMembermrvl:MTGAndMTISeniorNotesDueIn2023Member2022-10-290001835632us-gaap:SeniorNotesMembermrvl:MTGAndMTISeniorNotesDueIn2023Member2022-01-290001835632us-gaap:SeniorNotesMembermrvl:MTGAndMTISeniorNotesDueIn2028Member2022-10-290001835632us-gaap:SeniorNotesMembermrvl:MTGAndMTISeniorNotesDueIn2028Member2022-01-290001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2026Member2022-10-290001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2026Member2022-01-290001835632mrvl:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2022-10-290001835632mrvl:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2022-01-290001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2031Member2022-10-290001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2031Member2022-01-290001835632us-gaap:SeniorNotesMember2022-10-290001835632us-gaap:SeniorNotesMember2022-01-290001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2026Member2022-01-302022-10-290001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2021ConvertibleNotesMember2021-04-200001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-04-200001835632us-gaap:SecuredDebtMembermrvl:InphiCorporationMemberus-gaap:BridgeLoanMember2021-04-012021-04-300001835632us-gaap:SecuredDebtMembermrvl:InphiCorporationMemberus-gaap:BridgeLoanMember2021-01-312021-05-010001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-012020-12-310001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-310001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2020-12-012020-12-310001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2020-12-310001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2020-12-012020-12-310001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2020-12-310001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-11-300001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2026Member2021-04-120001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2026Member2021-04-122021-04-120001835632mrvl:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-04-120001835632mrvl:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-04-122021-04-120001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2031Member2021-04-120001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2031Member2021-04-122021-04-120001835632mrvl:TermLoanMember2020-12-070001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-070001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-072020-12-070001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2020-12-070001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2020-12-072020-12-070001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2022-01-302022-10-290001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-302022-10-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-01-302022-10-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-302022-10-290001835632us-gaap:DebtInstrumentRedemptionPeriodOneMembermrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-01-302022-10-290001835632us-gaap:DebtInstrumentRedemptionPeriodTwoMembermrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-01-302022-10-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2022-01-302022-10-290001835632mrvl:TermLoanMembermrvl:FiveYearTrancheLoanMember2022-07-312022-10-290001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2020-12-070001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2020-12-072020-12-070001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2022-05-012022-07-300001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2022-10-290001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermrvl:RevolvingCreditFacility2020Member2022-01-302022-10-290001835632us-gaap:SeniorNotesMember2021-04-122021-04-120001835632mrvl:MTGSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2018-06-220001835632mrvl:MTGSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2018-06-220001835632us-gaap:SeniorNotesMembermrvl:MTGSeniorNotesMember2021-04-300001835632mrvl:MTGSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2021-04-300001835632mrvl:MTGSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-04-300001835632mrvl:MTGSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2021-05-042021-05-040001835632mrvl:MTGSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-05-042021-05-040001835632mrvl:MTISeniorNotesDue2023Memberus-gaap:SeniorNotesMember2021-04-300001835632us-gaap:SeniorNotesMembermrvl:MTISeniorNotesDue2028Member2021-04-300001835632us-gaap:SeniorNotesMember2021-04-012021-04-300001835632mrvl:MTGMTISeniorNotesMemberus-gaap:SeniorNotesMember2022-10-290001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2021ConvertibleNotesMembermrvl:ExchangeAgreementsMember2021-04-200001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2021ConvertibleNotesMember2021-09-010001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2021ConvertibleNotesMember2021-04-202021-08-310001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMembermrvl:ExchangeAgreementsMember2021-04-200001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-05-010001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-04-202021-05-010001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-06-030001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-05-022021-06-030001835632us-gaap:ConvertibleDebtMember2021-04-232021-04-230001835632us-gaap:ConvertibleDebtMembermrvl:ExchangeAgreementsMember2021-04-292021-04-290001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2021ConvertibleNotesMember2021-04-290001835632us-gaap:ConvertibleDebtMembermrvl:Inphi2025ConvertibleNotesMember2021-04-290001835632us-gaap:ConvertibleDebtMember2021-04-292021-04-290001835632mrvl:PurchaseCommitmentsToFoundriesAndTestAndAssemblyPartnersMember2022-10-290001835632mrvl:TechnologyLicenseAgreementMember2022-10-290001835632srt:MinimumMembermrvl:WafersSubstratesAndOtherManufacturingProductsMember2022-01-302022-10-290001835632mrvl:WafersSubstratesAndOtherManufacturingProductsMembersrt:MaximumMember2022-01-302022-10-290001835632mrvl:WafersSubstratesAndOtherManufacturingProductsMember2022-01-302022-10-290001835632mrvl:WafersSubstratesAndOtherManufacturingProductsMember2022-10-290001835632mrvl:TechnologyLicenseAgreementMember2021-09-012021-09-300001835632mrvl:TechnologyLicenseAgreementMember2021-09-300001835632mrvl:InnoviumIncMember2021-10-052021-10-050001835632mrvl:InnoviumIncMember2022-01-290001835632mrvl:InphiCorporationMember2021-04-202021-04-200001835632mrvl:InphiCorporationMember2022-01-290001835632mrvl:InphiCorporationMember2022-01-302022-10-290001835632mrvl:InphiCorporationMember2022-10-290001835632mrvl:InphiCorporationMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-202021-04-200001835632mrvl:InphiCorporationMember2021-04-200001835632mrvl:ConsultingServicesEntityLocatedInIndiaMember2022-05-012022-07-300001835632mrvl:ConsultingServicesEntityLocatedInIndiaMember2022-07-30mrvl:company0001835632mrvl:ConsultingServicesEntityLocatedInIndiaMember2022-01-302022-04-300001835632mrvl:ConsultingServicesEntityLocatedInIndiaMember2022-04-300001835632us-gaap:DevelopedTechnologyRightsMember2022-10-290001835632us-gaap:DevelopedTechnologyRightsMember2022-01-302022-10-290001835632mrvl:CustomerContractsAndRelationshipsMember2022-10-290001835632mrvl:CustomerContractsAndRelationshipsMember2022-01-302022-10-290001835632us-gaap:TradeNamesMember2022-10-290001835632us-gaap:TradeNamesMember2022-01-302022-10-290001835632us-gaap:InProcessResearchAndDevelopmentMember2022-10-290001835632us-gaap:DevelopedTechnologyRightsMember2022-01-290001835632us-gaap:DevelopedTechnologyRightsMember2021-01-312022-01-290001835632mrvl:CustomerContractsAndRelationshipsMember2022-01-290001835632mrvl:CustomerContractsAndRelationshipsMember2021-01-312022-01-290001835632us-gaap:TradeNamesMember2022-01-290001835632us-gaap:TradeNamesMember2021-01-312022-01-290001835632mrvl:OrderBacklogMember2022-01-290001835632mrvl:OrderBacklogMember2021-01-312022-01-2900018356322021-01-312022-01-290001835632us-gaap:InProcessResearchAndDevelopmentMember2022-01-290001835632srt:MinimumMemberus-gaap:InProcessResearchAndDevelopmentMember2022-01-302022-10-290001835632us-gaap:InProcessResearchAndDevelopmentMembersrt:MaximumMember2022-01-302022-10-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2022-10-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2022-10-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2022-10-290001835632us-gaap:BankTimeDepositsMember2022-10-290001835632us-gaap:FairValueInputsLevel1Member2022-10-290001835632us-gaap:FairValueInputsLevel2Member2022-10-290001835632us-gaap:FairValueInputsLevel3Member2022-10-290001835632us-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMember2022-10-290001835632us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2022-10-290001835632us-gaap:ForwardContractsMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2022-10-290001835632us-gaap:ForwardContractsMemberus-gaap:ForwardContractsMember2022-10-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2022-01-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2022-01-290001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2022-01-290001835632us-gaap:BankTimeDepositsMember2022-01-290001835632us-gaap:FairValueInputsLevel1Member2022-01-290001835632us-gaap:FairValueInputsLevel2Member2022-01-290001835632us-gaap:FairValueInputsLevel3Member2022-01-290001835632us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2022-10-290001835632us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2022-01-290001835632mrvl:SingaporeEconomicDevelopmentBoardMember2022-10-290001835632mrvl:ForeignSubsidiariesMember2022-10-290001835632us-gaap:StockCompensationPlanMember2022-07-312022-10-290001835632us-gaap:StockCompensationPlanMember2021-08-012021-10-300001835632us-gaap:StockCompensationPlanMember2022-01-302022-10-290001835632us-gaap:StockCompensationPlanMember2021-01-312021-10-300001835632us-gaap:ConvertibleDebtSecuritiesMember2022-07-312022-10-290001835632us-gaap:ConvertibleDebtSecuritiesMember2021-08-012021-10-300001835632us-gaap:ConvertibleDebtSecuritiesMember2022-01-302022-10-290001835632us-gaap:ConvertibleDebtSecuritiesMember2021-01-312021-10-300001835632mrvl:InnoviumIncMember2022-01-302022-10-290001835632mrvl:InnoviumIncMember2021-01-312022-01-290001835632us-gaap:MachineryAndEquipmentMember2022-10-290001835632us-gaap:MachineryAndEquipmentMember2022-01-290001835632us-gaap:LandBuildingsAndImprovementsMember2022-10-290001835632us-gaap:LandBuildingsAndImprovementsMember2022-01-290001835632us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-10-290001835632us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2022-01-290001835632us-gaap:FurnitureAndFixturesMember2022-10-290001835632us-gaap:FurnitureAndFixturesMember2022-01-290001835632us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-290001835632us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-302022-10-2900018356322016-11-1700018356322016-11-1600018356322018-10-160001835632mrvl:TradingPlan10b51Member2022-07-312022-10-290001835632mrvl:TradingPlan10b51Member2022-01-302022-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 29, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 001-40357
mrvl-20221029_g1.jpg
MARVELL TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware 85-3971597
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1000 N. West Street, Suite 1200
Wilmington, Delaware 19801
(302) 295-4840
(Address of principal executive offices, zip code and registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
 
     
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.002 per share MRVL The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filer
¨  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
The number of shares of common stock of the registrant outstanding as of November 25, 2022 was 853.2 million.


TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

1

PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par value per share)
 
October 29,
2022
January 29,
2022
ASSETS
Current assets:
Cash and cash equivalents$723.4 $613.5 
Accounts receivable, net1,390.7 1,048.6 
Inventories957.5 720.3 
Prepaid expenses and other current assets107.7 111.0 
Total current assets3,179.3 2,493.4 
Property and equipment, net521.5 462.8 
Goodwill11,579.0 11,511.1 
Acquired intangible assets, net5,372.6 6,153.4 
Deferred tax assets451.8 493.5 
Other non-current assets1,417.9 994.4 
Total assets$22,522.1 $22,108.6 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$476.2 $461.5 
Accrued liabilities1,111.7 622.6 
Accrued employee compensation248.3 241.3 
Short-term debt584.0 63.2 
Total current liabilities2,420.2 1,388.6 
Long-term debt3,927.6 4,484.8 
Other non-current liabilities615.3 533.1 
Total liabilities6,963.1 6,406.5 
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.002 par value
1.7 1.7 
Additional paid-in capital14,367.9 14,209.0 
Accumulated other comprehensive loss(0.8) 
Retained earnings1,190.2 1,491.4 
Total stockholders’ equity15,559.0 15,702.1 
Total liabilities and stockholders’ equity$22,522.1 $22,108.6 
    
See accompanying notes to unaudited condensed consolidated financial statements
2

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
 
 Three Months EndedNine Months Ended
 October 29,
2022
October 30,
2021
October 29,
2022
October 30,
2021
Net revenue$1,537.3 $1,211.2 $4,501.1 $3,119.4 
Cost of goods sold760.0 623.4 2,186.9 1,741.6 
Gross profit777.3 587.8 2,314.2 1,377.8 
Operating expenses:
Research and development448.1 371.9 1,341.2 1,025.0 
Selling, general and administrative207.8 243.4 640.2 704.1 
Legal settlement  100.0  
Restructuring related charges15.6 5.9 18.1 31.1 
Total operating expenses671.5 621.2 2,099.5 1,760.2 
Operating income (loss)105.8 (33.4)214.7 (382.4)
Interest income1.5 0.2 2.8 0.6 
Interest expense(45.2)(35.4)(121.3)(104.3)
Other income, net3.2 1.0 12.1 0.5 
Interest and other income (loss), net(40.5)(34.2)(106.4)(103.2)
Income (loss) before income taxes65.3 (67.6)108.3 (485.6)
Provision (benefit) for income taxes52.0 (5.0)256.4 (58.4)
Net income (loss)$13.3 $(62.6)$(148.1)$(427.2)
Net income (loss) per share - basic$0.02 $(0.08)$(0.17)$(0.55)
Net income (loss) per share - diluted$0.02 $(0.08)$(0.17)$(0.55)
Weighted-average shares:
Basic852.6 828.6 850.5 781.0 
Diluted858.4 828.6 850.5 781.0 
See accompanying notes to unaudited condensed consolidated financial statements
3

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
 
 Three Months EndedNine Months Ended
October 29,
2022
October 30,
2021
October 29,
2022
October 30,
2021
Net income (loss)$13.3 $(62.6)$(148.1)$(427.2)
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (loss) on cash flow hedges(0.8) (0.8) 
Other comprehensive income (loss), net of tax(0.8) (0.8) 
Comprehensive income (loss), net of tax$12.5 $(62.6)$(148.9)$(427.2)

See accompanying notes to unaudited condensed consolidated financial statements
4

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except per share amounts)

Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Loss
SharesAmountRetained EarningsTotal
Balance at January 29, 2022846.7 $1.7 $14,209.0 $ $1,491.4 $15,702.1 
Issuance of common stock in connection with equity incentive plans4.1 — 2.4 — — 2.4 
Tax withholdings related to net share settlement of restricted stock units— — (137.6)— — (137.6)
Stock-based compensation— — 129.7 — — 129.7 
Repurchase of common stock(0.3)— (15.0)— — (15.0)
Cash dividends declared and paid ($0.06 per share)
— — — — (50.9)(50.9)
Net loss— — — — (165.7)(165.7)
Balance at April 30, 2022850.5 $1.7 $14,188.5 $ $1,274.8 $15,465.0 
Issuance of common stock in connection with equity incentive plans2.9 — 48.9 — — 48.9 
Tax withholdings related to net share settlement of restricted stock units— — (34.1)— — (34.1)
Stock-based compensation— — 147.2 — — 147.2 
Repurchase of common stock(0.9)— (50.0)— — (50.0)
Cash dividends declared and paid ($0.06 per share)
— — — — (51.1)(51.1)
Net income— — — — 4.3 4.3 
Balance at July 30, 2022852.5 $1.7 $14,300.5 $ $1,228.0 $15,530.2 
Issuance of common stock in connection with equity incentive plans1.7  1.1 — — 1.1 
Tax withholdings related to net share settlement of restricted stock units— — (29.5)— — (29.5)
Stock-based compensation— — 145.8 — — 145.8 
Repurchase of common stock (1.1)— (50.0)— — (50.0)
Cash dividends declared and paid ($0.06 per share)
— — — — (51.1)(51.1)
Net income — — — — 13.3 13.3 
Other comprehensive loss— — — (0.8)— (0.8)
Balance at October 29, 2022853.1 $1.7 $14,367.9 $(0.8)$1,190.2 $15,559.0 


5

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Continued)
(In millions, except per share amounts)
Common StockAdditional Paid-in Capital
SharesAmountRetained EarningsTotal
Balance at January 30, 2021675.4 $1.4 $6,331.0 $2,103.4 $8,435.8 
Issuance of common stock in connection with equity incentive plans2.2 — 0.5 — 0.5 
Tax withholdings related to net share settlement of restricted stock units— — (68.3)— (68.3)
Stock-based compensation— — 92.7 — 92.7 
Issuance of common stock in connection with acquisitions129.2 0.3 5,910.9 — 5,911.2 
Equity related issuance cost— — (8.2)— (8.2)
Replacement equity awards attributable to pre-acquisition service— — 82.3 — 82.3 
Conversion feature of convertible notes— — 244.2 — 244.2 
Impact of repurchases of convertible notes7.1 — 234.3 — 234.3 
Conversion of convertible notes to common stock2.5 — 59.7 — 59.7 
Cash dividends declared and paid ($0.06 per share)
— — — (40.6)(40.6)
Net loss— — — (88.2)(88.2)
Balance at May 1, 2021816.4 $1.7 $12,879.1 $1,974.6 $14,855.4 
Issuance of common stock in connection with equity incentive plans2.9 — 40.2 — 40.2 
Tax withholdings related to net share settlement of restricted stock units— — (42.0)— (42.0)
Stock-based compensation— — 122.3 — 122.3 
Issuance of common stock in connection with acquisitions0.1 — 6.6 — 6.6 
Conversion of convertible notes to common stock3.9 — 84.4 — 84.4 
Cash dividends declared and paid ($0.06 per share)
— — — (49.3)(49.3)
Net loss— — — (276.4)(276.4)
Balance at July 31, 2021823.3 $1.7 $13,090.6 $1,648.9 $14,741.2 
Issuance of common stock in connection with equity incentive plans1.7  2.1 — 2.1 
Tax withholdings related to net share settlement of restricted stock units— — (52.8)— (52.8)
Stock-based compensation— — 121.2 — 121.2 
Issuance of common stock in connection with acquisitions16.5 — 954.3 — 954.3 
Replacement equity awards attributable to pre-acquisition service— — 33.2 — 33.2 
Conversion of convertible notes to common stock— — 0.1 — 0.1 
Cash dividends declared and paid ($0.06 per share)
— — — (50.4)(50.4)
Net loss— — — (62.6)(62.6)
Balance at October 30, 2021841.5 $1.7 $14,148.7 $1,535.9 $15,686.3 

See accompanying notes to unaudited condensed consolidated financial statements
6

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Nine Months Ended
 October 29,
2022
October 30,
2021
Cash flows from operating activities:
Net loss$(148.1)$(427.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization227.0 189.6 
Stock-based compensation421.7 325.9 
Amortization of acquired intangible assets814.2 684.6 
Amortization of inventory fair value adjustment associated with acquisitions26.0 191.1 
Other expense, net58.5 84.4
Deferred income taxes53.6 (67.6)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable(341.5)(341.4)
Prepaid expenses and other assets(382.4)(65.3)
Inventories(263.4)(200.6)
Accounts payable(33.9)93.8 
Accrued employee compensation6.3 13.0 
Accrued liabilities and other non-current liabilities 499.3 (7.2)
Net cash provided by operating activities937.3 473.1 
Cash flows from investing activities:
Purchases of technology licenses(9.1)(9.3)
Purchases of property and equipment(152.2)(130.4)
Acquisitions, net of cash acquired(103.0)(3,539.8)
Other, net0.1 (2.6)
Net cash used in investing activities(264.2)(3,682.1)
Cash flows from financing activities:
Repurchases of common stock(115.0) 
Proceeds from employee stock plans52.5 42.8 
Tax withholding paid on behalf of employees for net share settlement(201.2)(169.1)
Dividend payments to stockholders(153.1)(140.3)
Payments on technology license obligations(103.6)(97.9)
Proceeds from issuance of debt200.0 3,806.1 
Principal payments of debt(243.8)(425.9)
Payment for repurchases and settlement of convertible notes (181.2)
Proceeds from capped calls 160.3 
Payment of equity and debt financing costs (11.8)
Other, net1.0 1.0 
Net cash provided by (used in) financing activities(563.2)2,984.0 
Net increase (decrease) in cash and cash equivalents109.9 (225.0)
Cash and cash equivalents at beginning of period613.5 748.5 
Cash and cash equivalents at end of period$723.4 $523.5 

See accompanying notes to unaudited condensed consolidated financial statements
7

MARVELL TECHNOLOGY, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



Note 1. Basis of Presentation

The unaudited condensed consolidated financial statements of Marvell Technology, Inc. (“MTI”), a Delaware corporation, and its wholly owned subsidiaries (the “Company”), as of and for the three and nine months ended October 29, 2022, have been prepared as required by the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted as permitted by the SEC. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s fiscal year 2022 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022. In the opinion of management, the financial statements include all adjustments, including normal recurring adjustments and other adjustments, that are considered necessary for fair presentation of the Company’s financial position and results of operations. All inter-company accounts and transactions have been eliminated. Operating results for the periods presented herein are not necessarily indicative of the results that may be expected for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These financial statements should also be read in conjunction with the Company’s critical accounting policies included in the Company’s Annual Report on Form 10-K for the year ended January 29, 2022 and those included in this Form 10-Q below. All dollar amounts in the financial statements and tables in these notes, except per share amounts, are stated in millions of U.S. dollars unless otherwise noted.

The Company’s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2022 had a 52-week year. Fiscal 2023 is a 52-week year.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, provisions for sales returns and allowances, inventory excess and obsolescence, goodwill and other intangible assets, assets acquired and liabilities assumed in connection with acquisitions, restructuring, income taxes, litigation and other contingencies. Actual results could differ from these estimates and such differences could affect the results of operations reported in future periods. In the current macroeconomic environment, these estimates require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, these estimates may change materially in future periods.


Note 2. Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

In October 2021, the FASB issued an accounting standards update that requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The new standard was early adopted by the Company on January 30, 2022 and did not have a material effect on the Company’s condensed consolidated financial statements.


8

MARVELL TECHNOLOGY, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 3. Revenue

The majority of the Company’s revenue is generated from sales of the Company’s products.

The following table summarizes net revenue disaggregated by end market (in millions, except percentages):

Three Months EndedNine Months Ended
October 29,
2022
% of TotalOctober 30,
2021
% of TotalOctober 29,
2022
% of TotalOctober 30,
2021
% of Total
Net revenue by end market:
Data center$627.3 41 %$499.8 41 %$1,911.2 42 %$1,210.6 39 %
Enterprise networking376.0 24 %247.2 20 %1,002.9 22 %644.7 21 %
Carrier infrastructure271.4 18 %215.1 18 %808.6 18 %579.4 19 %
Consumer178.4 12 %182.5 15 %521.3 12 %514.6 16 %
Automotive/industrial84.2 5 %66.6 6 %257.1 6 %170.1 5 %
$1,537.3 $1,211.2 $4,501.1 $3,119.4 

The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages):

Three Months EndedNine Months Ended
October 29,
2022
% of TotalOctober 30,
2021
% of TotalOctober 29,
2022
% of TotalOctober 30,
2021
% of Total
Net revenue based on destination of shipment:
China$604.1 39 %$558.9 46 %$1,941.7 43 %$1,388.3 45 %
United States184.6 12 %123.9 10 %519.1 12 %334.5 11 %
Thailand115.2 7 %97.4 8 %289.4 6 %258.2 8 %
Malaysia85.1 6 %65.6 5 %280.2 6 %196.6 6 %
Singapore134.5 9 %46.7 4 %251.7 6 %156.6 5 %
       Japan70.1 5 %68.2 6 %208.2 5 %168.4 5 %
Taiwan89.4 6 %51.3 4 %204.3 5 %108.9 3 %
Philippines42.3 3 %53.0 4 %141.1 3 %156.3 5 %
Other212.0 13 %146.2 13 %665.4 14 %351.6 12 %
$1,537.3 $1,211.2 $4,501.1 $3,119.4 

These destinations of shipment are not necessarily indicative of the geographic location of the Company’s end customers or the country in which the Company’s end customers sell devices containing the Company’s products. For example, a substantial majority of the shipments made to China relate to sales to non-China based customers that have factories or contract manufacturing operations located within China.

9

MARVELL TECHNOLOGY, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

The following table summarizes net revenue disaggregated by customer type (in millions, except percentages):

Three Months EndedNine Months Ended
October 29,
2022
% of TotalOctober 30,
2021
% of TotalOctober 29,
2022
% of TotalOctober 30,
2021
% of Total
Net revenue by customer type:
Direct customers$986.0 64 %$893.5 74 %$2,955.9 66 %$2,284.6 73 %
Distributors551.3 36 %317.7 26 %1,545.2 34 %834.8 27 %
$1,537.3 $1,211.2 $4,501.1 $3,119.4 

Contract Liabilities

Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the nine months ended October 29, 2022 that was included in deferred revenue balance at January 29, 2022 was not material.

As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. In accordance with the practical expedients available in the guidance, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

Sales Commissions

The Company has elected to apply the practical expedient to expense commissions when incurred as the amortization period is typically one year or less. These costs are recorded in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.


10

MARVELL TECHNOLOGY, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ‑ (Continued)

Note 4. Debt

Summary of Borrowings and Outstanding Debt

The following table summarizes the Company’s outstanding debt at October 29, 2022 and January 29, 2022 (in millions):
October 29,
2022
January 29,
2022
Face Value Outstanding:
2024 Term Loan - 3 Year Tranche$735.0 $735.0 
2026 Term Loan - 5 Year Tranche809.4 853.1 
     Term Loan Total1,544.4 1,588.1 
4.200% MTG/MTI 2023 Senior Notes
500.0 500.0 
4.875% MTG/MTI 2028 Senior Notes
499.9 499.9 
1.650% 2026 Senior Notes
500.0 500.0 
2.450% 2028 Senior Notes
750.0 750.0 
2.950% 2031 Senior Notes
750.0 750.0 
     Senior Notes Total2,999.9