10-Q 1 mrvl-20211030.htm FORM 10-Q mrvl-20211030
false2022Q3000183563201/30P5D0.01775080.01775220.04123841.171650.01775080.04123510.0171550.00800590.0085950.019966274.1P4Y00018356322021-01-312021-10-3000018356322021-11-26xbrli:shares00018356322021-10-30iso4217:USD00018356322021-01-30iso4217:USDxbrli:shares00018356322021-08-012021-10-3000018356322020-08-022020-10-3100018356322020-02-022020-10-310001835632us-gaap:CommonStockMember2021-01-300001835632us-gaap:AdditionalPaidInCapitalMember2021-01-300001835632us-gaap:RetainedEarningsMember2021-01-300001835632us-gaap:CommonStockMember2021-01-312021-05-010001835632us-gaap:AdditionalPaidInCapitalMember2021-01-312021-05-0100018356322021-01-312021-05-0100018356322021-05-022021-07-310001835632us-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:AdditionalPaidInCapitalMember2021-05-022021-07-310001835632us-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:RetainedEarningsMember2021-10-300001835632us-gaap:CommonStockMember2020-02-010001835632us-gaap:AdditionalPaidInCapitalMember2020-02-010001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-02-010001835632us-gaap:RetainedEarningsMember2020-02-0100018356322020-02-010001835632us-gaap:CommonStockMember2020-02-022020-05-020001835632us-gaap:AdditionalPaidInCapitalMember2020-02-022020-05-0200018356322020-02-022020-05-020001835632us-gaap:RetainedEarningsMember2020-02-022020-05-020001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-02-022020-05-020001835632us-gaap:CommonStockMember2020-05-020001835632us-gaap:AdditionalPaidInCapitalMember2020-05-020001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-020001835632us-gaap:RetainedEarningsMember2020-05-0200018356322020-05-020001835632us-gaap:CommonStockMember2020-05-032020-08-010001835632us-gaap:AdditionalPaidInCapitalMember2020-05-032020-08-0100018356322020-05-032020-08-010001835632us-gaap:RetainedEarningsMember2020-05-032020-08-010001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-032020-08-010001835632us-gaap:CommonStockMember2020-08-010001835632us-gaap:AdditionalPaidInCapitalMember2020-08-010001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-010001835632us-gaap:RetainedEarningsMember2020-08-0100018356322020-08-010001835632us-gaap:CommonStockMember2020-08-022020-10-310001835632us-gaap:AdditionalPaidInCapitalMember2020-08-022020-10-310001835632us-gaap:RetainedEarningsMember2020-08-022020-10-310001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-022020-10-310001835632us-gaap:CommonStockMember2020-10-310001835632us-gaap:AdditionalPaidInCapitalMember2020-10-310001835632us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-310001835632us-gaap:RetainedEarningsMember2020-10-3100018356322020-10-310001835632mrvl:InnoviumIncMember2021-10-052021-10-050001835632mrvl:InnoviumIncMember2021-10-050001835632mrvl:InnoviumIncMember2021-01-312021-10-300001835632mrvl:InnoviumIncMember2021-08-012021-10-300001835632mrvl:InphiCorporationMember2021-04-202021-04-20xbrli:pure0001835632mrvl:InphiCorporationMember2021-07-310001835632mrvl:InphiCorporationMember2021-08-012021-10-300001835632us-gaap:SellingGeneralAndAdministrativeExpensesMembermrvl:InphiCorporationMember2021-01-312021-10-300001835632mrvl:InphiCorporationMember2021-04-200001835632mrvl:InphiCorporationMember2021-10-300001835632mrvl:InphiCorporationMember2021-01-312021-10-300001835632mrvl:InphiCorporationMembersrt:ProFormaMember2021-01-312021-10-300001835632us-gaap:DevelopedTechnologyRightsMembermrvl:InnoviumIncMember2021-10-050001835632us-gaap:DevelopedTechnologyRightsMembermrvl:InnoviumIncMember2021-10-052021-10-050001835632mrvl:CustomerContractsAndRelationshipsMembermrvl:InnoviumIncMember2021-10-050001835632mrvl:CustomerContractsAndRelationshipsMembermrvl:InnoviumIncMember2021-10-052021-10-050001835632us-gaap:InProcessResearchAndDevelopmentMembermrvl:InnoviumIncMember2021-10-050001835632us-gaap:DevelopedTechnologyRightsMembermrvl:InphiCorporationMember2021-04-200001835632us-gaap:DevelopedTechnologyRightsMembermrvl:InphiCorporationMember2021-04-202021-04-200001835632mrvl:CustomerContractsAndRelationshipsMembermrvl:InphiCorporationMember2021-04-200001835632mrvl:CustomerContractsAndRelationshipsMembermrvl:InphiCorporationMember2021-04-202021-04-200001835632mrvl:InphiCorporationMembermrvl:OrderBacklogMember2021-04-200001835632mrvl:InphiCorporationMembermrvl:OrderBacklogMember2021-04-202021-04-200001835632us-gaap:TradeNamesMembermrvl:InphiCorporationMember2021-04-200001835632us-gaap:TradeNamesMembermrvl:InphiCorporationMember2021-04-202021-04-200001835632us-gaap:InProcessResearchAndDevelopmentMembermrvl:InphiCorporationMember2021-04-200001835632us-gaap:DevelopedTechnologyRightsMember2021-10-300001835632us-gaap:DevelopedTechnologyRightsMember2021-01-312021-10-300001835632mrvl:CustomerContractsAndRelationshipsMember2021-10-300001835632mrvl:CustomerContractsAndRelationshipsMember2021-01-312021-10-300001835632mrvl:OrderBacklogMember2021-10-300001835632mrvl:OrderBacklogMember2021-01-312021-10-300001835632us-gaap:TradeNamesMember2021-10-300001835632us-gaap:TradeNamesMember2021-01-312021-10-300001835632us-gaap:InProcessResearchAndDevelopmentMember2021-10-300001835632us-gaap:DevelopedTechnologyRightsMember2021-01-300001835632us-gaap:DevelopedTechnologyRightsMember2021-01-312021-05-010001835632mrvl:CustomerContractsAndRelationshipsMember2021-01-300001835632mrvl:CustomerContractsAndRelationshipsMember2021-01-312021-05-010001835632us-gaap:TradeNamesMember2021-01-300001835632us-gaap:TradeNamesMember2021-01-312021-05-010001835632us-gaap:InProcessResearchAndDevelopmentMember2021-01-300001835632us-gaap:InProcessResearchAndDevelopmentMembersrt:MinimumMember2021-01-312021-10-300001835632us-gaap:InProcessResearchAndDevelopmentMembersrt:MaximumMember2021-01-312021-10-300001835632mrvl:A2018TermLoanMembermrvl:TermLoanMember2021-10-300001835632mrvl:A2018TermLoanMembermrvl:TermLoanMember2021-01-300001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2021-10-300001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2021-01-300001835632mrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2021-10-300001835632mrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2021-01-300001835632mrvl:TermLoanMember2021-10-300001835632mrvl:TermLoanMember2021-01-300001835632mrvl:MTGAndMTISeniorNotesDueIn2023Memberus-gaap:SeniorNotesMember2021-10-300001835632mrvl:MTGAndMTISeniorNotesDueIn2023Memberus-gaap:SeniorNotesMember2021-01-300001835632mrvl:MTGAndMTISeniorNotesDueIn2028Memberus-gaap:SeniorNotesMember2021-10-300001835632mrvl:MTGAndMTISeniorNotesDueIn2028Memberus-gaap:SeniorNotesMember2021-01-300001835632mrvl:SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2021-10-300001835632mrvl:SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2021-01-300001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2028Member2021-10-300001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2028Member2021-01-300001835632mrvl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2021-10-300001835632mrvl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2021-01-300001835632us-gaap:SeniorNotesMember2021-10-300001835632us-gaap:SeniorNotesMember2021-01-300001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-200001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-200001835632us-gaap:SecuredDebtMembermrvl:InphiCorporationMemberus-gaap:BridgeLoanMember2021-04-012021-04-300001835632us-gaap:SecuredDebtMembermrvl:InphiCorporationMemberus-gaap:BridgeLoanMember2021-05-022021-07-310001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-070001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2020-12-072020-12-070001835632mrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2020-12-070001835632mrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2020-12-072020-12-070001835632mrvl:RevolvingCreditFacility2020Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-12-072020-12-070001835632mrvl:RevolvingCreditFacility2020Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2020-12-070001835632us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2018-06-130001835632mrvl:SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2021-04-120001835632mrvl:SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2021-04-122021-04-120001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2028Member2021-04-120001835632us-gaap:SeniorNotesMembermrvl:SeniorNotesDue2028Member2021-04-122021-04-120001835632mrvl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2021-04-120001835632mrvl:SeniorNotesDue2031Memberus-gaap:SeniorNotesMember2021-04-122021-04-120001835632mrvl:TermLoanMember2020-12-070001835632us-gaap:LondonInterbankOfferedRateLIBORMembermrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2021-01-312021-10-300001835632us-gaap:LondonInterbankOfferedRateLIBORMembermrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2021-01-312021-10-300001835632mrvl:ThreeYearTrancheLoanMembermrvl:TermLoanMember2021-08-012021-10-300001835632mrvl:FiveYearTrancheLoanMemberus-gaap:DebtInstrumentRedemptionPeriodOneMembermrvl:TermLoanMember2021-01-312021-10-300001835632mrvl:FiveYearTrancheLoanMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMembermrvl:TermLoanMember2021-01-312021-10-300001835632us-gaap:DebtInstrumentRedemptionPeriodThreeMembermrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2021-01-312021-10-300001835632mrvl:FiveYearTrancheLoanMembermrvl:TermLoanMember2021-08-012021-10-300001835632mrvl:RevolvingCreditFacility2020Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-07-312021-07-310001835632mrvl:RevolvingCreditFacility2020Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-05-042021-05-040001835632mrvl:RevolvingCreditFacility2020Memberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-11-222021-11-220001835632us-gaap:SeniorNotesMember2021-04-122021-04-120001835632mrvl:MTGSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2018-06-220001835632mrvl:MTGSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2018-06-220001835632mrvl:MTGSeniorNotesMemberus-gaap:SeniorNotesMember2021-04-300001835632mrvl: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:SeniorNotesMember2018-06-220001835632mrvl:MTISeniorNotesDue2028Memberus-gaap:SeniorNotesMember2018-06-220001835632us-gaap:SeniorNotesMember2018-06-222018-06-220001835632mrvl:MTGSeniorNotesMemberus-gaap:SeniorNotesMember2021-10-300001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2016-09-300001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2016-09-012016-09-300001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMembermrvl:ExchangeAgreementsMember2021-04-200001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-09-010001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-202021-08-310001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2020-04-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMembermrvl:ConversionOneMember2020-04-012020-04-30mrvl:lender0001835632mrvl:Inphi2025ConvertibleNotesMembermrvl:ConversionTwoMemberus-gaap:ConvertibleDebtMember2020-04-012020-04-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-012021-04-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2020-10-290001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMembermrvl:ExchangeAgreementsMember2021-04-200001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-05-010001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-202021-05-010001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-06-030001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-05-022021-06-030001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-10-300001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:CallOptionMemberus-gaap:ConvertibleDebtMembermrvl:CappedCallTransactionInphi2021ConvertibleNotesMembersrt:MaximumMember2016-09-012016-09-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:CallOptionMembermrvl:CappedCallTransactionInphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMembersrt:MaximumMember2021-04-012021-04-300001835632us-gaap:ConvertibleDebtMember2021-04-232021-04-230001835632us-gaap:ConvertibleDebtMembermrvl:ExchangeAgreementsMember2021-04-292021-04-290001835632us-gaap:ConvertibleDebtMember2021-10-300001835632mrvl:ExchangeAgreementsMember2021-05-022021-07-310001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-290001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-290001835632us-gaap:ConvertibleDebtMember2021-04-292021-04-290001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2021-04-202021-04-200001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2020-10-292020-10-290001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2020-10-290001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2021-04-202021-04-200001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-10-292020-10-290001835632mrvl:Inphi2021ConvertibleNotesMemberus-gaap:ConvertibleDebtMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-10-290001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2020-04-012020-04-300001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-04-202021-04-200001835632mrvl:Inphi2025ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2020-10-292020-10-290001835632mrvl:DataCenterMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:DataCenterMember2021-08-012021-10-300001835632mrvl:DataCenterMember2020-08-022020-10-310001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:DataCenterMember2020-08-022020-10-310001835632mrvl:DataCenterMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:DataCenterMember2021-01-312021-10-300001835632mrvl:DataCenterMember2020-02-022020-10-310001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:DataCenterMember2020-02-022020-10-310001835632mrvl:CarrierInfrastructureMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMembermrvl:CarrierInfrastructureMemberus-gaap:CustomerConcentrationRiskMember2021-08-012021-10-300001835632mrvl:CarrierInfrastructureMember2020-08-022020-10-310001835632us-gaap:SalesRevenueNetMembermrvl:CarrierInfrastructureMemberus-gaap:CustomerConcentrationRiskMember2020-08-022020-10-310001835632mrvl:CarrierInfrastructureMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMembermrvl:CarrierInfrastructureMemberus-gaap:CustomerConcentrationRiskMember2021-01-312021-10-300001835632mrvl:CarrierInfrastructureMember2020-02-022020-10-310001835632us-gaap:SalesRevenueNetMembermrvl:CarrierInfrastructureMemberus-gaap:CustomerConcentrationRiskMember2020-02-022020-10-310001835632mrvl:EnterpriseNetworkingMember2021-08-012021-10-300001835632mrvl:EnterpriseNetworkingMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-08-012021-10-300001835632mrvl:EnterpriseNetworkingMember2020-08-022020-10-310001835632mrvl:EnterpriseNetworkingMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-08-022020-10-310001835632mrvl:EnterpriseNetworkingMember2021-01-312021-10-300001835632mrvl:EnterpriseNetworkingMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-312021-10-300001835632mrvl:EnterpriseNetworkingMember2020-02-022020-10-310001835632mrvl:EnterpriseNetworkingMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-02-022020-10-310001835632mrvl:ConsumerMember2021-08-012021-10-300001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-08-012021-10-300001835632mrvl:ConsumerMember2020-08-022020-10-310001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-08-022020-10-310001835632mrvl:ConsumerMember2021-01-312021-10-300001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-312021-10-300001835632mrvl:ConsumerMember2020-02-022020-10-310001835632mrvl:ConsumerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-02-022020-10-310001835632mrvl:AutomotiveAndIndustrialMember2021-08-012021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:AutomotiveAndIndustrialMember2021-08-012021-10-300001835632mrvl:AutomotiveAndIndustrialMember2020-08-022020-10-310001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:AutomotiveAndIndustrialMember2020-08-022020-10-310001835632mrvl:AutomotiveAndIndustrialMember2021-01-312021-10-300001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:AutomotiveAndIndustrialMember2021-01-312021-10-300001835632mrvl:AutomotiveAndIndustrialMember2020-02-022020-10-310001835632us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembermrvl:AutomotiveAndIndustrialMember2020-02-022020-10-310001835632country:CN2021-08-012021-10-300001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembercountry:CN2021-08-012021-10-300001835632country:CN2020-08-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembercountry:CN2020-08-022020-10-310001835632country:CN2021-01-312021-10-300001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembercountry:CN2021-01-312021-10-300001835632country:CN2020-02-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMembercountry:CN2020-02-022020-10-310001835632country:US2021-08-012021-10-300001835632country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632country:US2020-08-022020-10-310001835632country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632country:US2021-01-312021-10-300001835632country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632country:US2020-02-022020-10-310001835632country:USus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632country:TH2021-08-012021-10-300001835632country:THus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632country:TH2020-08-022020-10-310001835632country:THus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632country:TH2021-01-312021-10-300001835632country:THus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632country:TH2020-02-022020-10-310001835632country:THus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632country:MY2021-08-012021-10-300001835632country:MYus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632country:MY2020-08-022020-10-310001835632country:MYus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632country:MY2021-01-312021-10-300001835632country:MYus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632country:MY2020-02-022020-10-310001835632country:MYus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632country:JP2021-08-012021-10-300001835632country:JPus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632country:JP2020-08-022020-10-310001835632country:JPus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632country:JP2021-01-312021-10-300001835632country:JPus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632country:JP2020-02-022020-10-310001835632country:JPus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632country:PH2021-08-012021-10-300001835632us-gaap:RevenueFromContractWithCustomerMembercountry:PHus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632country:PH2020-08-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMembercountry:PHus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632country:PH2021-01-312021-10-300001835632us-gaap:RevenueFromContractWithCustomerMembercountry:PHus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632country:PH2020-02-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMembercountry:PHus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632mrvl:OtherCountriesMember2021-08-012021-10-300001835632mrvl:OtherCountriesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-08-012021-10-300001835632mrvl:OtherCountriesMember2020-08-022020-10-310001835632mrvl:OtherCountriesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-08-022020-10-310001835632mrvl:OtherCountriesMember2021-01-312021-10-300001835632mrvl:OtherCountriesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2021-01-312021-10-300001835632mrvl:OtherCountriesMember2020-02-022020-10-310001835632mrvl:OtherCountriesMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-02-022020-10-310001835632us-gaap:SalesChannelDirectlyToConsumerMember2021-08-012021-10-300001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-08-012021-10-300001835632us-gaap:SalesChannelDirectlyToConsumerMember2020-08-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelDirectlyToConsumerMember2020-08-022020-10-310001835632us-gaap:SalesChannelDirectlyToConsumerMember2021-01-312021-10-300001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-312021-10-300001835632us-gaap:SalesChannelDirectlyToConsumerMember2020-02-022020-10-310001835632us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesChannelDirectlyToConsumerMember2020-02-022020-10-310001835632us-gaap:SalesChannelThroughIntermediaryMember2021-08-012021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-08-012021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMember2020-08-022020-10-310001835632us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-08-022020-10-310001835632us-gaap:SalesChannelThroughIntermediaryMember2021-01-312021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-01-312021-10-300001835632us-gaap:SalesChannelThroughIntermediaryMember2020-02-022020-10-310001835632us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-02-022020-10-310001835632mrvl:Fiscal2022PlanMember2021-08-012021-10-300001835632mrvl:Fiscal2022PlanMember2021-01-312021-10-300001835632mrvl:CostOfGoodsSoldMember2021-08-012021-10-300001835632mrvl:CostOfGoodsSoldMember2020-08-022020-10-310001835632mrvl:CostOfGoodsSoldMember2021-01-312021-10-300001835632mrvl:CostOfGoodsSoldMember2020-02-022020-10-310001835632mrvl:RestructuringCostsAndAssetImpairmentChargesMember2021-08-012021-10-300001835632mrvl:RestructuringCostsAndAssetImpairmentChargesMember2020-08-022020-10-310001835632mrvl:RestructuringCostsAndAssetImpairmentChargesMember2021-01-312021-10-300001835632mrvl:RestructuringCostsAndAssetImpairmentChargesMember2020-02-022020-10-310001835632us-gaap:EmployeeSeveranceMember2021-01-300001835632us-gaap:FacilityClosingMember2021-01-300001835632us-gaap:EmployeeSeveranceMember2021-01-312021-10-300001835632us-gaap:FacilityClosingMember2021-01-312021-10-300001835632us-gaap:EmployeeSeveranceMember2021-10-300001835632us-gaap:FacilityClosingMember2021-10-300001835632us-gaap:AccruedLiabilitiesMember2021-10-300001835632us-gaap:OtherNoncurrentLiabilitiesMember2021-10-300001835632us-gaap:MachineryAndEquipmentMember2021-10-300001835632us-gaap:MachineryAndEquipmentMember2021-01-300001835632us-gaap:LandBuildingsAndImprovementsMember2021-10-300001835632us-gaap:LandBuildingsAndImprovementsMember2021-01-300001835632us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-10-300001835632us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2021-01-300001835632us-gaap:FurnitureAndFixturesMember2021-10-300001835632us-gaap:FurnitureAndFixturesMember2021-01-300001835632us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-02-010001835632us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-02-022020-10-310001835632us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-310001835632mrvl:InphiCorporationAndInnoviumIncMember2021-01-312021-10-3000018356322016-11-1700018356322016-11-1600018356322018-10-160001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2021-10-300001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2021-10-300001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2021-10-300001835632us-gaap:BankTimeDepositsMember2021-10-300001835632us-gaap:FairValueInputsLevel1Member2021-10-300001835632us-gaap:FairValueInputsLevel2Member2021-10-300001835632us-gaap:FairValueInputsLevel3Member2021-10-300001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Member2021-01-300001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Member2021-01-300001835632us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel3Member2021-01-300001835632us-gaap:BankTimeDepositsMember2021-01-300001835632us-gaap:FairValueInputsLevel1Member2021-01-300001835632us-gaap:FairValueInputsLevel2Member2021-01-300001835632us-gaap:FairValueInputsLevel3Member2021-01-300001835632us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2021-10-300001835632us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2021-01-300001835632mrvl:PurchaseCommitmentsToFoundriesAndTestAndAssemblyPartnersMember2021-10-300001835632mrvl:TechnologyLicenseAgreementMember2021-10-300001835632srt:MinimumMembermrvl:WafersSubstratesAndOtherManufacturingProductsMember2021-01-312021-10-300001835632srt:MaximumMembermrvl:WafersSubstratesAndOtherManufacturingProductsMember2021-01-312021-10-300001835632mrvl:WafersSubstratesAndOtherManufacturingProductsMember2021-01-312021-10-300001835632mrvl:WafersSubstratesAndOtherManufacturingProductsMember2021-10-300001835632mrvl:TechnologyLicenseAgreementMember2021-09-012021-09-300001835632mrvl:Innovium2015EIPMember2021-10-050001835632mrvl:Innovium2015EIPMemberus-gaap:EmployeeStockOptionMember2021-10-050001835632us-gaap:RestrictedStockUnitsRSUMembermrvl:Innovium2015EIPMember2021-10-050001835632mrvl:Innovium2015EIPMembersrt:MinimumMembermrvl:InnoviumIncMember2021-01-312021-10-300001835632mrvl:Innovium2015EIPMembersrt:MaximumMembermrvl:InnoviumIncMember2021-01-312021-10-300001835632mrvl:InnoviumPlansMember2021-10-050001835632mrvl:InnoviumPlansMembermrvl:InnoviumIncMember2021-10-050001835632mrvl:InnoviumPlansMembermrvl:InnoviumIncMember2021-08-012021-10-300001835632mrvl:InnoviumPlansMembermrvl:InnoviumIncMember2021-01-312021-10-300001835632mrvl:Inphi2010EIPMember2021-04-200001835632mrvl:Inphi2010EIPMemberus-gaap:EmployeeStockOptionMember2021-04-200001835632us-gaap:RestrictedStockUnitsRSUMembermrvl:Inphi2010EIPMember2021-04-200001835632mrvl:PerformanceStockUnitMembermrvl:Inphi2010EIPMember2021-04-200001835632mrvl:Inphi2010EIPMembermrvl:InphiCorporationMembersrt:MinimumMember2021-01-312021-10-300001835632mrvl:Inphi2010EIPMembermrvl:InphiCorporationMembersrt:MaximumMember2021-01-312021-10-300001835632mrvl:InphiCorporationMembermrvl:InphiPlansMember2020-12-070001835632mrvl:InphiPlansMember2020-12-070001835632us-gaap:CostOfSalesMember2021-08-012021-10-300001835632us-gaap:CostOfSalesMember2020-08-022020-10-310001835632us-gaap:CostOfSalesMember2021-01-312021-10-300001835632us-gaap:CostOfSalesMember2020-02-022020-10-310001835632us-gaap:ResearchAndDevelopmentExpenseMember2021-08-012021-10-300001835632us-gaap:ResearchAndDevelopmentExpenseMember2020-08-022020-10-310001835632us-gaap:ResearchAndDevelopmentExpenseMember2021-01-312021-10-300001835632us-gaap:ResearchAndDevelopmentExpenseMember2020-02-022020-10-310001835632us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-08-012021-10-300001835632us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-08-022020-10-310001835632us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-312021-10-300001835632us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-02-022020-10-310001835632mrvl:ForeignSubsidiariesMember2021-10-300001835632us-gaap:StockCompensationPlanMember2021-08-012021-10-300001835632us-gaap:StockCompensationPlanMember2020-08-022020-10-310001835632us-gaap:StockCompensationPlanMember2021-01-312021-10-300001835632us-gaap:StockCompensationPlanMember2020-02-022020-10-310001835632us-gaap:ConvertibleDebtSecuritiesMember2021-08-012021-10-300001835632us-gaap:ConvertibleDebtSecuritiesMember2020-08-022020-10-310001835632us-gaap:ConvertibleDebtSecuritiesMember2021-01-312021-10-300001835632us-gaap:ConvertibleDebtSecuritiesMember2020-02-022020-10-31

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 30, 2021
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: 000-30877
mrvl-20211030_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 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 common shares of the registrant outstanding as of November 26, 2021 was 843.8 million shares.


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 thousands, except par value per share)
 
October 30,
2021
January 30,
2021
ASSETS
Current assets:
Cash and cash equivalents$523,502 $748,467 
Accounts receivable, net978,261 536,668 
Inventories628,600 268,228 
Prepaid expenses and other current assets114,451 63,782 
Total current assets2,244,814 1,617,145 
Property and equipment, net444,003 326,125 
Goodwill11,446,444 5,336,961 
Acquired intangible assets, net6,439,106 2,270,700 
Deferred tax assets528,985 672,424 
Other non-current assets915,490 541,569 
Total assets$22,018,842 $10,764,924 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$440,592 $252,419 
Accrued liabilities521,905 435,616 
Accrued employee compensation222,835 189,421 
Short-term debt52,205 199,641 
Total current liabilities1,237,537 1,077,097 
Long-term debt4,504,321 993,170 
Other non-current liabilities590,640 258,853 
Total liabilities6,332,498 2,329,120 
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.002 par value
1,682 1,350 
Additional paid-in capital14,148,741 6,331,013 
Retained earnings1,535,921 2,103,441 
Total stockholders’ equity15,686,344 8,435,804 
Total liabilities and stockholders’ equity$22,018,842 $10,764,924 
See accompanying notes to unaudited condensed consolidated financial statements
2

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
 
 Three Months EndedNine Months Ended
 October 30,
2021
October 31,
2020
October 30,
2021
October 31,
2020
Net revenue$1,211,245 $750,143 $3,119,405 $2,171,081 
Cost of goods sold623,425 369,083 1,741,614 1,103,863 
Gross profit587,820 381,060 1,377,791 1,067,218 
Operating expenses:
Research and development371,894 255,637 1,025,037 812,360 
Selling, general and administrative243,406 115,501 704,033 350,322 
Restructuring related charges5,861 19,312 31,041 161,189 
Total operating expenses621,161 390,450 1,760,111 1,323,871 
Operating loss(33,341)(9,390)(382,320)(256,653)
Interest income189 608 561 2,243 
Interest expense(35,423)(16,066)(104,378)(48,531)
Other income (loss), net999 299 568 3,613 
Interest and other income (loss), net(34,235)(15,159)(103,249)(42,675)
Loss before income taxes(67,576)(24,549)(485,569)(299,328)
Benefit for income taxes(5,044)(1,641)(58,367)(5,494)
Net loss$(62,532)$(22,908)$(427,202)$(293,834)
Net loss per share - basic$(0.08)$(0.03)$(0.55)$(0.44)
Net loss per share - diluted$(0.08)$(0.03)$(0.55)$(0.44)
Weighted-average shares:
Basic828,635 670,487 781,008 667,186 
Diluted828,635 670,487 781,008 667,186 
See accompanying notes to unaudited condensed consolidated financial statements
3

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
 
 Three Months EndedNine Months Ended
October 30,
2021
October 31,
2020
October 30,
2021
October 31,
2020
Net loss$(62,532)$(22,908)$(427,202)$(293,834)
Other comprehensive income (loss), net of tax:
Net change in unrealized gain (loss) on cash flow hedges (450)  
Other comprehensive income (loss), net of tax (450)  
Comprehensive loss, net of tax$(62,532)$(23,358)$(427,202)$(293,834)
See accompanying notes to unaudited condensed consolidated financial statements
4

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except per share amounts)
Common StockAdditional Paid-in Capital
SharesAmountRetained EarningsTotal
Balance at January 30, 2021675,402 $1,350 $6,331,013 $2,103,441 $8,435,804 
Issuance of common stock in connection with equity incentive plans2,179 5 505 — 510 
Tax withholdings related to net share settlement of restricted stock units— — (68,416)— (68,416)
Share-based compensation— — 92,705 — 92,705 
Issuance of common stock in connection with acquisitions129,222 259 5,910,927 — 5,911,186 
Equity related issuance cost— — (8,177)— (8,177)
Replacement equity awards attributable to pre-acquisition service— — 82,346 — 82,346 
Conversion feature of convertible notes— — 244,155 — 244,155 
Impact of repurchases of convertible notes7,115 14 234,333 — 234,347 
Conversion of convertible notes to common stock2,502 5 59,704 — 59,709 
Cash dividends declared and paid ($0.06 per share)
— — — (40,557)(40,557)
Net loss— — — (88,242)(88,242)
Balance at May 1, 2021816,420 $1,633 $12,879,095 $1,974,642 $14,855,370 
Issuance of common stock in connection with equity incentive plans2,947 5 40,168 — 40,173 
Tax withholdings related to net share settlement of restricted stock units— — (41,928)— (41,928)
Share-based compensation— — 122,322 — 122,322 
Issuance of common stock in connection with acquisitions145 — 6,625 — 6,625 
Conversion of convertible notes to common stock3,865 8 84,387 — 84,395 
Cash dividends declared and paid ($0.06 per share)
— — — (49,332)(49,332)
Net loss— — — (276,428)(276,428)
Balance at July 31, 2021823,377 $1,646 $13,090,669 $1,648,882 $14,741,197 
Issuance of common shares in connection with equity incentive plans1,677 3 2,087 — 2,090 
Tax withholdings related to net share settlement of restricted stock units— — (52,851)— (52,851)
Share-based compensation— — 121,249 — 121,249 
Issuance of common stock in connection with acquisitions16,484 33 954,254 — 954,287 
Replacement equity awards attributable to pre-acquisition service
— — 33,224 — 33,224 
Conversion of convertible notes to common stock2 — 109 — 109 
Cash dividends declared and paid ($0.06 per share)
— — — (50,429)(50,429)
Net loss— — — (62,532)(62,532)
Balance at October 30, 2021841,540 $1,682 $14,148,741 $1,535,921 $15,686,344 



5

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


Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)
SharesAmountRetained EarningsTotal
Balance at February 1, 2020663,481 $1,328 $6,135,939 $ $2,541,313 $8,678,580 
Issuance of common stock in connection with equity incentive plans2,993 5 5,466 — — 5,471 
Tax withholdings related to net share settlement of restricted stock units— — (31,498)— — (31,498)
Share-based compensation— — 60,199 — — 60,199 
Repurchase of common stock(1,251)(3)(25,199)— — (25,202)
Cash dividends declared and paid ($0.06 per share)
— — — — (39,763)(39,763)
Net loss— — — — (113,033)(113,033)
Other comprehensive income— — — 868 — 868 
Balance at May 2, 2020665,223 $1,330 $6,144,907 $868 $2,388,517 $8,535,622 
Issuance of common stock in connection with equity incentive plans4,794 10 42,763 — — 42,773 
Tax withholdings related to net share settlement of restricted stock units— — (25,212)— — (25,212)
Share-based compensation— — 62,784 — — 62,784 
Cash dividends declared and paid ($0.06 per share)
— — — — (40,119)(40,119)
Net loss— — — — (157,893)(157,893)
Other comprehensive loss— — — (418)— (418)
Balance at August 1, 2020670,017 $1,340 $6,225,242 $450 $2,190,505 $8,417,537 
Issuance of common shares in connection with equity incentive plans1,720 3 2,251 — — 2,254 
Tax withholdings related to net share settlement of restricted stock units— — (25,911)— — (25,911)
Share-based compensation— — 59,324 — — 59,324 
Cash dividends declared and paid ($0.06 per share)
— — — (40,229)(40,229)
Net loss— — — — (22,908)(22,908)
Other comprehensive loss— — — (450)— (450)
Balance at October 31, 2020671,737 $1,343 $6,260,906 $ $2,127,368 $8,389,617 

See accompanying notes to unaudited condensed consolidated financial statements
6

MARVELL TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 Nine Months Ended
 October 30,
2021
October 31,
2020
Cash flows from operating activities:
Net loss$(427,202)$(293,834)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization189,677 149,922 
Share-based compensation325,922 182,060 
Amortization of acquired intangible assets684,593 333,934 
Amortization of inventory fair value adjustment associated with acquisitions191,030 17,284 
Amortization of deferred debt issuance costs and debt discounts19,031 3,217 
Restructuring related impairment charges 5,205 123,559 
Other expense, net60,053 19,448 
Deferred income taxes(67,570)415 
Changes in assets and liabilities, net of acquisition:
Accounts receivable(341,444)2,075 
Prepaid expenses and other assets(65,339)(8,692)
Inventories(200,675)29,817 
Accounts payable93,788 34,768 
Accrued employee compensation12,980 38,202 
Accrued liabilities and other non-current liabilities (7,004)26,817 
Net cash provided by operating activities473,045 658,992 
Cash flows from investing activities:
Purchases of technology licenses(9,371)(8,476)
Purchases of property and equipment(130,483)(88,242)
Acquisitions, net of cash acquired(3,539,729) 
Other, net(2,457)223 
Net cash used in investing activities(3,682,040)(96,495)
Cash flows from financing activities:
Repurchases of common stock (25,202)
Proceeds from employee stock plans42,784 50,490 
Tax withholding paid on behalf of employees for net share settlement(169,001)(82,626)
Dividend payments to stockholders(140,318)(120,111)
Payments on technology license obligations(97,858)(76,794)
Proceeds from issuance of debt3,806,096  
Principal payments of debt(425,938)(100,000)
Payment for repurchases and settlement of convertible notes(181,207) 
Proceeds from capped calls160,319  
Payment of equity and debt financing costs(11,850)(22,313)
Other, net1,003 (1,504)
Net cash provided by (used in) financing activities2,984,030 (378,060)
Net increase (decrease) in cash and cash equivalents(224,965)184,437 
Cash and cash equivalents at beginning of period748,467 647,604 
Cash and cash equivalents at end of period$523,502 $832,041 
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 30, 2021, 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 2021 audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021. 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 30, 2021 and those included in this Form 10-Q below.

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 2021 had a 52-week year. Fiscal 2022 is a 52-week year.

On April 20, 2021, the Company completed its acquisition of Inphi Corporation (“Inphi”). Inphi is a global leader in high-speed data movement enabled by optical interconnects. The unaudited condensed consolidated financial statements include the operating results of Inphi for the period from the date of acquisition through the Company’s third quarter ended October 30, 2021. See “Note 3 - Business Combinations”, “Note 4 - Goodwill and Acquired Intangible Assets, Net” for more information.

In conjunction with the acquisition transaction, Marvell Technology Group Ltd. and Inphi became wholly owned subsidiaries of the new parent company, MTI, on April 20, 2021. The parent company is domiciled in and subject to taxation in the United States. See “Note 12 - Income Taxes” for more information.

On October 5, 2021, the Company completed its acquisition of Innovium, Inc. (“Innovium”), a leading provider of networking solutions for cloud and edge data centers, in an all-stock transaction. The unaudited condensed consolidated financial statements include the operating results of Innovium for the period from the date of acquisition through the Company’s third quarter ended October 30, 2021. See “Note 3 - Business Combinations”, “Note 4 - Goodwill and Acquired Intangible Assets, Net” for more information.

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 affected by COVID-19, 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 December 2019, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update that simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation and modified the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022, with early adoption permitted. The new standard was adopted by the Company on January 31, 2021 on a prospective basis and did not have a material effect on the Company’s consolidated financial statements.
8

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

Accounting Pronouncements Not Yet Effective

In August 2020, the FASB issued an accounting standards update that simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The standard requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost as long as no other features require bifurcation and recognition as derivatives. It also made changes to the disclosures for convertible instruments and earnings-per-share guidance, among other updates. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023, with early adoption permitted and permits the use of either the modified retrospective or fully retrospective method of transition. The Company does not expect the adoption of this guidance to have a material effect on its consolidated financial statements.

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 is effective for the Company beginning in the first quarter of fiscal year 2024, with early adoption permitted. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The Company is evaluating the impact that this new standard will have on the Company’s consolidated financial statements.


Note 3. Business Combinations

Innovium

On October 5, 2021, the Company completed the acquisition of Innovium, Inc. (“Innovium”), a leading provider of networking solutions for cloud and edge data centers, in an all-stock transaction for total purchase consideration of $1.0 billion attributable to stock consideration of $994.2 million and the fair value of a previously held equity interest of $10.0 million. The Innovium acquisition was primarily intended to allow the Company to immediately participate in the fastest growing segment of the switch market with a cloud-optimized solution. In accordance with the terms of the Agreement and Plan of Merger dated August 2, 2021 (the “Innovium merger agreement”), the Company’s common stock was issued in exchange for all outstanding equity of Innovium, including shares of Innovium’s preferred and common stock, employee equity awards and warrants.

The factors contributing to the recognition of goodwill were based upon the Company’s conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Innovium acquisition is not expected to be deductible for tax purposes.

The following table summarized the total merger consideration (in thousands):

Common stock issued or to be issued$971,022 
Stock consideration for replacement equity awards attributable to pre-combination service33,224 
Total merger consideration$1,004,246 
9

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

The merger consideration allocation set forth herein is preliminary and may be revised with adjustment to goodwill as additional information becomes available during the measurement period from the closing date of the acquisition to finalize such preliminary estimates. Any such revisions or changes may be material.

In accordance with U.S. GAAP requirements for business combinations, the Company allocated the fair value of the purchase consideration to the tangible assets, liabilities and intangible assets acquired, including in-process research and development (“IPR&D”), generally based on their estimated fair values. The excess purchase price over those fair values is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable purchased intangible asset and amortized over the asset’s estimated useful life. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates, especially with respect to intangible assets. Acquisition-related costs are expensed in the periods in which such costs are incurred. See “Note 4 - Goodwill and Acquired Intangible Assets, Net” for additional information.

The purchase price allocation is as follows (in thousands):

Cash and cash equivalents$60,436 
Inventories69,991 
Goodwill470,000 
Acquired intangible assets, net433,000 
Other, net(29,181)
Total merger consideration$1,004,246 

The Company incurred total acquisition related costs of $11.9 million during the three and nine months ended October 30, 2021, which were recorded in selling, general and administrative expense in the unaudited condensed consolidated statements of operations.

Post acquisition revenue and income (loss) on a standalone basis is impracticable to determine as the Company integrated Innovium into its existing financial systems and operations in the third quarter ended October 30, 2021.

Inphi

On April 20, 2021, the Company completed the acquisition of Inphi (the “Inphi acquisition”). Inphi is a global leader in high-speed data movement enabled by optical interconnects. The Inphi acquisition was primarily intended to create an opportunity for the combined company to be uniquely positioned to serve the data-driven world, addressing high growth, attractive end markets such as cloud data center and 5G. In accordance with the terms of the Agreement and Plan of Merger dated as of October 29, 2020, by and among the Company and Inphi (the “Inphi merger agreement”), the Company acquired all outstanding shares of common stock of Inphi for $66 per share in cash and 2.323 shares of the Company’s common stock exchanged for each share of Inphi common stock. The merger consideration paid in cash was funded with a combination of cash on hand and funds from the Company’s debt financing. See “Note 5 - Debt” for additional information.

The factors contributing to the recognition of goodwill were based upon the Company’s conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill recorded for the Inphi acquisition is not expected to be deductible for tax purposes.

The following table summarized the total merger consideration (in thousands):

Cash consideration$3,673,217 
Common stock issued
5,917,811 
Stock consideration for replacement equity awards attributable to pre-combination service82,346 
Equity component of convertible debt244,155 
Total merger consideration$9,917,529 

10

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

The merger consideration allocation set forth herein is preliminary and may be revised with adjustment to goodwill as additional information becomes available during the measurement period from the closing date of the acquisition to finalize such preliminary estimates. Any such revisions or changes may be material.

In accordance with U.S. GAAP requirements for business combinations, the Company allocated the fair value of the purchase consideration to the tangible assets, liabilities and intangible assets acquired, including IPR&D, generally based on their estimated fair values. The excess purchase price over those fair values is recorded as goodwill. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified as an amortizable purchased intangible asset and amortized over the asset’s estimated useful life. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates, especially with respect to intangible assets. Acquisition-related costs are expensed in the periods in which such costs are incurred. See “Note 4 - Goodwill and Acquired Intangible Assets, Net” for additional information.

The purchase price allocation is as follows (in thousands):

Cash and cash equivalents$72,251 
Accounts receivable, net99,728 
Inventories270,382 
Prepaid expenses and other current assets213,292 
Property and equipment, net98,528 
Acquired intangible assets, net4,420,000 
Other non-current assets145,856 
Goodwill5,639,483 
Accounts payable and accrued liabilities(189,807)
Convertible debt - short-term(313,664)
Convertible debt - long-term(240,317)
Other non-current liabilities(298,203)
Total merger consideration$9,917,529 

The amounts presented in the table above is the purchase price allocation reported in the Company’s Form 10-Q for the second quarter ended July 31, 2021. There were no measurement period adjustments during the third quarter ended October 30, 2021.

There were no acquisition costs incurred in the three months ended October 30, 2021. The Company incurred $50.8 million in acquisition related costs which were recorded in selling, general and administrative expense in the unaudited condensed consolidated statements of operations for the nine months ended October 30, 2021. The Company also incurred $39.8 million of aggregate debt financing costs. As of October 30, 2021, $2.5 million is included in short-term debt, and $32.0 million is included in long-term debt on the accompanying unaudited condensed consolidated balance sheets. See “Note 5 - Debt” for additional information. Additionally, the Company incurred $8.2 million of equity issuance costs, which were recorded in additional paid-in capital in the unaudited condensed consolidated balance sheets.

Post acquisition revenue and income (loss) on a standalone basis is impracticable to determine as the Company integrated Inphi into its existing financial systems and operations in the second quarter ended July 31, 2021.

Unaudited Supplemental Pro Forma Information

The unaudited supplemental pro forma financial information presented below is for illustrative purposes only and is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisitions had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions the Company believes are reasonable under the circumstances.

11

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

The following unaudited supplemental pro forma information presents the combined results of operations for each of the periods presented, as if Innovium and Inphi had been acquired as of the beginning of fiscal year 2021. The unaudited supplemental pro forma information includes adjustments to amortization and depreciation for acquired intangible assets and property and equipment, adjustments to share-based compensation expense, the purchase accounting effect on inventories acquired, interest expense, and transaction costs. For fiscal year 2021, non-recurring pro forma adjustments directly attributable to the Innovium and Inphi acquisitions in the pro forma information presented below included (i) share-based compensation expense of $46.7 million, (ii) the purchase accounting effect of inventories acquired of $233.0 million, (iii) interest expense of $11.4 million, and (iv) transaction costs of $77.4 million. The unaudited supplemental pro forma information presented below is for informational purposes only and is not necessarily indicative of our unaudited condensed consolidated results of operations of the combined business had the Inphi acquisition actually occurred at the beginning of fiscal year 2021 or of the results of our future operations of the combined business.

The unaudited supplemental pro forma financial information for the periods presented is as follows (in thousands):
Nine Months Ended
October 30,
2021
October 31,
2020
Pro forma net revenue$3,295,498 $2,693,723 
Pro forma net loss$(262,210)$(1,213,149)


Note 4. Goodwill and Acquired Intangible Assets, Net

Goodwill
    
Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired in a business combination. The carrying value of goodwill as of October 30, 2021 and January 30, 2021 is $11.4 billion and $5.3 billion respectively. See “Note 3 - Business Combinations” for discussion of acquisitions and changes to the carrying value of goodwill.

Acquired Intangible Assets, Net

In connection with the Innovium acquisition on October 5, 2021, the Company acquired $433.0 million of intangible assets as follows (in thousands, except for weighted-average useful life as of acquisition date):

Preliminary Estimated Asset Fair ValueWeighted-Average Useful Life (Years)
Developed technology$274,000 8.00
Customer contracts and related relationships66,000 8.00
IPR&D93,000 n/a
$433,000 

In connection with the Inphi acquisition on April 20, 2021, the Company acquired $4.4 billion of intangible assets as follows (in thousands, except for weighted-average useful life as of acquisition date):

Preliminary Estimated Asset Fair ValueWeighted-Average Useful Life (Years)
Developed technology$2,010,000 6.00
Customer contracts and related relationships1,470,000 6.00
Order backlog70,000 0.80
Trade name50,000 5.00
IPR&D820,000 n/a
$4,420,000 



12

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

As of October 30, 2021 and January 30, 2021, net carrying amounts are as follows (in thousands, except for weighted-average remaining amortization period):
October 30, 2021
Gross Carrying AmountsAccumulated AmortizationNet Carrying AmountsWeighted-Average Remaining Amortization Period (Years)
Developed technologies$4,740,000 $(1,154,971)$3,585,029 5.41
Customer contracts and related relationships2,179,000 (428,370)1,750,630 5.45
Order backlog70,000 (45,642)24,358 0.28
Trade names73,000 (22,911)50,089 4.17
Total acquired amortizable intangible assets$7,062,000 $(1,651,894)$5,410,106 5.39
IPR&D1,029,000 — 1,029,000 n/a
Total acquired intangible assets$8,091,000 $(1,651,894)$6,439,106 
January 30, 2021
Gross Carrying AmountsAccumulated AmortizationNet Carrying AmountsWeighted-Average Remaining Amortization Period (Years)
Developed technologies$2,454,000 $(724,215)$1,729,785 5.54
Customer contracts and related relationships643,000 (228,845)414,155 5.62
Trade names23,000 (14,240)8,760 2.20
Total acquired amortizable intangible assets$3,120,000 $(967,300)$2,152,700 5.54
IPR&D118,000 — 118,000 n/a
Total acquired intangible assets$3,238,000 $(967,300)$2,270,700 

The intangible assets are amortized on a straight-line basis over the estimated useful lives, except for certain Cavium customer contracts and related relationships, which are amortized using an accelerated method of amortization over the expected customer lives, which more closely align with the pattern of realization of economic benefits expected to be obtained. The IPR&D will be accounted for as an indefinite-lived intangible asset and will not be amortized until the underlying projects reach technological feasibility and commercial production at which point the IPR&D will be amortized over the estimated useful life. Useful lives for these IPR&D projects are expected to range between 3 to 10 years. In the event the IPR&D is abandoned, the related assets will be written off.

Amortization expense for acquired intangible assets for the three and nine months ended October 30, 2021 was $