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Marvell Technology(MRVL) - 2025 Q1 - Quarterly Results
MRVLMarvell Technology(MRVL)2024-05-30 20:06

Financial Performance - Q1 net revenue was 1.161billion,adeclineof121.161 billion, a decline of 12% year-on-year, but 11 million above the mid-point of guidance[1] - For Q2 fiscal 2025, net revenue is expected to be 1.250billion,representingan81.250 billion, representing an 8% sequential increase at the mid-point[3] - Total net revenue for the three months ended May 4, 2024, was 1,160.9 million, down 12% year-over-year and down 19% from the previous quarter[29] - The company expects GAAP net revenue for the next quarter to be approximately 1,250million,withamarginof+/−51,250 million, with a margin of +/- 5%[26] Profitability Metrics - Q1 GAAP gross margin was 45.5%, while non-GAAP gross margin was 62.4%[1] - Q2 GAAP gross margin is expected to be approximately 46.2%, with non-GAAP gross margin around 62.0%[3] - GAAP gross profit for the three months ended May 4, 2024, was 527.8 million, down from 664.1millioninthepreviousquarterand664.1 million in the previous quarter and 557.2 million year-over-year[19] - Non-GAAP gross profit for the same period was 724.0million,comparedto724.0 million, compared to 911.1 million in the previous quarter and 792.5millionyear−over−year[19]−Thecompanyreportedanon−GAAPoperatingmarginof23.3792.5 million year-over-year[19] - The company reported a non-GAAP operating margin of 23.3% for the three months ended May 4, 2024, down from 33.8% in the previous quarter[22] Loss and Earnings Per Share - Q1 GAAP net loss was (215.6) million, or (0.25)perdilutedshare;non−GAAPnetincomewas(0.25) per diluted share; non-GAAP net income was 206.7 million, or 0.24perdilutedshare[1]−GAAPdilutedlosspershareforQ2isexpectedtobe0.24 per diluted share[1] - GAAP diluted loss per share for Q2 is expected to be (0.20) +/- 0.05,whilenon−GAAPdilutedincomepershareisexpectedtobe0.05, while non-GAAP diluted income per share is expected to be 0.29 +/- 0.05[3]−GAAPnetlossforthethreemonthsendedMay4,2024,was0.05[3] - GAAP net loss for the three months ended May 4, 2024, was 215.6 million, compared to a loss of 392.7millioninthepreviousquarterand392.7 million in the previous quarter and 168.9 million year-over-year[24] Cash Flow and Operations - Cash flow from operations for Q1 was 324.5million,comparedto324.5 million, compared to 208.4 million in the same period last year[17] - Total GAAP operating expenses were 680.1million,adecreasefrom680.1 million, a decrease from 697.4 million in the previous quarter and 739.6millionyear−over−year[21]AssetandLiabilityManagement−Totalcurrentassetsdecreasedfrom739.6 million year-over-year[21] Asset and Liability Management - Total current assets decreased from 3.062 billion to 2.648billionfromthepreviousquarter[14]−Totalliabilitiesdecreasedfrom2.648 billion from the previous quarter[14] - Total liabilities decreased from 6.397 billion to $6.012 billion from the previous quarter[15] Revenue Segmentation - Q1 data center revenue grew 87% year-over-year, driven by demand from AI and custom AI programs[2] - Data center revenue accounted for 70% of total net revenue, significantly increasing from 54% in the previous quarter and 33% year-over-year[29] - The automotive/industrial segment represented 7% of total revenue, consistent with the previous year but slightly up from 5% in the previous quarter[29]