2022 Q2 Form 10-Q Financial Statement

#000183563222000028 Filed on May 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $1.447B $832.3M
YoY Change 73.84% 19.99%
Cost Of Revenue $696.0M $414.1M
YoY Change 68.08% 12.91%
Gross Profit $750.9M $418.2M
YoY Change 79.56% 27.93%
Gross Profit Margin 51.9% 50.25%
Selling, General & Admin $235.7M $201.5M
YoY Change 16.97% 65.13%
% of Gross Profit 31.39% 48.18%
Research & Development $444.1M $286.1M
YoY Change 55.23% 2.33%
% of Gross Profit 59.14% 68.41%
Depreciation & Amortization $348.2M $180.5M
YoY Change 92.93% 10.45%
% of Gross Profit 46.37% 43.16%
Operating Expenses $679.8M $487.6M
YoY Change 39.42% 21.41%
Operating Profit $69.80M -$82.30M
YoY Change -184.81% -14.27%
Interest Expense $36.30M $35.10M
YoY Change 3.42% 108.56%
% of Operating Profit 52.01%
Other Income/Expense, Net $5.200M $1.200M
YoY Change 333.33% -68.03%
Pretax Income $39.20M -$116.0M
YoY Change -133.79% 7.41%
Income Tax $204.9M -$27.80M
% Of Pretax Income 522.7%
Net Earnings -$165.7M -$88.20M
YoY Change 87.87% -21.97%
Net Earnings / Revenue -11.45% -10.6%
Basic Earnings Per Share -$0.20 -$0.13
Diluted Earnings Per Share -$0.20 -$0.13
COMMON SHARES
Basic Shares Outstanding 848.0M shares 693.4M shares
Diluted Shares Outstanding 848.0M shares 693.4M shares

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $465.0M $522.5M
YoY Change -11.01% -21.78%
Cash & Equivalents $465.0M $522.5M
Short-Term Investments
Other Short-Term Assets $107.3M $132.8M
YoY Change -19.19% 84.43%
Inventory $835.5M $538.1M
Prepaid Expenses
Receivables $1.191B $694.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.599B $1.888B
YoY Change 37.67% 27.64%
LONG-TERM ASSETS
Property, Plant & Equipment $502.2M $424.7M
YoY Change 18.24% -10.2%
Goodwill $11.50B $11.00B
YoY Change 4.55%
Intangibles $5.888B $6.562B
YoY Change -10.27%
Long-Term Investments
YoY Change
Other Assets $1.179B $664.0M
YoY Change 77.51% -12.28%
Total Long-Term Assets $19.44B $19.34B
YoY Change 0.5% 103.54%
TOTAL ASSETS
Total Short-Term Assets $2.599B $1.888B
Total Long-Term Assets $19.44B $19.34B
Total Assets $22.04B $21.23B
YoY Change 3.81% 93.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $553.1M $304.4M
YoY Change 81.69% 63.67%
Accrued Expenses $501.2M $453.4M
YoY Change 10.54% 15.97%
Deferred Revenue $349.4M $170.5M
YoY Change 104.89%
Short-Term Debt $74.10M $30.31M
YoY Change 144.49%
Long-Term Debt Due $74.10M $223.6M
YoY Change -66.86%
Total Short-Term Liabilities $1.554B $1.160B
YoY Change 33.96% 67.89%
LONG-TERM LIABILITIES
Long-Term Debt $4.465B $4.675B
YoY Change -4.48% 224.64%
Other Long-Term Liabilities $554.3M $539.6M
YoY Change 2.72% 91.35%
Total Long-Term Liabilities $5.020B $5.214B
YoY Change -3.74% 202.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.554B $1.160B
Total Long-Term Liabilities $5.020B $5.214B
Total Liabilities $6.574B $6.375B
YoY Change 3.12% 160.61%
SHAREHOLDERS EQUITY
Retained Earnings $1.275B $1.975B
YoY Change -35.44%
Common Stock $14.19B $12.88B
YoY Change 10.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.47B $14.86B
YoY Change
Total Liabilities & Shareholders Equity $22.04B $21.23B
YoY Change 3.81% 93.32%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income -$165.7M -$88.20M
YoY Change 87.87% -21.97%
Depreciation, Depletion And Amortization $348.2M $180.5M
YoY Change 92.93% 10.45%
Cash From Operating Activities $194.8M -$13.70M
YoY Change -1521.9% -107.8%
INVESTING ACTIVITIES
Capital Expenditures $36.90M $21.40M
YoY Change 72.43% -39.45%
Acquisitions $44.00M $3.600B
YoY Change -98.78%
Other Investing Activities -$100.0K -$400.0K
YoY Change -75.0% -39.85%
Cash From Investing Activities -$82.40M -$3.625B
YoY Change -97.73% 9348.41%
FINANCING ACTIVITIES
Cash Dividend Paid $50.90M $40.60M
YoY Change 25.37% 2.1%
Common Stock Issuance & Retirement, Net $15.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $10.90M $200.0M
YoY Change -94.55%
Cash From Financing Activities -$260.9M $3.412B
YoY Change -107.65% -3008.49%
NET CHANGE
Cash From Operating Activities $194.8M -$13.70M
Cash From Investing Activities -$82.40M -$3.625B
Cash From Financing Activities -$260.9M $3.412B
Net Change In Cash -$148.5M -$226.0M
YoY Change -34.29% -1233.17%
FREE CASH FLOW
Cash From Operating Activities $194.8M -$13.70M
Capital Expenditures $36.90M $21.40M
Free Cash Flow $157.9M -$35.10M
YoY Change -549.86% -125.02%

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CY2022Q2 us-gaap Fiscal Period
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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.
CY2022Q2 us-gaap Use Of Estimates
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Use of EstimatesThe 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.
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Long Term Debt
LongTermDebt
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CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2021Q2 us-gaap Interest Expense Debt
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q2 mrvl Standard Product Warranty Time Period
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CY2022Q2 mrvl Extended Product Warranty Period
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CY2022Q2 mrvl Loss Contingency Reserve
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CY2021Q2 us-gaap Business Acquisitions Pro Forma Revenue
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CY2021Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2022Q2 us-gaap Number Of Businesses Acquired
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CY2022Q2 us-gaap Goodwill
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CY2022Q2 us-gaap Finite Lived Intangible Assets Net
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CY2022Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2022Q2 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2021Q2 us-gaap Amortization Of Intangible Assets
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q2 mrvl Finite Lived Intangible Asset Amortization Expense After Year Four
FiniteLivedIntangibleAssetAmortizationExpenseAfterYearFour
320200000 USD
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2022Q2 us-gaap Equity Securities Fv Ni
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1200000 USD
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CY2022Q2 us-gaap Assets Fair Value Disclosure
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199100000 USD
CY2022Q2 us-gaap Other Long Term Investments
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34900000 USD
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
1200000 USD
CY2022Q1 us-gaap Other Assets Fair Value Disclosure
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CY2022Q1 us-gaap Assets Fair Value Disclosure
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CY2022Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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CY2021Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
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CY2022Q2 us-gaap Restructuring Reserve Accrual Adjustment1
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CY2022Q2 us-gaap Payments For Restructuring
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CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022Q2 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
0.01
CY2021Q2 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
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CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
213600000 USD
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
204900000 USD
CY2022Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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7200000 USD
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
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465000000 USD
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272200000 USD
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-165700000 USD
CY2021Q2 us-gaap Net Income Loss
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-88200000 USD
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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848000000.0 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
693400000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2021Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
848000000.0 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
693400000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
661800000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
578900000 USD
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
173700000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
141400000 USD
CY2022Q2 us-gaap Inventory Net
InventoryNet
835500000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
720300000 USD
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1391500000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1328200000 USD
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
889300000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
865400000 USD
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
502200000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
462800000 USD
CY2022Q2 mrvl Technology Licenses
TechnologyLicenses
524600000 USD
CY2022Q1 mrvl Technology Licenses
TechnologyLicenses
490200000 USD
CY2022Q2 us-gaap Prepaid Expense Noncurrent
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CY2022Q1 us-gaap Prepaid Expense Noncurrent
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CY2022Q2 us-gaap Operating Lease Right Of Use Asset
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140500000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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142000000.0 USD
CY2022Q2 us-gaap Prepaid Expense Other Noncurrent
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116100000 USD
CY2022Q1 us-gaap Prepaid Expense Other Noncurrent
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54600000 USD
CY2022Q2 us-gaap Other Long Term Investments
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CY2022Q1 us-gaap Other Long Term Investments
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CY2022Q2 us-gaap Other Assets Miscellaneous Noncurrent
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57600000 USD
CY2022Q1 us-gaap Other Assets Miscellaneous Noncurrent
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CY2022Q2 us-gaap Other Assets Noncurrent
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1178700000 USD
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
994400000 USD
CY2022Q2 us-gaap Contract With Customer Liability Current
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349400000 USD
CY2022Q1 us-gaap Contract With Customer Liability Current
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258600000 USD
CY2022Q2 mrvl Contractual Obligation Current
ContractualObligationCurrent
116600000 USD
CY2022Q1 mrvl Contractual Obligation Current
ContractualObligationCurrent
84200000 USD
CY2022Q2 mrvl Deferred Non Recurring Engineering Credit
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53200000 USD
CY2022Q1 mrvl Deferred Non Recurring Engineering Credit
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71200000 USD
CY2022Q2 us-gaap Deferred Revenue Current
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38400000 USD
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39000000.0 USD
CY2022Q2 us-gaap Accrued Income Taxes Current
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37900000 USD
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
23300000 USD
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
36800000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
38200000 USD
CY2022Q2 us-gaap Interest Payable Current
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19700000 USD
CY2022Q1 us-gaap Interest Payable Current
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20100000 USD
CY2022Q2 us-gaap Accrued Royalties Current
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18800000 USD
CY2022Q1 us-gaap Accrued Royalties Current
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17400000 USD
CY2022Q2 us-gaap Other Accrued Liabilities Current
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64200000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
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70600000 USD
CY2022Q2 mrvl Accrued And Contract Liabilities Current
AccruedAndContractLiabilitiesCurrent
735000000.0 USD
CY2022Q1 mrvl Accrued And Contract Liabilities Current
AccruedAndContractLiabilitiesCurrent
622600000 USD
CY2022Q2 mrvl Technology License Obligation Noncurrent
TechnologyLicenseObligationNoncurrent
318200000 USD
CY2022Q1 mrvl Technology License Obligation Noncurrent
TechnologyLicenseObligationNoncurrent
304300000 USD
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
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CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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140300000 USD
CY2022Q2 us-gaap Deferred Income Tax Liabilities Net
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39700000 USD
CY2022Q1 us-gaap Deferred Income Tax Liabilities Net
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34500000 USD
CY2022Q2 mrvl Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
37400000 USD
CY2022Q1 mrvl Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
35000000.0 USD
CY2022Q2 us-gaap Other Accrued Liabilities Noncurrent
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21800000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Noncurrent
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19000000.0 USD
CY2022Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
554300000 USD
CY2022Q1 us-gaap Other Liabilities Noncurrent
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533100000 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
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1000000000 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
3250000000 USD
CY2018Q4 mrvl Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
700000000 USD
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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549500000 USD
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
300000 shares
CY2022Q2 us-gaap Stock Repurchased During Period Value
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15000000 USD

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