2023 Q4 Form 10-Q Financial Statement

#000183563223000046 Filed on December 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q1
Revenue $1.419B $1.419B
YoY Change -7.72% 5.62%
Cost Of Revenue $867.4M $745.2M
YoY Change 14.13% 13.5%
Gross Profit $551.2M $673.3M
YoY Change -29.09% -1.91%
Gross Profit Margin 38.86% 47.47%
Selling, General & Admin $213.0M $203.4M
YoY Change 2.5% -19.03%
% of Gross Profit 38.64% 30.21%
Research & Development $481.1M $443.1M
YoY Change 7.36% 10.98%
% of Gross Profit 87.28% 65.81%
Depreciation & Amortization $341.9M $351.1M
YoY Change -0.7% -5.37%
% of Gross Profit 62.03% 52.15%
Operating Expenses $694.1M $646.5M
YoY Change 5.82% -0.61%
Operating Profit -$146.3M $26.80M
YoY Change -238.28% -25.46%
Interest Expense $52.60M -$46.80M
YoY Change 16.37% 34.58%
% of Operating Profit -174.63%
Other Income/Expense, Net $9.700M $300.0K
YoY Change 203.13% -86.34%
Pretax Income -$187.5M -$23.20M
YoY Change -387.14% -1218.61%
Income Tax -$23.20M -$7.800M
% Of Pretax Income
Net Earnings -$164.3M -$15.40M
YoY Change -1335.34% -349.68%
Net Earnings / Revenue -11.58% -1.09%
Basic Earnings Per Share -$0.19
Diluted Earnings Per Share -$0.19 -$0.02
COMMON SHARES
Basic Shares Outstanding 862.6M shares 856.9M shares
Diluted Shares Outstanding 862.6M shares

Balance Sheet

Concept 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $725.6M $911.0M
YoY Change 0.3% 48.48%
Cash & Equivalents $725.6M $911.0M
Short-Term Investments
Other Short-Term Assets $91.50M $109.6M
YoY Change -15.04% -1.26%
Inventory $941.5M $1.068B
Prepaid Expenses
Receivables $1.215B $1.192B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.973B $3.281B
YoY Change -6.48% 31.59%
LONG-TERM ASSETS
Property, Plant & Equipment $701.6M $577.4M
YoY Change 34.53% 24.76%
Goodwill $11.60B $11.60B
YoY Change 0.0% 0.87%
Intangibles $4.290B $5.102B
YoY Change -20.14% -17.09%
Long-Term Investments
YoY Change
Other Assets $1.403B $1.975B
YoY Change -1.06% 98.58%
Total Long-Term Assets $18.74B $19.24B
YoY Change -3.11% -1.91%
TOTAL ASSETS
Total Short-Term Assets $2.973B $3.281B
Total Long-Term Assets $18.74B $19.24B
Total Assets $21.71B $22.52B
YoY Change -3.59% 1.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $419.1M $465.8M
YoY Change -11.99% 0.93%
Accrued Expenses $646.2M $1.337B
YoY Change -52.49% 146.16%
Deferred Revenue $56.90M $45.20M
YoY Change -82.52%
Short-Term Debt $96.30M $584.4M
YoY Change -83.51% 824.68%
Long-Term Debt Due $96.30M $584.4M
YoY Change -83.51% 825.18%
Total Short-Term Liabilities $1.880B $2.387B
YoY Change -22.34% 71.88%
LONG-TERM LIABILITIES
Long-Term Debt $4.090B $3.908B
YoY Change 4.12% -12.87%
Other Long-Term Liabilities $511.8M $590.5M
YoY Change -16.82% 10.77%
Total Long-Term Liabilities $4.601B $4.498B
YoY Change 1.29% -10.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.880B $2.387B
Total Long-Term Liabilities $4.601B $4.498B
Total Liabilities $6.481B $6.885B
YoY Change -6.92% 7.47%
SHAREHOLDERS EQUITY
Retained Earnings $427.9M $1.124B
YoY Change -64.05% -24.67%
Common Stock $14.81B $14.51B
YoY Change 3.04% 2.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.23B $15.64B
YoY Change
Total Liabilities & Shareholders Equity $21.71B $22.52B
YoY Change -3.59% 1.87%

Cashflow Statement

Concept 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$164.3M -$15.40M
YoY Change -1335.34% -349.68%
Depreciation, Depletion And Amortization $341.9M $351.1M
YoY Change -0.7% -5.37%
Cash From Operating Activities $503.0M $351.5M
YoY Change 22.38% 1.49%
INVESTING ACTIVITIES
Capital Expenditures $54.70M $56.00M
YoY Change -214.92% -218.48%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$8.200M
YoY Change -102.33% -48.18%
Cash From Investing Activities -$54.60M -$64.20M
YoY Change 5.2% 1.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -146.2M -99.70M
YoY Change -42.17% -48.4%
NET CHANGE
Cash From Operating Activities 503.0M 351.5M
Cash From Investing Activities -54.60M -64.20M
Cash From Financing Activities -146.2M -99.70M
Net Change In Cash 302.2M 187.6M
YoY Change 184.29% 108.37%
FREE CASH FLOW
Cash From Operating Activities $503.0M $351.5M
Capital Expenditures $54.70M $56.00M
Free Cash Flow $448.3M $295.5M
YoY Change -2.25% -24.92%

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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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52500000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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mrvl Payment On Technology License Obligation
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mrvl Payment On Technology License Obligation
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">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 2023 had a 52-week year. Fiscal 2024 is a 53-week year.</span></div>
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<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">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, 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 could 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.</span></div>
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us-gaap Severance Costs1
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us-gaap Severance Costs1
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CY2023Q1 us-gaap Other Accrued Liabilities Current
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46200000 usd
CY2023Q4 mrvl Accrued And Contract Liabilities Current
AccruedAndContractLiabilitiesCurrent
1119200000 usd
CY2023Q1 mrvl Accrued And Contract Liabilities Current
AccruedAndContractLiabilitiesCurrent
1092000000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
197000000.0 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
201600000 usd
CY2023Q4 mrvl Contractual Obligation Noncurrent
ContractualObligationNoncurrent
191000000.0 usd
CY2023Q1 mrvl Contractual Obligation Noncurrent
ContractualObligationNoncurrent
267000000.0 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
73200000 usd
CY2023Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
64200000 usd
CY2023Q4 mrvl Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
34000000.0 usd
CY2023Q1 mrvl Employee Related Liabilities Noncurrent
EmployeeRelatedLiabilitiesNoncurrent
28500000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
16600000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
29200000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
511800000 usd
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
590500000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-800000 usd
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
3250000000 usd
CY2018Q4 mrvl Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
700000000 usd
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
399500000 usd
CY2022Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1100000 shares
CY2022Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
50000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2300000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
115000000 usd
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
mrvl-20231028_cal.xml Edgar Link unprocessable
0001835632-23-000046-index-headers.html Edgar Link pending
0001835632-23-000046-index.html Edgar Link pending
0001835632-23-000046.txt Edgar Link pending
0001835632-23-000046-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mrvl-10282023exhibit1032.htm Edgar Link pending
mrvl-10282023exhibit1042.htm Edgar Link pending
mrvl-10282023exhibit311.htm Edgar Link pending
mrvl-10282023exhibit312.htm Edgar Link pending
mrvl-10282023exhibit321.htm Edgar Link pending
mrvl-10282023exhibit322.htm Edgar Link pending
mrvl-20231028.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
mrvl-20231028.xsd Edgar Link pending
mrvl-20231028_g1.jpg Edgar Link pending
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mrvl-20231028_def.xml Edgar Link unprocessable
mrvl-20231028_pre.xml Edgar Link unprocessable
mrvl-20231028_lab.xml Edgar Link unprocessable
mrvl-20231028_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending