Marvell Technology : Q4 2024 Financial & Business Highlights

FY24 and Q4'FY24

Financial and Business

Highlights

March 7th, 2024

Forward-looking statements

Except for statements of historical fact, this presentation contains forward-looking statements (within the meaning of the federal securities laws) including statements related to future revenue, future earnings, and the success of our product releases that involve risks and uncertainties. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" and similar expressions identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this presentation due to a number of risks and uncertainties.

For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's Quarterly Report on Form 10-Q for the fiscal quarter ended October 28, 2023 as filed with the SEC on December 1, 2023 and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

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Non-GAAP financial measures

In this presentation, we may refer to certain financial measures on a U.S. non-GAAP basis.

We believe that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures.

A reconciliation for the non-GAAP financial measures used in these slides is available in the appendix to this presentation.

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Marvell Q4 earnings executive summary

• Q4 revenue of 1,427M increased 1% YoY and 1% QoQ

• Q4 non-GAAP GM of 63.9%, OM of 33.8%; and EPS of $0.46, up 12% QoQ

• Data center revenue grew 54% YoY and 38% QoQ, to a record $765M

• AI revenue significantly exceeded $200M in Q4

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Marvell FY24 earnings executive summary

• Transformed into leading data center company focused on accelerated infrastructure

• FY24 revenue of $5,508M down 7% YoY, non-GAAP EPS of $1.51 down 29% YoY

• Grew AI revenue to >10% of total company, significantly up from ~3% in FY23

• Data center revenue, driven by AI, exited the year at >50% of Marvell revenue

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Q4'FY24 Results Summary

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Q4 financial results highlights

• Q4 revenue of $1,427M increased 1% YoY and 1% QoQ

• Non-GAAPearnings per share (EPS) of $0.46 flat YoY and increased 12% QoQ

• Non-GAAPoperating margin of 33.8% increased 0.7 ppts YoY and 4.0 ppts QoQ

• Operating cash flow, at $547M, exceeded $500M for second straight quarter

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Q4 results and Q1 outlook

	Q3'24	Q4'24	Q4'24	Q1'25
	Actual	Guidance	Actual	Outlook
Revenue ($M)	$1,418.6	$1,420 +/-5%	$1,426.5	$1,150 +/-5%
Non-GAAP EPS	$0.41	$0.46 +/-$0.05	$0.46	$0.23 +/-$0.05

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Q4'FY24 market segment revenue highlights

• Data infrastructure* revenue represented 89 percent of total revenue

• Data center revenue grew 54% YoY, driven by both AI and cloud infrastructure

• Enterprise networking revenue declined 28% YoY, due to soft industry demand

• Carrier infra revenue declined 38% YoY, due to soft industry demand

• Auto/industrial declined 17% YoY, primarily driven by industrial

* Data infrastructure revenue consists of the sum of the revenue from our data center, carrier infrastructure, enterprise networking and auto/industrial end markets.

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Q4'FY24 YoY revenue for focus end markets

Data center

$765.3

$M	$497.6
Revenue

Q4'23 Q4'24

+54% YoY

Enterprise

$366.3

$265.0

Q4'23 Q4'24

-28% YoY

Carrier

$275.4

$170.0

Q4'23 Q4'24

-38% YoY

Automotive /

Industrial

$99.4

$82.3

Q4'23 Q4'24

-17% YoY

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