Marvell Technology, Inc.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)

Three Months Ended

May 4,
2024

February 3,
2024

April 29,
2023

GAAP gross profit

$     527.8

$     664.1

$     557.2

Special items:

Stock-based compensation

9.7

10.4

12.0

Amortization of acquired intangible assets

180.5

194.3

183.7

Other cost of goods sold (a)

6.0

42.3

39.6

Total special items

196.2

247.0

235.3

Non-GAAP gross profit

$     724.0

$     911.1

$     792.5

GAAP gross margin

45.5 %

46.6 %

42.2 %

Stock-based compensation

0.8 %

0.7 %

0.9 %

Amortization of acquired intangible assets

15.5 %

13.6 %

13.9 %

Other cost of goods sold (a)

0.6 %

3.0 %

3.0 %

Non-GAAP gross margin

62.4 %

63.9 %

60.0 %

Total GAAP operating expenses

$     680.1

$     697.4

$     739.6

Special items:

Stock-based compensation

(126.8)

(144.9)

(131.2)

Restructuring related charges (b)

(4.1)

(25.8)

(59.9)

Amortization of acquired intangible assets

(84.4)

(92.0)

(86.3)

Other (c)

(11.0)

(6.2)

(3.6)

Total special items

(226.3)

(268.9)

(281.0)

Total non-GAAP operating expenses

$     453.8

$     428.5

$     458.6

GAAP operating margin

(13.1) %

(2.3) %

(13.8) %

Other cost of goods sold (a)

0.5 %

3.0 %

3.0 %

Stock-based compensation

11.8 %

10.9 %

10.8 %

Restructuring related charges (b)

0.4 %

1.8 %

4.5 %

Amortization of acquired intangible assets

22.8 %

20.1 %

20.4 %

Other (c)

0.9 %

0.3 %

0.3 %

Non-GAAP operating margin 

23.3 %

33.8 %

25.2 %

GAAP interest and other loss, net

$      (45.5)

$      (54.0)

$      (49.9)

Special items:

Other (c)

(2.4)

(1.3)

0.1

Total special items

(2.4)

(1.3)

0.1

Total non-GAAP interest and other loss, net

$      (47.9)

$      (55.3)

$      (49.8)

GAAP net loss

$   (215.6)

$   (392.7)

$   (168.9)

Special items:

Other cost of goods sold (a)

6.0

42.3

39.6

Stock-based compensation

136.5

155.3

143.2

Restructuring related charges (b)

4.1

25.8

59.9

Amortization of acquired intangible assets

264.9

286.3

270.0

Other (c)

8.6

4.9

3.7

Pre-tax total special items

420.1

514.6

516.4

Other income tax effects and adjustments (d)

2.2

279.7

(83.3)

Non-GAAP net income

$     206.7

$     401.6

$     264.2

GAAP weighted-average shares — basic

865.0

864.7

856.7

GAAP weighted-average shares — diluted

865.0

864.7

856.7

Non-GAAP weighted-average shares — diluted (e)

876.0

873.9

861.2

GAAP diluted net loss per share

$      (0.25)

$      (0.45)

$      (0.20)

Non-GAAP diluted net income per share

$        0.24

$        0.46

$        0.31

(a)

Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related
matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related
inventory costs.

(b)

Restructuring and other related items include employee severance costs, asset impairment charges,
facilities related charges, and other.

(c)

Other costs included in operating expenses and other income, net include charges for an intellectual
property matter, net gains on investments, and asset acquisition related costs.

(d)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of
7.0% for the three months ended May 4, 2024 and April 29, 2023. Other income tax effects and
adjustments relate to tax provision based on a non-GAAP income tax rate of 6.0% for the three months
ended February 3, 2024. In the three months ended February 3, 2024, we excluded $289 million of non-
recurring income tax expense.

(e)

Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to
the non-GAAP net income reported.