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WASHINGTON — Former Rep. Matt Gaetz dropped his bid to become President-elect Donald Trump’s next attorney general on Thursday, closing out a campaign that was dogged by sexual misconduct allegations and the specter of an unreleased ethics report. With the Florida Republican’s withdrawal, the Senate will avoid what was shaping up to be a fiery confirmation process, with Democrats escalating their push for more information on Gaetz while some Republicans asserted the former lawmaker deserved to have a hearing. Gaetz had met Wednesday with several Republican members of the Senate Judiciary Committee. Gaetz, who has been accused of having sex with a 17-year-old girl, has steadfastly denied wrongdoing. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition,” Gaetz said in a post on social media. “There is no time to waste on a needlessly protracted Washington scuffle, thus I’ll be withdrawing my name from consideration to serve as Attorney General.” “Trump’s DOJ must be in place and ready on Day 1,” he said. The withdrawal also comes one day after the House Ethics Committee announced it would not release information about its probe into allegations of sexual misconduct and illicit drug use, and Senate Democrats requested the “complete evidentiary file” in a closed Justice Department investigation involving Gaetz, which did not lead to criminal charges against him. Trump posted on social media that he appreciated Gaetz’ efforts to seek approval to be attorney general. “He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect,” Trump wrote. “Matt has a wonderful future, and I look forward to watching all of the great things he will do!” Gaetz’s withdrawal opens up a key spot in the Trump administration, an official that will likely be tasked with implementing Trump’s plans to remake an agency he fumed at during the campaign trial. Senate reactions Sen. Lindsey Graham of South Carolina, the top Republican on the Judiciary Committee, said he respected Gaetz’s decision to withdraw. “I look forward to working with President Trump regarding future nominees to get this important job up and running,” Graham said in a statement. Sen. Charles E. Grassley, who is in line to lead Judiciary next year and would have handled the Gaetz confirmation hearings, told a reporter to look at his social media account for a comment. “I respect Gaetz decision &look fwd 2helping PresTrump confirm qualified noms 2reform Dept of Justice &bring TRANSPARENCY/ACCOUNTABILITY Trump’s mission = DRAIN THE SWAMP& I would add get some1 who will answer my hundreds of outstanding oversight letters sitting at Biden DOJ/FBI,” Grassley had posted. Sen. Susan Collins, R-Maine, said Gaetz withdrawal could have reflected the meetings he had with senators on Wednesday. “I don’t know that for a fact, but I think that he has put country first,” she said. Sen. Markwayne Mullin, R-Okla., who had clashed with Gaetz, said he trusts Trump’s ability “to pick some really good people, and he’s done that for his whole career, through his business career, to when he was in office last time, to his campaign.” “Matt’s decisions were his decisions, it has nothing to do with me,” Mullin said. Sen. Peter Welch, D-Vt., a member of the Judiciary Committee, said Gaetz “clearly got a message from his Republican colleagues.” Sen. John Kennedy, R-La., a Judiciary Committee member, said he was surprised when he was shown the tweet. “I said, ‘So double check it and make sure it’s not one of those fake news tweets.’ ” “When we met we mostly talked about procedure, how a Judiciary confirmation hearing works,” Kennedy said. “We talked about the Department of Justice, and the decision under President Biden to begin weaponizing the Department of Justice ... and I commented that, in my judgment, in America, we don’t prosecute our political enemies.”National Elections 2024 – a harbinger of a new era
Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. MRVL , a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cash flows from operating activities: Net loss $ (676.3) $ (164.3) $ (1,085.2) $ (540.7) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 76.6 72.1 225.5 226.0 Stock-based compensation 158.4 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 269.8 805.5 811.6 Restructuring related impairment charges 521.8 0.8 524.1 32.2 Deferred income taxes (47.9) (57.0) (106.2) (283.7) Other expense, net 9.0 18.2 42.1 39.9 Changes in assets and liabilities: Accounts receivable 62.2 (5.5) 123.7 (22.4) Prepaid expenses and other assets (45.5) 53.7 176.2 14.4 Inventories (108.2) 70.6 (60.2) 123.1 Accounts payable 75.0 (0.7) 109.8 (87.5) Accrued employee compensation 71.1 59.7 11.9 0.7 Accrued liabilities and other non-current liabilities 175.2 27.1 (49.8) 55.8 Net cash provided by operating activities 536.3 503.0 1,167.2 823.9 Cash flows from investing activities: Purchases of technology licenses (0.5) (0.3) (6.2) (3.3) Purchases of property and equipment (75.0) (54.4) (214.7) (265.3) Acquisitions, net of cash acquired — — (10.4) (5.5) Other, net — 0.1 0.9 (0.2) Net cash used in investing activities (75.5) (54.6) (230.4) (274.3) Cash flows from financing activities: Repurchases of common stock (200.0) (50.0) (525.0) (50.0) Proceeds from employee stock plans 0.8 0.7 52.4 61.1 Tax withholding paid on behalf of employees for net share settlement (58.6) (44.9) (190.3) (168.7) Dividend payments to stockholders (51.9) (51.8) (155.6) (154.9) Payments on technology license obligations (58.9) (31.6) (124.4) (110.2) Proceeds from borrowings — 1,045.3 — 1,295.3 Principal payments of debt (32.8) (1,006.9) (76.6) (1,600.6) Other, net — (7.0) — (7.0) Net cash used in financing activities (401.4) (146.2) (1,019.5) (735.0) Net increase (decrease) in cash and cash equivalents 59.4 302.2 (82.7) (185.4) Cash and cash equivalents at beginning of period 808.7 423.4 950.8 911.0 Cash and cash equivalents at end of period $ 868.1 $ 725.6 $ 868.1 $ 725.6 Marvell Technology, Inc. Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 GAAP gross profit $ 349.4 $ 587.6 $ 551.2 $ 1,464.8 $ 1,629.5 Special items: Stock-based compensation 16.3 11.2 15.7 37.2 38.7 Amortization of acquired intangible assets 180.4 191.3 184.3 552.2 553.8 Restructuring related charges (a) 356.8 — — 356.8 — Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Total special items 567.7 199.9 308.0 963.8 830.3 Non-GAAP gross profit $ 917.1 $ 787.5 $ 859.2 $ 2,428.6 $ 2,459.8 GAAP gross margin 23.0 % 46.2 % 38.9 % 37.1 % 39.9 % Stock-based compensation 1.1 % 0.9 % 1.1 % 0.9 % 0.9 % Amortization of acquired intangible assets 11.9 % 15.0 % 13.0 % 14.0 % 13.6 % Restructuring related charges (a) 23.5 % — % — % 9.0 % — % Other cost of goods sold (b) 1.0 % (0.2) % 7.6 % 0.5 % 5.9 % Non-GAAP gross margin 60.5 % 61.9 % 60.6 % 61.5 % 60.3 % Total GAAP operating expenses $ 1,052.2 $ 688.0 $ 697.5 $ 2,420.3 $ 2,163.9 Special items: Stock-based compensation (142.1) (143.7) (142.8) (412.6) (415.8) Amortization of acquired intangible assets (84.5) (84.4) (85.5) (253.3) (257.8) Restructuring related charges (a) (358.3) (4.0) (3.4) (366.4) (105.3) Other (c) (0.4) (0.1) (28.7) (11.5) (41.3) Total special items (585.3) (232.2) (260.4) (1,043.8) (820.2) Total non-GAAP operating expenses $ 466.9 $ 455.8 $ 437.1 $ 1,376.5 $ 1,343.7 GAAP operating margin (46.4) % (7.9) % (10.3) % (24.2) % (13.1) % Stock-based compensation 10.5 % 12.2 % 11.2 % 11.4 % 11.1 % Amortization of acquired intangible assets 17.5 % 21.7 % 19.0 % 20.4 % 19.9 % Restructuring related charges (a) 47.2 % 0.3 % 0.2 % 18.3 % 2.6 % Other cost of goods sold (b) 0.9 % (0.2) % 7.6 % 0.4 % 5.8 % Other (c) — % — % 2.1 % 0.3 % 1.0 % Non-GAAP operating margin 29.7 % 26.1 % 29.8 % 26.6 % 27.3 % GAAP interest and other loss, net $ (47.7) $ (45.8) $ (41.2) $ (139.0) $ (137.0) Special items: Other (c) (1.4) 0.3 (4.2) (3.5) (12.6) Total special items (1.4) 0.3 (4.2) (3.5) (12.6) Total non-GAAP interest and other loss, net $ (49.1) $ (45.5) $ (45.4) $ (142.5) $ (149.6) GAAP net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Special items: Stock-based compensation 158.4 154.9 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 275.7 269.8 805.5 811.6 Restructuring related charges (a) 715.1 4.0 3.4 723.2 105.3 Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Other (c) (1.0) 0.4 24.5 8.0 28.7 Pre-tax total special items 1,151.6 432.4 564.2 2,004.1 1,637.9 Other income tax effects and adjustments (d) (102.3) 27.1 (45.8) (73.0) (188.7) Non-GAAP net income $ 373.0 $ 266.2 $ 354.1 $ 845.9 $ 908.5 GAAP weighted-average shares — basic 865.7 865.7 862.6 865.5 860.1 GAAP weighted-average shares — diluted 865.7 865.7 862.6 865.5 860.1 Non-GAAP weighted-average shares — diluted (e) 875.5 875.7 872.2 875.8 867.6 GAAP diluted net loss per share $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Non-GAAP diluted net income per share $ 0.43 $ 0.30 $ 0.41 $ 0.97 $ 1.05 (a) Restructuring and other related items include asset impairment charges, recognition of future contractual obligations, employee severance costs, facilities related charges, and other. (b) 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. (c) Other costs in operating expenses and interest and other loss, net include gain or loss 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 and nine months ended November 2, 2024 and three months ended August 3, 2024. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 6% for the three and nine months ended October 28, 2023. (e) Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. Marvell Technology, Inc. Outlook for the Fourth Quarter of Fiscal Year 2025 Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Outlook for Three Months Ended February 1, 2025 GAAP net revenue $1,800 +/- 5% Special items: — Non-GAAP net revenue $1,800 +/- 5% GAAP gross margin ~ 50% Special items: Stock-based compensation 0.7 % Amortization of acquired intangible assets 9.3 % Non-GAAP gross margin ~ 60% Total GAAP operating expenses ~ $710 Special items: Stock-based compensation 142 Amortization of acquired intangible assets 78 Restructuring related charges and other 10 Total non-GAAP operating expenses ~ $480 GAAP diluted net income per share $0.16 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.28 Restructuring related charges and other 0.01 Other income tax effects and adjustments (0.04) Non-GAAP diluted net income per share $0.59 +/- $0.05 Quarterly Revenue Trend (Unaudited) Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below: End market Customer products and applications Data center • Cloud and on-premise Artificial intelligence (AI) systems • Cloud and on-premise ethernet switching • Cloud and on-premise network-attached storage (NAS) • Cloud and on-premise AI servers • Cloud and on-premise general-purpose servers • Cloud and on-premise storage area networks • Cloud and on-premise storage systems • Data center interconnect (DCI) Enterprise networking • Campus and small medium enterprise routers • Campus and small medium enterprise ethernet switches • Campus and small medium enterprise wireless access points (WAPs) • Network appliances (firewalls, and load balancers) • Workstations Carrier infrastructure • Broadband access systems • Ethernet switches • Optical transport systems • Routers • Wireless radio access network (RAN) systems Consumer • Broadband gateways and routers • Gaming consoles • Home data storage • Home wireless access points (WAPs) • Personal Computers (PCs) • Printers • Set-top boxes Automotive/industrial • Advanced driver-assistance systems (ADAS) • Autonomous vehicles (AV) • In-vehicle networking • Industrial ethernet switches • United States military and government solutions • Video surveillance Quarterly Revenue Trend (Unaudited) (Continued) Three Months Ended % Change Revenue by End Market (In millions) November 2, 2024 August 3, 2024 October 28, 2023 YoY QoQ Data center $ 1,101.1 $ 880.9 $ 555.8 98 % 25 % Enterprise networking 150.9 151.0 271.1 (44) % — % Carrier infrastructure 84.7 75.9 316.5 (73) % 12 % Consumer 96.5 88.9 168.7 (43) % 9 % Automotive/industrial 82.9 76.2 106.5 (22) % 9 % Total Net Revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 7 % 19 % Three Months Ended Revenue by End Market % of Total November 2, 2024 August 3, 2024 October 28, 2023 Data center 73 % 69 % 39 % Enterprise networking 10 % 12 % 19 % Carrier infrastructure 6 % 6 % 22 % Consumer 6 % 7 % 12 % Automotive/industrial 5 % 6 % 8 % Total Net Revenue 100 % 100 % 100 % For further information, contact: Ashish Saran Senior Vice President, Investor Relations 408-222-0777 ir@marvell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-third-quarter-of-fiscal-year-2025-financial-results-302321507.html SOURCE Marvell © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Victor Wembanyama went to a park in New York City and played 1-on-1 with fans on Saturday. He even lost a couple of games. Not in basketball, though. Wemby was playing chess. Before the San Antonio Spurs left New York for a flight to Minnesota, Wembanyama put out the call on social media: “Who wants to meet me at the SW corner of Washington Square park to play chess? Im there,” Wembanyama wrote. It was 9:36 a.m. People began showing up almost immediately. Washington Square Park is a known spot for chess in New York — Bobby Fischer among others have famously played there, and it's been a spot used for multiple movie scenes featuring the game. Wembanyama was there for an hour in the rain, from about 10-11 a.m. He played four games, winning two and losing two before departing to catch the Spurs' flight. Wembanyama had been trying to get somewhere to play chess for the bulk of the team's time in New York — the Spurs played the Knicks on Christmas and won at Brooklyn on Friday night. The schedule never aligned, until Saturday morning. And even with bad weather, he bundled up to make it happen. He posed for photos with a couple of dozen people who showed up, braving a morning of cold rain to play chess with one of the NBA's biggest stars. “We need an NBA players only Chess tournament, proceeds go to the charity of choice of the winner,” he wrote on social media after his chess trip was over. Wembanyama is averaging 25.2 points and 10.1 rebounds this season, his second in the NBA after winning rookie of the year last season. ___ AP NBA: https://apnews.com/hub/NBA
Riley Herbst looks ahead to Cup call-up with 23XISAN ANTONIO , Nov. 22, 2024 /PRNewswire/ -- The 2025 Hyundai Santa Cruz XRT has been named the Compact Truck of Texas at the Texas Auto Writers Association (TAWA) annual Truck Rodeo held Sept. 26-27, 2024 . The TAWA Texas Truck Rodeo is a prominent annual event where top automotive media evaluate new vehicles based on performance, value, and overall appeal. Competing against strong contenders, the updated 2025 Santa Cruz XRT impressed judges with its rugged design, advanced technology, and enhanced off-road capability. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Shay Ciezki scores 34, leads Indiana women to 73-65 victory over No. 18 Baylor at Battle 4 AtlantisFire danger soars in Monadnock region due to dry, windy conditionsGermany has pledged to tighten its law to make it easier to prosecute people-smugglers enabling small-boat crossings to Britain, as the two countries signed a new deal aimed at tackling immigration crime. Berlin confirmed plans to reform its legal framework make it a clear criminal offence to “facilitate the smuggling of migrants to the UK” as part of the agreement, the Home Office said. The Home Office said the move would give German prosecutors more tools to tackle the supply and storage of dangerous small boats. Both countries will also commit to exchange information that may help to remove migrant-smuggling content from social media platforms and tackle end-to-end routes of criminal smuggling networks as part of the deal. It comes ahead of the UK and Germany hosting the so-called Calais Group in London, which sees ministers and police from the two countries, alongside France, Belgium and the Netherlands, gather to discuss migration in Europe. Delegates are expected to agree a detailed plan to tackle people-smuggling gangs in 2025 at the meeting on Tuesday. Home Secretary Yvette Cooper said: “For too long organised criminal gangs have been exploiting vulnerable people, undermining border security in the UK and across Europe while putting thousands of lives at risk. “We are clear that this cannot go on. “Germany is already a key partner in our efforts to crack down on migrant smuggling, but there is always more we can do together. “Our new joint action plan with deliver a strengthened partnership with Germany, boosting our respective border security as we work to fix the foundations, and ultimately saving lives.” Nancy Faeser, German federal minister of the interior said: “We are now stepping up our joint action to fight the brutal activities of international smugglers. “This is at the core of our joint action plan that we have agreed in London. “I am very grateful to my British counterpart Yvette Cooper that we were able to reach this important agreement. “It will help us end the inhumane activities of criminal migrant smuggling organisations. “By cramming people into inflatable boats under threats of violence and sending them across the Channel, these organisations put human lives at risk. “Many of these crimes are planned in Germany. “Together, we are now countering this unscrupulous business with even more resolve. “This includes maintaining a high investigative pressure, exchanging information between our security authorities as best as possible, and persistently investigating financial flows to identify the criminals operating behind the scenes.”