Marvell Technology, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Combined company GAAP revenue was 832 million dollars, including 10 days of Inphi results.
  • Standalone Marvell revenue was 810 million dollars, up 17 percent year over year and above the midpoint of guidance.
  • Non-GAAP EPS for standalone Marvell was 0.29 dollars, up 61 percent year over year.
  • Q1 marked Marvell’s fourth consecutive quarter of double‑digit revenue growth.
  • Supply constraints remain significant, especially in networking, but the company expects improvement in the second half of the fiscal year.

Inphi Acquisition Integration

  • Inphi acquisition closed April 20, 2021; Inphi contributed 22 million dollars to Q1 revenue.
  • Marvell is now a U.S.‑domiciled corporation.
  • Key Inphi executives have assumed major roles across the combined organization.
  • Inphi is expected to contribute approximately 215 million dollars in Q2 and be accretive to non‑GAAP earnings.

Business Segment Performance

Networking
  • Standalone networking revenue was 476 million dollars, up 9 percent sequentially and 21 percent year over year.
  • Growth driven by:
    • 5G (7th consecutive quarter of sequential growth, though China deployment paused)
    • Cloud SmartNIC DPUs
    • Automotive Ethernet (multiple 2021 car models)

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Operator: Good afternoon, and welcome to the Marvell Technologies Fiscal First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. Please note that, this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Vice President of Investor Relations. Please go ahead, sir. Ashish Saran: Thank you, and good afternoon, everyone. Welcome to Marvell's first quarter fiscal year 2022 earnings call. Joining me today are Matt Murphy, Marvell's President and CEO; and Jean Hu, our CFO. I would like to remind everyone that certain comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings. We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available on our website in the Investor Relations section. We closed the acquisition of Inphi on April 20, 2021. Therefore, the results we reported today for the first quarter of fis

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