Marvell Technology, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly & Full-Year Performance Highlights

  • Fiscal Year 2021 GAAP revenue was $2.97 billion, up 10% year-over-year. Networking led growth with 22% year-over-year improvement.
  • Non-GAAP earnings per diluted share reached $0.92, up 39% year-over-year.
  • Fourth quarter revenue was $798 million, up 6% sequentially and 11% year-over-year (15% year-over-year excluding the Wi-Fi divestiture).
  • Q4 non-GAAP EPS was $0.29, up 16% sequentially and 71% year-over-year.
  • GAAP EPS for Q4 was $0.02.
  • Strong demand across 5G, cloud, automotive, and enterprise drove results, though supply constraints limited upside.

Business Segment Highlights

Networking
  • Q4 revenue was $439 million, flat sequentially but up 24% year-over-year (adjusted for Wi-Fi divestiture).
  • 5G posted its sixth consecutive quarter of sequential growth. Samsung and Nokia drove demand; China saw a pause in deployments.
  • Cloud networking experienced strong demand for smartNIC DPUs, though cloud ASICs declined as expected.
  • Automotive Ethernet revenue moved into the double-digit millions as model-year 2021 platforms ramped.
  • Ethernet switch and PHY products grew significantly due to recent design wins entering volume production.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Marvell Technology Group Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded. I would now like to introduce your host for today's program, Ashish Saran, Vice President, Investor Relations. Please go ahead. Ashish Saran: Thank you, and good afternoon, everyone. Welcome to Marvell's Fourth Quarter and Fiscal Year 2021 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. With that, I'll turn the call over to Matt for his comments on our performance. Matt? Matthew Murphy: Thanks, Ashish, and good afternoon, everyone. Let me start with a recap of Marvell's highligh

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