Marvell Technology, Inc. (NASDAQ:MRVL) Q4 2024 Results Conference Call March 7, 2024 4:30 PM ET

Company Participants

Ashish Saran - Senior Vice President, Investor Relations

Matt Murphy - President, CEO & Chairman

Willem Meintjes - Chief Financial Officer

Conference Call Participants

Ross Seymore - Deutsche Bank

Matt Ramsey - TD Cowen

Christopher Rolland - Susquehanna

Quinn Bolton - Needham & Company

Harsh Kumar - Piper Sandler

Vivek Arya - Bank of America

Gary Mobley - Wells Fargo

Harlan Sur - JPMorgan

Tore Svanberg - Stifel

Srini Pajjuri - Raymond James

Operator

Good afternoon, and welcome to the Marvell Technology Incorporated Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead, sir.

Ashish Saran

Thank you, and good afternoon, everyone. Welcome to Marvell's fourth quarter and fiscal year 2024 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Maintjes, our CFO.

Let me remind everyone that certain comments made today 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 in the Investor Relations section of our website.

Earlier today, we announced our accelerated infrastructure for the AI ERA Investor event, which will be held in New York on April 11. Please refer to our press release for more details. We look forward to updating investors on the exciting opportunities we see in front of us from the growth in accelerated infrastructure.

Let me now turn the call over to Matt for his comments on the quarter. Matt?

Matt Murphy

Thanks, Ashish, and good afternoon, everyone. For the fourth quarter of fiscal 2024, Marvell delivered revenue of $1.43 billion, growing 1% sequentially above the midpoint of guidance. In addition, on a non-GAAP basis, the Marvell team drove a substantial 330 basis point sequential increase in gross margin, completed execution on the OpEx reduction plan we outlined earlier in the year and delivered earnings per share of $0.46, growing 12% sequentially. As Willem will tell you in greater detail, we also drove another strong quarter of operating cash and increased share repurchases. We are pleased to report these results to you and remains a challenging macro environment.