On this page of StockholderLetter.com we present the 5/3/2023 shareholder letter from Marvell Technology, Inc. — ticker symbol MRVL. Reading current and past MRVL letters to shareholders can bring important insights into the investment thesis.

To our Stockholders
Marvell had an exceptional year in fiscal 2023. Our revenue grew 33% year-over-year, well
above the semiconductor industry average during this time period and our long-term target
model for revenue growth. This growth reflects our successful efforts to transform the
company and capitalize on what we believe are the semiconductor industry s most compelling
growth opportunities. I am incredibly proud of our team s resilience and ability to adapt to
ever-changing market conditions. They remain steadfast in our essential mission to provide
semiconductor solutions that power the data infrastructure technology connecting us all.
Marvell's growth can
be attributed in large
part to our welldefined strategy and
focus on the
semiconductor
industry's fastest
growing end markets:
Cloud, 5G, and
Automotive.
Marvell s revenue has doubled in the past two years, from $2.9 billion in fiscal year 2021 to
$5.9 billion in fiscal year 2023. Marvell s growth can be attributed in large part to our welldefined strategy and focus on the semiconductor industry s fastest growing end markets:
Cloud, 5G, and Automotive. We have developed a leading product and technology platform
to capitalize on some of the most powerful trends in our industry, secured a substantial number
of design wins with some of the world s largest and most influential technology companies,
and executed our global strategy with precision and discipline.
Our company was also resilient amid external challenges, which included a highly
constrained supply environment that was particularly challenging in fiscal year 2022 and the
first half of fiscal year 2023 when most of our customers experienced significant growth in
demand for their products and services. When this growth began to slow, their demand for our
products declined, leaving some customers with excess inventory. This slowdown impacted
Marvell and other semiconductor companies and contributed to a cyclical downturn for
the semiconductor industry by the end of fiscal year 2023.
Amid these challenges, which were augmented by ongoing macroeconomic and geopolitical
uncertainty, our team stayed focused on our growth initiatives, and took concrete steps to
improve our efficiency and optimize our allocation of capital towards the best long-term
opportunities.
Innovation and Growth
We have made tremendous progress with our cloud-optimized silicon platform, and are
executing for the expected ramp in coming years. Marvell s Cloud revenue in fiscal year 2023
grew approximately 50% year-over-year, and we developed deeper relationships with our
Tier 1 customers as we worked with them to create unique solutions to address their specific
challenges. For example, during fiscal year 2023, Marvell was a strategic supplier to
Amazon Web Services, delivering cloud-optimized silicon that helped meet the infrastructure
needs of its customers, including the delivery of electro-optics, networking, security,
storage, and custom design solutions. In the future, we aim to help our customers push the
boundaries of data-center performance while continuing to build our long-term relationships.
Fiscal year 2023 was the first full fiscal year to follow Marvell s acquisition of Innovium, Inc.
and, as a combined team, we significantly increased revenue from our market-leading switches
for data centers. We also completed the acquisition of Tanzanite Silicon Solutions, Inc.,
which we expect to accelerate our organic Compute Express Link (CXL) development efforts.
During fiscal year 2023, annual revenue from our 5G business surpassed $600 million as
we continued to see strong demand for our wireless products, and 5G adoption continued to
expand. At Mobile World Congress in February 2023, we announced our next-generation
5-nanometer (5nm) OCTEON Fusion 10 customizable wireless platform, which is already
being adopted by leading base station original equipment manufacturers (OEMs) in the carrier
infrastructure space.
Marvell Technology, Inc.
2023 Proxy Statement

During fiscal year 2023, our Automotive business nearly doubled its FY23 revenue over the prior fiscal year to approximately $180 million,
and Marvell is now working with 40 OEMs worldwide, including eight of the top ten vehicle manufacturers by shipment volume.
Finally, in fiscal year 2023, revenue from our Enterprise Networking business grew 51% year-over-year, reflecting the significant share and
content gains we have driven over the last two fiscal years.
Being Recognized as a Great Place to Work
We have a variety of competitive advantages at Marvell, but the greatest of these is undoubtedly our team. Our leaders, managers, and
thousands of skilled engineers and employees have created and sustained a culture that forms the bedrock of our continued success. They
are the driving force behind our ability to innovate and execute with excellence, working closely with our customers to push the boundaries of
what is technologically feasible.
Our company s culture and workplace continues to garner external recognition. We are excited to have been awarded the prestigious Great
Place to Work Certification in February 2023 for creating an outstanding employee experience. This honor is particularly meaningful, as it
is based solely on the feedback provided by our current employees about their experience working at Marvell. 93% of respondents agreed that
Marvell is a great place to work, compared to 57% at the average U.S. company. In addition, Glassdoor named Marvell one of the top 100
Best Places to Work in the U.S. for calendar year 2023, and we ranked second among semiconductor companies. The Silicon Valley Business
Journal and San Francisco Business Times also showcased Marvell in their lists of Best Large Places to Work for calendar year 2023.
Growing responsibly
At Marvell, we recognize the importance of responsible and sustainable growth, and we are committed to integrating Environmental, Social,
and Governance (ESG) considerations into our decision-making processes and operations. Our ESG framework serves as a guiding principle
for our work in these three critical areas. We are committed to continued improvement in our ESG practices and performance and making a
meaningful contribution to a better future for our employees, customers, and the broader communities we serve.
In August 2022, we released our inaugural ESG report, detailing our past achievements, current progress, and future priorities. Among these
priorities are our science-based targets related to climate change, power consumption, and sustainable materials sourcing for our products.
We seek to carefully manage our supply chain relationships and have implemented a Supplier Code of Conduct that includes environmental
guidelines and social policies related to human rights, fair labor practices, and anti-corruption measures.
At Marvell, we are dedicated to building an inclusive and diverse culture that fosters professional growth and fulfillment for our employees. We
also recognize our responsibility to give back to the communities where we operate, through both philanthropy and employee volunteering
efforts. Guided by our Core Behavior of acting with integrity and treating everyone with respect, we strive to maintain the highest standards of
ethical conduct in everything we do.
Looking ahead
As I near completion of my seventh year as Chief Executive Officer of Marvell, I m incredibly proud to lead this company and our extraordinary
team. Fiscal year 2023 was a continuation of several years of strong revenue growth, and I believe that our future prospects are tremendous.
Our many design wins demonstrate that we are well positioned to capitalize on many of the key growth trends in our end markets. We
remain confident in our plans and intend to continue making investments that support our strategy and long-term goals.
We believe we are also well positioned to capitalize on emerging trends such as generative Artificial Intelligence (AI), which is expected to
drive a massive transformation in data center architecture. In addition to cloud-optimized silicon for custom compute, we expect generative AI
will require ultra-high bandwidth links with low latency and technology that expends minimal energy while moving massive amounts of data.
Marvell delivers these requirements with our innovative, market-leading high-speed electro-optics.
Although the semiconductor industry is currently facing a cyclical slowdown, Marvell should be well prepared to navigate these challenges
and emerge stronger. We have done it before, and we are confident we can do it again. We are not shrinking back; rather, we are taking proactive
steps to make gains now and in the future.
Specifically, we are carefully managing our operating expenses while continuing to invest in our growth initiatives, and we are working closely
with our customers to gain a deep understanding of their plans and priorities, so that we can work to align our resources to capitalize on
our best opportunities for accelerated growth on the other side of this downturn.
I continue to have great confidence in our strategy, our team, and the tremendous growth opportunities that lie ahead. We have built a
company that we believe is well positioned to navigate short-term dynamics, while we look toward the future and the next wave of industry
growth.
Thank you for your interest in Marvell and thank you for being a highly valued stakeholder in our company s success.
Matt Murphy
President & CEO
This letter contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words
such as aim, see, look, committed, dedicated, prospect, expect, intend, plan, project, believe, seek, can, may, will, target
Marvell Technology, Inc.
2023 Proxy Statement

and similar expressions identify such forward-looking statements. 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 letter due to a number of risks and uncertainties, including the 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.
None of the material on our website is part of this letter or is incorporated by reference herein.
Marvell Technology, Inc.
2023 Proxy Statement

•

5/3/2023 Letter Continued (Full PDF)
•

5/8/2024 MRVL Stockholder Letter
•

5/1/2025 MRVL Stockholder Letter
•

More "Semiconductors" Category Stockholder Letters
•

MRVL Benford's Law Stock Score = 79

MRVL 5/3/2023 Shareholder/Stockholder Letter Transcript:

2023
Proxy
Statement

To our Stockholders
Marvell had an exceptional year in fiscal 2023. Our revenue grew 33% year-over-year, well
above the semiconductor industry average during this time period and our long-term target
model for revenue growth. This growth reflects our successful efforts to transform the
company and capitalize on what we believe are the semiconductor industry s most compelling
growth opportunities. I am incredibly proud of our team s resilience and ability to adapt to
ever-changing market conditions. They remain steadfast in our essential mission to provide
semiconductor solutions that power the data infrastructure technology connecting us all.
Marvell's growth can
be attributed in large
part to our welldefined strategy and
focus on the
semiconductor
industry's fastest
growing end markets:
Cloud, 5G, and
Automotive.
Marvell s revenue has doubled in the past two years, from $2.9 billion in fiscal year 2021 to
$5.9 billion in fiscal year 2023. Marvell s growth can be attributed in large part to our welldefined strategy and focus on the semiconductor industry s fastest growing end markets:
Cloud, 5G, and Automotive. We have developed a leading product and technology platform
to capitalize on some of the most powerful trends in our industry, secured a substantial number
of design wins with some of the world s largest and most influential technology companies,
and executed our global strategy with precision and discipline.
Our company was also resilient amid external challenges, which included a highly
constrained supply environment that was particularly challenging in fiscal year 2022 and the
first half of fiscal year 2023 when most of our customers experienced significant growth in
demand for their products and services. When this growth began to slow, their demand for our
products declined, leaving some customers with excess inventory. This slowdown impacted
Marvell and other semiconductor companies and contributed to a cyclical downturn for
the semiconductor industry by the end of fiscal year 2023.
Amid these challenges, which were augmented by ongoing macroeconomic and geopolitical
uncertainty, our team stayed focused on our growth initiatives, and took concrete steps to
improve our efficiency and optimize our allocation of capital towards the best long-term
opportunities.
Innovation and Growth
We have made tremendous progress with our cloud-optimized silicon platform, and are
executing for the expected ramp in coming years. Marvell s Cloud revenue in fiscal year 2023
grew approximately 50% year-over-year, and we developed deeper relationships with our
Tier 1 customers as we worked with them to create unique solutions to address their specific
challenges. For example, during fiscal year 2023, Marvell was a strategic supplier to
Amazon Web Services, delivering cloud-optimized silicon that helped meet the infrastructure
needs of its customers, including the delivery of electro-optics, networking, security,
storage, and custom design solutions. In the future, we aim to help our customers push the
boundaries of data-center performance while continuing to build our long-term relationships.
Fiscal year 2023 was the first full fiscal year to follow Marvell s acquisition of Innovium, Inc.
and, as a combined team, we significantly increased revenue from our market-leading switches
for data centers. We also completed the acquisition of Tanzanite Silicon Solutions, Inc.,
which we expect to accelerate our organic Compute Express Link (CXL) development efforts.
During fiscal year 2023, annual revenue from our 5G business surpassed $600 million as
we continued to see strong demand for our wireless products, and 5G adoption continued to
expand. At Mobile World Congress in February 2023, we announced our next-generation
5-nanometer (5nm) OCTEON Fusion 10 customizable wireless platform, which is already
being adopted by leading base station original equipment manufacturers (OEMs) in the carrier
infrastructure space.
Marvell Technology, Inc.
2023 Proxy Statement

During fiscal year 2023, our Automotive business nearly doubled its FY23 revenue over the prior fiscal year to approximately $180 million,
and Marvell is now working with 40 OEMs worldwide, including eight of the top ten vehicle manufacturers by shipment volume.
Finally, in fiscal year 2023, revenue from our Enterprise Networking business grew 51% year-over-year, reflecting the significant share and
content gains we have driven over the last two fiscal years.
Being Recognized as a Great Place to Work
We have a variety of competitive advantages at Marvell, but the greatest of these is undoubtedly our team. Our leaders, managers, and
thousands of skilled engineers and employees have created and sustained a culture that forms the bedrock of our continued success. They
are the driving force behind our ability to innovate and execute with excellence, working closely with our customers to push the boundaries of
what is technologically feasible.
Our company s culture and workplace continues to garner external recognition. We are excited to have been awarded the prestigious Great
Place to Work Certification in February 2023 for creating an outstanding employee experience. This honor is particularly meaningful, as it
is based solely on the feedback provided by our current employees about their experience working at Marvell. 93% of respondents agreed that
Marvell is a great place to work, compared to 57% at the average U.S. company. In addition, Glassdoor named Marvell one of the top 100
Best Places to Work in the U.S. for calendar year 2023, and we ranked second among semiconductor companies. The Silicon Valley Business
Journal and San Francisco Business Times also showcased Marvell in their lists of Best Large Places to Work for calendar year 2023.
Growing responsibly
At Marvell, we recognize the importance of responsible and sustainable growth, and we are committed to integrating Environmental, Social,
and Governance (ESG) considerations into our decision-making processes and operations. Our ESG framework serves as a guiding principle
for our work in these three critical areas. We are committed to continued improvement in our ESG practices and performance and making a
meaningful contribution to a better future for our employees, customers, and the broader communities we serve.
In August 2022, we released our inaugural ESG report, detailing our past achievements, current progress, and future priorities. Among these
priorities are our science-based targets related to climate change, power consumption, and sustainable materials sourcing for our products.
We seek to carefully manage our supply chain relationships and have implemented a Supplier Code of Conduct that includes environmental
guidelines and social policies related to human rights, fair labor practices, and anti-corruption measures.
At Marvell, we are dedicated to building an inclusive and diverse culture that fosters professional growth and fulfillment for our employees. We
also recognize our responsibility to give back to the communities where we operate, through both philanthropy and employee volunteering
efforts. Guided by our Core Behavior of acting with integrity and treating everyone with respect, we strive to maintain the highest standards of
ethical conduct in everything we do.
Looking ahead
As I near completion of my seventh year as Chief Executive Officer of Marvell, I m incredibly proud to lead this company and our extraordinary
team. Fiscal year 2023 was a continuation of several years of strong revenue growth, and I believe that our future prospects are tremendous.
Our many design wins demonstrate that we are well positioned to capitalize on many of the key growth trends in our end markets. We
remain confident in our plans and intend to continue making investments that support our strategy and long-term goals.
We believe we are also well positioned to capitalize on emerging trends such as generative Artificial Intelligence (AI), which is expected to
drive a massive transformation in data center architecture. In addition to cloud-optimized silicon for custom compute, we expect generative AI
will require ultra-high bandwidth links with low latency and technology that expends minimal energy while moving massive amounts of data.
Marvell delivers these requirements with our innovative, market-leading high-speed electro-optics.
Although the semiconductor industry is currently facing a cyclical slowdown, Marvell should be well prepared to navigate these challenges
and emerge stronger. We have done it before, and we are confident we can do it again. We are not shrinking back; rather, we are taking proactive
steps to make gains now and in the future.
Specifically, we are carefully managing our operating expenses while continuing to invest in our growth initiatives, and we are working closely
with our customers to gain a deep understanding of their plans and priorities, so that we can work to align our resources to capitalize on
our best opportunities for accelerated growth on the other side of this downturn.
I continue to have great confidence in our strategy, our team, and the tremendous growth opportunities that lie ahead. We have built a
company that we believe is well positioned to navigate short-term dynamics, while we look toward the future and the next wave of industry
growth.
Thank you for your interest in Marvell and thank you for being a highly valued stakeholder in our company s success.
Matt Murphy
President & CEO
This letter contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words
such as aim, see, look, committed, dedicated, prospect, expect, intend, plan, project, believe, seek, can, may, will, target
Marvell Technology, Inc.
2023 Proxy Statement

and similar expressions identify such forward-looking statements. 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 letter due to a number of risks and uncertainties, including the 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.
None of the material on our website is part of this letter or is incorporated by reference herein.
Marvell Technology, Inc.
2023 Proxy Statement

5/3/2023 Letter Continued (Full PDF)

MRVL 5/3/2023 Shareholder/Stockholder Letter Transcript:

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