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Aaron Rodgers celebrated his 41st birthday with the news he's still the New York Jets' starting quarterback . That's hardly a surprise gift, but it ends some of the speculation that has been growing in recent days from some fans and media who were clamoring for change. “We have great belief in Aaron, we really do,” interim coach Jeff Ulbrich said Monday. “And we think he gives us the best opportunity to win.” That’s why the Jets aren’t turning to Tyrod Taylor at this point. Or perhaps even giving practice squad QB Adrian Martinez, the UFL’s MVP last season, a long look. The locker room, from all indications, has remained positive despite the firings of coach Robert Saleh and general manager Joe Douglas a month later. And there’s still belief from his teammates that Rodgers can help them pull out some victories as the season hits the home stretch. “Aaron Rodgers is Aaron Rodgers,” linebacker Jamien Sherwood said. “At the end of the day, he’s still a Hall of Famer to all of us.” But victories have been few and far between for the struggling Jets, who fell to 3-9 on Sunday with a 26-21 loss to Seattle . It was New York's third straight defeat and eighth in nine games. And it put the Jets perilously closer to the seemingly inevitable reality that they'll miss the postseason for the 14th straight year, the NFL's longest active drought. Not exactly the results the Jets and their frustrated fans expected when New York acquired Rodgers from Green Bay last year. “There are 11 guys on the field,” Rodgers said after the game. “Sometimes it’s my fault. Definitely multiple times today. And then the details aren’t there in some other spots, too.” The four-time NFL MVP has dealt with a few injuries to his left leg after coming off the torn Achilles tendon that limited him to four snaps in his Jets debut last year. That, Ulbrich said, has contributed to the struggles of Rodgers and the offense. But Rodgers headed into the game Sunday off the injury report for the first time since Week 4. Some of his scrambles provided proof he was feeling much better. But his overall play was still hurting. Rodgers was 21 of 39 for 185 yards with two touchdown passes and had an interception returned 92 yards for a score by Leonard Williams. Rodgers also failed to get the Jets in position for a winning score in the closing minutes, something he has been unable to do regularly this season. Despite all that, Ulbrich insists he doesn't have any questions about whether Rodgers can still do the job. “I don’t,” he said, “because I see enough evidence on tape of him still being capable of playing high level football for us.” What’s working Special teams. The Jets got a 99-yard kickoff return for a touchdown from Kene Nwangwu, who was elevated from the practice squad before the game, and he also forced a fumble on a kickoff. New York signed him to the active roster Monday. The Seahawks fumbled three times on kickoffs, with the Jets recovering two, including one by kicker Anders Carlson. Quinnen Williams also blocked an extra point. About the only thing that didn't go right for the Jets' special teams unit was Carlson having an extra point of his own blocked. What needs help Everything else. The offense finally had a fast start with three touchdowns in New York's first four drives, but the Jets didn't score again after that. The defense had some stops but was called for penalties in some big spots, helping extend drives for Seattle. Stock up LT Olu Fashanu. In his second start in place of the injured Tyron Smith, Fashanu excelled by allowing no pressures in 42 pass blocking snaps, according to Next Gen Stats. The first-rounder out of Penn State is likely to start at left tackle the rest of the season. “The more ops to play, the better he gets,” Ulbrich said. “He just builds on each performance and in both phases, both in the run game and pass protection, so, just so excited about the future this guy has.” Stock down Rodgers. He has thrown for 2,627 yards and 19 touchdowns with eight interceptions, but his 6.3 yards-per-pass attempt is the lowest of his career as a starter. Rodgers also has had the ball five times with a chance to lead the Jets to a victory in their final possession. They're 0-5 in those situations. Injuries CB Sauce Gardner (hamstring) and RT Morgan Moses (shoulder) left the game with injuries and Ulbrich had no immediate updates on either. ... LB C.J. Mosley is getting closer to returning from the herniated disk in his neck that has sidelined him for five games. Key number 12 — That's how many accepted penalties the Jets had against the Seahawks, with four coming on Seattle's go-ahead touchdown drive. They actually had a fifth after the score for unsportsmanlike conduct, but it was offset by the same call on Seattle. What’s next Rodgers and the Jets look to end their three-game skid when they travel to Miami to face the AFC East rival Dolphins next Sunday. AP NFL: https://apnews.com/hub/NFL
Will Riley scored a game-high 19 points off the bench as No. 25 Illinois shrugged off a slow start to earn an 87-40 nonconference victory over Maryland Eastern Shore on Saturday afternoon in Champaign, Ill. Morez Johnson Jr. recorded his first double-double with 10 points and 13 rebounds, Kylan Boswell posted 13 points and Tomislav Ivisic contributed 11 for Illinois (4-1). Coming off a 100-87 loss to No. 8 Alabama on Wednesday, the Illini led by as much as 52 despite hitting just 10-of-40 3-point attempts. Jalen Ware paced Maryland Eastern Shore (2-6) with 10 points before fouling out. Ketron "KC" Shaw, who entered Saturday in the top 20 of Division I scorers at 22.3 points per game, went scoreless in the first half and finished with seven points on 2-of-11 shooting. The Hawks canned just 22.1 percent of their shots from the floor. Illinois broke out to a 6-0 lead in the first 2:06, then missed its next six shots. That gave the Hawks time to pull into an 8-8 tie on Evan Johnson's 17-foot pullup at the 12:21 mark. That marked Maryland Eastern Shore's last points for more than seven minutes as the Illini reeled off 17 straight points to remove any suspense. Johnson opened the spree with a basket and two free throws, Ben Humrichous swished a 3-pointer and Tre White sank a layup before Kasparas Jakucionis fed Ivisic for a 3-pointer and an alley-oop layup. Jakucionis set up Johnson for a free throw, then drove for an unchallenged layup to make it 25-8 with 5:15 left in the first. Evan Johnson snapped the visitors' dry spell with a driving layup at the 4:56 mark, but Illinois went on to establish a 35-15 halftime lead on the stretch of 11 offensive rebounds that turned into 12 second-chance points and 13 points off UMES' 10 turnovers. Maryland Eastern Shore needed nearly four minutes to get its first points in the second half as Illinois pushed its lead to 42-15. The Illini margin ballooned all the way to 70-24 on Boswell's driving layup with 8:11 to go. --Field Level MediaDavid N'Guessan scores 17 to help Kansas State beat George Washington 83-71 in the Paradise JamSANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: 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 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: 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
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