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Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2019 Financial Results

- Q4 Revenue: $745 million

- Q4 Gross Margin: 43.2% GAAP gross margin; 64.5% non-GAAP gross margin

- Q4 Diluted loss per share: $(0.40) GAAP diluted loss per share from continuing operations; $0.25 non-GAAP diluted income per share from continuing operations

- Cash and short-term investments: $582 million

SANTA CLARA, Calif., March 7, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended February 2, 2019. Revenue for the fourth quarter of fiscal 2019 was $745 million.

GAAP net loss from continuing operations for the fourth quarter of fiscal 2019 was $(261) million, or $(0.40) per diluted share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2019 was $168 million, or $0.25 per diluted share. Cash flow from operations for the fourth quarter was $107 million.

Revenue for fiscal 2019 was $2.9 billion. GAAP net loss from continuing operations for fiscal 2019 was $(179) million, or $(0.30) per diluted share. Non-GAAP net income from continuing operations for fiscal 2019 was $716 million, or $1.19 per diluted share. Cash flow from operations for fiscal 2019 was $597 million

"Marvell continued to improve its financial performance in fiscal 2019, while also increasing scale and diversifying its business through the acquisition of Cavium. While macroeconomic conditions are currently impacting our first quarter outlook, we expect growth to resume in the second quarter," said Matt Murphy, Marvell's President and Chief Executive Officer. "Looking ahead, we are excited about our expanding position in the 5G market, including our recently announced partnership with Samsung, which includes multiple generations of baseband and control plane processors for both LTE and 5G base stations."

First Quarter of Fiscal 2020 Financial Outlook

  • Revenue is expected to be $650 million +/- 3%.
  • GAAP gross margin is expected to be approximately 55%.
  • Non-GAAP gross margin is expected to be approximately 64%.
  • GAAP operating expenses are expected to be $378 million to $388 million.
  • Non-GAAP operating expenses are expected to be $295 million to $300 million.
  • GAAP diluted loss per share from continuing operations is expected to be $(0.09) to $(0.05) per share.
  • Non-GAAP diluted income per share from continuing operations is expected to be $0.12 to $0.16 per share.

Conference Call

Marvell will conduct a conference call on Thursday, March 7, 2019 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2019. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, passcode 1885417. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until Friday, March 15, 2019.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value step up, amortization and write-off of acquired intangible assets, acquisition-related costs, restructuring and other related charges, litigation settlement, 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.

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 GAAP income in calculating 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. 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; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the fourth quarter of fiscal 2019, a non-GAAP tax rate of 4% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provide 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:

  • Management's evaluation of Marvell's operating performance;
  • Management's establishment of internal operating budgets;
  • Management's performance comparisons with internal forecasts and targeted business models; and
  • Management's determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).

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. Marvell expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from Marvell's non-GAAP net income should not be construed as an inference that these costs are unusual, infrequent or non-recurring.

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including: Marvell's expectations regarding its first quarter of fiscal 2020 financial outlook, Marvell's expectations regarding growth in the second quarter of fiscal 2020, Marvell's position in the 5G market and Marvell's use of non-GAAP financial measures as important supplemental information. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" 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. 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: the effect of the consummation of our acquisition of Cavium  on the combined company's business relationships, operating results, and business generally; potential difficulties in Cavium employee retention as a result of the transaction;  the ability of Marvell to successfully integrate Cavium's operations and product lines; the ability of Marvell to implement its plans, forecasts, and other expectations with respect to Cavium's business and realize the anticipated synergies and cost savings in the time frame anticipated or at all, and identify and realize additional opportunities; the risk of downturns in the highly cyclical semiconductor industry; Marvell's dependence upon the storage and networking markets, which are highly cyclical and intensely competitive; the outcome of pending or future litigation and legal and regulatory proceedings; Marvell's dependence on a small number of customers; severe financial hardship or bankruptcy of one or more of Marvell's major customers; Marvell's ability to define, design and develop products for the 5G market; Marvell's ability to market its 5G products to Tier 1 infrastructure customers; Marvell's ability and the ability of its customers to successfully compete in the markets in which it serves; Marvell's reliance on independent foundries and subcontractors for the manufacture, assembly and testing of its products; Marvell's ability and its customers' ability to develop new and enhanced products and the adoption of those products in the market; decreases in gross margin and results of operations in the future due to a number of factors; Marvell's ability to estimate customer demand and future sales accurately; Marvell's ability to scale its operations in response to changes in demand for existing or new products and services; the impact of international conflict and continued economic volatility in either domestic or foreign markets; the effects of transitioning to smaller geometry process technologies; the risks associated with manufacturing and selling a majority of products and customers' products outside of the United States; risks associated with acquisition and consolidation activity in the semiconductor industry; the impact of any change in the income tax laws in jurisdictions where Marvell operates and the loss of any beneficial tax treatment that Marvell currently enjoys; the effects of any potential acquisitions or investments; Marvell's ability to protect its intellectual property; the impact and costs associated with changes in international financial and regulatory conditions; Marvell's maintenance of an effective system of internal controls; and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's  Quarterly Report on Form 10-Q for the fiscal quarter ended November 3, 2018 as filed with the SEC on December 10, 2018, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

About Marvell

Marvell first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, that same breakthrough innovation remains at the heart of the Company's storage, processing, networking, security and connectivity solutions. With leading intellectual property and deep system-level knowledge, Marvell's semiconductor solutions continue to transform the enterprise, cloud, automotive, industrial, and consumer markets. To learn more, visit: www.marvell.com.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)



Three Months Ended


Year Ended


February 2,
2019


November 3,
2018


February 3,
2018


February 2,
2019


February 3,
2018

Net revenue

$

744,799



$

851,051



$

615,409



$

2,865,791



$

2,409,170


Cost of goods sold

422,797



467,464



241,927



1,407,399



947,230


Gross profit

322,002



383,587



373,482



1,458,392



1,461,940












Operating expenses:










Research and development

256,102



264,888



180,000



914,009



714,444


Selling, general and administrative

106,168



112,178



68,291



424,360



238,166


Litigation settlement (a)





74,385





74,385


Restructuring related charges (gain)

12,740



27,031



(3,205)



76,753



5,250


Total operating expenses

375,010



404,097



319,471



1,415,122



1,032,245


Operating income (loss) from continuing operations

(53,008)



(20,510)



54,011



43,270



429,695


Interest income

1,236



1,046



5,738



11,926



17,381


Interest expense

(21,953)



(22,370)



(292)



(60,362)



(685)


Other income (loss), net

4,377



(2,628)



(658)



519



4,813


Interest and other income (loss), net

(16,340)



(23,952)



4,788



(47,917)



21,509


Income (loss) from continuing operations before income taxes

(69,348)



(44,462)



58,799



(4,647)



451,204


Provision for income taxes

191,350



9,305



10,036



174,447



18,062


Income (loss) from continuing operations, net of tax

(260,698)



(53,767)



48,763



(179,094)



433,142


Income from discontinued operations, net of tax









87,689


Net income (loss)

$

(260,698)



$

(53,767)



$

48,763



$

(179,094)



$

520,831












Net income (loss) per share — Basic:










Continuing operations

$

(0.40)



$

(0.08)



$

0.10



$

(0.30)



$

0.87


Discontinued operations

$



$



$



$



$

0.18


Net income (loss) per share - Basic

$

(0.40)



$

(0.08)



$

0.10



$

(0.30)



$

1.05












Net income (loss) per share — Diluted:










Continuing operations

$

(0.40)



$

(0.08)



$

0.10



$

(0.30)



$

0.85


Discontinued operations

$



$



$



$



$

0.17


Net income (loss) per share - Diluted

$

(0.40)



$

(0.08)



$

0.10



$

(0.30)



$

1.02












Weighted average shares:










Basic

657,835



657,519



493,663



591,232



498,008


Diluted

657,835



657,519



506,197



591,232



509,667




(a)

Represents legal settlement and associated costs related to Luna shareholder litigation matter.

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)




February 2,

2019


February 3,

2018

Assets





Current assets:





Cash and cash equivalents


$

582,410


$

888,482

Short-term investments



952,790

Accounts receivable, net


493,122


280,395

Inventories


276,005


170,039

Prepaid expenses and other current assets


43,721


41,482

Assets held for sale



30,767

Total current assets


1,395,258


2,363,955

Property and equipment, net


318,978


202,222

Goodwill


5,494,505


1,993,310

Acquired intangible assets, net


2,560,682


Other non-current assets


247,329


148,800

Total assets


$

10,016,752


$

4,708,287






Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

185,362


$

145,236

Accrued liabilities


330,594


86,958

Accrued employee compensation


115,925


127,711

Deferred income


4,915


61,237

Total current liabilities


636,796


421,142

Long-term debt


1,732,699


Non-current income taxes payable


59,221


56,976

Deferred tax liabilities


246,252


52,204

Other non-current liabilities


35,374


36,552

Total liabilities


2,710,342


566,874






Shareholders' equity:





Common stock


1,317


991

Additional paid-in capital


6,188,598


2,733,292

Accumulated other comprehensive loss



(2,322)

Retained earnings


1,116,495


1,409,452

Total shareholders' equity


7,306,410


4,141,413

Total liabilities and shareholders' equity


$

10,016,752


$

4,708,287

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



Three Months Ended


Year Ended


February 2,
2019


February 3,
2018


February 2,
2019


February 3,
2018

Cash flows from operating activities:








Net income (loss)

$

(260,698)



$

48,763



$

(179,094)



$

520,831


Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:








Depreciation and amortization

37,627



20,918



123,983



83,487


Share-based compensation

50,580



21,377



184,064



86,689


Amortization of acquired intangible assets

78,688



358



183,318



3,570


Amortization of inventory fair value adjustment associated with acquisition of Cavium

97,597





223,372




Amortization of deferred debt issuance costs and debt discounts

2,064





11,354




Restructuring related impairment charges (gain)

(12,081)



(4,159)



(200)



(4,561)


Amortization of premium /discount on available-for-sale securities



392



624



995


Deferred income taxes

146,322



17,027



118,647



19,825


Gain on sale of discontinued operations







(88,406)


Loss (gain) on sale of business





1,592



(5,254)


Other expense (income), net

344



(277)



3,530



(1,920)


Changes in assets and liabilities:








Accounts receivable

(39,347)



85,719



(99,044)



54,989


Inventories

2,489



3,878



4,348



(12,160)


Prepaid expenses and other assets

189



(627)



(11,685)



12,494


Accounts payable

(28,753)



(36,700)



(6,493)



(16,613)


Accrued liabilities and other non-current liabilities

55,329



(21,898)



84,352



(62,360)


Accrued employee compensation

(25,677)



(1,324)



(46,599)



(11,936)


Deferred income

1,968



(13,706)



675



(8,557)


Net cash provided by operating activities

106,641



119,741



596,744



571,113


Cash flows from investing activities:








Purchases of available-for-sale securities



(162,607)



(14,956)



(835,494)


Sales of available-for-sale securities



22,671



623,896



306,822


Maturities of available-for-sale securities



120,639



187,985



426,341


Purchases of time deposits



(75,000)



(25,000)



(300,000)


Maturities of time deposits



75,000



175,000



300,000


Purchases of technology licenses

(359)



(1,331)



(11,540)



(6,587)


Purchases of property and equipment

(28,886)



(13,395)



(75,921)



(38,551)


Proceeds from sales of property and equipment

42,707



10,571



43,525



12,559


Cash payment for acquisition of Cavium, net of cash and cash equivalents acquired





(2,649,465)




Net proceeds from sale of discontinued operations







165,940


Net proceeds (payments) from sale of business





(3,352)



2,402


Other

2,275





(2,725)



6,089


Net cash provided by (used in) investing activities

15,737



(23,452)



(1,752,553)



39,521


Cash flows from financing activities:








Repurchases of common stock

(50,005)





(103,974)



(527,574)


Proceeds from employee stock plans

40,189



42,878



100,961



180,302


Tax withholding paid on behalf of employees for net share settlement

(9,248)



(905)



(54,939)



(26,840)


Dividend payments to shareholders

(39,489)



(29,695)



(148,081)



(119,251)


Payments on technology license obligations

(16,676)



(5,806)



(69,157)



(28,503)


Proceeds from issuance of debt





1,892,605




Principal payments of debt

(75,000)





(756,128)




Payment of equity and debt financing costs



(14,378)



(11,550)



(14,378)


Net cash provided by (used in) financing activities

(150,229)



(7,906)



849,737



(536,244)


Net increase (decrease) in cash and cash equivalents

(27,851)



88,383



(306,072)



74,390


Cash and cash equivalents at beginning of period

610,261



800,099



888,482



814,092


Cash and cash equivalents at end of period

$

582,410



$

888,482



$

582,410



$

888,482


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)












Three Months Ended


Year Ended


February 2,
2019


November 3,
2018


February 3,
2018


February 2,
2019


February 3,
2018

GAAP gross profit:

$

322,002



$

383,587



$

373,482



$

1,458,392



$

1,461,940


Special items:










Share-based compensation

2,942



2,429



1,662



12,024



6,645


Amortization of acquired intangible assets

57,591



57,594





134,169




Other cost of goods sold (a)

97,598



105,841



8,000



226,372



11,000


Total special items

158,131



165,864



9,662



372,565



17,645


Non-GAAP gross profit

$

480,133



$

549,451



$

383,144



$

1,830,957



$

1,479,585












GAAP gross margin

43.2

%


45.1

%


60.7

%


50.9

%


60.7

%

Non-GAAP gross margin

64.5

%


64.6

%


62.3

%


63.9

%


61.4

%































Total GAAP operating expenses

$

375,010



$

404,097



$

319,471



$

1,415,122



$

1,032,245


Special items:










Share-based compensation

(47,638)



(47,811)



(19,715)



(186,071)



(78,477)


Restructuring related charges (gain) (b)

(12,740)



(27,031)



3,205



(76,753)



(5,250)


Amortization of acquired intangible assets

(21,097)



(21,098)



(358)



(49,150)



(3,570)


Litigation settlement (c)





(74,385)





(74,385)


Other operating expenses (d)

(7,392)



(11,222)



(10,579)



(62,095)



(14,689)


Total special items

(88,867)



(107,162)



(101,832)



(374,069)



(176,371)


Total non-GAAP operating expenses

$

286,143



$

296,935



$

217,639



$

1,041,053



$

855,874
































GAAP operating margin

(7.1)

%


(2.4)

%


8.8

%


1.5

%


17.8

%

Other cost of goods sold (a)

13.1

%


12.4

%


1.3

%


7.9

%


0.5

%

Share-based compensation

6.8

%


5.9

%


3.5

%


6.9

%


3.5

%

Restructuring related charges (gain) (b)

1.7

%


3.2

%


(0.5)

%


2.7

%


0.2

%

Amortization of acquired intangible assets

10.6

%


9.2

%


0.1

%


6.4

%


0.1

%

Litigation settlement (c)

%


%


12.1

%


%


3.1

%

Other operating expenses (d)

0.9

%


1.4

%


1.6

%


2.2

%


0.7

%

Non-GAAP operating margin

26.0

%


29.7

%


26.9

%


27.6

%


25.9

%











GAAP interest and other income (loss), net

$

(16,340)



$

(23,952)



$

4,788



$

(47,917)



$

21,509


Special items:










Gain on sale of intellectual property

(3,500)







(3,500)




Restructuring related items (e)

157



1,491



1,355



15



(4,016)


Write-off of debt issuance costs (f)

782



850





7,736




Total special items

(2,561)



2,341



1,355



4,251



(4,016)


Total non-GAAP interest and other income (loss), net

$

(18,901)



$

(21,611)



$

6,143



$

(43,666)



$

17,493
































GAAP net income (loss)

$

(260,698)



$

(53,767)



$

48,763



$

(179,094)



$

520,831


Less: Income (loss) from discontinued operations, net of tax









87,689


GAAP net income (loss) from continuing operations

(260,698)



(53,767)



48,763



(179,094)



433,142


Special items:










Other cost of goods sold (a)

97,598



105,841



8,000



226,372



11,000


Share-based compensation

50,580



50,240



21,377



198,095



85,122


Restructuring related charges (gain) in operating expenses (b)

12,740



27,031



(3,205)



76,753



5,250


Restructuring related items in interest and other income (loss), net (d)

157



1,491



1,355



15



(4,016)


Amortization of acquired intangible assets

78,688



78,692



358



183,319



3,570


Litigation settlement (c)





74,385





74,385


Gain on sale of intellectual property

(3,500)







(3,500)




Write-off of debt issuance costs (f)

782



850





7,736




Other operating expenses (d)

7,392



11,222



10,579



62,095



14,689


Pre-tax total special items

244,437



275,367



112,849



750,885



190,000


Other income tax effects and adjustments (g)

184,348



55



3,170



144,585



(7,590)


Non-GAAP net income from continuing operations

$

168,087



$

221,655



$

164,782



$

716,376



$

615,552
































Weighted average shares — basic

657,835



657,519



493,663



591,232



498,008


Weighted average shares — diluted

657,835



657,519



506,197



591,232



509,667












GAAP diluted net income (loss) per share from continuing operations

$

(0.40)



$

(0.08)



$

0.10



$

(0.30)



$

0.85


Non-GAAP diluted net income per share from continuing operations (h)

$

0.25



$

0.33



$

0.32



$

1.19



$

1.19




(a)

Other costs of goods sold includes amortization of the Cavium inventory fair value step up and charges for past intellectual property licensing matters.



(b)

Restructuring related charges include employee severance, facilities related costs, and impairment of equipment and other assets.  Restructuring related charges in the three months ended February 2, 2019 and February 3, 2018 and the year ended February 2, 2019 and February 3, 2018 include gain on sale of a building that was a direct result of restructuring.



(c)

Represents legal settlement and associated costs related to shareholder litigation matter.



(d)

Other operating expenses primarily include Cavium merger costs, costs related to royalty matters, and costs of retention bonuses offered to employees who remained through the ramp down of certain operations due to restructuring actions.



(e)

Interest and other income (loss), net includes restructuring related items such as gain on sale of a business and foreign currency remeasurement associated with restructuring related accruals.



(f)

Write-off of debt issuance costs is associated with the partial term loan repayment and the terminated bridge loan commitment.



(g)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4%.



(h)

Non-GAAP diluted net income per share from continuing operations for the three months ended February 2, 2019 and November 3, 2018 was calculated by dividing non-GAAP net income from continuing operations by weighted average shares outstanding (diluted) of 663,580 shares and 665,752 shares, respectively, due to the non-GAAP net income reported in the respective period. Non-GAAP diluted net income per share from continuing operations for the year ended February 2, 2019 was calculated by dividing non-GAAP net income from continuing operations by weighted average shares outstanding (diluted) of 600,049, due to the non-GAAP net income reported in the period.

 

 Marvell Technology Group Ltd.

 Outlook for the First Quarter of Fiscal Year 2020

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended

May 4, 2019

GAAP revenue

 $650 +/- 3%

Special items:

Non-GAAP revenue

$650 +/- 3%



GAAP gross margin

55%

Special items:


Share-based compensation

0.3%

Amortization of acquired intangible assets

8.9%

Non-GAAP gross margin

64%



Total GAAP operating expenses

 $378 - $388

Special items:


Share-based compensation

54

Restructuring related charges

4

Amortization of acquired intangible assets

20

Other operating expenses

7

Total non-GAAP operating expenses

$295 - $300





GAAP diluted net income per share from continuing operations

 $(0.09) - $(0.05)

Special items:


Share-based compensation

0.08

Amortization of acquired intangible assets

0.12

Restructuring related charges in operating expenses

0.01

Other operating expenses

0.01

Other income tax effects and adjustments

(0.01)

Non-GAAP diluted net income per share from continuing operations

$0.12 - $0.16

 

Quarterly Revenue Trend (Unaudited)

(In thousands)



Three Months Ended


% Change


February 2,
2019


November 3,
2018


February 3,
2018


YoY


QoQ

Storage (1)

$

317,042



$

406,822



$

323,718



(2)

%


(22)

%

Networking (2)

387,457



398,424



241,611



60

%


(3)

%

   Total Core

704,499



805,246



565,329



25

%


(13)

%

Other (3)

40,300



45,805



50,080



(20)

%


(12)

%

Total Revenue

$

744,799



$

851,051



$

615,409



21

%


(12)

%

 


Three Months Ended

% of Total

February 2,
2019


November 3,
2018


February 3,
2018

Storage (1)

43

%


48

%


53

%

Networking (2)

52

%


47

%


39

%

   Total Core

95

%


95

%


92

%

Other (3)

5

%


5

%


8

%

Total Revenue

100

%


100

%


100

%


(1) Storage products are comprised primarily of HDD and SSD Controllers, Fibre Channel Adapters and Data Center Storage Solutions.


(2) Networking products are comprised primarily of Ethernet Switches, Ethernet Transceivers, Ethernet NICs, Embedded Communication Processors, Automotive Ethernet, Security Adapters and Processors as well as WiFi solutions including WiFi only, WiFi/Bluetooth combos and WiFi Microcontroller combos.  In addition, this grouping includes a few legacy product lines in which we no longer invest, but will generate revenue for several years.


(3) Other products are comprised primarily of Printer Solutions, Application Processors and others.

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a world leader in storage, cloud infrastructure, Internet of Things (IoT), connectivity and multimedia semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

Cision

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