MRVL
$24.78
Marvell Tech Group
$1.10
4.65%
Earnings Details
3rd Quarter October 2019
Tuesday, December 3, 2019 4:05:00 PM
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Summary

Marvell Tech Group Misses

Marvell Tech Group (MRVL) reported 3rd Quarter October 2019 earnings of $0.17 per share on revenue of $662.5 million. The consensus earnings estimate was $0.17 per share on revenue of $660.2 million. The Earnings Whisper number was $0.19 per share. Revenue fell 22.2% compared to the same quarter a year ago.

The company said it expects fourth quarter non-GAAP earnings of $0.15 to $0.19 per share on revenue of $727.5 million to $772.5 million. The current consensus earnings estimate is $0.21 per share on revenue of $700.2 million for the quarter ending January 31, 2020.

Marvell Technology Group Ltd is a fabless semiconductor provider of analog, mixed-signal, digital signal processing and embedded microprocessor integrated circuits.

Results
Reported Earnings
$0.17
Earnings Whisper
$0.19
Consensus Estimate
$0.17
Reported Revenue
$662.5 Mil
Revenue Estimate
$660.2 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Marvell Technology Group Ltd. Reports Third Quarter of Fiscal Year 2020 Financial Results

SANTA CLARA, Calif., Dec. 3, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2020.

Marvell completed the acquisition of Aquantia Corp. ("Aquantia") on September 19, 2019 (the "acquisition date"), approximately 6 weeks before the end of the third quarter of fiscal 2020. Marvell's results for the third quarter of fiscal 2020 include the results of Aquantia from the acquisition date, while prior periods presented do not.

Subsequent to Marvell's third quarter end, on November 5, 2019, Marvell completed the acquisition of Avera Semiconductor ("Avera"), the Application Specific Integrated Circuit ("ASIC") business of GlobalFoundries.

Revenue for the third quarter of fiscal 2020 was $662 million, which exceeded the midpoint of the Company's guidance provided on August 29, 2019. GAAP net loss for the third quarter of fiscal 2020 was $(83) million, or $(0.12) per diluted share. Non-GAAP net income for the third quarter of fiscal 2020 was $112 million, or $0.17 per diluted share. Cash flow from operations for the third quarter was $66 million.

"Marvell delivered solid results for the third quarter and I am pleased that our storage business grew sequentially led by a strong performance from our enterprise and datacenter products. In addition, we ramped our first 5G product shipments in volume, successfully responding to our customer's aggressive schedule requests, ahead of the plan we had laid out early this year," said Matt Murphy, Marvell's President and CEO. "We also recently completed the strategic acquisitions of Aquantia, a pioneer in multi-gig ethernet, and Avera, a leader in custom ASICs. These acquisitions broaden our technology portfolio for infrastructure customers and expand our addressable market by approximately $4 billion."

Marvell's fourth quarter guidance includes expected results from the Aquantia and Avera acquisitions for the full quarter. This guidance also includes expected results for the full quarter from the Wi-Fi Connectivity Business. Once the Wi-Fi Connectivity Business is divested to NXP, Marvell will update its revenue guidance for the fourth quarter. Marvell's fourth quarter guidance also takes into account the U.S. Government's export restriction on certain Chinese customers.

Fourth Quarter of Fiscal 2020 Financial Outlook

  • Revenue is expected to be $750 million +/- 3%.
  • GAAP gross margin is expected to be approximately 45.5%.
  • Non-GAAP gross margin is expected to be approximately 62%.
  • GAAP operating expenses are expected to be $445 million to $455 million.
  • Non-GAAP operating expenses are expected to be $315 million to $320 million.
  • GAAP diluted loss per share is expected to be $(0.23) to $(0.17) per share.
  • Non-GAAP diluted income per share is expected to be $0.15 to $0.19 per share.

Conference Call

Marvell will conduct a conference call on Tuesday, December 3, 2019 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2020. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 4437138. 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 Tuesday, December 10, 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 adjustment associated with the Aquantia acquisition, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other 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.

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 third quarter of fiscal 2020, a non-GAAP tax rate of 4.5% 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. 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 risk that the proposed divestiture of Marvell's Wi-Fi Connectivity business to NXP will not be completed; the risk that the company may not realize the anticipated benefits of the acquisitions of Aquantia Corp. and the Application Specific Integrated Circuit (ASIC) business of GLOBALFOUNDRIES and the divestiture to NXP (collectively, the "Transactions"); the effect of the consummation of the Transactions on the company's business relationships, operating results, and business generally; potential difficulties in employee retention as a result of the Transactions; the ability of Marvell to successfully integrate operations and product lines related to the acquisitions; the ability of Marvell to implement its plans, forecasts, and other expectations with respect to the Transactions and realize the anticipated synergies and cost savings in the time frame anticipated or at all; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, bans and tariffs; the risks associated with manufacturing and selling products and customers' products outside of the United States; 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; the effects of transitioning to smaller geometry process technologies; 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 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; the impact and costs associated with changes in international financial and regulatory conditions; 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; risks associated with acquisition and consolidation activity in the semiconductor industry; the effects of any other potential acquisitions, divestitures or investments; Marvell's ability to protect its intellectual property;  Marvell's maintenance of an effective system of internal controls; severe financial hardship or bankruptcy of one or more of Marvell's major customers; 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 August 3, 2019 as filed with the SEC on September 4, 2019, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or publicly update 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


Nine Months Ended



November 2,
2019


August 3,
2019


November 3,
2018


November 2,
2019


November 3,
2018

Net revenue


$

662,470



$

656,568



$

851,051



$

1,981,490



$

2,120,992


Cost of goods sold


322,403



305,866



467,464



929,293



984,602


Gross profit


340,067



350,702



383,587



1,052,197



1,136,390













Operating expenses:











Research and development


267,781



266,354



264,888



801,002



657,907


Selling, general and administrative


118,993



113,990



112,178



342,988



318,192


Restructuring related charges


14,802



16,586



27,031



37,070



64,013


Total operating expenses


401,576



396,930



404,097



1,181,060



1,040,112


Operating income (loss)


(61,509)



(46,228)



(20,510)



(128,863)



96,278


Interest income


1,092



1,077



1,046



3,437



10,690


Interest expense


(21,241)



(20,531)



(22,370)



(62,975)



(38,409)


Other income (loss), net


689



(2,197)



(2,628)



(1,624)



(3,858)


Interest and other income (loss), net


(19,460)



(21,651)



(23,952)



(61,162)



(31,577)


Income (loss) before income taxes


(80,969)



(67,879)



(44,462)



(190,025)



64,701


Provision (benefit) for income taxes


1,532



(10,548)



9,305



(1,743)



(16,903)


Net income (loss)


(82,501)



(57,331)



(53,767)



(188,282)



81,604













Net income (loss) per share — Basic:


$

(0.12)



$

(0.09)



$

(0.08)



$

(0.28)



$

0.14













Net income (loss) per share — Diluted:


$

(0.12)



$

(0.09)



$

(0.08)



$

(0.28)



$

0.14













Weighted average shares:











Basic


668,178



663,603



657,519



667,184



569,031


Diluted


668,178



663,603



657,519



667,184



578,872


 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)




November 2,
2019


February 2,
2019

Assets





Current assets:





Cash and cash equivalents


$

438,369



$

582,410


Accounts receivable, net


495,216



493,122


Inventories


308,299



276,005


Prepaid expenses and other current assets


43,789



43,721


Assets held for sale


600,893




Total current assets


1,886,566



1,395,258


Property and equipment, net


316,214



318,978


Goodwill


5,161,312



5,494,505


Acquired intangible assets, net


2,500,215



2,560,682


Other non-current assets


438,955



247,329


Total assets


$

10,303,262



$

10,016,752







Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

212,955



$

185,362


Accrued liabilities


305,827



335,509


Accrued employee compensation


130,062



115,925


Liabilities held for sale


5,610




Total current liabilities


654,454



636,796


Long-term debt


2,036,441



1,732,699


Non-current income taxes payable


48,136



59,221


Deferred tax liabilities


214,492



246,252


Other non-current liabilities


183,921



35,374


Total liabilities


3,137,444



2,710,342







Shareholders' equity:





Common shares


1,341



1,317


Additional paid-in capital


6,355,723



6,188,598


Accumulated other comprehensive income


37




Retained earnings


808,717



1,116,495


Total shareholders' equity


7,165,818



7,306,410


Total liabilities and shareholders' equity


$

10,303,262



$

10,016,752


 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)




Three Months Ended


Nine Months Ended



November 2,
2019


November 3,
2018


November 2,
2019


November 3,
2018

Cash flows from operating activities:









Net income (loss)


$

(82,501)



$

(53,767)



$

(188,282)



$

81,604


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









Depreciation and amortization


40,508



39,259



126,747



86,356


Share-based compensation


66,762



50,240



189,036



133,484


Amortization and write off of acquired intangible assets


92,760



78,691



253,467



104,630


Amortization of inventory fair value adjustment associated with acquisition


3,316



102,842



3,316



125,775


Amortization of deferred debt issuance costs and debt discounts


1,181



2,217



4,040



9,290


Restructuring related impairment charges


6,146



9,888



16,243



11,881


Other expense, net


2,574



1,771



4,590



5,402


Deferred income taxes


(10,275)



(6,261)



(7,901)



(27,675)


Changes in assets and liabilities:









Accounts receivable


(32,002)



(10,948)



8,374



(59,697)


Inventories


(39,276)



(5,007)



(30,602)



1,859


Prepaid expenses and other assets


(3,046)



7,630



(11,039)



(11,874)


Accounts payable


8,304



22,531



30,801



22,260


Accrued liabilities and other non-current liabilities


(26,141)



39,691



(106,258)



27,730


Accrued employee compensation


37,193



20,617



11,927



(20,922)


Net cash provided by operating activities


65,503



299,394



304,459



490,103


Cash flows from investing activities:









Purchases of available-for-sale securities








(14,956)


Sales of available-for-sale securities


18,832





18,832



623,896


Maturities of available-for-sale securities








187,985


Purchases of time deposits








(25,000)


Maturities of time deposits




25,000





175,000


Purchases of technology licenses


(414)



(9,918)



(1,936)



(11,181)


Purchases of property and equipment


(20,742)



(12,646)



(62,935)



(47,035)


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


(477,579)





(477,579)



(2,649,465)


Other, net


(1,404)



(4,007)



(1,793)



(7,534)


Net cash used in investing activities


(481,307)



(1,571)



(525,411)



(1,768,290)


Cash flows from financing activities:









Repurchases of common stock




(53,969)



(64,272)



(53,969)


Proceeds from employee stock plans


21,795



16,192



103,109



60,772


Tax withholding paid on behalf of employees for net share settlement


(19,220)



(8,915)



(80,862)



(45,691)


Dividend payments to shareholders


(40,140)



(39,411)



(119,496)



(108,592)


Payments on technology license obligations


(28,889)



(23,003)



(57,213)



(52,481)


Proceeds from issuance of debt


350,000





350,000



1,892,605


Principal payments of debt




(75,000)



(50,000)



(681,128)


Payment of equity and debt financing costs




(2,115)





(11,550)


Other, net


(2,869)





(4,355)




Net cash provided by (used in) in financing activities


280,677



(186,221)



76,911



999,966


Net increase (decrease) in cash and cash equivalents


(135,127)



111,602



(144,041)



(278,221)


Cash and cash equivalents at beginning of period


573,496



498,659



582,410



888,482


Cash and cash equivalents at end of period


$

438,369



$

610,261



$

438,369



$

610,261


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Nine Months Ended



November 2,
2019


August 3,
2019


November 3,
2018


November 2,
2019


November 3,
2018

GAAP gross profit:


$

340,067



$

350,702



$

383,587



$

1,052,197



$

1,136,390


Special items:











Share-based compensation


3,990



3,662



2,429



10,578



9,082


Amortization of acquired intangible assets


72,146



61,132



57,594



193,184



76,577


Other cost of goods sold (a)


4,758





105,841



5,208



128,774


Total special items


80,894



64,794



165,864



208,970



214,433


Non-GAAP gross profit


$

420,961



$

415,496



$

549,451



$

1,261,167



$

1,350,823













GAAP gross margin


51.3

%


53.4

%


45.1

%


53.1

%


53.6

%

Non-GAAP gross margin


63.5

%


63.3

%


64.6

%


63.6

%


63.7

%


































Total GAAP operating expenses


$

401,576



$

396,930



$

404,097



$

1,181,060



$

1,040,112


Special items:











Share-based compensation


(63,375)



(60,014)



(47,811)



(179,061)



(138,433)


Restructuring related charges (b)


(14,802)



(16,585)



(27,031)



(37,070)



(64,013)


Amortization of acquired intangible assets


(20,614)



(19,835)



(21,098)



(60,283)



(28,053)


Other operating expenses (c)


(19,495)



(20,676)



(11,222)



(46,740)



(54,703)


Total special items


(118,286)



(117,110)



(107,162)



(323,154)



(285,202)


Total non-GAAP operating expenses


$

283,290



$

279,820



$

296,935



$

857,906



$

754,910



































GAAP operating margin


(9.3)

%


(7.0)

%


(2.4)

%


(6.5)

%


4.5

%

Other cost of goods sold (a)


0.7

%


%


12.4

%


0.3

%


6.1

%

Share-based compensation


10.2

%


9.7

%


5.9

%


9.6

%


7.0

%

Restructuring related charges (b)


2.2

%


2.5

%


3.2

%


1.9

%


3.0

%

Amortization of acquired intangible assets


14.0

%


12.3

%


9.2

%


12.8

%


4.9

%

Other operating expenses (c)


3.0

%


3.2

%


1.4

%


2.3

%


2.6

%

Non-GAAP operating margin


20.8

%


20.7

%


29.7

%


20.4

%


28.1

%










































































































GAAP interest and other income (loss), net


$

(19,460)



$

(21,651)



$

(23,952)



$

(61,162)



$

(31,577)


Special items:











Restructuring related items (d)


(946)



75



1,491



(1,209)



(142)


Write-off of debt issuance costs (e)






850



458



6,954


Deal costs (f)


496



1,009





1,505




Total special items


(450)



1,084



2,341



754



6,812


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


$

(19,910)



$

(20,567)



$

(21,611)



$

(60,408)



$

(24,765)



































GAAP net income (loss)


$

(82,501)



$

(57,331)



$

(53,767)



$

(188,282)



$

81,604


Special items:











Other cost of goods sold (a)


4,758





105,841



5,208



128,774


Share-based compensation


67,365



63,676



50,240



189,639



147,515


Restructuring related charges in operating expenses (b)


14,802



16,585



27,031



37,070



64,013


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


(946)



75



1,491



(1,209)



(142)


Amortization of acquired intangible assets


92,760



80,967



78,692



253,467



104,630


Write-off of debt issuance costs (e)






850



458



6,954


Transaction costs included in interest and other income, net (f)


496



1,009





1,505




Other operating expenses (c)


19,495



20,676



11,222



46,740



54,703


Pre-tax total special items


198,730



182,988



275,367



532,878



506,447


Other income tax effects and adjustments (g)


(3,773)



(15,728)



55



(17,177)



(39,763)


Non-GAAP net income


$

112,456



$

109,929



$

221,655



$

327,419



$

548,288



































Weighted average shares — basic


668,178



663,603



657,519



667,184



569,031


Weighted average shares — diluted


668,178



663,603



657,519



667,184



578,872













GAAP diluted net income (loss) per share


$

(0.12)



$

(0.09)



$

(0.08)



$

(0.28)



$

0.14


Non-GAAP diluted net income per share (h)


$

0.17



$

0.16



$

0.33



$

0.48



$

0.95




(a)

Other costs of goods sold includes amortization of the Aquantia inventory fair value adjustment in 2019, amortization of the Cavium inventory fair value adjustment in 2018, as well as charges for past intellectual property licensing matters.

(b)

Restructuring related charges include employee severance, facilities related costs, and impairment of equipment and other assets.

(c)

Other operating expenses include Cavium, Aquantia, and Avera merger costs.

(d)

Interest and other income, net, includes restructuring related items such as foreign currency remeasurement associated with restructuring related accruals.

(e)

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

(f)

Costs incurred in connection with preparation of the impending divestiture of the Wi-Fi Connectivity business.

(g)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4.5% for the three months ended August 3, 2019 and the three and nine months ended November 2, 2019, and based on a non-GAAP income tax rate of 4% for the three and nine months ended November 3, 2018.

(h)

Non-GAAP diluted net income per share for the three months ended November 2, 2019, August 3, 2019 and November 3, 2018 was calculated by dividing non-GAAP net income by weighted average shares outstanding (diluted) of 679,345, 675,755 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 for the nine months ended November 2, 2019 was calculated by dividing non-GAAP net income by weighted average shares outstanding (diluted) of 678,986 shares due to the non-GAAP net income reported in the period.

 

 Marvell Technology Group Ltd.

 Outlook for the Fourth Quarter of Fiscal Year 2020

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended

February 1, 2020

GAAP revenue

$750 +/- 3%

Special items:

Non-GAAP revenue

$750 +/- 3%



GAAP gross margin

45.5%

Special items:


Share-based compensation

0.3%

Amortization of acquired intangible assets

16.2%

Non-GAAP gross margin

62%



Total GAAP operating expenses

 $445 - $455

Special items:


Share-based compensation

65

Restructuring related charges

23

Amortization of acquired intangible assets

23

Other operating expenses

22

Total non-GAAP operating expenses

$315 - $320





GAAP diluted net loss per share

 $(0.23) - $(0.17)

Special items:


Share-based compensation

0.10

Amortization of acquired intangible assets

0.21

Restructuring related charges in operating expenses

0.04

Other operating expenses

0.03

Other income tax effects and adjustments

(0.01)

Non-GAAP diluted net income per share

$0.15 - $0.19

 

Quarterly Revenue Trend (Unaudited)

(In thousands)





Three Months Ended


% Change


November 2,
2019


August 3,
2019


November 3,
2018


YoY


QoQ

Networking (1)

$

329,962



$

329,605



$

398,424



(17)

%


%

Storage (2)

287,708



274,905



406,822



(29)

%


5

%

   Total Core

617,670



604,510



805,246



(23)

%


2

%

Other (3)

44,800



52,058



45,805



(2)

%


(14)

%

Total Revenue

$

662,470



$

656,568



$

851,051



(22)

%


1

%

 


Three Months Ended

% of Total

November 2,
2019


August 3,
2019


November 3,
2018

Networking (1)

50

%


50

%


47

%

Storage (2)

43

%


42

%


48

%

   Total Core

93

%


92

%


95

%

Other (3)

7

%


8

%


5

%

Total Revenue

100

%


100

%


100

%



(1)

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 Connectivity products.  In addition, this grouping includes a few legacy product lines in which we no longer invest, but will generate revenue for several years.

(2)

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

(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 leading provider of infrastructure semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

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SOURCE Marvell