Marvell Technology Group Ltd. Reports Third Quarter of Fiscal Year 2021 Financial Results
SANTA CLARA, Calif., Dec. 3, 2020 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2021.
Revenue for the third quarter of fiscal 2021 was $750 million. GAAP net loss for the third quarter of fiscal 2021 was $(23) million, or $(0.03) per diluted share. Non-GAAP net income for the third quarter of fiscal 2021 was $168 million, or $0.25 per diluted share. Cash flow from operations for the third quarter was $258 million.
On October 29, 2020, Marvell Technology Group Ltd. announced the execution of a definitive agreement to acquire Inphi Corporation with cash and stock consideration. The transaction is expected to close by the second half of calendar 2021, subject to the approval of Marvell and Inphi shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
"Marvell continued to deliver strong revenue growth in the third fiscal quarter. Overall revenue increased 13% year on year, driven by our networking business, which grew revenue 35% year on year. Strong 5G and Cloud product ramps are fueling our ongoing success in these strategic growth markets," said Matt Murphy, Marvell's President and CEO. "Demand continues to increase, and we are guiding fourth fiscal quarter revenue at the mid-point to grow approximately 5% sequentially. Our team is working to mitigate the impact of industry-wide supply constraints that are currently limiting our ability to fully satisfy the increase in demand."
Marvell's fourth quarter guidance takes into account the U.S. Government's export restrictions on certain Chinese customers. Given the ongoing uncertainty associated with COVID-19 and related public health measures, we also have temporarily widened the guidance range on revenue.
Fourth Quarter of Fiscal 2021 Financial Outlook
-- Revenue is expected to be $785 million +/- 5%.
-- GAAP gross margin is expected to be approximately 52.8%.
-- Non-GAAP gross margin is expected to be approximately 64%.
-- GAAP operating expenses are expected to be approximately $379 million.
-- Non-GAAP operating expenses are expected to be approximately $280
million.
-- Basic weighted average shares outstanding are expected to be 673
million.
-- Diluted weighted average shares outstanding are expected to be 686
million.
-- GAAP diluted income (loss) per share is expected to be $(0.03) to $0.07
per share.
-- Non-GAAP diluted income per share is expected to be $0.25 to $0.33 per
share.
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 Thursday, December 3, 2020 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2021. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 3247376. 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 Thursday, December 10, 2020.
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 and Avera acquisitions, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, 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.
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 2021, a non-GAAP tax rate of 5.0% 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:
-- 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. 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 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. 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: the completion of the proposed transaction with Inphi Corporation on anticipated terms and timing or at all, including obtaining shareholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities and other conditions to the completion of the transaction; failure to realize the anticipated benefits of the proposed transaction with Inphi, including as a result of delay in completing the transaction or our ability to integrate the businesses of Marvell and Inphi or due to unexpected costs, liabilities, delays or other factors impacting the semiconductor industry; our ability to obtain or consummate financing related to the Inphi transaction upon acceptable terms or at all; potential litigation relating to the proposed transaction with Inphi that could be instituted against Marvell or Inphi or our respective directors; the risk that disruptions from the proposed transaction with Inphi will harm our or Inphi's business, including current plans and operations; the ability of Marvell or Inphi to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction with Inphi; risks relating to the value of the shares to be issued in the Inphi transaction; risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction with Inphi; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Marvell's and/or Inphi's financial performance; restrictions during the pendency of the proposed transaction that may impact Marvell's or Inphi's ability to pursue certain business opportunities or strategic transactions; failure to receive the approval of the securityholders of Marvell and/or Inphi; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Inphi; risks related to the impact on our business of the novel coronavirus (COVID-19) pandemic which have impacted, and may continue to impact, our workforce and operations and the transportation and manufacturing of our products; risks related to the impact of the COVID-19 pandemic which have impacted, and may continue to impact the operations of our customers, distributors, vendors, suppliers, and partners; increased disruption and volatility in the capital markets and credit markets as a result of COVID-19, which could adversely affect our liquidity and capital resources; the impact of COVID-19, or other future pandemics, on the U.S. and global economies; disruptions caused by COVID-19 resulting in worker absenteeism, quarantines and restrictions on our employees' ability to work, innovate, collaborate, and travel; the effects that the current credit and market conditions caused by, or resulting from, COVID-19 could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, regulations, and tariffs, including but not limited to, restrictions imposed on our Chinese customers; the risks associated with manufacturing and selling products and customers' products outside of the United States; our ability to define, design and develop products for the 5G market; our ability to market our 5G products to Tier 1 infrastructure customers; extension of lead time due to supply chain disruptions or component shortages that may impact the production of our 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 reliance on independent foundries and subcontractors for the manufacture, assembly and testing of our products; 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 effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that Marvell currently enjoys; the risk of downturns in the highly cyclical semiconductor industry; the risk that we may not realize the anticipated benefits of our prior acquisitions and divestitures; our 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; our dependence on a small number of customers; 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; decreases in gross margin and results of operations in the future due to a number of factors; our ability to estimate customer demand and future sales accurately; 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; the effects of any other potential acquisitions, divestitures or investments; Marvell's ability to protect its intellectual property; our maintenance of an effective system of internal controls; severe financial hardship or bankruptcy of one or more of our major customers; 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 Marvell 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 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 Group Ltd.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Nine Months Ended
October 31, August 1, November 2, October 31, November 2,
2020 2020 2019 2020 2019
Net revenue $
750,143 $
727,297 $
662,470 $
2,171,081 $
1,981,490
Cost of goods sold 369,083 368,041 322,403 1,103,863 929,293
Gross profit 381,060 359,256 340,067 1,067,218 1,052,197
Operating expenses:
Research and development 255,637 277,139 267,781 812,360 801,002
Selling, general and administrative 115,501 112,794 118,993 350,322 342,988
Restructuring related charges 19,312 120,590 14,802 161,189 37,070
Total operating expenses 390,450 510,523 401,576 1,323,871 1,181,060
Operating loss (9,390) (151,267) (61,509) (256,653) (128,863)
Interest income 608 577 1,092 2,243 3,437
Interest expense (16,066) (15,635) (21,241) (48,531) (62,975)
Other income (loss), net 299 (440) 689 3,613 (1,624)
Interest and other income (15,159) (15,498) (19,460) (42,675) (61,162)
(loss), net
Loss before income taxes (24,549) (166,765) (80,969) (299,328) (190,025)
Provision (benefit) for income taxes (1,641) (8,872) 1,532 (5,494) (1,743)
Net loss $
(22,908) $
(157,893) $
(82,501) $
(293,834) $
(188,282)
Net loss per share - basic: $
(0.03) $
(0.24) $
(0.12) $
(0.44) $
(0.28)
Net loss per share - diluted: $
(0.03) $
(0.24) $
(0.12) $
(0.44) $
(0.28)
Weighted average shares:
Basic 670,487 667,574 668,178 667,186 667,184
Diluted 670,487 667,574 668,178 667,186 667,184
Marvell Technology Group Ltd.
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
October 31, February 1,
2020 2020
Assets
Current assets:
Cash and cash equivalents $
832,041 $
647,604
Accounts receivable, net 490,271 492,346
Inventories 268,396 322,980
Prepaid expenses and other current assets 68,618 74,567
Total current assets 1,659,326 1,537,497
Property and equipment, net 331,769 357,092
Goodwill 5,336,356 5,337,405
Acquired intangible assets, net 2,380,382 2,764,600
Deferred tax assets 646,837 639,791
Other non-current assets 470,102 496,850
Total assets $
10,824,772 $
11,133,235
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $
224,112 $
213,747
Accrued liabilities 406,986 346,639
Accrued employee compensation 187,982 149,780
Short-term debt 349,004
Total current liabilities 1,168,084 710,166
Long-term debt 992,801 1,439,024
Other non-current liabilities 274,270 305,465
Total liabilities 2,435,155 2,454,655
Shareholders' equity:
Common shares 1,343 1,328
Additional paid-in capital 6,260,906 6,135,939
Retained earnings 2,127,368 2,541,313
Total shareholders' equity 8,389,617 8,678,580
Total liabilities and shareholders' equity $
10,824,772 $
11,133,235
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
October 31, November 2, October 31, November 2,
2020 2019 2020 2019
Cash flows from operating activities:
Net loss $
(22,908) $
(82,501) $
(293,834) $
(188,282)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization 47,834 36,082 149,922 112,662
Share-based compensation 59,787 66,762 182,060 189,036
Amortization of acquired intangible assets 109,433 92,760 333,934 253,467
Amortization of inventory fair value 3,316 17,284 3,316
adjustment associated with acquisitions
Restructuring related impairment charges 6,013 6,146 123,559 16,243
Other expense (income), net 8,614 (2,094) 23,080 14,814
Changes in assets and liabilities:
Accounts receivable (6,729) (32,002) 2,075 8,374
Inventories (5,984) (39,276) 29,817 (30,602)
Prepaid expenses and other assets (5,677) (3,046) (8,692) (11,039)
Accounts payable 5,121 8,304 34,768 30,801
Accrued liabilities and other non-current 5,289 (26,141) 26,817 (106,258)
liabilities
Accrued employee compensation 56,741 37,193 38,202 11,927
Net cash provided by operating 257,534 65,503 658,992 304,459
activities
Cash flows from investing activities:
Sales of available-for-sale securities 18,832 18,832
Purchases of technology licenses (1,712) (414) (8,476) (1,936)
Purchases of property and equipment (35,359) (20,742) (88,242) (62,935)
Cash payment for acquisition, net of cash and (477,579) (477,579)
cash equivalents acquired
Other, net (476) (1,404) 223 (1,793)
Net cash used in investing activities (37,547) (481,307) (96,495) (525,411)
Cash flows from financing activities:
Repurchases of common stock (25,202) (64,272)
Proceeds from employee stock plans 2,256 21,795 50,490 103,109
Tax withholding paid on behalf of employees (25,912) (19,220) (82,626) (80,862)
for net share settlement
Dividend payments to shareholders (40,229) (40,140) (120,111) (119,496)
Payments on technology license obligations (34,285) (28,889) (76,794) (57,213)
Proceeds from issuance of debt 350,000 350,000
Principal payments of debt (100,000) (100,000) (50,000)
Payment of debt financing costs (22,313) (22,313)
Other, net 1,003 (2,869) (1,504) (4,355)
Net cash provided by (used in) (219,480) 280,677 (378,060) 76,911
financing activities
Net increase (decrease) in cash and cash equivalents 507 (135,127) 184,437 (144,041)
Cash and cash equivalents at beginning of period 831,534 573,496 647,604 582,410
Cash and cash equivalents at end of period $
832,041 $
438,369 $
832,041 $
438,369
Marvell Technology Group Ltd.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Nine Months Ended
October 31, August 1, November 2, October 31, November 2,
2020 2020 2019 2020 2019
GAAP gross profit: $
381,060 $
359,256 $
340,067 $
1,067,218 $
1,052,197
Special items:
Share-based compensation 4,435 4,082 3,990 12,055 10,578
Amortization of acquired intangible assets 83,078 85,225 72,146 254,870 193,184
Other cost of goods sold (a) 4,296 11,630 4,758 34,488 5,208
Total special items 91,809 100,937 80,894 301,413 208,970
Non-GAAP gross profit $
472,869 $
460,193 $
420,961 $
1,368,631 $
1,261,167
GAAP gross margin 50.8
% 49.4
% 51.3
% 49.2
% 53.1
%
Non-GAAP gross margin 63.0
% 63.3
% 63.5
% 63.0
% 63.6
%
Total GAAP operating expenses $
390,450 $
510,523 $
401,576 $
1,323,871 $
1,181,060
Special items:
Share-based compensation (55,352) (58,504) (63,375) (170,005) (179,061)
Restructuring related charges (b) (19,312) (120,590) (14,802) (161,189) (37,070)
Amortization of acquired intangible assets (26,355) (26,354) (20,614) (79,064) (60,283)
Other operating expenses (c) (9,490) (8,125) (19,495) (37,018) (46,740)
Total special items (110,509) (213,573) (118,286) (447,276) (323,154)
Total non-GAAP operating expenses $
279,941 $
296,950 $
283,290 $
876,595 $
857,906
GAAP operating margin (1.3) (20.8) (9.3) (11.8)
% % % % (6.5)
%
Other cost of goods sold (a) 0.6
% 1.6
% 0.7
% 1.6
% 0.3
%
Share-based compensation 8.0
% 8.6
% 10.2
% 8.4
% 9.6
%
Restructuring related charges (b) 2.6
% 16.6
% 2.2
% 7.4
% 1.9
%
Amortization of acquired intangible assets 14.6
% 15.3
% 14.0
% 15.4
% 12.8
%
Other operating expenses (c) 1.2
% 1.1
% 3.0
% 1.7
% 2.3
%
Non-GAAP operating margin 25.7
% 22.4
% 20.8
% 22.7
% 20.4
%
GAAP interest and other income (loss), net $
(15,159) $
(15,498) $
(19,460) $
(42,675) $
(61,162)
Special items:
Restructuring and other related items (d) (1,002) (946) (568) (1,209)
Write-off of debt issuance costs (e) 453 453 458
Deal costs (f) 496 1,505
Total special items (549) (450) (115) 754
Total non-GAAP interest and other income (loss),
net $
(15,708) $
(15,498) $
(19,910) $
(42,790) $
(60,408)
GAAP net loss $
(22,908) $
(157,893) $
(82,501) $
(293,834) $
(188,282)
Special items:
Other cost of goods sold (a) 4,296 11,630 4,758 34,488 5,208
Share-based compensation 59,787 62,586 67,365 182,060 189,639
Restructuring related charges in operating
expenses (b) 19,312 120,590 14,802 161,189 37,070
Other operating expenses (c) 9,490 8,125 19,495 37,018 46,740
Restructuring and other related items in interest
and other income, net (d) (1,002) (946) (568) (1,209)
Amortization of acquired intangible assets 109,433 111,579 92,760 333,934 253,467
Write-off of debt issuance costs (e) 453 453 458
Transaction costs included in interest and other
income, net (f) 496 1,505
Pre-tax total special items 201,769 314,510 198,730 748,574 532,878
Other income tax effects and adjustments (g) (10,502) (16,226) (3,773) (27,957) (17,177)
Non-GAAP net income $
168,359 $
140,391 $
112,456 $
426,783 $
327,419
GAAP weighted average shares - basic 670,487 667,574 668,178 667,186 667,184
GAAP weighted average shares - diluted 670,487 667,574 668,178 667,186 667,184
Non-GAAP weighted average shares - diluted (h) 682,724 678,304 679,345 677,273 678,986
GAAP diluted net loss per share $
(0.03) $
(0.24) $
(0.12) $
(0.44) $
(0.28)
Non-GAAP diluted net income per share $
0.25 $
0.21 $
0.17 $
0.63 $
0.48
(a) Other costs of goods sold includes
inventory write-downs and
amortization of acquired inventory
fair value adjustments.
Restructuring related charges include
asset impairment charges (including
asset impairment charges due to
changes to the scope of the server
processor product line), employee
severance costs, facilities related
(b) charges, and other.
(c) Other operating expenses include
integration and merger costs
associated with acquisitions.
Interest and other income (loss), net,
includes restructuring and other
related items such as foreign
currency remeasurement associated
(d) with restructuring related accruals.
(e) Write-off of debt issuance costs is
associated with partial term loan
repayment.
(f) Deal costs include transaction costs
incurred in connection with
divestiture of the Wi-Fi
Connectivity business.
Other income tax effects and
adjustments relate to tax provision
based on a non-GAAP income tax rate
of 5.0% for the three and nine months
ended October 31, 2020 and three
months ended August 1, 2020. Other
income tax effects and adjustments
relate to tax provision based on a
non-GAAP income tax rate of 4.5% for
the three and nine months ended
(g) November 2, 2019.
(h) Non-GAAP diluted weighted average
shares differs from GAAP diluted
weighted average shares due to the
non-GAAP net income reported.
Marvell Technology Group Ltd.
Outlook for the Fourth Quarter of Fiscal Year 2021
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)
Outlook for Three Months Ended
January 30, 2021
GAAP revenue $785 +/- 5%
Special items: -
Non-GAAP revenue $785 +/- 5%
GAAP gross margin ~52.8%
Special items:
Share-based compensation 0.5%
Amortization of acquired intangible assets 10.7%
Non-GAAP gross margin ~64%
Total GAAP operating expenses
~$379
Special items:
Share-based compensation 53
Amortization of acquired intangible assets 26
Restructuring related charges 15
Other operating expenses 5
Total non-GAAP operating expenses
~$280
GAAP diluted net income (loss) per share
$(0.03) - $0.07
Special items:
Share-based compensation 0.08
Amortization of acquired intangible assets 0.16
Restructuring related charges 0.02
Other operating expenses 0.01
Other expense 0.01
Other income tax effects and adjustments (0.01)
Non-GAAP diluted net income per share
$0.25 - $0.33
Quarterly Revenue Trend (Unaudited)
(In thousands)
Three Months Ended % Change
---
October 31, August 1, November 2, YoY QoQ
2020 2020 2019
---
Networking (1) $
444,756 $
406,008 $
329,962 35 10
% %
Storage (2) 276,279 290,495 287,708 (4)
%
% (5)
---
Total Core 721,035 696,503 617,670 17 4
% %
Other (3) 29,108 30,794 44,800 (35)
%
% (5)
---
Total Revenue $
750,143 $
727,297 $
662,470 13 3
% %
===
Three Months Ended
% of Total October 31, August 1, November 2,
2020 2020 2019
---
Networking (1) 59 56 50
% % %
Storage (2) 37 40 43
% % %
Total Core 96 96 93
% % %
Other (3) 4 4 7
% % %
Total Revenue 100 100
% %
% 100
(1) Networking products are
comprised primarily of Ethernet
Solutions, Embedded Processors and
Custom ASICs.
(2) Storage products are comprised
primarily of Storage Controllers
and Fibre Channel Adapters.
(3) Other products are comprised
primarily of Printer Solutions.
For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-third-quarter-of-fiscal-year-2021-financial-results-301186158.html
SOURCE Marvell
