Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2018 Financial Results
Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2018 Financial Results
- Q4 Revenue: $615 million
- Q4 Gross Margin: 60.7% GAAP gross margin; 62.3% non-GAAP gross margin
- Q4 Diluted earnings per share: $0.10 GAAP diluted earnings per share from continuing operations; $0.32 non-GAAP diluted earnings per share from continuing operations
- Cash and short-term investments: $1.8 billion
SANTA CLARA, Calif., March 8, 2018 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking and connectivity semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended February 3, 2018. Revenue for the fourth quarter of fiscal 2018 was $615 million, which exceeded the midpoint of the Company's guidance provided on November 28, 2017.
GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $49 million, or $0.10 per share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $165 million, or $0.32 per diluted share. Cash flow from operations for the fourth quarter was $120 million.
"Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell's strategy is working and that our team is executing it very well," said Marvell President and CEO Matt Murphy. "We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead."
First Quarter of Fiscal 2019 Financial Outlook
-- Revenue is expected to be $585 million to $615 million.
-- GAAP and non-GAAP gross margins are expected to be approximately 62% to
63%.
-- GAAP operating expenses are expected to be $250 million to $260 million.
-- Non-GAAP operating expenses are expected to be approximately $215
million.
-- GAAP diluted EPS from continuing operations is expected to be in the
range of $0.22 to $0.26 per share.
-- Non-GAAP diluted EPS from continuing operations is expected to be in the
range of $0.29 to $0.33 per share.
Conference Call
Marvell will conduct a conference call on Thursday, March 8, 2018 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2018. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, passcode 4297718. The call will be webcast by Thomson Reuters 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 16, 2018.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of share-based compensation expense, 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.
In fiscal 2018, Marvell began using 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 2018, a non-GAAP tax rate of 4% has been applied to the non-GAAP financial results.
Non-GAAP diluted net income per share from continuing operations is calculated by dividing non-GAAP net income from continuing operations by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP diluted net income per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of share-based compensation expected to be incurred in future periods but not yet recognized in the financial statements. The expected compensation costs are treated as additional proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.
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 2019 financial outlook; 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 risk that the Cavium transaction may not be completed in a timely manner or at all, which may adversely affect Cavium's business and the price of its common stock and/or Marvell's business and the price of its common shares; the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Cavium, the approval of the issuance of Marvell shares in the transaction by the shareholders of Marvell, and the receipt of certain governmental and regulatory approvals; the failure of Marvell to obtain the necessary financing pursuant to the arrangements set forth in the debt commitment letters delivered pursuant to the merger agreement or otherwise; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the transaction on Cavium's business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of Cavium or Marvell and potential difficulties in Cavium employee retention as a result of the transaction; risks related to diverting management's attention from Cavium's ongoing business operations; the outcome of any legal proceedings that may be instituted against Marvell or against Cavium related to the merger agreement or 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 after the completion of the proposed merger 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, networking and connectivity 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 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 October 28, 2017 as filed with the SEC on December 4, 2017, 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, networking 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 3, October 28, January 28, February 3, January 28,
2018 2017 2017 2018 2017
---- ---- ---- ---- ----
Net revenue $615,409 $616,302 $566,362 $2,409,170 $2,300,992
Cost of goods sold 241,927 238,533 240,448 947,230 1,017,564
Gross profit 373,482 377,769 325,914 1,461,940 1,283,428
------- ------- ------- --------- ---------
Operating expenses:
Research and development 180,000 165,477 175,262 714,444 805,029
Selling, general and administrative 68,291 59,112 59,140 238,166 251,191
Litigation settlement (a) 74,385 - - 74,385 -
Restructuring related charges (gain) (3,205) 3,284 90,475 5,250 96,801
------ ----- ------ ----- ------
Total operating expenses 319,471 227,873 324,877 1,032,245 1,153,021
------- ------- ------- --------- ---------
Operating income from continuing
operations 54,011 149,896 1,037 429,695 130,407
Interest and other income, net 4,788 6,200 3,780 21,509 17,022
Income from continuing operations
before income taxes 58,799 156,096 4,817 451,204 147,429
Provision (benefit) for income taxes 10,036 6,759 68,345 18,062 72,608
Income from continuing operations,
net of tax 48,763 149,337 (63,528) 433,142 74,821
------ ------- ------- ------- ------
Income (loss) from discontinued
operations, net of tax - 50,851 (16,563) 87,689 (53,670)
Net income $48,763 $200,188 $(80,091) $520,831 $21,151
======= ======== ======== ======== =======
Net income (loss) per share - Basic:
Continuing operations $0.10 $0.30 $(0.13) $0.87 $0.15
===== ===== ====== ===== =====
Discontinued operations $ - $0.11 $(0.03) $0.18 $(0.11)
=== === ===== ====== ===== ======
Net income per share - Basic $0.10 $0.41 $(0.16) $1.05 $0.04
Net income (loss) per share - Diluted:
Continuing operations $0.10 $0.30 $(0.13) $0.85 $0.14
===== ===== ====== ===== =====
Discontinued operations $ - $0.10 $(0.03) $0.17 $(0.10)
=== === ===== ====== ===== ======
Net income per share - Diluted $0.10 $0.40 $(0.16) $1.02 $0.04
Weighted average shares:
Basic 493,663 494,096 507,834 498,008 509,738
Diluted 506,197 504,903 507,834 509,667 517,513
(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 3, 2018 January 28, 2017
---------------- ----------------
Assets
Current assets:
Cash and cash equivalents $888,482 $814,092
Short-term investments 952,790 854,268
Accounts receivable, net 280,395 335,384
Inventories 170,039 170,842
Prepaid expenses and other current assets 41,482 58,771
Assets held for sale 30,767 57,077
------ ------
Total current assets 2,363,955 2,290,434
Property and equipment, net 202,222 243,397
Goodwill and acquired intangible assets, net 1,993,310 1,996,880
Other non-current assets 148,800 117,939
Total assets $4,708,287 $4,648,650
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $145,236 $143,484
Accrued liabilities 86,958 143,491
Accrued employee compensation 127,711 139,647
Deferred income 61,237 63,976
Liabilities held for sale - 5,818
--- -----
Total current liabilities 421,142 496,416
Non-current income taxes payable 56,976 60,646
Other non-current liabilities 88,756 63,937
------ ------
Total liabilities 566,874 620,999
Shareholders' equity:
Common stock 991 1,012
Additional paid-in capital 2,733,292 3,016,775
Accumulated other comprehensive income (loss) (2,322) 23
Retained earnings 1,409,452 1,009,841
--------- ---------
Total shareholders' equity 4,141,413 4,027,651
---------
Total liabilities and shareholders' equity $4,708,287 $4,648,650
========== ==========
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended Year Ended
February 3, 2018 January 28, 2017 February 3, 2018 January 28, 2017
---------------- ---------------- ---------------- ----------------
Cash flows from operating activities:
Net income (loss) $48,763 $(80,091) $520,831 $21,151
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 20,918 26,683 83,487 107,851
Share-based compensation 21,377 24,058 86,689 113,970
Amortization and write-off of acquired intangible
assets 358 1,965 3,570 10,641
Restructuring related impairment charges (gain) (4,159) 50,500 (4,561) 52,581
Gain from investments in privately-held companies - - (2,501) -
Amortization of premium /discount on available-
for-sale securities 392 1,622 995 3,319
Other non-cash expense (income), net (7) (2,635) 1,324 (3,312)
Excess tax benefits from share-based compensation - (27) - (37)
Deferred income taxes 17,027 46,859 19,825 44,637
Gain on sale of property and equipment (270) - (743) -
Gain on sale of discontinued operations - - (88,406) -
Gain on sale of business - - (5,254) -
Changes in assets and liabilities:
Accounts receivable 85,719 26,811 54,989 (12,084)
Inventories 3,878 18,381 (12,160) 29,325
Prepaid expenses and other assets (627) 2,181 12,494 1,825
Accounts payable (36,700) (38,694) (16,613) (28,153)
Accrued liabilities and other non-current
liabilities (21,898) 27,498 (62,360) 3,763
Carnegie Mellon University accrued litigation
settlement (a) - - - (736,000)
Accrued employee compensation (1,324) 7,597 (11,936) 18,016
Deferred income (13,706) 6,138 (8,557) 14,072
Net cash provided by (used in) operating
activities 119,741 118,846 571,113 (358,435)
------- ------- ------- --------
Cash flows from investing activities:
Purchases of available-for-sale securities (162,607) (146,046) (835,494) (489,856)
Sales of available-for-sale securities 22,671 157,953 306,822 616,697
Maturities of available-for-sale securities 120,639 41,264 426,341 239,557
Return of investment from (in) privately-held
companies - (258) 6,089 16
Purchases of time deposits (75,000) (75,000) (300,000) (275,000)
Maturities of time deposits 75,000 75,000 300,000 125,000
Purchases of technology licenses (1,331) (1,870) (6,587) (10,309)
Purchases of property and equipment (13,395) (6,786) (38,551) (44,510)
Proceeds from sales of property and equipment 10,571 - 12,559 -
Net proceeds from sale of discontinued operations - - 165,940 -
Net proceeds from sale of business - - 2,402 -
--- --- ----- ---
Net cash provided by (used in) investing
activities (23,452) 44,257 39,521 161,595
------- ------ ------ -------
Cash flows from financing activities:
Repurchases of common stock - (125,033) (527,574) (181,564)
Proceeds from employee stock plans 42,878 62,383 180,302 74,219
Minimum tax withholding paid on behalf of
employees for net share settlement (905) (402) (26,840) (16,683)
Dividend payments to shareholders (29,695) (30,457) (119,251) (122,292)
Payments on technology license obligations (5,806) (7,117) (28,503) (20,965)
Excess tax benefits from share-based compensation - 27 - 37
Payment of equity and debt financing costs (14,378) - (14,378) -
------- --- ------- ---
Net cash used in financing activities (7,906) (100,599) (536,244) (267,248)
------ -------- -------- --------
Net increase (decrease) in cash and cash
equivalents 88,383 62,504 74,390 (464,088)
Cash and cash equivalents at beginning of period 800,099 751,588 814,092 1,278,180
Cash and cash equivalents at end of period $888,482 $814,092 $888,482 $814,092
======== ======== ======== ========
(a) The Company paid $750.0 million to
Carnegie Mellon University in
connection with a litigation
settlement agreement.
Marvell Technology Group Ltd.
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Year Ended
February 3, October 28, January 28, February 3, January 28,
2018 2017 2017 2018 2017
---- ---- ---- ---- ----
GAAP gross profit: $373,482 $377,769 $325,914 $1,461,940 $1,283,428
Special items:
Share-based compensation 1,662 1,747 1,641 6,645 8,334
Other cost of goods sold (a) 8,000 - - 11,000 -
Total special items 9,662 1,747 1,641 17,645 8,334
Non-GAAP gross profit $383,144 $379,516 $327,555 $1,479,585 $1,291,762
======== ======== ======== ========== ==========
GAAP gross margin 60.7% 61.3% 57.5% 60.7% 55.8%
==== ==== ==== ==== ====
Non-GAAP gross margin 62.3% 61.6% 57.8% 61.4% 56.1%
==== ==== ==== ==== ====
Total GAAP operating expenses $319,471 $227,873 $324,877 $1,032,245 $1,153,021
Special items:
Share-based compensation (19,715) (18,892) (20,021) (78,477) (93,065)
Restructuring related charges
(gain) (b) 3,205 (3,284) (90,475) (5,250) (96,801)
Amortization and write-off of
acquired intangible assets (358) (1,076) (1,480) (3,570) (8,376)
Litigation settlement (c) (74,385) - - (74,385) -
Other operating expenses (d) (10,579) (120) (315) (14,689) (1,544)
Total special items (101,832) (23,372) (112,291) (176,371) (199,786)
Total non-GAAP operating expenses $217,639 $204,501 $212,586 $855,874 $953,235
======== ======== ======== ======== ========
GAAP operating margin 8.8% 24.3% 0.2% 17.8% 5.7%
Other cost of goods sold (a) 1.3% - % - % 0.5% - %
Share-based compensation 3.5% 3.3% 3.8% 3.5% 4.4%
Restructuring related charges
(gain) (b) (0.5)% 0.5% 16.0% 0.2% 4.2%
Amortization and write-off of
acquired intangible assets 0.1% 0.2% 0.2% 0.1% 0.3%
Litigation settlement (c) 12.1% - % - % 3.1% - %
Other operating expenses (d) 1.6% 0.1% 0.1% 0.7% 0.1%
--- --- --- --- ---
Non-GAAP operating margin 26.9% 28.4% 20.3% 25.9% 14.7%
==== ==== ==== ==== ====
GAAP interest and other income,
net $4,788 $6,200 $3,780 $21,509 $17,022
Special items:
Restructuring related items (e) 1,355 (2,286) - (4,016) -
Total special items 1,355 (2,286) - (4,016) -
----- ------ --- ------ ---
Total non-GAAP interest and
other income, net $6,143 $3,914 $3,780 $17,493 $17,022
====== ====== ====== ======= =======
GAAP net income $48,763 $200,188 $(80,091) $520,831 $21,151
Less: Income (loss) from
discontinued operations, net of
tax - 50,851 (16,563) 87,689 (53,670)
GAAP net income from continuing
operations 48,763 149,337 (63,528) 433,142 74,821
------ ------- ------- ------- ------
Special items:
Other cost of goods sold (a) 8,000 - - 11,000 -
Share-based compensation 21,377 20,639 21,662 85,122 101,399
Restructuring related charges
(gain) (b) (1,850) 998 90,475 1,234 96,801
Amortization and write-off of
acquired intangible assets 358 1,076 1,480 3,570 8,376
Litigation settlement (c) 74,385 - - 74,385 -
Other operating expenses (d) 10,579 120 315 14,689 1,544
Pre-tax total special items 112,849 22,833 113,932 190,000 208,120
------- ------ ------- ------- -------
Other income tax effects and
adjustments (f) 3,170 (398) 67,989 (7,590) 66,918
----- ------
Non-GAAP net income from
continuing operations $164,782 $171,772 $118,393 $615,552 $349,859
======== ======== ======== ======== ========
Weighted average shares - basic 493,663 494,096 507,834 498,008 509,738
======= ======= ======= ======= =======
Weighted average shares - diluted 506,197 504,903 507,834 509,667 517,513
======= ======= ======= ======= =======
Non-GAAP weighted average shares
- diluted (g) 512,223 512,676 528,141 516,789 527,197
======= ======= ======= ======= =======
GAAP diluted net income (loss)
per share from continuing
operations $0.10 $0.30 $(0.13) $0.85 $0.14
===== ===== ====== ===== =====
Non-GAAP diluted net income per
share from continuing operations $0.32 $0.34 $0.22 $1.19 $0.66
===== ===== ===== ===== =====
(a) Other costs of goods sold in the three
months ended February 3, 2018 and the
year ended February 3, 2018 include
charges for past intellectual
property licensing matters.
(b) Restructuring related charges include
costs that are a direct result of
restructuring. Such charges include
employee severance, facilities
related costs, contract cancellation
charges and impairment of equipment.
Restructuring related charges in the
three months ended February 3, 2018
and the year ended February 3, 2018
includes the 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, net
includes restructuring related items
such as gain on sale of a business
and foreign currency remeasurement
related to restructuring related
accruals.
(f) Other income tax effects and
adjustments in the three months ended
February 3, 2018 and October 28, 2017
and in the year ended February 3,
2018 include adjustment to the tax
provision based on a non-GAAP tax
rate of 4%. Other income tax effects
and adjustments in the three months
ended January 28, 2017 and the year
ended January 28, 2017 include $68.0
million and $67.0 million,
respectively, of tax expense relating
to restructuring charges.
(g) Non-GAAP diluted share count excludes
the impact of share-based
compensation expense expected to be
incurred in future periods and not
yet recognized in the Company's
financial statements, which would
otherwise be assumed to be used to
repurchase shares under the GAAP
treasury stock method.
Quarterly Revenue Trend (Unaudited)
(In thousands)
Three Months Ended % Change
February 3, 2018 October 28, 2017 January 28, 2017 YoY QoQ
---------------- ---------------- ---------------- --- ---
Storage (1) $323,718 $315,338 $310,771 4% 3%
Networking (2) 155,340 150,497 148,090 5% 3%
Connectivity (3) 86,271 102,662 65,638 31% (16)%
------ ------- ------ --- ----
Total Core 565,329 568,497 524,499 8% (1)%
Other (4) 50,080 47,805 41,863 20% 5%
------
Total Revenue $615,409 $616,302 $566,362 9% - %
======== ======== ======== === === ===
Three Months Ended
% of Total February October January
3, 2018 28, 2017 28, 2017
--------- -------- --------
Storage (1) 53% 51% 55%
Networking (2) 25% 24% 26%
Connectivity (3) 14% 17% 12%
--- --- ---
Total Core 92% 92% 93%
Other (4) 8% 8% 7%
Total Revenue 100% 100% 100%
=== === ===
(1) Storage products are comprised
primarily of HDD, SSD Controllers
and Data Center Storage Solutions.
(2) Networking products are
comprised primarily of Ethernet
Switches, Ethernet Transceivers,
Embedded ARM Processors and
Automotive Ethernet, as well as a
few legacy product lines in which
we no longer invest, but will
generate revenue for several years.
(3) Connectivity products are
comprised primarily of WiFi
solutions including WiFi only,
WiFi/Bluetooth combos and WiFi
Microcontroller combos.
(4) Other products are comprised
primarily of Printer Solutions,
Application Processors and others.
For further information, contact:
T. Peter Andrew
Vice President, Treasury and Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell Technology Group Ltd.
