Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2019 Financial Results
SANTA CLARA, Calif., March 7, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: 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, November 3, February 3, February 2, February 3,
2019 2018 2018 2019 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, February 3,
2019 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, February 3, February 2, February 3,
2019 2018 2019 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, November 3, February 3, February 2, February 3,
2019 2018 2018 2019 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 1.7
% 3.2
% (0.5)
(gain) (b) % 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, November 3, February 3, YoY QoQ
2019 2018 2018
---
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, November 3, February 3,
2019 2018 2018
Storage (1) 43 48 53
% % %
Networking 52 47 39
(2) % % %
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
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SOURCE Marvell Technology Group Ltd.
