Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2019 Financial Results
GAAP net loss from continuing operations for the fourth quarter of fiscal 2019 was
Revenue for fiscal 2019 was
"
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
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
Externally, management believes that investors may find
- 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
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:
About
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, |
|||||||||||||||
Net revenue |
$ |
744,799 |
$ |
851,051 |
$ |
615,409 |
$ |
2,865,791 |
$ |
2,409,170 |
|||||||||
Cost of goods sold |
422,797 |
467,464 |
241,927 |
1,407,399 |
947,230 |
||||||||||||||
Gross profit |
322,002 |
383,587 |
373,482 |
1,458,392 |
1,461,940 |
||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
256,102 |
264,888 |
180,000 |
914,009 |
714,444 |
||||||||||||||
Selling, general and administrative |
106,168 |
112,178 |
68,291 |
424,360 |
238,166 |
||||||||||||||
Litigation settlement (a) |
— |
— |
74,385 |
— |
74,385 |
||||||||||||||
Restructuring related charges (gain) |
12,740 |
27,031 |
(3,205) |
76,753 |
5,250 |
||||||||||||||
Total operating expenses |
375,010 |
404,097 |
319,471 |
1,415,122 |
1,032,245 |
||||||||||||||
Operating income (loss) from continuing operations |
(53,008) |
(20,510) |
54,011 |
43,270 |
429,695 |
||||||||||||||
Interest income |
1,236 |
1,046 |
5,738 |
11,926 |
17,381 |
||||||||||||||
Interest expense |
(21,953) |
(22,370) |
(292) |
(60,362) |
(685) |
||||||||||||||
Other income (loss), net |
4,377 |
(2,628) |
(658) |
519 |
4,813 |
||||||||||||||
Interest and other income (loss), net |
(16,340) |
(23,952) |
4,788 |
(47,917) |
21,509 |
||||||||||||||
Income (loss) from continuing operations before income taxes |
(69,348) |
(44,462) |
58,799 |
(4,647) |
451,204 |
||||||||||||||
Provision for income taxes |
191,350 |
9,305 |
10,036 |
174,447 |
18,062 |
||||||||||||||
Income (loss) from continuing operations, net of tax |
(260,698) |
(53,767) |
48,763 |
(179,094) |
433,142 |
||||||||||||||
Income from discontinued operations, net of tax |
— |
— |
— |
— |
87,689 |
||||||||||||||
Net income (loss) |
$ |
(260,698) |
$ |
(53,767) |
$ |
48,763 |
$ |
(179,094) |
$ |
520,831 |
|||||||||
Net income (loss) per share — Basic: |
|||||||||||||||||||
Continuing operations |
$ |
(0.40) |
$ |
(0.08) |
$ |
0.10 |
$ |
(0.30) |
$ |
0.87 |
|||||||||
Discontinued operations |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
0.18 |
|||||||||
Net income (loss) per share - Basic |
$ |
(0.40) |
$ |
(0.08) |
$ |
0.10 |
$ |
(0.30) |
$ |
1.05 |
|||||||||
Net income (loss) per share — Diluted: |
|||||||||||||||||||
Continuing operations |
$ |
(0.40) |
$ |
(0.08) |
$ |
0.10 |
$ |
(0.30) |
$ |
0.85 |
|||||||||
Discontinued operations |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
0.17 |
|||||||||
Net income (loss) per share - Diluted |
$ |
(0.40) |
$ |
(0.08) |
$ |
0.10 |
$ |
(0.30) |
$ |
1.02 |
|||||||||
Weighted average shares: |
|||||||||||||||||||
Basic |
657,835 |
657,519 |
493,663 |
591,232 |
498,008 |
||||||||||||||
Diluted |
657,835 |
657,519 |
506,197 |
591,232 |
509,667 |
(a) |
Represents legal settlement and associated costs related to Luna shareholder litigation matter. |
Marvell Technology Group Ltd. |
||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||
(In thousands) |
||||||
February 2, 2019 |
February 3, 2018 |
|||||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
582,410 |
$ |
888,482 |
||
Short-term investments |
— |
952,790 |
||||
Accounts receivable, net |
493,122 |
280,395 |
||||
Inventories |
276,005 |
170,039 |
||||
Prepaid expenses and other current assets |
43,721 |
41,482 |
||||
Assets held for sale |
— |
30,767 |
||||
Total current assets |
1,395,258 |
2,363,955 |
||||
Property and equipment, net |
318,978 |
202,222 |
||||
Goodwill |
5,494,505 |
1,993,310 |
||||
Acquired intangible assets, net |
2,560,682 |
— |
||||
Other non-current assets |
247,329 |
148,800 |
||||
Total assets |
$ |
10,016,752 |
$ |
4,708,287 |
||
Liabilities and Shareholders' Equity |
||||||
Current liabilities: |
||||||
Accounts payable |
$ |
185,362 |
$ |
145,236 |
||
Accrued liabilities |
330,594 |
86,958 |
||||
Accrued employee compensation |
115,925 |
127,711 |
||||
Deferred income |
4,915 |
61,237 |
||||
Total current liabilities |
636,796 |
421,142 |
||||
Long-term debt |
1,732,699 |
— |
||||
Non-current income taxes payable |
59,221 |
56,976 |
||||
Deferred tax liabilities |
246,252 |
52,204 |
||||
Other non-current liabilities |
35,374 |
36,552 |
||||
Total liabilities |
2,710,342 |
566,874 |
||||
Shareholders' equity: |
||||||
Common stock |
1,317 |
991 |
||||
Additional paid-in capital |
6,188,598 |
2,733,292 |
||||
Accumulated other comprehensive loss |
— |
(2,322) |
||||
Retained earnings |
1,116,495 |
1,409,452 |
||||
Total shareholders' equity |
7,306,410 |
4,141,413 |
||||
Total liabilities and shareholders' equity |
$ |
10,016,752 |
$ |
4,708,287 |
Marvell Technology Group Ltd. |
|||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||||||||||
(In thousands) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
February 2, |
February 3, |
February 2, |
February 3, |
||||||||||||
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, |
||||||||||||||||||
GAAP gross profit: |
$ |
322,002 |
$ |
383,587 |
$ |
373,482 |
$ |
1,458,392 |
$ |
1,461,940 |
||||||||||||
Special items: |
||||||||||||||||||||||
Share-based compensation |
2,942 |
2,429 |
1,662 |
12,024 |
6,645 |
|||||||||||||||||
Amortization of acquired intangible assets |
57,591 |
57,594 |
— |
134,169 |
— |
|||||||||||||||||
Other cost of goods sold (a) |
97,598 |
105,841 |
8,000 |
226,372 |
11,000 |
|||||||||||||||||
Total special items |
158,131 |
165,864 |
9,662 |
372,565 |
17,645 |
|||||||||||||||||
Non-GAAP gross profit |
$ |
480,133 |
$ |
549,451 |
$ |
383,144 |
$ |
1,830,957 |
$ |
1,479,585 |
||||||||||||
GAAP gross margin |
43.2 |
% |
45.1 |
% |
60.7 |
% |
50.9 |
% |
60.7 |
% |
||||||||||||
Non-GAAP gross margin |
64.5 |
% |
64.6 |
% |
62.3 |
% |
63.9 |
% |
61.4 |
% |
||||||||||||
Total GAAP operating expenses |
$ |
375,010 |
$ |
404,097 |
$ |
319,471 |
$ |
1,415,122 |
$ |
1,032,245 |
||||||||||||
Special items: |
||||||||||||||||||||||
Share-based compensation |
(47,638) |
(47,811) |
(19,715) |
(186,071) |
(78,477) |
|||||||||||||||||
Restructuring related charges (gain) (b) |
(12,740) |
(27,031) |
3,205 |
(76,753) |
(5,250) |
|||||||||||||||||
Amortization of acquired intangible assets |
(21,097) |
(21,098) |
(358) |
(49,150) |
(3,570) |
|||||||||||||||||
Litigation settlement (c) |
— |
— |
(74,385) |
— |
(74,385) |
|||||||||||||||||
Other operating expenses (d) |
(7,392) |
(11,222) |
(10,579) |
(62,095) |
(14,689) |
|||||||||||||||||
Total special items |
(88,867) |
(107,162) |
(101,832) |
(374,069) |
(176,371) |
|||||||||||||||||
Total non-GAAP operating expenses |
$ |
286,143 |
$ |
296,935 |
$ |
217,639 |
$ |
1,041,053 |
$ |
855,874 |
||||||||||||
GAAP operating margin |
(7.1) |
% |
(2.4) |
% |
8.8 |
% |
1.5 |
% |
17.8 |
% |
||||||||||||
Other cost of goods sold (a) |
13.1 |
% |
12.4 |
% |
1.3 |
% |
7.9 |
% |
0.5 |
% |
||||||||||||
Share-based compensation |
6.8 |
% |
5.9 |
% |
3.5 |
% |
6.9 |
% |
3.5 |
% |
||||||||||||
Restructuring related charges (gain) (b) |
1.7 |
% |
3.2 |
% |
(0.5) |
% |
2.7 |
% |
0.2 |
% |
||||||||||||
Amortization of acquired intangible assets |
10.6 |
% |
9.2 |
% |
0.1 |
% |
6.4 |
% |
0.1 |
% |
||||||||||||
Litigation settlement (c) |
— |
% |
— |
% |
12.1 |
% |
— |
% |
3.1 |
% |
||||||||||||
Other operating expenses (d) |
0.9 |
% |
1.4 |
% |
1.6 |
% |
2.2 |
% |
0.7 |
% |
||||||||||||
Non-GAAP operating margin |
26.0 |
% |
29.7 |
% |
26.9 |
% |
27.6 |
% |
25.9 |
% |
||||||||||||
GAAP interest and other income (loss), net |
$ |
(16,340) |
$ |
(23,952) |
$ |
4,788 |
$ |
(47,917) |
$ |
21,509 |
||||||||||||
Special items: |
||||||||||||||||||||||
Gain on sale of intellectual property |
(3,500) |
— |
— |
(3,500) |
— |
|||||||||||||||||
Restructuring related items (e) |
157 |
1,491 |
1,355 |
15 |
(4,016) |
|||||||||||||||||
Write-off of debt issuance costs (f) |
782 |
850 |
— |
7,736 |
— |
|||||||||||||||||
Total special items |
(2,561) |
2,341 |
1,355 |
4,251 |
(4,016) |
|||||||||||||||||
Total non-GAAP interest and other income (loss), net |
$ |
(18,901) |
$ |
(21,611) |
$ |
6,143 |
$ |
(43,666) |
$ |
17,493 |
||||||||||||
GAAP net income (loss) |
$ |
(260,698) |
$ |
(53,767) |
$ |
48,763 |
$ |
(179,094) |
$ |
520,831 |
||||||||||||
Less: Income (loss) from discontinued operations, net of tax |
— |
— |
— |
— |
87,689 |
|||||||||||||||||
GAAP net income (loss) from continuing operations |
(260,698) |
(53,767) |
48,763 |
(179,094) |
433,142 |
|||||||||||||||||
Special items: |
||||||||||||||||||||||
Other cost of goods sold (a) |
97,598 |
105,841 |
8,000 |
226,372 |
11,000 |
|||||||||||||||||
Share-based compensation |
50,580 |
50,240 |
21,377 |
198,095 |
85,122 |
|||||||||||||||||
Restructuring related charges (gain) in operating expenses (b) |
12,740 |
27,031 |
(3,205) |
76,753 |
5,250 |
|||||||||||||||||
Restructuring related items in interest and other income (loss), net (d) |
157 |
1,491 |
1,355 |
15 |
(4,016) |
|||||||||||||||||
Amortization of acquired intangible assets |
78,688 |
78,692 |
358 |
183,319 |
3,570 |
|||||||||||||||||
Litigation settlement (c) |
— |
— |
74,385 |
— |
74,385 |
|||||||||||||||||
Gain on sale of intellectual property |
(3,500) |
— |
— |
(3,500) |
— |
|||||||||||||||||
Write-off of debt issuance costs (f) |
782 |
850 |
— |
7,736 |
— |
|||||||||||||||||
Other operating expenses (d) |
7,392 |
11,222 |
10,579 |
62,095 |
14,689 |
|||||||||||||||||
Pre-tax total special items |
244,437 |
275,367 |
112,849 |
750,885 |
190,000 |
|||||||||||||||||
Other income tax effects and adjustments (g) |
184,348 |
55 |
3,170 |
144,585 |
(7,590) |
|||||||||||||||||
Non-GAAP net income from continuing operations |
$ |
168,087 |
$ |
221,655 |
$ |
164,782 |
$ |
716,376 |
$ |
615,552 |
||||||||||||
Weighted average shares — basic |
657,835 |
657,519 |
493,663 |
591,232 |
498,008 |
|||||||||||||||||
Weighted average shares — diluted |
657,835 |
657,519 |
506,197 |
591,232 |
509,667 |
|||||||||||||||||
GAAP diluted net income (loss) per share from continuing operations |
$ |
(0.40) |
$ |
(0.08) |
$ |
0.10 |
$ |
(0.30) |
$ |
0.85 |
||||||||||||
Non-GAAP diluted net income per share from continuing operations (h) |
$ |
0.25 |
$ |
0.33 |
$ |
0.32 |
$ |
1.19 |
$ |
1.19 |
(a) |
Other costs of goods sold includes amortization of the Cavium inventory fair value step up and charges for past intellectual property licensing matters. |
(b) |
Restructuring related charges include employee severance, facilities related costs, and impairment of equipment and other assets. Restructuring related charges in the three months ended February 2, 2019 and February 3, 2018 and the year ended February 2, 2019 and February 3, 2018 include gain on sale of a building that was a direct result of restructuring. |
(c) |
Represents legal settlement and associated costs related to shareholder litigation matter. |
(d) |
Other operating expenses primarily include Cavium merger costs, costs related to royalty matters, and costs of retention bonuses offered to employees who remained through the ramp down of certain operations due to restructuring actions. |
(e) |
Interest and other income (loss), net includes restructuring related items such as gain on sale of a business and foreign currency remeasurement associated with restructuring related accruals. |
(f) |
Write-off of debt issuance costs is associated with the partial term loan repayment and the terminated bridge loan commitment. |
(g) |
Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4%. |
(h) |
Non-GAAP diluted net income per share from continuing operations for the three months ended February 2, 2019 and November 3, 2018 was calculated by dividing non-GAAP net income from continuing operations by weighted average shares outstanding (diluted) of 663,580 shares and 665,752 shares, respectively, due to the non-GAAP net income reported in the respective period. Non-GAAP diluted net income per share from continuing operations for the year ended February 2, 2019 was calculated by dividing non-GAAP net income from continuing operations by weighted average shares outstanding (diluted) of 600,049, due to the non-GAAP net income reported in the period. |
Marvell Technology Group Ltd. |
|
Outlook for the First Quarter of Fiscal Year 2020 |
|
Reconciliations from GAAP to Non-GAAP (Unaudited) |
|
(In millions, except per share amounts) |
|
Outlook for Three Months Ended May 4, 2019 |
|
GAAP revenue |
$650 +/- 3% |
Special items: |
— |
Non-GAAP revenue |
$650 +/- 3% |
GAAP gross margin |
55% |
Special items: |
|
Share-based compensation |
0.3% |
Amortization of acquired intangible assets |
8.9% |
Non-GAAP gross margin |
64% |
Total GAAP operating expenses |
$378 - $388 |
Special items: |
|
Share-based compensation |
54 |
Restructuring related charges |
4 |
Amortization of acquired intangible assets |
20 |
Other operating expenses |
7 |
Total non-GAAP operating expenses |
$295 - $300 |
GAAP diluted net income per share from continuing operations |
$(0.09) - $(0.05) |
Special items: |
|
Share-based compensation |
0.08 |
Amortization of acquired intangible assets |
0.12 |
Restructuring related charges in operating expenses |
0.01 |
Other operating expenses |
0.01 |
Other income tax effects and adjustments |
(0.01) |
Non-GAAP diluted net income per share from continuing operations |
$0.12 - $0.16 |
Quarterly Revenue Trend (Unaudited) |
|||||||||||||||||
(In thousands) |
|||||||||||||||||
Three Months Ended |
% Change |
||||||||||||||||
February 2, |
November 3, |
February 3, |
YoY |
QoQ |
|||||||||||||
Storage (1) |
$ |
317,042 |
$ |
406,822 |
$ |
323,718 |
(2) |
% |
(22) |
% |
|||||||
Networking (2) |
387,457 |
398,424 |
241,611 |
60 |
% |
(3) |
% |
||||||||||
Total Core |
704,499 |
805,246 |
565,329 |
25 |
% |
(13) |
% |
||||||||||
Other (3) |
40,300 |
45,805 |
50,080 |
(20) |
% |
(12) |
% |
||||||||||
Total Revenue |
$ |
744,799 |
$ |
851,051 |
$ |
615,409 |
21 |
% |
(12) |
% |
Three Months Ended |
||||||||
% of Total |
February 2, |
November 3, |
February 3, |
|||||
Storage (1) |
43 |
% |
48 |
% |
53 |
% |
||
Networking (2) |
52 |
% |
47 |
% |
39 |
% |
||
Total Core |
95 |
% |
95 |
% |
92 |
% |
||
Other (3) |
5 |
% |
5 |
% |
8 |
% |
||
Total Revenue |
100 |
% |
100 |
% |
100 |
% |
(1) Storage products are comprised primarily of HDD and SSD Controllers, Fibre Channel Adapters and Data Center Storage Solutions. |
(2) Networking products are comprised primarily of Ethernet Switches, Ethernet Transceivers, Ethernet NICs, Embedded Communication Processors, Automotive Ethernet, Security Adapters and Processors as well as WiFi solutions including WiFi only, WiFi/Bluetooth combos and WiFi Microcontroller combos. In addition, this grouping includes a few legacy product lines in which we no longer invest, but will generate revenue for several years. |
(3) Other products are comprised primarily of Printer Solutions, Application Processors and others. |
For further information, contact:
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-fourth-quarter-and-fiscal-year-2019-financial-results-300808831.html
SOURCE