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

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

   

May 4,
2019

 

February 2,
2019

 

May 5,
2018

Net revenue

 

$

662,452

   

$

744,799

   

$

604,631

 

Cost of goods sold

 

301,024

   

422,797

   

228,938

 

Gross profit

 

361,428

   

322,002

   

375,693

 
             

Operating expenses:

           

Research and development

 

266,867

   

256,102

   

176,734

 

Selling, general and administrative

 

110,005

   

106,168

   

72,313

 

Restructuring related charges

 

5,682

   

12,740

   

1,567

 

Total operating expenses

 

382,554

   

375,010

   

250,614

 

Operating income (loss)

 

(21,126)

   

(53,008)

   

125,079

 

Interest income

 

1,268

   

1,236

   

6,069

 

Interest expense

 

(21,203)

   

(21,953)

   

(244)

 

Other income (loss), net

 

(116)

   

4,377

   

1,471

 

Interest and other income (loss), net

 

(20,051)

   

(16,340)

   

7,296

 

Income (loss) before income taxes

 

(41,177)

   

(69,348)

   

132,375

 

Provision for income taxes

 

7,273

   

191,350

   

3,763

 

Net income (loss)

 

(48,450)

   

(260,698)

   

128,612

 
             

Net income (loss) per share — Basic:

 

$

(0.07)

   

$

(0.40)

   

$

0.26

 
             

Net income (loss) per share — Diluted:

 

$

(0.07)

   

$

(0.40)

   

$

0.25

 
             

Weighted average shares:

           

Basic

 

658,963

   

657,835

   

497,335

 

Diluted

 

658,963

   

657,835

   

508,716

 

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