Marvell Technology Group Ltd. Reports Third 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

 

Nine Months Ended

   

November 2,
2019

 

August 3,
2019

 

November 3,
2018

 

November 2,
2019

 

November 3,
2018

Net revenue

 

$

662,470

   

$

656,568

   

$

851,051

   

$

1,981,490

   

$

2,120,992

 

Cost of goods sold

 

322,403

   

305,866

   

467,464

   

929,293

   

984,602

 

Gross profit

 

340,067

   

350,702

   

383,587

   

1,052,197

   

1,136,390

 
                     

Operating expenses:

                   

Research and development

 

267,781

   

266,354

   

264,888

   

801,002

   

657,907

 

Selling, general and administrative

 

118,993

   

113,990

   

112,178

   

342,988

   

318,192

 

Restructuring related charges

 

14,802

   

16,586

   

27,031

   

37,070

   

64,013

 

Total operating expenses

 

401,576

   

396,930

   

404,097

   

1,181,060

   

1,040,112

 

Operating income (loss)

 

(61,509)

   

(46,228)

   

(20,510)

   

(128,863)

   

96,278

 

Interest income

 

1,092

   

1,077

   

1,046

   

3,437

   

10,690

 

Interest expense

 

(21,241)

   

(20,531)

   

(22,370)

   

(62,975)

   

(38,409)

 

Other income (loss), net

 

689

   

(2,197)

   

(2,628)

   

(1,624)

   

(3,858)

 

Interest and other income (loss), net

 

(19,460)

   

(21,651)

   

(23,952)

   

(61,162)

   

(31,577)

 

Income (loss) before income taxes

 

(80,969)

   

(67,879)

   

(44,462)

   

(190,025)

   

64,701

 

Provision (benefit) for income taxes

 

1,532

   

(10,548)

   

9,305

   

(1,743)

   

(16,903)

 

Net income (loss)

 

(82,501)

   

(57,331)

   

(53,767)

   

(188,282)

   

81,604

 
                     

Net income (loss) per share — Basic:

 

$

(0.12)

   

$

(0.09)

   

$

(0.08)

   

$

(0.28)

   

$

0.14

 
                     

Net income (loss) per share — Diluted:

 

$

(0.12)

   

$

(0.09)

   

$

(0.08)

   

$

(0.28)

   

$

0.14

 
                     

Weighted average shares:

                   

Basic

 

668,178

   

663,603

   

657,519

   

667,184

   

569,031

 

Diluted

 

668,178

   

663,603

   

657,519

   

667,184

   

578,872

 

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