SANTA CLARA, Calif.,
May 25, 2017 /PRNewswire/ --
- Q1 Revenue: $579 million
- Q1 Gross Margin: 60.2% GAAP gross margin; 60.4% non-GAAP gross
margin
- Q1 Diluted earnings per share: $0.19 GAAP diluted earnings per share from
continuing operations; $0.24 non-GAAP
diluted earnings per share from continuing operations
- Cash and short-term investments: $1.65
billion
Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in
storage, networking and connectivity semiconductor solutions, today
reported financial results for the first fiscal quarter of fiscal
year 2018. Revenue for the first quarter of fiscal 2018 was
$579 million, which exceeded the
midpoint of the Company's guidance provided on March 2, 2017.
GAAP net income from continuing operations for the first quarter
of fiscal 2018 was $97 million, or
$0.19 per share. Non-GAAP net income
from continuing operations for the first quarter of fiscal 2018 was
$124 million, or $0.24 per diluted share. Cash flow from
operations for the quarter was $135
million.
Subsequent to the close of Marvell's first quarter of fiscal
2018, the Company sold its LTE thin-modem business to ASR
Microelectronics for a purchase price of $45
million. ASR is a provider of cellular platform SoCs
and software for the cellular end market. This product line was
classified as part of the Company's other product category. In
the second quarter of fiscal 2018, this product line will be
reclassified and added to discontinued operations. The
Company's revenue guidance provided for the fiscal second quarter
of 2018 excludes revenue associated with this sale, which has been
approximately $5 million per
quarter.
"Marvell executed well in the first quarter of fiscal year 2018
as a renewed focus on its core businesses of storage, networking
and connectivity were able to generate revenue growth of 12%
year-over-year, driven by the long-term secular growth trends in
the amount of data being created, stored and transmitted both wired
and wirelessly," said Marvell's President and CEO, Matt Murphy. "We are pleased to see that
this growth was accompanied by a significant expansion in gross and
operating margin, demonstrating the strength in our business model
and the value Marvell's solutions are bringing to our
customers."
Second Quarter of Fiscal 2018 Financial Outlook
- Revenue is expected to be $585 to $615
million. This range excludes approximately $5 million in revenue associated with sale of LTE
thin-modem business.
- GAAP and non-GAAP gross margins are expected to be
approximately 61%.
- GAAP operating expenses are expected to be $237 million to $247 million.
- Non-GAAP operating expenses are expected to be $215 million to $220 million.
- GAAP diluted EPS from continuing operations is expected to be
in the range of $0.21 to $0.27.
- Non-GAAP diluted EPS from continuing operations is expected to
be in the range of $0.26 to
$0.30.
Discontinued Operations
The Company's financial results for prior periods presented
herein have been recast to reflect certain businesses that were
classified as discontinued operations during the fourth quarter of
fiscal year 2017.
Conference Call
Marvell will conduct a conference call on Thursday, May 25, 2017 at 1:45 p.m. Pacific Time to discuss results for the
first quarter of fiscal 2018. Interested parties may join the
conference call by dialing 1-844-647-5488 or 1-615-247-0258,
pass-code 17273674. 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 June 2, 2017.
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 operating performance.
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 first 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
second quarter of fiscal 2018 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:
adverse impacts of litigation or regulatory activities; Marvell's
ability to implement its restructuring in a timely manner; the
amount and timing of anticipated charges associated with the
restructuring; Marvell's ability to increase its operational
efficiency and decrease its operating expenses to the anticipated
level; Marvell's reliance on a few customers for a
significant portion of its revenue; severe financial hardship or
bankruptcy of one or more of Marvell's major customers; its ability
to divest certain non-strategic businesses within the anticipated
timeframes and with the anticipated cost savings; Marvell's ability
to compete in products and prices in an intensely competitive
industry; Marvell's reliance on the hard disk drive, networking and
wireless markets, which are highly cyclical and intensely
competitive; costs and liabilities relating to current and future
litigation; Marvell's ability to develop and introduce new and
enhanced products in a timely and cost effective manner and the
adoption of those products in the market; seasonality in sales of
consumer devices in which Marvell's products are incorporated;
uncertainty in the worldwide economic conditions; risks associated
with manufacturing and selling a majority of Marvell's products and
Marvell's customers' products outside of the United States; risks associated with
acquisition and consolidation activity in the semiconductor
industry; 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 Annual Report on Form 10-K for the fiscal year ended
January 28, 2017 as filed with the
SEC on March 28, 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, network infrastructure, and wireless 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
|
|
|
April 29,
2017
|
|
January 28,
2017
|
|
April 30,
2016
|
Net
revenue
|
|
$
|
579,180
|
|
|
$
|
571,400
|
|
|
$
|
519,383
|
|
Cost of goods
sold
|
|
230,549
|
|
|
243,883
|
|
|
244,354
|
|
Gross
profit
|
|
348,631
|
|
|
327,517
|
|
|
275,029
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development
|
|
193,027
|
|
|
181,557
|
|
226,541
|
|
Selling, general and
administrative
|
|
55,211
|
|
|
59,233
|
|
64,163
|
|
Restructuring related
charges
|
|
1,505
|
|
|
98,860
|
|
4,441
|
|
Total operating
expenses
|
|
249,743
|
|
|
339,650
|
|
295,145
|
|
Operating income
(loss)
|
|
98,888
|
|
|
(12,133)
|
|
(20,116)
|
|
Interest and other
income, net
|
|
3,333
|
|
|
3,780
|
|
1,488
|
|
Income (loss) from
continuing operations before income taxes
|
|
102,221
|
|
|
(8,353)
|
|
(18,628)
|
|
Provision (benefit)
for income taxes
|
|
5,251
|
|
|
68,524
|
|
(5,357)
|
|
Income (loss) from
continuing operations
|
|
96,970
|
|
|
$
|
(76,877)
|
|
(13,271)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
9,651
|
|
|
(3,214)
|
|
(9,408)
|
|
Net income
(loss)
|
|
$
|
106,621
|
|
|
$
|
(80,091)
|
|
$
|
(22,679)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share — Basic:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.19
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.03)
|
|
Discontinued
operations
|
|
$
|
0.02
|
|
|
$
|
(0.01)
|
|
|
$
|
(0.02)
|
|
Net income (loss) per
share - basic
|
|
$
|
0.21
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
Net income (loss) per
share — Diluted:
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.19
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.03)
|
|
Discontinued
operations
|
|
$
|
0.02
|
|
|
$
|
(0.01)
|
|
|
$
|
(0.02)
|
|
Net income (loss) per
share - diluted
|
|
$
|
0.21
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
Basic
|
|
503,790
|
|
|
507,834
|
|
508,794
|
|
Diluted
|
|
517,592
|
|
|
507,834
|
|
508,794
|
|
Marvell Technology
Group Ltd. Condensed Consolidated Balance
Sheets (Unaudited) (In
thousands)
|
|
|
|
|
|
|
|
April 29,
2017
|
|
January 28,
2017
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
725,962
|
|
|
$
|
814,092
|
Short-term
investments
|
|
923,449
|
|
|
854,268
|
Accounts receivable,
net
|
|
357,147
|
|
|
335,384
|
Inventories
|
|
178,145
|
|
|
171,969
|
Prepaid expenses and
other current assets
|
|
44,577
|
|
|
58,771
|
Assets held for
sale
|
|
39,708
|
|
|
45,846
|
Total current
assets
|
|
2,268,988
|
|
|
2,280,330
|
Property and
equipment, net
|
|
239,358
|
|
|
243,397
|
Goodwill and acquired
intangible assets, net
|
|
2,005,912
|
|
|
2,006,984
|
Other non-current
assets
|
|
121,979
|
|
|
117,939
|
Total
assets
|
|
$
|
4,636,237
|
|
|
$
|
4,648,650
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
179,017
|
|
|
$
|
143,484
|
Accrued
liabilities
|
|
154,315
|
|
|
143,491
|
Accrued employee
compensation
|
|
132,118
|
|
|
139,647
|
Deferred
income
|
|
74,064
|
|
|
68,124
|
Liabilities held for
sale
|
|
746
|
|
|
1,670
|
Total current
liabilities
|
|
540,260
|
|
|
496,416
|
Non-current income
taxes payable
|
|
62,720
|
|
|
60,646
|
Other non-current
liabilities
|
|
71,411
|
|
|
63,937
|
Total
liabilities
|
|
674,391
|
|
|
620,999
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Common
stock
|
|
1,001
|
|
|
1,012
|
Additional paid-in
capital
|
|
2,876,507
|
|
|
3,016,775
|
Accumulated other
comprehensive income (loss)
|
|
(164)
|
|
|
23
|
Retained
earnings
|
|
1,084,502
|
|
|
1,009,841
|
Total shareholders'
equity
|
|
3,961,846
|
|
|
4,027,651
|
Total liabilities and
shareholders' equity
|
|
$
|
4,636,237
|
|
|
$
|
4,648,650
|
Marvell Technology
Group Ltd. Condensed Consolidated Statements of Cash
Flows (Unaudited) (In thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
|
April 29,
2017
|
|
April 30,
2016
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
(loss)
|
|
$
|
106,621
|
|
|
$
|
(22,679)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
Depreciation and
amortization
|
|
20,742
|
|
|
27,114
|
|
Share-based
compensation
|
|
24,017
|
|
|
24,453
|
|
Amortization and
write-off of acquired intangible assets
|
|
1,071
|
|
|
2,946
|
|
Restructuring related
charges
|
|
(516)
|
|
|
896
|
|
Deferred income taxes
and other
|
|
(11,109)
|
|
|
(1,115)
|
|
Gain on sale of a
business
|
|
(8,155)
|
|
|
—
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(21,763)
|
|
|
42,642
|
|
Inventories
|
|
(11,542)
|
|
|
13,598
|
|
Prepaid expenses and
other assets
|
|
6,422
|
|
|
(13,217)
|
|
Accounts
payable
|
|
31,423
|
|
|
19,922
|
|
Accrued liabilities
and other non-current liabilities
|
|
448
|
|
|
(22,502)
|
|
Carnegie Mellon
University accrued litigation settlement (a)
|
|
—
|
|
|
(736,000)
|
|
Accrued employee
compensation
|
|
(7,529)
|
|
|
7,152
|
|
Deferred
income
|
|
5,016
|
|
|
(1,234)
|
|
Net cash provided by
(used in) operating activities
|
|
135,146
|
|
|
(658,024)
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of
available-for-sale securities
|
|
(198,416)
|
|
|
(93,365)
|
|
Sales of
available-for-sale securities
|
|
78,764
|
|
|
272,271
|
|
Maturities of
available-for-sale securities
|
|
82,235
|
|
|
97,788
|
|
Purchase of time
deposits
|
|
(75,000)
|
|
|
(50,000)
|
|
Maturities of time
deposits
|
|
75,000
|
|
|
—
|
|
Purchases of
technology licenses
|
|
(1,093)
|
|
|
(4,050)
|
|
Purchases of property
and equipment
|
|
(10,026)
|
|
|
(11,868)
|
|
Net proceeds from sale
of a business
|
|
22,954
|
|
|
—
|
|
Other
|
|
7,275
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
|
(18,307)
|
|
|
210,776
|
|
Cash flows from
financing activities:
|
|
|
|
|
Repurchases of common
stock
|
|
(166,293)
|
|
|
—
|
|
Proceeds from employee
stock plans
|
|
19,939
|
|
|
315
|
|
Minimum tax
withholding paid on behalf of employees for net share
settlement
|
|
(21,809)
|
|
|
(15,270)
|
|
Dividend payments to
shareholders
|
|
(29,991)
|
|
|
(30,461)
|
|
Payments on technology
license obligations
|
|
(6,815)
|
|
|
(5,294)
|
|
Net cash used in
financing activities
|
|
(204,969)
|
|
|
(50,710)
|
|
Net decrease in cash
and cash equivalents
|
|
(88,130)
|
|
|
(497,958)
|
|
Cash and cash
equivalents at beginning of period
|
|
814,092
|
|
|
1,278,180
|
|
Cash and cash
equivalents at end of period
|
|
$
|
725,962
|
|
|
$
|
780,222
|
|
(a)
|
The Company paid
$750.0 million to Carnegie Mellon University in connection
with a litigation settlement agreement reached in February
2016.
|
Marvell Technology
Group Ltd. Reconciliations from GAAP to
Non-GAAP (Unaudited) (In thousands, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
April 29,
2017
|
|
January 28,
2017
|
|
April 30,
2016
|
GAAP gross
profit:
|
|
$
|
348,631
|
|
|
$
|
327,517
|
|
|
$
|
275,029
|
|
Special
items:
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,426
|
|
|
1,641
|
|
|
1,784
|
|
Non-GAAP gross
profit
|
|
$
|
350,057
|
|
|
$
|
329,158
|
|
|
$
|
276,813
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
|
60.2
|
%
|
|
57.3
|
%
|
|
53.0
|
%
|
Non-GAAP gross
margin
|
|
60.4
|
%
|
|
57.6
|
%
|
|
53.3
|
%
|
|
|
|
|
|
|
|
Total GAAP operating
expenses
|
|
$
|
249,743
|
|
|
$
|
339,650
|
|
|
$
|
295,145
|
|
Special
items:
|
|
|
|
|
|
|
Share-based
compensation
|
|
(20,941)
|
|
|
(20,764)
|
|
|
(20,396)
|
|
Restructuring related
charges (a)
|
|
(1,505)
|
|
|
(98,860)
|
|
|
(4,441)
|
|
Amortization of and
write-off acquired intangible assets
|
|
(1,071)
|
|
|
(1,480)
|
|
|
(2,298)
|
|
Other operating
expenses (b)
|
|
(2,304)
|
|
|
(315)
|
|
|
(1,242)
|
|
Total special
items
|
|
(25,821)
|
|
|
(121,419)
|
|
|
(28,377)
|
|
Total non-GAAP
operating expenses
|
|
$
|
223,922
|
|
|
$
|
218,231
|
|
|
$
|
266,768
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
|
17.1
|
%
|
|
(2.1)%
|
|
|
(3.9)%
|
|
Share-based
compensation
|
|
3.9
|
%
|
|
3.9
|
%
|
|
4.3
|
%
|
Restructuring related
charges (a)
|
|
0.3
|
%
|
|
17.3
|
%
|
|
0.9
|
%
|
Amortization of and
write-off acquired intangible assets
|
|
0.2
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
Other operating
expenses (b)
|
|
0.3
|
%
|
|
—
|
%
|
|
0.2
|
%
|
Non-GAAP operating
margin
|
|
21.8
|
%
|
|
19.4
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
$
|
106,621
|
|
|
$
|
(80,091)
|
|
|
$
|
(22,679)
|
|
Loss
(income) from discontinued operations, net of tax
|
|
(9,651)
|
|
|
3,214
|
|
|
9,408
|
|
GAAP net income
(loss) from continuing operations
|
|
96,970
|
|
|
(76,877)
|
|
|
(13,271)
|
|
Special
items:
|
|
|
|
|
|
|
Share-based
compensation
|
|
22,367
|
|
|
22,405
|
|
|
22,180
|
|
Restructuring related
charges (a)
|
|
1,505
|
|
|
98,860
|
|
|
4,441
|
|
Amortization of and
write-off acquired intangible assets
|
|
1,071
|
|
|
1,480
|
|
|
2,298
|
|
Other operating
expenses (b)
|
|
2,304
|
|
|
315
|
|
|
1,242
|
|
Pre-tax total special
items
|
|
27,247
|
|
|
123,060
|
|
|
30,161
|
|
Non-GAAP income
before income taxes
|
|
124,217
|
|
|
46,183
|
|
|
16,890
|
|
Other
income tax effects and adjustments (c)
|
|
72
|
|
|
67,989
|
|
|
(1,071)
|
|
Non-GAAP net income
from continuing operations
|
|
$
|
124,289
|
|
|
$
|
114,172
|
|
|
$
|
15,819
|
|
|
|
|
|
|
|
|
Weighted average
shares — basic
|
|
503,790
|
|
|
507,834
|
|
|
508,794
|
|
Weighted average
shares — diluted
|
|
517,592
|
|
|
507,834
|
|
|
508,794
|
|
Non-GAAP weighted
average shares — diluted (d)
|
|
523,154
|
|
|
528,141
|
|
|
522,363
|
|
|
|
|
|
|
|
|
GAAP diluted net
income (loss) per share from continuing operations
|
|
$
|
0.19
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.03)
|
|
Non-GAAP diluted net
income per share from continuing operations
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.03
|
|
|
|
(a)
|
Restructuring related
charges include costs that qualify under U.S. GAAP as restructuring
costs and other incremental charges that are a direct result of
restructuring. Examples of other incremental charges include
impairment of equipment specifically identified as part of the
restructuring action.
|
|
|
(b)
|
Other operating
expenses in the three months ended April 29, 2017 include costs of
retention bonuses offered to employees who remained through the
ramp down of certain operations due to the restructuring action
announced in November 2016.
|
|
|
(c)
|
Other income tax
effects and adjustments in the three months ended April 29, 2017
includes 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 included $68.0 million of tax
expense related to restructuring actions.
|
|
|
(d)
|
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
|
|
|
|
|
Total Revenue (In
thousands)
|
|
%
Change
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
April 29,
2017
|
|
January 28,
2017
|
|
April 30,
2016
|
|
YoY
|
|
QoQ
|
Storage
(1)
|
$
|
303,808
|
|
|
$
|
310,771
|
|
|
$
|
242,638
|
|
|
25
|
%
|
|
(2)
|
%
|
Networking
(2)
|
144,815
|
|
|
148,090
|
|
|
138,343
|
|
|
5
|
%
|
|
(2)
|
%
|
Connectivity
(3)
|
76,091
|
|
|
65,638
|
|
|
73,549
|
|
|
3
|
%
|
|
16
|
%
|
Total
Core
|
524,714
|
|
|
524,499
|
|
|
454,530
|
|
|
15
|
%
|
|
—
|
%
|
Other
(4)
|
54,466
|
|
|
46,901
|
|
|
64,853
|
|
|
(16)%
|
|
|
16
|
%
|
Total Revenue
(5)
|
$
|
579,180
|
|
|
$
|
571,400
|
|
|
$
|
519,383
|
|
|
12
|
%
|
|
1
|
%
|
|
Three Months
Ended
|
% of
Total
|
April 29,
2017
|
|
January 28,
2017
|
|
April 30,
2016
|
Storage
(1)
|
52
|
%
|
|
54
|
%
|
|
47
|
%
|
Networking
(2)
|
25
|
%
|
|
26
|
%
|
|
27
|
%
|
Connectivity
(3)
|
13
|
%
|
|
12
|
%
|
|
14
|
%
|
Total
Core
|
90
|
%
|
|
92
|
%
|
|
88
|
%
|
Other
(4)
|
10
|
%
|
|
8
|
%
|
|
12
|
%
|
Total
Revenue
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(1) Storage
products are comprised primarily of HDD, SSD Controllers and
Enterprise 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 a long tail of revenue for several
years.
|
|
(3) Wireless
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, Communication Processors, and others.
|
|
(5) Excludes
the revenue of certain non-strategic businesses that were
classified as discontinued operations.
|
For further information, contact:
T. Peter Andrew
Vice President, Investor Relations
408-222-0777
ir@marvell.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-first-quarter-of-fiscal-year-2018-financial-results-300464230.html
SOURCE Marvell Technology Group Ltd.