Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2021 Financial Results
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Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

- Q4 Net Revenue: $798 million

SANTA CLARA, Calif., March 3, 2021 — (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 January 30, 2021.

Net revenue for the fourth quarter of fiscal 2021 was $798 million, which exceeded the midpoint of the Company's guidance provided on December 3, 2020. GAAP net income for the fourth quarter of fiscal 2021 was $17 million, or $0.02 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2021 was $201 million, or $0.29 per diluted share. Cash flow from operations for the fourth quarter was $158 million.

Net revenue for fiscal 2021 was $3.0 billion. GAAP net loss for fiscal 2021 was $(277) million, or $(0.41) per diluted share. Non-GAAP net income for fiscal 2021 was $627 million, or $0.92 per diluted share.

"Marvell ended fiscal year 2021 on a strong note with fourth quarter revenue exceeding the mid-point of guidance. We delivered outstanding fiscal year 2021 performance, with robust revenue growth of 10%, led by our networking business which grew 22% driven by strong 5G and Cloud product ramps," said Matt Murphy, Marvell's President and CEO. "The Marvell team has done an excellent job driving revenue growth, innovating to deliver new products, and positioning the company to emerge even stronger from the pandemic. We are excited about the numerous opportunities ahead in fiscal 2022. We anticipate strong growth in the first quarter of fiscal 2022, projecting revenue to grow approximately 15% year on year at the mid-point of guidance."

Marvell's first quarter guidance takes into account the U.S. Government's export restrictions on certain Chinese customers. Given the ongoing uncertainty associated with COVID-19 and related public health measures, we also have temporarily widened the guidance range on net revenue. 

First Quarter of Fiscal 2022 Financial Outlook

Conference Call

Marvell will conduct a conference call on Wednesday, March 3, 2021 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2021. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, passcode 1390587. 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 Wednesday, March 10, 2021.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value adjustment associated with the Aquantia and Avera acquisitions, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, employee severance costs, and facilities related charges), resolution of legal matters, 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 2021, a non-GAAP tax rate of 5.0% has been applied to the non-GAAP financial results.

Marvell believes that the presentation of non-GAAP financial measures provides 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:

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. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent.

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. 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. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. 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 completion of the proposed transaction with Inphi Corporation on anticipated terms and timing or at all, including obtaining shareholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities and other conditions to the completion of the transaction with Inphi; failure to realize the anticipated benefits of the proposed transaction with Inphi, including as a result of delay in completing the transaction or our ability to integrate the businesses of Marvell and Inphi or due to unexpected costs, liabilities, delays or other factors impacting the semiconductor industry; our ability to obtain or consummate financing related to the Inphi transaction upon acceptable terms or at all; potential litigation relating to the proposed transaction with Inphi instituted against Marvell and Inphi and our respective directors; the risk that disruptions from the proposed transaction with Inphi will harm our or Inphi's business, including current plans and operations; the ability of Marvell or Inphi to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction with Inphi; risks relating to the value of the shares to be issued in the Inphi transaction; risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction with Inphi; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Marvell's and/or Inphi's financial performance; restrictions during the pendency of the proposed transaction that may impact Marvell's or Inphi's ability to pursue certain business opportunities or strategic transactions; failure to receive the approval of the securityholders of Marvell and/or Inphi; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Inphi; risks related to the impact on our business of the novel coronavirus (COVID-19) pandemic which have impacted, and may continue to impact, our workforce and operations and the transportation and manufacturing of our products; risks related to the impact of the COVID-19 pandemic which have impacted, and may continue to impact the operations of our customers, distributors, vendors, suppliers, and partners; increased disruption and volatility in the capital markets and credit markets as a result of COVID-19, which could adversely affect our liquidity and capital resources; the impact of COVID-19, or other future pandemics, on the U.S. and global economies; disruptions caused by COVID-19 resulting in worker absenteeism, quarantines and restrictions on our employees' ability to work, innovate, collaborate, and travel; the effects that the current credit and market conditions caused by, or resulting from, COVID-19 could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, regulations, and tariffs, including but not limited to, restrictions imposed on our Chinese customers; supply chain disruptions or component shortages that may impact the production of our products or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; the risks associated with manufacturing and selling products and customers' products outside of the United States; our ability to define, design and develop products for the 5G market; our ability to market our 5G products to Tier 1 infrastructure customers; our reliance on independent foundries and subcontractors for the manufacture, assembly and testing of our products; cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to estimate customer demand and future sales accurately; our ability to realize the expected benefits from restructuring activities; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that Marvell currently enjoys; the risk of downturns in the semiconductor industry; the risk that we may not realize the anticipated benefits of our prior acquisitions and divestitures; our 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; our dependence on a small number of customers; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our 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; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry; the effects of any other potential acquisitions, divestitures or investments; Marvell's ability to protect its intellectual property; our maintenance of an effective system of internal controls; severe financial hardship or bankruptcy of one or more of our major customers; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by Marvell from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

About Marvell

To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better.

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



January 30,
2021


October 31,
2020


February 1,
2020


January 30,
2021


February 1,
2020

Net revenue


$

797,819



$

750,143



$

717,671



$

2,968,900



$

2,699,161


Cost of goods sold


376,687



369,083



412,927



1,480,550



1,342,220


Gross profit


421,132



381,060



304,744



1,488,350



1,356,941













Operating expenses:











Research and development


260,380



255,637



279,389



1,072,740



1,080,391


Selling, general and administrative


116,918



115,501



121,592



467,240



464,580


Legal settlement (a)


36,000







36,000




Restructuring related charges


9,570



19,312



18,258



170,759



55,328


Total operating expenses


422,868



390,450



419,239



1,746,739



1,600,299


Operating income (loss)


(1,736)



(9,390)



(114,495)



(258,389)



(243,358)


Interest income


356



608



1,379



2,599



4,816


Interest expense


(20,733)



(16,066)



(22,656)



(69,264)



(85,631)


Other income, net


(727)



299



1,124,179



2,886



1,122,555


Interest and other income (loss), net


(21,104)



(15,159)



1,102,902



(63,779)



1,041,740


Income (loss) before income taxes


(22,840)



(24,549)



988,407



(322,168)



798,382


Benefit for income taxes


(39,376)



(1,641)



(784,266)



(44,870)



(786,009)


Net income (loss)


$

16,536



$

(22,908)



$

1,772,673



$

(277,298)



$

1,584,391













Net income (loss) per share - Basic


$

0.02



$

(0.03)



$

2.66



$

(0.41)



$

2.38













Net income (loss) per share - Diluted


$

0.02



$

(0.03)



$

2.62



$

(0.41)



$

2.34













Weighted-average shares:











Basic


673,529



670,487



665,562


668,772



664,709


Diluted


687,959



670,487



675,700


668,772



676,094



(a) Represents a legal settlement relating to a commercial agreement.

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)








January 30,
2021


February 1,
2020

Assets





Current assets:





Cash and cash equivalents


$

748,467



$

647,604


Accounts receivable, net


536,668



492,346


Inventories


268,228



322,980


Prepaid expenses and other current assets


63,782



74,567


Total current assets


1,617,145



1,537,497


Property and equipment, net


326,125



357,092


Goodwill


5,336,961



5,337,405


Acquired intangible assets, net


2,270,700



2,764,600


Deferred tax assets


672,424



639,791


Other non-current assets


541,569



496,850


Total assets


$

10,764,924



$

11,133,235







Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

252,419



$

213,747


Accrued liabilities


435,616



346,639


Accrued employee compensation


189,421



149,780


Short-term debt


199,641




Total current liabilities


1,077,097



710,166


Long-term debt


993,170



1,439,024


Other non-current liabilities


258,853



305,465


Total liabilities


2,329,120



2,454,655







Shareholders' equity:





Common stock


1,350



1,328


Additional paid-in capital


6,331,013



6,135,939


Retained earnings


2,103,441



2,541,313


Total shareholders' equity


8,435,804



8,678,580


Total liabilities and shareholders' equity


$

10,764,924



$

11,133,235


 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)












Three Months Ended


Year Ended



January 30,
2021


February 1,
2020


January 30,
2021


February 1,
2020

Cash flows from operating activities:









Net income (loss)


$

16,536



$

1,772,673



$

(277,298)



$

1,584,391


Adjustments to reconcile net income (loss) to net cash provided by operating activities:









Depreciation and amortization


47,990



43,996



197,912



156,658


Share-based compensation


59,479



53,171



241,539



242,207


Amortization of acquired intangible assets


109,682



114,615



443,616



368,082


Amortization of inventory fair value adjustment associated with acquisitions




52,510



17,284



55,826


Amortization of deferred debt issuance costs and debt discounts


6,809



2,723



10,026



6,763


Restructuring related impairment charges


7,344



1,328



130,903



17,571


Deferred income taxes


(39,906)



(777,257)



(39,491)



(785,158)


Gain on sale of business




(1,123,223)





(1,121,709)


Other expense, net


5,475



9,287



24,923



26,448


Changes in assets and liabilities:









Accounts receivable


(46,397)



2,870



(44,322)



11,244


Inventories


96



43,361



29,913



12,759


Prepaid expenses and other assets


(32,942)



(43,099)



(41,634)



(54,138)


Accounts payable


4,895



(29,143)



39,663



1,658


Accrued liabilities and other non-current liabilities


17,795



(76,635)



44,612



(182,893)


Accrued employee compensation


1,439



8,661



39,641



20,588


Net cash provided by operating activities


158,295



55,838



817,287



360,297


Cash flows from investing activities:









Sales of available-for-sale securities








18,832


Purchases of technology licenses


(4,232)



(2,776)



(12,708)



(4,712)


Purchases of property and equipment


(18,556)



(18,986)



(106,798)



(81,921)


Proceeds from sales of property and equipment


206



89



738



620


Cash payment for acquisition, net of cash and cash equivalents acquired




(593,500)





(1,071,079)


Net proceeds from sale of business




1,699,835





1,698,783


Other


(567)



(405)



(876)



(1,677)


Net cash provided by (used in) investing activities


(23,149)



1,084,257



(119,644)



558,846


Cash flows from financing activities:









Repurchases of common stock




(300,000)



(25,202)



(364,272)


Proceeds from employee stock plans


36,145



44,167



86,635



147,276


Tax withholding paid on behalf of employees for net share settlement


(25,468)



(17,440)



(108,094)



(98,302)


Dividend payments to shareholders


(40,463)



(40,077)



(160,574)



(159,573)


Payments on technology license obligations


(23,224)



(15,053)



(100,018)



(72,266)


Proceeds from issuance of debt




600,000





950,000


Principal payments of debt


(150,000)



(1,200,000)



(250,000)



(1,250,000)


Payment of equity and debt financing costs


(15,710)





(38,023)




Other, net




(2,457)



(1,504)



(6,812)


Net cash used in financing activities


(218,720)



(930,860)



(596,780)



(853,949)


Net increase (decrease) in cash and cash equivalents


(83,574)



209,235



100,863



65,194


Cash and cash equivalents at beginning of period


832,041



438,369



647,604



582,410


Cash and cash equivalents at end of period


$

748,467



$

647,604



$

748,467



$

647,604


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Year Ended



January 30,
2021


October 31,
2020


February 1,
2020


January 30,
2021


February 1,
2020












GAAP gross profit:


$

421,132



$

381,060



$

304,744



$

1,488,350



$

1,356,941


Special items:











Share-based compensation


4,265



4,435



3,181



16,320



13,759


Amortization of acquired intangible assets


83,327



83,078



86,383



338,197



279,567


Other cost of goods sold (a)


796



4,296



52,510



35,284



57,718


Total special items


88,388



91,809



142,074



389,801



351,044


Non-GAAP gross profit


$

509,520



$

472,869



$

446,818



$

1,878,151



$

1,707,985













GAAP gross margin


52.8

%


50.8

%


42.5

%


50.1

%


50.3

%

Non-GAAP gross margin


63.9

%


63.0

%


62.3

%


63.3

%


63.3

%


































Total GAAP operating expenses


$

422,868



$

390,450



$

419,239



$

1,746,739



$

1,600,299


Special items:











Share-based compensation


(55,214)



(55,352)



(49,989)



(225,219)



(229,050)


Restructuring related charges (b)


(9,570)



(19,312)



(18,258)



(170,759)



(55,328)


Amortization of acquired intangible assets


(26,355)



(26,355)



(28,232)



(105,419)



(88,515)


Legal settlement (c)


(36,000)







(36,000)




Other operating expenses (d)


(12,480)



(9,490)



(16,621)



(49,498)



(63,361)


Total special items


(139,619)



(110,509)



(113,100)



(586,895)



(436,254)


Total non-GAAP operating expenses


$

283,249



$

279,941



$

306,139



$

1,159,844



$

1,164,045



































GAAP operating margin


(0.2)

%


(1.3)

%


(16.0)

%


(8.7)

%


(9.0)

%

Other cost of goods sold (a)


0.1

%


0.6

%


7.3

%


1.2

%


2.1

%

Share-based compensation


7.5

%


8.0

%


7.4

%


8.1

%


9.0

%

Restructuring related charges (b)


1.2

%


2.6

%


2.5

%


5.8

%


2.0

%

Amortization of acquired intangible assets


13.7

%


14.6

%


16.0

%


14.9

%


13.6

%

Legal settlement (c)


4.5

%


%


%


1.2

%


%

Other operating expenses (d)


1.6

%


1.2

%


2.4

%


1.7

%


2.5

%

Non-GAAP operating margin 


28.4

%


25.7

%


19.6

%


24.2

%


20.2

%












GAAP interest and other income (loss), net


$

(21,104)



$

(15,159)



$

1,102,902



$

(63,779)



$

1,041,740


Special items:











       Restructuring related items (e)


(28)



(1,002)



(1,122,988)



(596)



(1,124,197)


      Write-off of debt issuance costs (f)


6,045



453



1,621



6,498



2,079


       Deal costs (g)










1,505


Total special items


6,017



(549)



(1,121,367)



5,902



(1,120,613)


Total non-GAAP interest and other income (loss), net


$

(15,087)



$

(15,708)



$

(18,465)



$

(57,877)



$

(78,873)



































GAAP net income (loss)


$

16,536



$

(22,908)



$

1,772,673



$

(277,298)



$

1,584,391


Special items:











Other cost of goods sold (a)


796



4,296



52,510



35,284



57,718


Share-based compensation


59,479



59,787



53,170



241,539



242,809


Restructuring related charges (gain) in operating expenses (b)


9,570



19,312



18,258



170,759



55,328


Legal settlement (c)


36,000







36,000




Other operating expenses (d)


12,480



9,490



16,621



49,498



63,361


Restructuring related items in interest and other income (loss), net (e)


(28)



(1,002)



(1,122,988)



(596)



(1,124,197)


Amortization of acquired intangible assets


109,682



109,433



114,615



443,616



368,082


Write-off of debt issuance costs (f)


6,045



453



1,621



6,498



2,079


Transaction costs included in interest and other income, net (g)










1,505


Pre-tax total special items


234,024



201,769



(866,193)



982,598



(333,315)


Other income tax effects and adjustments (h)


(49,936)



(10,502)



(789,761)



(77,893)



(806,938)


Non-GAAP net income


$

200,624



$

168,359



$

116,719



$

627,407



$

444,138
























Weighted-average shares — basic


673,529



670,487



665,562



668,772



664,709


Weighted-average shares — diluted


687,959



670,487



675,700



668,772



676,094


Non-GAAP weighted average shares — diluted (i)


687,959



682,724



675,700



679,944



676,094













GAAP diluted net income (loss) per share


$

0.02



$

(0.03)



$

2.62



$

(0.41)



$

2.34


Non-GAAP diluted net income per share


$

0.29



$

0.25



$

0.17



$

0.92



$

0.66




(a)

Other costs of goods sold includes inventory write-downs and amortization of acquired inventory fair value adjustments.



(b)

Restructuring related charges include asset impairment charges (i.e. due to changes to the scope of the server processor product line), employee severance costs, facilities related charges, and other.



(c)

Represents a legal settlement relating to a commercial agreement.



(d)

Other operating expenses include integration and merger costs associated with acquisitions.



(e)

Interest and other income (loss), net includes restructuring and other 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 bridge financing.



(g)

Deal costs include transaction costs incurred in connection with divestiture of the Wi-Fi Connectivity business.



(h)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 5.0% for the three and twelve months ended January 30, 2021 and three months ended October 31, 2020. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4.5% for the three and twelve months ended February 1, 2020.



(i)

Non-GAAP diluted weighted average shares differs from GAAP diluted weighted average shares due to the non-GAAP net income reported.

 

Marvell Technology Group Ltd.

Outlook for the First Quarter of Fiscal Year 2022

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)






Outlook for Three Months Ended
May 1, 2021

GAAP net revenue

 $800 +/- 5%

Special items:

Non-GAAP net revenue

$800 +/- 5%



GAAP gross margin

~52.5%

Special items:


Share-based compensation

0.5%

Amortization of acquired intangible assets

10.5%

Non-GAAP gross margin

~63.5%



Total GAAP operating expenses

~ $391

Special items:


Share-based compensation

55

Amortization of acquired intangible assets

25

Restructuring related charges

4

Other operating expenses

7

Total non-GAAP operating expenses

~$300





GAAP diluted net income (loss) per share

 $(0.05) - $0.05

Special items:


Share-based compensation

0.08

Amortization of acquired intangible assets

0.16

Restructuring related charges

0.01

Other operating expenses

0.01

Other expense

0.01

Non-GAAP diluted net income per share

$0.23 - $0.31

 

Quarterly Revenue Trend (Unaudited)

(In thousands)





Three Months Ended


% Change


January 30,
2021


October 31,
2020


February 1,
2020


YoY


QoQ

Networking (1)

$

438,610



$

444,756



$

376,724



16

%


(1)

%

Storage (2)

326,412



276,279



296,486



10

%


18

%

   Total Core

765,022



721,035



673,210



14

%


6

%

Other (3)

32,797



29,108



44,461



(26)

%


13

%

Total Net Revenue

$

797,819



$

750,143



$

717,671



11

%


6

%

 


Three Months Ended

% of Total

January 30,
2021


October 31,
2020


February 1,
2020

Networking (1)

55

%


59

%


52

%

Storage (2)

41

%


37

%


41

%

   Total Core

96

%


96

%


93

%

Other (3)

4

%


4

%


7

%

Total Net Revenue

100

%


100

%


100

%


(1) Networking products are comprised primarily of Ethernet Solutions, Embedded Processors and Custom ASICs.

(2) Storage products are comprised primarily of Storage Controllers and Fibre Channel Adapters.

(3) Other products are comprised primarily of Printer Solutions.

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a leading provider of infrastructure semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-fourth-quarter-and-fiscal-year-2021-financial-results-301240047.html

SOURCE Marvell

Contact:
Company Name: Marvell
Web: http://www.marvell.com
Financial data for Marvell