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, networking 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.
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Marvell Technology Group Ltd. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | ||||||||||||
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Three Months Ended | ||||||||||
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May 5,
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February 3,
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April 29,
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Net revenue |
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$ |
604,631 |
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$ |
615,409 |
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$ |
572,709 |
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Cost of goods sold |
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228,938 |
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|
241,927 |
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227,198 |
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Gross profit |
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375,693 |
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373,482 |
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345,511 |
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Operating expenses: |
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Research and development |
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176,734 |
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180,000 |
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188,096 |
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Selling, general and administrative |
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72,313 |
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68,291 |
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55,104 |
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Litigation settlement (a) |
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— |
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74,385 |
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— |
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Restructuring related charges (gain) |
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1,567 |
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(3,205) |
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|
886 |
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Total operating expenses |
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250,614 |
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319,471 |
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244,086 |
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Operating income from continuing operations |
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125,079 |
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54,011 |
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|
101,425 |
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Interest and other income, net |
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7,296 |
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4,788 |
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3,333 |
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Income from continuing operations before income taxes |
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132,375 |
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|
58,799 |
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|
104,758 |
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Provision for income taxes |
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3,763 |
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10,036 |
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|
5,166 |
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Income from continuing operations, net of tax |
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128,612 |
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|
48,763 |
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|
99,592 |
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Income from discontinued operations, net of tax |
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— |
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— |
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7,029 |
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Net income |
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$ |
128,612 |
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$ |
48,763 |
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$ |
106,621 |
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Net income per share — Basic: |
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Continuing operations |
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$ |
0.26 |
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$ |
0.10 |
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$ |
0.20 |
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Discontinued operations |
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$ |
— |
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$ |
— |
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$ |
0.01 |
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Net income per share - Basic |
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$ |
0.26 |
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$ |
0.10 |
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$ |
0.21 |
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Net income per share — Diluted: |
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Continuing operations |
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$ |
0.25 |
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$ |
0.10 |
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$ |
0.20 |
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Discontinued operations |
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$ |
— |
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$ |
— |
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$ |
0.01 |
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Net income per share - Diluted |
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$ |
0.25 |
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$ |
0.10 |
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$ |
0.21 |
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Weighted average shares: |
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Basic |
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497,335 |
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493,663 |
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503,790 |
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Diluted |
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508,716 |
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506,197 |
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517,592 |
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(a) |
Represents legal settlement and associated costs related to Luna shareholder litigation matter. |
