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.
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Marvell Technology Group Ltd. |
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Condensed Consolidated Statements of Operations (Unaudited) |
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(In thousands, except per share amounts) |
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Three Months Ended |
Nine Months Ended |
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November 3,
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August 4,
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October 28,
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November 3,
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October 28,
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Net revenue |
$ |
851,051 |
$ |
665,310 |
$ |
616,302 |
$ |
2,120,992 |
$ |
1,793,761 |
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Cost of goods sold |
467,464 |
288,200 |
238,533 |
984,602 |
705,303 |
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Gross profit |
383,587 |
377,110 |
377,769 |
1,136,390 |
1,088,458 |
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Operating expenses: |
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Research and development |
264,888 |
216,285 |
165,477 |
657,907 |
534,444 |
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Selling, general and administrative |
112,178 |
133,701 |
59,112 |
318,192 |
169,875 |
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Restructuring related charges |
27,031 |
35,415 |
3,284 |
64,013 |
8,455 |
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Total operating expenses |
404,097 |
385,401 |
227,873 |
1,040,112 |
712,774 |
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Operating income (loss) from continuing operations |
(20,510) |
(8,291) |
149,896 |
96,278 |
375,684 |
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Interest income |
1,046 |
3,575 |
4,301 |
10,690 |
11,643 |
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Interest expense |
(22,370) |
(15,795) |
(262) |
(38,409) |
(393) |
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Other income (loss), net |
(2,628) |
(2,701) |
2,161 |
(3,858) |
5,471 |
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Interest and other income (loss), net |
(23,952) |
(14,921) |
6,200 |
(31,577) |
16,721 |
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Income (loss) from continuing operations before income taxes |
(44,462) |
(23,212) |
156,096 |
64,701 |
392,405 |
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Provision (benefit) for income taxes |
9,305 |
(29,971) |
6,759 |
(16,903) |
8,026 |
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Income (loss) from continuing operations, net of tax |
(53,767) |
6,759 |
149,337 |
81,604 |
384,379 |
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Income from discontinued operations, net of tax |
— |
— |
50,851 |
— |
87,689 |
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Net income (loss) |
$ |
(53,767) |
$ |
6,759 |
$ |
200,188 |
$ |
81,604 |
$ |
472,068 |
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Net income (loss) per share — Basic: |
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Continuing operations |
$ |
(0.08) |
$ |
0.01 |
$ |
0.30 |
$ |
0.14 |
$ |
0.77 |
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Discontinued operations |
$ |
— |
$ |
— |
$ |
0.11 |
$ |
— |
$ |
0.17 |
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Net income (loss) per share - Basic |
$ |
(0.08) |
$ |
0.01 |
$ |
0.41 |
$ |
0.14 |
$ |
0.94 |
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Net income (loss) per share — Diluted: |
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Continuing operations |
$ |
(0.08) |
$ |
0.01 |
$ |
0.30 |
$ |
0.14 |
$ |
0.75 |
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Discontinued operations |
$ |
— |
$ |
— |
$ |
0.10 |
$ |
— |
$ |
0.17 |
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Net income (loss) per share - Diluted |
$ |
(0.08) |
$ |
0.01 |
$ |
0.40 |
$ |
0.14 |
$ |
0.92 |
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Weighted average shares: |
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Basic |
657,519 |
552,238 |
494,096 |
569,031 |
499,568 |
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Diluted |
657,519 |
562,149 |
504,903 |
578,872 |
510,935 |
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