Marvell Technology Group Ltd. Reports Third Quarter of Fiscal

Marvell Technology Group Ltd. Reports Third Quarter of Fiscal Year 2019 Financial Results

Marvell Technology Group Ltd.
Outlook for the Fourth Quarter of Fiscal Year 2019
Reconciliations from GAAP to Non-GAAP (Unaudited)
(In millions, except per share amounts)


	Outlook for Three Months Ended February 2, 2019
GAAP revenue	$790 - $830
Special items:	—
Non-GAAP revenue	$790 - $830

GAAP gross margin	46%
Special items:
Share-based compensation	0.2%
Amortization of acquired intangible assets	7%
Other costs of goods sold	12%
Non-GAAP gross margin	65%

Total GAAP operating expenses	$375 - $385
Special items:
Share-based compensation	55
Restructuring related charges	15
Amortization of acquired intangible assets	21
Other operating expenses	2
Total non-GAAP operating expenses	$285 - $290


GAAP diluted net income per share from continuing operations	$(0.05) - $(0.01)
Special items:
Other costs of goods sold	0.15
Share-based compensation	0.09
Restructuring related charges in operating expenses	0.02
Amortization of acquired intangible assets	0.12
Other (gains) and losses in interest and other income, net	(0.01)
Other income tax effects and adjustments	(0.02)
Non-GAAP diluted net income per share from continuing operations	$0.30 - $0.34

Quarterly Revenue Trend (Unaudited)
(In thousands)

	Three Months Ended						% Change
	November 3, 2018		August 4, 2018*		October 28, 2017		YoY		QoQ
Storage (1)	$	406,822	$	335,764	$	315,338	29	%	21	%
Networking (2)	398,424		283,330		253,159		57	%	41	%
Total Core	805,246		619,094		568,497		42	%	30	%
Other (3)	45,805		46,216		47,805		(4)	%	(1)	%
Total Revenue	$	851,051	$	665,310	$	616,302	38	%	28	%

* Results for the three months ended August 4, 2018 include total Cavium revenue from the period July 6, 2018 to August 4, 2018.

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