Marvell Technology Group Ltd.

 Outlook for the Fourth Quarter of Fiscal Year 2020

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)

Outlook for Three Months Ended

February 1, 2020

GAAP revenue

$750 +/- 3%

Special items:

—

Non-GAAP revenue

$750 +/- 3%

GAAP gross margin

45.5%

Special items:

Share-based compensation

0.3%

Amortization of acquired intangible assets

16.2%

Non-GAAP gross margin

62%

Total GAAP operating expenses

 $445 - $455

Special items:

Share-based compensation

65

Restructuring related charges

23

Amortization of acquired intangible assets

23

Other operating expenses

22

Total non-GAAP operating expenses

$315 - $320

GAAP diluted net loss per share

 $(0.23) - $(0.17)

Special items:

Share-based compensation

0.10

Amortization of acquired intangible assets

0.21

Restructuring related charges in operating expenses

0.04

Other operating expenses

0.03

Other income tax effects and adjustments

Non-GAAP diluted net income per share

Quarterly Revenue Trend (Unaudited)

(In thousands)

Three Months Ended

% Change

November 2,
2019

August 3,
2019

November 3,
2018

YoY

QoQ

Networking (1)

$

329,962

$

329,605

$

398,424

(17)

%

—

%

Storage (2)

287,708

274,905

406,822

(29)

%

5

%

   Total Core

617,670

604,510

805,246

(23)

%

2

%

Other (3)

44,800

52,058

45,805

(2)

%

(14)

%

Total Revenue

$

662,470

$

656,568

$

851,051

(22)

%

1

%