Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2017 Financial Results

 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP

(Unaudited)

(In thousands, except per share amounts)












Three Months Ended



January 28,


October 29,


July 30,


April 30,



2017


2016


2016


2016










GAAP gross profit from continuing operations:

$    327,517


$   357,779


$ 327,822


$ 275,029

Special items:









Share-based compensation

1,641


2,189


2,720


1,784

Non-GAAP gross profit

$    329,158


$   359,968


$ 330,542


$ 276,813










GAAP gross margin from continuing operations

57.3%


57.1%


54.6%


53.0%

Non-GAAP gross margin 

57.6%


57.5%


55.0%


53.3%










Total GAAP operating expenses from continuing operations

$    339,650


$   270,195


$ 283,163


$ 295,145

Special items:









Share-based compensation

(20,764)


(23,826)


(31,440)


(20,396)


Restructuring and other related charges (a)

(98,860)


(1,164)


(721)


(4,441)


Amortization of and write-off acquired intangible assets

(1,480)


(2,299)


(2,299)


(2,298)


Other operating expenses

(315)


-


13


(1,242)

Total special items

(121,419)


(27,289)


(34,447)


(28,377)

Total non-GAAP operating expenses

$    218,231


$   242,906


$ 248,716


$ 266,768



















GAAP net income (loss)

$    (80,091)


$     72,616


$   51,305


$ (22,679)


Net loss from discontinued operations

3,214


4,838


5,383


9,408

GAAP net income (loss) from continuing operations

(76,877)


77,454


56,688


(13,271)

Special items:









Share-based compensation

22,405


26,015


34,160


22,180


Restructuring and other related charges (a)

98,860


1,164


721


4,441


Amortization of and write-off acquired intangible assets

1,480


2,299


2,299


2,298


Other operating expenses

315


-


(13)


1,242

Pre-tax total special items

123,060


29,478


37,167


30,161

Non-GAAP income before income taxes

46,183


106,932


93,855


16,890

Tax effect of special items (b)

67,989


-


-


(1,071)

Non-GAAP net income from continuing operations

$    114,172


$   106,932


$   93,855


$   15,819










Weighted average shares - basic

507,834


511,090


511,235


508,794

Weighted average shares - diluted

507,834


522,091


514,314


508,794

Non-GAAP weighted average shares - diluted

528,141


531,831


526,453


522,363










GAAP diluted net income (loss) per share from continuing operations

$        (0.15)


$         0.15


$       0.11


$     (0.03)

Non-GAAP diluted net income per share from continuing operations

$          0.22


$         0.20


$       0.18


$       0.03










(a)

Restructuring and other related charges include costs that qualify under U.S. GAAP as restructuring costs and other incremental charges that are a direct result of restructuring. Examples of other incremental charges include impairment of equipment specifically identified as part of the restructuring action. 



(b)

Tax effect of special items in the three months ended January 28, 2017 include $68.0 million of tax expense related to restructuring actions taken. Tax effect of special items in the three months ended April 30, 2016 include $1.1 million related tax effect of the payment to our former Chief Executive Officer. 


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