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

(PRNewswire) —

Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking, and wireless connectivity semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended January 28, 2017. Revenues for the fourth quarter of fiscal 2017 were $571 million, which exceeded the midpoint of the Company's guidance provided on November 17, 2016. 

GAAP net loss from continuing operations for the fourth quarter of fiscal 2017 was $77 million, or ($0.15) per share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2017 was $114 million, or $0.22 per diluted share. Cash flow from operations for the quarter was $119 million.

Revenue for fiscal year 2017 was $2.3 billion. GAAP net income from continuing operations for the full year was $44 million or $0.09 per diluted share. Non-GAAP net income from continuing operations for the full year was $331 million, or $0.63 per diluted share.

"Marvell delivered another strong performance in Q4'17, which demonstrates our team's ongoing commitment to the Company's transformation and the growing power of our business model," said Matt Murphy, President and Chief Executive Officer. "Our performance also demonstrates the strength of our portfolio in the data storage, network infrastructure and wireless connectivity markets, which are core to our business."

First Quarter of Fiscal 2018 Financial Outlook

Discontinued Operations
The Company's financial results for prior periods presented herein have been recast to reflect certain businesses that were classified as discontinued operations during the fourth quarter of fiscal year 2017.

Conference Call
Marvell will conduct a conference call on Thursday, March 2, 2017 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2017. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 67685468. The call will be webcast by Thomson Reuters and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until March 10, 2017.    

Investor Day
Marvell will hold its 2017 Investor Day at the St. Regis Hotel in New York City on March 10, 2017 from 9:30 a.m. – 12:30 p.m. Eastern Time. The live webcast and presentation materials will be available at  www.marvell.com/investors. During the presentation, Marvell's leadership team will provide an update on the company's strategy, business and products, and answer questions from attendees. 

Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization and write-off of acquired intangible assets, acquisition-related costs, restructuring and other  related charges, litigation settlement, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core operating performance. Non-GAAP diluted net income per share from continuing operations is calculated by dividing Non-GAAP net income from continuing operations by Non-GAAP weighted average shares outstanding (diluted).  For purposes of calculating Non-GAAP diluted net income per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of share-based compensation expected to be incurred in future periods but not yet recognized in the financial statements. The expected compensation costs are treated as additional proceeds assumed to be used to repurchase shares under the GAAP treasury stock method. 

Marvell believes that the presentation of Non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses Non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing Non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. 

Externally, management believes that investors may find Marvell's Non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's Non-GAAP financial measures are used in the following areas:

Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. Marvell expects to continue to incur expenses similar to the Non-GAAP adjustments described above, and exclusion of these items from Marvell's Non-GAAP net income should not be construed as an inference that these costs are unusual, infrequent or non-recurring.   

Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including: Marvell's expectations regarding its first quarter of fiscal 2018 financial outlook; and Marvell's use of Non-GAAP financial measures as important supplemental information. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would" and similar expressions identify such forward-looking statements.  These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: adverse impacts of litigation or regulatory activities; Marvell's ability to implement its restructuring in a timely manner; the amount and timing of anticipated charges associated with the restructuring; Marvell's ability to increase its operational efficiency and decrease its operating expenses to the anticipated level; its ability to divest certain non-strategic businesses within the anticipated timeframes and with the anticipated cost savings; actions that may be taken by Marvell as a result of the Audit Committee's investigation; Marvell's ability to compete in products and prices in an intensely competitive industry; Marvell's reliance on the hard disk drive and wireless markets, which are highly cyclical and intensely competitive; costs and liabilities relating to current and future litigation; Marvell's reliance on a few customers for a significant portion of its revenue; severe financial hardship or bankruptcy of one or more of Marvell's major customers; Marvell's ability to develop and introduce new and enhanced products in a timely and cost effective manner and the adoption of those products in the market; seasonality in sales of consumer devices in which Marvell's products are incorporated; uncertainty in the worldwide economic conditions; risks associated with manufacturing and selling a majority of Marvell's products and Marvell's customers' products outside of the United States; risks associated with acquisition and consolidation activity in the semiconductor industry; and other risks detailed in Marvell's SEC filings from time to time. For other factors that could cause Marvell's results to vary from expectations, please see the risk factors identified in Marvell's Quarterly Report on Form 10-Q for the fiscal quarter ended October 29, 2016 as filed with the SEC on December 6, 2016, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.

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, network infrastructure, and wireless 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.

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)






















Three Months Ended


Year Ended







January 28,


October 29,


January 30,


January 28,


January 30,







2017


2016


2016


2017


2016
















Net revenue




$       571,400


$           626,092


$        602,513


$       2,317,674


$       2,649,216

Cost of goods sold



243,883


268,313


292,288


1,029,527


1,442,517

Gross profit




327,517


357,779


310,225


1,288,147


1,206,699

Operating expenses:













Research and development


228,669


209,905


225,577


880,050


1,041,922


Selling and marketing



29,154


29,237


29,849


118,311


126,113


General and administrative


80,347


28,754


37,566


181,416


804,071


Amortization and write-off of acquired intangible assets

1,480


2,299


2,300


8,376


10,098



Total operating expenses


339,650


270,195


295,292


1,188,153


1,982,204

Operating income (loss)



(12,133)


87,584


14,933


99,994


(775,505)

Interest and other income, net


3,780


5,470


1,084


17,022


17,685

Income (loss) from continuing operations before income taxes

(8,353)


93,054


16,017


117,016


(757,820)

Provision (benefit) for income taxes


68,524


15,600


(1,156)


73,022


11,335

Income (loss) from continuing operations

(76,877)


77,454


17,173


43,994


(769,155)

Loss from discontinued operations, net of tax

(3,214)


(4,838)


(12,973)


(22,843)


(42,245)

Net income (loss)



$        (80,091)


$             72,616


$            4,200


$            21,151


$        (811,400)
















Net income (loss) per share - Basic:












Continuing operations



$            (0.15)


$                 0.15


$              0.03


$                0.09


$              (1.51)


Discontinued operations


(0.01)


(0.01)


(0.02)


(0.05)


(0.08)

Net income (loss) per share basic


$            (0.16)


$                 0.14


$              0.01


$                0.04


$              (1.59)
















Net income (loss) per share - Diluted:











       Continuing operations



$            (0.15)


$                 0.15


$              0.03


$                0.09


$              (1.51)

       Discontinued operations


(0.01)


(0.01)


(0.02)


(0.05)


(0.08)

Net income (loss) per share diluted


$            (0.16)


$                 0.14


$              0.01


$                0.04


$              (1.59)
















Shares used in computing basic earnings (loss) per share

507,834


511,090


506,352


509,738


510,945

Shares used in computing diluted earnings (loss) per share

507,834


522,091


508,590


517,513


510,945

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)




















January 28,


January 30,

Assets






2017


2016

Current assets:










Cash, cash equivalents and short-term investments


$        1,668,360


$        2,282,749


Accounts receivable, net




335,384


323,300


Inventories






171,969


200,958


Prepaid expenses and other current assets


58,771


102,560


Current assets held for sale




45,846


45,095



Total current assets




2,280,330


2,954,662

Property and equipment, net




243,397


296,778

Long-term investments





4,615


11,296

Goodwill and acquired intangible assets, net



2,006,984


2,015,360

Other non-current assets




113,324


164,031



Total assets





$        4,648,650


$        5,442,127












Liabilities and Shareholders' Equity






Current liabilities:









Accounts payable





$           143,484


$           180,372


Accrued liabilities





283,138


253,691


Carnegie Mellon University accrued litigation settlement

-


736,000


Deferred income





68,124


53,973


Current liabilities held for sale



1,670


1,749



Total current liabilities




496,416


1,225,785

Other non-current liabilities




124,583


76,219



Total liabilities





620,999


1,302,004












Shareholders' equity:









Common stock





1,012


1,015


Additional paid-in capital




3,016,775


3,028,921


Accumulated other comprehensive income (loss)


23


(795)


Retained earnings





1,009,841


1,110,982



Total shareholders' equity



4,027,651


4,140,123



Total liabilities and shareholders' equity


$        4,648,650


$        5,442,127

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

























Three Months Ended



Year Ended









January 28,


January 30,



January 28,


January 30,









2017


2016



2017


2016

Cash flows from operating activities:












Net income (loss)





$        (80,091)


$            4,200



$         21,151


$       (811,400)

Adjustments to reconcile net income (loss) to net cash provided










  by operating activities:














Depreciation and amortization





26,683


22,800



107,851


100,176


Share-based compensation





24,058


32,419



113,970


133,779


Amortization and write-off of acquired intangible assets



1,965


2,947



10,641


12,688


Impairment of long-lived assets and restructuring related charges


50,500


289



52,581


16,032


Other non-cash expense (income), net




(1,013)


7,885



7


13,811


Excess tax benefits from share-based compensation



(27)


1



(37)


(26)


Changes in assets and liabilities:














Accounts receivable





26,811


57,628



(12,084)


97,655



Inventories





18,381


69,544



29,325


90,586



Prepaid expenses and other assets(a)




12,300


(35,245)



9,722


(17,113)



Accounts payable





(38,694)


(62,163)



(28,153)


(105,898)



Accrued liabilities and other non-current liabilities (a)


64,238


(25,933)



(695,497)


720,798



Accrued employee compensation




7,597


(18,702)



18,016


(33,338)



Deferred income





6,138


(2,364)



14,072


(12,398)




Net cash provided by (used in) operating activities


118,846


53,306



(358,435)


205,352

Cash flows from investing activities:













Purchases of available-for-sale securities




(146,046)


(133,215)



(489,856)


(1,056,045)


Sales and maturities of available-for-sale securities



199,217


477,301



856,254


1,303,500


Purchase of time deposits





(75,000)


-



(275,000)


-


Maturities of time deposits





75,000


-



125,000


-


Distribution from (investments in) privately-held companies


(258)


(119)



16


(41)


Purchases of technology licenses




(1,870)


(1,579)



(10,309)


(8,236)


Purchases of property and equipment




(6,786)


(3,894)



(44,510)


(37,255)


Purchase of equipment previously leased 




-


-



-


(10,240)


Net proceeds from sale of equipment held for sale



-


-



-


10,007




Net cash provided by investing activities





44,257


338,494



161,595


201,690

Cash flows from financing activities:













Repurchase of common stock (b)




(125,033)


-



(181,564)


(260,875)


Proceeds from employee stock plans




62,383


21,369



74,219


80,717


Minimum tax withholding paid on behalf of employees 












 for net share settlement





(402)


(482)



(16,683)


(24,358)


Dividend payments to shareholders





(30,457)


(30,447)



(122,292)


(122,821)


Payments on technology license obligations





(7,117)


(1,112)



(20,965)


(12,528)


Excess tax benefits from share-based compensation



27


(1)



37


26




Net cash used in financing activities



(100,599)


(10,673)



(267,248)


(339,839)

Net increase (decrease) in cash and cash equivalents



62,504


381,127



(464,088)


67,203

Cash and cash equivalents at beginning of period



751,588


897,053



1,278,180


1,210,977

Cash and cash equivalents at end of period




$       814,092


$     1,278,180



$       814,092


$      1,278,180

































(a) 

The Company agreed to pay a total of $750.0 million to CMU in connection with the settlement agreement that was reached in February 2016. Of this settlement, the Company recognized a charge of $736.0 million in fiscal 2016. The remaining $14.0 million was recorded in prepaid expenses and other assets, to be recognized in cost of goods sold over the remaining term of the license from February 2016 through April 2018. For further detail of the accounting for the settlement, see "Note 13 – Carnegie Mellon University Settlement" in the Notes to the Unaudited Condensed  Consolidated Financial Statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended October 29, 2016.



(b) 

Marvell records all repurchases of common stock consistent with the way it records investment purchases and sales, based on trade date in accordance with U.S. GAAP. 

 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP

(Unaudited)

(In thousands, except per share amounts)






















Three Months Ended


Year Ended







January 28,


October 29,


January 30,


January 28,


January 30,







2017


2016


2016


2017


2016
















GAAP gross profit from continuing operations:



$       327,517


$    357,779


$      310,225


$     1,288,147


$     1,206,699

Special items:














Share-based compensation



1,641


2,189


1,826


8,334


7,787


Restructuring and other related charges (a)



-


-


7


-


10,292


Amortization of and write-off acquired intangible assets


-


-


-


-


733


Other cost of good sold (b)



-


-


3,710


-


84,558

Total special items




1,641


2,189


5,543


8,334


103,370

Non-GAAP gross profit



$       329,158


$    359,968


$      315,768


$     1,296,481


$     1,310,069
















GAAP gross margin from continuing operations



57.3%


57.1%


51.5%


55.6%


45.5%

Non-GAAP gross margin 



57.6%


57.5%


52.4%


55.9%


49.5%
















Total GAAP operating expenses from continuing operations


$       339,650


$    270,195


$      295,292


$     1,188,153


$     1,982,204

Special items:














Share-based compensation



(20,764)


(23,826)


(28,365)


(96,426)


(118,174)


Restructuring and other related charges (a)



(98,860)


(1,164)


(4,389)


(105,186)


(53,251)


Amortization of and write-off acquired intangible assets


(1,480)


(2,299)


(2,300)


(8,376)


(10,098)


CMU Litigation settlement



-


-


-


-


(654,667)


Other operating expenses (c)



(315)


-


(6,836)


(1,544)


(43,914)

Total special items




(121,419)


(27,289)


(41,890)


(211,532)


(880,104)

Total non-GAAP operating expenses



$        218,231


$    242,906


$      253,402


$        976,621


$     1,102,100































GAAP net income (loss)



$        (80,091)


$      72,616


$          4,200


$          21,151


$      (811,400)


Net loss from discontinued operations



3,214


4,838


12,973


22,843


42,245

GAAP net income (loss) from continuing operations


(76,877)


77,454


17,173


43,994


(769,155)

Special items:














Share-based compensation



22,405


26,015


30,191


104,760


125,961


Restructuring and other related charges (a)



98,860


1,164


4,396


105,186


63,543


Amortization of and write-off acquired intangible assets


1,480


2,299


2,300


8,376


10,831


CMU Litigation settlement



-


-


-


-


654,667


Other operating expenses (c)



315


-


10,546


1,544


128,472

Pre-tax total special items



123,060


29,478


47,433


219,866


983,474

Non-GAAP income before income taxes



46,183


106,932


64,606


263,860


214,319

Tax effect of special items (d)



67,989


-


-


66,918


11,511

Non-GAAP net income from continuing operations



$       114,172


$    106,932


$        64,606


$        330,778


$        225,830
















Weighted average shares - basic



507,834


511,090


506,352


509,738


510,945

Weighted average shares - diluted



507,834


522,091


508,590


517,513


510,945

Non-GAAP weighted average shares - diluted



528,141


531,831


518,568


527,197


526,294
















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


$            (0.15)


$          0.15


$            0.03


$              0.09


$            (1.51)

Non-GAAP diluted net income per share from continuing operations


$              0.22


$          0.20


$            0.12


$              0.63


$              0.43
















(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 and the write down of inventories. 



(b) 

Other COGS include charges recognized for pending and settled litigation proceedings in three and twelve months ended January 30, 2016.



(c) 

Other operating expenses in the three and twelve months ended January 30, 2016 include costs of $2.9 million and $11.4 million, respectively, for the surety bonds related to the litigation with CMU, and expenses of $3.9 million and $5.0 million, respectively, related to retention bonuses offered to employees who remained through the ramp down of certain operations due to the restructuring action announced in September 2015. Other operating expenses for the twelve months ended January 30, 2016 include charges recognized for pending and settled litigation proceedings of $12.1 million, and for a payment of $15.4 million due to our former Chief Executive Officer. 



(d) 

Tax effect of special items in the three and twelve months ended January 28, 2017 include $68.0 million of tax expense related to restructuring actions taken, which was offset in the twelve months ended January 28, 2017 by $1.1 million related tax effect of the payment to our former Chief Executive Officer. For the twelve months ended January 30, 2016, tax effect of special items included $8.4 million of tax expense related to the restructuring actions in fiscal 2016 and $3.1 million related to the payment to our former Chief Executive Officer. 

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)




















Three Months Ended







January 28,


October 29,


July 30,


April 30,







2017


2016


2016


2016














Net revenue




$       571,400


$           626,092


$        600,799


$            519,383

Cost of goods sold



243,883


268,313


272,977


244,354

Gross profit




327,517


357,779


327,822


275,029

Operating expenses:











Research and development


228,669


209,905


214,122


227,354


Selling and marketing



29,154


29,237


29,826


30,094


General and administrative


80,347


28,754


36,916


35,399


Amortization and write-off of acquired intangible assets

1,480


2,299


2,299


2,298



Total operating expenses


339,650


270,195


283,163


295,145

Operating income (loss)



(12,133)


87,584


44,659


(20,116)

Interest and other income, net


3,780


5,470


6,284


1,488

Income (loss) from continuing operations before income taxes

(8,353)


93,054


50,943


(18,628)

Provision (benefit) for income taxes


68,524


15,600


(5,745)


(5,357)

Income (loss) from continuing operations

(76,877)


77,454


56,688


(13,271)

Loss from discontinued operations, net of tax

(3,214)


(4,838)


(5,383)


(9,408)

Net income (loss)



$        (80,091)


$             72,616


$          51,305


$            (22,679)














Net income (loss) per share - Basic:










Continuing operations



$            (0.15)


$                 0.15


$              0.11


$                (0.03)


Discontinued operations


(0.01)


(0.01)


(0.01)


(0.01)

Net income (loss) per share basic


$            (0.16)


$                 0.14


$              0.10


$                (0.04)














Net income (loss) per share - Diluted:









       Continuing operations



$            (0.15)


$                 0.15


$              0.11


$                (0.03)

       Discontinued operations


(0.01)


(0.01)


(0.01)


(0.01)

Net income (loss) per share diluted


$            (0.16)


$                 0.14


$              0.10


$                (0.04)














Shares used in computing basic earnings (loss) per share

507,834


511,090


511,235


508,794

Shares used in computing diluted earnings (loss) per share

507,834


522,091


514,314


508,794

 

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. 

 

T. Peter Andrew
Vice President, Investor Relations
408-222-1145
Email Contact

 

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-fourth-quarter-and-fiscal-year-2017-financial-results-300417246.html

SOURCE Marvell Technology Group Ltd.

Contact:
Marvell Technology Group Ltd.
Web: http://www.marvell.com