Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2020 Financial Results

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.

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

                     
   

Three Months Ended

 

Year Ended

   

February 1,
2020

 

November 2,
2019

 

February 2,
2019

 

February 1,
2020

 

February 2,
2019

Net revenue

 

$

717,671

   

$

662,470

   

$

744,799

   

$

2,699,161

   

$

2,865,791

 

Cost of goods sold

 

412,927

   

322,403

   

422,797

   

1,342,220

   

1,407,399

 

Gross profit

 

304,744

   

340,067

   

322,002

   

1,356,941

   

1,458,392

 
                     

Operating expenses:

                   

Research and development

 

279,389

   

267,781

   

256,102

   

1,080,391

   

914,009

 

Selling, general and administrative

 

121,592

   

118,993

   

106,168

   

464,580

   

424,360

 

Restructuring related charges

 

18,258

   

14,802

   

12,740

   

55,328

   

76,753

 

Total operating expenses

 

419,239

   

401,576

   

375,010

   

1,600,299

   

1,415,122

 

Operating income (loss)

 

(114,495)

   

(61,509)

   

(53,008)

   

(243,358)

   

43,270

 

Interest income

 

1,379

   

1,092

   

1,236

   

4,816

   

11,926

 

Interest expense

 

(22,656)

   

(21,241)

   

(21,953)

   

(85,631)

   

(60,362)

 

Other income, net

 

1,124,179

   

689

   

4,377

   

1,122,555

   

519

 

Interest and other income (loss), net

 

1,102,902

   

(19,460)

   

(16,340)

   

1,041,740

   

(47,917)

 

Income (loss) before income taxes

 

988,407

   

(80,969)

   

(69,348)

   

798,382

   

(4,647)

 

Provision (benefit) for income taxes

 

(784,266)

   

1,532

   

191,350

   

(786,009)

   

174,447

 

Net income (loss)

 

$

1,772,673

   

$

(82,501)

   

$

(260,698)

   

$

1,584,391

   

$

(179,094)

 
                     

Net income (loss) per share - Basic

 

$

2.66

   

$

(0.12)

   

$

(0.40)

   

$

2.38

   

$

(0.30)

 
                     

Net income (loss) per share - Diluted

 

$

2.62

   

$

(0.12)

   

$

(0.40)

   

$

2.34

   

$

(0.30)

 
                     

Weighted average shares:

                   

Basic

 

665,562

   

668,178

   

657,835

   

664,709

   

591,232

Diluted

 

675,700

   

668,178

   

657,835

   

676,094

   

591,232


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