Marvell Technology Group Ltd.

 Outlook for the Fourth Quarter of Fiscal Year 2021

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)

Outlook for Three Months Ended
January 30, 2021

GAAP revenue

$785 +/- 5%

Special items:

Non-GAAP revenue

$785 +/- 5%

GAAP gross margin

~52.8%

Special items:

Share-based compensation

0.5%

Amortization of acquired intangible assets

10.7%

Non-GAAP gross margin

~64%

Total GAAP operating expenses

~$379

Special items:

Share-based compensation

53

Amortization of acquired intangible assets

26

Restructuring related charges

15

Other operating expenses

5

Total non-GAAP operating expenses

~$280

GAAP diluted net income (loss) per share

 $(0.03) - $0.07

Special items:

Share-based compensation

0.08

Amortization of acquired intangible assets

0.16

Restructuring related charges

0.02

Other operating expenses

0.01

Other expense

0.01

Other income tax effects and adjustments

Non-GAAP diluted net income per share

$0.25 - $0.33

Quarterly Revenue Trend (Unaudited)

(In thousands)

Three Months Ended

% Change

October 31,
2020

August 1,
2020

November 2,
2019

YoY

QoQ

Networking (1)

$

444,756

$

406,008

$

329,962

35

%

10

%

Storage (2)

276,279

290,495

287,708

(4)

%

(5)

%

   Total Core

721,035

696,503

617,670

17

%

4

%

Other (3)

29,108

30,794

44,800

(35)

%

(5)

%

Total Revenue

$

750,143

$

727,297

$

662,470

13

%

3

%

Three Months Ended

% of Total

October 31,
2020

August 1,
2020

November 2,
2019

Networking (1)

59

%

56

%

50

%

Storage (2)

37

%

40

%

43

%

   Total Core

96

%

96

%

93

%

Other (3)

4

%

4

%

7

%

Total Revenue

100

%

100

%

100

%

(1)  Networking products are comprised primarily of Ethernet Solutions, Embedded Processors and Custom ASICs.

(2)  Storage products are comprised primarily of Storage Controllers and Fibre Channel Adapters.

(3)  Other products are comprised primarily of Printer Solutions.