SANTA CLARA, Calif.,
Dec. 7, 2015 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global
leader in integrated silicon solutions, today reported preliminary
financial results for the third quarter of fiscal 2016, ended
October 31, 2015, and reported
updated preliminary financial results for the second quarter of
fiscal 2016, ended August 1, 2015.
The preliminary financial information presented in this press
release has not been reviewed by an independent registered public
accounting firm. See "Financial Information Is Preliminary and May
Be Subject to Change" below.
Key Third Quarter of Fiscal 2016 Financial Highlights
(Preliminary)
- Revenue: Q3 FY 2016, $674
Million
- GAAP Net Loss: Q3 FY 2016, ($62)
Million
- GAAP Loss Per Share: Q3 FY 2016, ($0.12)
- Non-GAAP Net Income: Q3 FY 2016, $28
Million
- Non-GAAP Diluted EPS: Q3 FY 2016, $0.05
- Free Cash Flow: Q3 FY 2016, $54
Million
- Restructuring and other related charges of $46 Million
- Cash and ST Investments: $2.3
Billion
Third Quarter of Fiscal 2016
Revenues for the
third quarter of fiscal 2016 were $674
million, down approximately 5 percent from $711 million in the second quarter of fiscal
2016, ended August 1, 2015, and down
approximately 28 percent from $930
million in the third quarter of fiscal 2015, ended
November 1, 2014.
In the third quarter of fiscal 2016, storage revenue declined
16% sequentially reflecting lower demand from HDD customers but was
offset slightly by better-than-expected SSD controller sales.
Networking revenue in the third quarter of fiscal 2016 declined 8%
sequentially reflecting continued weak demand for enterprise
networking products while mobile and wireless revenue grew 15%
sequentially on stronger smartphone demand, particularly in the
low-end. We are restructuring the mobile business as it relates to
mobile handsets only. The Company anticipates mobile
handset platform-related revenue to decline through fiscal year
2017 due to the restructuring actions announced on September 24, 2015. The Company is in the
process of assessing which transactions should be considered
as "pull-in" transactions for which revenue is properly
recognized in a quarter but would have been expected to be received
and earned in the subsequent quarter. This process includes
continued assessment of the amount of revenue recognized in the
second quarter of fiscal 2016 derived from pull-in transactions,
which is subject to the Audit Committee's investigation.
Although the Company believes revenue attributable to "pull-ins"
was properly recognized in the second and third quarters of fiscal
2016, the amount of "pull-ins" has had an impact on the revenue
attributable to each such quarter.
The U.S. GAAP net loss for the third quarter of fiscal 2016 was
($62) million, or ($0.12) loss per share compared with a GAAP net
loss of ($403) million, or
($0.78) loss per share, for the
second quarter of fiscal 2016, and GAAP net income of $115 million, or $0.22 per share (diluted), for the third quarter
of fiscal 2015.
Non-GAAP net income for the third quarter of fiscal 2016 was
$28 million, or $0.05 per share (diluted), which included
adjustments of approximately $90
million including: $46 million
for restructuring related to the mobile handset platform business,
$31 million for share-based
compensation, $6 million for
litigation reserves and approximately $6
million for other items. By comparison, non-GAAP net income
for the second quarter of fiscal 2016 was $62 million, or $0.12 per share (diluted), which included
adjustments of approximately $465
million including; $395
million for litigation reserves, $37
million for share-based compensation, $27 million in restructuring expense which
includes a $14 million write-down of
inventory related to the mobile handset platform business, and
approximately $7 million for other
items. Non-GAAP net income for the third quarter of fiscal 2015 was
$155 million, or $0.29 per share (diluted), which included
adjustments of approximately $40
million including; $34 million
for share-based compensation and approximately $6 million for other items. Refer to the GAAP to
Non-GAAP reconciliation table and related footnotes contained in
this press release for more details.
Marvell reports net income, basic and diluted net income per
share, in accordance with U.S. generally accepted accounting
principles (GAAP) and on a non-GAAP basis as outlined below.
Reconciliations of GAAP net income to non-GAAP net income for the
three months ended October 31, 2015,
August 1, 2015, and November 1, 2014 appear in the financial
statements below. Non-GAAP net income, where applicable, excludes
the effect of share-based compensation, amortization and write-off
of acquired intangible assets, acquisition-related costs,
restructuring and other related charges, estimated litigation
reserves and settlements, and certain one-time expenses and
benefits that are driven by discrete events that management does
not consider to be directly related to Marvell's core operating
performance.
GAAP gross margin percentage for the third quarter of fiscal
2016 was 43.3 percent, compared to (7.3%) for the second quarter of
fiscal 2016 and 51.1 percent for the third quarter of fiscal
2015.
Gross margin percentage was impacted in the third and second
quarters of fiscal 2016 by restructuring and other related charges
of $10 million and $14 million, respectively, an additional
$6 million in litigation reserves for
the third quarter and $383 million in
litigation reserves in the second quarter. Excluding the impact of
these and other items, the non-GAAP gross margin percentage for the
third quarter of fiscal 2016 was 46.1 percent, compared to 48.9
percent for the second quarter of fiscal 2016 and 51 percent for
the third quarter of fiscal 2015. The third quarter GAAP and
Non-GAAP gross margin percentages were negatively impacted due to a
higher mix of lower margin mobile-related revenues. Refer to the
GAAP to Non-GAAP reconciliation table and related footnotes at the
end of this press release for more details.
Operating expenses on a GAAP basis for the third quarter of
fiscal 2016 were $354 million, or 3%
lower compared with $366 million in
the second quarter of fiscal year 2016, and 1% lower compared to
$360 million in the third quarter of
fiscal 2015.
Excluding the impact of the restructuring charges of
$35 million and $13 million in the third and second quarter of
fiscal year 2016, respectively, $12
million of additional litigation reserves in the second
quarter as well as other items which are included in operating
expenses, non-GAAP operating expenses were $283 million in the third quarter compared to
$300 million in the second quarter, a
6% decline and $319 million in the
third quarter of fiscal 2015, an 11% decline. Refer to the GAAP to
Non-GAAP reconciliation and related footnotes contained in this
press release for more details.
Shares used to compute GAAP net income per diluted share for the
third quarter of fiscal 2016 were 505 million shares, compared
with 516 million shares in the second quarter of fiscal 2016 and
520 million shares in the third quarter of fiscal 2015.
Shares used to compute non-GAAP net income per diluted share for
the third quarter of fiscal 2016 were 519 million shares, compared
with 533 million shares for the second quarter of fiscal 2016 and
533 million shares for the third quarter of fiscal 2015.
Cash flow from operations for the third quarter of fiscal 2016
were $67 million, compared to
$27 million in the second quarter of
fiscal 2016 and $181 million reported
in the third quarter of fiscal 2015. Free cash flow for the
third quarter of fiscal 2016 was $54
million, compared to the $3
million in the second quarter of fiscal 2016 and the
$154 million reported in the third
quarter of fiscal 2015. Free cash flow as presented above is
defined as cash flow from operations, less capital expenditures and
purchases of technology licenses reported under investing and
financing activities in the consolidated statement of cash flows.
Under the company's authorized share repurchase program, Marvell
repurchased approximately 18 million shares for a total of
$239 million in the third and second
quarters of fiscal 2016. The remaining authorized amount for share
repurchases at the end of the third quarter of fiscal 2016 was
approximately $183 million.
Marvell paid a quarterly dividend of $0.06 per share on October
22, 2015 to all shareholders of record as of October 8, 2015. On December 1, 2015, Marvell's Board of Directors
declared a quarterly dividend of $0.06 per share to all shareholders of record on
December 16, 2015.
The payment of future quarterly cash dividends on Marvell's
common shares is subject to, among other things, the completion of
the restructuring of the mobile handset platform business, the best
interests of its shareholders, its results of operations, cash
balances and future cash requirements, financial condition,
developments in ongoing litigation, statutory requirements of
Bermuda law, and other factors
that the board of directors may deem relevant.
Key Second Quarter of Fiscal 2016 Preliminary Financial
Highlights
(Updated)
- Revenue: Q2 FY 2016, $711
Million
- GAAP Net Loss: Q2 FY 2016, ($403)
Million
- GAAP Loss Per Share: Q2 FY 2016, ($0.78)
- Non-GAAP Net Income: Q2 FY 2016, $62
Million
- Non-GAAP Diluted EPS: Q2 FY 2016, $0.12
- Free Cash Flow: Q2 FY 2016, $3
Million
- Cash and ST Investments: $2.3
Billion
In the second quarter of fiscal 2016 the Company recorded
litigation reserves of $395 million.
Excluding this item, the impact of restructuring and other related
charges of $27 million which includes
a $14 million write-down of inventory
related to the mobile handset platform business, and other non-GAAP
adjustments, the Company reported non-GAAP net income of
$62 million or $0.12 per share in the second quarter of fiscal
2016. Refer to the GAAP to non-GAAP reconciliation and
related footnotes contained in the press release for more
information.
On September 11, 2015 Marvell
released a preliminary statement of operations for the second
quarter of fiscal 2016, ended August 1,
2015 and announced that the Audit Committee of the Company's
Board of Directors was conducting an independent investigation of
certain accounting and internal control matters in the second
quarter of fiscal 2016, which is further described below.
Due to the Company's delayed filing of its Form 10-Q, the
Company is obligated to continue to adjust its financial results to
account for subsequent activities (Type 1 subsequent events)
occurring after September 11, 2015.
For the second quarter of fiscal 2016, adjustments that have been
recorded to the Company's preliminary financial results due to the
delayed filing as a result of matters occurring after September 11, 2015 comprise a $15 million charge that includes a write down of
inventory primarily associated with certain products for the mobile
handset platform business that the Company announced it was
restructuring, $2.1 million of
additional other charges and a $3.5
million reduction in income tax benefit. Accordingly, the
Company's GAAP net loss and GAAP diluted loss per share for the
second quarter of fiscal 2016 are approximately ($21) million and ($0.04) more than previously reported
respectively.
Financial Information Is Preliminary and May Be Subject To
Change
The unaudited interim financial information
presented in this press release is preliminary and has not been
reviewed by an independent registered public accounting firm.
Due to the Company's delayed filing of its Form 10-Q, the Company
is obligated to continue to adjust its financial results for the
second and third quarters of fiscal 2016 to account for subsequent
activities (Type 1 subsequent events) occurring after the release
of this press release. As noted above, the Company's net loss
and net loss per share for the second quarter of fiscal 2016
increased as compared to the Company's GAAP net loss and net loss
per share announced on September 11,
2015 to account for subsequent events. As a result, if
the Company reports information about the second and third quarters
of fiscal 2016 in the future, and when Marvell files its Quarterly
Reports on Form 10-Q for these periods, the financial statements
are likely to differ from the results disclosed in this press
release, and the differences may be material. The final
financial results reported for these periods may also differ from
the results reported in this release as a result of the Audit
Committee's ongoing investigation described under the heading
"Audit Committee Investigation and Related Matters" and review
procedures to be performed by an independent registered public
accounting firm. Refer to the GAAP and non-GAAP related
footnotes contained in the press release for more
information.
Audit Committee Investigation and Related
Matters
Marvell's Audit Committee is conducting an
independent investigation of certain accounting and internal
control matters. The investigation generally includes a
review of certain revenue recognized in the first and second
quarters of fiscal 2016 and the fourth quarter of fiscal 2015, the
accrual of a litigation reserve, and the initial assertion by the
Company's CEO and Chairman of ownership of certain patent rights
related to his Final-Level Cache invention and his later assignment
of associated patent applications to the Company. The Audit
Committee is also reviewing disclosure concerning the foregoing
matters and related circumstances, and whether senior management's
operating style during the relevant periods resulted in an open
flow of information and communication to set an appropriate tone
for an effective control environment. With respect to revenue
recognition, the investigation to date has focused on and has been
limited to revenue recognized in the first and second quarters of
fiscal 2016 and the fourth quarter of fiscal 2015 with respect to
transactions that, based upon the original customer request date,
would have been received and earned in the subsequent quarter, and
accordingly became no longer available for receipt in such
subsequent quarter. It is common for governmental
agencies to open investigations in these circumstances and the
Company has been contacted by the Securities and Exchange
Commission and the United States
Attorney's Office regarding the Audit Committee
investigation. The Company is cooperating voluntarily with
the requests of these agencies relating to matters subject to the
Audit Committee's investigation and certain other matters in hopes
of resolving their inquiries in a timely fashion.
NASDAQ Compliance Plan
Marvell announced on
September 14, 2015 that it received a
notice from The NASDAQ Stock Market stating that the Company is not
in compliance with NASDAQ Marketplace Rule 5250(c)(1) because the
Company has not timely filed its Quarterly Report on Form 10-Q for
the fiscal quarter ended August 1, 2015. On December 1, 2015,
Marvell received notification from NASDAQ that, in response to the
previously filed compliance plan, it has granted the Company an
extension of time to March 8, 2016 to regain compliance with
continued listing requirements, including with respect to filing
its Form 10-Q for third quarter of fiscal 2016, which will be due
December 10, 2015 but which will not be filed timely as a result of
the Audit Committee's investigation and discussions with accounting
firms in connection with the Company's ongoing process to engage a
new independent registered public accounting firm. Marvell
intends to take all necessary steps to achieve compliance with the
NASDAQ continued listing requirements as soon as practicable.
Carnegie Mellon University
Litigation
As previously disclosed, in May of 2014, CMU
obtained a judgment against the Company from the U.S. District
Court (W.D. Pennsylvania) in the
amount of approximately $1.54 billion
(plus an ongoing royalty) based on patent infringement claims,
which decision was appealed to the Federal Circuit. On
August 4, 2015, a panel of the
Federal Circuit ("Panel Decision") affirmed on liability and
royalty rate (50 cents per chip),
affirmed denial of laches, reversed on willfulness and related
enhancement, affirmed on the portion of the royalty base
attributable to chips imported into the U.S., vacated the portion
of the royalty base attributable to chips not imported into the
U.S., and remanded for a partial new trial on the location of
the Company's remaining sales, namely, whether additional
sales of chips that did not enter the U.S. were "U.S. sales."
Both parties sought a rehearing en banc by the entire Federal
Circuit, which was denied by the Federal Circuit on November 17, 2015, except that the Federal
Circuit held any decision on willfulness and enhancement in
abeyance pending the Supreme Court's decision in Halo Electronics,
Inc. v. Pulse Electronics, Inc ., 769 F.3d 1371 (Fed. Cir. 2014)
cert. granted, No. 14-1513, 2015 WL 3883472 (U.S. Oct. 19, 2015) and Stryker Corp. v. Zimmer, Inc.,
782 F.3d 649 (Fed. Cir. 2015) cert. granted, No. 14-1520, 2015 WL
3883499 (U.S. Oct. 19, 2015).
The Company will be seeking review of the Panel Decision by the
U.S. Supreme Court, and in any event several issues remain in
dispute that could materially affect damages ultimately awarded to
CMU. Pending further legal developments, however, the Company
has been accounting for its damages exposure based on the Panel
Decision and the reserve for this litigation is included in the
litigation reserves discussed above. Additional royalties
would accrue on continuing sales after November 1, 2015 through expiration of the
relevant patents on April 3,
2018. The amount of such future royalties may vary
substantially and may be materially affected by, among other
potential factors, the total level of the Company's sales, the
customer mix for such sales, and the variability in U.S.
importation rates for such customers, and accordingly, the Company
cannot reliably estimate such future royalty payments. The
Company has established a litigation reserve covering such
estimated royalties on sales of chips through October 31, 2015, and, subject to further legal
developments, expects to add to such reserve quarterly based on
appropriate sales data.
No additional reserve has been taken with respect to the issues
to be considered in the partial new trial on remand to the U.S.
District Court because the Company believes there is no legal basis
for imposing U.S. patent infringement damages on sales of chips
that do not enter the U.S. and the Company intends to vigorously
contest any claims to the contrary.
The Company has indemnity obligations to sureties under two
surety bonds in connection with the litigation with CMU: (1) one
bond which is secured by the Company's campus located in
Santa Clara, California, which
bond was in the initial amount of $216
million and is subject to commitments by such sureties to
issue up to an additional $95M in
bonding under certain conditions, and (2) one bond in the aggregate
amount of $1.54 billion (the "Primary
Bond"). As previously reported, the Primary Bond has been
unsecured and supported by a Bond –Specific Indemnity Agreement
pursuant to which the sureties are allowed to demand that Marvell
provide collateral to secure its obligations. In light of the
current status of the CMU litigation, the Company is in discussions
with a representative of the sureties under the Primary Bond which
the Company anticipates may result in a restricted cash arrangement
for approximately $300 million to
support the Company's indemnity obligations to such sureties under
the Primary Bond.
Other Matters:
The Board of Directors has engaged an
international executive search firm to conduct a search for
additional independent Board members and with another firm to
conduct a search for a permanent Chief Financial Officer. Mr.
David Eichler has been appointed as
Interim Chief Financial Officer since October 15, 2015 as previously announced.
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 one-time 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 net income per share is
calculated by dividing non-GAAP net income by non-GAAP weighted
average shares outstanding (diluted). For purposes of calculating
non-GAAP 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 proceeds assumed to be
used to repurchase shares under the GAAP treasury stock method and
also include the dilutive/anti-dilutive effects of common stock
options and restricted stock units.
Marvell believes that the presentation of non-GAAP financial
measures provides 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, the information provided by GAAP financial measures.
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. For further information regarding why
Marvell believes that these non-GAAP measures provide useful
information to investors, the specific manner in which management
uses these measures, and some of the limitations associated with
the use of these measures, please refer to Marvell's Current Report
on Form 8-K filed today with the SEC. The Form 8-K is available on
the SEC's website at www.sec.gov as well as on the Marvell website
in the Investor Relations section at www.marvell.com.
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: its use of non-GAAP financial measures as important
supplemental information. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates," "can," "will"
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, among others: the timing and outcome of
the Audit Committee's investigation and the findings and
recommendations of the Audit Committee, actions that may be taken
by Marvell as a result of the Audit Committee's investigation,
adverse impact of litigation or regulatory activities, Marvell's
ability to add additional directors, hire a permanent Chief
Financial Officer and to engage a new independent public accounting
firm in a timely manner, Marvell's ability to regain compliance
with its SEC reporting obligations within the time of any exemption
granted by NASDAQ, Marvell's ability to compete in products and
prices in an intensely competitive industry; Marvell's reliance on
the hard disk drive and mobile 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; 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; and other risks detailed in Marvell's SEC filings
from time to time. When Marvell files its Quarterly Report on Form
10-Q for the second and third quarters of fiscal 2016, the
financial statements may differ from the results disclosed in this
press release because judgments and estimates that management used
in preparing the financial results reported in this press release
may need to be updated to the date of the filing. For other factors
that could cause Marvell's results to vary from expectations,
please see the risk factors identified in the Marvell's latest
Annual Report on Form 10-K for the year ended January 31, 2015 and its latest Quarterly Report
on Form 10-Q for the quarter ended May 2,
2015 as filed with the SEC, 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 (NASDAQ: MRVL) is a
global leader in providing complete silicon solutions and Kinoma
software enabling the "Smart Life and Smart Lifestyle." From
storage to Internet of Things (IoT), cloud infrastructure, digital
entertainment and in-home content delivery, Marvell's diverse
product portfolio aligns complete platform designs with
industry-leading performance, security, reliability and efficiency.
At the core of the world's most powerful consumer, network and
enterprise systems, Marvell empowers partners and their customers
to always stand at the forefront of innovation, performance and
mass appeal. By providing people around the world with mobility and
ease of access to services adding value to their social, private
and work lives, Marvell is committed to enhancing the human
experience.
As used in this release, the term "Marvell" refers to Marvell
Technology Group Ltd. and its subsidiaries. For more information,
please visit www.Marvell.com.
Marvell, the M logo, ARMADA, Avastar and Kinoma are registered
trademarks of Marvell and/or its affiliates. Other names and brands
may be claimed as the property of others.
For further
information, contact:
|
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John Spencer
Ahn
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Sue Kim
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Investor
Relations
|
Media
Relations
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408-222-7544
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408-222-1942
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johnahn@marvell.com
|
suekim@marvell.com
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Marvell Technology
Group Ltd.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October
31,
|
|
August
1,
|
|
November
1,
|
|
October
31,
|
|
November
1,
|
|
|
2015(a)
|
|
2015(a)(b)
|
|
2014
|
|
2015(a)
|
|
2014
|
|
(Preliminary)
|
|
|
|
(Preliminary)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
$
674,056
|
|
$
711,326
|
|
$
930,136
|
|
$ 2,109,670
|
|
$ 2,849,511
|
Cost of goods
sold
|
382,386
|
|
763,370
|
|
454,974
|
|
1,496,909
|
|
1,426,575
|
Gross profit
(loss)
|
291,670
|
|
(52,044)
|
|
475,162
|
|
612,761
|
|
1,422,936
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
284,309
|
|
296,160
|
|
288,435
|
|
860,583
|
|
878,562
|
|
Selling and
marketing
|
32,481
|
|
30,841
|
|
34,410
|
|
99,496
|
|
106,717
|
|
General and
administrative
|
34,731
|
|
36,033
|
|
33,473
|
|
111,791
|
|
95,379
|
|
Amortization and
write-off of acquired intangible assets
|
2,848
|
|
2,568
|
|
3,304
|
|
7,984
|
|
13,297
|
|
|
Total operating
expenses
|
354,369
|
|
365,602
|
|
359,622
|
|
1,079,854
|
|
1,093,955
|
Operating income
(loss)
|
(62,699)
|
|
(417,646)
|
|
115,540
|
|
(467,093)
|
|
328,981
|
Interest and other
income, net
|
4,645
|
|
6,790
|
|
4,764
|
|
16,602
|
|
18,952
|
Income (loss) before
income taxes
|
(58,054)
|
|
(410,856)
|
|
120,304
|
|
(450,491)
|
|
347,933
|
Provision (benefit)
for income taxes
|
3,684
|
|
(7,817)
|
|
5,000
|
|
196
|
|
(5,720)
|
Net income
(loss)
|
$
(61,738)
|
|
$ (403,039)
|
|
$
115,304
|
|
$ (450,687)
|
|
$
353,653
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
(0.12)
|
|
$
(0.78)
|
|
$
0.22
|
|
$
(0.88)
|
|
$
0.69
|
Diluted net income
(loss) per share
|
$
(0.12)
|
|
$
(0.78)
|
|
$
0.22
|
|
$
(0.88)
|
|
$
0.68
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic earnings (loss) per share
|
504,831
|
|
516,368
|
|
513,859
|
|
512,476
|
|
510,261
|
Shares used in
computing diluted earnings (loss) per share
|
504,831
|
|
516,368
|
|
519,907
|
|
512,476
|
|
520,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The condensed
consolidated financial statements for the three and nine months
ended October 31, 2015, and the three months ended August 1, 2015
are preliminary and therefore, subject to adjustments in connection
with subsequent events arising through the date of the Company's
filing of its Quarterly Reports on Form 10-Q for the corresponding
periods. The filing of each respective Form 10-Q will be completed
as soon as practicable after the completion of the independent
investigation by the Audit Committee of certain accounting and
internal control matters in the second quarter of fiscal 2016, the
appointment of an independent registered public accounting firm and
the completion of review procedures by such firm. The final
financial results reported for these periods may differ from the
results reported in this release as a result of the Audit
Committee's ongoing investigation described under the heading
"Audit Committee Investigation and Related Matters" and review
procedures to be performed by an independent registered public
accounting firm.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
The condensed
consolidated financial statements for the three months ended August
1, 2015, for which the Company previously reported preliminary
financial results on September 11, 2015, have been adjusted due to
the delayed filing of its Form 10-Q for the second quarter. These
adjustments were made to account for subsequent activities
associated with conditions that existed as of August 1, 2015 (Type
I Subsequent Events) and are not related to the Audit Committee's
investigation of certain accounting and internal control matters.
Adjustments that have been recorded to the Company's preliminary
financial results after September 11, 2015 include a $13.9 million
write down of inventory primarily associated with certain products
for the mobile platform business that the Company announced it was
restructuring, a $1.2 million charge related to litigation, a $0.9
million impairment on equipment held for sale, an adjustment of
$1.1 million to cost of goods sold and corresponding change to the
income tax benefit from $11.4 million to $7.8 million. Due to the
delayed filing and as a result of future subsequent events, there
may be additional adjustments to these preliminary financial
results through the date of the Company's filing of its Forms
10-Q. The final financial results reported for these periods
may differ from the results reported in this release as a result of
the Audit Committee's ongoing investigation described under the
heading "Audit Committee Investigation and Related Matters" and
review procedures to be performed by an independent registered
public accounting firm.
|
Marvell Technology
Group Ltd.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October
31,
|
|
January
31,
|
Assets
|
|
|
|
|
|
2015(a)
|
|
2015
|
|
|
|
|
|
|
|
|
(Preliminary)
|
|
|
Current
assets:
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
|
$
2,303,752
|
|
$ 2,529,555
|
|
Accounts receivable,
net
|
|
380,928
|
|
420,955
|
|
Inventories
|
|
279,359
|
|
308,162
|
|
Prepaid expenses and
other current assets
|
|
71,454
|
|
85,368
|
|
|
Total current
assets
|
|
3,035,493
|
|
3,344,040
|
Property and
equipment, net
|
|
310,869
|
|
340,639
|
Long-term
investments
|
|
10,182
|
|
10,226
|
Goodwill and acquired
intangible assets, net
|
|
2,051,204
|
|
2,060,643
|
Other non-current
assets
|
|
103,262
|
|
128,839
|
|
|
Total
assets
|
|
$
5,511,010
|
|
$ 5,884,387
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
236,675
|
|
$ 282,899
|
|
Accrued
liabilities
|
|
663,573
|
|
286,357
|
|
Deferred
income
|
|
58,086
|
|
68,120
|
|
|
Total current
liabilities
|
|
958,334
|
|
637,376
|
Other non-current
liabilities
|
|
76,280
|
|
100,922
|
|
|
Total
liabilities
|
|
1,034,614
|
|
738,298
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Common
stock
|
|
1,010
|
|
1,030
|
|
Additional paid-in
capital
|
|
2,975,426
|
|
3,099,548
|
|
Accumulated other
comprehensive income (loss)
|
|
(2,182)
|
|
308
|
|
Retained
earnings
|
|
1,502,142
|
|
2,045,203
|
|
|
Total shareholders'
equity
|
|
4,476,396
|
|
5,146,089
|
|
|
Total liabilities and
shareholders' equity
|
|
$
5,511,010
|
|
$ 5,884,387
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The condensed
consolidated balance sheet at October 31, 2015 is preliminary and
therefore, subject to adjustments in connection with subsequent
events arising through the date of the Company's filing of its
Quarterly Reports on Form 10-Q for the corresponding period. The
filing of the respective Form 10-Q will be completed as soon as
practicable after the completion of the independent investigation
by the Audit Committee of certain accounting and internal control
matters in the second quarter of fiscal 2016, the appointment of an
independent registered public accounting firm and the completion of
review procedures by such firm. The final financial results
reported for these periods may differ from the results reported in
this release as a result of the Audit Committee's ongoing
investigation described under the heading "Audit Committee
Investigation and Related Matters" and review procedures to be
performed by an independent registered public accounting
firm.
|
Marvell Technology
Group Ltd.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
|
|
October
31,
|
|
November
1,
|
|
|
October
31,
|
|
November
1,
|
|
2015(b)
|
|
2014
|
|
|
2015(b)
|
|
2014
|
|
(Preliminary)
|
|
|
|
|
(Preliminary)
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ (61,738)
|
|
$ 115,304
|
|
|
$ (450,687)
|
|
$ 353,653
|
Adjustments to
reconcile net income (loss) to net cash
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
25,565
|
|
26,515
|
|
|
77,376
|
|
79,784
|
|
Share-based
compensation
|
31,465
|
|
34,294
|
|
|
101,360
|
|
99,283
|
|
Amortization and
write-off of acquired intangible assets
|
3,333
|
|
3,789
|
|
|
9,439
|
|
14,752
|
|
Other non-cash
expense (income), net
|
2,983
|
|
(6,034)
|
|
|
7,081
|
|
(12,160)
|
|
Non-cash
restructuring and other related charges
|
14,270
|
|
—
|
|
|
28,167
|
|
—
|
|
Excess tax benefits
from share-based compensation
|
(2)
|
|
(2)
|
|
|
(27)
|
|
(78)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
36,793
|
|
40,214
|
|
|
40,027
|
|
10,055
|
|
|
Inventories
|
39,457
|
|
37,506
|
|
|
7,145
|
|
(8,793)
|
|
|
Prepaid expenses and
other assets
|
6,303
|
|
18,536
|
|
|
14,266
|
|
(8,621)
|
|
|
Accounts
payable
|
(55,693)
|
|
(70,749)
|
|
|
(43,735)
|
|
16,937
|
|
|
Accrued liabilities
and other non-current liabilities
|
11,129
|
|
(24,997)
|
|
|
386,304
|
|
(22,035)
|
|
|
Accrued employee
compensation
|
14,295
|
|
19,101
|
|
|
(14,636)
|
|
41,651
|
|
|
Deferred
income
|
(1,566)
|
|
(12,053)
|
|
|
(10,034)
|
|
9,087
|
|
|
|
Net cash provided by
operating activities
|
66,594
|
|
181,424
|
|
|
152,046
|
|
573,515
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of
available-for-sale securities
|
(353,465)
|
|
(448,526)
|
|
|
(919,830)
|
|
(784,296)
|
|
Sales and maturities
of available-for-sale securities
|
356,409
|
|
205,685
|
|
|
826,199
|
|
578,095
|
|
Distribution from
(investments in) privately-held companies
|
(130)
|
|
(260)
|
|
|
78
|
|
(701)
|
|
Proceeds from sale of
an investment in a privately-held company
|
—
|
|
13,220
|
|
|
—
|
|
13,220
|
|
Purchases of
technology licenses
|
(980)
|
|
(5,105)
|
|
|
(6,657)
|
|
(14,514)
|
|
Purchases of property
and equipment
|
(9,041)
|
|
(16,661)
|
|
|
(33,361)
|
|
(48,615)
|
|
Purchase of equipment
previously leased
|
—
|
|
—
|
|
|
(10,240)
|
|
—
|
|
Net proceeds from
sale of equipment held for sale
|
10,007
|
|
—
|
|
|
10,007
|
|
—
|
|
|
|
Net cash provided by
(used in) investing activities
|
2,800
|
|
(251,647)
|
|
|
(133,804)
|
|
(256,811)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Repurchase of common
stock (a)
|
(65,291)
|
|
(43,774)
|
|
|
(260,875)
|
|
(43,774)
|
|
Proceeds from
employee stock plans
|
2,174
|
|
2,934
|
|
|
59,348
|
|
71,308
|
|
Minimum tax
withholding paid on behalf of employees for net share settlement
|
(869)
|
|
(663)
|
|
|
(23,876)
|
|
(25,586)
|
|
Dividend payments to
shareholders
|
(30,270)
|
|
(30,867)
|
|
|
(92,374)
|
|
(91,859)
|
|
Payments on
technology license obligations
|
(2,617)
|
|
(5,951)
|
|
|
(11,416)
|
|
(8,628)
|
|
Excess tax benefits
from share-based compensation
|
2
|
|
2
|
|
|
27
|
|
78
|
|
|
|
Net cash used in
financing activities
|
(96,871)
|
|
(78,319)
|
|
|
(329,166)
|
|
(98,461)
|
Net increase
(decrease) in cash and cash equivalents
|
(27,477)
|
|
(148,542)
|
|
|
(310,924)
|
|
218,243
|
Cash and cash
equivalents at beginning of period
|
927,530
|
|
1,332,535
|
|
|
1,210,977
|
|
965,750
|
Cash and cash
equivalents at end of period
|
$ 900,053
|
|
$ 1,183,993
|
|
|
$ 900,053
|
|
$ 1,183,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Marvell records all
repurchases as well as investment purchases and sales, based on
trade date in accordance with U.S. GAAP. Cash paid for repurchase
of Marvell common shares includes a total of 3.7 million shares
repurchased for $45.6million in the third quarter of fiscal 2016,
adjusted for the change in repurchases made within the final three
days of the current and previous quarters that are accrued but not
yet paid due to the standard settlement period that normally takes
up to three days.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
The condensed
consolidated statement of cash flows for the three and nine months
ended October 31, 2015 is preliminary and therefore, subject to
adjustments in connection with subsequent events arising through
the date of the Company's filing of its Quarterly Reports on Form
10-Q for the corresponding periods. The filing of the respective
Form 10-Q will be completed as soon as practicable after the
completion of the independent investigation by the Audit Committee
of certain accounting and internal control matters in the second
quarter of fiscal 2016, the appointment of an independent
registered public accounting firm and the completion of review
procedures by such firm. The final financial results reported for
these periods may differ from the results reported in this release
as a result of the Audit Committee's ongoing investigation
described under the heading "Audit Committee Investigation and
Related Matters" and review procedures to be performed by an
independent registered public accounting firm.
|
Marvell Technology
Group Ltd.
|
Reconciliations
from GAAP to Non-GAAP
|
(Unaudited)
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
October
31,
|
|
August
1,
|
|
November
1,
|
|
October
31,
|
|
November
1,
|
|
2015(e)
|
|
2015(e)(f)
|
|
2014
|
|
2015(e)
|
|
2014
|
|
(Preliminary)
|
|
|
|
(Preliminary)
|
|
|
GAAP net income
(loss)
|
$ (61,738)
|
|
$ (403,039)
|
|
$ 115,304
|
|
$ (450,687)
|
|
$ 353,653
|
Share-based
compensation
|
31,465
|
|
36,674
|
|
34,294
|
|
101,360
|
|
99,283
|
Restructuring and
other related charges (a)
|
45,555
|
|
26,898
|
|
1,203
|
|
73,045
|
|
7,026
|
Amortization and
write-off of acquired intangible assets
|
3,333
|
|
3,347
|
|
4,229
|
|
10,173
|
|
16,072
|
Litigation matters
(b)
|
5,513
|
|
395,100
|
|
(2,398)
|
|
398,913
|
|
77
|
Other
(c)
|
3,834
|
|
3,472
|
|
2,318
|
|
28,688
|
|
4,473
|
Non-GAAP net
income
|
$ 27,962
|
|
$ 62,452
|
|
$ 154,950
|
|
$ 161,492
|
|
$ 480,584
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average
shares - diluted
|
504,831
|
|
516,368
|
|
519,907
|
|
512,476
|
|
520,309
|
|
Non-GAAP
adjustment
|
13,674
|
|
16,574
|
|
12,905
|
|
16,393
|
|
11,910
|
Non-GAAP weighted
average shares diluted (d)
|
518,505
|
|
532,942
|
|
532,812
|
|
528,869
|
|
532,219
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income (loss) per share
|
$ (0.12)
|
|
$ (0.78)
|
|
$
0.22
|
|
$
(0.88)
|
|
$
0.68
|
Non-GAAP diluted net
income per share
|
$ 0.05
|
|
$ 0.12
|
|
$
0.29
|
|
$
0.31
|
|
$
0.90
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
(loss):
|
$ 291,670
|
|
$ (52,044)
|
|
$ 475,162
|
|
$ 612,761
|
|
$ 1,422,936
|
|
Share-based
compensation
|
2,495
|
|
2,012
|
|
1,934
|
|
6,054
|
|
5,966
|
|
Restructuring and
other related charges (a)
|
10,285
|
|
13,898
|
|
-
|
|
24,183
|
|
-
|
|
Amortization of
acquired intangible assets
|
485
|
|
779
|
|
925
|
|
2,189
|
|
2,775
|
|
Litigation matters
(b)
|
5,513
|
|
383,040
|
|
(3,998)
|
|
386,853
|
|
(3,998)
|
Non-GAAP gross
profit
|
$ 310,448
|
|
$ 347,685
|
|
$ 474,023
|
|
$ 1,032,040
|
|
$ 1,427,679
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
margin
|
43.3%
|
|
-7.3%
|
|
51.1%
|
|
29.0%
|
|
49.9%
|
|
Share-based
compensation
|
0.4%
|
|
0.3%
|
|
0.2%
|
|
0.3%
|
|
0.2%
|
|
Restructuring and
other related charges (a)
|
1.5%
|
|
2.0%
|
|
0.0%
|
|
1.2%
|
|
0.0%
|
|
Amortization of
acquired intangible assets
|
0.1%
|
|
0.1%
|
|
0.1%
|
|
0.1%
|
|
0.1%
|
|
Litigation matters
(b)
|
0.8%
|
|
53.8%
|
|
-0.4%
|
|
18.3%
|
|
-0.1%
|
Non-GAAP gross
margin
|
46.1%
|
|
48.9%
|
|
51.0%
|
|
48.9%
|
|
50.1%
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development:
|
$ 284,309
|
|
$ 296,160
|
|
$ 288,435
|
|
$ 860,583
|
|
$ 878,562
|
|
Share-based
compensation
|
(22,573)
|
|
(27,808)
|
|
(24,198)
|
|
(75,162)
|
|
(68,842)
|
|
Restructuring and
other related charges (a)
|
(31,806)
|
|
(11,680)
|
|
(88)
|
|
(43,486)
|
|
(5,182)
|
|
Litigation matters
(b)
|
-
|
|
(5,000)
|
|
-
|
|
(5,000)
|
|
-
|
|
Other
(c)
|
(894)
|
|
(132)
|
|
-
|
|
(1,026)
|
|
-
|
Non-GAAP research and
development
|
$ 229,036
|
|
$ 251,540
|
|
$ 264,149
|
|
$ 735,909
|
|
$ 804,538
|
|
|
|
|
|
|
|
|
|
|
GAAP selling and
marketing:
|
$ 32,481
|
|
$ 30,841
|
|
$ 34,410
|
|
$ 99,496
|
|
$ 106,717
|
|
Share-based
compensation
|
(2,608)
|
|
(2,707)
|
|
(2,855)
|
|
(7,892)
|
|
(8,400)
|
|
Restructuring and
other related charges (a)
|
(1,899)
|
|
-
|
|
-
|
|
(1,899)
|
|
-
|
|
Litigation matters
(b)
|
-
|
|
-
|
|
(1,600)
|
|
-
|
|
(1,600)
|
|
Other
(c)
|
(39)
|
|
-
|
|
-
|
|
(39)
|
|
-
|
Non-GAAP selling and
marketing
|
$ 27,935
|
|
$ 28,134
|
|
$ 29,955
|
|
$ 89,666
|
|
$ 96,717
|
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative:
|
$ 34,731
|
|
$ 36,033
|
|
$ 33,473
|
|
$ 111,791
|
|
$ 95,379
|
|
Share-based
compensation
|
(3,789)
|
|
(4,147)
|
|
(5,307)
|
|
(12,252)
|
|
(16,075)
|
|
Restructuring and
other related charges (a)
|
(1,565)
|
|
(1,320)
|
|
(1,115)
|
|
(3,477)
|
|
(1,844)
|
|
Litigation matters
(b)
|
-
|
|
(7,060)
|
|
-
|
|
(7,060)
|
|
(2,475)
|
|
Other
(c)
|
(2,901)
|
|
(2,749)
|
|
(2,318)
|
|
(23,952)
|
|
(4,473)
|
Non-GAAP general and
administrative
|
$ 26,476
|
|
$ 20,757
|
|
$ 24,733
|
|
$ 65,050
|
|
$ 70,512
|
|
|
|
|
|
|
|
|
|
|
GAAP provision
(benefit) for income taxes
|
$ 3,684
|
|
$ (7,817)
|
|
$ 5,000
|
|
$
196
|
|
$ (5,720)
|
Other (c)
|
-
|
|
(591)
|
|
-
|
|
(3,671)
|
|
-
|
Non-GAAP provision (benefit) for income
taxes
|
$ 3,684
|
|
$ (8,408)
|
|
$ 5,000
|
|
$ (3,475)
|
|
$ (5,720)
|
|
|
|
|
|
|
|
|
|
|
|
(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. For the three months ended October 31,
2015, such other related charges include $6.2 million for the
impairment of certain equipment (of which $2.2 million is in cost
of goods sold) and an $8.1 million write down of inventory (in cost
of goods sold) due to the restructuring of the mobile platform
business. For the three months ended August 1, 2015, such other
related charges included a $0.9 million impairment of equipment
held for sale (in general and administrative) and a $13.9 million
write down of inventory (in cost of goods sold) related to the
restructuring of the mobile platform business. In addition, other
related charges for all periods reported include operating expenses
incurred for the maintenance of equipment held for sale.
|
|
|
(b)
|
Litigation matters
represent accruals recognized by the Company under ASC Topic 450,
"Contingencies," in connection with the Carnegie Mellon University
and certain other pending litigation.
|
|
|
(c)
|
Other costs included
in general and administrative expenses for the nine months ended
October 31, 2015 include authorization of a cash payment by the
Board of Directors of $15.4 million to Dr. Sehat Sutardja, the
Company's Chief Executive Officer ("CEO") (see "Note 15 -
Subsequent Events" in the Notes to the Consolidated Financial
Statements set forth in Part II, Item 8 of the Company's Annual
Report on Form 10-K for fiscal 2015). Other costs for all periods
presented also includes costs primarily associated with the surety
bond to appeal the Carnegie Mellon University judgment. Other costs
included in the provision for income taxes for the nine ended
October 31, 2015 include the corporate income tax effect of the
$15.4 million cash payment to the Company's CEO. Other costs
included in the provision for income taxes also reflects the tax
effect of restructuring costs in the three and six months ended
August 1, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
For purposes of
calculating non-GAAP diluted net income per share in all periods
presented, the GAAP diluted weighted average shares outstanding is
adjusted to exclude the potential benefits of share-based
compensation costs expected to be incurred in future periods but
not yet recognized in the financial statements. The non-GAAP
diluted weighted average shares outstanding for the three and nine
months ended October 31, 2015, and the three months ended August 1,
2015 also include the effects from dilutive securities which were
excluded from the GAAP diluted weighted average shares outstanding
since their effect was antidilutive due to the GAAP net loss
reported in each of the corresponding periods.
|
|
|
(e)
|
The condensed
consolidated financial statements for the three and nine months
ended October 31, 2015, and the three months ended August 1, 2015
are preliminary and therefore, subject to adjustments in connection
with subsequent events arising through the date of the Company's
filing of its Quarterly Reports on Form 10-Q for the corresponding
periods. The filing of each respective Form 10-Q will be completed
as soon as practicable after the completion of the independent
investigation by the Audit Committee of certain accounting and
internal control matters in the second quarter of fiscal 2016, the
appointment of an independent registered public accounting firm and
the completion of review procedures by such firm. The final
financial results reported for these periods may differ from the
results reported in this release as a result of the Audit
Committee's ongoing investigation described under the heading
"Audit Committee Investigation and Related Matters" and review
procedures to be performed by an independent registered public
accounting firm.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f)
|
The condensed
consolidated financial statements for the three months ended August
1, 2015, for which the Company previously reported preliminary
financial results on September 11, 2015, have been adjusted due to
the delayed filing of its Form 10-Q for the second quarter. These
adjustments were made to account for subsequent activities
associated with conditions that existed as of August 1, 2015 (Type
I Subsequent Events) and are not related to the Audit Committee's
investigation of certain accounting and internal control matters.
Adjustments that have been recorded to the Company's preliminary
financial results after September 11, 2015 include a $13.9 million
write down of inventory primarily associated with certain products
for the mobile platform business that the Company announced it was
restructuring, a $1.2 million charge related to litigation, a $0.9
million impairment on equipment held for sale, an adjustment of
$1.1 million to cost of goods sold and corresponding change to the
income tax benefit from $11.4 million to $7.8 million. Due to the
delayed filing and as a result of future subsequent events, there
may be additional adjustments to these preliminary financial
results through the date of the Company's filing of its Form
10-Q. The final financial results reported for these periods
may differ from the results reported in this release as a result of
the Audit Committee's ongoing investigation described under the
heading "Audit Committee Investigation and Related Matters" and
review procedures to be performed by an independent registered
public accounting firm.
|
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SOURCE Marvell Technology Group Ltd.