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Marvell Technology Group Ltd. Reports Second Quarter of Fiscal Year 2020 Financial Results

SANTA CLARA, Calif., Aug. 29, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2020. Revenue for the second quarter of fiscal 2020 was $657 million, which exceeded the midpoint of the Company's guidance provided on May 30, 2019.

GAAP net loss for the second quarter of fiscal 2020 was $(57) million, or $(0.09) per diluted share. Non-GAAP net income for the second quarter of fiscal 2020 was $110 million, or $0.16 per diluted share. Cash flow from operations for the second quarter was $73 million.

"Marvell delivered solid second quarter results with revenue above the mid-point of our guidance and we fully achieved the operating expense reductions we had outlined last year, two quarters ahead of schedule," said Matt Murphy, Marvell's President and CEO. "In our third quarter, we face a worsening macro environment along with the ongoing impact from the current restrictions on shipments to Huawei, offset by a stabilizing storage business and the earlier than expected first production shipments of our 5G solutions."

Marvell's third quarter guidance takes into account the U.S. Government's export restriction on Huawei.

Third Quarter of Fiscal 2020 Financial Outlook

  • Revenue is expected to be $660 million +/- 3%.
  • GAAP gross margin is expected to be 53.5% to 54.5%.
  • Non-GAAP gross margin is expected to be 63% to 64%.
  • GAAP operating expenses are expected to be $380 million to $390 million.
  • Non-GAAP operating expenses are expected to be $280 million +/- $2.5 million.
  • GAAP diluted loss per share is expected to be $(0.09) to $(0.05) per share.
  • Non-GAAP diluted income per share is expected to be $0.15 to $0.19 per share.

Conference Call

Marvell will conduct a conference call on Thursday, August 29, 2019 at 1:45 p.m. Pacific Time to discuss results for the second quarter of fiscal 2020. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 1183687. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ with a replay available following the call until Thursday, September 5, 2019.

Discussion of Non-GAAP Financial Measures

Non-GAAP financial measures exclude the effect of share-based compensation expense, amortization of the inventory fair value step up, amortization of acquired intangible assets, acquisition and divestiture-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 business.

Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from GAAP income in calculating Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the second quarter of fiscal 2020, a non-GAAP tax rate of 4.5% has been applied to the non-GAAP financial results.

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:

  • Management's evaluation of Marvell's operating performance;
  • Management's establishment of internal operating budgets;
  • Management's performance comparisons with internal forecasts and targeted business models; and
  • Management's determination of the achievement and measurement of certain performance-based equity awards (adjustments may vary from award to award).

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. 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: the risk that the proposed acquisitions of Aquantia, Corp. and the Application Specific Integrated Circuit (ASIC) business of GLOBALFOUNDRIES and the divestiture of Marvell's Wi-Fi Connectivity business to NXP (collectively, the "Transactions") will not be completed; the risk that the company may not realize the anticipated benefits of the Transactions; the effect of the consummation of the Transactions on the company's business relationships, operating results, and business generally; potential difficulties in employee retention as a result of the Transactions; the ability of Marvell to successfully integrate operations and product lines related to the acquisitions; the ability of Marvell to implement its plans, forecasts, and other expectations with respect to the Transactions and realize the anticipated synergies and cost savings in the time frame anticipated or at all; the impact of international conflict and economic volatility in either domestic or foreign markets including risks related to trade conflicts, bans and tariffs; the risks associated with manufacturing and selling products and customers' products outside of the United States; Marvell's ability to define, design and develop products for the 5G market; Marvell's ability to market its 5G products to Tier 1 infrastructure customers; the effects of transitioning to smaller geometry process technologies; the impact of any change in the income tax laws in jurisdictions where Marvell operates and the loss of any beneficial tax treatment that Marvell currently enjoys; the risk of downturns in the highly cyclical semiconductor industry; Marvell's dependence upon the storage and networking markets, which are highly cyclical and intensely competitive; the outcome of pending or future litigation and legal and regulatory proceedings; Marvell's dependence on a small number of customers; the impact and costs associated with changes in international financial and regulatory conditions; Marvell's ability and the ability of its customers to successfully compete in the markets in which it serves; Marvell's reliance on independent foundries and subcontractors for the manufacture, assembly and testing of its products; Marvell's ability and its customers' ability to develop new and enhanced products and the adoption of those products in the market; decreases in gross margin and results of operations in the future due to a number of factors; Marvell's ability to estimate customer demand and future sales accurately; Marvell's ability to scale its operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry; the effects of any other potential acquisitions, divestitures or investments; Marvell's ability to protect its intellectual property;  Marvell's maintenance of an effective system of internal controls; severe financial hardship or bankruptcy of one or more of Marvell's major customers; 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-K for the fiscal year ended February 2, 2019 as filed with the SEC on March 28, 2019, and other factors detailed from time to time in Marvell's filings with the SEC. Marvell undertakes no obligation to revise or publicly update 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, 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


Six Months Ended



August 3,
2019


May 4,
2019


August 4,
2018


August 3,
2019


August 4,
2018

Net revenue


$

656,568



$

662,452



$

665,310



$

1,319,020



$

1,269,941


Cost of goods sold


305,866



301,024



288,200



606,890



517,138


Gross profit


350,702



361,428



377,110



712,130



752,803













Operating expenses:











Research and development


266,354



266,867



216,285



533,221



393,019


Selling, general and administrative


113,990



110,005



133,701



223,995



206,014


Restructuring related charges


16,586



5,682



35,415



22,268



36,982


Total operating expenses


396,930



382,554



385,401



779,484



636,015


Operating income (loss)


(46,228)



(21,126)



(8,291)



(67,354)



116,788


Interest income


1,077



1,268



3,575



2,345



9,644


Interest expense


(20,531)



(21,203)



(15,795)



(41,734)



(16,039)


Other income (loss), net


(2,197)



(116)



(2,701)



(2,313)



(1,230)


Interest and other income (loss), net


(21,651)



(20,051)



(14,921)



(41,702)



(7,625)


Income (loss) before income taxes


(67,879)



(41,177)



(23,212)



(109,056)



109,163


Provision (benefit) for income taxes


(10,548)



7,273



(29,971)



(3,275)



(26,208)


Net income (loss)


(57,331)



(48,450)



6,759



(105,781)



135,371













Net income (loss) per share — Basic:


$

(0.09)



$

(0.07)



$

0.01



$

(0.16)



$

0.26













Net income (loss) per share — Diluted:


$

(0.09)



$

(0.07)



$

0.01



$

(0.16)



$

0.25













Weighted average shares:











Basic


663,603



658,963



552,238



661,280



524,787


Diluted


663,603



658,963



562,149



661,280



535,433


 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)




August 3,
2019


February 2,
2019

Assets





Current assets:





Cash and cash equivalents


$

573,496



$

582,410


Accounts receivable, net


452,746



493,122


Inventories


240,421



276,005


Prepaid expenses and other current assets


37,069



43,721


Assets held for sale


597,675




Total current assets


1,901,407



1,395,258


Property and equipment, net


319,761



318,978


Goodwill


4,933,719



5,494,505


Acquired intangible assets, net


2,399,975



2,560,682


Other non-current assets


426,278



247,329


Total assets


$

9,981,140



$

10,016,752







Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

211,422



$

185,362


Accrued liabilities


312,987



335,509


Accrued employee compensation


90,659



115,925


Liabilities held for sale


5,604




Total current liabilities


620,672



636,796


Long-term debt


1,685,359



1,732,699


Non-current income taxes payable


49,881



59,221


Deferred tax liabilities


242,957



246,252


Other non-current liabilities


178,459



35,374


Total liabilities


2,777,328



2,710,342







Shareholders' equity:





Common shares


1,334



1,317


Additional paid-in capital


6,271,120



6,188,598


Retained earnings


931,358



1,116,495


Total shareholders' equity


7,203,812



7,306,410


Total liabilities and shareholders' equity


$

9,981,140



$

10,016,752


 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)




Three Months Ended


Six Months Ended



August 3,
2019


August 4,
2018


August 3,
2019


August 4,
2018

Cash flows from operating activities:









Net income (loss)


$

(57,331)



$

6,759



$

(105,781)



$

135,371


Adjustments to reconcile net income (loss) to net cash provided by operating activities:









Depreciation and amortization


41,941



26,754



86,239



47,097


Share-based compensation


63,676



59,392



122,274



83,244


Amortization of acquired intangible assets


80,967



25,939



160,707



25,939


Amortization of inventory fair value adjustment associated with acquisition of Cavium




22,933





22,933


Amortization of deferred debt issuance costs and debt discounts


1,178



7,073



2,859



7,073


Restructuring related impairment charges (gain)


6,281



1,993



10,097



1,993


Other expense, net


580



2,740



2,016



3,631


Deferred income taxes


(1,982)



(22,238)



2,374



(21,414)


Changes in assets and liabilities:









Accounts receivable


17,601



(1,356)



40,376



(48,749)


Inventories


(7,174)



4,186



8,674



6,866


Prepaid expenses and other assets


(15,997)



(5,396)



(7,993)



(19,504)


Accounts payable


24,370



(15,015)



22,497



(271)


Accrued liabilities and other non-current liabilities


(49,188)



(32,400)



(80,117)



(11,961)


Accrued employee compensation


(31,782)



(19,429)



(25,266)



(41,539)


Net cash provided by operating activities


73,140



61,935



238,956



190,709


Cash flows from investing activities:









Purchases of available-for-sale securities




(1,499)





(14,956)


Sales of available-for-sale securities




553,623





623,896


Maturities of available-for-sale securities




59,165





187,985


Purchases of time deposits








(25,000)


Maturities of time deposits




75,000





150,000


Purchases of technology licenses


(38)



(903)



(1,522)



(1,263)


Purchases of property and equipment


(23,010)



(20,801)



(42,193)



(34,389)


Cash payment for acquisition of Cavium, net of cash and cash equivalents acquired




(2,649,465)





(2,649,465)


Other, net


(47)



1,462



(389)



(3,527)


Net cash used in investing activities


(23,095)



(1,983,418)



(44,104)



(1,766,719)


Cash flows from financing activities:









Repurchases of common stock


(16,250)





(64,272)




Proceeds from employee stock plans


50,230



33,525



81,314



44,580


Tax withholding paid on behalf of employees for net share settlement


(32,884)



(12,883)



(61,642)



(36,776)


Dividend payments to shareholders


(39,889)



(39,383)



(79,356)



(69,181)


Payments on technology license obligations


(13,056)



(9,017)



(28,324)



(29,478)


Proceeds from issuance of debt




1,892,605





1,892,605


Principal payments of debt




(606,128)



(50,000)



(606,128)


Payment of equity and debt financing costs




(5,835)





(9,435)


Other, net


3,407





(1,486)




Net cash provided by (used in) in financing activities


(48,442)



1,252,884



(203,766)



1,186,187


Net increase (decrease) in cash and cash equivalents


1,603



(668,599)



(8,914)



(389,823)


Cash and cash equivalents at beginning of period


571,893



1,167,258



582,410



888,482


Cash and cash equivalents at end of period


$

573,496



$

498,659



$

573,496



$

498,659


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)














Three Months Ended


Six Months Ended



August 3,
2019


May 4,
2019


August 4,
2018


August 3,
2019


August 4,
2018

GAAP gross profit:


$

350,702



$

361,428



$

377,110



$

712,130



$

752,803


Special items:











Share-based compensation


3,662



2,926



4,748



6,588



6,653


Amortization of acquired intangible assets


61,132



59,906



18,984



121,038



18,984


Other cost of goods sold (a)




450



22,933



450



22,933


Total special items


64,794



63,282



46,665



128,076



48,570


Non-GAAP gross profit


$

415,496



$

424,710



$

423,775



$

840,206



$

801,373













GAAP gross margin


53.4

%


54.6

%


56.7

%


54.0

%


59.3

%

Non-GAAP gross margin


63.3

%


64.1

%


63.7

%


63.7

%


63.1

%


































Total GAAP operating expenses


$

396,930



$

382,554



$

385,401



$

779,484



$

636,015


Special items:











Share-based compensation


(60,014)



(55,672)



(68,675)



(115,686)



(90,622)


Restructuring related charges (b)


(16,585)



(5,682)



(35,415)



(22,267)



(36,982)


Amortization of acquired intangible assets


(19,835)



(19,834)



(6,955)



(39,669)



(6,955)


Other operating expenses (c)


(20,676)



(6,569)



(28,229)



(27,245)



(43,481)


Total special items


(117,110)



(87,757)



(139,274)



(204,867)



(178,040)


Total non-GAAP operating expenses


$

279,820



$

294,797



$

246,127



$

574,617



$

457,975



































GAAP operating margin


(7.0)

%


(3.2)

%


(1.2)

%


(5.1)

%


9.2

%

Other cost of goods sold (a)


%


0.1

%


3.5

%


%


1.9

%

Share-based compensation


9.7

%


8.8

%


11.0

%


9.3

%


7.7

%

Restructuring related charges (b)


2.5

%


0.9

%


5.3

%


1.7

%


2.9

%

Amortization of acquired intangible assets


12.3

%


12.0

%


3.9

%


12.2

%


2.0

%

Other operating expenses (c)


3.2

%


1.0

%


4.2

%


2.0

%


3.3

%

Non-GAAP operating margin


20.7

%


19.6

%


26.7

%


20.1

%


27.0

%











































GAAP interest and other income (loss), net


$

(21,651)



$

(20,051)



$

(14,921)



$

(41,702)



$

(7,625)


Special items:











Restructuring related items (d)


75



(338)



(121)



(263)



(1,633)


Write-off of debt issuance costs (e)




458



6,104



458



6,104


Deal costs (f)


1,009







1,009




Total special items


1,084



120



5,983



1,204



4,471


Total non-GAAP interest and other income (loss), net


$

(20,567)



$

(19,931)



$

(8,938)



$

(40,498)



$

(3,154)



































GAAP net income (loss)


$

(57,331)



$

(48,450)



$

6,759



$

(105,781)



$

135,371


Special items:











Other cost of goods sold (a)




450



22,933



450



22,933


Share-based compensation


63,676



58,598



73,423



122,274



97,275


Restructuring related charges in operating expenses (b)


16,585



5,682



35,415



22,267



36,982


Restructuring related items in interest and other income, net (d)


75



(338)



(121)



(263)



(1,633)


Amortization of acquired intangible assets


80,967



79,740



25,939



160,707



25,939


Write-off of debt issuance costs (e)




458



6,104



458



6,104


Deal costs in interest and other income, net (f)


1,009







1,009




Other operating expenses (c)


20,676



6,569



28,229



27,245



43,481


Pre-tax total special items


182,988



151,159



191,922



334,147



231,081


Other income tax effects and adjustments (g)


(15,728)



2,324



(36,720)



(13,404)



(39,818)


Non-GAAP net income


$

109,929



$

105,033



$

161,961



$

214,962



$

326,634



































Weighted average shares — basic


663,603



658,963



552,238



661,280



524,787


Weighted average shares — diluted


663,603



658,963



562,149



661,280



535,433













GAAP diluted net income (loss) per share


$

(0.09)



$

(0.07)



$

0.01



$

(0.16)



$

0.25


Non-GAAP diluted net income per share (h)


$

0.16



$

0.16



$

0.28



$

0.32



$

0.60




(a)

Other costs of goods sold includes amortization of the Cavium inventory fair value step up in 2018 as well as charges for past intellectual property licensing matters in 2019.

(b)

Restructuring related charges include employee severance, facilities related costs, and impairment of equipment and other assets.

(c)

Other operating expenses include Cavium, Aquantia, and Avera merger costs.

(d)

Interest and other income, net, includes restructuring related items such as foreign currency remeasurement associated with restructuring related accruals.

(e)

Write-off of debt issuance costs is associated with the partial term loan repayment during the three months ended May 4, 2019, as well as during the three and six months ended August 4, 2018.

(f)

Deal costs include transaction costs incurred in connection with the divestiture of the Wi-Fi Connectivity business.

(g)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4.5% for the three months ended May 4, 2019 and the three and six months ended August 3, 2019, and based on a non-GAAP income tax rate of 4% for the three and six months ended August 4, 2018.

(h)

Non-GAAP diluted net income per share for the three months ended August 3, 2019 and May 4, 2019 was calculated by dividing non-GAAP net income by weighted average shares outstanding (diluted) of 675,755 shares and 671,048 shares, respectively, due to the non-GAAP net income reported in the respective period. Non-GAAP diluted net income per share for the six months ended August 3, 2019 was calculated by dividing non-GAAP net income by weighted average shares outstanding (diluted) of 673,399 shares due to the non-GAAP net income reported in the period.

 

 Marvell Technology Group Ltd.

 Outlook for the Third Quarter of Fiscal Year 2020

Reconciliations from GAAP to Non-GAAP (Unaudited)

 (In millions, except per share amounts)






Outlook for Three Months Ended

November 2, 2019

GAAP revenue

$660 +/- 3%

Special items:

Non-GAAP revenue

$660 +/- 3%



GAAP gross margin

53.5% to 54.5%

Special items:


Share-based compensation

0.3%

Amortization of acquired intangible assets

9.2%

Non-GAAP gross margin

63% to 64%



Total GAAP operating expenses

 $380 - $390

Special items:


Share-based compensation

65

Restructuring related charges

2

Amortization of acquired intangible assets

20

Other operating expenses

18

Total non-GAAP operating expenses

$280 +/- $2.5





GAAP diluted net loss per share

 $(0.09) - $(0.05)

Special items:


Share-based compensation

0.10

Amortization of acquired intangible assets

0.12

Other operating expenses

0.03

Other income tax effects and adjustments

(0.01)

Non-GAAP diluted net income per share

$0.15 - $0.19

 

Quarterly Revenue Trend (Unaudited)

(In thousands)






Three Months Ended


% Change


August 3,
2019


May 4,
2019


August 4,
2018


YoY


QoQ

Storage (1)

$

274,905



$

278,667



$

335,764



(18)

%


(1)

%

Networking (2)

329,605



341,344



283,330



16

%


(3)

%

   Total Core

604,510



620,011



619,094



(2)

%


(3)

%

Other (3)

52,058



42,441



46,216



13

%


23

%

Total Revenue

$

656,568



$

662,452



$

665,310



(1)

%


(1)

%

 


Three Months Ended

% of Total

August 3,
2019


May 4,
2019


August 4,
2018

Storage (1)

42

%


42

%


50

%

Networking (2)

50

%


52

%


43

%

   Total Core

92

%


94

%


93

%

Other (3)

8

%


6

%


7

%

Total Revenue

100

%


100

%


100

%


(1) Storage products are comprised primarily of HDD and SSD Controllers, Fibre Channel Adapters and Data Center Storage Solutions.

(2) Networking products are comprised primarily of Ethernet Switches, Ethernet Transceivers, Ethernet NICs, Embedded Communication Processors, Automotive Ethernet, Security Adapters and Processors as well as WiFi Connectivity products.  In addition, this grouping includes a few legacy product lines in which we no longer invest, but will generate revenue for several years.

(3) Other products are comprised primarily of Printer Solutions, Application Processors and others.

For further information, contact:
Ashish Saran
Vice President, Investor Relations
408-222-0777
ir@marvell.com

Marvell is a leading provider of infrastructure semiconductor solutions. (PRNewsfoto/Marvell Technology Group Ltd.)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/marvell-technology-group-ltd-reports-second-quarter-of-fiscal-year-2020-financial-results-300909318.html

SOURCE Marvell Technology Group Ltd.

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