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Marvell Technology Group Ltd. Reports Fourth Quarter and Fiscal Year 2018 Financial Results
- Q4 Revenue: $615 million
- Q4 Gross Margin: 60.7% GAAP gross margin; 62.3% non-GAAP gross margin
- Q4 Diluted earnings per share: $0.10 GAAP diluted earnings per share from continuing operations; $0.32 non-GAAP diluted earnings per share from continuing operations
- Cash and short-term investments: $1.8 billion

SANTA CLARA, Calif., March 8, 2018 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking and connectivity semiconductor solutions, today reported financial results for the fourth fiscal quarter and the full fiscal year, ended February 3, 2018. Revenue for the fourth quarter of fiscal 2018 was $615 million, which exceeded the midpoint of the Company's guidance provided on November 28, 2017.

GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $49 million, or $0.10 per share. Non-GAAP net income from continuing operations for the fourth quarter of fiscal 2018 was $165 million, or $0.32 per diluted share. Cash flow from operations for the fourth quarter was $120 million.

"Our strong fourth quarter and fiscal year results continue to demonstrate that Marvell's strategy is working and that our team is executing it very well," said Marvell President and CEO Matt Murphy. "We are making tremendous progress in the transformation of Marvell, and I look forward to the year ahead."

First Quarter of Fiscal 2019 Financial Outlook

  • Revenue is expected to be $585 million to $615 million.
  • GAAP and non-GAAP gross margins are expected to be approximately 62% to 63%.
  • GAAP operating expenses are expected to be $250 million to $260 million.
  • Non-GAAP operating expenses are expected to be approximately $215 million.
  • GAAP diluted EPS from continuing operations is expected to be in the range of $0.22 to $0.26 per share.
  • Non-GAAP diluted EPS from continuing operations is expected to be in the range of $0.29 to $0.33 per share.

Conference Call

Marvell will conduct a conference call on Thursday, March 8, 2018 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and full fiscal year 2018. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, passcode 4297718. 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 Friday, March 16, 2018.

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 business.

In fiscal 2018, Marvell began using 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 fourth quarter of fiscal 2018, a non-GAAP tax rate of 4% has been applied to the non-GAAP financial results.

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:

  • 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, including:  Marvell's expectations regarding its first quarter of fiscal 2019 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: the risk that the Cavium transaction may not be completed in a timely manner or at all, which may adversely affect Cavium's business and the price of its common stock and/or Marvell's business and the price of its common shares; the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Cavium, the approval of the issuance of Marvell shares in the transaction by the shareholders of Marvell, and the receipt of certain governmental and regulatory approvals; the failure of Marvell to obtain the necessary financing pursuant to the arrangements set forth in the debt commitment letters delivered pursuant to the merger agreement or otherwise; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the transaction on Cavium's business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of Cavium or Marvell and potential difficulties in Cavium employee retention as a result of the transaction; risks related to diverting management's attention from Cavium's ongoing business operations; the outcome of any legal proceedings that may be instituted against Marvell or against Cavium related to the merger agreement or the transaction; the ability of Marvell to successfully integrate Cavium's operations and product lines; the ability of Marvell to implement its plans, forecasts, and other expectations with respect to Cavium's business after the completion of the proposed merger and realize the anticipated synergies and cost savings in the time frame anticipated or at all, and identify and realize additional opportunities; the risk of downturns in the highly cyclical semiconductor industry; Marvell's dependence upon the storage, networking and connectivity 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; severe financial hardship or bankruptcy of one or more of Marvell's major customers; 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; the impact of international conflict and continued economic volatility in either domestic or foreign markets; the effects of transitioning to smaller geometry process technologies; the risks associated with manufacturing and selling a majority of products and customers' products outside of the United States; risks associated with acquisition and consolidation activity in the semiconductor industry; 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 effects of any potential acquisitions or investments; Marvell's ability to protect its intellectual property; the impact and costs associated with changes in international financial and regulatory conditions; Marvell's maintenance of an effective system of internal controls; 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 28, 2017 as filed with the SEC on December 4, 2017, 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, networking 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 3,
2018


October 28,
2017


January 28,
2017


February 3,
2018


January 28,
2017

Net revenue

$

615,409



$

616,302



$

566,362



$

2,409,170



$

2,300,992


Cost of goods sold

241,927



238,533



240,448



947,230



1,017,564


Gross profit

373,482



377,769



325,914



1,461,940



1,283,428












Operating expenses:










Research and development

180,000



165,477



175,262



714,444



805,029


Selling, general and administrative

68,291



59,112



59,140



238,166



251,191


Litigation settlement (a)

74,385







74,385




Restructuring related charges (gain)

(3,205)



3,284



90,475



5,250



96,801


Total operating expenses

319,471



227,873



324,877



1,032,245



1,153,021


Operating income from continuing operations

54,011



149,896



1,037



429,695



130,407


Interest and other income, net                  

4,788



6,200



3,780



21,509



17,022


Income from continuing operations before income taxes

58,799



156,096



4,817



451,204



147,429


Provision (benefit) for income taxes

10,036



6,759



68,345



18,062



72,608


Income from continuing operations, net of tax

48,763



149,337



(63,528)



433,142



74,821


Income (loss) from discontinued operations, net of tax



50,851



(16,563)



87,689



(53,670)


Net income

$

48,763



$

200,188



$

(80,091)



$

520,831



$

21,151












Net income (loss) per share — Basic:










Continuing operations

$

0.10



$

0.30



$

(0.13)



$

0.87



$

0.15


Discontinued operations

$



$

0.11



$

(0.03)



$

0.18



$

(0.11)


Net income per share - Basic

$

0.10



$

0.41



$

(0.16)



$

1.05



$

0.04












Net income (loss) per share — Diluted:










Continuing operations

$

0.10



$

0.30



$

(0.13)



$

0.85



$

0.14


Discontinued operations

$



$

0.10



$

(0.03)



$

0.17



$

(0.10)


Net income per share - Diluted

$

0.10



$

0.40



$

(0.16)



$

1.02



$

0.04












Weighted average shares:










Basic

493,663



494,096



507,834



498,008



509,738


Diluted

506,197



504,903



507,834



509,667



517,513




(a)

Represents legal settlement and associated costs related to Luna shareholder litigation matter.

 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)



February 3, 2018


January 28, 2017

Assets




Current assets:




Cash and cash equivalents

$

888,482



$

814,092

Short-term investments

952,790



854,268

Accounts receivable, net

280,395



335,384

Inventories

170,039



170,842

Prepaid expenses and other current assets

41,482



58,771

Assets held for sale

30,767



57,077

Total current assets

2,363,955



2,290,434

Property and equipment, net

202,222



243,397

Goodwill and acquired intangible assets, net

1,993,310



1,996,880

Other non-current assets

148,800



117,939

Total assets

$

4,708,287



$

4,648,650





Liabilities and Shareholders' Equity




Current liabilities:




Accounts payable

$

145,236



$

143,484

Accrued liabilities

86,958



143,491

Accrued employee compensation

127,711



139,647

Deferred income

61,237



63,976

Liabilities held for sale



5,818

Total current liabilities

421,142



496,416

Non-current income taxes payable

56,976



60,646

Other non-current liabilities

88,756



63,937

Total liabilities

566,874



620,999





Shareholders' equity:




Common stock

991



1,012

Additional paid-in capital

2,733,292



3,016,775

Accumulated other comprehensive income (loss)

(2,322)



23

Retained earnings

1,409,452



1,009,841

Total shareholders' equity

4,141,413



4,027,651

Total liabilities and shareholders' equity

$

4,708,287



$

4,648,650

 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



Three Months Ended


Year Ended


February 3, 2018


January 28, 2017


February 3, 2018


January 28, 2017

Cash flows from operating activities:








Net income (loss)

$

48,763



$

(80,091)



$

520,831



$

21,151


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








Depreciation and amortization

20,918



26,683



83,487



107,851


Share-based compensation

21,377



24,058



86,689



113,970


Amortization and write-off of acquired intangible assets

358



1,965



3,570



10,641


Restructuring related impairment charges (gain)

(4,159)



50,500



(4,561)



52,581


Gain from investments in privately-held companies





(2,501)




Amortization of premium /discount on available-for-sale securities

392



1,622



995



3,319


Other non-cash expense (income), net

(7)



(2,635)



1,324



(3,312)


Excess tax benefits from share-based compensation



(27)





(37)


Deferred income taxes

17,027



46,859



19,825



44,637


Gain on sale of property and equipment

(270)





(743)




Gain on sale of discontinued operations





(88,406)




Gain on sale of business





(5,254)




Changes in assets and liabilities:








Accounts receivable

85,719



26,811



54,989



(12,084)


Inventories

3,878



18,381



(12,160)



29,325


Prepaid expenses and other assets

(627)



2,181



12,494



1,825


Accounts payable

(36,700)



(38,694)



(16,613)



(28,153)


Accrued liabilities and other non-current liabilities

(21,898)



27,498



(62,360)



3,763


Carnegie Mellon University accrued litigation settlement (a)







(736,000)


Accrued employee compensation

(1,324)



7,597



(11,936)



18,016


Deferred income

(13,706)



6,138



(8,557)



14,072


Net cash provided by (used in) operating activities

119,741



118,846



571,113



(358,435)


Cash flows from investing activities:








Purchases of available-for-sale securities

(162,607)



(146,046)



(835,494)



(489,856)


Sales of available-for-sale securities

22,671



157,953



306,822



616,697


Maturities of available-for-sale securities

120,639



41,264



426,341



239,557


Return of investment from (in) privately-held companies



(258)



6,089



16


Purchases of time deposits

(75,000)



(75,000)



(300,000)



(275,000)


Maturities of time deposits

75,000



75,000



300,000



125,000


Purchases of technology licenses

(1,331)



(1,870)



(6,587)



(10,309)


Purchases of property and equipment

(13,395)



(6,786)



(38,551)



(44,510)


Proceeds from sales of property and equipment

10,571





12,559




Net proceeds from sale of discontinued operations





165,940




Net proceeds from sale of business





2,402




Net cash provided by (used in) investing activities

(23,452)



44,257



39,521



161,595


Cash flows from financing activities:








Repurchases of common stock



(125,033)



(527,574)



(181,564)


Proceeds from employee stock plans

42,878



62,383



180,302



74,219


Minimum tax withholding paid on behalf of employees for net share settlement

(905)



(402)



(26,840)



(16,683)


Dividend payments to shareholders

(29,695)



(30,457)



(119,251)



(122,292)


Payments on technology license obligations

(5,806)



(7,117)



(28,503)



(20,965)


Excess tax benefits from share-based compensation



27





37


Payment of equity and debt financing costs

(14,378)





(14,378)




Net cash used in financing activities

(7,906)



(100,599)



(536,244)



(267,248)


Net increase (decrease) in cash and cash equivalents

88,383



62,504



74,390



(464,088)


Cash and cash equivalents at beginning of period

800,099



751,588



814,092



1,278,180


Cash and cash equivalents at end of period

$

888,482



$

814,092



$

888,482



$

814,092




(a)

The Company paid $750.0 million to Carnegie Mellon University in connection with a litigation settlement agreement.

 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)












Three Months Ended


Year Ended


February 3,
2018


October 28,
2017


January 28,
2017


February 3,
2018


January 28,
2017

GAAP gross profit:

$

373,482



$

377,769



$

325,914



$

1,461,940



$

1,283,428


Special items:










Share-based compensation

1,662



1,747



1,641



6,645



8,334


Other cost of goods sold (a)

8,000







11,000




Total special items

9,662



1,747



1,641



17,645



8,334


Non-GAAP gross profit

$

383,144



$

379,516



$

327,555



$

1,479,585



$

1,291,762












GAAP gross margin

60.7

%


61.3

%


57.5

%


60.7

%


55.8

%

Non-GAAP gross margin

62.3

%


61.6

%


57.8

%


61.4

%


56.1

%































Total GAAP operating expenses

$

319,471



$

227,873



$

324,877



$

1,032,245



$

1,153,021


Special items:










Share-based compensation

(19,715)



(18,892)



(20,021)



(78,477)



(93,065)


Restructuring related charges (gain) (b)

3,205



(3,284)



(90,475)



(5,250)



(96,801)


Amortization and write-off of acquired intangible assets

(358)



(1,076)



(1,480)



(3,570)



(8,376)


Litigation settlement (c)

(74,385)







(74,385)




Other operating expenses (d)

(10,579)



(120)



(315)



(14,689)



(1,544)


Total special items

(101,832)



(23,372)



(112,291)



(176,371)



(199,786)


Total non-GAAP operating expenses

$

217,639



$

204,501



$

212,586



$

855,874



$

953,235
































GAAP operating margin

8.8

%


24.3

%


0.2

%


17.8

%


5.7

%

Other cost of goods sold (a)

1.3

%


%


%


0.5

%


%

Share-based compensation

3.5

%


3.3

%


3.8

%


3.5

%


4.4

%

Restructuring related charges (gain) (b)

(0.5)

%


0.5

%


16.0

%


0.2

%


4.2

%

Amortization and write-off of acquired intangible assets

0.1

%


0.2

%


0.2

%


0.1

%


0.3

%

Litigation settlement (c)

12.1

%


%


%


3.1

%


%

Other operating expenses (d)

1.6

%


0.1

%


0.1

%


0.7

%


0.1

%

Non-GAAP operating margin

26.9

%


28.4

%


20.3

%


25.9

%


14.7

%





















GAAP interest and other income, net

$

4,788



$

6,200



$

3,780



$

21,509



$

17,022


Special items:










       Restructuring related items (e)

1,355



(2,286)





(4,016)




Total special items

1,355



(2,286)





(4,016)




Total non-GAAP interest and other income, net

$

6,143



$

3,914



$

3,780



$

17,493



$

17,022
































GAAP net income

$

48,763



$

200,188



$

(80,091)



$

520,831



$

21,151


Less: Income (loss) from discontinued operations, net of tax



50,851



(16,563)



87,689



(53,670)


GAAP net income from continuing operations

48,763



149,337



(63,528)



433,142



74,821


Special items:










Other cost of goods sold (a)

8,000







11,000




Share-based compensation

21,377



20,639



21,662



85,122



101,399


Restructuring related charges (gain) (b)

(1,850)



998



90,475



1,234



96,801


Amortization and write-off of acquired intangible assets

358



1,076



1,480



3,570



8,376


Litigation settlement (c)

74,385







74,385




Other operating expenses (d)

10,579



120



315



14,689



1,544


Pre-tax total special items

112,849



22,833



113,932



190,000



208,120


Other income tax effects and         adjustments (f)

3,170



(398)



67,989



(7,590)



66,918


Non-GAAP net income from continuing operations

$

164,782



$

171,772



$

118,393



$

615,552



$

349,859
































Weighted average shares — basic

493,663



494,096



507,834



498,008



509,738


Weighted average shares — diluted

506,197



504,903



507,834



509,667



517,513


Non-GAAP weighted average shares — diluted (g)

512,223



512,676



528,141



516,789



527,197






















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

$

0.10



$

0.30



$

(0.13)



$

0.85



$

0.14


Non-GAAP diluted net income per share from continuing operations

$

0.32



$

0.34



$

0.22



$

1.19



$

0.66




(a)

Other costs of goods sold in the three months ended February 3, 2018 and the year ended February 3, 2018 include charges for past intellectual property licensing matters.



(b)

Restructuring related charges include costs that are a direct result of restructuring. Such charges include employee severance, facilities related costs, contract cancellation charges and impairment of equipment.  Restructuring related charges in the three months ended February 3, 2018 and the year ended February 3, 2018 includes the gain on sale of a building that was a direct result of restructuring.



(c)

Represents legal settlement and associated costs related to shareholder litigation matter.



(d)

Other operating expenses primarily include Cavium merger costs, costs related to royalty matters, and costs of retention bonuses offered to employees who remained through the ramp down of certain operations due to restructuring actions.



(e)

Interest and other income, net includes restructuring related items such as gain on sale of a business and foreign currency remeasurement related to restructuring related accruals.



(f)

Other income tax effects and adjustments in the three months ended February 3, 2018 and October 28, 2017 and in the year ended February 3, 2018 include adjustment to the tax provision based on a non-GAAP tax rate of 4%. Other income tax effects and adjustments in the three months ended January 28, 2017 and the year ended January 28, 2017 include $68.0 million and $67.0 million, respectively, of tax expense relating to restructuring charges.



(g)

Non-GAAP diluted share count excludes the impact of share-based compensation expense expected to be incurred in future periods and not yet recognized in the Company's financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method.

 

Quarterly Revenue Trend (Unaudited)

(In thousands)



Three Months Ended


% Change


February 3, 2018


October 28, 2017


January 28, 2017


YoY


QoQ

Storage (1)

$

323,718



$

315,338



$

310,771



4

%


3

%

Networking (2)

155,340



150,497



148,090



5

%


3

%

Connectivity (3)

86,271



102,662



65,638



31

%


(16)

%

   Total Core

565,329



568,497



524,499



8

%


(1)

%

Other (4)

50,080



47,805



41,863



20

%


5

%

Total Revenue

$

615,409



$

616,302



$

566,362



9

%


%

 


Three Months Ended

% of Total

February 3, 2018


October 28, 2017


January 28, 2017

Storage (1)

53

%


51

%


55

%

Networking (2)

25

%


24

%


26

%

Connectivity (3)

14

%


17

%


12

%

   Total Core

92

%


92

%


93

%

Other (4)

8

%


8

%


7

%

Total Revenue

100

%


100

%


100

%


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


(2) Networking products are comprised primarily of Ethernet Switches, Ethernet Transceivers, Embedded ARM Processors and Automotive Ethernet, as well as a few legacy product lines in which we no longer invest, but will generate revenue for several years.


(3) Connectivity products are comprised primarily of WiFi solutions including WiFi only, WiFi/Bluetooth combos and WiFi Microcontroller combos.


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

For further information, contact:
T. Peter Andrew
Vice President, Treasury and Investor Relations
408-222-0777
ir@marvell.com

Marvell is a world leader in storage, cloud infrastructure, Internet of Things (IoT), connectivity and multimedia semiconductor solutions.

 

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SOURCE Marvell Technology Group Ltd.

Contact Us

Ashish Saran

Vice President, Investor Relations

Phone: (408) 222-0777

E-mail: ir@marvell.com

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