SANTA CLARA, Calif., Dec. 4, 2018 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the third fiscal quarter of fiscal year 2019. Revenue for the third quarter of fiscal 2019 was $851 million, which exceeded the midpoint of the Company's guidance provided on September 6, 2018.

GAAP net loss from continuing operations for the third quarter of fiscal 2019 was $54 million, or $(0.08) per diluted share. Non-GAAP net income from continuing operations for the third quarter of fiscal 2019 was $222 million, or $0.33 per diluted share. Cash flow from operations for the third quarter was $299 million.

"In the first full quarter operating as a combined Marvell and Cavium team, we completed key integration milestones ahead of schedule, delivered revenue above the midpoint of our guidance, and generated strong free cash flow at 30 percent of revenue. We also expect renewed revenue growth from the Cavium business in the fourth quarter," said Matt Murphy, Marvell's President and Chief Executive Officer. "Looking ahead, we expect the deployment of 5G will accelerate our growth over the next several years as engagements with a growing list of Tier 1 customers continue to build momentum in this major infrastructure transition."

Fourth Quarter of Fiscal 2019 Financial Outlook

  • Revenue is expected to be $790 million to $830 million.
  • GAAP gross margin is expected to be approximately 46%.
  • Non-GAAP gross margin is expected to be approximately 65%.
  • GAAP operating expenses are expected to be $375 million to $385 million.
  • Non-GAAP operating expenses are expected to be $285 million to $290 million.
  • GAAP diluted loss per share from continuing operations is expected to be in the range of $(0.05) to $(0.01) per share.
  • Non-GAAP diluted income per share from continuing operations is expected to be in the range of $0.30 to $0.34 per share.

Conference Call

Marvell will conduct a conference call on Tuesday, December 4, 2018 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal 2019. Interested parties may join the conference call by dialing 1-844-647-5488 or 1-615-247-0258, pass-code 3069644. 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 Wednesday December 12, 2018.

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 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.

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 third quarter of fiscal 2019, 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 weighted average shares outstanding (diluted). Historically, Marvell included non-GAAP share adjustments in its earnings releases. Beginning in the third quarter of fiscal year 2019, Marvell no longer provides this non-GAAP adjustment and will calculate non-GAAP income (loss) per share using the GAAP weighted average shares.  Marvell is making this change in order to align with its industry peer companies' non-GAAP income (loss) per share reporting for comparability purposes.

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: the impact on future performance of Marvell's newly announced products; Marvell's expectations regarding its fourth quarter of fiscal 2019 financial outlook, renewed revenue growth from the Cavium business and 5G product development growth; 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 effect of the consummation of our acquisition of Cavium  on the combined company's business relationships, operating results, and business generally; potential difficulties in Cavium employee retention as a result of 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 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 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; severe financial hardship or bankruptcy of one or more of Marvell's major customers; 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; 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 August 4, 2018 as filed with the SEC on September 12, 2018, 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, 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


Nine Months Ended



November 3,
2018


August 4,
2018


October 28,
2017


November 3,
2018


October 28,
2017

Net revenue


$

851,051



$

665,310



$

616,302



$

2,120,992



$

1,793,761


Cost of goods sold


467,464



288,200



238,533



984,602



705,303


Gross profit


383,587



377,110



377,769



1,136,390



1,088,458
















Operating expenses:














Research and development


264,888



216,285



165,477



657,907



534,444


Selling, general and administrative


112,178



133,701



59,112



318,192



169,875


Restructuring related charges


27,031



35,415



3,284



64,013



8,455


Total operating expenses


404,097



385,401



227,873



1,040,112



712,774


Operating income (loss) from continuing operations


(20,510)



(8,291)



149,896



96,278



375,684


Interest income


1,046



3,575



4,301



10,690



11,643


Interest expense


(22,370)



(15,795)



(262)



(38,409)



(393)


Other income (loss), net


(2,628)



(2,701)



2,161



(3,858)



5,471


Interest and other income (loss), net


(23,952)



(14,921)



6,200



(31,577)



16,721


Income (loss) from continuing operations before income taxes


(44,462)



(23,212)



156,096



64,701



392,405


Provision (benefit) for income taxes


9,305



(29,971)



6,759



(16,903)



8,026


Income (loss) from continuing operations, net of tax


(53,767)



6,759



149,337



81,604



384,379


Income from discontinued operations, net of tax






50,851





87,689


Net income (loss)


$

(53,767)



$

6,759



$

200,188



$

81,604



$

472,068













Net income (loss) per share — Basic:











Continuing operations


$

(0.08)



$

0.01



$

0.30



$

0.14



$

0.77


Discontinued operations


$



$



$

0.11



$



$

0.17


Net income (loss) per share - Basic


$

(0.08)



$

0.01



$

0.41



$

0.14



$

0.94













Net income (loss) per share — Diluted:











Continuing operations


$

(0.08)



$

0.01



$

0.30



$

0.14



$

0.75


Discontinued operations


$



$



$

0.10



$



$

0.17


Net income (loss) per share - Diluted


$

(0.08)



$

0.01



$

0.40



$

0.14



$

0.92













Weighted average shares:











Basic


657,519



552,238



494,096



569,031



499,568


Diluted


657,519



562,149



504,903



578,872



510,935



 

Marvell Technology Group Ltd.

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)




November 3,
2018


February 3,
2018

Assets





Current assets:





Cash and cash equivalents


$

610,261


$

888,482

Short-term investments



952,790

Accounts receivable, net


453,775


280,395

Inventories


376,210


170,039

Prepaid expenses and other current assets


49,230


41,482

Assets held for sale


30,745


30,767

Total current assets


1,520,221


2,363,955

Property and equipment, net


313,113


202,222

Goodwill


5,499,145


1,993,310

Acquired intangible assets, net


2,639,370


Other non-current assets


260,176


148,800

Total assets


$

10,232,025


$

4,708,287






Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable


$

209,562


$

145,236

Accrued liabilities


302,095


86,958

Accrued employee compensation


141,602


127,711

Deferred income


2,947


61,237

Total current liabilities


656,206


421,142

Long-term debt


1,805,734


Non-current income taxes payable


53,862


56,976

Deferred tax liabilities


108,016


52,204

Other non-current liabilities


32,928


36,552

Total liabilities


2,656,746


566,874






Shareholders' equity:





Common stock


1,314


991

Additional paid-in capital


6,157,283


2,733,292

Accumulated other comprehensive loss



(2,322)

Retained earnings


1,416,682


1,409,452

Total shareholders' equity


7,575,279


4,141,413

Total liabilities and shareholders' equity


$

10,232,025


$

4,708,287


 

Marvell Technology Group Ltd.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)




Three Months Ended


Nine Months Ended



November 3,
2018


October 28,
 2017


November 3,
2018


October 28,
 2017

Cash flows from operating activities:









Net income (loss)


$

(53,767)



$

200,188



$

81,604



$

472,068


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









Depreciation and amortization


39,259



21,383



86,356



62,569


Share-based compensation


50,240



18,873



133,484



65,312


Amortization of acquired intangible assets


78,691



1,076



104,630



3,212


Amortization of inventory fair value adjustment associated with acquisition of Cavium


102,842





125,775




Amortization of deferred debt issuance costs and debt discounts


2,217





9,290




Restructuring related impairment charges (gain)


9,888



44



11,881



(402)


Gain from investments in privately-held companies




(1,751)



(1,100)



(2,501)


Amortization (accretion) of premium/discount on available-for-sale securities




(200)



624



603


Other non-cash expense (income), net




2,755



4,227



1,331


Deferred income taxes


(6,261)



7



(27,675)



2,797


Loss (gain) on sale of property and equipment


179



(190)



59



(473)


Gain on sale of discontinued operations




(46,219)





(88,406)


Loss (gain) on sale of business


1,592





1,592



(5,254)


Changes in assets and liabilities:









Accounts receivable


(10,948)



5,583



(59,697)



(30,730)


Inventories


(5,007)



(1,327)



1,859



(16,039)


Prepaid expenses and other assets


7,630



5,268



(11,874)



13,122


Accounts payable


22,531



16,119



22,260



20,087


Accrued liabilities and other non-current liabilities


40,255



(7,046)



29,023



(40,462)


Accrued employee compensation


20,617



(2,237)



(20,922)



(10,612)


Deferred income


(564)



3,865



(1,293)



5,149


Net cash provided by operating activities


299,394



216,191



490,103



451,371


Cash flows from investing activities:









Purchases of available-for-sale securities




(296,659)



(14,956)



(672,887)


Sales of available-for-sale securities




167,451



623,896



284,151


Maturities of available-for-sale securities




136,090



187,985



305,702


Return of investment from privately-held companies




3,701





6,089


Purchases of time deposits




(75,000)



(25,000)



(225,000)


Maturities of time deposits


25,000



75,000



175,000



225,000


Purchases of technology licenses


(9,918)



(3,555)



(11,181)



(5,256)


Purchases of property and equipment


(12,646)



(10,613)



(47,035)



(25,156)


Proceeds from sales of property and equipment


595



249



818



1,988


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






(2,649,465)




Net proceeds from sale of discontinued operations




93,735





165,940


Net proceeds (payments) from sale of business


(4,602)



2,402



(3,352)



2,402


Other






(5,000)




Net cash provided by (used in) investing activities


(1,571)



92,801



(1,768,290)



62,973


Cash flows from financing activities:









Repurchases of common stock


(53,969)



(140,017)



(53,969)



(527,574)


Proceeds from employee stock plans


16,192



39,614



60,772



137,424


Tax withholding paid on behalf of employees for net share settlement


(8,915)



(1,120)



(45,691)



(25,934)


Dividend payments to shareholders


(39,411)



(29,470)



(108,592)



(89,556)


Payments on technology license obligations


(23,003)



(8,401)



(52,481)



(22,697)


Proceeds from issuance of debt






1,892,605




Principal payments of debt


(75,000)





(681,128)




Payment of equity and debt financing costs


(2,115)





(11,550)




Net cash provided by (used in) financing activities


(186,221)



(139,394)



999,966



(528,337)


Net increase (decrease) in cash and cash equivalents


111,602



169,598



(278,221)



(13,993)


Cash and cash equivalents at beginning of period


498,659



630,501



888,482



814,092


Cash and cash equivalents at end of period


$

610,261



$

800,099



$

610,261



$

800,099


 

Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In thousands, except per share amounts)




Three Months Ended


Nine Months Ended



November 3,
2018


August 4,
 2018


October 28,
2017


November 3,
2018


October 28,
2017

GAAP gross profit:


$

383,587



$

377,110



$

377,769



$

1,136,390



$

1,088,458


Special items:











Share-based compensation


2,429



4,748



1,747



9,082



4,983


Amortization of acquired intangible assets


57,594



18,984





76,577




Other cost of goods sold (a)


105,841



22,933





128,774



3,000


Total special items


165,864



46,665



1,747



214,433



7,983


Non-GAAP gross profit


$

549,451



$

423,775



$

379,516



$

1,350,823



$

1,096,441













GAAP gross margin


45.1

%


56.7

%


61.3

%


53.6

%


60.7

%

Non-GAAP gross margin


64.6

%


63.7

%


61.6

%


63.7

%


61.1

%


































Total GAAP operating expenses


$

404,097



$

385,401



$

227,873



$

1,040,112



$

712,774


Special items:











Share-based compensation


(47,811)



(68,675)



(18,892)



(138,433)



(58,762)


Restructuring related charges (b)


(27,031)



(35,415)



(3,284)



(64,013)



(8,455)


Amortization of acquired intangible assets


(21,098)



(6,955)



(1,076)



(28,053)



(3,212)


Other operating expenses (c)


(11,222)



(28,229)



(120)



(54,703)



(4,110)


Total special items


(107,162)



(139,274)



(23,372)



(285,202)



(74,539)


Total non-GAAP operating expenses


$

296,935



$

246,127



$

204,501



$

754,910



$

638,235



































GAAP operating margin


(2.4)

%


(1.2)

%


24.3

%


4.5

%


20.9

%

Other cost of goods sold (a)


12.4

%


3.5

%


%


6.1

%


0.2

%

Share-based compensation


5.9

%


11.0

%


3.3

%


7.0

%


3.6

%

Restructuring related charges (b)


3.2

%


5.3

%


0.5

%


3.0

%


0.5

%

Amortization and write-off of acquired intangible assets


9.2

%


3.9

%


0.2

%


4.9

%


0.2

%

Other operating expenses (c)


1.4

%


4.2

%


0.1

%


2.6

%


0.1

%

Non-GAAP operating margin


29.7

%


26.7

%


28.4

%


28.1

%


25.5

%











































GAAP interest and other income (loss), net


$

(23,952)



$

(14,921)



$

6,200



$

(31,577)



$

16,721


Special items:











Restructuring related items (d)


1,491



(121)



(2,286)



(142)



(5,371)


Write-off of debt issuance costs (e)


850



6,104





6,954




Total special items


2,341



5,983



(2,286)



6,812



(5,371)


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


$

(21,611)



$

(8,938)



$

3,914



$

(24,765)



$

11,350



































GAAP net income (loss)


$

(53,767)



$

6,759



$

200,188



$

81,604



$

472,068


Less: Income from discontinued operations, net of tax






50,851





87,689


GAAP net income (loss) from continuing operations


(53,767)



6,759



149,337



81,604



384,379


Special items:











Other cost of goods sold (a)


105,841



22,933





128,774



3,000


Share-based compensation


50,240



73,423



20,639



147,515



63,745


Restructuring related charges in operating expenses (b)


27,031



35,415



3,284



64,013



8,455


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


1,491



(121)



(2,286)



(142)



(5,371)


Amortization of acquired intangible assets


78,692



25,939



1,076



104,630



3,212


Write-off of debt issuance costs (e)


850



6,104





6,954




Other operating expenses (c)


11,222



28,229



120



54,703



4,110


Pre-tax total special items


275,367



191,922



22,833



506,447



77,151


Other income tax effects and adjustments (f)


55



(36,720)



(398)



(39,763)



(10,760)


Non-GAAP net income from continuing operations


$

221,655



$

161,961



$

171,772



$

548,288



$

450,770



































Weighted average shares — basic


657,519



552,238



494,096



569,031



499,568


Weighted average shares — diluted


657,519



562,149



504,903



578,872



510,935













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


$

(0.08)



$

0.01



$

0.30



$

0.14



$

0.75


Non-GAAP diluted net income per share from continuing operations (g)


$

0.33



$

0.28



$

0.34



$

0.95



$

0.87




(a)

Other costs of goods sold includes amortization of the Cavium inventory fair value step up and charges for past intellectual property licensing matters.



(b)

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



(c)

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



(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 November 3, 2018 and the terminated bridge loan commitment during the three months ended August 4, 2018.



(f)

Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 4%.



(g)

Non-GAAP diluted net income per share from continuing operations for the three months ended November 3, 2018 was calculated by dividing non-GAAP net income from continuing operations by weighted average shares outstanding (diluted) of 665,752 shares due to the non-GAAP net income reported in that period.

 

Marvell Technology Group Ltd.

Outlook for the Fourth Quarter of Fiscal Year 2019

Reconciliations from GAAP to Non-GAAP (Unaudited)

(In millions, except per share amounts)






Outlook for Three Months Ended

February 2, 2019

GAAP revenue

 $790 - $830

Special items:

Non-GAAP revenue

$790 - $830



GAAP gross margin

46%

Special items:


Share-based compensation

0.2%

Amortization of acquired intangible assets

7%

Other costs of goods sold

12%

Non-GAAP gross margin

65%



Total GAAP operating expenses

 $375 - $385

Special items:


Share-based compensation

55

Restructuring related charges

15

Amortization of acquired intangible assets

21

Other operating expenses

2

Total non-GAAP operating expenses

$285 - $290





GAAP diluted net income per share from continuing operations

 $(0.05) - $(0.01)

Special items:


Other costs of goods sold

0.15

Share-based compensation

0.09

Restructuring related charges in operating expenses

0.02

Amortization of acquired intangible assets

0.12

Other (gains) and losses in interest and other income, net

(0.01)

Other income tax effects and adjustments

(0.02)

Non-GAAP diluted net income per share from continuing operations

$0.30 - $0.34

 

Quarterly Revenue Trend (Unaudited)

(In thousands)





Three Months Ended


% Change


November 3,
 2018


August 4,

2018*


October 28,
 2017


YoY


QoQ

Storage (1)

$

406,822



$

335,764



$

315,338



29

%


21

%

Networking (2)

398,424



283,330



253,159



57

%


41

%

   Total Core

805,246



619,094



568,497



42

%


30

%

Other (3)

45,805



46,216



47,805



(4)

%


(1)

%

Total Revenue

$

851,051



$

665,310



$

616,302



38

%


28

%


* Results for the three months ended August 4, 2018 include total Cavium revenue from the period July 6, 2018 to August 4, 2018.

 


Three Months Ended

% of Total

November 3,
 2018


August 4,
 2018


October 28,
 2017

Storage (1)

48

%


50

%


51

%

Networking (2)

47

%


43

%


41

%

   Total Core

95

%


93

%


92

%

Other (3)

5

%


7

%


8

%

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 solutions including WiFi only, WiFi/Bluetooth combos and WiFi Microcontroller combos.  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

 

 

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SOURCE Marvell Technology Group Ltd.


Source: Marvell Technology Group Ltd.