Marvell Technology Group Ltd. Reports First Quarter of Fiscal 2016 Financial Results

 


Marvell Technology Group Ltd.

Reconciliations from GAAP to Non-GAAP

(Unaudited)

(In thousands, except per share amounts)

















Three Months Ended






May 2,


January 31,


May 3,







2015


2015


2014













GAAP net income



$   14,090


$      81,693


$   99,479


Share-based compensation


33,221


37,963


29,969


Amortization and write-off of acquired intangible assets

3,493


4,025


7,614



Restructuring and other exit-related costs


592


3,412


5,088


Litigation matters (a)



(1,700)


-


2,000


Other (b)



21,382


3,764


-


Non-GAAP net income


$   71,078


$    130,857


$ 144,150













GAAP weighted average shares - diluted


527,167


522,112


520,751



Non-GAAP adjustment


7,993


10,688


9,625


Non-GAAP weighted average shares diluted (c)

535,160


532,800


530,376














GAAP diluted net income per share


$       0.03


$          0.16


$       0.19


Non-GAAP diluted net income per share 


$       0.13


$          0.25


$       0.27













GAAP gross profit:



$ 373,135


$    440,321


$ 463,970



Share-based compensation


1,547


2,006


2,299



Amortization of acquired intangible assets


925


925


925



Litigation matters (a)


(1,700)


-


-



Other (b)



-


1,000


-


Non-GAAP gross profit


$ 373,907


$    444,252


$ 467,194













GAAP gross margin



51.5%


51.4%


48.4%



Share-based compensation


0.2%


0.2%


0.3%



Amortization of acquired intangible assets


0.1%


0.1%


0.1%



Litigation matters (a)


-0.2%


-


-



Other (b)



-


0.1%


-


Non-GAAP gross margin


51.6%


51.8%


48.8%













GAAP research and development:


$ 280,114


$    285,497


$ 295,363



Share-based compensation


(24,781)


(25,590)


(20,368)



Restructuring and other exit-related costs




-


(67)


(4,682)


Non-GAAP research and development


$ 255,333


$    259,840


$ 270,313













GAAP selling and marketing:


$   36,174


$      37,235


$   38,358



Share-based compensation


(2,577)


(3,069)


(2,928)



Restructuring and other exit-related costs




-


-


(48)


Non-GAAP selling and marketing


$   33,597


$      34,166


$   35,382













GAAP general and administrative:


$   41,027


$      34,651


$   30,573



Share-based compensation


(4,316)


(7,298)


(4,374)



Restructuring and other exit-related costs




(592)


(3,345)


(358)



Litigation matters (a)


-


-


(2,000)



Other (b)



(18,302)


(2,764)


-


Non-GAAP general and administrative


$   17,817


$      21,244


$   23,841













GAAP provision (benefit) for income taxes


$     4,329


$        2,527


$   (4,567)



Other (b)



(3,080)


-


-


Non-GAAP provision (benefit) for income taxes

$ 1,249


$ 2,527


$ (4,567)














(a) 

The amounts recorded do not relate to Marvell's litigation with Carnegie Mellon University. 



(b)

Other costs included in general and administrative expenses for the three months ended May 2, 2015 includes a cash payment of $15.4 million to Dr. Sehat Sutardja, the Company's Chief Executive Officer (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 included in the provision for income taxes for the three months ended May 2, 2015 includes the corporate income tax effect of the $15.4 million cash payment. Other costs for all periods presented also includes costs associated with the surety bond to appeal the Carnegie Mellon University judgment.



(c) 

For purposes of calculating non-GAAP diluted net income per share, 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.


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